Crane Company (CR) 2026 Q1 法說會逐字稿

Welcome to the Crane Company first quarter 2026 earnings conference call. (Operator Instructions)

歡迎參加克瑞恩公司（Crane Company）2026 年第一季財報電話會議。（接線員指示）

I would like to now turn the call over to Allison Poliniak, Vice President of Investor Relations.

現在我想把電話交給投資人關係副總裁 Allison Poliniak。

Please go ahead.

請開始。

Thank you, operator, and good day, everyone. Welcome to our first quarter 2026 earnings release conference call. I'm Allison Poliniak, Vice President of Investor Relations. On our call this morning, we have Alex Akola, President and Chief Executive Officer; and Rich Maue, our Executive Vice President and Chief Financial Officer; along with Jason Feldman, Senior Vice President, Investor Relations, Treasury and Tax, who's on for Q&A.

謝謝接線員，各位早安／午安。歡迎參加我們 2026 年第一季財報發布電話會議。我是投資人關係副總裁 Allison Poliniak。今天早上的電話會議中，與會者包括總裁暨執行長 Alex Akola；以及執行副總裁暨財務長 Rich Maue；另外還有資深副總裁（投資人關係、財務與稅務）Jason Feldman，將在問答環節在線。

We will start off our call with a few prepared remarks from Alex and Rich, after which we'll respond to questions. And just a reminder, the comments we make on this call will include some forward-looking statements. We refer you to the cautionary language at the bottom of our earnings release and also in our annual report, 10-K and subsequent filings pertaining to forward-looking statements.

我們將先由 Alex 與 Rich 做一些事先準備的發言，之後回應提問。也提醒各位，我們在本次電話會議中的評論將包含部分前瞻性陳述。請參閱我們財報新聞稿底部以及年度報告 10-K 與後續申報文件中，關於前瞻性陳述的警示性用語。

Also during the call, we will be using some non-GAAP numbers, which are reconciled to the comparable GAAP numbers in tables at the end of our press release and accompanying slide presentation. both of which are available on our website at www.craneco.com in the Investor Relations section.

此外，在本次電話會議中，我們將使用部分非 GAAP 數據；其與可比 GAAP 數據的調節表列於新聞稿末尾及隨附簡報的表格中。兩者皆可於我們網站 www.craneco.com 的「投資人關係」專區取得。

Now let me turn the call over to Alex.

現在讓我把電話交給 Alex。

Thank you, Allison, and good morning, everyone. We appreciate you joining us today. As I step into the role of CEO, I'm energized by the opportunity to leave Crane at a time with strong leadership, disciplined execution and agility truly matter. Much like this time a year ago, we are operating in an environment that continues to evolve rapidly. Fortunately, our business system, the CBS machine together with our global team's relentless focus, resilience and commitment to execution with a disciplined cadence continues to differentiate Crane.

謝謝 Allison，各位早安。感謝各位今天加入。當我接任執行長一職，我對於在一個強而有力的領導、嚴謹的執行力與敏捷性真正至關重要的時刻帶領 Crane，感到振奮。就像一年前的此時，我們正處於一個持續快速演變的環境中。所幸，我們的業務系統——CBS 機制——結合全球團隊對焦點的持續投入、韌性，以及以嚴謹節奏落實執行的承諾，持續讓 Crane 脫穎而出。

We view periods of uncertainty and market dislocation, not as obstacles but as opportunities to elevate our performance. Time and again, Crane has emerged from challenging environment stronger than before and increasingly advantaged relative to our competitors. And we're off to a strong start in 2026, with first quarter results reflecting excellent execution across the company, exceeding our expectations and underscoring the strength of our teams and our commitment to delivering shareholder value.

我們將不確定性與市場錯位的時期視為提升績效的機會，而非障礙。一次又一次，Crane 都能在充滿挑戰的環境中變得比以往更強，並相對競爭對手取得更有利的地位。2026 年我們開局強勁，第一季成果反映公司各面向的卓越執行，表現超出我們預期，也凸顯團隊實力與我們致力於為股東創造價值的承諾。

Adjusted EPS of $1.65 was up 15% over the prior year, driven by 4% core sales growth reflecting broad-based strength at Aerospace and Advanced Technologies and continued strong execution at Process Flow Technologies, including solid core order and backlog momentum. Also of note with the strong performance of our recent acquisitions that drove substantial amount of upside in the quarter relative to our expectations.

調整後每股盈餘（Adjusted EPS）為 1.65 美元，較去年同期成長 15%，主要由 4% 的核心銷售成長所帶動，反映航太與先進科技（Aerospace and Advanced Technologies）廣泛的強勁表現，以及製程流體技術（Process Flow Technologies）的持續優異執行，包括穩健的核心訂單與在手訂單（backlog）動能。同時值得一提的是，我們近期收購案的強勁表現，為本季相較我們預期帶來可觀的上行貢獻。

Druck, Panametrics, Reuter-Stokes and optek all performed exceptionally well with integration and deployment of CBS progressing ahead of plan and early benefits emerging faster than anticipated and ahead of what was reflected in our January guidance. We entered the year with positive momentum of both AAT and PFT.

Druck、Panametrics、Reuter-Stokes 與 optek 的表現皆極為出色；整合與 CBS 導入進度超前計畫，且早期效益出現速度快於預期，也快於我們 1 月指引所反映的情況。我們以 AAT 與 PFT 兩大事業皆具正向動能的狀態進入今年。

As the first quarter progressed, our execution further strengthened our confidence in the underlying earnings trajectory for the year. At the same time, however, the external environment became more challenging. Geopolitical dynamics are evolving and macroeconomic uncertainty is still very much part of that backdrop.

隨著第一季推進，我們的執行進一步強化了我們對全年獲利走勢的信心。然而同時，外部環境也變得更具挑戰。地緣政治動態持續演變，而總體經濟不確定性仍然是背景的一部分。

Taking all of this into account, our performance to date and the range of scenarios, risks and opportunities we see ahead, we are raising our adjusted full year outlook by $0.10 to a range of $6.65 to $6.85. Our guidance reflects what we have clear line of sight to and high level of confidence in delivery even against a more uncertain macro backdrop, and it assumes continued elevated energy prices and inflation through the balance of the year.

綜合考量上述因素、我們迄今的表現，以及我們對未來各種情境、風險與機會的評估，我們將全年調整後展望上調 0.10 美元至 6.65 至 6.85 美元區間。我們的指引反映了我們具備清晰能見度且對交付具有高度信心的部分，即使在更不確定的總經背景下亦然；並假設能源價格與通膨在今年剩餘期間仍維持高檔。

And already factors in potential decline in commercial aftermarket. In addition, as you would expect, our teams have actions to get ahead of the increased inflation as we move through the year. We remain focused on execution, continuing to build on our momentum and finding potential opportunities to over deliver.

此外，指引也已納入商用售後市場（commercial aftermarket）可能下滑的因素。同時，如各位所預期，我們的團隊也已採取行動，以因應今年後續可能加劇的通膨。我們仍專注於執行，持續在既有動能上再接再厲，並尋找超額達成的機會。

Across the organization, we continue to stay agile in a dynamic environment. Our deep management teams have been here before, and we will manage with the cadence and disciplined execution that you have all come to expect from Crane.

在整個組織中，我們持續在動態環境下保持敏捷。我們深厚的管理團隊曾多次面對類似情況，我們將以各位對 Crane 一向期待的節奏與嚴謹執行來進行管理。

Now some thoughts on the performance of the recent acquisitions and the segments in the quarter and as we look to the balance of 2026. As I mentioned, the acquisitions performed exceptionally well. I'm extremely pleased with the execution and pace of improvements.

接著談談近期收購案與各事業群在本季的表現，以及我們對 2026 年剩餘期間的看法。如我所提，收購案表現極為出色。我對執行力與改善速度感到非常滿意。

Over the years, we have built tremendous organizational capability that has enabled us to integrate four businesses simultaneously at speed and with 0 disruption to the core businesses. This performance reinforces the strength of CBS and the opportunity to create meaningful shareholder value through continued disciplined inorganic growth, combined with the power of the CBS machine.

多年來，我們建立了卓越的組織能力，使我們能夠同時整合四項業務，且速度快、對核心業務零干擾。這樣的表現再次印證 CBS 的強大，以及透過持續、嚴謹的外延式成長（inorganic growth）並結合 CBS 機制的力量，創造具意義股東價值的機會。

The teams are energized, having fun and are driving results better than our expectations at the start of the year. Strong operational execution, restructuring cost actions and early commercial excellence momentum drove a majority of the upside relative to our January guidance. reinforcing our confidence in both the quality of the businesses and our integration playbook.

團隊士氣高昂、樂在其中，並推動成果優於我們年初的預期。強勁的營運執行、重整成本措施，以及商業卓越（commercial excellence）動能的早期展現，帶動了相較 1 月指引的大部分上行表現，進一步強化我們對這些業務品質與整合作戰手冊的信心。

Margins across the acquired businesses were substantially improved from last year and ahead of our plan, and we see opportunity for continued progression in the quarters ahead. More specifically, we now expect the margin and earnings contribution from the acquisitions to be more evenly weighted throughout the year compared to our prior expectation of back-half weighted performance.

收購業務的利潤率較去年大幅改善，且優於我們的計畫；我們也看到未來幾季仍有持續提升的空間。更具體而言，相較於先前預期表現偏向下半年（back-half weighted），我們現在預期收購案的利潤率與獲利貢獻將在全年更為平均分布。

Based on what we're seeing today, we now expect accretion for the full year to be at least double what we communicated in January or about $0.15 of EPS. And my confidence in exceeding our target ROIC by year 5 has only increased over the last few months. I'm so proud of all our new associates that have joined Crane this year and I'm excited to see where we will continue to take these outstanding brands in the future.

