開拓重工 (CAT) 2026 Q2 法說會逐字稿

Welcome to the second quarter 2026 Caterpillar earnings conference call. Please be advised that today's conference is being recorded.

歡迎參加卡特彼勒 2026 年第二季財報電話會議。請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Alex Kapper. Thank you. Please go ahead.

現在我想把會議交給今天的講者 Alex Kapper。謝謝。請開始。

Thank you, Andrea. Good morning, everyone, and welcome to Caterpillar's second quarter of 2026 earnings call. I'm Alex Kapper, Vice President of Investor Relations. Joining me today are Joe Creed, Chairman and CEO; Kyle Epley, Chief Financial Officer; Stephanie Baughman, Senior Vice President of the Global Finance Services Division; and Ryan Coleman, Senior Director of IR.

謝謝你，Andrea。各位早安，歡迎參加卡特彼勒 2026 年第二季財報電話會議。我是 Alex Kapper，投資人關係副總裁。今天與我一同出席的有董事長兼執行長 Joe Creed；財務長 Kyle Epley；全球金融服務事業部資深副總裁 Stephanie Baughman；以及投資人關係資深總監 Ryan Coleman。

During our call, we'll be discussing the second-quarter earnings release we issued earlier today. You can find our slides, the news release, and a webcast recap at investors.caterpillar.com under Events and Presentation.

在今天的電話會議中，我們將討論稍早發布的第二季財報新聞稿。您可在 investors.caterpillar.com 的 Events and Presentation（活動與簡報）頁面找到我們的簡報、新聞稿以及網路直播回顧。

The content of this call is protected by US and international copyright law. Any rebroadcast, retransmission, reproduction or distribution of all or part of this content without Caterpillar's prior written permission is prohibited. Moving to slide 2.

本次電話會議內容受美國及國際著作權法保護。未經卡特彼勒事先書面許可，禁止對本內容全部或部分進行任何重播、轉播、複製或散布。接著看第 2 頁投影片。

During our call today, we'll make forward-looking statements, which are subject to risks and uncertainties. We'll also make assumptions that could cause our actual results to be different than the information we're sharing with you on this call.

在今天的電話會議中，我們將作出前瞻性陳述，這些陳述受到風險與不確定性影響。我們也會提出若干假設，可能導致實際結果與我們在本次電話會議中分享的資訊有所不同。

Please refer to our recent SEC filings and the forward-looking statements reminder in the news release for details on factors that individually or in aggregate could cause our actual results to vary materially from our forecast. A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis is contained in our SEC filings.

有關可能單獨或合併導致實際結果與我們預測出現重大差異的因素詳情，請參閱我們近期的 SEC 申報文件，以及新聞稿中的前瞻性陳述提醒。我們認為可能持續對業務產生重大影響的多項因素之詳細討論，亦載於我們的 SEC 申報文件中。

On today's call, we'll also refer to non-GAAP numbers. For a reconciliation of any non-GAAP numbers to the appropriate US GAAP numbers, please see the appendix of the earnings call slides.

在今天的電話會議中，我們也會提及非 GAAP 數字。如需將任何非 GAAP 數字調節至相應的美國 GAAP 數字，請參閱財報電話會議簡報附錄。

For today's agenda, Joe will begin by sharing his perspectives about our results and highlighting initiatives across our segments. Then he'll discuss our full-year outlook and insights about our end markets followed by a strategy highlights. Kyle will provide a detailed overview of results and will share key assumptions looking forward. We will conclude by taking your questions.

今天的議程如下：Joe 將先分享他對本季業績的觀點，並重點說明各事業部門的相關措施。接著他將討論全年展望與終端市場洞察，並進一步說明策略重點。Kyle 將提供業績的詳細概覽，並分享未來的關鍵假設。最後我們將進入問答。

Now let's advance to slide 3 and turn the call over to Joe Creed.

現在請翻到第 3 頁投影片，並把電話會議交給 Joe Creed。

Thanks, Alex, and good morning, everyone. Thanks for joining us today.

謝謝你，Alex，各位早安。感謝各位今天加入我們。

In the second quarter, sales and revenues were better than expected at $20.5 billion up 24% versus the prior year, driven by strong end market demand in all three of our primary segments. This is the first time in company history that we generated over $20 billion of sales and revenues in a single quarter. This milestone underscores both the essential work our customers do every day and the dedication of Caterpillar employees worldwide solving our customers' toughest challenges.

第二季的銷售與營收優於預期，達 205 億美元，較去年同期成長 24%，主要受我們三大主要事業部門終端市場需求強勁所帶動。這是公司歷史上首次在單一季度創下超過 200 億美元的銷售與營收。這項里程碑凸顯了我們客戶每日所從事工作的關鍵性，也展現卡特彼勒全球員工致力於協助客戶解決最艱鉅挑戰的投入與奉獻。

We delivered adjusted profit per share of $8.17, an increase of 73% versus last year. Our backlog grew sequentially by $9 billion to $72 billion. This is an increase of approximately $35 million or 92% compared to second quarter last year. All three primary segments contributed to both the year over year and sequential backlog growth.

我們的調整後每股盈餘為 8.17 美元，較去年增加 73%。我們的積壓訂單（backlog）較前一季增加 90 億美元至 720 億美元。相較去年第二季，約增加 3.5 億美元或 92%。三大主要事業部門皆對年增與季增的積壓訂單成長有所貢獻。

Strong order rates and a growing backlog reflect broadening momentum across our business. In the quarter, we generated robust MP&A free cash flow of $5.1 billion and deployed $2.2 billion to shareholders through share repurchases and dividends.

強勁的接單率與持續增加的積壓訂單，反映我們業務動能正在擴大。本季我們創造了強勁的機械、能源與運輸（MP&A）自由現金流 51 億美元，並透過庫藏股回購與股利向股東回饋 22 億美元。

Now I'll discuss second-quarter results in more detail. As I mentioned, sales and revenues were $20.5 billion, and the increase versus prior year was primarily driven by strong growth in sales volume from higher sales to users in all three primary segments and favorable price realization. Second-quarter sales and revenues were better than expected due to strong sales volume growth in Construction Industries and Resource Industries, while Power and Energy was broadly in line with our expectations.

接下來我將更詳細說明第二季業績。如我所提，銷售與營收為 205 億美元，較去年同期的成長主要來自三大主要事業部門對終端用戶銷售增加所帶動的銷量強勁成長，以及有利的價格實現。第二季銷售與營收優於預期，原因在於建築工業與資源工業的銷量成長強勁；而動力與能源則大致符合我們的預期。

Adjusted operating profit margin was 21.9%. Second-quarter adjusted operating profit margin was better than we anticipated, primarily due to IEEPA tariff recoveries of $392 million and lower-than-expected tariff costs. The margin benefit from better-than-expected sales volume was mostly offset by higher SG&A and R&D expense.

調整後營業利益率為 21.9%。第二季調整後營業利益率優於我們預期，主要因 IEEPA 關稅回收 3.92 億美元，以及關稅成本低於預期。銷量優於預期所帶來的毛利率改善，大多被較高的 SG&A 與研發費用所抵銷。

For tariffs introduced since the beginning of 2025, excluding IEEPA recoveries, costs were about $400 million in the quarter. This was lower than the estimate we provided in April due to favorable adjustments to the computation of tariffs previously incurred. Kyle will explain in more detail in a moment, including the impact to each segment.

就 2025 年初以來新增的關稅而言（不含 IEEPA 回收），本季成本約為 4 億美元。由於對先前已發生關稅的計算進行有利調整，該金額低於我們在 4 月提供的估計。Kyle 稍後將更詳細說明，包括對各事業部門的影響。

Now I'll review second-quarter retail statistics. Sales to users grew in all three of our primary segments. In Power and Energy, sales to users grew a robust 33%. Power generation grew 72%, driven by very strong demand for large gen sets and turbines used in data center applications.

現在我將回顧第二季的零售統計。我們三大主要事業部門的終端用戶銷售皆有所成長。在動力與能源方面，終端用戶銷售強勁成長 33%。發電業務成長 72%，主要受用於資料中心應用的大型發電機組與渦輪機需求非常強勁所帶動。

Sales to users in oil and gas increased 6% and were driven by reciprocating engines, turbines, and turbine-related services sold into gas compression applications. Industrial sales users were down due to a decline in engines sold in the marine application.

油氣領域的終端用戶銷售增加 6%，主要由銷往天然氣壓縮應用的往復式引擎、渦輪機，以及與渦輪機相關的服務所帶動。工業終端用戶銷售下滑，原因是海事應用的引擎銷售下降。

Construction Industries total sales to users grew for the sixth consecutive quarter, up 22%. Increases in North America were better than we anticipated as the growth was driven by very strong rental fleet loading, and equipment sold into non-residential and residential construction.

建築工業的終端用戶總銷售連續第六季成長，本季上升 22%。北美的增幅優於我們預期，成長動能來自租賃車隊裝載（rental fleet loading）非常強勁，以及銷往非住宅與住宅建築的設備。

Dealers rental revenue continues to grow in North America, requiring more investment in their equipment fleets. This quarter, rental loading was a positive contributor to sales to user growth as compared to second quarter last year when rental loading was a headwind.

經銷商在北美的租賃收入持續成長，因此需要對其設備車隊投入更多資本。本季，租賃裝載相較去年第二季（當時租賃裝載為不利因素）對終端用戶銷售成長帶來正面貢獻。

Sales to users increased in EAME due to strength in Europe and Africa, but were lower than we anticipated due to softness in the Middle East. In Asia Pacific, growth was driven by China, but softness outside of China kept the overall region below our expectations. Latin America grew as we anticipated.

在 EAME 地區，終端用戶銷售因歐洲與非洲表現強勁而增加，但由於中東疲弱，整體低於我們預期。在亞太地區，成長由中國帶動，但中國以外地區的疲弱使整體區域表現低於我們預期。拉丁美洲的成長符合我們預期。

For Resource Industries, second quarter sales to users increased 17%, which was in line with our expectations. Sales to users were higher year over year in mining as well as heavy construction and quarry and aggregates. Rail growth was driven by international locomotive deliveries.

就資源工業而言，第二季終端用戶銷售增加 17%，符合我們預期。終端用戶銷售在採礦，以及重型建築、採石與骨材等領域，皆較去年同期提高。鐵路業務的成長主要由國際機車交付所帶動。

Turning to slide 4, I'll cover a few highlights since our last earnings call, starting with Power and Energy. To support the demand growth in power generation and oil and gas applications, we're excited to resume production of our 10-megawatt medium-speed gas reciprocating engine platform. This highly efficient platform is well suited for prime power generation and its power rating fits between our high-speed gas reciprocating engines and industrial gas turbines.

