Diebold Nixdorf Inc (DBD) 2026 Q2 法說會逐字稿

Hello. Good day, welcome to Diebold Nixdorf's second quarter 2026 earnings call. My name is Paige, I'll be coordinating today's call. (Operator Instructions)

您好。日安，歡迎參加 Diebold Nixdorf 2026 年第二季財報電話會議。我叫 Paige，將負責協調今天的會議。(接線員指示)

I'd now like to turn the call over to our host, Maynard Um, Vice President of Investor Relations. Maynard, please go ahead.

現在我想把電話交給我們的主持人——投資人關係副總裁 Maynard Um。Maynard，請開始。

Hello, welcome to our second quarter 2026 earnings call. To accompany our prepared remarks, we posted our slide presentation to the Investor Relations section of our website.

您好，歡迎參加我們 2026 年第二季財報電話會議。為配合我們的事先準備發言，我們已將簡報投影片上傳至公司網站的投資人關係專區。

Before we start, I'll remind all participants that you'll hear forward-looking statements during this call. These statements reflect the expectations and beliefs of our management team at the time of the call, they are subject to risks that could cause actual results to differ materially from these statements. You can find additional information on these factors in the company's periodic and annual filings with the SEC. Participants should be mindful that subsequent events may render this information to be out of date.

在開始之前，我要提醒各位與會者，您將在本次電話會議中聽到前瞻性陳述。這些陳述反映管理團隊在會議當下的預期與信念，並可能受到各項風險影響，導致實際結果與這些陳述出現重大差異。您可在公司向美國證券交易委員會（SEC）提交的定期與年度申報文件中，找到關於這些因素的更多資訊。與會者亦應留意，後續事件可能使本資訊不再適用或過時。

We will also discuss certain non-GAAP financial measures on today's call. As noted on slide three, reconciliations between GAAP and non-GAAP financial measures can be found in the supplemental schedules of the presentation.

我們也將在今天的電話會議中討論若干非 GAAP 財務衡量指標。如投影片第 3 頁所示，GAAP 與非 GAAP 財務衡量指標之間的調節表可在簡報的補充附表中找到。

With that, I'll turn the call over to Octavio, who will begin on slide four.

接下來，我將把電話交給 Octavio，他將從投影片第 4 頁開始。

Thank you, Maynard, good morning, everyone. Thank you for joining us. Commercial momentum remained strong during the quarter. Order entry increased 3% year over year 6% sequentially. First half order entry reached its highest level in four years. Backlog grew sequentially to $814 million, we remain on track to deliver on our full-year outlook. Revenue increased 1% year over year 4% sequentially to $928 million. Adjusted EBITDA grew to $121 million, an increase of 8% year over year 22% sequentially. While adjusted earnings per share increased 17% year over year to $1.10.

謝謝你，Maynard，各位早安。感謝各位參與。本季商務動能依然強勁。訂單承接金額年增 3%，季增 6%。上半年訂單承接金額達到四年來最高水準。在手訂單（backlog）季增至 8.14 億美元，我們仍按計畫達成全年展望。營收年增 1%、季增 4% 至 9.28 億美元。調整後 EBITDA 增至 1.21 億美元，年增 8%、季增 22%。同時，調整後每股盈餘年增 17% 至 1.10 美元。

Across the business, we continue to execute the strategic priorities we've discussed throughout the year. In banking, we continue to expand our branch automation strategy beyond the ATM, with growth in teller cash recyclers, transaction middleware, and managed services. Retail delivered another quarter of strong growth across all our regions. We also achieved record service level performance, meeting or exceeding our customers' expectations, and continue improving the efficiency of our operating model through lean initiatives.

在整體業務方面，我們持續執行今年以來反覆討論的策略優先事項。在銀行業務上，我們持續將分行自動化策略從 ATM 延伸至更多領域，包括櫃員現金循環機（teller cash recyclers）、交易中介軟體（transaction middleware）以及託管服務（managed services）的成長。零售業務在所有地區再度交出強勁成長的一季。我們也達成創紀錄的服務水準表現，達到或超越客戶期望，並透過精實（lean）計畫持續提升營運模式效率。

At the same time, we also navigated several challenges. Higher memory costs in our electronic point of sale portfolio continue to be a headwind. We have taken pricing, sourcing, and other mitigation actions, and while memory pricing environment remains uncertain, we expect these actions to continue gaining traction through the third and fourth quarters.

同時，我們也因應了數項挑戰。我們電子銷售點（EPOS）產品組合中的記憶體成本上升，仍持續形成逆風。我們已採取調價、採購來源調整及其他緩解措施；儘管記憶體價格環境仍不確定，我們預期這些措施將在第三與第四季持續發揮更明顯的效果。

In response to the evolving memory market dynamics, we made the strategic decision to increase inventory to secure components and support customer deployment schedules in the second half of the year. This inventory investment contributed to lower free cash flow during the quarter, and we expect inventory to remain elevated through the third quarter before normalizing in the fourth.

為因應記憶體市場動態的演變，我們做出策略性決策，提高庫存以確保零組件供應，並支援下半年客戶的部署時程。這項庫存投資使本季自由現金流降低；我們預期庫存水位將在第三季維持偏高，並於第四季回歸正常。

Tariff refunds recognized in adjusted EBITDA from prior period costs largely offset the impact of higher memory costs during the quarter. Tom will provide additional detail on these items in his remarks. Importantly, underlying customer demand remains healthy.

本季調整後 EBITDA 中認列的關稅退稅（源自前期成本）在很大程度上抵銷了記憶體成本上升的影響。Tom 將在他的發言中就這些項目提供更多細節。重要的是，基礎客戶需求仍然健康。

Our diversified portfolio and global footprint continue to be a competitive advantage. Our order book, growing backlog, and customer deployment schedules continue to support not only our confidence in the full-year outlook, but also in the durability of the momentum we're building across the businesses. Let's now turn to slide 5 to review our banking strategy.

我們多元化的產品組合與全球布局持續構成競爭優勢。我們的訂單簿、持續成長的在手訂單，以及客戶部署時程，不僅支撐我們對全年展望的信心，也支撐我們對各項業務正在建立之動能可持續性的信心。接著請看投影片第 5 頁，回顧我們的銀行策略。

The bank branch continues to evolve. As routine transactions become more automated, employees can spend more time providing financial advice and strengthening customer relationships. At the same time, banks increasingly want integrated technology partners that help them automate routine transactions, improve branch operations, and better connect the physical and digital customer experience.

銀行分行持續演進。隨著例行交易愈來愈自動化，員工可投入更多時間提供理財建議並強化客戶關係。同時，銀行也愈來愈希望擁有整合型科技合作夥伴，協助其自動化例行交易、改善分行營運，並更好地串聯實體與數位的客戶體驗。

Our core ATM franchise continues to deliver. During the quarter, we secured several important wins, including a new customer in the UK for approximately 1,100 DN Series units, together with a long-term service agreement.

我們的核心 ATM 業務持續交出成果。本季我們取得數項重要勝利，包括在英國贏得一位新客戶，約 1,100 台 DN Series 設備，並搭配一份長期服務合約。

In Mexico, a key customer refreshed its fleet with 600 DN Series recyclers. In South Africa, one of the country's largest banks selected Diebold Nixdorf to replace their entire legacy fleet. Building on our leadership in ATMs, our strategy is to expand deeper into the branch through teller cash recyclers, branch automation solutions, and managed services.

在墨西哥，一位關鍵客戶以 600 台 DN Series 循環機（recyclers）更新其機隊。在南非，該國最大型銀行之一選擇 Diebold Nixdorf 來汰換其全部既有舊型機隊。在 ATM 領導地位的基礎上，我們的策略是透過櫃員現金循環機、分行自動化解決方案與託管服務，更深入拓展至分行場景。

We're seeing encouraging momentum from this strategy. During the second quarter, we achieved record teller cash recycler shipments from our North Canton facility, reflecting growing customer adoption and reinforcing our confidence in this under-penetrated market.

我們看到此策略帶來令人鼓舞的動能。第二季期間，我們在北坎頓（North Canton）工廠創下櫃員現金循環機出貨量新高，反映客戶採用度提升，並強化我們對這個滲透率仍偏低市場的信心。

We're also gaining traction with our branch automation solutions, which combine our ATM and teller cash recycler hardware, managed services, and our Vynamic Transaction Middleware platform. Our Vynamic Transaction Middleware platform connects self-service, assisted service, digital banking, and core banking systems, simplifying transaction management across the enterprise while giving us a unique position within our customers' branch infrastructure.