根據我們目前所見，我們現在預期全年增益（accretion）至少將達到我們 1 月所溝通的兩倍，約為每股盈餘 0.15 美元。而在過去幾個月中，我對於在第 5 年超越我們目標投資資本報酬率（ROIC）的信心也只增不減。我為今年加入 Crane 的所有新同仁感到非常自豪，也期待未來我們將把這些卓越品牌帶往何處。

We are already moving beyond just the tactical integration actions and are well on our way with strategy deployment, painting a very exciting future for everyone, including our shareholders. Turning to Aerospace & Advanced Technologies. We continue to see strength across the aerospace and defense demand environment.

我們已不僅止於戰術性的整合行動，並正穩步推進策略部署（strategy deployment），為所有人（包括股東）描繪出非常令人振奮的未來。接著談航太與先進科技。我們持續看到航太與國防需求環境的強勁態勢。

The backlog we've built, along with the new programs and opportunities, our aerospace and advanced technology teams have secured continue to provide us with great visibility well beyond 2026. Looking to the balance of the year, we continue to expect full year core sales growth for the segment to land at the high end of our long-term 7% to 9% range.

我們所建立的在手訂單（backlog），加上航太與先進科技團隊所取得的新專案與機會，持續為我們提供遠超 2026 年的良好能見度。展望今年剩餘期間，我們仍預期該事業群全年核心銷售成長將落在我們長期 7% 至 9% 區間的高端。

On the commercial side, OE activity remains healthy with Boeing continuing with strong production rates. Commercial aftermarket revenue was down as expected in the quarter due to unfavorable year-over-year comparisons, while commercial aftermarket orders were up 11% in the quarter. While we haven't seen an impact to orders at this time, given the geopolitical situation, elevated oil prices and long-haul travel disruption through the Middle East, we could see an impact to commercial aftermarket as the year progresses.

在商用方面，原廠（OE）活動仍維持健康，波音持續保持強勁的生產速率。由於不利的年對年比較，商用售後市場營收如預期在本季下滑；但商用售後市場訂單在本季成長 11%。雖然目前我們尚未看到訂單受到影響，但考量地緣政治情勢、油價高檔，以及中東地區長程旅行受干擾，隨著年度推進，我們可能會看到商用售後市場受到影響。

However, even factoring in a decline in commercial aftermarket, we remain confident in our 7% to 9% sales growth range, leveraging at 35% to 40%. Rich will provide more details on how we're thinking about this. On the defense side, a lot of activity and interesting industry announcements over the past few weeks.

然而，即使納入商用售後市場下滑的因素，我們仍對 7% 至 9% 的銷售成長區間充滿信心，槓桿效益（leverage）為 35% 至 40%。Rich 將就我們對此的思考提供更多細節。在國防方面，過去幾週出現大量活動與一些有趣的產業公告。

Procurement spending remains solid, and there's a continued focus on strengthening the product defense industrial base given the heightened global uncertainty we continue to see. We are seeing significant demand signals across both missile defense and radar applications among other areas in our portfolio, further strengthening the long-term outlook with the potential for some benefit this year depending on order timing and lead times.

採購支出仍然穩健，且在我們持續看到全球不確定性升高的情況下，市場持續聚焦於強化國防產業基礎（defense industrial base）。我們在投資組合中的多個領域（包括飛彈防禦與雷達應用）看到顯著的需求訊號，進一步強化長期展望；並可能視訂單時點與交期（lead times）而定，在今年帶來部分助益。

In the quarter, we received strong orders for the PAC-3 program lerwings. Additionally, we received incremental orders for TAM and are currently under negotiations for additional contracts with other providers.

本季我們收到 PAC-3 計畫翼片（lerwings）的強勁訂單。此外，我們也收到 TAM 的增量訂單，目前正與其他供應商就額外合約進行協商。

We fully anticipate additional orders in these 2 defense growth areas as we move through the year. And beyond this, we continue to develop new technologies, win new business and pursue additional opportunities across the segment that gives us confidence we'll deliver above-market growth for the rest of the decade.

隨著年度推進，我們完全預期在這兩個國防成長領域將有更多訂單。除此之外，我們也持續開發新技術、贏得新業務並在該事業群中追求更多機會，這讓我們有信心在本十年剩餘期間交付高於市場的成長。

Particularly on the defense side, we expect replenishment of military aircraft fares and missiles, along with continued demand for ground-based radar systems, all extending the period of strong demand for years. Very confident for yet another outstanding year at Aerospace & Advanced Technologies. At Process Flow Technologies, another solid quarter, and we remain well positioned to consistently outgrow our markets across the cycles.

特別是在國防端，我們預期軍用飛機票價與飛彈的補充需求，以及地面雷達系統的持續需求，將使強勁需求的期間延續多年。我們對航太與先進技術（Aerospace & Advanced Technologies）再創一個傑出年度充滿信心。在製程流體技術（Process Flow Technologies）方面，本季同樣表現穩健，我們仍處於有利位置，能在各景氣循環中持續跑贏所處市場。

We have deliberately repositioned the portfolio around core end markets pharmaceuticals, wastewater, cryogenics, chemicals and nuclear power where we hold strong competitive positions and differentiated capabilities that support sustainable market outperformance.

我們已刻意將投資組合重新定位，聚焦於我們具備強勁競爭地位與差異化能力的核心終端市場——製藥、廢水處理、低溫（cryogenics）、化學品與核能——這些能力可支撐我們在市場上持續超越同業。

Overall demand for the quarter came in slightly ahead of our expectations and execution was strong, driving a 50 basis point improvement in adjusted margins even with the dilutive impact of acquisitions. On the order side, power generation remained a key area of strength. We also saw solid project activity in pharma tied to US capacity expansion continued momentum in cryogenics driven by capacity needs within the space launch segment and strong orders in LNG.

整體而言，本季需求略高於我們的預期，且執行力強勁；即使併購帶來稀釋影響，調整後利潤率仍提升了50個基點。在接單方面，發電仍是主要強項。我們也看到與美國產能擴張相關的製藥專案活動穩健；受太空發射領域產能需求帶動，低溫業務動能延續；LNG（液化天然氣）接單亦表現強勁。

In nuclear, as part of the Holtec Palisades restart, we're able to add value by extending contract terms. With respect to the ongoing conflict, note that only about 5% of PFT segment sales are directly exposed to the Middle East.

在核能方面，作為 Holtec Palisades 重啟計畫的一部分，我們能透過延長合約期限來創造附加價值。就持續中的衝突而言，請注意 PFT 事業部門的銷售僅約5%直接曝險於中東。

While we're continuing to ship today and overall demand in the region in the quarter was on track, we do see projects moving to the right and potentially impacting the balance of 2026, along with some shipment lane disruptions. Notably, we're not seeing cancellations. Longer term, we do see incremental opportunities for rebuilding as the geopolitical environment stabilizes.

雖然我們目前仍持續出貨，且本季該區域整體需求符合進度，但我們確實看到部分專案時程往後遞延，可能影響2026年其餘期間，並伴隨一些運輸航線的中斷。值得注意的是，我們並未看到取消訂單。長期來看，隨著地緣政治環境趨於穩定，我們也看到重建所帶來的增量機會。

And even with this uncertain backdrop, we continue to invest for long-term growth through disciplined execution of our multiyear technology and new product development road maps along with ongoing commercial excellence initiatives, all supported by strong and consistent operational execution.

即便在此不確定的背景下，我們仍持續透過嚴謹執行多年期技術與新產品開發藍圖，以及持續推動商業卓越（commercial excellence）計畫來投資長期成長；上述皆由強勁且一致的營運執行所支撐。

Tactically, we have proven our ability to respond quickly to changes in demand. We will remain nimble during this period, taking appropriate pricing and cost actions as needed. For the full year, we still expect core growth to be consistent with our initial guidance of flat to low single digits, leveraging within our target range of 30% to 35%. In summary, a really solid start.

在戰術層面，我們已證明能快速回應需求變化。我們將在此期間保持靈活，視需要採取適當的定價與成本措施。就全年而言，我們仍預期核心成長將符合初始指引——持平至低個位數成長——槓桿率（leveraging）維持在目標區間30%至35%。總結來說，這是一個非常穩健的開局。

Our strategy is unchanged and we remain focused on managing through any near-term demand variability without losing sight of our long-term objectives. Taken together, our businesses remain exceptionally well positioned to continue delivering strong results. We also continue to see significant opportunity to further enhance performance through acquisitions. Our balance sheet remains exceptionally strong. with substantial available M&A capacity and we continue to pursue a robust pipeline of potential opportunities.

我們的策略不變，仍專注於在管理短期需求波動的同時，不偏離長期目標。綜合而言，我們的各項業務仍處於極佳位置，可持續交出強勁成果。我們也持續看到透過併購進一步提升績效的重大機會。我們的資產負債表依然非常強健，具備充足的可用併購（M&A）能力，並持續追求一條強勁的潛在機會管線。

M&A activity has not slowed, and we are actively engaged on a number of opportunities across both Aerospace and Advanced Technologies and process world technologies. While there is nothing imminent at this point, our pipeline remains healthy, and we remain disciplined and selective as we evaluate potential transactions.

