CECO Environmental Corp (CECO) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the CECO Environmental Corp Q4 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Marcio Pinto. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 CECO 環境公司 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的第一位發言人，馬西奧·平托。請繼續。

Thank you, Tania, and thank you for joining us on the Sequel Environmental fourth quarter 2025 earnings call. On the call with me today is Todd Gleason, Chief Executive Officer, and Peter Johansson, Chief Financial Officer.

謝謝 Tania，也謝謝您參加 Sequel Environmental 2025 年第四季財報電話會議。今天和我一起通話的是執行長托德·格里森和財務長彼得·約翰遜。

In today's call, we are covering CECO Environmental fourth quarter earnings results, as well as the transaction that will combine CECO with Thermon, a publicly traded global leader, an end to end solution provider to process e, temperature management, and asset protection with strong aftermarket presence.

在今天的電話會議中，我們將介紹 CECO Environmental 第四季度收益結果，以及將 CECO 與 Thermon 合併的交易。 Thermon 是一家上市的全球領導者，提供端到端的解決方案，涵蓋製程、溫度管理和資產保護，並擁有強大的售後市場地位。

As a reminder, this quarter's webcast, earnings release, and presentation, which include relevant disclosures and non-GAAP reconciliations, are available on our website. Today's discussion includes forward-looking statements that are subject to risks and uncertainties, including the ones described in our SEC filings, as we have also noted in our presentation, legal disclosures. As always, we will leave time at the end of the call for analyst questions, and with that, I'll turn the call over to Todd.

再次提醒，本季的網路直播、收益發布和簡報（包括相關揭露和非GAAP調整表）可在我們的網站上找到。今天的討論包含前瞻性陳述，這些陳述存在風險和不確定性，包括我們在提交給美國證券交易委員會的文件中所描述的風險和不確定性，正如我們在簡報和法律揭露中所指出的那樣。像往常一樣，我們會在電話會議結束時留出時間讓分析師提問，接下來，我將把電話會議交給托德。

Thanks Marcio and welcome everyone. It is a pleasure to speak about two highlights today. We delivered strong quarter and year and full year results with many financial records. Importantly, we are also announcing a transformational transaction between CEO and Thermont.

謝謝馬西奧，也歡迎各位。今天很高興能和大家聊聊兩個亮點。我們取得了強勁的季度、年度和全年業績，並創下多項財務紀錄。更重要的是，我們也要宣布CEO與Thermant之間達成一項變革性交易。

Please turn to slide number 4 and let's discuss each at a high level. On the left side of the slide we outline the CEO Thermon transaction. This is truly a combination of two proud and winning organizations. Each company is clicking on so many of the right cylinders.

請翻到第 4 張投影片，我們來逐一進行概括性討論。幻燈片左側概述了 CEO Thermon 的交易。這真是兩個令人驕傲且屢獲殊榮的組織的強強聯合。每家公司都精準地擊中了許多正確的目標。

Together we expect the union will create an even stronger global leader with enhanced financial agility and expanded strategic capabilities. When we close the transaction, we will continue to trade as SO Environmental, and I am excited and very much looking forward to leading the future combined company and working closely with the outstanding leadership and employees at Thermon. More on this transaction in just a minute.

我們預期此次合併將打造一個實力更強、財務彈性更高、策略能力更強大的全球領導者。交易完成後，我們將繼續以 SO Environmental 的名義進行交易，我感到非常興奮，並非常期待領導合併後的未來公司，與 Thermon 的傑出領導和員工密切合作。稍後會詳細介紹這筆交易。

Now turning to the right side of the slide, we delivered another strong quarter for Eco Environmental with full year results. For revenue and adjusted EBITDA largely in line with our final expectations, and we are raising our full year 2026 guidance, not inclusive of Thermon, as we have tremendous visibility given our record backlog and growing sales pipeline.

現在來看幻燈片的右側，Eco Environmental 又取得了強勁的季度業績和全年業績。營收和調整後 EBITDA 基本上符合我們的最終預期，鑑於我們創紀錄的積壓訂單和不斷增長的銷售管道，我們對 2026 年全年業績有極大的預期（不包括 Thermon），因此我們提高了業績指引。

Now please turn to slide numbers. 6 And let's review the financials in a little more detail. This executive summary slide captures the main points from today's financial earnings release. Q4 delivered numerous new records. Our backlog is at the highest level ever, approaching $800 million and up almost 50% year over year.

現在請翻到投影片編號處。6. 讓我們更詳細地回顧一下財務狀況。這份摘要投影片概括了今天發布的財務收益報告的主要內容。第四季創造了多項新紀錄。我們的積壓訂單量已達到歷史最高水平，接近 8 億美元，較去年同期成長近 50%。

Revenue growth of 35% and adjusted EBITDA growth of 57% speak to our high performance results. In the quarter, we booked our largest ever project valued at approximately $135 million for a large scale natural gas power generation facility.

營收成長 35%，調整後 EBITDA 成長 57%，充分體現了我們優異的績效。本季度，我們獲得了有史以來最大的項目，價值約 1.35 億美元，用於建造大型天然氣發電廠。

Based in Texas For the full year, 2025 orders surpassed $1 billion for the first time, which we signaled we would likely accomplish in our December 15, 2025 press release. And as we shared in today's press release, we are raising our 2026 full year guidance to reflect our tremendous visibility and backlog and that record sales pipeline I just mentioned.

總部位於德克薩斯州。 2025 年全年訂單額首次超過 10 億美元，正如我們在 2025 年 12 月 15 日的新聞稿中所預示的那樣。正如我們在今天的新聞稿中所述，我們提高了 2026 年全年業績預期，以反映我們巨大的市場可見度、積壓訂單以及我剛才提到的創紀錄的銷售管道。

Our increased 2026 guidance reflects strong full year orders growth as well as year. Excuse me, as well as full year revenue outlook of between $925 million to $975 million which is up from a previous outlook of $850 million to $950 million. Our full year 2026 adjusted EBITDA outlook is now between $115 million to $135 million.

我們上調了 2026 年業績預期，反映了全年訂單的強勁增長以及上一年的業績增長。不好意思，全年營收預期為 9.25 億美元至 9.75 億美元，高於先前預期的 8.5 億美元至 9.5 億美元。我們對 2026 年全年調整後 EBITDA 的預期目前為 1.15 億美元至 1.35 億美元。

So again, we feel we are clicking on many of the right cylinders. Now, before I hand it over to Peter, let's move to slide number 7. We continue to enjoy a strong market backdrop in the power generation, industrial reshoring, industrial water, and natural gas infrastructure customer segments. In each of the past 5 quarters, we have booked orders and critical infrastructure projects to support domestic power generation and energy delivery investments, and our pipeline indicates we have the opportunity to maintain that pace in 2026.

所以，我們再次覺得我們觸及了許多正確的方向。現在，在我把它交給彼得之前，我們來看第 7 張投影片。我們在發電、工業回流、工業用水和天然氣基礎設施等客戶領域持續享有強勁的市場環境。在過去的五個季度中，我們每個季度都獲得了訂單和關鍵基礎設施項目，以支持國內發電和能源輸送投資，我們的項目儲備表明，我們有機會在 2026 年保持這一速度。

In fact, we have already secured two large natural gas power generation orders exceeding $175 million in aggregate value at this point in Q1, and we have numerous similarly sized and larger opportunities in our current pipeline.

事實上，在第一季度，我們已經獲得了兩筆總價值超過 1.75 億美元的大型天然氣發電訂單，而且我們目前還有許多類似規模甚至更大的項目正在籌備中。

We remain bullish on the industrial water and wastewater treatment sector and in particular the international water infrastructure projects where we now have our most active and largest pipeline of opportunities associated with water reuse and recycling applications.

我們依然看好工業用水和廢水處理產業，特別是國際水基礎設施項目，目前我們在水資源再利用和循環利用應用方面擁有最活躍、規模最大的項目儲備。

Industrial air will continue to benefit from industrial reshoring programs, semiconductor investments, and our international expansion activities. As the slide shows, quarter to date on February 24, which is today, we have booked a little over $270 million in orders, so we are well on pace for another record quarter and obviously a great start to 2026.

工業空氣將繼續受益於工業回流計劃、半導體投資和我們的國際擴張活動。如幻燈片所示，截至 2 月 24 日（即今天），本季度至今，我們已獲得略高於 2.7 億美元的訂單，因此我們有望再創季度紀錄，顯然 2026 年也將迎來一個良好的開端。

I will now hand it over to Peter, who will go into more detail on our financial results, Peter.

現在我將把發言權交給彼得，他將更詳細地介紹我們的財務表現。

Thank you, Todd. Good day, everyone. Thank you for joining Todd and myself for Seco's 4th quarter 2025 earnings call. Please turn to slide number 8. CO finished 2025 with very strong results for both the fourth quarter and full year on all our key metrics.

謝謝你，托德。大家好。感謝您與 Todd 和我一起參加 Seco 2025 年第四季財報電話會議。請翻到第8張幻燈片。CO 在 2025 年第四季和全年所有關鍵指標上都取得了非常強勁的成績。

We finished the 4th quarter with a record backlog of $793 million up 47% versus prior year and 10% sequentially. Backlog has increased in 8 straight quarters and surged upwards in the most recent 5, each with well over $200 million in bookings, highlighted by nice winds in power generation, LNG, midstream gas transport and treatment, global semiconductor, and international water and markets.

在第四季末，我們的積壓訂單金額達到創紀錄的 7.93 億美元，比上年同期成長 47%，季增 10%。積壓訂單已連續 8 個季度增長，最近 5 個季度更是大幅增長，每個季度的訂單額都超過 2 億美元，這主要得益於發電、液化天然氣、中游天然氣運輸和處理、全球半導體以及國際水務和市場領域的良好勢頭。

Fourth quarter orders were $329 million a company record increase of 50% over the prior year period, with a book to bill of approximately 1.5 times. On a full year basis, bookings reached $1.064 billion a 60% increase over a full year 2024 levels, with a book to bill of nearly 1.4 times.