我們的分行自動化解決方案也正逐步取得進展；該方案結合我們的 ATM 與櫃員現金循環機硬體、託管服務，以及 Vynamic Transaction Middleware 平台。Vynamic Transaction Middleware 平台可連結自助服務、有人協助服務、數位銀行與核心銀行系統，簡化企業內部的交易管理，同時讓我們在客戶分行基礎架構中取得獨特定位。

Today, most of the top five financial institutions in North America rely on Vynamic Transaction Middleware to process millions of transactions every day. That install base provides a solid foundation to expand our software, automation, and managed services as customers continue modernizing their branch networks. Recent deployments with Lloyds in the UK and VyStar Credit Union in the US demonstrate this strategy in action.

目前，北美前五大金融機構中的多數都仰賴 Vynamic Transaction Middleware 每天處理數百萬筆交易。該裝機基礎為我們擴展軟體、自動化與託管服務提供了堅實根基，因客戶持續現代化其分行網路。近期在英國 Lloyds 與美國 VyStar Credit Union 的部署，展現了此策略的實際落地。

At Lloyds, our branch automation solution is live in an initial pilot across two high-traffic branches, representing an important first step that positions us for broader deployment across the Lloyds branch network over time. At VyStar, our end-to-end branch automation solution supports more than 200 advanced ATMs through our managed services offering, helping simplify operations and enhance the member experience.

在 Lloyds，我們的分行自動化解決方案已在兩家高流量分行的初期試點中上線，這是重要的第一步，讓我們得以在未來逐步擴大至 Lloyds 的整體分行網路。在 VyStar，我們端到端的分行自動化解決方案透過託管服務支援超過 200 台先進 ATM，協助簡化營運並提升會員體驗。

These deployments demonstrate how our integrated portfolio expands our opportunity well beyond the ATM, allowing us to deliver greater value through software, services, and automation while strengthening customer relationships. Our fit-for-purpose product designed for the India market continues to gain traction. Our pipeline is growing, and we believe India represents one of our most attractive long-term growth opportunities given the size of the market and our relatively modest market share position today.

這些部署展示了我們的整合式產品組合如何將機會擴展到 ATM 之外，讓我們能透過軟體、服務與自動化交付更高價值，同時強化客戶關係。我們為印度市場量身打造的產品持續獲得更多採用。我們的商機管線正在成長；考量市場規模以及我們目前相對有限的市占地位，我們相信印度是我們最具吸引力的長期成長機會之一。

Finally, in Brazil, one large public sector bank tender has shifted into the second half, with the associated revenue originally expected in 2026, now expected primarily in 2027. While this affects timing, it does not change our full-year outlook, and we remain confident in our ability to capture our share of this opportunity.

最後，在巴西，一項大型公部門銀行標案已延後至下半年，原先預期於 2026 年認列的相關營收，現主要預期於 2027 年認列。雖然這會影響時點，但不會改變我們對全年展望的看法，我們仍有信心能掌握此機會中的應有份額。

Turning to retail, revenue grew approximately 25% year over year. Retailers continued to invest in technology to create a more seamless shopping experience across physical and digital channels while improving labor productivity and reducing shrink.

轉向零售業務，營收年增約 25%。零售商持續投資科技，以在實體與數位通路間打造更無縫的購物體驗，同時提升勞動生產力並降低損耗。

Our strategy is to build on our market leadership in Europe while accelerating growth in North America through innovative store technology, AI-enabled solutions, and managed services. We're seeing momentum across each of these priorities. In North America, we're converting a growing pipeline into new logo wins.

我們的策略是在鞏固歐洲市場領導地位的同時，透過創新的門市科技、AI 驅動解決方案與代管服務，加速北美成長。我們在上述各項優先事項上都看到動能。在北美，我們正將持續成長的商機管線轉化為新客戶（new logo）得標。

During the quarter, we secured self-checkout wins with two grocers, a point of sale deployment with a quick-serve restaurant chain, and a service agreement with a large fashion retailer supporting technology deployments across hundreds of stores.

本季期間，我們在兩家雜貨商取得自助結帳的得標案，為一家速食連鎖餐廳部署銷售點（POS）系統，並與一家大型時尚零售商簽訂服務協議，支援其在數百家門市的科技部署。

Across Europe, our checkout solutions continue to lead the market. We secured a more than 4,000-unit point of sale order with an existing customer in Germany, 1,600 units with a retailer in Romania, and an 800-unit new logo win in Germany.

在歐洲，我們的結帳解決方案持續領先市場。我們在德國與既有客戶取得超過 4,000 台的銷售點（POS）訂單、在羅馬尼亞與一家零售商取得 1,600 台訂單，並在德國取得一筆 800 台的新客戶（new logo）得標案。

In addition, we won a 1,500 self-checkout lane deployment with one of the United Kingdom's largest grocers. Our Smart Vision AI solution is gaining meaningful commercial traction. We've deployed hundreds of lanes year to date, and new multi-year contracts signed this quarter will expand deployments to thousands of lanes by the end of 2026.

此外，我們也與英國最大型雜貨商之一，取得 1,500 條自助結帳通道的部署案。我們的 Smart Vision AI 解決方案正獲得實質的商業牽引力。今年迄今我們已部署數百條通道，而本季簽署的新多年期合約，將使部署規模在 2026 年底前擴大至數千條通道。

Most notably, we signed Vynamic Smart Vision AI deployment contracts for 1,400 new lanes across two large European grocers, representing the largest new deployments to date. These wins demonstrate that retailers are increasingly deploying AI at an enterprise scale. Together, our market leadership in Europe, growing momentum in North America, and the rapid adoption of the Smart Vision AI platform give us confidence that our retail business remains in the early stages of significant long-term growth opportunity.

最值得一提的是，我們與兩家大型歐洲雜貨商簽署 Vynamic Smart Vision AI 的部署合約，新增 1,400 條通道，為迄今最大的新部署案。這些得標顯示零售商正日益以企業級規模部署 AI。綜合我們在歐洲的市場領導地位、北美日益增強的動能，以及 Smart Vision AI 平台的快速採用，我們有信心零售業務仍處於顯著長期成長機會的早期階段。

Turning to slide 7. For the second consecutive quarter, we achieved record service levels in both North America and globally. Based on customer feedback and available market data, we believe we're leading the industry in response times and availability. These improvements strengthen our customer relationships today and position us to win additional business over time. Service margins improved 10 basis points sequentially, despite the near-term impact of our North America fleet renewal program.

請看投影片 7。連續第二季，我們在北美及全球皆達成創紀錄的服務水準。根據客戶回饋與可得的市場數據，我們相信在回應時間與可用性方面領先同業。這些改善不僅強化我們當前的客戶關係，也使我們在未來更有利於爭取更多業務。儘管北美車隊汰換更新計畫在短期內帶來影響，服務毛利率仍較前一季提升 10 個基點。

This investment is improving technician safety, increasing parts availability, strengthening repair execution, and improving fuel efficiency, creating a stronger service platform for the future. The actions we've taken are delivering measurable results. With the largest phase of our investment cycle now behind us, we expect to leverage the stronger operational foundation to continue improving service margin in the quarters and years ahead.

這項投資正在提升技術人員安全、增加零件可得性、強化維修執行力並改善燃油效率，為未來打造更強健的服務平台。我們採取的行動已帶來可衡量的成果。隨著我們投資週期中最大的一個階段已經過去，我們預期將運用更強的營運基礎，在未來幾季與未來幾年持續改善服務毛利率。

As we continue expanding our installed base through teller cash recyclers, branch automation solutions, and retail, we're also expanding higher-value service opportunities. Combined with the operational improvements we've made, this gives us confidence in our expectation of up to 50 basis points of service margin expansion this year and continued improvement over time.

隨著我們透過櫃員現金循環機（TCR）、分行自動化解決方案與零售業務持續擴大裝機基礎，我們也在擴展更高價值的服務機會。結合我們已完成的營運改善，讓我們對今年服務毛利率最多擴張 50 個基點、並隨時間持續改善的預期更具信心。

Let's turn to slide 8. Our lean operating system continues to be a foundational element on how we run the business. Across the company, we're applying lean principles to improve productivity, simplify operations, increase capacity, and deliver a better experience for our customers. These efforts are making our business more efficient, more scalable, better positioned to support profitable growth.

請看投影片 8。我們的精實營運系統仍是我們經營企業方式的基礎要素。在全公司範圍內，我們運用精實原則提升生產力、簡化營運、提高產能，並為客戶提供更好的體驗。這些努力使我們的業務更有效率、更具可擴展性，也更能支援獲利性成長。

One example comes from our Paderborn manufacturing facility. As customer demand increased, the team implemented flow manufacturing and added a fourth production line without increasing operating costs. The result was a 25% increase in output and improved safety, demonstrating how lean enables us to grow efficiently while improving operational performance.