併購活動並未放緩，我們正積極推進航太與先進技術以及製程世界技術（process world technologies）兩大領域的多項機會。雖然目前沒有任何迫在眉睫的交易，我們的機會管線仍然健康；在評估潛在交易時，我們仍保持紀律並審慎挑選。

Before turning the call over to Rich, I want to emphasize that while external conditions remain dynamic, our focus has not changed. We remain disciplined in the areas we control. execution, customer focus, cost improvements, development of our people and continued investment in our growth initiatives and technology road maps.

在把電話會議交給 Rich 之前，我想強調：儘管外部環境仍在動態變化，我們的重點並未改變。我們仍在可控的領域保持紀律——執行力、客戶聚焦、成本改善、人才發展，以及持續投資於成長計畫與技術藍圖。

We believe this approach positions Cranes to outperform our end markets and create long-term shareholder value. Regardless of near-term volatility over the long term, our approach remains consistent. We will deliver a 4% to 6% long-term core sales growth through the cycles from resilient and durable businesses with solid aftermarket. Substantial operating leverage on top of our already solid margins today that should lead to double-digit average annual core profit growth with significant upside from capital deployment.

我們相信這種做法能讓 Crane 在終端市場中表現優於同業，並創造長期股東價值。無論短期波動如何，長期而言我們的方法始終一致。我們將憑藉具韌性且耐久的業務與穩健的售後市場，在景氣循環中實現4%至6%的長期核心銷售成長。在我們目前已相當穩健的利潤率基礎上，還將疊加可觀的營運槓桿，進而帶動核心獲利年均雙位數成長；資本配置亦可帶來顯著上行空間。

Now let me turn the call over to our CFO, Mr. Rich Maue for more specifics on the quarter.

現在我把電話會議交給我們的財務長（CFO）Rich Maue 先生，請他就本季提供更具體的說明。

Thank you, Alex, and good morning, everyone. Wow, what a start to the year. Let me start off with total company results. Total sales were up 25% in the quarter compared to last year, with 4% core growth driven primarily by the ongoing strength within the Aerospace & Advanced Technologies segment. Sales from acquisitions contributed 18% and in the quarter, which was modestly above expectations, reflecting strong execution as these four new businesses become a part of the Crane machine.

謝謝你，Alex，各位早安。哇，今年的開局真是亮眼。我先從公司整體業績談起。本季總銷售額較去年同期成長25%，其中核心成長4%，主要由航太與先進技術事業部門的持續強勁表現所帶動。併購帶來的銷售貢獻為18%，且本季略高於預期，反映出在這四家新業務納入 Crane 體系的過程中，我們的執行力強勁。

Adjusted operating profit increased 29%, reflecting the impact of the higher core sales, contribution from the acquisitions and productivity and favorable price net of inflation, a truly outstanding result. And total core FX-neutral backlog was up 9% compared to the first quarter last year, reflecting continued strength at Aerospace and Advanced Technologies, and core backlog was up 3% sequentially driven primarily by process flow technologies.

調整後營業利益成長29%，反映核心銷售提升、併購貢獻，以及生產力改善與價格（扣除通膨後）的正向影響，這確實是非常傑出的成果。此外，按核心口徑且以固定匯率（FX-neutral）計算的總在手訂單（backlog）較去年第一季成長9%，反映航太與先進技術的持續強勁；核心在手訂單較前一季成長3%，主要由製程流體技術所帶動。

Core orders were down 5% year-over-year, but were modestly better than we expected. The decline was entirely driven by an unfavorable comparison within Aerospace and Advanced Technologies where a 15% decline reflected the record first quarter orders last year in this business, which included several multiyear orders that we highlighted to you last April. Core orders in PFT increased 5% compared to last year, and core backlog in PFT was up 7% compared to December.

核心訂單年減5%，但略優於我們的預期。下滑完全來自航太與先進技術的比較基期不利：該業務年減15%，反映去年第一季創紀錄的接單，其中包含數筆多年期訂單，我們在去年4月曾向各位重點說明。PFT 的核心訂單較去年成長5%，且 PFT 的核心在手訂單較12月成長7%。

Backlog and orders across the acquisitions were also solid, coming in modestly above our expectations and continuing to support a strong full year outlook. From a balance sheet perspective, we ended the quarter with pro forma net leverage at 1.4x, leaving us well positioned for further M&A, as Alex noted. A few more details on the segments in the quarter.

併購業務的在手訂單與接單也同樣穩健，略高於我們的預期，並持續支撐全年強勁展望。就資產負債表而言，我們在本季末的備考（pro forma）淨槓桿為1.4倍，使我們如 Alex 所述，仍具備進一步併購的良好條件。接下來補充本季各事業部門的幾點細節。

Starting with Aerospace & Advanced Technologies. Sales of $318 million increased 28% in the quarter with core sales up 9.4%. Our backlog of nearly $1.2 billion increased 14% on a core basis and increased 24%, including drug. On a sequential basis, core backlog increased 2% with total backlog up 11%. Again, no surprises and at record levels.

先從航太與先進技術開始。本季銷售額3.18億美元，年增28%，核心銷售成長9.4%。我們接近12億美元的在手訂單按核心口徑成長14%，若包含 Druck，則成長24%。以季比來看，核心在手訂單成長2%，總在手訂單成長11%。同樣地，沒有意外，且處於創紀錄水準。

Demand remains strong. We are seeing increasing RFP and RFQ activities across several defense programs supporting missile defense and ground-based radars, some of which reflect recent wins at some of our defense customers giving us further confidence in our multiyear outlook.

需求仍然強勁。我們看到多項支援飛彈防禦與地面雷達的國防計畫之 RFP 與 RFQ 活動增加，其中部分反映我們在某些國防客戶端近期的得標，進一步強化我們對多年期展望的信心。

Let me spend a minute on the core business in the quarter. On the OEM side, sales were strong, up 16% with commercial OEM up 20% and military up 10%. Total aftermarket was down 2% in the quarter with military aftermarket posting a very strong increase, up 28% in the quarter, reflecting the breadth and strength of our portfolio.

我花一點時間談談本季核心業務。在 OEM 端，銷售強勁，成長16%，其中商用 OEM 成長20%，軍用成長10%。本季售後市場（aftermarket）總體下滑2%，但軍用售後市場本季大幅成長28%，反映我們產品組合的廣度與強度。

That military strength was offset by commercial aftermarket, which was down 13% as expected. Specific to commercial aftermarket shipments were largely in line with what we expected for Q1, but with an unfavorable comparison against higher initial provisioning in the prior year first quarter.

上述軍用強勁表現被商用售後市場所抵銷；商用售後市場如預期下滑13%。就商用售後出貨而言，基本符合我們對第一季的預期，但與去年第一季較高的初始備品供應（initial provisioning）相比，形成不利比較。

Even with that decline, we came in above our growth expectations for the quarter. Of note, commercial aftermarket orders in the quarter were up 11% year-over-year and 10% sequentially. While we haven't seen any impacts to order so far resulting from the ongoing conflict, elevated oil prices and disruptions to long-haul travel through the Middle East could create pressure on commercial aftermarket as the year progresses.

即便有此下滑，我們本季仍高於原先的成長預期。值得注意的是，本季商用售後訂單年增11%，季增10%。雖然目前尚未看到持續衝突對訂單造成影響，但油價走高以及穿越中東的長程旅行受干擾，可能在今年後續對商用售後市場形成壓力。

We are factoring into our guidance that commercial aftermarket could decline on a full year basis. Taken all together, though, we remain very confident in our full year segment sales outlook. We continue to expect total core sales growth at the high end of our 7% to 9% algorithm.

我們在指引中已納入商用售後市場可能在全年呈現下滑的假設。綜合來看，我們對該事業部門全年銷售展望仍非常有信心。我們仍預期核心銷售總成長將落在7%至9%演算法區間的高端。

While the mix across subsegments may shift as the year plays out, our overall guidance is unchanged and that really speaks to the diversity and durability of our aerospace and advanced technologies portfolio. Adjusted segment margin of 24.6% compared to 26.2% last year, primarily reflecting the impact of the Druck acquisition.

雖然各子領域的組合可能隨著年度進展而變動，但我們的整體指引不變，這也充分說明我們航太與先進技術投資組合的多元性與耐久性。調整後事業部門利潤率為24.6%，去年為26.2%，主要反映 Druck 併購的影響。

This was an outstanding result and nearly 200 basis points better than we expected given drug outperformance in the quarter as well as continued strong performance in our core A&E business. At Process Flow Technologies, in Q1, we delivered sales of $378 million, up 23% compared to a year ago with core sales down 0.6%, slightly better than we anticipated with the acquisitions of Panametrics, Reuter-Stokes and optek-Danulat adding 19 points of growth and FX contributed 4 points of growth in the quarter.

這是非常傑出的成果；考量到本季 Druck 表現優於預期，以及我們核心 A&E 業務持續強勁的表現，該結果較我們原先預期好將近200個基點。在製程流體技術方面，第一季我們實現銷售額3.78億美元，較去年同期成長23%；核心銷售下滑0.6%，略優於我們的預期。Panametrics、Reuter-Stokes 與 optek-Danulat 的併購貢獻帶來19個百分點的成長，而匯率（FX）在本季貢獻4個百分點的成長。

Compared to the prior year, FX-neutral backlog at PFT decreased 2.5%, but on a sequential basis, improved a solid 7%. In addition, core FX-neutral orders were up 5% and also modestly above our expectations. Adjusted operating margin of 22.1% was approximately 50 basis points above the prior year, and this was inclusive of the dilutive impact from the recent acquisitions.