第四季訂單金額為 3.29 億美元，創公司歷史新高，比去年同期成長 50%，訂單出貨比約 1.5 倍。以全年計算，預訂金額達到 10.64 億美元，比 2024 年全年水準成長 60%，預訂出貨比接近 1.4 倍。

The results were largely due to strong demand in our power generation, natural gas infrastructure, semiconductor, and industrial water applications. And we had strength globally in all our major operating regions.

這項成果主要歸功於我們在發電、天然氣基礎設施、半導體和工業用水應用領域的強勁需求。我們在全球所有主要營運區域都擁有強大的實力。

Revenue in the 4th quarter and full year was $215 million and $774 million respectively, with both results being company records. On a full year basis, revenue was up 39%, of which 25% of this growth was organic. This result was outstanding when you consider that we overcame $25 million of revenue headwinds related to the sale of our global pump solutions business in late Q1 of 2025.

第四季和全年營收分別為 2.15 億美元和 7.74 億美元，兩項業績均創公司紀錄。全年來看，營收成長了 39%，其中 25% 的成長是內生成長。考慮到我們在 2025 年第一季末出售全球泵浦解決方案業務時面臨 2,500 萬美元的收入逆風，這一結果非常出色。

Our second half revenue was higher than 2024 by 40%, as the conversion to revenue of our power generation projects booked in late 2024 and 2025 gained speed. Adjusted EBITDA in the quarter was $29.8 million, an increase of 57% versus the prior year period, with margins of 13.9%, representing a 180 basis point improvement over the prior year.

由於原定於 2024 年底和 2025 年投產的發電項目加速轉化為收入，我們下半年的收入比 2024 年增長了 40%。本季調整後 EBITDA 為 2,980 萬美元，比上年同期成長 57%，利潤率為 13.9%，比上年同期提高了 180 個基點。

For the full year, adjusted EBITDA grew 44% to exceed $90 million for the first time in company history, with 40 basis points of margin expansion. A large part of the improvement was due to lower G&A expense rate partially offset by $800,000 of costs for strategic reductions in our legal entities to support our accelerating ERP migration program, and to conclude certain integration steps from the acquisitions completed in 2024.

全年調整後 EBITDA 成長 44%，首次超過 9,000 萬美元，創公司歷史新高，利潤率提升 40 個基點。績效改善很大程度上歸功於一般及行政費用率的降低，但部分被 80 萬美元的法律實體策略性裁員成本所抵消，這些裁員是為了支持我們加速的 ERP 遷移計劃，並完成 2024 年完成的收購的某些整合步驟。

Let's turn to page 9 for now, please. On this chart, I want to remind you that we are presenting CEO's gross profit and our gross margin performance by quarter on a TTM basis to normalize for quarter to quarter fluctuations.

我們現在翻到第9頁吧。在此圖表中，我想提醒大家，我們以 TTM 為基礎展示 CEO 的毛利和毛利率表現，以消除季度間的波動。

We have started this chart. At the point in which CEO's operating excellence initiative was launched in the 4th quarter of 2022, and you can see substantial improvement and steady performance in the 35% op gross profit margin range.

我們已經開始繪製這張圖表了。2022 年第四季度，CEO 啟動了卓越營運計劃，可以看到營運毛利率在 35% 的範圍內取得了顯著改善和穩定的業績。

In the quarter, we realized a rebound in margins from the 3rd quarter, back above the 35% target level, as strong short cycle volumes and project execution and closeouts provided margin uplift. This sequential improvement was approximately 240 basis points, and is a typical recovery from third quarter seasonal headwinds.

本季度，由於強勁的短期產量以及專案的執行和收尾工作，利潤率較第三季度有所反彈，重新達到 35% 的目標水準。這一環比改善幅度約為 240 個基點，是第三季季節性不利因素後的典型復甦。

As we look forward to 2026, we will deepen our focus on sourcing and productivity, remain focused on managing price and cost as we navigate an uncertain economic backdrop, and start to realize the benefits from our initial wave of 80/20 deployments, a multi-year journey on which we have embarked that we expect will deliver significant business cost and performance benefits. I will now move a little faster through the next few slides so we have ample time to spend on this morning's announcement and leave time for Q&A.

展望 2026 年，我們將更加重視採購和生產力，在不確定的經濟環境下繼續專注於價格和成本管理，並開始實現我們首批 80/20 部署的收益。這是我們已經開啟的多年計劃，我們預計它將帶來顯著的業務成本和績效效益。接下來我將加快速度瀏覽接下來的幾張投影片，以便我們有足夠的時間討論今天上午的公告，並留出時間進行問答環節。

Moving to slide 10. Regarding cash flow, 2025 was truly a tale of two halves, with the first half of 2025 consuming approximately $20 million of cash, and the second half delivering approximately $30 million of cash for a full year cash flow that was positive of approximately $10 million up 30% year over year.

切換到第10張投影片。就現金流而言，2025 年可謂是冰火兩重天，2025 年上半年消耗了約 2000 萬美元現金，下半年帶來了約 3000 萬美元現金，全年現金流為正約 1000 萬美元，同比增長 30%。

Our cash conversion in the second half of the year was very good at 52% and within our target range for cash flow conversion, and we expect to remain there in 2026. Gross debt and net debt both ended the year at levels lower than where we started the year, with our leverage ratio now at a very comfortable 2.2 times, and with liquidity well up at $124 million.

今年下半年，我們的現金轉換率達到了52%，非常理想，符合我們的現金流量轉換目標範圍，我們預計2026年將維持這一水準。總債務和淨債務在年底均低於年初水平，槓桿率目前處於非常舒適的 2.2 倍，流動性也大幅增加至 1.24 億美元。

With the benefits from the reduction in leverage and the growth of TTMEBITA and improved pricing in our recently concluded and upsized revolver credit facility, we expect to realize a 50 basis point step down in interest rates following a 25 basis point step down realized in the fourth quarter.

由於槓桿率降低、TTMEBITA 成長以及我們最近完成並擴大的循環信貸安排的定價改善，我們預計繼第四季度利率下調 25 個基點之後，利率將再下調 50 個基點。

This will represent an additional annualized interest expense savings of approximately $1.1 million if maintained if we maintain the current gross debt balance. I will now move to slides 11 and 12 and move through them quickly to save some time.

如果我們維持目前的債務總額，這將帶來每年約 110 萬美元的額外利息支出節省。接下來我將快速瀏覽第 11 和 12 張投影片，以節省時間。

On slide 11, the book to bill in the quarter of approximately 1.5 times on record orders, while delivering record revenues was a high. It is the sustained order, it is this sustained strong order's performance, resulting in record year and backlog, combined with our $6.5 billion dollar opportunity pipeline that underpins our 20%-plus top-line growth in 2026.

第 11 頁顯示，本季訂單量約為創紀錄訂單量的 1.5 倍，同時實現了創紀錄的收入，這是一個很高的數字。正是持續強勁的訂單表現，才帶來了創紀錄的年度業績和積壓訂單，再加上我們價值 65 億美元的潛在機會，支撐著我們 2026 年超過 20% 的營收成長。

We move now to slide 12. We have increased our outlook for all four key metrics with revenue growth of 23% at the midpoint of our outlook and adjusted EBITDA growth of 38% at the midpoint of our outlook. As Todd stated earlier, we have tremendous visibility given our record backlog and bookings momentum, as well as our sales pipeline, which I've stated now exceeds $6.5 billion and is converting quickly.

現在我們來看第12張投影片。我們提高了對所有四個關鍵指標的預期，其中收入成長率預計為 23%（預期中位數），調整後 EBITDA 成長率預計為 38%（預期中位數）。正如 Todd 之前所說，鑑於我們創紀錄的積壓訂單和預訂勢頭，以及我們已宣布超過 65 億美元且轉換速度很快的銷售管道，我們擁有巨大的市場前景。

That concludes the earnings presentation portion of our prepared remarks this morning. And now I turn the mic back over to Todd, who will lead us through the materials describing the exciting strategic combination of Eco Environmental and thermon.

今天早上我們準備好的演講稿中，關於業績報告的部分到此結束。現在我把麥克風交還給托德，他將帶領我們了解介紹 Eco Environmental 和 thermon 激動人心的戰略合併的資料。

Thanks, Peter. Now let's transition to review a historic transaction for CEO and a major step forward in our industrial leadership journey. Please turn now to slide 14. The addition of Thermon will meaningfully extend Sco's leadership in industrial, environmental, and thermal solutions by adding Thermond's established position in process heating.

謝謝你，彼得。現在讓我們來回顧一下CEO的一項歷史性交易，以及我們在工業領導地位旅程中邁出的重要一步。請翻到第14頁。Thermon 的加入將透過補充其在製程加熱領域的現有地位，顯著擴大 Sco 在工業、環境和熱能解決方案領域的領先地位。

Heat tracing and temperature management, creating a world-class industrial solutions platform. This combination brings together two highly complementary businesses, creating opportunities to accelerate growth through expanded customer relationships and global reach, and Bruce and I couldn't feel better about what lies ahead for the combined company and our respective teams. I can't wait to meet many more Thermon leaders and employees.

伴熱與溫度管理，打造世界一流的工業解決方案平台。此次合併將兩家高度互補的企業結合在一起，透過擴大客戶關係和全球影響力，創造了加速成長的機會。布魯斯和我對合併後的公司以及我們各自的團隊的未來都充滿信心。我迫不及待地想見到更多賽門公司的領導和員工。

Moving to slide 15, let's review the key terms of the transaction. Under the agreement, which has been unanimously approved by the boards of both companies, the transaction will be executed through a stock and cash merger with a total consideration of approximately $2.2 billion.