接著看第 4 頁投影片，我將說明自上次財報電話會議以來的幾項重點，先從動力與能源開始。為支援發電與油氣應用需求的成長，我們很高興將恢復生產 10 兆瓦中速燃氣往復式引擎平台。此高效率平台非常適用於主用電力（prime power）發電，其功率等級介於我們的高速燃氣往復式引擎與工業燃氣渦輪機之間。

In 2022, we stopped manufacturing this product and focused on supporting aftermarket sales and services given the limited industry opportunity at that time. And now, without significant investment, we're able to restart production by leveraging our existing supply base along with our internal capacity and capability.

在 2022 年，我們停止製造此產品，並鑑於當時產業機會有限，轉而專注於售後市場銷售與服務支援。而現在，在不需要重大投資的情況下，我們能夠運用既有供應基礎，以及內部產能與能力來重新啟動生產。

We plan to bring about 1.5 gigawatts of capacity back online, and shipments are expected to begin in the fourth quarter. This is a clear example of how our agility and diverse portfolio help us stay ahead of customer needs, respond quickly, and turn opportunities into profitable growth.

我們計劃讓約1.5吉瓦的產能重新上線，並預期於第四季開始出貨。這清楚展現了我們的敏捷性與多元產品組合如何協助我們領先掌握客戶需求、快速回應，並將機會轉化為具獲利性的成長。

Moving on to Construction Industries. In the second quarter, we delivered our first units to major projects, which is a specialized fully CAT dealer-owned rental joint venture focused on supporting customers with multibillion-dollar projects across North America.

接著談建築產業（Construction Industries）。第二季，我們向重大專案交付了首批設備；該重大專案是一個由CAT經銷商全資擁有的專業租賃合資企業，專注於支援北美各地數十億美元規模專案的客戶。

Major projects will serve customers developing large-scale infrastructure, including transportation, energy, manufacturing, and data center builds. It's a supplemental national rental solution to help deliver larger size class construction equipment and capabilities where existing individual dealer rental fleets aren't sufficient to execute at scale. We believe major projects will expand our presence in the rental industry and make it easier for large contractors to do business with us and our dealers.

重大專案將服務正在開發大型基礎建設的客戶，涵蓋運輸、能源、製造以及資料中心建置。這是一項補充性的全國租賃解決方案，用以在既有單一經銷商租賃車隊不足以大規模執行時，協助提供更大型級距的工程設備與能力。我們相信重大專案將擴大我們在租賃產業的布局，並讓大型承包商更容易與我們及我們的經銷商合作。

And finally, Resource Industries completed the acquisition of Skycatch in July, further enhancing our capabilities following the recent acquisition of RPMGlobal. Skycatch Technology captures high-frequency, high-precision, large-scale spatial data and pairs it with a suite of AI capabilities.

最後，資源產業（Resource Industries）於7月完成對Skycatch的收購，繼近期收購RPMGlobal之後，進一步強化我們的能力。Skycatch Technology可擷取高頻率、高精度、大規模的空間資料，並結合一套AI能力。

That allows customers to identify, measure, and interact with the data, resulting in improved decision-making, reduced delays, and greater confidence in daily operations. This is another example of investment in technology-enabled growth that will help our mining customers operate more efficiently and achieve better outcomes.

這使客戶能夠辨識、量測並與資料互動，進而改善決策、降低延誤，並提升日常營運的信心。這是我們投資於科技驅動成長的另一個例子，將協助我們的礦業客戶更有效率地營運並取得更佳成果。

Now on slide 5, I'll provide an update on our outlook. We continue to see strong momentum in our end markets despite ongoing uncertainty due to geopolitical events. We are increasing our full-year 2026 sales and revenues expectations to mid- to high teens growth based on the healthy demand we are seeing across all three of our primary segments.

現在看第5頁，我將更新我們的展望。儘管地緣政治事件帶來持續的不確定性，我們仍在終端市場看到強勁動能。基於我們在三大主要事業部門所見到的健康需求，我們將2026全年銷售與營收預期上調至中到高十位數百分比的成長。

We are also progressing on our capacity expansion plans, and we expect to increase our throughput in the second half of the year. As a result, we anticipate stronger full-year growth across all three primary segments compared to the outlook we gave in April. Services revenues are also expected to grow at a higher rate for the full year compared to our previous outlook.

我們也正推進產能擴張計畫，並預期在下半年提高產出。因此，相較於我們在4月給出的展望，我們預期三大主要事業部門的全年成長將更為強勁。服務營收的全年成長率也預期將高於先前展望。

The improved outlook is also supported by the breadth and duration of our record backlog. As I mentioned, all three of our primary segments contributed to backlog growth. Power and Energy customers continue planning with us by sharing their long-term forecasts, and some are placing orders as far out as 2030.

改善後的展望亦受到我們創紀錄在手訂單（backlog）的廣度與持續期間所支持。如我所提到，三大主要事業部門皆對在手訂單成長有所貢獻。電力與能源客戶持續與我們共同規劃，分享其長期預測，有些甚至下單到2030年。

Currently, 59% of our $72 billion backlog is expected to be delivered over the next 12 months. This percentage has been fairly stable over the past three quarters, which demonstrates the momentum in all three primary segments.

目前，我們720億美元在手訂單中有59%預期將在未來12個月內交付。此比例在過去三個季度相當穩定，顯示三大主要事業部門皆具動能。

Moving on to adjusted operating profit margin. We expect the full-year adjusted operating profit margin to be higher than we expected during our last earnings call, reflecting the improved sales and revenues outlook. Excluding the favorable impact from our IEEPA tariff recoveries in the second quarter, we expect full year adjusted operating profit margin to be near the bottom of the target range.

接著談調整後營業利益率。我們預期全年調整後營業利益率將高於上次法說會時的預期，反映銷售與營收展望的改善。若排除第二季IEEPA關稅回收帶來的有利影響，我們預期全年調整後營業利益率將接近目標區間的下緣。

Our full-year margin expectation reflects the strategic investments we are making to execute our growth strategy as well as the ongoing impact of tariffs. While the situation around tariffs remain fluid, we continue to execute our mitigation plans. Kyle will provide more detail on our revised full-year estimate for tariffs in a moment.

我們對全年毛利率的預期反映了我們為執行成長策略所進行的策略性投資，以及關稅的持續影響。儘管關稅情勢仍在變動，我們持續執行因應計畫。Kyle稍後將就我們修訂後的全年關稅估計提供更多細節。

I'm confident that we'll manage the impact of tariffs over time as we aim to operate around the midpoint of our adjusted operating profit margin target range. We are also increasing our MP&E free cash flow expectations to be in the top half of our annual target range, reflecting our improved outlook.

我有信心，隨著時間推移，我們將能管理關稅的影響，並以在調整後營業利益率目標區間的中點附近營運為目標。我們也將MP&E自由現金流的預期上調至年度目標區間的上半部，反映我們改善後的展望。

I'll now discuss our key end markets, starting with Power and Energy. Our positive outlook for 2026 continues to reflect strong demand in power generation and oil and gas. Strong second-quarter performance has set a solid foundation for continued growth for the remainder of the year.

接下來我將討論我們的主要終端市場，先從電力與能源開始。我們對2026年的正向展望，持續反映發電與油氣領域的強勁需求。第二季的強勁表現為今年剩餘期間的持續成長奠定了穩固基礎。

We continue to anticipate full-year growth in power generation for both CAT reciprocating engines and solar turbines, driven by increasing energy demand to support data center build-out related to cloud computing and generative AI. Additionally, prime power demand continues to trend higher as customers look to Caterpillar's turbine and reciprocating engine products and services to support their need for power solutions.

我們仍預期CAT往復式引擎與Solar Turbines的發電業務全年將成長，動能來自為支援雲端運算與生成式AI相關資料中心建置而增加的能源需求。此外，隨著客戶尋求Caterpillar的渦輪與往復式引擎產品及服務以滿足其電力解決方案需求，主用電（prime power）需求也持續走高。

After a record year for sales in 2025, oil and gas is expected to grow moderately again this year. Reciprocating engine sales are anticipated to increase driven by strong demand in gas compression applications.

在2025年創下銷售紀錄之後，油氣業務今年預期將再度溫和成長。受氣體壓縮應用的強勁需求帶動，往復式引擎銷售預期將增加。

We also see continued momentum in demand for reciprocating engine aftermarket parts. Solar Turbines oil and gas sales are expected to grow while the backlog remains healthy as we continue to see solid order and inquiry activity. Demand for products in industrial applications is expected to grow moderately in 2026.

我們也看到往復式引擎售後零件需求持續具動能。在訂單與詢價活動持續穩健的情況下，Solar Turbines的油氣銷售預期將成長，且在手訂單維持健康。工業應用產品的需求預期在2026年將溫和成長。

For Construction Industries, we continue to expect full-year sales to users growth, supported by strong order rates. Overall, the outlook for North America remains positive as sales to users are anticipated to grow versus last year.

就建築產業而言，在強勁接單率支撐下，我們仍預期全年對終端用戶銷售將成長。整體而言，北美展望仍然正向，對終端用戶銷售預期將較去年成長。

Construction spending remains at healthy levels, supported by the IIJA with the remaining funds to be spent over the next few years. Non-residential investment in critical infrastructure programs, heavy construction, and data centers is contributing to overall construction spending levels. We expect dealer rental fleet loading will continue to grow including additional fleet loading for major projects in the third quarter.

在《基礎設施投資與就業法案》（IIJA）支撐下，建築支出仍維持健康水準，且剩餘資金將在未來數年逐步支出。關鍵基礎設施計畫、重型建設與資料中心的非住宅投資，正推升整體建築支出水準。我們預期經銷商租賃車隊裝載將持續成長，包括第三季針對重大專案的額外車隊裝載。

In EAME, Europe is expected to remain stable, supported by non-residential construction and construction activity in Africa is projected to remain strong. While the Middle East continues to be challenged, we currently anticipate only a limited impact on EAME sales to users.

在EAME地區，歐洲預期將維持穩定，受非住宅建築支撐；非洲的建築活動預估仍將強勁。儘管中東仍面臨挑戰，我們目前預期對EAME對終端用戶銷售的影響有限。

In Asia Pacific, outside of China, softer economic conditions are expected. In China, we anticipate moderate conditions with full-year growth in the above 10-ton excavator industry off of low levels of activity. We expect full year growth in Latin America.

在亞太地區（不含中國），預期經濟情勢較為疲弱。在中國，我們預期環境溫和，基於低基期，10噸以上挖掘機產業全年將成長。我們預期拉丁美洲全年將成長。

We're seeing continued positive momentum in Resource Industries with robust order rates and strong backlog growth. For 2026, sales to users are expected to increase, primarily driven by rising demand for copper and gold and positive dynamics in heavy construction and quarry and aggregates.