與前一年相比，PFT 以匯率中性計算的在手訂單（backlog）下降 2.5%，但以季比來看，則明顯改善 7%。此外，核心匯率中性訂單成長 5%，也略高於我們的預期。調整後營業利益率為 22.1%，約較前一年高 50 個基點，且已包含近期併購帶來的稀釋影響。

And like Aerospace and Advanced Technologies, results were above our expectations given better performance across our core businesses and each acquired business. Productivity is reading through as well as price. In the quarter, the impact from the conflict in the Middle East was nominal, as Alex mentioned, we have just under 5% of total exposure in region on a full year basis.

而且如同航太與先進技術事業一樣，鑑於我們核心業務與各項併購業務的表現更佳，結果也高於我們的預期。生產力的成效正在顯現，定價亦然。本季中東衝突的影響很小；如 Alex 所提，我們在該區域按全年基礎計算的總曝險略低於 5%。

We expect projects to move to the right, and we do expect notable freight and other inflationary headwinds as we move through the balance of 2026. Our teams are already executing to ensure no net inflation risk to the P&L inclusive of margin impacts. In summary, we continue to expect core operating leverage for the segment between 30% to 35% for the full year. Moving to the non-operational items below the segments. Corporate expense for the quarter was $24 million, slightly lower than our expectations.

我們預期專案時程將往後遞延（move to the right），且在 2026 年剩餘期間推進時，我們預期將面臨顯著的運費及其他通膨逆風。我們的團隊已在執行相關措施，以確保損益表（P&L）不承擔淨通膨風險（包含對利潤率的影響）。總結而言，我們仍預期該事業群全年核心營運槓桿介於 30% 至 35%。接著談各事業群以下的非營運項目。本季公司費用為 2,400 萬美元，略低於我們的預期。

Recall, we anticipated corporate expense to be highest in Q1 due to accounting rules that require accelerated amortization of stock-based compensation expense for associates that are retirement eligible. For 2026, we continue to forecast corporate expense to be in the range of $80 million to $85 million.

請回想，我們原先預期公司費用在第一季最高，原因是會計規則要求對符合退休資格的員工，其股票基礎薪酬費用需加速攤銷。對於 2026 年，我們仍預估公司費用將落在 8,000 萬至 8,500 萬美元區間。

Given the funding for the acquisitions of Panametrics, Druck, Reuter Stokes and optek-Danulat, non-operating expense in the quarter was $15 million, and we continue to estimate full year 2026 net nonoperating expense of approximately $58 million. And lastly, we continue to expect our tax rate for 2026 to approximate 23%. Taking all of this into account, our performance to date as well as the risks and opportunities we see ahead.

由於為 Panametrics、Druck、Reuter Stokes 與 optek-Danulat 的併購提供資金，本季非營運費用為 1,500 萬美元；我們仍估計 2026 年全年淨非營運費用約為 5,800 萬美元。最後，我們仍預期 2026 年稅率約為 23%。綜合以上因素，考量我們迄今的表現，以及我們對未來所見的風險與機會。

As Alex mentioned, we are raising our adjusted full year guidance by $0.10 to a range of $6.65 to $6.85 again, reflecting what we have clear line of sight to and a high level of confidence in delivering. Looking at the cadence of quarterly results for the year. We expect Q2 to be similar to Q1 and our full year earnings split to now be more balanced at around 49% to 51% between the first and second half given the strong Q1 performance.

如 Alex 所提，我們將全年調整後指引上調 0.10 美元至 6.65 至 6.85 美元區間，再次反映我們具備清晰可見度且對達成具有高度信心的部分。就全年各季結果的節奏而言，我們預期第二季將與第一季相近；由於第一季表現強勁，我們預期全年獲利分布將更為均衡，約有 49% 至 51% 落在上半年與下半年之間。

The second half earnings performance is expected to be more evenly balanced relative to our historical quarterly cadence of a sequential decline from Q3 to Q4 and given the expected performance of our recent acquisitions. We began the year with performance that exceeded our expectations, underscoring the strength of our teams, our strategic direction and our execution.

下半年獲利表現預期將較以往更為平均，過去我們的季度節奏通常是第三季到第四季呈現季比下滑；此外也考量近期併購案的預期表現。我們以超出預期的表現開局，凸顯我們團隊的實力、策略方向與執行力。

We remain committed to building on that momentum and consistently delivering results. You know, Alex, all the uncertainty that everyone is talking about this earnings season reminded me of a notable quote from the Academy Award-winning actor, Ryan Reynolds from a timeless movie classic, National Lampoon's Van Wilder, worrying is like a rocking chair. It gives you something to do, but it doesn't get you anywhere.

我們仍致力於延續這股動能並持續交出成果。你知道的，Alex，這個財報季大家談到的各種不確定性，讓我想起奧斯卡得主 Ryan Reynolds 在經典電影《National Lampoon's Van Wilder》中的一句名言：擔心就像搖椅，讓你有事可做，但不會帶你到任何地方。

At Crane, leveraging our CBS machine, we are very intentional and focused on what's in our control, no matter what the environment, and we always view periods of uncertainty as periods of opportunity.

在 Crane，我們善用 CBS 機制，非常有意識且專注於我們可控的事項，不論外部環境如何；而且我們一向將不確定的時期視為機會的時期。

And with that, operator, we are now ready to take our first question.

接下來，接線員，我們現在準備好接受第一個提問。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

[Amit Mehrotra].

[Amit Mehrotra]。

Thanks, operator. Good morning. I wish I had a good movie quote, but I'll have to come up with one next quarter. Maybe starting with the progress you're making on PSI, which is obviously very, very strong and clear. Maybe just unpack where the upside is coming from across Druck, Panametrics, Reuter-Stokes.

謝謝，接線員。早安。我希望我也有一句好的電影台詞，但我得等下個季度再想一個。先從你們在 PSI 上的進展談起，這顯然非常、非常強勁且清楚。能否請你拆解一下，Druck、Panametrics、Reuter-Stokes 這幾個業務的上行動能分別來自哪裡？

And obviously, you've had this target of getting from $60 million to $150 million over 5 years to hit that ROI target. It seems like you're achieving that greater or even faster. Maybe you can just update us on timing with respect to that progression?

而且很明顯，你們原本的目標是在 5 年內從 6,000 萬美元提升到 1.5 億美元，以達成那個投資報酬率（ROI）目標。看起來你們達成的幅度更大、甚至更快。能否就這個進程的時間點更新一下？

Yeah, good morning, Ahmed. Yes. Thank you for the question. So related to PSI, the quarter upside, I mentioned three areas. First, the execution of the three businesses was stronger than expected. Just from a volume standpoint, demand and stronger execution has been very solid.

好的，早安，Ahmed。是的，謝謝你的問題。關於 PSI，本季的上行，我提到三個面向。第一，三個業務的執行力比預期更強。就量的角度而言，需求與更強的執行表現都非常穩健。

So that created some upside. The cost actions. You may recall that we're taking two types of cost actions in the short term. One is eliminated the overall PSI layer, management layer. We're really operating in these three businesses.

因此帶來了一些上行。第二是成本行動。你可能記得，我們短期內採取兩類成本行動。一是移除整體 PSI 的管理層級（management layer）。我們實際上是以這三個業務為單位在運作。

So that was executed very well. We're executing product line simplification there's realignment also resources and restructuring. So we moved -- teams moved quite quickly in the quarter, and we started to see some of that upside. And then the third element is the beginnings of excellence that are starting to read through as we move also at great speed, and expect that to improve during the year. Related to timing overall.

這部分執行得非常好。我們也在推動產品線簡化，並進行資源重新配置與重組。因此團隊在本季推進得相當快，我們也開始看到部分上行。第三個要素是卓越營運（excellence）的初步成果開始顯現；我們也正以很快的速度推進，並預期在今年內持續改善。至於整體時程。

So this year, we came in thinking on the top line, the PSI set of businesses would be in the range of 4% to 6% on the growth. We're now thinking closer to the higher side of that range. And we were thinking we would improve 200 basis points of margin, and now we're thinking at least 300 basis points of margin. So ahead of schedule of our plan. which puts us overall in that 5-year time line really gaining ground. So very confident and over delivering to those benchmarks.

今年一開始，我們原先認為在營收端，PSI 這組業務的成長會落在 4% 到 6% 區間。我們現在認為更接近該區間的高端。我們原先也認為利潤率可改善 200 個基點，現在則認為至少可改善 300 個基點。因此進度領先於我們的計畫，整體而言在 5 年時間軸上確實正在加速達標。我們非常有信心，且會超額達成那些里程碑。

Great. And just maybe as a follow-up, can we talk about PFT core order improvement? Obviously, very, very strong sequentially. Is it enough to sort of call an inflection in the process flow cycle, where you're seeing the strongest momentum across, obviously, you're in various regions and various end markets. Maybe you could just double click on that in terms of where you're seeing that momentum.

很好。再追問一下，能否談談 PFT 核心訂單改善？季比來看顯然非常、非常強。這是否足以稱得上是流程（process flow）循環的拐點（inflection）？你們在不同地區與終端市場都有布局。能否再更深入說明一下，你們在哪些地方看到這股動能？

Yes. So on the question of orders for PFT, the strength has come in some markets that we've been highlighting in the past has continued. I think that will continue through the year. So power generation in Americas pharmaceuticals, cryogenics, wastewater, in particular, gave us the upside. So that's been pretty consistent.