接下來請看第 15 張投影片，我們來回顧一下交易的關鍵條款。根據雙方公司董事會一致批准的協議，此交易將以股票加現金合併的方式完成，總對價約為 22 億美元。

Thermon shareholders will receive $10 in cash and [$0.684] of Sco Common stock per share, delivering a substantial premium while allowing Thermon shareholders to participate in the upside of the combined company. The cash component will be funded through existing credit facilities. This leads us to an implied value of approximately 17 times adjusted EBITDA, or 13 times, including synergies.

Thermon 股東每股將獲得 10 美元現金和價值 0.684 美元的 Sco 普通股，這帶來了相當大的溢價，同時也讓 Thermon 股東能夠分享合併後公司的發展收益。現金部分將透過現有信貸額度提供資金。由此得出，其隱含價值約為調整後 EBITDA 的 17 倍，或包括協同效應在內為 13 倍。

Upon close, which is expected to occur in mid 2026, Sequel shareholders will own approximately 62.5% of the combined company, and Thermont shareholders will own approximately 37.5%. From a leadership perspective, I will continue as CEO of the combined company, and Thurmond will appoint 2 board members to serve as directors for the combined company.

交易完成後（預計將於 2026 年年中完成），Sequel 股東將持有合併後公司約 62.5% 的股份，Thermont 股東將持有約 37.5% 的股份。從領導角度來看，我將繼續擔任合併後公司的首席執行官，瑟蒙德將任命 2 名董事會成員擔任合併後公司的董事。

Each company leadership team will remain in place through the pre-closing process, and I look forward to meeting Thermond leaders and operating teams as we evaluate the most effective and efficient combined company model.

在交易完成前的準備階段，各公司的領導團隊將維持不變。我期待與 Thermond 的領導和營運團隊會面，共同評估最有效、最高效的合併公司模式。

On the right, you can also note the key pro forma financials for the combined organizations. With revenues of approximately $1.5 billion adjusted EBITDA of $295 million assuming approximately $40 million of run rate synergies, yielding margins close to the low 20s.

在右側，您還可以看到合併後組織的關鍵預測財務資料。營收約 15 億美元，調整後 EBITDA 為 2.95 億美元（假設運行速度綜效約 4,000 萬美元），利潤率接近 20% 左右。

From a balance sheet standpoint, the company is expected to have a strong balance sheet with pro forma net leverage of 2.5 times, giving us ample opportunity to continue to invest in our people, processes, markets, and best growth opportunities. Now please move to slide number 16 entitled Thermond Group at a Glance.

從資產負債表的角度來看，公司預計將擁有強勁的資產負債表，預計淨槓桿率為 2.5 倍，這將給我們充足的機會繼續投資於我們的員工、流程、市場和最佳成長機會。現在請移至第 16 張投影片，標題為「Thermold 集團概覽」。

There is certainly more to see here than a mere glance. Thermon is a leading end to end solution provider of process heating, temperature management, and asset protection with a strong aftermarket presence. For the current fiscal year, they are delivering over $520 million in revenue, with approximately 85% of their sales considered opop X, or what SEO commonly refers to as shorter cycle sales.

這裡值得一看的地方絕不僅僅是匆匆一瞥。Thermon 是一家領先的端到端製程加熱、溫度管理和資產保護解決方案提供商，擁有強大的售後市場影響力。本財年，他們的收入超過 5.2 億美元，其中約 85% 的銷售額被認為是 Opop X，也就是 SEO 通常所說的短週期銷售。

Thermond's gross profit margin of 45% reflects their leading products, their great operating and price disciplines, and that shorter cycle product mix. Thurmont currently has adjusted EBITDA margins of approximately 23%. To be helpful, we provide additional revenue analytics at the bottom of the slide, but I will not go through that here.

Thermond 的毛利率為 45%，這反映了其領先的產品、良好的營運和定價紀律以及較短的產品週期組合。瑟蒙特目前的調整後 EBITDA 利潤率約為 23%。為了方便起見，我們在幻燈片底部提供了額外的收入分析，但我不會在這裡詳細介紹。

Moving to page 17 for a quick look at Thurmond's expansive solution set. Thermon is a leading diversified industrial leader. Undeniable. Similar to Seco, they deliver advanced engineered solutions to solve mission critical environmental challenges. We couldn't be more excited to learn more about their innovations and strategic growth programs. Each company protects people.

接下來翻到第 17 頁，快速瀏覽瑟蒙德的龐大解決方案集。Thermon是一家領先的多元化工業企業。無可否認。與 Seco 類似，他們提供先進的工程解決方案來解決關鍵的環境挑戰。我們非常期待了解更多關於他們的創新和策略成長計劃的資訊。每家公司都致力於保護人民。

Protects the environment and protects industrial equipment. It's an outstanding match. The current high level segmentation of thermon sales span from heat tracing, which represent approximately half of the company's revenue, heating systems that represent approximately 35% of revenue, and the balance of approximately 20 -- 15% in transport, heating, tubing, and digital solutions.

保護環境，保護工業設備。這是一場精彩的比賽。目前，Thermon 的銷售主要分為以下幾個方面：伴熱設備（約占公司收入的一半）、暖氣系統（約佔收入的 35%），以及剩餘的 20% 至 15% 的運輸、暖氣、管道和數位解決方案。

Thermon has announced several important innovative solutions, including great momentum they are enjoying with their Genesis controls and newly launched liquid low bank offering, to name just a few. Much to be proud of at Thermond, and we aim to support that pride and strategic growth going forward.

Thermon 宣布了幾項重要的創新解決方案，包括其 Genesis 控制系統和新推出的低流動性銀行產品，這些解決方案都取得了巨大的發展勢頭。Thermond 有很多值得驕傲的地方，我們的目標是支持這種驕傲和未來的策略發展。

Now let's transition to slide 18. We are creating a global industrial leader in delivering mission critical environmental and thermal solutions. We see this combination as a powerful strategic fit that significantly advances our position as a premier engineered solutions provider.

現在我們來看第18張投影片。我們正在打造一家全球領先的工業企業，致力於提供關鍵任務型環境和熱力解決方案。我們認為這種組合具有強大的策略契合度，能夠顯著提升我們作為一流工程解決方案提供者的地位。

This transaction will meaningfully extend Sco's leadership in industrial, environmental, and thermal solutions by adding Thermond's established position in the aforementioned process heating, heat tracing, and temperature management. Once again, we expect to create a world-class integrated industrial platform. We will have a vast install base by bringing together our more than 75 years of combined installation and product deliveries, which will generate substantial high margin recurring and replacement revenue.

此交易將透過整合 Thermond 在上述製程加熱、伴熱和溫度管理領域的現有地位，顯著擴大 Sco 在工業、環境和熱解決方案領域的領先地位。我們期望再次打造世界一流的綜合工業平台。我們將匯集超過 75 年的安裝和產品交付經驗，從而擁有龐大的安裝基礎，這將產生可觀的高利潤經常性收入和更換收入。

Let me tell you about more. Let me tell you more about why this combination wins, which is outlined on slide number 19. Together we have an expanded addressable market of over $30 billion across attractive and high growing industrial end markets. Both companies are well aligned to secular growth tailwinds across electrification, energy transition, data centers, water mega trends, and Thermont operates a recurring short cycle business model which balances well with Seco's project-based longer cycle work.

讓我再跟你講更多。讓我詳細解釋為什麼這種組合會獲勝，詳情請參見第 19 張投影片。我們共同擁有超過 300 億美元的潛在市場，涵蓋極具吸引力且高成長的工業終端市場。兩家公司都很好地契合了電氣化、能源轉型、資料中心、水資源大趨勢等長期成長趨勢，而且 Thermont 採用的是週期性短週期業務模式，這與 Seco 基於專案的長週期工作形成了很好的平衡。

From a financial standpoint, this deal is very attractive. Even before synergies, the combed the combination is accretive in year one. With our identified annualized synergies of approximately $40 million by year three, this transaction creates even more shareholder value.

從財務角度來看，這筆交易非常有吸引力。即使不考慮協同效應，這種組合在第一年就實現了增值。預計到第三年，該交易每年可產生約 4,000 萬美元的協同效應，將為股東創造更多價值。

We expect to drive strong double-digit growth and margin enhancements through our productivity and 80/20 programs while achieving these synergies, so we believe the next few years will show an even more powerful value creation company.

我們期望透過提高生產力和 80/20 計畫來實現強勁的兩位數成長和利潤率提升，同時實現這些協同效應，因此我們相信未來幾年公司將展現出更強大的價值創造能力。

A cornerstone of our transaction discussions has also been our similar values, cultures, and operating styles. Throughout the transaction process we've gotten to know the Thermond team, and it is clear they have an outstanding group of employees who share many of our same values. We both have a business and culture grounded in disciplined execution and innovative thinking, and I believe that alignment will serve us well for many years to come and support a smooth integration process.

我們交易談判的基石之一，是我們相似的價值觀、文化和經營方式。在整個交易過程中，我們逐漸了解了 Thermond 團隊，很明顯，他們擁有一支優秀的員工隊伍，與我們擁有許多相同的價值觀。我們雙方的業務和文化都以嚴謹的執行和創新的思維為基礎，我相信這種契合將在未來很多年裡對我們大有裨益，並有助於順利完成整合過程。

In a nutshell, this is a powerful combination that we believe checks all the boxes. Two winning Texas headquartered companies, two great operating organizations with shared values and commitment to delivering for our industrial customers, and I believe 1 1 will equal more than 2 when everything is said and done.

簡而言之，我們認為這是一個強大的組合，它滿足了所有條件。兩家總部位於德州的成功企業，兩個擁有共同價值觀和致力於為工業客戶提供服務的優秀營運機構，我相信，當一切塵埃落定之後，1 1 將會大於 2。

Moving to slide number 20 for a view of Seco's pro forma financials and a little more color on synergies. The pro forma numbers tell a powerful story. When we add the $40 million in synergies, the pro forma is even stronger. Combined $1.5 billion in sales, almost $300 million in adjusted EBITDA, with close to 20% EBITDA margins, scale, margins, and industrial leadership.