我們在資源產業持續看到正向動能，接單率強勁且在手訂單大幅成長。2026年，對終端用戶銷售預期將增加，主要由銅與黃金需求上升，以及重型建設與採石、骨材領域的正向動態所帶動。

Most key commodities remain above investment thresholds. Customer product utilization is high, and the age of the fleet remains elevated. While some commodity prices have increased recently, customers remain focused on the long term. We now expect rebuild activity to increase moderately compared to last year. Rail services and locomotive deliveries are both anticipated to grow for the year.

多數關鍵大宗商品仍高於投資門檻。客戶產品使用率高，且車隊機齡仍偏高。儘管部分商品價格近期上漲，客戶仍聚焦長期。我們現在預期翻修（rebuild）活動將較去年溫和增加。鐵路服務與機車交付量全年皆預期成長。

Now let's turn to slide 6 for a strategy highlight. Our refreshed enterprise strategy was built on our strong foundation of operational excellence, and we continue to operate under the discipline of the operating and execution model. As we invest in our capacity to meet customers' increasing needs, we're finding creative ways to reallocate resources and optimize our operations as we grow to record levels.

現在請看第6頁的策略重點。我們更新後的企業策略建立在我們強大的卓越營運基礎之上，我們也持續在營運與執行模式的紀律下運作。在我們投資產能以滿足客戶日益增加的需求之際，我們也在創造性地重新配置資源並最佳化營運，以支撐我們成長至創紀錄水準。

Let me share an example. Last November, we announced an increase in our new turbine capacity of 2.5 times 2024 levels. This capacity will serve oil and gas and power generation applications and be leveraged to provide rebuild and services for our growing installed base for decades to come.

我分享一個例子。去年11月，我們宣布將新渦輪產能提升至2024年水準的2.5倍。此產能將服務油氣與發電應用，並將用於在未來數十年為我們持續成長的裝機基礎提供翻修與服務。

To help bring some of this capacity online sooner, we were able to repurpose an existing 250,000 square foot facility in Onaga, Kansas, which previously produced work tools for CAT construction equipment. We converted the facility in under 12 months or substantially less than building a new factory.

為了協助讓部分產能更快上線，我們得以重新利用堪薩斯州奧納加（Onaga）一座既有的25萬平方英尺設施；該設施先前生產用於 CAT 建築設備的工作工具。我們在不到12個月內完成設施轉換，時間大幅短於新建一座工廠。

From Onaga, we now package and ship our PGM130, product that is popular for data center power generation. This is one of many examples of how we are continuing to manage our business with discipline and maximize the use of our existing footprint to serve our customers and grow profitably.

目前我們從奧納加包裝並出貨我們的 PGM130 產品，該產品在資料中心發電領域相當受歡迎。這只是眾多例子之一，說明我們如何持續以紀律管理業務，並最大化運用既有據點來服務客戶並實現獲利成長。

With that, I'll turn it over to Kyle.

接下來我把時間交給 Kyle。

Thank you, Joe. Good morning, everyone. I'm going to take a few minutes to walk you through our overall second-quarter results, including details about segment performance as well as the balance sheet and cash flow. I will then conclude with remarks on our expectations for the remainder of the year, including third quarter and current full-year assumptions.

謝謝你，Joe。各位早安。我將用幾分鐘帶各位回顧我們第二季的整體業績，包括各事業部門表現，以及資產負債表與現金流的細節。接著我會以對今年剩餘期間的展望作結，包括第三季與目前的全年假設。

Beginning on slide 7. Sales and revenues were $20.5 billion, up 24% versus the prior year, which was better than our expectations. Adjusted operating profit was $4.5 billion, and our adjusted operating profit margin was 21.9%, both better than we anticipated.

先看第7頁。銷售與營收為205億美元，較去年同期成長24%，優於我們的預期。調整後營業利益為45億美元，調整後營業利益率為21.9%，兩者皆優於我們原先預估。

Moving to slide 8. The 24% increase in sales and revenues compared to the second quarter of 2025 was primarily driven by strong growth in sales volume and favorable price realization. The stronger sales volume was mainly driven by higher sales of equipment to end users across all three primary segments.

接著看第8頁。相較於2025年第二季，銷售與營收成長24%，主要由銷售量強勁成長與有利的價格實現所帶動。銷售量走強主要來自三大主要事業部門對終端用戶的設備銷售增加。

Dealer inventory increased by $400 million in Construction Industries compared to a decrease in the second quarter of 2025. The increase was higher than we originally anticipated, supported by our expectation of stronger sales to users for the rest of the year, which reflects strong end market demand.

相較於2025年第二季的下降，建築產業（Construction Industries）的經銷商庫存增加了4億美元。此增幅高於我們原先預期，主要是基於我們預期今年剩餘期間對用戶的銷售將更強，反映終端市場需求強勁。

Sales and revenues were above our expectations, mainly driven by stronger-than-expected sales volume in Construction Industries and Resource Industries. Power and Energy was generally in line with expectations.

銷售與營收高於我們預期，主要由建築產業與資源產業（Resource Industries）銷售量優於預期所帶動。動力與能源（Power and Energy）整體大致符合預期。

Moving to operating profit on slide 9. Operating profit in the second quarter increased by 50% to $4.3 billion. Adjusted operating profit of $4.5 billion increased by 54% versus the prior year, mainly due to the profit impact of higher sales volume.

接著看第9頁的營業利益。第二季營業利益增加50%至43億美元。調整後營業利益為45億美元，較去年同期成長54%，主要來自銷售量增加帶來的獲利影響。

The adjusted operating profit margin was 21.9%, which was a 430-basis-point increase compared to the prior year. Margin was better than we anticipated, primarily due to expected IEEPA tariff recoveries and lower-than-expected tariff costs. The margin benefit from better-than-expected sales volume was mostly offset by higher SG&A and R&D expense.

調整後營業利益率為21.9%，較去年同期提升430個基點。毛利率優於我們預期，主要因預期的 IEEPA 關稅回收以及關稅成本低於預期。銷售量優於預期帶來的毛利率效益，多數被較高的銷售、一般及行政（SG&A）與研發（R&D）費用所抵銷。

In the quarter, we recognized $392 million in expected IEEPA tariff recoveries with the majority of this amount reflected in corporate items. Where the tariffs introduced since the beginning of 2025, excluding IEEPA recoveries, the second quarter tariff costs were approximately $400 million. And this was favorable compared to the $700 million estimate we provided in April.

本季我們認列3.92億美元的預期 IEEPA 關稅回收，其中大部分反映在公司項目（corporate items）中。若以自2025年初以來新增的關稅來看（不含 IEEPA 回收），第二季關稅成本約為4億美元。此數字優於我們在4月提供的7億美元估計。

This favorability was primarily driven by adjustments to the computation of tariffs previously incurred. The $400 million of tariff costs were recognized within the segments and corporate items. Segment margins were impacted by 90 basis points in Power and Energy, 340 basis points within Construction Industries, and 260 basis points in Resource Industries. Within corporate items, there was a favorable adjustment for tariffs.

這項有利差異主要來自對先前已發生關稅之計算方式的調整。這4億美元的關稅成本認列於各事業部門及公司項目中。各事業部門的利潤率分別受到影響：動力與能源90個基點、建築產業340個基點、資源產業260個基點。在公司項目中，關稅方面則有一項有利調整。

Moving to slide 10. Profit per share was $7.77 in the quarter. Adjusted profit per share was higher than we had anticipated at $8.17. Restructuring costs in the quarter were $0.40 versus $0.10 last year. Excluding discrete items, the provision for income tax in the second quarter of 2026 reflected a global estimated annual effective tax rate of 23%.

接著看第10頁。本季每股盈餘為7.77美元。調整後每股盈餘為8.17美元，高於我們原先預期。本季重整成本為0.40美元，去年為0.10美元。排除一次性項目後，2026年第二季的所得稅費用反映全球估計的全年有效稅率為23%。

Finally, the year-over-year impact from the reduction in the average number of shares outstanding due to share repurchases resulted in a favorable impact on adjusted profit per share of approximately $0.15 compared to the second quarter of 2025.

最後，由於庫藏股回購使流通在外平均股數下降，與2025年第二季相比，對調整後每股盈餘帶來約0.15美元的有利影響。

On slide 11, I will now review the second-quarter performance of the segments, starting with Power and Energy. For Power and Energy, sales of $8.2 billion increased by 17% versus the prior year, which was generally in line with our expectations. The sales increase versus the prior year was mainly due to higher sales volume and favorable price realization.

在第11頁，我將回顧各事業部門第二季表現，先從動力與能源開始。動力與能源銷售額為82億美元，較去年同期成長17%，整體大致符合我們的預期。相較去年同期的銷售成長主要來自銷售量增加與有利的價格實現。

Second-quarter profit for Power and Energy increased by 30% versus the prior year to $2 billion. The segment's margin of 24.6% was an increase of 250 basis points versus the prior year. The increase was mainly due to the profit impact of higher sales volume and favorable price realization, which was partially offset by unfavorable manufacturing costs.

動力與能源第二季獲利較去年同期成長30%至20億美元。該事業部門利潤率為24.6%，較去年同期提升250個基點。提升主要來自銷售量增加與有利的價格實現帶來的獲利影響，但部分被不利的製造成本所抵銷。

Higher manufacturing costs were impacted by spend related to our capacity expansion, including a higher depreciation. Segment margin was higher than anticipated, primarily due to lower-than-expected manufacturing costs, including tariffs.

較高的製造成本受到我們擴產相關支出影響，包括較高的折舊。該事業部門利潤率高於預期，主要因製造成本（含關稅）低於預期。

Now moving to slide 12. Construction Industries sales increased by 35% in the second quarter to $8.3 billion, primarily due to higher sales volume and favorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users. The $400 million of dealer inventory increase and services revenue growth resulted in sales volume to be better than we expected.

接著看第12頁。建築產業第二季銷售額成長35%至83億美元，主要因銷售量增加與有利的價格實現。銷售量增加主要由對終端用戶的設備銷售提升所帶動。經銷商庫存增加4億美元以及服務營收成長，使銷售量表現優於我們預期。

Second-quarter profit for Construction Industries was $1.9 billion, a 57% increase versus the prior year. The segment's margin of 23.3% and was an increase of 320 basis points versus the prior year, mainly driven by the profit of higher sales volume.

建築產業第二季獲利為19億美元，較去年同期成長57%。該事業部門利潤率為23.3%，較去年同期提升320個基點，主要由銷售量增加帶來的獲利所驅動。

Price was also favorable in the quarter. Segment margin was higher than anticipated, primarily due to the profit impact of stronger sales volume, partially offset by higher manufacturing costs, including freight.