可以。關於 PFT 訂單的問題，強勁表現主要來自我們過去一直強調的一些市場，且這些趨勢仍在延續。我認為這會持續到今年。美洲的發電、製藥、低溫（cryogenics）、以及廢水等領域，特別帶來了上行，整體相當一致。

Interestingly, we don't see those segments impacted by the higher energy prices. So we think demand will remain solid through the year. Chemical has continued to be sluggish at a trough holding, but I wouldn't call it an inflection point yet until we see that piece of the business changing.

有趣的是，我們沒有看到這些領域受到較高能源價格的影響。因此我們認為需求在今年將維持穩健。化工仍然疲弱、處於谷底盤整，但在看到這塊業務出現變化之前，我還不會稱之為拐點。

Now historically, higher energy prices has led to increased demand in that chemical segment, but it takes a while to read through particularly in the Gulf, where we -- the customers see that benefit of feedstock between gas and oil.

過去歷史上，較高的能源價格會帶動化工領域需求增加，但需要一段時間才會反映出來，特別是在墨西哥灣沿岸（Gulf），因為客戶需要看到天然氣與原油之間原料成本（feedstock）的利差帶來的效益。

And even though the end demand and customer demand for their customers may be slower, it still makes sense to invest and expand capacity debottlenecking and so forth. So I think solid not quite calling an inflection, especially on the chemical, but definitely better than we expected going into the year and feel better about the prospects that we did 3 months ago.

即使終端需求以及客戶對其客戶的需求可能較慢，投資與擴產、去瓶頸（debottlenecking）等仍然合理。因此我認為整體穩健，但還不到稱為拐點，尤其是化工部分；不過確實比我們年初預期更好，對前景的感受也比 3 個月前更樂觀。

Thank you.

謝謝。

Matt Summerville, D.A. Davidson.

Matt Summerville，D.A. Davidson。

Thanks. A couple of questions. Can you maybe comment on the magnitude of EPS accretion you witnessed as it pertained to the acquisitions and specifically what you've done to drive near immediate linearity in those businesses, which last conference call were sort of deemed to be quite second half -- back half loaded overall? And then I have a follow-up.

謝謝。我有幾個問題。你能否評論一下，與併購相關的 EPS 增厚（accretion）幅度？以及你們具體做了哪些事情，讓這些業務能在短期內更快呈現較線性的表現？因為在上次電話會議中，這些業務整體被認為會更偏向下半年、後半段貢獻。然後我還有一個追問。

Yeah. So we obviously did see some accretion in the quarter, as Alex mentioned. We felt just given the results that -- we feel like we're going to see at least double what we thought on a full year basis. So coming into the year, we were -- had in our minds about an $0.08 number in mind, and we felt comfortable today saying that we would see a full year of $0.15.

好的。我們本季確實看到一些增厚，如 Alex 所提。就結果來看，我們認為全年至少會是原先預期的兩倍。因此年初時，我們心中大約是 0.08 美元的數字；而今天我們有信心表示，全年將可達到 0.15 美元。

So we did see a portion of that here in the first quarter. I wouldn't say it's necessarily linear, but perhaps close. So that would be the overall impact and how we're feeling about the business if that helps.

所以我們確實在第一季看到其中一部分的影響。我不會說它一定是線性的，但可能接近線性。因此，如果這能有所幫助的話，這就是整體影響，以及我們對業務的感受。

Yeah. I think to add, Matt, on the cost actions that we took, we were able to execute faster than we had originally planned. So that creates not only upside for the year but also more balanced earnings through the year. Now that said, some of this backlog with improved pricing reads through, we'll still expect to see some gradual improvements from the acquisition as the year progresses.

是的。我想補充一下，Matt，關於我們採取的成本行動，我們的執行速度比原先規劃更快。因此，這不僅為全年帶來上行空間，也讓全年獲利更為均衡。不過話說回來，隨著定價改善的這些積壓訂單逐步反映出來，我們仍預期隨著年度推進，併購帶來的改善會逐步顯現。

Yes. The only other thing I would add is that you saw -- we saw more -- a little bit more in the way of -- I think as we think about the cadence, the volumes have been a bit stronger as well in particular for Druck.

是的。我唯一想再補充的是，你看到——我們看到更多——在節奏方面稍微多了一點——我想就節奏而言，出貨量也稍微更強，特別是 Druck。

Understood.

了解。

Thank you for that. And maybe, Alex, or Rich, if you can expand just on kind of the actionability you're seeing in the M&A pipeline, maybe handicap a bit whether you see more deals getting over the finish line before the end of the year into the early part of '27. And if the average deal size you're looking at is starting to kind of melt higher similar and maybe more similar in nature to the size of PSI as an example.

謝謝你的說明。也許 Alex 或 Rich，你們能否再多談一下你們在併購（M&A）管線中看到的可執行性（actionability），也請稍微評估一下，你們是否看到在今年底到 27 年初之前會有更多交易完成。如果你們正在看的平均交易規模是否開始上移，例如更接近 PSI 那樣的規模。

Yeah, Matt. So deal activity or M&A opportunities continues to be quite strong. There's a lot happening. We're involved in several processes on both sides of the segment. It's a range of sizes. I think we've commented before that our sweet spot is around that $500 million of value and -- but there's deals that are smaller than that.

好的，Matt。交易活動或併購機會仍然相當強勁。有很多事情正在發生。我們在兩個事業部的兩端都參與了多個流程。規模範圍很廣。我想我們之前也提過，我們的甜蜜點大約在 5 億美元的價值左右——但也有比這更小的交易。

That we're looking at that seem quite interesting as bolt-ons, and there are some deals that are a little bit bigger than that, that also look interesting. So it's a bit opportunistic. We remain disciplined. So we'll see how the year plays out. But as far as activity and focus, there's quite a bit happening.

我們也在看一些作為補強型併購（bolt-ons）相當有趣的案子；也有一些比那更大的交易，看起來也很有吸引力。所以我們會比較機會導向。同時我們仍保持紀律。因此我們會看看今年的進展。但就活動量與關注度而言，確實有相當多事情在進行。

You'd add anything, Rich?

Rich，你要補充什麼嗎？

No, I think that sums it up. The nature of the transactions, too, I would say, from a complexity and bandwidth perspective, everything we're looking at is nothing is going to cause us to hesitate in the way of resource constraints.

沒有，我覺得這已經總結得很好了。就交易的性質而言，我會說，從複雜度與資源帶寬的角度來看，我們正在看的所有案子都不會因為資源限制而讓我們猶豫。

Thank you. Jeff Sprague, Vertical Research.

謝謝。Jeff Sprague，Vertical Research。

Hey, thanks. Good morning, everyone. I just wanted to come back to the comments about Aero aftermarket and completely understand it could sort of fade as the year progresses given what's going on but it's a little unclear what you're actually doing with your guidance.

嗨，謝謝。各位早安。我想回到你們對航太售後市場（Aero aftermarket）的評論，我完全理解，考量目前的情況，它可能會在今年後續逐步走弱，但我有點不清楚你們實際上在指引（guidance）上是怎麼處理的。

Are you sort of saying, yes, it could be weaker, but we can make it up elsewhere? Or have you actually dialed in a decline in aftermarket in the way you've guided the year here? I think in the range has changed, right? But, yeah.

你們是在說，是的，它可能會更弱，但我們可以在其他地方補回來？還是你們在今年的指引中，已經把售後市場下滑正式納入了？我想區間也變了，對吧？但，是的。

Yeah. Thanks, Jeff. So I think maybe a little perspective to start as well on this. So if you remember, when we came into the year and we initially issued our guidance for commercial aftermarket, we where I would say, on the lower end of perhaps what the rest of the industry was projecting, right? We were saying something like in the mid-single-digit range coming in.

是的。謝謝你，Jeff。我想先提供一點背景。如果你記得，年初我們首次發布商用售後市場的指引時，我會說我們的看法大概在整個產業預期的較低端，對吧？我們當時說大概是中個位數（mid-single-digit）的成長。

And we did get a lot of questions. We did get a lot of questions back on that. And here we are a quarter later, and we see the headwinds in the marketplace potentially from the Middle East, the conflict and so forth. And we're basically saying here, we're going to guide down. So our guidance reflects a down number for commercial aftermarket.

而且我們確實收到很多問題、很多追問。現在一季過去了，我們看到市場可能面臨來自中東、衝突等等的逆風。我們基本上是在說，我們要下修指引。因此，我們的指引反映了商用售後市場的下滑。

Now when you consider what our initial guide was the move, and you guys can all do the math, right? It isn't a big number overall. And then in terms of offset, what we are seeing is a pretty considerable demand increase in our view, potentially -- I would say, we are seeing in military, in particular in spares aftermarket you saw in the quarter. we were up 28%.

現在如果你考量我們最初的指引以及這次的調整幅度——你們都可以自己算數，對吧？——整體而言不是一個很大的數字。至於抵消（offset）方面，我們看到的是需求在我們看來相當明顯地增加——我會說，我們在軍用領域看到成長，特別是在備品售後（spares aftermarket），你在本季也看到了，我們成長了 28%。

We have the incremental benefit that comes in the second quarter through the balance of the year in the F16 brake control upgrade program, I think you're aware of.

我們還有一個增量效益，會從第二季開始一路到今年剩餘期間，來自 F16 煞車控制升級計畫，我想你也知道。

So when you look at -- when you step back and you just look at the overall complexion of our aftermarket and where we're coming from off the first guidance number that we put out in January, we feel highly confident that we're going to offset even in this revised down outlook for commercial aftermarket.