接下來請看第 20 張投影片，了解 Seco 的備考財務數據以及更多關於綜效的資訊。預測數據有力地說明了一切。加上 4000 萬美元的綜效，備考業績甚至更強。合計銷售額達 15 億美元，調整後 EBITDA 近 3 億美元，EBITDA 利潤率接近 20%，規模、利潤率和行業領先地位。

And while we have months of pre-integration work ahead, the $40 million in identified synergies is a meaningful enhancement to this already accreted transaction. Now these identified synergies come in two main buckets.

雖然我們還有幾個月的整合前期工作要做，但已確定的 4000 萬美元協同效應是對這筆已實現增值的交易的重大提升。現在，這些已確定的協同效應主要分為兩大類。

First, the costs associated with combining two public companies and reducing the redundancies, as well as SG&A overlap and additional efficiency savings. And the second bucket in the identified synergies comes from operational efficiencies.

首先，合併兩家上市公司並減少冗餘、銷售、一般及行政費用重疊以及提高效率所帶來的相關成本。已確定的協同效應中的第二個組成部分來自營運效率。

Footprint rationalization and supply chain leverage. We do show a third bucket. Our current model does not yet have commercial synergies assumed, but it is an opportunity, and we will be pursuing those as we start working together.

優化佔地面積和優化供應鏈。我們還展示了第三個桶子。我們目前的模式尚未考慮商業協同效應，但這確實是一個機會，我們將在開始合作後尋求這些機會。

Okay, last couple of slides before Q&A. On page 21, we have an overview of our global presence. The combined company will have operations in more than 15 countries with a combined with a combination of engineering and manufacturing sites to better serve our global customers.

好的，在問答環節前還有最後幾張投影片。第 21 頁概述了我們的全球業務佈局。合併後的公司將在超過 15 個國家開展業務，並整合工程和製造基地，以更好地服務我們的全球客戶。

Our global population will exceed 3,000 employees, many of which are highly skilled engineers, technical resources, and thought leaders in their respective markets. Combined, we have the scale and capabilities to deliver the mission critical environmental and thermal solutions across the globe and solve our customers' most challenging environmental issues.

我們的全球員工人數將超過 3000 人，其中許多是各自市場中的高技能工程師、技術專家和思想領袖。合併後，我們擁有足夠的規模和能力，在全球範圍內提供關鍵的環境和熱能解決方案，並解決客戶面臨的最具挑戰性的環境問題。

Moving to page number 22, I'm not going to spend a lot of time on this slide, but you can clearly see the different yet complementary financial profiles of both companies. SO, as you may know, and I've already mentioned, has about 70% to 80% of our revenues from.

翻到第 22 頁，我不會在這一頁上花太多時間，但你可以清楚地看到兩家公司不同但又互補的財務狀況。所以，正如你可能知道的，而且我已經提到過，我們大約 70% 到 80% 的收入來自。

Mid to longer cycle projects and the balance of our sales driven by shorter cycle product offerings. Thermon, on the other hand, has a relatively small percentage of revenue from longer cycle projects, but a significant percent from shorter cycle sales.

中長期項目是我們銷售的主要來源，而銷售的其餘部分則由短期產品週期驅動。另一方面，Thermon 公司來自週期較長專案的收入佔比相對較小，但來自週期較短的銷售的收入佔比卻很大。

As you can see on the right hand side of this slide, the combination represents a very balanced company from a revenue cycle standpoint. This is a very attractive mix for any CEO and management team. The right blend of longer cycle jobs and backlog.

正如您在這張投影片的右側所看到的，從收入週期角度來看，該組合代表了一家非常平衡的公司。這對任何執行長和管理團隊來說都是極具吸引力的組合。長週期作業和積壓作業的合理組合。

Which provided nice visibility to what's already been booked, as well as a steady diet of shorter cycle sales, helping to drive productivity, steady margins, and enhanced cash flows. Now let's pivot to slide number 23. I'm very proud of the progress we've made at CO over the past five years.

這使得已預訂的訂單清晰可見，同時也帶來了週期較短的穩定銷售，有助於提高生產力、保持穩定的利潤率並改善現金流。現在讓我們來看看第 23 張投影片。我為CO過去五年所取得的進步感到非常自豪。

I've had the luxury and will continue to have the luxury to lead one of the great high performance industrial companies, and the results speak for themselves. Since 2022, our growth and margin expansion has been steady, and it has been impressive. We have also successfully introduced and maintained a programmatic M&A program.

我有幸領導一家卓越的高績效工業公司，將來也會繼續有幸做到這一點，而結果也證明了這一點。自 2022 年以來，我們的成長和利潤率擴張一直穩步進行，並且取得了令人矚目的成績。我們也成功引入並維持了程序化的併購計劃。

To add key businesses and brands to our leading niche industrial portfolio. Since 2022, we've acquired over a dozen companies of various sizes to enhance performance. And adjacent market expansion. This proven track record has yielded strong shareholder value creation. We aim to maintain this model of performance and value creation. The combination with Thermond, we believe, will enhance each.

為我們領先的利基工業產品組合增添關鍵企業和品牌。自 2022 年以來，我們收購了十幾家不同規模的公司，以提高業績。以及鄰近市場的擴張。這一卓著的業績記錄為股東創造了巨大的價值。我們的目標是維持這種績效和價值創造模式。我們相信，與 Thermond 的合作將提升雙方的實力。

Now, in conclusion on slide 24, I'll wrap up with this before we take your questions. Chico's performance over the past 3 to 5 years has been very strong. Sio's performance in 2025 was very strong. Our outlook for 20,206 also points to very strong performance.

現在，在第 24 張投影片上，我將作總結，然後再回答大家的問題。Chico在過去3到5年的表現非常出色。Sio在2025年的表現非常出色。我們對 20206 年的展望也顯示其表現非常強勁。

Separately, Thurmond's results and outlooks and outlook are also very strong. Today's announcement, the opportunity to combine Sio with Thurmond, will make us both stronger. Stronger and more resilient growth, stronger financial profile and scale with agility, a powerful value creation in year one and beyond. I'd now like to open it up for questions and thank you for your interest.

另外，瑟蒙德的業績和前景也非常強勁。今天宣布的將 Sio 與 Thurmond 合併的機會，將使我們雙方都變得更強大。更強勁、更具韌性的成長，更穩健的財務狀況和規模，以及敏捷性，在第一年及以後創造強大的價值。現在我想接受提問，感謝大家的關注。

(Operator Instructions)

（操作說明）

Our first question will be coming from the line of Erin Spehala of Craig Halem Capital Group. Your line is open, Erin.

我們的第一個問題將來自 Craig Halem Capital Group 的 Erin Spehala。艾琳，你的線路已接通。

Yeah, good morning, Todd and Peter. Thanks for taking the questions. Maybe first for me, you kind of talked about industrial water just the the most active and kind of largest pipeline, that you've had there. Can you just kind of maybe frame that for us, what that business is today and just, some of the timelines and and sizes and kind of what that opportunity looks like for you in the next couple of years.

是的，早安，托德和彼得。謝謝您回答問題。也許對我來說，你首先談到了工業用水，也就是你那裡最活躍、規模最大的管道。您能否為我們簡要介紹一下貴公司目前的業務狀況、發展時間表、規模，以及未來幾年貴公司的發展機會？

Yeah, I'll, thanks, Earn, and I'll start and then I'll hand it over to Peter to add some additional commentary. So we've been intentional about organically as well as inorganically building what we believe is proving to be a very attractive industrial water aspect of eco-ennvironmental.

好的，謝謝 Earn，我先開始，然後交給 Peter 補充一些評論。因此，我們一直有意識地透過有機和無機的方式來建構我們認為極具吸引力的生態環境工業用水面向。

Over the past few years, we've continued to enter into some new markets, both in the United States as well as internationally. And what we're seeing in our position and in these investments is a large pipeline of activity now for us over the in 2026 with respect to industrial water treatment and produced water, especially in some international locations associated with with energy and heavy industry.

過去幾年，我們不斷開拓新的市場，包括美國國內市場和國際市場。我們從自身業務和這些投資中看到的是，到 2026 年，我們在工業水處理和生產水方面有很多業務活動，尤其是在一些與能源和重工業相關的國際地區。

So as we now look at both in early in this year and throughout the year, opportunities that could be, between $10 million to $50 million in size. We expect to be announcing throughout the year, maybe even each quarter, some pretty exciting produced water treatment opportunities in let's say the Middle East.

因此，我們現在展望今年年初和全年，可能會出現規模在 1000 萬美元到 5000 萬美元之間的機會。我們預計今年內，甚至可能每個季度，都會宣布一些非常令人興奮的採出水處理機會，例如在中東地區。

Other parts of the world with respect to water treatment for industrial applications, the acquisitions we've made have been helpful, but I also believe that our engineering capabilities and our relationships with our customers, they've been asking us to help them solve some of these critical areas for a number of years.

在世界其他地區，就工業應用的水處理而言，我們進行的收購確實有所幫助，但我相信，我們的工程能力以及與客戶的關係也發揮了重要作用。多年來，他們一直要求我們幫助他們解決一些關鍵領域的問題。

Understood, thanks for that. And then, on the Thermont acquisition, I appreciate, not kind of no commercial synergies outlined kind of yet, but you know it seems pretty complimentary from a product and and end market standpoint, but can you just maybe give, a little bit of detail on where you kind of see some of the. Low hanging fruit as you kind of, go to market with just a much broader, kind of product that, any kind of customer overlap, any other details you can provide that would be helpful, thanks.