本季價格因素亦有利。該事業部門利潤率高於預期，主要因銷售量更強帶來的獲利影響；但部分被較高的製造成本（含運費）所抵銷。

Turning to slide 13. Resource Industries sales increased by 20% in the second quarter to $4.6 billion, primarily driven by higher sales volume. Price was also favorable versus the prior year. Sales were better than we anticipated due to higher sales volume, driven by favorable services revenues growth.

接著看第13頁。資源產業第二季銷售額成長20%至46億美元，主要由銷售量增加所帶動。相較去年同期，價格因素亦有利。由於銷售量高於預期，銷售表現優於我們預估；銷售量提升主要受惠於服務營收成長。

Second quarter profit for Resource Industries increased by 23% versus the prior year to $693 million. The segment's margin of 14.9% was an increase of 40 basis points versus the prior year. This was mainly driven by the profit impact of higher sales volume, partially offset by unfavorable manufacturing costs. Segment margin was higher than anticipated, primarily due to the higher sales volume.

資源產業第二季獲利較去年同期成長23%至6.93億美元。該事業部門利潤率為14.9%，較去年同期提升40個基點。這主要由銷售量增加帶來的獲利影響所驅動，但部分被不利的製造成本所抵銷。該事業部門利潤率高於預期，主要因銷售量較高。

Moving to slide 14. Financial Products revenues increased by 10% versus the prior year to $1.1 billion, mainly due to higher average earning assets across all regions.

接著看第14頁。金融產品（Financial Products）營收較去年同期成長10%至11億美元，主要因各地區平均生息資產增加。

Segment profit increased by 32% to $328 million. The increase was primarily due to higher average earning assets and favorable impacts from equity securities and margins at insurance services partially offset by a higher provision for credit losses at CAT Financial.

事業部門獲利成長32%至3.28億美元。成長主要來自平均生息資產增加，以及權益證券與保險服務利潤率的有利影響；但部分被 CAT Financial 較高的信用損失準備所抵銷。

Our customers' financial health remains strong. Past dues were 1.31% in the quarter down 31 basis points versus the prior year, the lowest we have recorded since 1998. The allowance rate of 0.84% surpassing the first quarter of 2026 as our lowest level ever reported in any quarter.

我們客戶的財務健康狀況仍然強勁。本季逾期款項比率為1.31%，較去年同期下降31個基點，為我們自1998年以來記錄到的最低水準。備抵率為0.84%，低於2026年第一季，為我們歷來任何季度所報告的最低水準。

Business activity at CAT Financial remains healthy. Retail new business volume grew by 9% versus the prior year. In addition, used equipment inventory levels continue to remain low, and conversion rates remain above historical averages as customers choose to convert their leases into buying the equipment at the end of their lease term.

CAT Financial 的業務活動仍然健康。零售新承作業務量較去年同期成長9%。此外，二手機械設備庫存水位持續偏低，且轉換率仍高於歷史平均，因客戶選擇在租期結束時將租賃轉為購買該設備。

Moving to slide 15. MP&E free cash flow was a record at $5.1 billion in the second quarter. This was about $2.8 billion increase versus the prior year, mainly driven by stronger profit. CapEx spend was about $600 million in the quarter.

接著看第15頁。第二季 MP&E 自由現金流創下紀錄，達51億美元。較去年同期增加約28億美元，主要由更強勁的獲利所帶動。本季資本支出（CapEx）約為6億美元。

Moving to capital deployment. We deployed $2.2 billion to shareholders in the second quarter. Share repurchases accounted for about $1.5 billion, with the remainder reflecting our quarterly dividend payment. In June, we announced an 8% dividend increase, our sixth consecutive year with a high single-digit quarterly increase.

接著談資本配置。第二季我們向股東回饋22億美元。其中股票回購約15億美元，其餘為我們的季度股利發放。6月我們宣布股利調升8%，為連續第六年維持高個位數的季度增幅。

Our balance sheet remains strong. We have ample liquidity with an enterprise cash balance of $6.7 billion. In addition, there is a $1.5 billion in slightly longer-dated liquid marketable securities to improve yields on that cash.

我們的資產負債表仍然穩健。我們具備充足流動性，企業現金餘額為67億美元。此外，另有15億美元、期限略長的高流動性有價證券，以提升該等現金的收益率。

Now let's go through our outlook assumptions. Turning to slide 16. I will start with the third quarter. We are continuing to monitor the environment as geopolitical conditions remain fluid and complex. Based on what we see today, for the third quarter, we anticipate another strong quarter of sales growth versus the prior year.

現在我們來說明展望假設。請看第16頁。我先從第三季開始。由於地緣政治情勢仍然多變且複雜，我們持續監測外部環境。就目前所見，第三季我們預期銷售額將較去年同期再度強勁成長。

We expect volume increases and favorable price realization in each of our three primary segments. We anticipate volume growth will be driven by higher sales to users across all three primary segments versus the prior year.

我們預期三大主要事業部門皆將出現銷量增加與有利的價格實現。我們預期銷量成長將由三大主要事業部門對終端用戶銷售增加所帶動，較去年同期提升。

If we look at the segments, we anticipate strong sales growth in Power and Energy in the third quarter versus the prior year, driven by continued strength in power generation and in oil and gas, modest growth in industrial applications as it continues to recover, and favorable price realization.

若以事業部門來看，我們預期第三季動力與能源（Power and Energy）較去年同期將有強勁的銷售成長，主要受惠於發電以及油氣領域持續強勁、工業應用隨復甦而呈現溫和成長，以及有利的價格實現。

In Construction Industries, we expect strong sales growth in the third quarter versus the prior year mainly due to higher sales volume on strong sales to users and favorable price realization. We expect a slight increase in dealer inventory in the third quarter, but modestly lower than last year. As a result, the year-over-year impact from dealer inventory is expected to be a modest headwind to sales volume in the quarter.

在建築產業（Construction Industries），我們預期第三季銷售額將較去年同期強勁成長，主要來自對終端用戶的強勁銷售帶動更高的銷售量，以及有利的價格實現。我們預期第三季經銷商庫存將小幅增加，但增幅將略低於去年。因此，經銷商庫存的年對年影響預期將對本季銷售量形成溫和逆風。

In Resource Industries, we also expect strong sales growth in the third quarter versus the prior year, primarily due to higher sales to users and services growth. We also anticipate favorable price realization, but to a lesser extent than the second quarter.

在資源產業（Resource Industries），我們也預期第三季銷售額將較去年同期強勁成長，主要由對終端用戶銷售增加及服務業務成長所帶動。我們亦預期價格實現有利，但幅度將小於第二季。

Now I will provide some color on our third-quarter margin expectations versus the prior year. We expect higher adjusted operating profit margin at the enterprise level versus prior year, primarily due to favorable price realization and higher sales volume, partially offset by unfavorable manufacturing cost including depreciation expense and freight, along with higher SG&A and R&D expenses, due to the continued investment in strategic investments aligned with our 2030 goals that we rolled out at our last year's Investor Day.

接著我補充一些第三季相較去年同期的毛利率（利潤率）展望。我們預期企業層級的調整後營業利益率將高於去年同期，主要受惠於有利的價格實現與更高的銷售量；但部分將被不利的製造成本（包含折舊費用與運費）以及較高的銷管費（SG&A）與研發（R&D）費用所抵銷，原因在於我們持續投入與2030目標一致的策略性投資，該等目標已於去年投資人日對外發布。

We anticipate tariff costs of around $600 million, which is similar to what we incurred in the third quarter of 2025. We expect about 50% of the tariffs to be incurred in Construction Industries and 25% in both Power and Energy and Resource Industries.

我們預估關稅成本約為6億美元，與2025年第三季所發生的水準相近。我們預期約50%的關稅將發生於建築產業（Construction Industries），而動力與能源（Power and Energy）及資源產業（Resource Industries）各約25%。

Now on the third-quarter margin by segment. In Power and Energy, we anticipate a higher margin percentage compared to the prior year on stronger volume and favorable price realization. This is partially offset by higher manufacturing costs including depreciation and expenses related to our capacity expansion projects. SG&A and R&D expenses are also expected to be higher.

接著看各事業部門第三季的利潤率。在動力與能源（Power and Energy），我們預期在更強勁的銷量與有利的價格實現帶動下，利潤率百分比將高於去年同期。但部分將被較高的製造成本所抵銷，包含折舊以及與產能擴張專案相關的費用。銷管費（SG&A）與研發（R&D）費用亦預期將上升。

In Construction Industries, we anticipate a higher margin percentage compared to the prior year, primarily due to favorable price realization and higher sales volume. This is partially offset by higher manufacturing costs, including tariff and freight costs. Strategic investments related to technology are expected to increase SG&A and R&D expenses versus prior year.

在建築產業（Construction Industries），我們預期利潤率百分比將高於去年同期，主要受惠於有利的價格實現與更高的銷售量。但部分將被較高的製造成本所抵銷，包含關稅與運費成本。與科技相關的策略性投資預期將使銷管費（SG&A）與研發（R&D）費用較去年同期增加。

In Resource Industries, we anticipate a similar margin percentage compared to the prior year due to higher sales volume and favorable price realization, partially offset by higher manufacturing costs, including tariff costs and SG&A and R&D expenses. Higher compensation expense and strategic investments related to technology, including autonomy, are driving the higher SG&A and R&D expenses versus prior year.

在資源產業（Resource Industries），我們預期利潤率百分比將與去年同期相近，原因是更高的銷售量與有利的價格實現，部分被較高的製造成本（包含關稅成本）以及銷管費（SG&A）與研發（R&D）費用所抵銷。較高的薪酬費用與與科技相關的策略性投資（包含自動化/自主化）正推動銷管費（SG&A）與研發（R&D）費用較去年同期上升。

Now on slide 17. Let me provide a few comments on the full year. As Joe mentioned, we now anticipate sales and revenues growth in the mid- to high teens for the full year 2026. This is an increase versus our expectations from last quarter.

接著看第17頁。我補充幾點關於全年展望。如 Joe 所提到，我們目前預期2026年全年銷售與營收成長將落在中段至高段的十位數百分比（mid- to high teens）。這較我們上季的預期有所上調。

The increase in our full-year sales and revenue expectations is supported by strong sales and user growth across all three primary segments driven by healthy end markets, strong order rates across all three primary segments driving backlog growth, and increased throughput from our capacity expansion plans in the second half.

我們上調全年銷售與營收預期，係基於三大主要事業部門在健康的終端市場帶動下，對終端用戶的強勁銷售與成長；三大主要事業部門強勁的接單率推動在手訂單（backlog）成長；以及下半年產能擴張計畫帶來的產出提升。

We expect strong sales growth across each of our primary segments, mainly driven by volume and price. For the enterprise, we typically see higher sales and revenues in the second half as compared to the first, and we expect to fall that trend this year. We also expect a more typical reduction in Construction Industries dealer inventory of over $1 billion in the fourth quarter.