所以當你退一步看——當你退一步看我們售後市場的整體樣貌，以及相對於我們 1 月提出的第一版指引的起點，我們非常有信心，即使在這次下修商用售後市場展望的情況下，我們也能夠抵消。

It plays out differently, Jeff, right? Because aftermarket demand has been resilient post coat, as you know, higher energy and travel has been resilient. But if it plays better than our assumption, then that's an opportunity for us and upside but we felt comfortable assuming a more conservative view because we have the offsets already line of sight in our backlog.

Jeff，實際呈現方式會不同，對吧？因為如你所知，售後需求在疫情後一直很有韌性，能源與旅行需求也很有韌性。但如果表現優於我們的假設，那對我們就是機會與上行空間；不過我們之所以願意採取更保守的假設，是因為我們已經在積壓訂單中清楚看到可抵消的來源。

Yeah. No, great. I was just unclear if you have formally dialed it in or you were just saying you had contingency to deal with it that happened. So Rich, very clear answer there. I appreciate it. And then on -- just back to PSI, to what degree have you seen just maybe the commercial front end of the business change? In other words, very good businesses, right, but orphan, so to speak, inside a larger organization.

好的，很清楚。我只是搞不清楚你們是否已經正式把它納入，還是只是說你們有應變方案來處理如果真的發生的情況。Rich，你的回答非常清楚，謝謝。接著——回到 PSI，你們在商用端前端業務上看到多大程度的變化？換句話說，這些都是很好的業務，但某種程度上在大型組織內算是被忽視（orphan），可以這麼說。

So maybe just a little bit of color on what's happening on the customer side. Are you seeing better order intake or inquiries in some of those businesses than you might have otherwise expected? Or again, is the upside more about -- and accounts, obviously, but it's more about the pricing and some of the cost actions that you already elaborated on?

所以想請你們多給一點客戶端的近況。你們是否看到其中一些業務的接單或詢問量，比你們原本預期更好？或者，上行空間主要還是來自——當然也包含客戶——但更多是你們已經談到的定價以及一些成本行動？

Yeah, Jeff. So what we're seeing right now on the commercial side, I know there's been significant changes on how we operate which projects we go after, how we go after them. So I would say we're being more successful in winning the target projects that are more interesting and more profitable for us very quickly.

是的，Jeff。就我們目前在商用端看到的情況，我知道我們在營運方式上有很大的改變：我們追哪些專案、以及如何去爭取。我會說，我們很快就更成功地贏得那些對我們更有吸引力、也更有利潤的目標專案。

And also around just our pricing practices, value pricing, those would be the primary areas where we're starting to see differences. So we have this long period, as you recall, 6 months to really prepare ramp-up.

另外在定價作法、價值定價（value pricing）方面，這些會是我們開始看到差異的主要領域。你也記得，我們有一段很長的期間——大約 6 個月——來做充分準備與爬坡。

And those are the areas we've been able to impact shortly. Now we're starting to work the strategies of longer-term growth, which were never baked into our model. And so now we're shifting focus into that, and we think there's upside even to the numbers that we talked about as those initiatives develop.

而這些領域我們很快就能產生影響。現在我們開始推動更長期成長的策略，而這些原本並沒有納入我們的模型。因此我們現在把重點轉向那裡，並且我們認為，隨著這些計畫逐步發展，甚至相對於我們談到的數字也還有上行空間。

And maybe just a quick unrelated one. plenty of capacity in your defense businesses for these missile-related ramps and the like? Or we should expect some more capacity in the ground to ride this wave.

另外一個無關的快問：你們的國防業務在這些與飛彈相關的產能爬坡等方面，產能是否充足？還是我們應該預期你們會再增加一些產能來乘上這波需求？

We have plenty of capacity. Actually, Rich and I just did a deep dive review with the team a few weeks ago. We're very well positioned for that. I think the pacing item in the industry will be more the prime we can significantly outpace the ramp-ups of the manufacturers of the actual missile. So we're in pretty good shape there.

我們的產能非常充足。其實 Rich 和我幾週前才和團隊做了一次深入檢視。我們在這方面的布局非常到位。我認為產業的節奏瓶頸會更多在主承包商（prime）；我們可以顯著快於實際飛彈製造商的爬坡速度。所以我們那邊狀況相當不錯。

Thank you. Justin Ages, CJS Securities.

謝謝。Justin Ages，CJS Securities。

Hi, Justin.

嗨，Justin。

Hi, morning all. You mentioned chemicals still sluggish holding at trough levels. And I just want to know how that fits into the broader commentary that you gave about seeing some PFT projects being pushed out. is that chemical being pushed out? Or those have already been pushed out, so no change in the time line there?

嗨，各位早安。你們提到化工仍然疲弱，維持在谷底水準。我想了解這和你們提到看到一些 PFT 專案被延後的更廣泛評論之間的關係。是化工相關的專案被延後嗎？還是那些已經被延後了，所以時程上沒有變化？

Yeah. The pushouts that we commented on were specific to the Middle East dynamic, and it's really related to the conflict where some of the petrochemical areas or refineries have been shut down temporarily. So some of that activity has pushed out to the right, no cancellations. So that's very unique to that region and that conflict.

是的。我們提到的延後（pushouts）是針對中東的動態，主要與衝突有關，因為部分石化區域或煉油廠暫時關閉。因此有些活動往後遞延，沒有取消。所以這是非常特定於該地區與該衝突的情況。

Now here as we started Q2, we started seeing those things starting to move a little bit faster than I thought they would. So that said, in our guidance, we did factor in some delays in projects in that region, the Middle East in our guide from a conservative standpoint. If it moves faster, then again, it will be a positive for us. More broadly, in chemical, again, higher oil prices.

而在我們進入第二季之初，我開始看到這些事情的推進速度比我原先預期更快。即便如此，從保守角度出發，在我們的指引中，我們確實把該地區（中東）專案的一些延遲納入考量。如果推進更快，那同樣會對我們是正面因素。更廣泛來看，在化工方面，同樣地，油價較高。

We expect the Gulf at some point to see some momentum in projects that will take several quarters. We are starting to see a little bit of MRO activity pick up, particularly in the Americas which usually precedes project investments here in the year going into next year would be our expectation.

我們預期海灣地區在某個時間點會看到一些專案動能，而這些專案將會延續好幾個季度。我們開始看到一些 MRO（維修、修理與大修）活動回升，特別是在美洲地區；而這通常會領先於這裡在今年到明年之間的專案投資，這是我們的預期。

Thanks for that, Alex. And then staying in PFT, you mentioned good performance in cryo. Can you just remind us or give us some color on the size of that space and the market opportunity there?

謝謝你，Alex。接著延續在 PFT，你提到低溫（cryo）表現不錯。你能不能提醒我們，或補充一些背景，這個領域的規模以及那裡的市場機會有多大？

Yeah. So our cryo business today is about 4% or 5% of total PFT, but it's growing at mid-teens of 15%, 16%, 17%, so it's growing quite fast. It's mainly Americas-based servicing very high growing markets like space launch or commercial space launch, as you know, is increasing significantly.

可以。所以我們目前的低溫業務大約占 PFT 總額的 4% 到 5%，但它以 15%、16%、17% 這種十幾%的中段增速在成長，所以成長非常快。它主要以美洲為基地，服務一些高速成長的市場，例如太空發射或商業太空發射；如你所知，這些正在顯著增加。

So supporting that launch platform, not on the actual rockets or aircraft, but on the launch is where we're seeing a lot of demand supporting general aerospace, environmental testing. So as aerospace keeps ramping up, the investments in infrastructure for testing, pharmaceuticals and other areas, semiconductors as well.

因此，支援那個發射平台——不是在實際的火箭或飛機上，而是在發射端——是我們看到大量需求的地方；同時也支援一般航太、環境測試。隨著航太持續升溫，測試用基礎設施的投資、製藥與其他領域，以及半導體也都在增加。

So very, very interesting markets, high growth, and growing at a fast pace. So this is an area that has been part of our transformation. We basically went from 0 a few years ago to 4% to 5% now, combination organic and inorganic actions.

所以這些都是非常、非常有趣的市場，高成長，而且成長速度很快。這也是我們轉型的一部分。我們基本上是從幾年前的 0，走到現在的 4% 到 5%，是有機與無機行動的組合。

Thank you. Scott Deuschle, Deutsche Bank.

謝謝。下一位是德意志銀行（Deutsche Bank）的 Scott Deuschle。

Hi, good morning. Alex, what are the most PMI sensitive parts of PFT? Is then are you seeing any uptick in demand in those PMI sensitive businesses? Or is it more just areas like pharma and cryo and nuclear?

嗨，早安。Alex，PFT 裡面對 PMI 最敏感的部分是哪些？你是否在那些對 PMI 敏感的業務看到需求回升？還是更多是像製藥、低溫與核能這些領域？

I mean our biggest uptick has been power generation, which is right now driven obviously by the investment in data centers. That has not, I think, been PMI-related pharma, cryo wastewater. We did see pretty solid just industrial activity in the quarter. we didn't call it out, but it was a little bit stronger than we expected going into the year.

我的意思是，我們最大的回升來自發電（power generation），而這顯然是由資料中心投資所驅動。我認為那並不是 PMI 相關的；製藥、低溫、廢水也是。我們在本季確實看到相當穩健的一般工業活動；我們沒有特別點出來，但它比我們在年初預期的要強一些。

Yeah. I would have said general industrial portion as well of the market where we are seeing a little bit of improvement, Scott. That helps?