其中一個例子來自我們位於帕德博恩（Paderborn）的製造工廠。隨著客戶需求增加，團隊導入流動式生產（flow manufacturing），並在不增加營運成本的情況下新增第四條產線。結果是產出提升 25% 且安全性改善，展現精實如何讓我們在提升營運績效的同時有效率地成長。

In North Canton, lean initiatives reduced dispatch times by more than 50%, shortened receiving and shipping lead times by two days, and generated greater than $200,000 in annual labor savings. These improvements increase responsiveness, improve productivity, and enhance the experience we deliver to customers. We are also applying lean to our service operations through our Plan For Every Part initiative.

在北坎頓（North Canton），精實措施將派工時間縮短超過 50%，收貨與出貨的前置時間縮短兩天，並帶來每年超過 20 萬美元的人力成本節省。這些改善提升了反應速度、提高生產力，並強化我們為客戶提供的體驗。我們也透過「每個零件都有計畫」（Plan For Every Part）計畫，將精實導入服務營運。

By improving parts availability and inventory planning, we're reducing incomplete service calls and helping technicians resolve customer issues on the first visit. This directly supports the record service level agreements we discussed earlier and strengthens both customer satisfaction and operational performance.

透過提升零件可得性與庫存規劃，我們正在降低未完成的服務出勤，並協助技術人員在首次到訪就解決客戶問題。這直接支援我們先前提到的創紀錄服務水準協議（SLA），並同時強化客戶滿意度與營運績效。

Our commitment to innovation continues to be recognized externally. During the quarter, our Vynamic Transaction Middleware platform received two international industry awards recognizing our leadership in payment technology.

我們對創新的承諾也持續獲得外部肯定。本季期間，我們的 Vynamic Transaction Middleware 平台獲得兩項國際產業獎項，表彰我們在支付技術方面的領導地位。

These examples demonstrate that lean is much more than a manufacturing initiative. It is the operating system that drives continuous improvement across our company. Every productivity gain, process improvement, and quality enhancement strengthens our ability to execute for our customers, expand margins, and support sustainable long-term growth.

這些例子顯示，精實遠不只是製造端的倡議。它是推動全公司持續改善的營運系統。每一項生產力提升、流程改善與品質強化，都能增強我們為客戶執行交付的能力、擴大毛利率，並支援可持續的長期成長。

With that, I'll turn the call over to Tom to review our financial performance in more detail.

接下來，我把電話會議交給 Tom，請他更詳細地說明我們的財務表現。

Thank you, Octavio. Starting on slide nine, the second quarter financial results reflect our continued commercial momentum and operational execution. Non-GAAP revenue was $928 million, up 1.4% year over year, and more than 4% sequentially. Increasing retail demand helped offset the timing of certain banking deployments being pushed out, while orders and backlog both increased sequentially, giving us continued confidence in our outlook for the second half of the year.

謝謝你，Octavio。從投影片 9 開始，第二季財務結果反映我們持續的商業動能與營運執行力。非 GAAP 營收為 9.28 億美元，年增 1.4%，且較前一季成長超過 4%。零售需求增加有助於抵銷部分銀行部署時點延後的影響；同時，訂單與積壓訂單（backlog）皆較前一季增加，使我們對下半年展望持續有信心。

Before reviewing our margin performance, I'd like to provide some context around two items that influenced our second quarter results. We received a one-time tariff refund of approximately $13 million, with approximately $10 million benefiting banking product margins and the remaining $3 million benefiting banking services. This benefit was almost entirely offset by approximately $10 million of higher memory costs.

在檢視毛利率表現之前，我想先就兩項影響第二季結果的事項提供一些背景。我們收到一次性的關稅退稅款約 1,300 萬美元，其中約 1,000 萬美元有利於銀行產品毛利率，其餘 300 萬美元有利於銀行服務。此項利益幾乎完全被約 1,000 萬美元的記憶體成本上升所抵銷。

As we've now diversified our memory supply base and implemented customer pricing actions, we expect the impact of higher memory costs to continue to decline throughout the remainder of the year. As in prior periods, both items are reflected in our reported non-GAAP results.

由於我們已使記憶體供應來源多元化並採取客戶定價措施，我們預期記憶體成本上升的影響將在今年剩餘期間持續下降。如同以往期間，這兩項因素皆已反映在我們所揭露的非 GAAP 結果中。

Non-GAAP gross profit grew approximately 1% year over year and 9% sequentially, driven by continued strength in our retail business. Non-GAAP margin was 26.4%, essentially flat year over year and up 100 basis points sequentially. Non-GAAP product gross margin increased 70 basis points year over year to 28.7%, driven by banking execution and partially offset by memory costs and a higher mix of retail point of sale products.

非 GAAP 毛利年增約 1%，較前一季成長 9%，主要受零售業務持續強勁所帶動。非 GAAP 毛利率為 26.4%，年比基本持平，較前一季提升 100 個基點。非 GAAP 產品毛利率年增 70 個基點至 28.7%，主要受銀行業務執行力帶動，但部分被記憶體成本與零售 POS 產品組合占比提高所抵銷。

Sequentially, non-GAAP product margins increased 240 basis points. Non-GAAP service margins were 24.9%, down 60 basis points year over year and up 10 basis points sequentially. The year-over-year decline primarily reflects the rollout of our new North America service suite and increased investments in technicians to support future growth. These investments are already improving operational performance, and we remain confident that they will contribute to continued service margin expansion over time.

按季而言，非 GAAP 產品毛利率提升 240 個基點。非 GAAP 服務毛利率為 24.9%，年減 60 個基點、季增 10 個基點。年對年下滑主要反映我們在北美推出新的服務套組，以及為支援未來成長而增加對技術人員的投資。這些投資已在改善營運表現，我們仍有信心它們將隨時間推進，促成服務毛利率持續擴張。

Non-GAAP operating expenses declined $7 million, or 4% year over year, and improved by $2 million sequentially, reflecting the benefits of our continuous improvement initiatives and disciplined cost management. We now expect total operating expenses to decline approximately 2% for the full year at the higher end of our previously guided 1% to 2% decline.

非 GAAP 營業費用年減 700 萬美元（或 4%），且按季改善 200 萬美元，反映我們持續改善計畫與嚴謹成本管理所帶來的效益。我們目前預期全年總營業費用約下降 2%，位於先前指引 1% 至 2% 下降區間的高端。

As a result, non-GAAP operating profit increased 13% year over year to $82 million, while non-GAAP operating margin expanded 90 basis points to 8.9%. Sequentially, non-GAAP operating profit increased 35%, with non-GAAP operating margin expanding 200 basis points. Let's turn to slide 10.

因此，非 GAAP 營業利益年增 13% 至 8,200 萬美元，同時非 GAAP 營業利益率擴張 90 個基點至 8.9%。按季而言，非 GAAP 營業利益成長 35%，非 GAAP 營業利益率擴張 200 個基點。我們來看第 10 頁投影片。

In Q2, adjusted EBITDA grew 8% year over year to $121 million, and margin expanded 80 basis points to 13%, driven by higher retail revenue and operating expense discipline. Sequentially, adjusted EBITDA grew about 22%, and margin expanded 180 basis points. Non-GAAP earnings per share were $1.10, up 17% year over year and up 64% sequentially, driven by higher net income and lower share count as we continue to execute our $200 million share repurchase program.

第二季，調整後 EBITDA 年增 8% 至 1.21 億美元，且利潤率擴張 80 個基點至 13%，主要受更高的零售營收與營業費用紀律所帶動。按季而言，調整後 EBITDA 約成長 22%，利潤率擴張 180 個基點。非 GAAP 每股盈餘為 1.10 美元，年增 17%、季增 64%，主要受更高的淨利以及在我們持續執行 2 億美元庫藏股回購計畫下股數下降所帶動。

Turning to free cash flow, we reported an outflow of $11 million. Free cash flow was primarily impacted by inventory build of approximately $40 million to support demand in the second half and to secure memory supply. This figure excludes discrete tax items attributable to prior fiscal years related to increasing profitability in our German legal entities.

談到自由現金流，我們報告淨流出 1,100 萬美元。自由現金流主要受到約 4,000 萬美元的存貨增加影響，以支援下半年需求並確保記憶體供應。此數字不包含可歸因於先前會計年度、與我們德國法人獲利能力提升相關的單次稅務項目。

In 2026, we expect approximately $50 million of higher-than-anticipated estimated cash tax payments related to years 2024 and 2025, which we are excluding from free cash flow to better reflect operational cash flow generation. We expect inventories to be below prior year's level in the fourth quarter as customer deployments accelerate, reinforcing our confidence in achieving our full-year free cash flow guidance.