我們預期各主要事業部門皆將出現強勁的銷售成長，主要由銷量與價格所帶動。就企業整體而言，我們通常會看到下半年銷售與營收高於上半年，我們預期今年也將延續此趨勢。我們亦預期第四季建築產業（Construction Industries）經銷商庫存將出現較典型的下降，降幅超過10億美元。

We plan to end the year higher than last year in anticipation of future end market growth. As a result, the year-over-year impact from dealer inventory is expected to be a headwind to Construction Industries sales volume in the second half of the year.

我們計畫在年底的庫存水位高於去年，以因應未來終端市場成長的預期。因此，經銷商庫存的年對年影響預期將在下半年對建築產業（Construction Industries）的銷售量形成逆風。

Now on to adjusted operating profit margin for the full year. Due to the increased sales and revenues outlook, full-year adjusted operating profit margin will be higher than we expected in April. Excluding the expected IEEPA tariff recoveries, our full-year adjusted operating margin would be near the bottom of the range at the higher sales level.

接著談全年調整後營業利益率。由於銷售與營收展望上調，全年調整後營業利益率將高於我們4月時的預期。若排除預期的 IEEPA 關稅回收，則在較高銷售水準下，我們的全年調整後營業利益率將接近區間下緣。

Compared to last year, higher adjusted operating profit margin will reflect favorable price realization, higher sales volume, partially offset by higher manufacturing costs, including tariffs, depreciation expense and freight, and higher SG&A and R&D, driven by compensation expense and strategic investments bed. Excluding the expected IEEPA tariff recoveries of approximately $400 million reported in the second quarter, we now expect full year 2026 tariff costs of around $2.2 billion or at the low end of the range we previously provided.

相較去年，較高的調整後營業利益率將反映有利的價格實現與更高的銷售量；但部分將被較高的製造成本（包含關稅、折舊費用與運費）以及較高的銷管費（SG&A）與研發（R&D）所抵銷，主要由薪酬費用與策略性投資所驅動。若排除第二季已認列、約4億美元的預期 IEEPA 關稅回收，我們目前預期2026年全年關稅成本約為22億美元，或落在我們先前提供區間的低端。

Our outlook does not include any additional IEEPA tariff recoveries in the second half of the year. As we lap incremental tariff costs, the tariff impact to the second half adjusted operating profit and margins is expected to be -- is not expected to be significant.

我們的展望未包含下半年任何額外的 IEEPA 關稅回收。隨著我們進入比較基期並消化先前增加的關稅成本，關稅對下半年調整後營業利益與利潤率的影響預期將不會顯著。

Moving on. We continue to expect restructuring costs of approximately $300 million to $350 million in 2026. Our estimated global annual effective tax rate remains approximately 23% for 2026, excluding discrete items.

接下來。我們仍預期 2026 年的重組成本約為 3 億至 3.5 億美元。在排除一次性項目後，我們對 2026 年全球年度有效稅率的估計仍約為 23%。

With the improved sales and revenues and adjusted operating margin outlook, we now expect MP&E free cash flow to be in the top half of our annual target range of $6 billion to $15 billion. We expect second half MP&E free cash flow to be slightly higher than the first half despite higher CapEx spend. Our CapEx spend for 2026 is anticipated to be approximately $3.5 billion, similar to our previous expectations.

隨著銷售與營收改善，以及調整後營業利益率展望上修，我們目前預期 MP&E 自由現金流將落在年度目標區間 60 億至 150 億美元的上半段。儘管資本支出（CapEx）較高，我們預期下半年 MP&E 自由現金流將略高於上半年。我們預估 2026 年資本支出約為 35 億美元，與先前預期相近。

Now turning to slide 18 to summarize. We delivered a strong first half with better-than-expected sales and revenues and earnings. In this dynamic operating environment, we now anticipate mid- to high-teens sales and revenues growth in 2026 and anticipate adjusted operating profit margin and MP&E free cash flow to be better than we had previously expected.

現在轉到第 18 頁投影片做總結。我們上半年表現強勁，銷售、營收與獲利均優於預期。在這個充滿變動的營運環境中，我們目前預期 2026 年銷售與營收將呈現中至高十位數（mid- to high-teens）的成長，並預期調整後營業利益率與 MP&E 自由現金流將優於我們先前的預期。

We remain disciplined and committed to operational excellence and the O&E model. We will continue to look for ways to optimize our footprint and invest efficiently. We are maintaining a strong balance sheet, and we will continue to return substantially all of our MP&E free cash flow to our shareholders through dividends and share repurchases over time. Finally, we will continue to execute our strategy for profitable growth.

我們仍維持紀律，並致力於卓越營運與 O&E 模式。我們將持續尋找方式以最佳化我們的據點布局並有效率地投資。我們維持強健的資產負債表，並將隨時間透過股利與庫藏股回購，把幾乎全部的 MP&E 自由現金流回饋給股東。最後，我們將持續執行我們的獲利成長策略。

With that, we will take your questions.

接下來我們將開始回答各位的提問。

(Operator Instructions) Michael Feniger, Bank of America.

(接線員指示) 美國銀行 Michael Feniger。

Quick clarification. The 10-megawatt reset that you're bringing back online and can ramp to 1.5 gigawatts. Is that part of the 65 gigawatt target by 2030? Or is this additive? And Joe, my core question is that there is a concern on AI and data center demand in the out years, when we think of that 65 gigawatt capacity target by CAT by 2030, are you more or less confident today on the visibility that there will be enough demand in the out years, even within the P&E segment, are you seeing order rates for engines and turbines outside of data centers like pipelines and gas compression, move higher, the demand broadening out, what are you hearing in recent conversations that shaping your view on the staying power through 2028, 2029 and 2030?

快速釐清一下。你們要重新上線的 10 兆瓦機組，並可擴產到 1.5 吉瓦。這是否包含在 2030 年前 CAT 的 65 吉瓦目標之內？還是這是額外增加的？另外，Joe，我的核心問題是：市場對 AI 與資料中心在未來幾年的需求有所疑慮。當我們談到 2030 年前 CAT 的 65 吉瓦產能目標時，你今天對於未來幾年是否有足夠需求的能見度，是更有信心還是更沒信心？即使在 P&E 事業部內，除了資料中心之外，例如管線與天然氣壓縮等用途的引擎與渦輪機訂單速度是否在上升、需求是否在擴散？你在近期對話中聽到哪些訊息，正在形塑你對 2028、2029 與 2030 年需求持續性的看法？

Mike, thanks for the questions. Maybe I'll take the first one. pretty quickly. The 65 megawatts is a round number will move around a little bit on mix, but -- or gigawatts, sorry, the 10-megawatt unit, that's our old MaK business that we -- it was primarily marine focused in the past and wasn't performing the way after many years with low industry demand, but it's well suited, and we did the gas engine development for power generation, and we been will bring that back. So it was not included in the 65.

Mike，謝謝你的問題。我先很快回答第一個。65 兆瓦是個整數說法，實際上會因產品組合而略有變動——呃，是 65 吉瓦，抱歉。至於 10 兆瓦機組，那是我們過去的 MaK 業務——以前主要聚焦海事市場，在多年產業需求低迷後表現不如預期；但它非常適合這個應用，我們也已完成用於發電的燃氣引擎開發，並將把它重新帶回來。因此它不包含在 65 之內。

But again, it's a lower volume. They're well suited for this application and fits nicely between or the top end of our high-speed reciprocating offering in the low end of our industrial turbine offering. So that's how you should think about that. And we were able to bring it back quickly because we just stopped production just a few years ago.

不過再次強調，它的量比較小。它很適合這個應用，並且剛好位於我們高速往復式產品線的高端與工業渦輪產品線的低端之間。你可以用這樣的方式來理解。而且我們能夠快速把它帶回來，是因為我們幾年前才剛停止生產。

There is a lot of discussion around AI demand. We have constant discussions with our customers. And all I can tell you is what our discussions with them is no one is slowing down at the moment. In fact, if we can get more units out, they're asking us to give them more units but I think what you also point out is really important, I think and maybe a little different for us is we took a broad view when we analyzed putting this capacity in and took a major approach. We said last time we'll have cash payback by the end of this decade.

關於 AI 需求有很多討論。我們與客戶持續保持溝通。我能告訴你的是，從我們與他們的對話來看，目前沒有人在放慢腳步。事實上，如果我們能交付更多機組，他們會要求我們提供更多；但你提到的另一點也非常重要，而且對我們而言可能有些不同：我們在分析是否要投入這些產能時採取了更廣泛的視角與更大規模的做法。我們上次說過，到本十年末我們就能達到現金回收。

And as I mentioned, we're starting to take orders into 29 and 30 already. And we did this not just based on data center demand. That's obviously a big driver of it, but we have aftermarket growth objectives to take care of our growing installed base on large engines and turbines. These are used, as you pointed out, also in oil and gas. And remember, oil and gas had a record year last year, and we expect it to be -- we're on track for another increase this year.

如我所提，我們已經開始接到 2029 與 2030 年的訂單。我們這麼做並不只是基於資料中心需求。資料中心當然是主要驅動因素，但我們也有售後市場成長目標，以支援我們在大型引擎與渦輪機日益擴大的裝機基礎。正如你指出的，這些也用於油氣產業。而且別忘了，油氣去年創下紀錄，我們預期今年也——目前看來仍在軌道上，將再度成長。

And when you look at the backlog, our oil and gas at the end of the second quarter, backlog compared to where it was a year ago, second quarter a year ago was not quite, but nearly 2 times bigger.

再看積壓訂單（backlog），截至第二季末，我們油氣業務的積壓訂單相較於一年前（去年第二季末）雖未完全達到，但幾乎是 2 倍。

So we are seeing great demand for oil and gas particularly around gas compression. I think we're going to move a lot of natural gas in the next few years. And then our large engines are also used in our mining equipment and marine applications as well. So we feel pretty good where we sit today. And we haven't seen any customers back off of demand.

因此我們看到油氣需求非常強勁，特別是在天然氣壓縮方面。我認為未來幾年我們將大量運輸天然氣。此外，我們的大型引擎也用於礦業設備與海事應用。所以就我們目前的位置而言，我們感覺相當不錯。而且我們沒有看到任何客戶縮減需求。

And in fact, we're starting to get even more extended when you look at the backlog.

事實上，從積壓訂單來看，我們開始看到交期拉得更長。

Tami Zakaria, JPMorgan.

摩根大通 Tami Zakaria。

So a question on your sales standards was up about 20% for the first half. What do you look for the full year in terms of I know you're guiding to mid- to high-teens revenue growth for the year. Do you plan to produce to retail demand this year? Or how should we think about channel restocking as it relates to the back half of this year?