對。我也會說一般工業那一塊市場，我們也看到一些改善，Scott。這有幫助嗎？

Okay. I think you all have described PFT as being pretty early cycle. So if the broader industrial cycle is turning, as the PMI data suggests, I guess, why would it just be a small benefit to your general industrial business?

好。我想你們一直把 PFT 描述為相當偏早週期。如果更廣泛的工業週期正在轉向，如 PMI 數據所暗示的，那我想問，為什麼對你們的一般工業業務只會是小幅助益？

Well, I mean it was a mid-single-digit type activity that we saw there, right? So in the industrial space, that's a pretty healthy activity. We'll see how things progress. But was we're pretty pleased with how it started the year.

嗯，我的意思是，我們在那裡看到的是中個位數（mid-single-digit）類型的活動增幅，對吧？所以在工業領域，這其實是相當健康的活動。我們會看看後續如何發展。但我們對今年開局的表現相當滿意。

Okay. And then Alex, how large is the PAC-3 product line for Crane today? And if it's not material now, I guess, could it be beat become material if it grows 200%?

好。接著 Alex，Crane 目前的 PAC-3 產品線規模有多大？如果現在還不具重要性，那我想，如果它成長 200%，是否可能變得重要？

I mean we look at the whole missile platform, right, which is the number I have in my head, it's around that $30 million to $40 million range of microwave and modular power or product lines. And so I would use that $30 million to $40 million jump-off point and the projections are from 2x to 4x, 5x growth from now to 2030.

我的意思是，我們看的是整個飛彈平台，對吧？我腦中那個數字大約是 3,000 萬到 4,000 萬美元的範圍，涵蓋微波與模組化電源等產品線。所以我會以 3,000 萬到 4,000 萬美元作為起點，而相關預測是從現在到 2030 年成長 2 倍到 4 倍、5 倍。

Okay. And then last question --

好。那最後一個問題——

Yeah. PAC-3 would be towards the top end of the programs. We have maybe 12 or so programs that we're watching closely, and that would be 1 of the ones that are at the top, Scott.

對。PAC-3 會是在這些專案中偏上端的那一類。我們大概有 12 個左右的專案在密切關注，而那會是位居前段的其中之一，Scott。

Okay. And then Alex, can you give us a sense as to how much of PFT's cryo sales are related to the space market? And will that space growth within cryo? Is that going to correlate with SpaceX's launch cadence over the coming years?

好。那 Alex，你能否讓我們了解一下，PFT 的低溫銷售有多少與太空市場相關？而低溫業務中的太空成長，未來幾年是否會與 SpaceX 的發射頻率相關聯？

Yeah. On the Space launch, it's about 35%. So it -- and then you put in aerospace in general, now you're looking more like 45% and the balance is other industrials like I said, pharma and so forth. But the growth does correlate with the launch activity, which is increasing.

可以。在太空發射方面，大約占 35%。所以——再把一般航太也算進來，現在看起來更像是 45%，其餘則是我提到的其他工業領域，例如製藥等等。但成長確實與發射活動相關，而發射活動正在增加。

But not only SpaceX, but the other companies, like Blue Origin and so forth. So we service -- I think there are six or seven key customers of ours in that space launch, and it's growing exponentially in line with the space launch activity.

但不只是 SpaceX，還有其他公司，例如 Blue Origin 等等。所以我們在太空發射領域服務——我想大概有六到七個關鍵客戶——而它正隨著太空發射活動呈指數型成長。

Thank you. Myles Walton, Wolfe Research.

謝謝。下一位是 Wolfe Research 的 Myles Walton。

Thanks, good morning. I was wondering on the commercial aftermarket comments that whether or not you are reducing the outlook there because of what you're seeing or because of what you anticipate seeing? And if you can give us any clarity or color as it relates to recent bookings trends, the 11% growth in orders versus the 13% decline.

謝謝，早安。我想問一下你們對商用售後市場（commercial aftermarket）的評論：你們下修那邊的展望，是因為你們已經看到一些情況，還是因為你們預期將會看到？另外，若能就近期接單趨勢提供一些更清楚的說明或補充背景：訂單成長 11% 對比 13% 的下滑。

In the quarter wouldn't suggest you're seeing much, but maybe just add color if, again, you're doing this based on what you're seeing or what you anticipate you'll see.

就本季來看，似乎不太像你們已經看到很多變化，但還是請再補充一些背景：同樣地，你們這樣做是基於你們已經看到的，還是基於你們預期將會看到的？

Yeah, I'll comment first and then Rich can add. But I mean, if you look historically, right, over the last 15 years, high energy prices, precoded and post-COVID are two different stories. Pre-COVID, it was a pretty strong correlation, higher energy prices, higher airfare, lower activity demand. Post-COVID, we saw a big spike in energy prices in the 2022 with the Ukraine conflict. And it was very resilient.

好，我先回應，然後 Rich 可以補充。我的意思是，如果你回顧歷史，過去 15 年，高能源價格在 COVID 前與 COVID 後是兩個不同的故事。COVID 前，相關性很強：能源價格越高、機票越貴、活動需求越低。COVID 後，我們在 2022 年因烏克蘭衝突看到能源價格大幅飆升，但需求非常有韌性。

There was no slowdown from there. So we're not sure what is going to happen. We have not seen any decline, as Rich mentioned, 11% up, and we're also sequentially up. However, as we look forward and considering the industry general concerns, we wanted to think through a range of scenarios that would give us a lot of confidence in our guide. So based on that, we assume the decline in our guide to have really, really high confidence.

那之後並沒有放緩。所以我們不確定接下來會發生什麼。我們沒有看到任何下滑；如 Rich 提到的，成長 11%，而且我們按季也在上升。不過，當我們往前看並考量產業普遍的擔憂時，我們希望把各種情境範圍想清楚，以便對我們的指引有很高的信心。因此基於這點，我們在指引中假設會下滑，以取得非常、非常高的信心。

But it could maintain, it could sustain and that would just be upside for us. You'd add anything, Rich?

但它也可能維持、也可能持續，那對我們來說就會是上行空間。Rich，你要補充什麼嗎？

No, I think that sums it up, Miles.

沒有，我想這樣就總結得很完整了，Myles。

Okay. And relative to the decline, you're thinking like mid-single-digit positive was before and now you're sort of conceptually thinking that decline is what you're baking in from a conservative viewpoint. Is that right?

好。那相對於下滑，你們之前想的是中個位數正成長，而現在你們概念上是從保守角度把下滑納入假設。這樣理解對嗎？

Yeah, I think that's fair.

對，我覺得這樣說是合理的。

Okay. All right. Great. And then on PFT, just as it relates to core growth as you look to the rest of the year, given the strong orders in the first quarter, are you able to see the turning to get to low single-digit positive organic growth or core growth for PFT in the second quarter?

好。好，明白。接著關於 PFT，就你們看今年剩餘時間的核心成長而言，考量第一季訂單很強，你們是否已經能看到轉折，使得 PFT 在第二季達到低個位數的正向有機成長或核心成長？

I think for the year, we're still expecting flat to low single digits. I think for the quarters -- yes. I think we're -- the second quarter may be a little bit consistent with Q1, right?

我想就全年而言，我們仍預期持平到低個位數。我想就季度來看——是的。我想第二季可能會與第一季相當一致，對吧？

Yes. I would think if you're looking at just sequentially, think of it as not that different from Q1. into Q2 sequentially, Myles, without having the FX in front of me. And -- but that's the way we're thinking about the overall absolute number.

是的。我會認為如果你只是看按季（sequentially），把它想成從 Q1 到 Q2 並沒有太大不同，Myles；我手邊沒有匯率（FX）的影響數字。但——我們對整體絕對數字的思考方式就是如此。

Okay. And then just one last one. What is the downward pressure on margins for the rest of the year versus the 23.2% you did in the first quarter?

好。最後一個：相較於第一季你們做到的 23.2%，今年剩餘時間毛利率（或利潤率）面臨的下行壓力是什麼？

The downward pressure? So we mentioned on the call that increased -- we're definitely going to be seeing and are starting to see the inflation on commodities as well as freight. Earlier in the year, you have a backlog that you're getting through.

下行壓力？所以我們在電話會議中提到，增加——我們確實會看到、而且也開始看到大宗商品以及運費的通膨。年初時，你還在消化一部分積壓訂單（backlog）。

But -- so just from a timing perspective, we see the opportunity to get more price to offset as we move through the balance of the year and we get through that backlog. So that pressure is -- I would say it's modest, but something that we're working through and comfortable with overall and suggesting an increase net to the margins.

但是——所以就時間點而言，隨著我們走過今年剩餘時間並消化完那批積壓訂單，我們看到有機會取得更多定價來抵銷。因此那個壓力——我會說是溫和的，但我們正在處理中，整體也感到有把握，並且仍預期利潤率淨額會提升。

So for the full year, improved margins versus.

因此就全年而言，利潤率相較於有所改善。

About a half -- yes, we're seeing about a half -- I think 0.5 point improved overall margin profile.

大約半個點——是的，我們看到大約半個點——我認為整體利潤率結構改善了0.5個百分點。

Yeah. Sorry, I was just comparing the first quarter versus the implied next three quarters is. The next three quarters are obviously slightly down versus the first quarter on the 23%.

對。抱歉，我剛才是在比較第一季與隱含的接下來三季。接下來三季顯然會比第一季的23%略低一些。

Yeah. Well, I think, again, it gets to -- it does get to some of that -- it's basically the same answer, right? I'm going to see some inflationary pressure. I'm going to cover some of it. Net-net, albeit up 50%, but yes, it's going to be that inflationary pressure, Myles.