在 2026 年，我們預期與 2024 年與 2025 年度相關的預估現金稅款支付，將較原先預期高出約 5,000 萬美元；我們將其自自由現金流中排除，以更能反映營運現金流的創造能力。我們預期在第四季，隨著客戶部署加速，存貨將低於前一年度水準，進一步強化我們達成全年自由現金流指引的信心。

Continuing on to slide 11. Turning to banking. Revenue was up approximately 2% sequentially and declined approximately 6% year over year. Our backlog and product gives us confidence in the back half of the year. The banking segment delivered strong margins in the quarter, increasing 100 basis points year over year to 28.5%. Banking product gross margins were 36.8%, up 620 basis points year over year and up 540 basis points sequentially.

接著看第 11 頁投影片。談到銀行業務。營收按季約成長 2%，年減約 6%。我們的在手訂單與產品讓我們對下半年充滿信心。銀行業務部門本季交出強勁利潤率，年增 100 個基點至 28.5%。銀行產品毛利率為 36.8%，年增 620 個基點、季增 540 個基點。

Excluding the tariff refund benefit, banking product gross margin would have been 32.5%, up 190 basis points year over year and establishing another new record for product gross margin. Banking service gross margins were 23.6%, down 180 basis points year over year, and down 10 basis points sequentially, reflecting the tariff refund that was more than offset by additional fleet investment and lower installation and project volume.

若排除關稅退稅帶來的利益，銀行產品毛利率將為 32.5%，年增 190 個基點，並再度創下產品毛利率新高紀錄。銀行服務毛利率為 23.6%，年減 180 個基點、季減 10 個基點，反映關稅退稅的影響，但該影響被額外的車隊投資以及較低的安裝與專案量所抵銷且超過。

Looking ahead in banking, our backlog, and with the majority of the investments for services now behind us, gives us confidence in the second half of the year outlook. Turning to slide 12. Retail delivered another outstanding quarter. Revenue was up approximately 9% sequentially and up 24% year over year.

展望銀行業務，我們的在手訂單，加上服務相關投資多數已完成，使我們對下半年展望更具信心。接著看第 12 頁投影片。零售業務再度交出非常出色的一季。營收按季約成長 9%，年增 24%。

Retail product and service both delivered double-digit growth for the second consecutive quarter, driven by growth in point of sale in both Europe and North America. Gross profit dollars increased approximately 5% sequentially and 15% year over year to $64 million. Total gross margin was 21.9%, down 70 basis points sequentially and 180 basis points year over year, reflecting a higher mix of point of sale products and the related higher impact of memory costs.

零售產品與服務連續第二季皆達成雙位數成長，主要由歐洲與北美的銷售點（POS）成長所帶動。毛利金額按季約增加 5%，年增 15% 至 6,400 萬美元。總毛利率為 21.9%，按季下降 70 個基點、年減 180 個基點，反映銷售點產品占比提高，以及相關記憶體成本影響較大。

Retail service margin improved 230 basis points year over year to 28.2%, driven by the higher revenue. Looking ahead in retail, we expect to see product margin improvements in the second half of the year, driven by pricing to offset increased memory costs and improved product mix.

零售服務毛利率年增 230 個基點至 28.2%，主要受較高營收帶動。展望零售業務，我們預期下半年產品毛利率將改善，主要由定價以抵銷記憶體成本上升，以及產品組合改善所驅動。

Moving to slide 13, let's review our 2026 guidance. We are reaffirming our full year guidance with revenue of $3.86 billion to $3.94 billion, which is supported by our recurring service revenue and the $814 million of product backlog. Turning to gross margin, given the stronger mix of point of sale and higher memory cost impact in Q2, we now expect full-year product gross margins to be comparable with prior year, while service gross margins are still expected to improve up to 50 basis points, consistent with our previous outlook.

接著看第 13 頁投影片，我們來檢視 2026 年指引。我們重申全年指引，營收為 38.6 億至 39.4 億美元，並由我們的經常性服務營收以及 8.14 億美元的產品在手訂單所支撐。談到毛利率，鑑於第二季銷售點組合更強以及記憶體成本影響較高，我們目前預期全年產品毛利率將與前一年相當；而服務毛利率仍預期最多改善 50 個基點，與先前展望一致。

For adjusted EBITDA, we reaffirm a range of $510 million, $535 million, reflecting our confidence in the commercial momentum and operational execution we've discussed throughout today's call.

就調整後 EBITDA 而言，我們重申區間為 5.10 億至 5.35 億美元，反映我們對今日電話會議中所討論之商業動能與營運執行力的信心。

For free cash flow, while the quarterly cadence is now expected to be more weighted toward the fourth quarter, our full year expectation remains at $255 million to $270 million, excluding the higher-than-expected tax payments of approximately $50 million related to the 2024 and 2025 tax years. We continue to expect adjusted earnings per share to be in the range of $5.25 to $5.75, assuming an effective full-year tax rate in the range of 35% to 40%, with a higher tax rate expected in Q3 versus Q4.

就自由現金流而言，雖然目前預期季度節奏將更偏向第四季，但我們全年預期仍為 2.55 億至 2.70 億美元，並排除與 2024 年與 2025 年度稅務年度相關、約 5,000 萬美元的高於預期稅款支付。我們仍預期調整後每股盈餘將落在 5.25 至 5.75 美元區間，假設全年有效稅率介於 35% 至 40%，且預期第三季稅率將高於第四季。

Looking specifically at the third quarter, revenue is expected to represent approximately 25% of full-year revenue at the midpoint. Gross margin is expected to be approximately 25%, flat sequentially, excluding the tariff refund. We expect third quarter adjusted EBITDA to represent approximately 24% of the full-year adjusted EBITDA at the midpoint.

就第三季而言，按中位數估計，營收預期約占全年營收的 25%。毛利率預期約為 25%，若排除關稅退稅影響，則按季持平。我們預期第三季調整後 EBITDA 按中位數估計約占全年調整後 EBITDA 的 24%。

Turning to free cash flow, we expect a continuing carrying elevated inventory in Q3. In addition to higher restructuring payments related to our OPEX cost savings program, as well as the divestiture of our business in Turkey, resulting in a free cash flow at similar levels to Q2. As we exit the year, we expect significant improvement in free cash flow in Q4, driven by approximately $100 million to $120 million of inventory reductions, other working capital improvements across the business, and the annual receipt of our customer service contract prepayments.

談到自由現金流，我們預期第三季仍將持續維持較高的存貨水位。此外，與我們 OPEX 成本節省計畫相關的較高重整支付，以及我們出售土耳其業務，將使自由現金流維持在與第二季相近的水準。在年底之際，我們預期第四季自由現金流將顯著改善，主要由約 1 億至 1.2 億美元的存貨降低、全公司其他營運資金改善，以及每年一次收到客戶服務合約預付款所帶動。

Turning to slide 14. We maintained a fortress balance sheet with over $590 million of liquidity at the end of Q2, comprised of $282 million in cash and cash equivalents and our revolving credit facility of $310 million. The net leverage ratio stood at 1.4 times, providing financial flexibility through share repurchases and M&A activity.

接著看第14頁投影片。我們在第二季末維持了堅實如堡壘的資產負債表，流動性超過5.9億美元，其中包括2.82億美元的現金及約當現金，以及3.10億美元的循環信用額度。淨槓桿比率為1.4倍，為股票回購與併購活動提供了財務彈性。

During the quarter, we repurchased approximately 752,000 shares at an average price of $79.82 per share, returning $60 million to shareholders under our existing $200 million share repurchase authorization. We have approximately $57 million remaining under the current authorization.

本季期間，我們以每股79.82美元的平均價格回購約752,000股，依據現有2億美元的股票回購授權，向股東返還6,000萬美元。目前授權額度下尚餘約5,700萬美元。

Our capital allocation priorities remain unchanged. We are committed to maintaining a strong balance sheet, returning the vast majority of our free cash flow to shareholders through share repurchases and preserving the flexibility to pursue discipline, value-enhancing acquisitions that strengthen our strategic position.

我們的資本配置優先順序維持不變。我們致力於維持強健的資產負債表，透過股票回購將我們自由現金流的絕大部分回饋給股東，並保留彈性以追求審慎、可提升價值的收購案，強化我們的策略地位。

With that, I'll turn it back to Octavio for closing remarks.

接下來我把時間交還給Octavio做結語。

Thank you, Tom. To conclude, the second quarter demonstrated continued commercial momentum across the business. First-half order entry was the highest in four years. Our backlog sits at over $800 million. Retail delivered another great quarter, and our banking growth initiatives continue to gain traction. The underlying demand environment remains healthy.

謝謝你，Tom。總結來說，第二季展現了全公司持續的商業動能。上半年接單量為四年來最高。我們的在手訂單（backlog）超過8億美元。零售業務再度交出亮眼的一季，我們的銀行業務成長計畫也持續取得進展。整體需求環境仍然健康。

The quarter presented both operational opportunities and challenges. We were able to build inventory to secure supply to better position us for a strong second half of the year, while our service margins still have room for improvement.