明白了，謝謝。然後，關於對 Thermont 的收購，我知道目前還沒有明確列出任何商業協同效應，但從產品和終端市場的角度來看，這似乎相當互補。您能否詳細說明您認為其中的一些綜效體現在哪些方面？因為你的產品範圍更廣，也更容易吸引目標客戶，所以可以先從一些比較容易達成的目標著手。如果你能提供其他任何有用的細節，那就太好了，謝謝。

Yeah, no, thanks, Erin, and we know you know the companies well, since you obviously cover both Seco and Thermond, so we're happy to talk more about this as we go forward. Low hanging fruit exists. Not only have we known Thermond for a long time as a leader in what they are, what they do, and certainly their reach and their capabilities, but we have a lot of customers in common.

是的，不用謝，艾琳。我們知道你很了解這兩家公司，因為你顯然同時報導了 Seco 和 Thermond，所以我們很樂意在接下來的時間裡繼續討論這個問題。唾手可得的成果唾手可得。我們不僅長期以來一直將 Thermond 視為行業領導者，了解他們的業務範圍、所作所為以及他們的影響力和能力，而且我們還有許多共同的客戶。

We, the Customers within the customers might be a little different. So if you're looking across energy or industrial organizations, we share a lot of customers, which means we can solve a lot of problems separately or together.

我們，作為顧客中的顧客，可能略有不同。因此，如果您放眼整個能源或工業組織，我們會發現我們有很多共同的客戶，這意味著我們可以單獨或共同解決許多問題。

We have a variety of overlap in certain projects where we can see very advanced thermal applications being a part of what could be a combined bid in the future, and certainly they have relationships that we don't. In geographies or in markets and we have relationships that they don't, and we have found that that to be a powerful growth component in our previous acquisitions where we can introduce a new product or solution offering across a range of geographies or adjacent markets.

在某些項目中，我們有很多重疊之處，我們可以看到非常先進的熱能應用未來可能會成為聯合投標的一部分，而且他們肯定擁有我們所沒有的關係。在地理位置或市場方面，我們擁有他們所沒有的關係，我們發現這在我們先前的收購中是一個強大的成長因素，因為我們可以在一系列地理位置或相鄰市場推出新產品或解決方案。

So so it will be an exciting aspect of this combination. And then look, I'll just say last but not least, and there's many more things I could talk about, but I'll go right. To their Genesis controls platform and solution set because you know we in our early dialogue we certainly see that as a complementary opportunity for us to learn more and to evaluate ways to bring advanced controls and monitoring across more of our portfolio. So that is definitely a low hanging fruit conversation for us to have and we'll evaluate that going forward.

所以，這將是此次合作中令人興奮的一個面向。最後，我還要補充一點，還有很多事情我可以談談，但我還是就此打住吧。因為他們的 Genesis 控制平台和解決方案集，因為你知道，在我們早期的對話中，我們確實認為這是一個互補的機會，讓我們能夠更多地了解和評估如何將先進的控制和監控應用到我們更多的產品組合中。所以這絕對是我們應該著手討論的一個容易取得成果的話題，我們會在接下來的討論中對此進行評估。

Yeah, definitely exciting. Thanks for taking the questions. I'll turn it over.

是啊，確實很令人興奮。謝謝您回答問題。我把它翻過來。

Thanks, Earn.

謝謝，Earn。

And our next question will be coming from Rob Brown of Lake Street Capital Markets. Your line is open.

接下來的問題將來自 Lake Street Capital Markets 的 Rob Brown。您的線路已開通。

Hi, good morning. Congratulations on all the progress, Rob. Just following up a little bit more on Thermon, the short cycle business, could you sort of clarify how that business works? What's the, sort of installed base that you expect and how recurring is that, business?

您好，早安。羅布，恭喜你所取得的所有進展。關於 Thermon 的短週期業務，我再進一步了解一下，您能否解釋一下該業務是如何運作的？您預計的客戶基數是多少？這種業務的複購率如何？

Well, they have 75 years of install base, right? So, this is a, this is an organization that has long proven their high-quality, long proven their ability to deliver for their customers every day around the world, in some of the harshest operating environments. They like Seco are very proud of the durability and the long-lasting aspect of their product and solution set.

他們擁有75年的用戶基數，對吧？所以，這是一個長期以來證明了其高品質、長期以來證明了其有能力每天在世界各地的一些最惡劣的營運環境中為客戶提供服務的企業。他們和 Seco 一樣，對自己的產品和解決方案的耐用性和持久性感到非常自豪。

So but at the end of the day their customers rely on them to help them expand or as they build out their infrastructure or as they replace their infrastructure. So you know it's a, their install base is in the billions, they have, they enjoy, thousands of invoices probably a month, as their average sale is much smaller than ours, so they're constantly providing, updated, product for their.

所以，歸根結底，他們的客戶依靠他們來幫助他們擴展業務、建立基礎設施或更換基礎設施。你知道，他們的安裝基礎高達數十億，他們每月可能收到數千張發票，因為他們的平均銷售額比我們小得多，所以他們不斷地為他們提供更新的產品。

Customers in their markets while they're also working with new customers to solve their complex thermal needs in other areas and you know with their launch of liquid Load Bank and some of their other new product categories, I think they're very excited and so are we that they have a very strong not just replacement cycle in front of them, but a penetration in some new market categories that their investments are going to yield outstanding results.

他們不僅服務市場上的客戶，還與新客戶合作，解決他們在其他領域複雜的熱能需求。你知道，隨著他們推出液體負載庫和其他一些新產品類別，我認為他們非常興奮，我們也一樣，因為他們不僅面臨著非常強勁的替換週期，而且在一些新的市場類別中也取得了滲透，他們的投資將會帶來卓越的成果。

Okay, I would also point to you, Rob, that, Thurmond has, and we didn't include, we wanted to limit the number of slides, but they have some very, I think, good material on their investor presentations, including one from late 2025. Where they really show sort of how they break down their segmentation of the revenues.

好的，羅布，我還想指出，瑟蒙德有一些非常好的投資者演示文稿，我們沒有收錄，因為我們想限制幻燈片的數量，其中一份是 2025 年末的。他們真正展示了他們是如何細分收入的。

So for our analysts or for our shareholders, not only will we be showing more combined materials going forward, but I would point you to their website and on their investor relations section they have some very good materials for you.

因此，對於我們的分析師或股東而言，我們不僅會在未來展示更多綜合資料，而且我還要向你們推薦他們的網站，他們的投資者關係部分有一些非常好的資料供你們參考。

Okay, great, thank you. And then to the basic sequel business, the order pipeline, you noted continued very strong into the year here, with a couple, power projects, but what's sort of the pipeline activity, I guess, specifically in the power vertical, at this point, do you have sort of multiples of these, or just you characterize the pipeline of the power market at this point.

好的，太好了，謝謝。然後，關於後續業務的基本情況，訂單管道，您提到今年以來一直非常強勁，有幾個電力項目，但我想問的是，具體到電力垂直領域，目前渠道活動如何？您是否掌握了多個項目的信息，或者您只是描述了目前電力市場的渠道情況。

Yeah, Peter certainly has a ton of depth on this as we continue to do operating reviews, with our businesses, and, let's just say that, the current. Power segmentation of our pipeline is well in excess of a billion dollars. We're in regular dialogue with the most, important, end customers in the power generation space. I believe, and we've been saying for quite a number of quarters that CEO is really well positioned for these large gas, natural gas turbine.

是的，彼得在這方面確實有很多深刻的見解，因為我們一直在對我們的業務進行營運審查，而且，這麼說吧，目前的情況也是如此。我們管道的電力分割價值超過十億美元。我們與發電領域最重要的終端客戶保持定期對話。我認為，而且我們已經連續好幾個季度都這麼說了，CEO 在這些大型燃氣渦輪機方面確實處於非常有利的地位。

Power, jobs that are now coming down the pipeline, that really require, our advanced solutions. And so, look, we would signal that late last year and already early this year, we're starting to see, even more of these larger opportunities.

電力產業正在湧現許多真正需要我們先進解決方案的工作。所以，你看，我們可以從去年年底和今年年初開始看到，這些更大的機會越來越多。

We have a lot of visibility in our pipeline. We're in regular dialogue about these projects. . It's certainly well in excess of a billion dollars, could even be approaching $2 billion in what we would call a short or medium term pipeline with respect to these power jobs. Peter, I don't know if you want to add more to that.

我們的產品線非常透明。我們定期就這些項目進行對話。。就這些電力工作而言，短期或中期專案總額肯定遠遠超過10億美元，甚至可能接近20億美元。彼得，我不知道你是否還想補充什麼。

It's we, we've become fond of saying, Rob, and you may have, picked up on that in past discussions that, it feels like POs are falling from the sky, or we're, occasionally you wake up in the morning and you trip on one. I mean, it's such a dynamic environment that all the behind the meter in front of the meter, whether, providers of power are moving very quickly.

我們已經習慣說，羅布，你可能在之前的討論中也注意到了這一點，感覺就像採購訂單從天上掉下來一樣，或者，偶爾你早上醒來就會被一個採購訂單絆倒。我的意思是，這是一個瞬息萬變的環境，無論是電錶後還是電錶前，電力供應商都在快速變化。

To put solutions in place, but the one thing they all have in common regardless of the form of generation is they need emissions treatment. Having an emissions solution, and we're one of 3 companies in the world that could deliver a comprehensive end to end solution for emissions management around gas turbines and large gas engine fleets, having that emissions treatment solution gets you permitted faster.

為了落實解決方案，但無論發電形式為何，它們都有一個共同點，那就是都需要進行排放處理。擁有排放解決方案，我們是世界上僅有的三家能夠為燃氣渦輪機和大型燃氣發動機機組提供全面的端到端排放管理解決方案的公司之一，擁有這種排放處理解決方案，您就能更快地獲得許可。

And that has become critical to both the utilities that are going to buy the power or the OEMs that are going to deliver it and so we have that unique position in the ecosystem. Todd mentioned $1 billion to $2 billion is the range of projects we're negotiating, but that's not the total visibility. That's just what we're working on at present. Great, thanks for all the.