對。嗯，我想再說一次，這回到——確實回到其中一些——基本上答案一樣，對吧？我會看到一些通膨壓力。我會吸收其中一部分。整體來看（net-net），雖然上升了50%，但沒錯，這將是那種通膨壓力，Myles。

Thank you. Nathan Jones, Stifel.

謝謝。Nathan Jones，Stifel。

Good morning, everyone. A couple of the acquisitions. Alex, you talked about moving to the strategy deployment phase on the acquisitions, I think you talked a little bit about shifting the focus to growth initiatives. Hoping you could maybe provide a little bit more color on what that involves for each business?

各位早安。關於幾項收購。我記得你提到在收購案上正轉入策略部署階段，也稍微談到把重點轉向成長計畫。希望你能更具體說明一下，這對每個事業分別意味著什麼？

Yeah. So when you think about -- again, just to be clear, Nathan, none of this was baked into our model, it's all upside. But if you think about drugs, some of the opportunities we saw military defense, Druck has a pretty good position in Europe and not really any position of note in the United States defense where our legacy Aerospace and Defense business has strength.

好的。所以當你想到——再澄清一下，Nathan，這些都沒有納入我們的模型，全部都是上行空間。但如果你想到Druck，我們看到的一些機會是在軍事國防領域；Druck在歐洲有相當不錯的地位，但在美國國防市場幾乎沒有值得一提的布局，而我們既有的航太與國防業務在那裡具備優勢。

So we're building up the strategies of how to create those synergies and create growth. There's various regional differences in penetration and share also in drug in the business. Europe, US differences channel, non-channel that we are working through. So those are a couple of examples of where there's potential growth upside. Panametrics in that business, we think about really also regional. I think we see a lot more opportunity in Americas to grow.

因此我們正在建立策略，思考如何創造這些綜效並帶動成長。在Druck這項業務中，不同地區在滲透率與市占也存在差異。我們正在梳理歐洲與美國在通路、非通路等方面的差異。這些都是可能帶來成長上行的例子。至於Panametrics那塊業務，我們也主要從區域角度來看；我認為我們在美洲看到更多成長機會。

They have a lower share in Americas than average. So there's opportunity there in aligning those efforts from a commercial standpoint. And then Reuter-Stokes, we've been -- we have a very, very strong position in power generation piece of nuclear. But we also have some product lines around other platforms of radiation monitoring and Homeland Security. So we plan to build on those platforms as well and grow.

他們在美洲的市占低於其平均水準，因此在商業端對齊相關努力方面存在機會。然後是Reuter-Stokes，我們在核能發電領域的電力發電部分擁有非常、非常強的地位。但我們也有一些產品線，涵蓋其他輻射監測平台以及國土安全。我們也計畫在這些平台上持續加碼並推動成長。

So those are some of the things we're thinking about from a strategy deployment standpoint.

以上是我們在策略部署面向正在思考的一些事情。

That's great. My second question was going to be on the value-based pricing that you're already beginning to realize. I think that's very rapid benefit there. I know some of these businesses have longer-term contracts.

很好。我第二個問題是關於你們已經開始實現的價值導向定價。我認為那裡的效益來得非常快。我知道其中一些業務有較長期的合約。

So maybe you can talk a little bit about where you're seeing value-based pricing where you'll see it in the future. And I mean it's obviously it's very early in the [piece]. Just any color you could give us around that stuff?

所以也許你可以談談你們目前在哪些地方看到價值導向定價、未來又會在哪些地方看到。我是說，顯然這在[這部分]還非常早期。你能就這方面提供一些補充說明嗎？

Yeah. So the longer-term contract, lengthen are probably less than you would think. If you think about Druck, about 30% of the business is on longer-term contracts. So there's a lot of areas where we can move more quickly. On the Reuter-Stokes, part of the business is about 40%.

好的。所謂較長期合約，其實比例可能比你想的要低。以Druck來看，大約30%的業務是在較長期合約之下，所以有很多領域我們可以更快推進。至於Reuter-Stokes，這部分業務大約是40%。

Some of these are naturally coming up and renegotiated. And the Panametrics is very, very low, a longer-term contract. So all in all, there's a lot of opportunities within the year and then as we continue to work the longer-term contracts. So very confident in our ability to keep improving these margins through the year and going into next year.

其中一些合約自然會到期並重新談判。Panametrics的較長期合約比例則非常、非常低。總體而言，今年之內有很多機會，並且在我們持續推進較長期合約的同時也會逐步展開。因此我們非常有信心能在今年持續改善這些利潤率，並延續到明年。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Ronald Epstein, Bank of America.

Ronald Epstein，美國銀行。

Hey, good morning. This is Jordan Lyonnais on for Ron. I hear you guys on the balance of the year for commercial aero, if we're going to see aftermarket decline in the guide, how should we be thinking about margins for the segment? And for PFT, are you guys factoring in or have any concerns on the new tariffs that are going through on raw materials?

嗨，早安。我是Jordan Lyonnais，代替Ron提問。我聽到你們談到今年剩餘時間的商用航太；如果指引中售後市場會下滑，我們應該如何看待該事業部門的利潤率？另外，對PFT而言，你們是否已將正在推進的新關稅對原材料的影響納入考量，或有任何疑慮？

Yeah, so a good question. No. A good question. So on the margins overall, Jordan, when you look at the mix differential, I would say -- I'd step back and say, first of all, our portfolio in aerospace and Advanced Technologies. When we say commercial OE, we make money on commercial OE, right? It's -- our model, as you know, is very -- or perhaps different from others in the industry.

好的，這是個好問題。不，這是個好問題。關於整體利潤率，Jordan，當你看組合差異時，我會先退一步說，首先，我們在航太與先進技術的產品組合——當我們說商用OE時，我們在商用OE上是賺錢的，對吧？如你所知，我們的模式非常——或許與產業內其他公司不同。

So when we do mix up and down, yes, there is some impact, but it's not as perhaps drastic maybe in other companies. Specific to the commercial aftermarket as we have that coming down in our forecast or in our guidance. When we look at what we're seeing in military moving in the opposite direction, the margin profiles are not that far off, frankly. They're quite similar. So that mix change is not going to be as significant, if at all, from a margin pressure point of view.

因此當組合上下變動時，確實會有一些影響，但可能不像其他公司那麼劇烈。就商用售後市場而言，我們在預測或指引中確實下調；但當我們看軍用業務朝相反方向變動時，坦白說兩者的利潤率結構差距並不大，十分相近。因此從利潤率壓力的角度來看，這種組合變化不會那麼顯著，甚至可能沒有影響。

In PFT, with respect to tariffs, I would say the overall tariff change has not been all that material to us so far in the year. or it won't be in the year. The one area that I would point to is with the refund process to the extent that we're successful there. We'll, of course, call that out in the balance of the year, but none of that is factored into our guidance. No upside is factored into our guidance.

至於PFT的關稅，我會說到目前為止，今年整體關稅變化對我們並不算太重大，或在今年也不會太重大。我唯一要指出的是退稅流程——如果我們在那方面成功，當然會在今年剩餘時間特別說明；但這些都沒有納入我們的指引，我們的指引沒有計入任何上行空間。

This concludes the Q&A portion of today's call. I'd like to now turn the floor back over to Alex Alcala for closing remarks.

今天電話會議的問答部分到此結束。現在我想把時間交回給Alex Alcala作結語。

Thank you all for joining us today.

感謝各位今天加入我們。

Over the past 13 years, Crane has undergone a meaningful transformation, reshaping the portfolio, significantly improving margins and growth and delivering strong shareholder value under Max's leadership. That foundation positions us exceptionally well for what comes next. This transition is not a change in direction. It's the next phase of the same journey it's about acceleration of profitable growth.

在過去13年中，Crane在Max的領導下完成了重要轉型，重塑投資組合，顯著提升利潤率與成長，並為股東創造了強勁價值。這一基礎讓我們在迎接下一階段時具備極佳的定位。這次交接不是方向改變，而是同一段旅程的下一個階段——重點在於加速獲利性成長。

Looking ahead, I am more excited than ever about Crane's future and the opportunity to continue delivering for our customers, our associates our communities and our shareholders. We will remain focused on executing our strategy, leveraging the Crane Business System to drive strong organic growth while continuing to pursue our disciplined approach to accelerating inorganic growth.

展望未來，我對Crane的前景以及持續為客戶、同仁、社區與股東創造價值的機會，比以往任何時候都更感到振奮。我們將持續專注於執行策略，運用Crane Business System推動強勁的有機成長，同時繼續以嚴謹自律的方法加速非有機成長。

I've had the privilege of working alongside an extraordinary team across the globe, and I'm energized by the path ahead. With this team, this strategy and this portfolio, I'm confident that the best chapters of crane are still in front of us.

我有幸能與全球各地一支卓越的團隊並肩合作，對前方道路充滿動能。有了這支團隊、這套策略與這個投資組合，我相信Crane最精彩的篇章仍在前方。

Thank you all for your interest in Crane and your time and attention this morning. Have a great day.

感謝各位今天上午對Crane的關注，以及撥冗聆聽。祝各位有美好的一天。

Thank you. This concludes today's Crane Company first quarter 2026 earnings conference call. Please disconnect your lines at this time, and have a wonderful day.

謝謝。今天Crane Company 2026年第一季財報電話會議到此結束。請各位現在掛線，祝各位有美好的一天。