我想問一下你們的銷售標準（sales standards），上半年大約上升了 20%。就全年而言，你們怎麼看？我知道你們指引是全年營收成長中至高十位數。今年你們會以終端零售需求來安排生產嗎？或者我們該如何看待通路補庫存，尤其是對今年下半年的影響？

Yes. I think -- good morning, Tami. We expect STU's growth momentum, and I think that's reflected by both strong orders in RI and CI. And also in the second quarter, we mentioned dealer inventory was a little higher than we expected, and that's really due to the momentum we continue to see in to growth. When it comes to dealer inventory, we do think we'll have a more normal seasonal pattern.

是的。Tami，早安。我們預期 STU 的成長動能將延續，我認為這反映在 RI 與 CI 的強勁訂單上。另外在第二季我們提到，經銷商庫存比我們預期略高，主要是因為我們持續看到成長動能。至於經銷商庫存，我們認為將回到較正常的季節性型態。

We'll have a drawdown in the fourth quarter on CI dealer inventory.

我們會在第四季看到 CI 經銷商庫存下滑。

Last year, we didn't quite see as big of a drawdown, which was a little bit unusual. So we'll have those dynamics when you look at the back half of this year compared to the back half of last year. But when it comes -- we're seeing strong sees in all three segments. I think that's a good thing. We've also seen services continue to increase.

去年我們沒有看到那麼大的下滑，這有點不尋常。因此，當你比較今年下半年與去年下半年時，會看到這些動態差異。但整體來看——我們在三個事業群都看到強勁的需求。我認為這是好事。我們也看到服務業務持續增加。

So where we sit today and the backlog increasing. And you rightly also point out when it comes to the backlog, particularly in RI and I the backlog growth is great to see, but we're not in a constrained environment there.

因此以我們目前的位置、以及積壓訂單持續增加來看。而你也正確指出，談到積壓訂單，特別是在 RI 與 I（工業）方面，積壓訂單成長很令人振奮，但那裡並不是供給受限的環境。

So the backlog really there is somewhat of a function of us being able to produce to demand. So I'd like to see us produce more and keep up with STUs, and when we get that production in line with STU, you would see some of that backlog actually come in. And I think that's a good thing as long as we continue to see positive sales to users. So we're pretty pretty bullish on the back half of this year.

所以那裡的積壓訂單在某種程度上，是我們能否按需求提升產能的結果。我希望我們能生產更多並跟上 STU；當我們的產量與 STU 對齊時，你會看到部分積壓訂單其實會被消化下來。只要我們持續看到對終端用戶的銷售為正，我認為這是好事。因此我們對今年下半年相當、相當樂觀。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

I'm just trying to think through construction versus power in the sense of just given we've gone through the inventory swing from destock to restock a bit in construction. It looks like the volume growth there understandably from these high levels was better than I would have thought in 2Q will slow. But the power volume was a little less than I would have thought. And with the capacity coming on, you would think that might be able to ramp up. So can you just take us through your thoughts when you look out the next two, three, four quarters, the construction volume growth slowing and can P&E volume growth pick up?

我只是想從建築相對於電力的角度把邏輯想清楚：考量到我們在建築領域已經歷了一段從去庫存到補庫存的庫存波動。看起來，那邊的量成長在這麼高的基期下，第二季（2Q）表現比我原先預期的還要好，但接下來應該會放緩。但電力的出貨量則比我原先預期的略低。而且隨著產能開出，你會覺得那邊應該有機會加速爬坡。所以能否請你談談你們對未來兩、三、四個季度的看法：建築的量成長放緩，而P&E（電力與能源）的量成長能否回升？

I mean they're roughly now the same size external sales even the margins are pretty similar. So just that trade off a little bit.

我的意思是，它們現在外部銷售規模大致相當，甚至毛利率也很接近。所以就是這之間的一點取捨。

Yes, David, I think you have to look at the seasonality of those two. Segments is much different. So as I mentioned, the inventory drawdown that we expect to see in the fourth quarter. We do expect dealer inventory. Right now, our planning assumption is that we'll end this year higher than it ended last year because as you point out, we have strong momentum here, but the base keeps getting higher on the growth.

是的，David，我認為你必須看這兩個事業的季節性。各個部門的季節性差異很大。所以如我提到的，我們預期第四季會看到庫存回落（inventory drawdown）。我們確實預期經銷商庫存會下降。目前我們的規劃假設是：今年年底的庫存水位會高於去年年底，因為如你所指出，我們目前動能很強，但成長的基期也持續墊高。

So we'll keep an eye on that. Power and Energy continues to ramp. I'm really pleased with the way that teams continue to get more production out of our existing asset base as well as bringing the capacity online. So I think it's not -- the capacity not coming online in massive cliff events. We're trying to get as many units out as we can.

所以我們會持續關注這點。電力與能源（Power and Energy）仍在持續爬坡。我對團隊在既有資產基礎上持續提升產出、同時也把新增產能導入上線的表現感到非常滿意。所以我認為——產能上線並不是那種一次性的大幅跳升事件（massive cliff events）。我們是盡可能把單位數量拉到最大。

So we've been a little bit ahead of schedule. We think we'll be able to get more -- increase our production moving forward. But the percentage of increase in power and energy, as you rightly state, is not a demand issue right now. It's just going to be a matter of how fast we can continue to increase production.

因此我們的進度稍微超前。我們認為未來還能再提高——進一步提升我們的產量。但如你所正確指出，電力與能源的增幅百分比目前不是需求問題。而只是取決於我們能多快持續把產量拉升。

And David, this is Kyle. Just one reminder on the CI perspective, we had a slow start to the first half of 2025. and then it started picking up in the back half of 2025 into the first half of this year. And so that will be part of your comparison when you start looking at the second half of CI compared to the second half of 2025.

David，我是Kyle。就CI（Construction Industries，建築產業）角度補充提醒一下：2025年上半年我們起步較慢，然後在2025年下半年到今年上半年開始回升。因此，當你開始比較今年下半年的CI相對於2025年下半年時，這會成為比較基期的一部分。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Congrats on a nice quarter. Joe, I just hoping if you could talk through the composition of the backlog growth in the quarter, which was fairly impressive. How much of it was like large, chunky, big awards like Pro Power versus broad-based? And then just a follow-up question is the incremental margins in Power and Energy were fairly impressive, given we're adding capacity, I think, at like 39%. So is that reflective of pricing or or capacity coming on quicker?

恭喜本季表現不錯。Joe，我想請你談談本季在手訂單（backlog）成長的組成，這相當令人印象深刻。其中有多少是像Pro Power那種大型、單筆金額很大的得標案（large, chunky, big awards），又有多少是更廣泛、全面性的成長？另外追問一題：電力與能源的增量利潤率（incremental margins）相當亮眼，考量到我們正在新增產能，我記得大概是39%。所以這反映的是定價（pricing），還是產能上線速度比預期更快？

I'm just trying to think of the setup for incremental margins in Power and Energy, just given how strong they are with everything we have going on with capacity additions.

我只是想理解電力與能源增量利潤率的形成背景，畢竟在我們進行產能擴增的同時，它們仍然這麼強勁。

Yes. Thanks, Jamie. I think we'll -- I'll start with the first part. One of the things we were really happy about with the backlog was seeing an increase in all three segments. And you guys -- we don't really talk about the specifics in there.

是的。謝謝，Jamie。我先回答第一部分。我們對在手訂單感到非常高興的一點是：三個事業部的在手訂單都有所增加。而各位也知道——我們通常不會談太多其中的細節。

But as you look at the percentage delivery in the next 12 months, Power and Energy is much more extended. So cash shows on a percentage basis, they continue to increase. As I mentioned, inside Power and Energy as well, we saw continued strong demand for oil and gas come in, in orders that are also contributing to the backlog. And as far as -- when it comes to the machine side of the business, CI is definitely much more broad-based.

但如果你看未來12個月的交付占比（percentage delivery in the next 12 months），電力與能源的交付期拉得更長。因此以占比來看，現金（cash）的呈現會持續增加。如我提到的，在電力與能源內部，我們也看到油氣（oil and gas）的需求持續強勁，相關訂單也在貢獻在手訂單。至於——在機械端的業務，CI確實更偏向廣泛、全面性的需求。

As you know, when we take orders, I can come in a little bit lumpy and also the way deliveries work for our eye that can move around the backlog. And in Power and Energy, the industrial side continues to come in, in a pretty steady basis, but most of the growth was in oil and gas and power generation. And in power generation, they tend to be big orders when they come in. And you see a difference when these prime power orders come in can move it. But we have a lot of customers asking for power and the months have been pretty consistent for us.

如你所知，我們接單時，訂單可能會有些不均勻（lumpy），而且交付的運作方式也會讓在手訂單在不同期間之間移動。在電力與能源方面，工業端的訂單仍以相當穩定的節奏進來，但大部分成長來自油氣與發電（power generation）。而在發電領域，訂單一旦進來通常就是大單。你會看到這些主用電（prime power）訂單進來時，會推動在手訂單出現明顯變化。但我們有很多客戶在詢問電力需求，而且這幾個月對我們而言一直相當穩定。

As far as the margins on your other question, I think tariffs were a little better than maybe we expected. So you would expect that to continue. We might see a little pressure on freight in the back half and some of the costs, just everything going on in the world. But we're also we're installing capacity that puts pressure on depreciation and maybe some of the efficiencies we see, but we are seeing great operating leverage and the P&E team continues to perform really well.

至於你另一個問題的利潤率，我認為關稅（tariffs）的影響比我們原先預期的稍微好一些。所以你會預期這種狀況會延續。我們可能會在下半年看到運費（freight）以及部分成本有些壓力，畢竟全球各種事情都在發生。但同時，我們也在安裝新增產能，這會對折舊（depreciation）造成壓力，且可能影響我們看到的一些效率；不過我們確實看到很好的營運槓桿（operating leverage），而P&E團隊也持續表現非常出色。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

You've seen obviously some power gen providers being sold out and you touched on taking orders in the '29 and '30. And some folks are maybe even sold out that far. And I guess I'm not sure if you're willing to say whether you are sold out for 2027 and '28. But my question is also how you're approaching it strategically as maybe gas recent becomes more attractive for either prime flex power but maybe back up as tight as well and you could do back up with gas, it can flex the prime. How are you approaching, are you saving any slots?

你們顯然看到一些發電供應商的產能已經被訂滿，你也提到接單已排到2029、2030年。有些同業甚至可能已經滿到那麼遠。我不確定你是否願意說，你們2027、2028年是否也已經滿單。但我的問題也在於：在策略上你們如何因應——當燃氣往復式（gas recip）近期對於主用或彈性電力（prime flex power）變得更具吸引力時，備用（backup）市場也可能同樣吃緊，而你也可以用燃氣做備用，並在主用端做彈性調度。你們是如何規劃的？你們會保留一些產能名額（slots）嗎？

Do you have slots up over the next couple of years? And maybe you could just talk generally about the the mood towards gas recip prime, how it's evolving?