本季同時帶來營運上的機會與挑戰。我們得以建立庫存以確保供應，讓我們更有利於迎接下半年強勁表現，同時我們的服務毛利率仍有改善空間。

Our priorities are clear. Convert backlog into revenue, reduce inventory, improve service productivity, and maintain operating expense discipline. I want to thank our employees for their continued focus and commitment to our customers. Their work is driving the service improvements, customer wins, and operational progress we discussed today.

我們的優先事項很明確。將在手訂單轉化為營收、降低庫存、提升服務生產力，並維持營運費用紀律。我要感謝員工持續專注並致力於服務客戶。他們的努力正推動我們今天所談到的服務改善、客戶得標與營運進展。

We remain focused on delivering the full-year outlook, strengthening the quality and consistency of the business, and creating sustainable long-term value for shareholders.

我們仍專注於達成全年展望、強化業務品質與一致性，並為股東創造可持續的長期價值。

With that, operator, please open the line for questions.

接下來，請接線員開放提問。

(Operator Instructions) Matt Summerville, D.A. Davidson.

（接線員指示）Matt Summerville，D.A. Davidson。

Thanks. Couple questions. First, help me just a little bit with kind of the fourth quarter build, in the sense that, what gives you confidence in what is becoming an increasingly bigger sort of fourth quarter, in terms of implied EBITDA in particular, as more material services gross margin inflection seems to be kind of pushing out again, if you will.

謝謝。我有幾個問題。首先，想請你稍微協助我理解第四季的拉升（build）：也就是說，當隱含的EBITDA（特別是）顯示第四季占比愈來愈大時，你們的信心來源是什麼？尤其是更顯著的服務毛利率拐點似乎又再往後延了些。

Just help me understand how the pieces come into play. If I'm doing my math right, you're implying about $125 million of EBITDA in Q3, which again means Q4 ultimately has to move higher for you guys to hit the midpoint of the guide. Just help me a little bit there.

請幫我理解各個環節如何共同作用。如果我算得沒錯，你們暗示第三季EBITDA大約1.25億美元，這也意味著為了達到指引中位數，第四季最終必須更高。這部分請再多說明一下。

I'd say you're pretty much spot on for Q3, in terms of what you implied for the EBITDA component.

我會說，就第三季而言，你對EBITDA部分的推算基本上相當準確。

Look, the incremental spend that we saw as relates to service margins this quarter, was entirely related to our fleet. That impacted service margins by about 50 basis points. Obviously, we're driving that fleet renewal program as well as the underlying technician investments, but the timing and concentration of the rollout in Q2 had a larger near-term impact on the service gross margin.

你看，本季我們在服務毛利率相關所看到的增量支出，完全與我們的車隊（fleet）有關。這使服務毛利率約受影響50個基點。顯然，我們正在推動車隊汰換更新計畫以及底層的技師投資，但在第二季推出的時點與集中度，對短期服務毛利率造成了較大的影響。

The key point is these were deliberate decisions and investments in that service platform and don't meaningfully change the underlying trajectory for margins, right? Which, Matt, as you know, we said that we expect to be able to grow service margins, and we still do, up to 50 basis points this year.

重點是，這些都是對服務平台的刻意決策與投資，並不會實質改變毛利率的基本走勢，對吧？Matt，如你所知，我們先前說過預期今年服務毛利率可提升、最高可達50個基點，我們現在仍然這麼認為。

As it relates to product margins, we said that they'd be flattish when compared to prior years. Really strong banking product gross margin performance with or without the tariff refund. Just jumping back to services, we think the largest phase of the investment cycle is now behind us, and we expect to be able to leverage this stronger foundation to improve the service margins certainly in the quarters ahead.

至於產品毛利率，我們說過相較於前幾年將大致持平。銀行產品的毛利率表現非常強勁，不論是否計入關稅退稅（tariff refund）皆然。回到服務面，我們認為投資循環中最大的一段現在已經過去，並預期能運用這個更強的基礎，在接下來幾季確實改善服務毛利率。

As it relates to banking, that being slightly down in revenues, we expect that some of the pushout and deployments are going to end up in the third and fourth quarter. I'd say, big fourth quarter for us from a cash flow perspective as well, but we feel like we got pretty good line of sight, whether it's the backlog.

至於銀行業務營收略為下滑，我們預期部分延後（pushout）與部署將落在第三季與第四季。我會說，從現金流角度來看，第四季對我們也會是很大的一季，但我們覺得可視性相當不錯，不論是來自在手訂單。

Octavio spoke about order entry being the highest it's been in four years. We'll be able to convert that as well. We feel really confident that we're going to be able not only to deliver the EBITDA, but the associated free cash flow.

Octavio提到接單量是四年來最高。我們也能把這些轉化出來。我們非常有信心不僅能交付EBITDA，也能交付相應的自由現金流。

Got it. Maybe pivot over to North American retail. Is there any sort of framework you can provide around what you're seeing now in terms of orders and revenue, logo wins? Any early view on what you think you can ultimately deliver in that business, again, North America retail focused here with the question, in 2027?

了解。或許轉到北美零售。你能否提供一些框架，說明你們目前在訂單與營收、客戶標誌（logo）得標方面看到的情況？另外，針對北美零售這塊，你們對2027年最終可能達成的表現，有沒有任何初步看法？

Matt, we're really focused on delivering 2026 first. It'll be very high, double-digit growth for the North America business. As you know, in Europe, the over $1 billion that we're thinking retail will do this year, still a vast majority comes from Europe. With North America being the biggest market, the opportunity remains relatively untapped yet.

Matt，我們目前更專注於先交付2026年。北美業務將會是非常高的雙位數成長。如你所知，我們預期今年零售業務將超過10億美元，其中絕大部分仍來自歐洲。而北美作為最大的市場，機會仍相對尚未被充分開發。

As we look into the next year, we still believe that retail in North America can continue at that same pace of growing a very high double-digit growth for the foreseeable future. This quarter, we had two important wins in the grocery space. We had one important win in the self-checkout space. We continue to, as we engage with customers, find new opportunities. A very large fashion retailer hired us to deliver RFID technology across hundreds of stores.

展望明年，我們仍相信北美零售在可預見的未來可以維持同樣的成長步伐，持續達到非常高的雙位數成長。本季我們在雜貨領域拿下兩個重要案子。我們在自助結帳領域也拿下一個重要案子。我們在與客戶互動的過程中，持續發掘新的機會。一家非常大型的時尚零售商聘請我們在數百家門市導入RFID技術。

We're very excited about the opportunity. We just see the opportunity getting better. Again, we are taking all the appropriate measures to do that. We remain very excited about the prospects of retail in North America.

我們對這個機會感到非常興奮。我們看到機會只會愈來愈好。同樣地，我們正在採取所有適當的措施來推進。我們對北美零售的前景仍然非常樂觀。

The only thing I'll add to Octavio's comment, as it is more focused on 2026, we do expect to see product margin improvements in the second half, driven by a slightly better mix of self-checkout when compared to point of sale. Because of the challenge in memory that we saw, that headwind of about $10 million in the quarter, that's predominantly retail. We have now, we're close to probably finalizing, revising all of the contracts to reflect the updated market pricing in memory.

我唯一想補充Octavio的評論是，既然重點更放在2026年，我們確實預期下半年產品毛利率會改善，主要由於自助結帳相較於POS（銷售點）占比略為提升、帶來較佳的組合。由於我們看到記憶體（memory）的挑戰，本季約有1,000萬美元的逆風，而這主要來自零售。目前我們已接近完成，正在修訂所有合約，以反映記憶體更新後的市場定價。

We've also diversified, as it relates to memory, our product, the supply chain, which has helped keep us in with the right amount of supply to support second half demand, and that's also helped a little bit on the pricing side of things. We will, going forward, be able to pass up to 100% of those costs on as we price these things, these contracts.

我們也已經在記憶體相關方面進行了多元化，包括我們的產品與供應鏈，這有助於我們維持適當的供給量以支援下半年需求，也在定價面帶來了一些幫助。展望未來，當我們為這些項目、這些合約定價時，我們將能把這些成本最多 100% 轉嫁出去。

The other big change that we made was that we went from our price quoting mechanism, where we would usually allow a price quote to be active and open for a 90-day period of time. We've shrunk that down significantly because of the volatility to seven days. Between that and our ability to escalate pricing into contracts, we expect retail to continue to deliver, and we offset that pricing headwind on memory.