這對於購買電力的公用事業公司和輸送電力的原始設備製造商來說都至關重要，因此我們在生態系統中擁有獨特的地位。托德提到，我們正在洽談的專案金額在 10 億至 20 億美元之間，但這並不代表全部。這就是我們目前正在研究的內容。太好了，謝謝你們的一切。

Color. I'll turn it over. And our next question will be coming from Gary Sweeney of Roth Capital. Your line is open.

顏色。我把它翻過來。接下來，我們將向羅斯資本的加里·斯威尼提出問題。您的線路已開通。

Hey, good morning, Ty, Peter, and Mark here. Thanks for taking my call. Thanks. Obviously first question is going to be on Thurman. I wanted to see if you give a little bit more detail. It sounds as though Thurman's a little bit more short cycle. Obviously you're a long cycle, and that's one of the points you highlighted in your prepared remarks. But how much of this, is there an opportunity for maybe wild share on some projects that you're going after versus maybe just, access to new customers or or new customers within existing customers.

嘿，早安，我是Ty、Peter和Mark。謝謝您接聽我的電話。謝謝。顯然，第一個問題會是關於瑟曼的。我想看看你能不能提供更多細節。聽起來瑟曼的週期似乎更短一些。顯然，你們是一個長週期，這也是你們在準備好的發言稿中所強調的一點。但是，這其中有多少機會能讓你在一些專案中獲得巨大的市場份額，而不是僅僅獲得新客戶或現有客戶群中的新客戶呢？

Yeah, look, we have a pretty consistent track record, Jerry, in our acquisitions of identifying and combining with companies with great growth profiles. So when we look at any transaction, we're more focused on how we invest in those organizations or how they. Help us rapidly invest in growth pursuits before we're really looking at synergies.

是的，傑瑞，你看，我們在收購方面一直有著相當穩定的成功記錄，我們能夠識別並合併那些具有巨大成長潛力的公司。所以，當我們審視任何交易時，我們更關注的是我們如何投資這些組織，或者它們如何運作。在我們真正考慮協同效應之前，請幫助我們快速投資於成長項目。

This transaction stands on its own before we even talk about the word synergy. And then when you add the the early identified synergies that we talked about and the buckets that we talked about, you start to get an even more powerful financial combination. But, back to, I think, the root of your question. Look, we enjoy being, we may be diversified and we enjoy being diversified.

即使不談綜效，這筆交易本身也意義非凡。然後，當你把我們之前討論過的早期發現的協同效應和我們討論過的各個領域結合起來，你就會得到一個更強大的財務組合。但是，我想，回到你問題的根本問題。你看，我們喜歡多元化經營，我們也樂於保持多元化。

We're very focused on continuing to build the, we believe, premier industrial solutions provider with respect to environmental. Products, services, and engineered solutions, and that's exactly what Thermon's doing as well. So if there's an opportunity, and there certainly will be opportunities for us to look at customers, customer relationships, markets, and growth to go at things together, we will do that.

我們非常注重繼續打造我們認為在環境方面首屈一指的工業解決方案提供者。產品、服務和工程解決方案，而這正是 Thermon 正在做的事。所以，如果出現機會，而且肯定有機會讓我們一起關注客戶、客戶關係、市場和成長，我們就會這樣做。

We are on very large, complex projects where where heat and and and and thermal management. Are required and we don't think of those previously. We'll certainly be thinking about those going forward. We have a need and an interest in advanced controls applications and we haven't made that investment yet and Thermond we know has.

我們正在參與非常大型、複雜的項目，其中涉及熱量和熱管理。這些都是必需的，而我們之前並沒有想到這些。接下來我們肯定會考慮這些問題。我們對先進的控制應用有需求和興趣，但我們還沒有進行這方面的投資，而我們知道 Thermond 已經進行了這方面的投資。

So how do we look at opportunities to leverage what they've done and where they're located in their markets with their knowledge and how do we bring that to them as well? Look, our customers. Like I said, rely on Thermon for protective services to ensure that their environment is is is clean and safe and that their employees are benefiting from the efficiencies of their processes. So do we. So when you both are solving problems for your customers unique ways but in a similar for a similar reason, then there's just going to be commercial synergies.

那麼，我們如何看待利用他們在市場中所取得的成就和所處位置以及他們的知識的機會，以及如何將這些知識帶給他們呢？瞧，我們的客戶們。正如我所說，依靠 Thermon 提供的防護服務，確保他們的環境清潔安全，並確保他們的員工能夠從其流程的效率中受益。我們也是。所以，當你們雙方以獨特的方式，但出於相似的原因，為客戶解決類似的問題時，就會產生商業綜效。

Got that. Yeah, I mean, I. I was a little bit more curious on, obviously I get, the short cycle is great for you, pieces of cash conversion, I just from a holistic standpoint, I mean. Does Thurman sounds as though Thurman does bring you some opportunities to expand some wild share on projects and then conversely there's their large aftermarket exposure that could probably grow with some of your customers that they may not cover as well. Is that a fair sort of generalization?

明白了。是的，我的意思是，我更好奇的是，顯然我明白，短週期對你來說很好，現金轉換也很快，我只是從整體的角度來看，我的意思是。聽起來瑟曼似乎能為你帶來一些機會，讓你在項目中擴大市場份額，反過來，他們龐大的售後市場覆蓋面也可能隨著一些他們可能沒有覆蓋到的客戶的增長而擴大。這種概括是否合理？

Yeah, that's a fair generalization. And I think over the next few months, as we start to really now intentionally roll up our sleeves appropriately with Thermond and evaluate these synergies that we're talking about here, Jerry, I think they're going to, I think there's going to be some very exciting ones.

是的，這算是比較合理的概括。我認為在接下來的幾個月裡，隨著我們真正開始與 Thermond 一起認真地擼起袖子，評估我們正在討論的這些協同效應，Jerry，我認為將會出現一些非常令人興奮的協同效應。

We've, like I said, we've mentioned some of their investments and innovations already, more to come on that. And, look, we have Incredibly strong relationships with customers and small, medium, and large projects that we know require thermal applications and you know why wouldn't we make sure that we work together to solve those customer needs.

正如我剛才所說，我們已經提到他們的一些投資和創新，以後還會介紹更多。而且，我們與客戶建立了非常牢固的關係，我們知道小型、中型和大型專案都需要熱能應用，所以，我們當然要確保共同努力，滿足客戶的需求。

Got it. And it wouldn't be a Q&A if I didn't ask one more question on the power side. Large turbine makers, manufacturers, they're starting to look at 28, even 28 maybe sold out, starting to look at 29 and 30. When you discuss your pipeline, how far out on the curve are you looking? And this is more of a question of like. Obviously there's a longevity issue or opportunity here. I'm just curious as to when you look and describe your pipeline, how many years out are you looking in regards to that?

知道了。如果我不再問一個關於電力方面的問題，那就不算是問答環節了。大型渦輪機製造商開始關注 28 台渦輪機，即使 28 台可能已經售罄，他們也開始關注 29 台和 30 台渦輪機。在討論產品線時，你們著眼於曲線的哪個階段？這更像是一個類似這樣的問題。顯然，這裡存在著長遠發展的問題或機會。我只是好奇，當您查看和描述您的產品線時，您會考慮未來多少年？

When we describe our pipeline of, between $1 billion to $2 billion those are opportunities that we expect for us. That's our dollar level. We'll book in the next. 12 to 18 months, maybe 2 years. That doesn't mean there's not overlap that it could extend a little beyond that. So think of it as a 2 year pipeline for us. Got you and.

當我們描述我們的專案儲備時，我們預計將有價值 10 億至 20 億美元的專案機會。這就是我們的美元匯率。我們接下來會預訂，大概12到18個月後，也可能是兩年後。但這並不意味著兩者之間沒有重疊，它可能會稍微超出這個範圍。所以，你可以把它看作是我們為期兩年的人才儲備計畫。抓到你了。

And the pipeline's already expanding beyond that.

而且這條管道還在不斷延伸。

Yeah, Jerry, we need to see orders in the next 12 months to deliver in 28, and we need them in the next 24 months to meet 29 and 30, so we're aligned with our customers. We do joint planning. We do joint, project assessments. Now they move in and out. Customs timing changes as they solidify their investment, they solidify their permits. But what is clear is the demand is exceeding supply in all categories of equipment, and there's no shortage of.

是的，傑瑞，我們需要在未來 12 個月內看到訂單，才能在 28 年交付；我們需要在未來 24 個月內看到訂單，才能滿足 29 年和 30 年的交付要求，所以我們與客戶的目標保持一致。我們進行聯合規劃。我們進行聯合專案評估。現在他們進進出出。隨著他們落實投資、落實許可證，海關的審批時間也會改變。但顯而易見的是，所有類別的設備需求都超過了供應，而且並不短缺。

Consumer for this equipment. So we may reprioritize one project over another based on, those dynamics, but ultimately it comes down to how much capacity. Do we need to have in place to deliver the solutions that are being demanded of us across thermal acoustic emissions and inlet air treatment, and we're in a very good position to supply all that for, well into the 30s.

該設備的消費者。因此，我們可能會根據這些動態因素重新調整某個專案的優先級，但最終還是要看我們有多少產能。我們需要具備相應的能力來提供熱聲排放和進氣處理方面的解決方案，而我們完全有能力在 1930 年代之前提供所有這些解決方案。

Got it. That's what I was looking for. Thanks and congratulations on the the announcement. So.

知道了。這就是我想要的。謝謝，並祝賀你們發布這一消息。所以。

Thank you.

謝謝。

And our next question will be coming from Jim Richity of Needham and Company. Your line is open, Jim.

接下來的問題將來自 Needham and Company 的 Jim Richity。吉姆，你的線路已接通。

Hey it's, just on the, full year revenue guidance for the base, CEO business, any thoughts on the revenue distribution as you go through the year, first half versus second half, just given the backlog, the timing of some of this.