未來幾年你們還有名額嗎？另外也請你大致談談市場對燃氣往復式主用（gas recip prime）的氛圍／情緒是如何演變的？

Yes. Thanks, Rob. We've seen, obviously, lead times start to extend here. When it comes to gas prime, we're pretty extended. I mean, we're towards the back half of 2028 and into 2029 on turbines maybe just a little bit further than that, little less on maybe diesel standby. But we're constantly working with customers. And again, one of the things I think that we've been able to do is the closer we plan with customers, getting them the power they need when they need it. and making sure we schedule deliveries appropriately, allows us to take care of the maximum number of customers.

是的。謝謝，Rob。我們顯然看到交期（lead times）開始拉長。就燃氣主用（gas prime）而言，我們的排程已經相當延伸。我的意思是，大型引擎方面我們已排到2028年下半年，渦輪（turbines）可能進到2029年，甚至再更往後一些；至於柴油備用（diesel standby）則可能稍微沒那麼久。但我們一直在與客戶持續協作。再者，我認為我們能做到的一件事是：越是與客戶緊密共同規劃，就越能在他們需要的時間提供所需的電力，並確保我們把交付排程安排得當，讓我們能服務最多的客戶。

And so we're moving schedules around occasionally where we can to help customers. We do try to protect our long-time oil and gas customers who don't necessarily have the same level of planning horizon, we are trying to plan further out with them, but making sure that we take care of that customer base has been with us for a really long time. So we have some flexibility. But as you stated, I mean, I think particularly large engines, we're into '28 in gas prime, late '28 for sure and then turbines a little bit longer than that.

因此我們會在可行時不時調整排程，以協助客戶。我們也會試著保護長期的油氣客戶；他們未必有同樣長的規劃視野，我們正嘗試與他們做更長期的規劃，但同時也要確保照顧這些與我們合作很久的客戶群。所以我們有一些彈性。但如你所說，特別是大型引擎，我們在燃氣主用方面已排到2028年——肯定是2028年偏後段；而渦輪則比那還要更久一些。

Steve Volkmann, Jefferies.

Steve Volkmann，Jefferies。

I'm wondering if we can talk a little bit about CI, Joe, I think you talked about rental fleet loading in these major projects that you're doing as well. Just trying to see if I can think about breakdown between what's going out to end users and what's going into the various rental fleets and how you think about that going forward?

Joe，我想請教一下能否再多談一點 CI。我記得你也提到在你們正在進行的這些大型專案中，租賃機隊的投放（loading）。我想釐清一下，出貨到終端用戶的比例，與進入各家租賃機隊的比例大概如何，以及你們對未來的看法？

We've seen strong sees. And this has been the momentum we've had for, I think, we said the sixth quarter in a row, really strong sees for CI. So I'm really pleased with the way that team is performing and our dealers are performing in CI, particularly in North America, but we have other regions we're doing really well as well. The rental fleet loading has really picked up this year as opposed to last year. So it was a stronger portion of our to growth in the second quarter, I expect it to be a pretty healthy piece of STU growth in the third quarter as we really just started loading the major project fleet.

我們看到非常強勁的表現。而且這就是我們一直以來的動能，我想我們說過這已經是連續第六個季度了，CI 的表現都非常強勁。所以我對那個團隊的執行，以及我們經銷商在 CI 的表現感到非常滿意，尤其是在北美，但我們在其他地區也有很好的表現。相較於去年，今年租賃機隊的投放確實明顯加速。因此在第二季，它是我們成長中較強的一部分；我預期在第三季，當我們真正開始為大型專案機隊進行投放時，它也會是 STU 成長中相當健康的一塊。

And that will continue to grow, and we'll see how many projects we can get lined up with that -- with the new dealer JV and major projects.

而且這還會持續成長；我們也會看看能夠把多少專案與此對接——也就是透過新的經銷商合資企業（JV）與大型專案。

So rental loading has definitely become a bigger piece of test growth for the moment. But we have great momentum started early last year when we put the merchandising programs and we've been able to outperform the industry, and we just carried that momentum through the first half of this year.

所以就目前而言，租賃投放確實已成為 STU 成長中更大的一部分。但我們從去年初開始、在推出商品行銷方案（merchandising programs）後就建立了很好的動能，並且能夠跑贏產業；而我們也把這股動能延續到今年上半年。

Kristen Owen, Oppenheimer.

Kristen Owen，Oppenheimer。

Just a follow-up on that last one. Since you talked about the rental loading and the mega projects, those tend to go hand in hand. So could you help us understand what's happening in the rest of the construction backdrop, maybe private nonres, resi? Like what's still lingering out there? And any sign of improvement in those pockets of construction?

針對上一題再追問一下。你提到租賃投放與超大型專案（mega projects），這兩者通常是相互連動的。所以你能否幫我們理解一下，在其他建築施工的大環境中發生了什麼，例如民間非住宅、住宅？目前還有哪些因素在拖累？以及在這些建築細分領域是否看到任何改善跡象？

I mean I'll comment maybe on the second quarter, what's driving it, but we continue to see large infrastructure projects drive some of the growth. Obviously, data center demand as well drives has ancillary effect on CI. But the rental fleet loading, we think will continue, particularly with major projects. And as you said, you have a little bit of line of sight to major projects as they get rolled out. But one of the things as well, it's not -- one of the positives here is when you get to residential and other parts of CI, they aren't particularly strong.

我的意思是，我可能先評論一下第二季是什麼在驅動，但我們仍持續看到大型基礎建設專案帶動部分成長。很明顯地，資料中心需求也會帶動，並對 CI 產生一些連帶效應。但我們認為租賃機隊投放會持續，尤其是搭配大型專案。而且如你所說，隨著大型專案逐步推出，你對這些專案也會有一定的可視度（line of sight）。不過另外一點——也不是——這裡的一個正面因素是，當你看到住宅以及 CI 的其他部分時，它們其實並不是特別強。

So to me, that provide some potential upside for us into the future. So right now, it's pretty heavily focused on nonresidential and major infrastructure projects.

所以對我來說，這反而為我們未來提供了一些潛在上行空間。因此目前成長相當集中在非住宅與大型基礎建設專案。

Kristen, just to add some color, it's Kyle, just by region, we talked about North America continues to be strong and Joe talked about it from a construction spend standpoint and non-resi investment. Amy is strong, especially in Africa. So that's been a real positive for us, and we expect that to continue. And even in other parts of the globe in Latin America, has been strong and even in China off low levels, but China, we continue to see growth now for quite a few quarters in China above the 10-ton excavator off low level. So really, as Joe mentioned, a really positive across the board from a CI perspective on sales to users growth.

Kristen，我再補充一些背景，我是 Kyle。就區域來看，我們談到北美仍然強勁，而 Joe 也從建築支出與非住宅投資的角度談過。AME 也很強，尤其是在非洲。這對我們來說是非常正面的，我們也預期會持續。此外，在全球其他地區，例如拉丁美洲也很強；中國則是在低基期之上回升，但我們在中國已經連續好幾個季度看到成長，特別是在 10 噸以上挖掘機（excavator）這一塊，是從低水準往上走。所以如 Joe 所提，從 CI 的角度來看，對終端用戶銷售（sales to users）的成長，整體而言是全面且相當正面的。

Mircea Dobre, Baird.

Mircea Dobre，Baird。

I'm curious if you'd be willing to comment at all in Power and Energy on the service and aftermarket component of that business. not only maybe where we currently are from a mix standpoint or sizing this business specifically. But as we look at the significant backlog and the deliveries that you have thing into 2029-plus. How do you think this portion of the business, the aftermarket, the service component of the business will scale up over time?

我想請問你是否願意就 Power and Energy 業務中的服務與售後（aftermarket）組成做一些評論，不僅是我們目前在組合（mix）上的位置，或是這塊業務的規模大概如何。另外，考量到你們顯著的在手訂單（backlog）以及一路延伸到 2029 年甚至更久的交付。你如何看待這部分業務——也就是售後與服務——會隨時間如何擴張（scale up）？

Yes, I think we power energy generally has had stronger services component to it than maybe construction industries where we have a lot of opportunity to grow services and continue to work on it and -- but as you think about the way this is evolving and the prime power opportunities that are coming online, those will continue to create services growth opportunities for us. By the time those get in place, you go through top end overhauls you get to in frames and overhauls and major overhauls, that's going to be mostly 2030, beyond 2030 growth opportunities for us in services. So that's how we think about it.

是的，我認為 Power and Energy 一般而言，其服務占比一直比 Construction Industries 更高；在 CI 我們有很多機會去成長服務，並且也持續在推進——但當你思考這個業務的演進，以及即將上線的主用電（prime power）機會時，這些都會持續為我們創造服務成長機會。等到那些設備到位後，會進入大修週期：從上段大修（top end overhauls）到 in-frame 大修，再到重大大修（major overhauls）；對我們而言，那主要會是 2030 年、以及 2030 年之後的服務成長機會。這就是我們的看法。

Oil and gas is -- we don't have the prime and standby type of nomenclature when we talk about oil and gas, but it all functions more like Prime, it's heavy-duty applications, drives great services opportunities for us. So as we grow the installed base, it definitely gives us great services growth opportunities. There will be some between now and 2030, but the lion's share of that will be beyond 2030, which is why having this capacity in place is also a good thing. The capacity is not just for full assembly and finished turbines and gensets and engines. A lot of that capacity goes into supply base as well as our internal component manufacturing and machining that allows us to support that aftermarket growth that we expect.

至於油氣（oil and gas），我們在談油氣時不會用主用與備用（prime and standby）這種命名，但其運作方式更像是主用：屬於重載應用（heavy-duty applications），能為我們帶來很好的服務機會。因此，隨著我們擴大裝機基礎（installed base），確實會帶來很好的服務成長機會。在現在到 2030 年之間會有一些，但其中最大的一部分會在 2030 年之後，這也是為什麼把這些產能建置到位也是一件好事。這些產能不只是用於整機組裝與完成的渦輪機、發電機組（gensets）與引擎。其中很大一部分產能也投入在供應體系（supply base），以及我們內部的零組件製造與加工（machining），使我們能支援我們所預期的售後成長。

Angel Castillo, Morgan Stanley.

Angel Castillo，Morgan Stanley。

Just wanted to go back to the orders. So you mentioned 4Q deliveries of the 10-megawatt recip engine I assume that means you already have some orders for this product. Just could you talk about the magnitude of that and just also any incremental costs in delivering or getting this capacity ramped up? And then just more broadly, you also talked about diesel engine orders out to '28 or nat gas recent orders out to, I think, late in turbines beyond that '29 and '30. Just any color on how the pricing backdrop on orders out that far is shaping up and evolving just given against supply and capacity additions from others.