我們做的另一個重大改變，是把原本的報價機制調整了；過去我們通常會讓報價在 90 天期間內保持有效並開放。由於波動性，我們已大幅縮短到 7 天。結合這點以及我們將價格調升條款納入合約的能力，我們預期零售業務將持續交出表現，並抵消記憶體帶來的定價逆風。

Thank you. Maybe I'll just sneak one more in. When you talk about the cash taxes you effectively owe in Germany for 2024 and 2025, is that just a one-time catch-up true-up, or does that impact Diebold's go-forward free cash algorithm? Octavio, if you can just maybe do the geographic around the horn on the ATM side of the business and what you're seeing from demand would be great. Thanks.

謝謝。也許我再偷偷問一個。你提到你們在德國於 2024 與 2025 年實際應付的現金稅，這只是一次性的追補／調整，還是會影響 Diebold 未來的自由現金流算法？Octavio，如果你能就 ATM 業務在各地區的情況快速繞一圈，談談你看到的需求狀況就太好了。謝謝。

Hey, Matt, I'm not counting, I think you snuck in two questions there, but happy to address the first one. Yes is the answer. We expect to make discrete one-time payments related to 2024 and 2025 of $50 million between the second quarter, which we had about $18 million incurred, third quarter, a similar amount, fourth quarter sort of makes up the difference, and that's the $50 million.

嗨，Matt，我沒在算，但我覺得你剛剛偷偷塞了兩個問題，不過我很樂意先回答第一個。答案是：是的。我們預期會就 2024 與 2025 年做一次性、離散的付款，總額 5,000 萬美元，分布在第二季（我們已發生約 1,800 萬美元）、第三季（類似金額），第四季則補足差額，合計就是 5,000 萬美元。

To more specifically answer it, the run rate for our cash tax payments, if you look at last year as a basis, we spent about $57 million on cash tax payments. Because we are now going to be profitable in Germany and no longer have NOLs, we're also required in 2026 to pay an additional $25 million to $30 million of taxes, and that'll get added into our new run rate for 2027.

更具體地說，若以去年作為基準來看我們現金稅款支付的常態水準（run rate），我們去年大約支付了 5,700 萬美元的現金稅。由於我們現在在德國將轉為獲利、且不再有可用的淨營運虧損（NOLs），因此在 2026 年我們也需要額外支付 2,500 萬至 3,000 萬美元的稅款，並會把這部分納入 2027 年的新常態水準。

The way to think about it is the run rate that we saw last year of, let's say $57 million, you can add $25 million to $30 million on it. That will be our new run rate going forward. The one point that you'll see for this year is the added $50 million for the 2024 and 2025 years. We backed out that $50 million thinking it was more appropriate to show what the business can generate operationally from a cash flow perspective.

你可以這樣理解：去年看到的常態水準假設是 5,700 萬美元，再加上 2,500 萬到 3,000 萬美元。這將成為我們未來的新常態水準。而今年你會看到的一個重點，是針對 2024 與 2025 年額外增加的 5,000 萬美元。我們把這 5,000 萬美元剔除，因為我們認為這樣更適合呈現公司從現金流角度、在營運上能產生的能力。

Matt, before I start, I think that this does not change our long-term outlook. What we've discussed would be our goals for a three-year period that will end next year remain unchanged. Even with a higher cash tax payment probably next year, based on the increased profitability in our German subsidiaries, we still feel very comfortable with our cash flow outlook for 2027 and beyond. Let me walk you through the world now, as you'd like to say.

Matt，在我開始之前，我認為這不會改變我們的長期展望。我們先前討論過、以三年為期並將於明年結束的目標，仍維持不變。即使明年因德國子公司獲利提升而可能有較高的現金稅支付，我們對 2027 年及以後的現金流展望仍然非常有信心。我現在就如你所說，帶你快速走一圈全球狀況。

I'll start with Europe this time. As you know, Europe is a more mature market, very modest growth, but we're really winning in that market. You saw some of the wins I referenced in the UK, winning new customers, a 100% competitive win that we had in the UK that will now be coming our way. I referenced Lloyds, where our branch automation is piloting in two very high-traffic branches since. Proving once again that the combination of going beyond the ATM and moving into the branch will prove successful.

這次我先從歐洲開始。如你所知，歐洲是較成熟的市場，成長非常溫和，但我們在那個市場確實持續勝出。你也看到我提到的一些英國的得標案例：贏得新客戶，以及我們在英國拿下的一個 100% 競爭性勝利，現在將由我們承接。我也提到 Lloyds，我們的分行自動化方案已在兩家人流量非常高的分行進行試點。再次證明，從 ATM 延伸、進一步走進分行的組合策略將會成功。

I think that, in Europe, we see as the market continues to move in the direction of shared networks or by utility, customers are prioritizing partners that can really provide a technological edge to their operations. We see that that's where our strength is, providing technology and integrated solutions. Europe, we expect to see continued success as we keep growing our base there with innovative solutions.

我認為在歐洲，隨著市場持續朝共享網路或「公用事業化（utility）」的方向發展，客戶會優先選擇能真正為其營運帶來技術優勢的合作夥伴。我們看到這正是我們的強項：提供技術與整合式解決方案。我們預期歐洲將持續成功，因為我們會以創新解決方案持續擴大當地的客戶基礎。

When I look at North America, and preempting sometimes the question about where are we in recyclers, I think that recycling in North America is now moving significantly downstream.

再看北美，先回應大家有時會問的「我們在回收機（recyclers）進展到哪裡」這個問題：我認為北美的回收（recycling）現在正明顯往下游端加速推進。

We also talked about VyStar this quarter on how they are now using 200 advanced recyclers through our managed service offering. We're seeing a lot more deployment of full recycling in smaller financial institutions. Think of the credit market, the super-regional accounts. We're excited about what we're seeing there.

我們本季也談到 VyStar，他們目前透過我們的託管服務（managed service）方案，正在使用 200 台先進回收機。我們看到更多小型金融機構開始部署完整的回收功能。例如信用合作社市場、超區域型（super-regional）客戶。我們對目前看到的進展感到振奮。

More importantly, the integrated value proposition of ATM recycler plus teller cash recyclers is gaining traction. This was the highest volume of shipments we've had for teller cash recyclers out of our North Canton factory. I'm happy that trend continues through the year. We do see that this combination of recyclers at the branch, at the ATM recyclers, at the teller, common components is a very, very powerful way of growing.

更重要的是，「ATM 回收機 + 櫃員現金回收機」的整合式價值主張正在獲得更多採用。這是我們北坎頓（North Canton）工廠出貨櫃員現金回收機的最高出貨量。我很高興這個趨勢在今年持續延續。我們確實看到，分行端的回收機組合——ATM 回收機、櫃員端回收機、共用零組件——是一種非常、非常有力的成長方式。

I would tell you that that also gives me significant confidence on our numbers for the remainder of the year because we see all these orders coming in and the acceptance of these new solutions.

我會說，這也讓我對我們今年剩餘期間的數字非常有信心，因為我們看到這些訂單持續進來，以及市場對這些新解決方案的接受度。

When we move to LATAM, as I mentioned, the large Brazilian tender for one of the large government banks now moved into the third quarter. This shifts revenue more towards 2027. However, we remain confident that LATAM will continue to be a strong market for us. We'll continue to grow. We will see improvement year over year. We remain confident that this is a very strong market. Still very heavy dependent on cash dispensers, but also moving significantly into cash recyclers.

當我們轉到拉丁美洲（LATAM），如我提到的，巴西某家大型政府銀行的一個大型標案現在已移到第三季。這會使營收更多地往 2027 年移動。不過，我們仍然有信心 LATAM 將持續是我們的強勁市場。我們會持續成長。我們將看到年對年改善。我們仍然相信這是一個非常強的市場。目前仍高度依賴現金提款機（cash dispensers），但也正在明顯轉向現金回收機（cash recyclers）。

Significant wins. One bank in Mexico replaced all its fleet with cash recyclers. We see that that should also be an important factor for us going forward.

也有顯著的勝利案例。墨西哥有一家銀行以現金回收機全面替換了其整個機隊。我們認為這也將成為我們未來的重要推動因素。

Lastly, when we think of the Asia-Pacific, Middle East, Africa region for us, fit-for-purpose will have a very strong second half of the year. That's what gives us confidence. When we look at the order book and some of the big deals that we're expecting in that part of the world, they are very heavily weighted towards the third, and more importantly, the fourth quarter. You will see us perform exceptionally well in the later half of the year in the Asia-Pacific region.

最後，談到我們的亞太、中東、非洲（Asia-Pacific, Middle East, Africa）區域，「適用目的（fit-for-purpose）」產品在下半年將會有非常強勁的表現。這也是我們有信心的原因。從訂單簿以及我們預期在該區域落地的一些大型交易來看，時點非常明顯地偏向第三季，且更重要的是第四季。你將會看到我們在亞太地區於下半年後段表現得特別出色。

As I said, India is still a growing market. We're underrepresented there, and we feel very good that the second half of the year will provide ample opportunities for growth. I would tell you that the ATM market overall, we see healthy demand.