嘿，關於全年基礎業務和CEO業務的收入預期，您對今年的收入分配有什麼看法？例如上半年和下半年，考慮到積壓訂單和一些項目的時間表。

Yeah, look, thanks, Jim. We'll, we, as we don't break down our quarters in terms of guidance, but, we have a profile that is typical, when we think about our years, in terms of the weighting of, when projects are at their peak and when projects are not at their peak.

是啊，謝謝你，吉姆。嗯，我們雖然不會在業績指引中細分季度，但是，就我們全年的業績而言，我們的業績概況是典型的，我們會考慮專案處於高峰期和非高峰期的權重。

So there's a part of me that wants to just sort of indicate that, Q1 is typically, a, Q1, is usually one of our smaller quarters, and then Q2 really ramps up from there. I think you just probably similarly weighted to some previous years you're going to see.

所以，我的一部分想法是想指出，第一季通常是我們業績較小的季度之一，然後第二季會從那裡開始迅速成長。我認為你看到的權重可能與往年差不多。

I'm not suggesting it's, 55% or 60% in the second half of the year, but it's certainly going to be more in the second half. Q4 is almost always our largest quarter, at Q4 in a fiscal calendar year. So look, I think you're going to see slightly more in the second half. Our pipeline, some of these larger jobs that we've booked, start turning into revenue. The second half, not in the first half.

我並不是說下半年會達到 55% 或 60%，但下半年肯定會更高。第四季幾乎總是我們最大的季度，也就是財政年度的第四季。所以你看，我覺得下半場你會看到更多。我們的一些大型項目，也就是我們已經預定的項目，開始轉化為收入。是下半場，不是上半場。

So, and it gives us confidence though that we know what these schedules are, as Peter mentioned, one thing on these power related projects is there's not a lot of wiggle room here for calendar moves. This, these are jobs that are happening, that are funded, that are pre-funded. And that are required to meet certain deadlines.

所以，正如彼得所提到的，知道這些進度安排讓我們更有信心，但這些與電力相關的項目有一點就是，日程安排的調整空間不大。這些都是正在進行、已獲得資金、已預先獲得資金的工作。而且這些都是為了滿足一定的截止日期。

So we probably have the tightest backlog that we've had in maybe ever with respect to timing. I'd say it's slightly more in the second half than the first half for sure. We'll think about how we can be more clear on what that breakdown really looks like, but I'd go with at least 55% in the second half.

所以，就時間安排而言，我們目前的積壓工作可能是史上最緊張的。我覺得下半場肯定比上半場多。我們會考慮如何更清楚地說明這個細分情況究竟是什麼樣的，但我認為下半年至少會有 55% 的比例。

And thanks. And just on Thurman, Todd, you characterize them as being a leader in their markets. I'm just wondering if you could give us any color on the competitive landscape, or their market share position in their, as it relates to some of the larger markets that they address.

謝謝。托德，就瑟曼而言，你認為他們是各自市場的領導者。我只是想了解競爭格局，或者他們在一些較大市場中的市場份額狀況。

Yeah, I think we'll hold off on market share, but they're certainly a leader. We know the space, you work in the industrial arena like we have for just a few years, like 30, and you know who's strong and and and where they're strong and why they're strong and why you see their names when you walk, indoor or outdoor on heavy industrial, manufacturing facilities.

是的，我認為我們在市場份額方面還無法超越他們，但他們無疑是行業領導者。我們了解這個領域，如果你像我們一樣在工業領域工作了幾年，比如 30 年，你就會知道誰實力雄厚，他們的優勢在哪裡，他們為什麼實力雄厚，以及為什麼當你走在重工業製造工廠的室內或室外時，你會看到他們的名字。

So no doubt that they compete with a variety of smaller private companies when it comes to some of their specific market categories or product categories or solution categories. They also compete with large privately owned organizations that are in that heat tracing space for quite a while. There has been some consolidation here, but Thurmond, in their many decades of leadership has continued to A top 2 or 3 player in their key markets.

因此，毫無疑問，在某些特定的市場類別、產品類別或解決方案類別中，他們會與各種規模較小的私人公司競爭。他們也與一些在熱伴熱領域深耕已久的大型私人企業競爭。雖然市場出現了一些整合，但瑟蒙德憑藉其數十年的領先地位，在其主要市場中一直保持著前2或前3的地位。

Now they're introducing some new products and we're excited to continue those investments as they move into some some adjacent spaces where that share is sort of emerging because these are new categories and so, but look, you're you're looking similar to Seco and our brands. We believe that we're a top 2 or 3 player in many of our niche markets. Thermond clearly reflects that. Okay.

現在他們正在推出一些新產品，我們很高興能夠繼續進行這些投資，因為他們正在進入一些相鄰領域，這些領域的市場份額正在逐漸形成，因為這些都是新的類別，所以，但是你看，你看起來和 Seco 以及我們的品牌很相似。我們相信，在許多細分市場中，我們都是前三名或前三名的企業。瑟蒙德清楚地反映了這一點。好的。

Did you say what the organic growth rate was in Q4? I may have missed it. I think you gave it for the year.

你有提到第四季的有機成長率嗎？我可能錯過了。我想你已經把它送給一年了。

Sorry, what was the question, Jim? Apologize. .

抱歉，吉姆，你剛才問什麼來著？道歉。。

Yeah, I apologize. The organic growth rate in the quarter, I think, and you said it for the year. I may have missed it. What was the organic growth rate?

是的，我道歉。我認為是本季的有機成長率，你也提到了全年的有機成長率。我可能錯過了。自然增長率是多少？

It's about a little over 25% in the quarter. I might be as accurate as 26%, but I just know it's a little over 25% in the quarter. Organically.

本季佔比略高於25%。我的估計可能只有 26% 的準確率，但我知道這個季度實際佔比略高於 25%。有機地。

Congrats. Thank you.

恭喜。謝謝。

Thank you, Jim.

謝謝你，吉姆。

And our next question. We'll be coming from the line of Bobby Brooks of Northland Capital Markets. Your line is open, Bobby.

我們的下一個問題。我們將從北地資本市場的鮑比·布魯克斯的隊伍中出發。鮑比，你的線已接通。

Hey, good morning, guys. Thank you for getting my question. I wanted to ask and hear a little bit more on Thurmand's end market splits and how similar that is to you. And also curious, are there end markets as flexible as yours where it can kind of consistently change to where the puck is going? I'm guessing maybe not as much since it's more short cycle focus, but just wanted to hear more on that and maybe along those lines, what markets do you. You feel at this early stage you have the best opportunity for cross selling.

嘿，大家早安。感謝您接收我的問題。我想問一下，也想多了解瑟曼德的終端市場分割情況，以及這和你們的情況有多相似。另外，我很好奇，是否有像你們這樣靈活的終端市場，能夠隨著冰球的運動軌跡而不斷改變？我猜可能不會那麼多，因為它更注重短期週期，但還是想多了解一些這方面的情況，以及你關注哪些市場。你覺得在這個早期階段，你擁有交叉銷售的最佳機會。

Well.

出色地。

I, I'll take the high level distribution of their revenue is, one of the charts at the end of the deck. You'll see there's some complimentary but also some distinct differences. While cross selling might be interesting, it is not the fundamental driver of value creation in this opportunity.

我將重點介紹他們的收入分配情況，這是簡報末尾的一張圖表。你會發現它們之間既有一些互補之處，也有一些明顯的差異。雖然交叉銷售可能很有趣，但它並不是這次機會中創造價值的根本驅動力。

The The end markets that they serve today, and Todd mentioned it earlier, are very similar to ours, with the exception of they have a rather substantial rail and transit opportunity that we don't touch, and they've got some unique capabilities that sit inside of renewables in terms of keeping windmills frost free, keeping solar panels from fogging due to due to condensation and other things. That are quite interesting and will continue to grow, the.

他們目前服務的終端市場（托德之前也提到過）與我們的非常相似，唯一的區別是他們擁有相當大的鐵路和交通運輸機會，而我們沒有涉足這個領域；此外，他們在可再生能源領域擁有一些獨特的能力，例如防止風車結霜、防止太陽能電池板因冷凝等原因起霧。這些都非常有趣，而且還會繼續發展壯大。

The mix is very complementary in that they can move, then their technology is adaptive, both in heating as well as heat tracing, to wherever you have a temperature management or thermal control. Issue whether that and it doesn't necessarily mean it's cold out, it can be that the process requires a warm fluid to be passed or a dry gas to be moved or it is the application diversity is immense, and that gives us great.

這種組合非常互補，因為它們可以移動，而且它們的技術具有適應性，無論是在加熱還是伴熱方面，都可以適應任何需要溫度管理或熱控制的地方。問題在於，這並不一定意味著外面很冷，可能是因為該過程需要輸送溫熱的流體或乾燥的氣體，或者是因為應用的多樣性非常大，這給我們帶來了很大的好處。

Confidence that our mix of project and short short cycle will continue to deliver resilient revenue growth, the. The other one dimension I think you need to consider, Bobby, is that They are typically specified and installed late in a project and we're typically specified and procured early in a project so we'll now get to touch clients along a much longer period in the buying window and explore new opportunities and.

我們有信心，透過專案和短週期專案結合的方式，將繼續實現穩健的收入成長。鮑比，我認為你需要考慮的另一個方面是，它們通常是在專案後期才被指定和安裝的，而我們通常是在專案早期就被指定和採購的，因此我們現在可以在更長的購買窗口期內與客戶接觸，並探索新的機會。

Bobby, so I'm just going to add a couple quick things here, so. I, I've been aware and this touches on some of the previous questions of Thurmond for decades. Part of the reason is, at a previous organization that I worked, we had a business at the time that was also in the space, well positioned in the space, and at the time, I had, and most people had a view that this was highly leveraged or or positioned with large And important markets, but in cyclical spaces around oil and gas, specifically places like the oil sands in Canada, and that cyclicality was somewhat limiting.