我想回到訂單（orders）這一塊。你提到 10 兆瓦往復式引擎（recip engine）會在第四季交付，我想這代表你們已經有一些該產品的訂單。能否談談其規模大概如何，以及在交付或把這些產能爬坡（ramped up）時是否有任何額外成本？再更廣泛一點，你也談到柴油引擎訂單已排到 2028 年，或天然氣近期訂單排到——我想——渦輪機方面甚至到 2029、2030 年。在訂單排到那麼遠的情況下，能否分享一下定價環境（pricing backdrop）如何成形與演變，特別是相對於供給以及其他同業的產能擴增？

Yes. Thanks, Angel. So the 10-megawatt units, we have taken our first orders on that, and we wanted to make sure we had orders before we actually made the decision to bring that engine platform back online because as I mentioned, we had made the decision to shut that production down and really just support customers in the aftermarket. So -- we do have our first orders. We expect to deliver here in the fourth quarter.

是的。謝謝，Angel。關於 10 兆瓦機組，我們已經接到第一批訂單；我們希望在真正決定讓那個引擎平台重新上線之前，先確定有訂單，因為如我提到的，我們先前已決定停止那條生產，並主要只在售後端支援客戶。所以——我們確實已經有第一批訂單。我們預期會在第四季交付。

We'll ramp over the next 18 months to that 1.5 gigawatt number. But we're pretty confident that we're going to have the orders in those, at least in the next couple of years. or we wouldn't have made the decision to bring it back online and the investment to do it given we are supporting customers key components we've had available the supply base is available, and we've been able to use our existing internal capability and capacity to get that product back online, which I'm really excited about.

我們會在接下來 18 個月內爬坡到 1.5 吉瓦（gigawatt）的數字。但我們相當有信心，在至少未來幾年內會有足夠的訂單；否則我們不會做出讓它重新上線的決定，也不會投入資本去做，因為我們正在支援客戶，關鍵零組件我們一直都有供應，供應體系也可用，而且我們也能運用既有的內部能力與產能，讓該產品重新上線，這點我非常振奮。

So pretty minimal investment really in the rounding to do that, which is made it an easy decision once customers were willing to commit. As far as the extended orders, each one of them is a little bit different, but we do have -- typically have price escalators on those and they can be tied to economic indicators. And so we feel like pricing will be in line with how we've been pricing in the past, but we do have escalators for those orders that are further out.

因此，為了做到這件事，實際上所需的投資相當少，這也讓在客戶願意承諾之後，這成為一個容易的決策。至於長週期訂單，每一筆情況都略有不同，但我們通常會在合約中設置價格調整條款（price escalators），而且可能會與經濟指標連動。因此我們認為定價會與過去的定價方式一致，但對於交期較遠的訂單，我們確實有相應的調整條款。

Kyle Menges, Citigroup.

Kyle Menges，花旗集團。

Great. I wanted to focus on the diesel standby business and -- there's been some debate out there on the redundancy needed for training versus inference data centers. And then also if you're using behind-the-meter power versus grid connection. And I'm curious what you're seeing as far as redundancy between those different applications and prime power infrastructures. And then also just a quick follow-up.

很好。我想聚焦在柴油備援業務——外界一直在討論訓練型與推論型資料中心所需的備援程度。另外也包括你是使用表後（behind-the-meter）供電，還是採用電網連接。我想請教你們在不同應用情境與主電力（prime power）基礎設施之間，看到的備援需求差異是什麼。然後還有一個簡短的追問。

Are lead times also increasing for the diesel gensets?

柴油發電機組的交期也在拉長嗎？

Yes. I mean our diesel gensets are extended as well. I mean we're taking orders out into '28, well into '28 on diesel gensets. In fact, we're -- when it comes to diesel standby, we're actually seeing some customers ask us to inquire about moving down to the C32 platform, which is a bit of a smaller unit just because of the -- we have product availability there. So each data center is a little bit different, particularly now when you're moving to behind the meter, we're not hearing a whole lot of customers tell us they're just going to go to no backup or no redundancy.

是的。我的意思是，我們的柴油發電機組交期也延長了。我們現在接柴油發電機組的訂單已經排到2028年，甚至是2028年很後面。事實上——在柴油備援方面，我們也看到有些客戶請我們評估是否改用C32平台，這是一個稍小的機型，主要是因為——我們在那個產品上有供貨可用性。所以每個資料中心都有些不同，尤其是現在轉向表後供電時，我們沒有聽到很多客戶告訴我們他們要完全不做備援或不做冗餘。

How they choose to do that. I mean traditional hookups to the grid and data centers are still moving heavily down the diesel reset for backup. Demand continues to grow for that. When you go behind the meter with gas solutions, sometimes they can still have gas recips also have some redundancy there. And it really just depends on the project.

至於他們如何選擇採用。我的意思是，傳統的電網接入方式與資料中心仍然大量採用柴油機組作為備援。對此的需求仍在持續成長。當你採用表後的天然氣解決方案時，有時候他們也可能使用燃氣往復式機組（gas recips），同樣也會配置一些冗餘。這真的取決於專案。

Hi, Andrea, we have time for one more question.

嗨，Andrea，我們還有時間再問一題。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

I'm wondering if you could just talk about your vision for CAT rental, we're hearing from your dealers plans to double the fleet over the next five years. They have 30% to 50% mix of Alliance products. How do you see it playing out longer term in terms of the mix of business going forward, do you see their mix looking more like the national rental companies that we see? Just talk a little bit about where you envision the service offering for cat rental five-plus years out and the opportunity from a market share standpoint since obviously, it's been a smaller part of the mix for you folks historically?

我想請你談談你們對CAT租賃業務的願景；我們從經銷商那邊聽到，他們計畫在未來五年把車隊規模加倍。他們的產品組合中有30%到50%是Alliance產品。從更長期來看，你怎麼看未來業務組合的演變？你是否認為他們的組合會更像我們看到的全國性租賃公司？也請你多談一點，你如何想像五年以上CAT租賃的服務供給會是什麼樣子，以及從市占率角度的機會——因為很明顯，歷史上租賃在你們的組合中一直是比較小的一部分？

Yes. I mean it's one of the keys to our CI growth strategy is to be successful in rental with our dealers. I think our dealers are a great asset and great partners for us to help grow in the rental business. there are disparities in performance between some dealers or some regions, but our goal is to continue to work with them to capture a lot of this rental opportunity, our rental -- our dealer rental revenues continue to grow, and we're confident they can continue to grow that. That will lead to more fleet loading.

是的。我的意思是，我們CI成長策略的關鍵之一，就是與經銷商一起在租賃業務上取得成功。我認為我們的經銷商是很重要的資產，也是很好的合作夥伴，能幫助我們在租賃業務上成長。不同經銷商或不同區域之間的表現確實有差異，但我們的目標是持續與他們合作，掌握這些租賃機會；我們的租賃——我們的經銷商租賃營收持續成長，我們也有信心他們可以繼續成長。這將帶動更多的車隊配置（fleet loading）。

If they're going to be successful in rental, they're going to have to have the full suite of equipment to support customers. Customers, I don't think, are going to rush to cat dealers for our equipment, if they can't also get the other rental equipment that they need. So that will be -- continue to be part of the mix for our dealers and part of that strategy.

如果他們要在租賃業務上成功，就必須具備完整的設備組合來支援客戶。我不認為客戶會急著到CAT經銷商那裡租我們的設備，如果他們無法同時取得其他所需的租賃設備。因此，這將——並且會持續——成為我們經銷商組合的一部分，也是該策略的一部分。

The major projects we really allows us -- it's a national fleet and allows us to move that fleet around to really supplement dealers where if a dealer has a major project infrastructure project in their territory for a couple of years or three years, it's tough for them to invest in the fleet, that size to keep up at that scale or knowing that, that job may be somewhere else a few years from now in this rental -- major project fleet is going to really help us supplement the dealers, which should allow them also to grow because they'll be the ones that are working on that project in a local territory, and then we'll use the major project fleet to supplement their existing fleet. So rental is a great opportunity for us, and we're going to continue to push forward with the strategy.

而大型專案車隊（major project fleet）確實讓我們——它是一個全國性的車隊，讓我們能夠調度車隊到各地，真正去補強經銷商；如果某個經銷商在其區域內有一個大型專案、基礎建設專案，可能持續兩年或三年，對他們而言要投資那麼大規模的車隊以跟上那樣的需求很困難，或是因為知道幾年後那個工作可能會轉移到別處；在這種租賃——大型專案車隊將真正幫助我們補強經銷商，這也應該能讓他們成長，因為在當地區域執行該專案的會是他們，而我們會用大型專案車隊來補充他們既有的車隊。所以租賃對我們而言是很好的機會，我們會持續推進這項策略。

So with that, thank you all for joining us, and I really appreciate your questions. I'm really proud of our team and the record performance this quarter. in particular, the sales and revenues milestone we achieved the first time in our company history to exceed $20 billion in the quarter, with broadening momentum across all three of our primary segments will remain focused on operational excellence and delivering for our customers to create long-term value for our shareholders. With that, I'll turn it back to Alex.

那麼，感謝各位今天加入，我也非常感謝大家的提問。我為我們的團隊以及本季創紀錄的表現感到非常自豪。特別是，我們在公司歷史上首次達成單季銷售與營收超過200億美元的里程碑，且在三大主要事業部門都呈現動能擴大；我們將持續專注於卓越營運並為客戶交付成果，為股東創造長期價值。接下來我把時間交回給Alex。

Thank you, Joe, Kyle, Stephanie and everyone who joined us today. A replay of our call will be available online later this morning. We'll also post a transcript on our Investor Relations website as soon as it is available. You'll also find a second quarter results video with our CFO and an SEC filing of our sales to users data. Visit investors.caterpillar.com and then click on Financials to view those materials.

謝謝你，Joe、Kyle、Stephanie，以及今天加入我們的各位。本次電話會議的重播將於今天稍晚在網路上提供。我們也會在可取得後，盡快在投資人關係網站上發布逐字稿。你也會看到由我們CFO出鏡的第二季業績影片，以及我們「銷售至終端用戶（sales to users）」資料的SEC申報文件。請造訪investors.caterpillar.com，然後點選Financials以查看這些資料。

If you have any questions, please reach out to me or Ryan Coleman, the Investor Relations phone number is 309-675-4549. Now let's turn it back to Andrea to conclude our call.

如果你有任何問題，請與我或Ryan Coleman聯繫；投資人關係電話是309-675-4549。現在讓我們把時間交回給Andrea來結束本次電話會議。

Thank you. That concludes our call. We thank you for joining. You may all now disconnect.

謝謝。本次電話會議到此結束。感謝各位參與。各位現在可以掛線。