如我所說，印度仍然是一個成長中的市場。我們在那裡的布局仍偏少，而我們非常有信心下半年將提供充足的成長機會。我會告訴你，整體ATM市場我們看到健康的需求。

We've seen some shifts in timing of large projects and things moving a little bit, but the demand environment remains very, very healthy.

我們看到一些大型專案的時程有所變動、進度稍微往後移，但需求環境仍然非常、非常健康。

Justin Ages, CJS Securities.

Justin Ages，CJS Securities。

Hi, morning all.

嗨，各位早安。

Hey, Justin.

嗨，Justin。

Hi. You gave us some good color on what was driving free cash flow negative this quarter. Just wanted to dig a little bit deeper and see, were you able to make working capital improvements outside of what was happening on the inventory side?

嗨。你們對本季自由現金流為負的驅動因素提供了不少有用的說明。我想再深入一點了解：除了庫存端發生的事情之外，你們是否也能在營運資金方面做出改善？

We expect going forward that we're going to make substantial improvements in the days' inventory outstanding. If you think about the cash flow, and it's kind of connected to the question that Matt asked as well, right? Our Q4 cash flow is going to be somewhere between $255 million to $270 million.

我們預期未來在庫存周轉天數（DIO）方面會有顯著改善。如果你從現金流的角度來看，這也和Matt剛剛問的問題有點相關，對吧？我們第四季的現金流大概會落在2.55億到2.70億美元之間。

To give you a perspective, historically, Diebold has generated upwards of $200 million. In order to sort of generate the remainder of the cash, we expect a lot of that to come from additional inventory takedown.

給你一個參考，歷史上Diebold的現金流產生能力通常可達2億美元以上。為了產生剩餘的現金，我們預期其中很大一部分將來自進一步去化庫存。

Typically, we probably turn inventory anywhere between $80 million and $100 million in the fourth quarter, right? We have line of sight to be able to do even more than that this year, the way our schedules are working out, and I'm really positive about that.

通常第四季我們大概會把庫存降低（去化）8,000萬到1億美元左右，對吧？依照我們目前排程的進展，我們有把握今年可以做得比這更多，我對此非常正面。

DSO for sure will be a tailwind for us as we get into the fourth quarter as well. Don't forget, the fourth quarter is when we have our annual receipt of the customer service contract prepayments. Again, we guided to Q2, positive free cash flow, similar to Q2 of last year. That's about $13 million.

應收帳款週轉天數（DSO）在我們進入第四季時也肯定會成為順風。別忘了，第四季也是我們每年收到客戶服務合約預付款的時間點。另外，我們指引第二季自由現金流為正，與去年第二季類似。大約是1,300萬美元。

Really what you're seeing manifesting itself in Q2 and Q3 is just the inventory buildup and some of the memory costs and procuring that so that we could secure the revenue. We expect to be able to burn through that and deliver a really solid free cash flow quarter for Q4.

你在第二季與第三季看到的情況，主要就是庫存累積，以及部分記憶體成本與採購，為了確保我們能鎖定營收。我們預期能把這些消化掉，並在第四季交出非常扎實的自由現金流表現。

All right, that's helpful. Thank you. One more on the retail side. Some of the commentary around making this an open product and being able to work with other systems. Are you seeing any trends of customers taking just some of the hardware and maybe not some of the service parts of your retail offerings?

好，這很有幫助。謝謝。再問一個關於零售端的問題。你們提到要把產品做得更開放、能與其他系統合作。你們是否看到任何趨勢：客戶只買部分硬體，但不買你們零售方案中的某些服務項目？

Justin, again, I think one of the reasons why we're winning in North America is the modularity of our products, the openness to work with different softwares. I would say that when we think of the wins that we have in self-checkout in North America, all of them come with service contracts. I think that there, the relationship is very tightly coupled.

Justin，再次強調，我認為我們在北美能夠勝出的原因之一，是我們產品的模組化，以及能與不同軟體配合的開放性。我會說，當我們看北美自助結帳的得標案時，全部都包含服務合約。我認為在那裡，兩者的關係是非常緊密綁定的。

When you think of the point of sale wins, in some cases, that being an easier product to service attach rates are in between the 30% to 50% depending on the customer. We continue to see that trend continue to manifest itself. I think that the exciting part is that as we go into these retailers, whether it's the AI platform or the hardware solution, we're discovering additional service opportunities that we didn't have.

至於POS（銷售點）得標案，在某些情況下，因為那是較容易維護的產品，服務附加率會依客戶不同落在30%到50%之間。我們持續看到這個趨勢延續並逐步顯現。我認為令人興奮的是，當我們進入這些零售商時，不論是AI平台或硬體解決方案，我們都在發掘過去沒有的額外服務機會。

The example I gave of this very large fashion retailer, as they're rolling out RFID across the stores where they were the partner to, that's just a service opportunity that we won to help them deploy technology across literally hundreds of stores. I think that the way I like to think about it is a strong product portfolio.

我舉的那家非常大型的時尚零售商為例，當他們在各門市推行RFID，而我們是其合作夥伴時，這就是我們贏得的一個服務機會：協助他們在實際上數百家門市部署技術。我認為我喜歡用「強大的產品組合」來看待這件事。

Our strong AI platform opens up opportunities and whether we are talking to a customer about hardware, the AI platform or services, it just creates multiple entry points into an account, and then we can really expand within that account as time goes by.

我們強大的AI平台能開啟更多機會；不論我們與客戶談的是硬體、AI平台或服務，它都能在同一個客戶帳戶中創造多個切入點，然後隨著時間推進，我們就能在該帳戶內進一步擴張。

Matt Bryson, Wedbush.

Matt Bryson，Wedbush。

Hey, good morning, and thanks for taking my questions. Just wanted to start on the banking side. Octavio, you talked about some shipments being delayed or pushed from Q2. Is there anything specific you'd call out there?

嗨，早安，謝謝讓我提問。我想先從銀行端開始。Octavio，你提到有些出貨從第二季延後或往後推。這裡有沒有什麼特別的原因你會點出來？

I would say that even though we have for the first half, record order entry for the company, the highest it's been in four years, we did see the push out of this very large Brazilian tender. That is tens of millions that got pushed. The order will be in Q3.

我會說，儘管上半年我們公司的接單量創下紀錄，是四年來最高，但我們確實看到一個非常大型的巴西標案被往後推遲。那是數千萬美元規模被延後。該訂單會落在第三季。

We expect with the majority of the revenue now happening in Q4. That is a little bit of the rollout of that now is delayed a little bit. I would also say that as we're now selling a lot more teller cash recyclers and ATMs combined, it requires a lot more coordination in our installation teams to really address the full branch rather than just the ATM.

我們預期其中大部分營收會在第四季認列。也就是說，現在那個專案的推廣（rollout）稍微延後了一點。我也會說，因為我們現在更多是把櫃員現金循環機（teller cash recyclers）與ATM一起銷售，這需要我們安裝團隊做更多協調，才能真正涵蓋整個分行，而不只是ATM。

That is adding, I would say, adds additional opportunity for us, but also creates more coordination needed with the customer because we're not just touching the outside of the branch, now we're talking the inside of the branch, plus the software layer that we delivered with our Transaction Middleware. I think that some of those rollouts that we expected to be faster have been a little bit slower than what we expected, but customers have placed the orders and are waiting for us to deliver.

我會說，這為我們帶來更多機會，但也需要與客戶做更多協調，因為我們不再只是接觸分行外部，現在我們談的是分行內部，再加上我們透過Transaction Middleware所交付的軟體層。我認為有些我們原本預期會更快的推廣進度，確實比我們預期稍慢一些，但客戶已經下單，正在等我們交付。

Lastly, I would say that, the APAC region with our fit-for-purpose product, will have a very strong second half of the year. That is also more related to customers' rollout schedules than anything else. We see the orders coming in, and now it's just our ability to turn those orders into revenue in the late third and early fourth quarter in banking.

最後我會說，亞太（APAC）地區以我們的「適用目的（fit-for-purpose）」產品來看，下半年會非常強勁。這也更多是與客戶的推廣排程有關，而不是其他因素。我們看到訂單持續進來，接下來就是我們把這些訂單在銀行業務上轉化為第三季後段與第四季初的營收的能力。

I would say that it's a little bit of everything in every region, but the demand environment that we measured looking first at the orders remains solid. The optimism in the team on delivering their full-year outlook remains unchanged, and it's just a matter of executing against the backlog that we have today and the projects that are coming up in the coming weeks.