Bobby，我在這裡簡單補充幾點。我一直都知道這一點，這涉及到瑟蒙德幾十年來提出的一些問題。部分原因是，在我之前工作的一家公司裡，我們當時也有一家業務，也在這個領域，而且在這個領域佔據了有利地位。當時，我和大多數人都認為，這家公司槓桿率很高，或者說它佔據了規模龐大且重要的市場，但它位於石油和天然氣等周期性領域，特別是像加拿大油砂這樣的地方，而這種週期性在某種程度上限制了它的發展。

Hats off to Bruce and the leadership team and the organization at Thurmond because intentionally and successfully, similar to what we've done at CEO over the last not just 5 years but 10 years, they have been. Diversifying into general industrial, diversifying into new markets geographically, introducing new innovations and offsetting some of those cyclical markets by growing into new markets. Their diversification is a result of a focused and capable expansion into those new markets.

向 Bruce 和 Thurmond 的領導團隊及整個組織致敬，因為他們有意且成功地做到了，就像我們過去 5 年甚至 10 年在 CEO 所做的那樣。透過拓展新市場，進軍一般工業領域，拓展新市場，引進創新技術，並透過開拓新市場來抵銷部分週期性市場波動的影響。他們實現多元化是目標明確、能力出眾地拓展新市場的結果。

So when you look at them today, 30% comes from oil and gas, let's say. But if you went back 10 or 15 years, that might have been as high as 75% or 80%. So I would really want to say that they might not have the same opportunities for us in an immediate short-term to be quite as nimble and move from industry to industry, but they've certainly proven that over time they have a lot of athleticism to expand into adjacent markets and to become much more balanced.

所以，如果你看看今天的經濟結構，比如說，其中 30% 來自石油和天然氣。但如果你把時間倒回 10 年或 15 年前，這個數字可能高達 75% 或 80%。因此，我想說的是，在短期內，他們可能沒有給我們相同的機會，讓我們能夠像我們一樣靈活地從一個行業轉移到另一個行業，但他們已經證明，隨著時間的推移，他們擁有很強的適應能力，可以擴展到相鄰市場，並變得更加平衡。

That's super helpful caller. I really appreciate that, Todd and Peter, and then the produced water, that's something that I'm very interested and I don't think enough people appreciate it. The large opportunity there when every barrel of oil in the Permian comes with 5 to 7 barrels of produced water. What I was curious to hear from you guys is when you talk about the opportunity, it seems more internationally focused than domestically. I'm just kind of curious as to why is that and. Thank you.

這位來電者真是太熱心了。我非常感謝托德和彼得，還有產出水，我對此非常感興趣，但我認為很多人並沒有真正重視它。二疊紀盆地每生產一桶石油就會產生 5 到 7 桶產出水，其中蘊藏著巨大的商機。我想聽聽你們的看法，當你們談到這個機會時，似乎更專注於國際市場而不是國內市場。我只是有點好奇為什麼會這樣。謝謝。

Yeah, Bobby, that's an easy one. Our solution's set. Is designed around large fields and fixed process equipment. We, the Permian and other basins are around mobile equipment. They drill a well, they produce, the well lapses, they move the equipment to the next well pad.

是的，鮑比，這很簡單。我們的解決方案已定。它是圍繞著大型油田和固定工藝設備設計的。我們，以及二疊紀盆地和其他盆地，都圍繞著移動設備。他們鑽一口井，進行生產，井失效後，他們將設備轉移到下一個井場。

It's much more of a gathering process. It's not a fixed installation at the right time when you're available, we'll show you the photographs of what we're supplying, and you can see you don't want to move it. We're also, treating, magnitudes of water that are far greater than what comes out of a fracked well. That's generally that, that's the reason, now you are right that the Permian does produce a large water cut and it's growing, but there are very good suppliers that cover that already.

這更像是一個收集過程。這不是在您方便的時候進行固定安裝，我們會向您展示我們提供的產品的照片，您會發現您不想移動它。我們處理的水量也遠大於從水力壓裂井產出的水量。大致就是這樣，這就是原因。你說得對，二疊紀盆地的含水量確實很高，而且還在成長，但已經有很多很好的供應商可以滿足這部分需求了。

Got it, really.

明白了，真的明白了。

I really appreciate the call. I'll return it.

非常感謝您的來電。我會把它退回去。

To you. Thank you.

給你。謝謝。

And our next question will be coming from Emmet Dial of HC Wainwright. Your line is open, Emmit. Thank you. Good.

下一個問題將來自 HC Wainwright 公司的 Emmet Dial。艾米特，你的線已接通。謝謝。好的。

Morning, everyone. So Todd, just, on Sequo's standalone outlook for 2026, does that include any potential, small acquisitions, or is that all organic? This is all organic. Our current outlook only reflects our aforementioned backlog, pipeline, and organic investments.

大家早安。所以 Todd，關於 Sequo 對 2026 年的獨立展望，其中是否包括任何潛在的小型收購，還是全部都是內生成長？這些都是純天然的。我們目前的展望僅反映了我們上述的積壓訂單、在建項目和內生性投資。

Awesome, and then, for the combined company, how should we think about, potential growth rates you're above 20%, as a standalone entity right now. I mean, could this accelerate even further, as a combined entity?

太棒了！那麼，對於合併後的公司，我們該如何看待潛在的成長率呢？你們目前作為一個獨立實體，成長率超過 20%。我的意思是，合併後的發展速度會不會更快？

On the revenue, look, we're, so we have a very good visibility to a medium and longer-term here with our pipeline. We'll learn more about Thurmont's pipeline as we go forward. Their growth has been at a very attractive rate and. Market, we believe and certainly from from our conversations and our analysis that they have a rich opportunity set in front of them, not just with their install base, not just because of their exposure to these growth markets, but because of their great innovations that they've been launching, which opens up.

關於收入方面，你看，我們對中長期前景非常清晰，因為我們的產品線很有發展潛力。隨著我們不斷深入，我們將對瑟蒙特管道項目有更多了解。他們的成長速度非常可觀。我們相信，而且從我們的交流和分析來看，市場面前確實存在著豐富的機遇，這不僅是因為他們的安裝基礎，不僅是因為他們涉足這些成長型市場，更是因為他們一直在推出的偉大創新，這些創新帶來了機會。

Inability for them to have points of growth higher than has been their historic average. We have, these incredible, this incredible super cycle with us right now with power, with natural gas infrastructure on the industrial layer side with what we see as a continuous reshoring activity in some of the larger markets that people are grabbing onto the headlines with respect to semiconductor. Those are with us for a while. Those aren't small projects.

他們的增長點無法超過其歷史平均值。我們現在正經歷著令人難以置信的超級週期，電力、天然氣基礎設施等工業領域都出現了成長，同時我們看到一些大型市場正在持續回流，人們紛紛關注半導體產業的相關新聞。它們會和我們在一起一段時間。這些都不是小項目。

When we win in semiconductor, we're we're winning, fairly large and long standing applications and installations and relationships with those customers. I, I'm bullish. You can tell we have an outlook for 2026 which is completely organic, which is, again at the greater than 20% level. We believe. That our outlook into the next few years represents a similar opportunity to maintain that very strong double-digit growth.

當我們贏得半導體產業時，我們贏得的是相當大的、長期的應用、安裝以及與這些客戶的關係。我，我看好它。你可以看出我們對 ​​2026 年的展望完全是有機成長，再次達到 20% 以上的水平。我們相信。展望未來幾年，我們有望維持兩位數的強勁成長。

Look, Thermont solidifies that. If it doesn't add to the growth rate in terms of the percentages, it adds to the consistency in the business mix that we'll have quarter by quarter. And look, these adjacent markets and the opportunity to work together with innovation is going to be powerful. This is a Growth story here.

你看，Thermant 證實了這一點。即使它不能提高百分比成長率，但它能增強我們每季業務組合的穩定性。而且，這些相鄰市場以及透過創新開展合作的機會將會非常強大。這是一個成長的故事。

This is an investment, at the risk of sounding like it's hyperbole, we are two companies that are really clicking on a lot of cylinders, and we have an opportunity much like we've done with the vast majority of our previous M&A activity to maximize growth together, and that's what we plan to do with Bruce and the team. Thank you guys. That's all I had. Thank you, Ahmed.

這項投資，雖然聽起來可能有些誇張，但我們兩家公司在很多方面都非常契合，我們有機會像以往的大多數併購活動一樣，共同實現增長最大化，而這正是我們計劃與 Bruce 和他的團隊一起實現的。謝謝大家。這就是我全部的家當。謝謝你，艾哈邁德。

And I would now like to.

我現在很想這麼做。

Go ahead.

前進。

Turn the call back to Todd for closing remarks.

請托德作總結發言。

Thank you. I was anticipating that. Well, thanks everybody for the questions and the interest to our new friends at Thermond. We can't wait to meet many of you in the coming period. Thanks again to our global teams that are delivering incredible value to our customers as we continue to protect people, protect the environment, and protect our customers' investment in their industrial equipment.

謝謝。我預料到了。感謝大家的提問，也感謝大家對我們在Thermold的新朋友的關注。我們非常期待在接下來的時間裡與大家見面。再次感謝我們的全球團隊，他們為我們的客戶創造了巨大的價值，我們將繼續保護人民、保護環境，並保護客戶在工業設備上的投資。

We will be participating in some upcoming conferences in March, both Roth and Citadel's small midcap industrials conference. So we hope to see you in March at those events or at other opportunities to meet, whether it's in Dallas or on the road. Thanks everyone. Have a great day and we'll talk to you soon.

我們將參加三月即將舉行的一些會議，包括 Roth 和 Citadel 的小型中型工業股會議。所以我們希望三月能在這些活動或其他見面機會中見到您，無論是在達拉斯還是在路上。謝謝大家。祝你今天過得愉快，我們很快再聯絡。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝您的參與。您現在可以斷開連線了。