我會說，各區域都有一些不同因素交織，但我們衡量需求環境時首先看訂單，仍然穩健。團隊對於達成全年展望的樂觀程度沒有改變，接下來就是針對我們目前的在手訂單（backlog）以及未來幾週即將啟動的專案去執行。

Got it. That's really helpful. Then just with gross margins on the product side, they're coming in at 32%. Was there anything unique to the quarter that pushed gross margins higher? Is that just the result of you guys continuing to optimize and sell a richer product mix?

了解。這真的很有幫助。另外，產品端的毛利率來到32%。本季是否有任何特殊因素推升毛利率？還是這只是你們持續優化並銷售更高價值產品組合的結果？

There's a little bit of product mix that has helped in the first half. We've had very higher concentration in the US market, which is better margins, higher concentration in Europe. The second half will be a little bit more global. Also our lean initiatives continue to gain traction.

上半年有一點產品組合的因素帶來助益。我們在美國市場的集中度更高，而美國市場的毛利率較佳；在歐洲的集中度也較高。下半年會更偏向全球化一些。此外，我們的精實（Lean）計畫也持續取得進展。

We're very focused on maintaining those margins. If you remember Q1, we set an all-time high in margins for ATM products. Q2, we once again did that. We're very focused on making sure that for the year we continue maintaining that margin discipline.

我們非常專注於維持這些毛利率。如果你還記得第一季，我們的 ATM 產品毛利率創下歷史新高。第二季我們再次達成。我們非常重視確保全年持續維持這樣的毛利率紀律。

I think the competitive environment -- sorry, Matt, go ahead.

我認為競爭環境——抱歉，Matt，你先說。

Oh, no. Keep going. Slightly different question.

喔，不用。你繼續。是個稍微不同的問題。

I was just going to end say, hey, the competitive environment is favorable. Our technology continues to lead the market. We think that we have the ability to keep not relying on price to win any particular bid.

我只是想做個結尾：競爭環境是有利的。我們的技術持續領先市場。我們認為我們有能力在任何特定標案中，不必依賴降價來取勝。

Yeah. With the competitive side of things, I was just going to ask now with a bit more time having passed since the announcement of the Brink's-Atleos combination, is that having any impact at all that you can see?

是的。關於競爭面，我想問的是：自從宣布 Brink's 與 Atleos 的合併以來又過了一段時間，你們目前看到這對你們有任何影響嗎？

We haven't seen any impact right now, Matt. As you know, this combination won't be effective until first quarter of next year, and all indications are that they're on track to that.

目前我們還沒有看到任何影響，Matt。如你所知，這項合併要到明年第一季才會生效，而所有跡象顯示他們正按計畫推進。

I would say that when I look at the competitive positioning, sometimes imitation is the most sincere form of flattery, and I was happy to see Atleos now reselling TCRs. That validates our strategy that it's very important to move across the branch. We think that is a winning strategy and we think that providing this integrated solution as banks keep transforming the branch infrastructure will be key to success in the future, not so much pricing actions.

我會說，當我看競爭定位時，有時候模仿是最真誠的恭維；我很高興看到 Atleos 現在也在轉售 TCR。這驗證了我們的策略：跨越整個分行場景的佈局非常重要。我們認為這是致勝策略；隨著銀行持續改造分行基礎設施，提供這種整合式解決方案將是未來成功的關鍵，而不是靠價格動作。

Clearly, banks always are worried about reducing costs, increasing operational efficiency, but more importantly, they're focused on how do I make a branch more efficient? How can it become a service point, an advice point for my customers? Remove the manual work out of it. I think that our solutions are very well-positioned there, and we're in a unique position to keep doing that with the common components across the platform, common service infrastructure.

顯然，銀行一向擔心降低成本、提升營運效率，但更重要的是，他們關注的是：如何讓分行更有效率？它如何能成為客戶的服務據點、諮詢據點？把人工的工作移除。我認為我們的解決方案在這方面定位非常好；而且憑藉平台間共用的元件、共用的服務基礎設施，我們處於獨特位置，能持續做到這一點。

We're excited and again, we will always be vigilant. outstanding company, great competitor. We will always be mindful of any changes in the dynamics and how we need to adjust our strategy.

我們很振奮，而且我們也會一如既往保持警覺。對方是很出色的公司、很強的競爭對手。我們會隨時留意競爭態勢的任何變化，以及我們需要如何調整策略。

Thanks. That all makes sense. Just one on the retail side. With POS being so strong, is there anything in particular driving the strength there? Is it cyclical? Is it sustainable? Just any comments.

謝謝。這些都很合理。再問一個零售端的問題。POS 表現這麼強，有沒有什麼特別因素在推動？是景氣循環性的嗎？可持續嗎？請分享一些看法。

Yes. Listen, our POS business is growing in the very, very high double digits and in some markets, triple digits. I think we have a unique position in that we have strong customers that are expanding, that are refreshing their fleet.

有的。聽著，我們的 POS 業務正以非常、非常高的雙位數成長，在某些市場甚至是三位數成長。我認為我們的獨特優勢在於：我們有強勁的客戶正在擴張，並且在更新他們的機隊（設備群）。

Don't forget that even though in Europe we're seeing significant demand, we're also just starting to scratch the surface in the North America market with wins in POS in the North America market.

別忘了，即使我們在歐洲看到顯著需求，我們在北美市場其實也才剛開始觸及表面，並且已在北美 POS 市場取得一些勝利。

We feel that growth is still very much in the plans for our retail business going forward, and POS is still a very important part of that strategy, making sure that we continue to advance in the North America market while continue to expand our share in Europe.

我們認為，未來零售業務的成長仍然在規劃之中，而 POS 仍是該策略非常重要的一部分：一方面確保我們持續在北美市場推進，同時也持續擴大我們在歐洲的市占。

Thanks, Octavio. Just one last one for Tom. Tom, obviously, the lean initiatives, you're having a whole lot of success driving out cost. Just curious with the advent of AI, are you implementing AI solutions and are you finding any room to drive costs down further, faster through the use of AI yet?

謝謝你，Octavio。最後一個問題給 Tom。Tom，很明顯你們的精實計畫在降低成本方面取得很大成功。我想問的是，隨著 AI 的出現，你們是否正在導入 AI 解決方案？目前是否已透過 AI 找到進一步、更快降低成本的空間？

Look, I would say part of our operational evolution program and some of those OPEX savings, we're beginning to deploy AI to help us better predict some of our forecasting abilities. We're deploying AI in our GBS center in Poland, which is a great asset for us and continues to really provide strong returns.

我想說，作為我們營運演進計畫的一部分，以及其中一些 OPEX 節省措施，我們已開始部署 AI，協助我們更好地預測與提升部分預測能力。我們也在波蘭的 GBS 中心部署 AI；那是我們很重要的資產，並且持續帶來很強的回報。

Where there's an opportunity and where it makes sense and we've got the right level of data in the right format so it can be digestible, we are availing ourselves to that. Which is why, Matt, we did raise guidance to a degree as it relates to the OPEX reduction. We used to say 1% to 2% OPEX reduction year over year.

只要有機會、也合理，而且我們有足夠水準的資料、以正確格式呈現、能被系統消化，我們就會加以運用。也因此，Matt，我們才會在與 OPEX 降幅相關的指引上做了一定程度的上調。我們過去說的是 OPEX 年對年下降 1% 到 2%。

Now we're sort at the high end of the 2%, and it's a direct result of that evolution program and where and when possible, deploying AI to help facilitate.

現在我們大概落在 2% 的高端，而這是該演進計畫的直接成果；並且在可行時部署 AI 來協助推動。

Awesome. Thanks for the call.

太好了。謝謝這通電話會議。

Yep. Thank you, Matt.

好的。謝謝你，Matt。

Thank you.

謝謝。

Thanks, everyone.

謝謝各位。

Thanks, everyone, for joining us.

謝謝各位的參與。

I think time for now for the questions. Yeah, I'll now hand it over to you, Maynard, for your closing remarks. Thanks so much.

我想現在是提問時間。是的，我現在把時間交給你，Maynard，請你做結語。非常感謝。

Thanks, everyone, for joining today's call, and your interest in Diebold Nixdorf. If you have any follow-up questions, please feel free to reach out to the Investor Relations team. Thanks again and have a good rest of the day.

謝謝各位參加今天的電話會議，以及對 Diebold Nixdorf 的關注。如果你有任何後續問題，歡迎隨時聯繫投資人關係團隊。再次感謝，祝各位今天剩下的時間愉快。

Thanks, Maynard. This concludes today's call. Thank you for attending. You may now disconnect.

謝謝你，Maynard。今天的電話會議到此結束。感謝各位出席。你現在可以掛線。