道爾 (DOV) 2026 Q1 法說會逐字稿

Good morning, and welcome to Dover's first-quarter 2026 earnings conference call. Speaking today are Richard J. Tobin, President and Chief Executive Officer; Chris Woenker, Senior Vice President, and Chief Financial Officer; and Jack Dickens, Vice President of Investor Relations. After the speaker's remarks, there will be a question-and-answer period.

早安，歡迎參加多佛（Dover）2026 年第一季財報電話會議。今天出席發言的有總裁暨執行長 Richard J. Tobin、資深副總裁暨財務長 Chris Woenker，以及投資人關係副總裁 Jack Dickens。在講者致詞後，將進行問答環節。

(Operator Instructions)

(接線員指示)

As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you. I would now like to turn the call over to Mr. Jack Dickens. Please go ahead, sir.

提醒各位女士、先生，本次電話會議將被錄音，您參與本次會議即表示同意我們對本次通話進行錄音。若您不同意這些條款，請立即中斷連線。謝謝。現在我想把電話交給 Jack Dickens 先生。先生，請開始。

Thank you, Clay. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through May 14, and a replay link of the webcast will be archived for 90 days. Our comments today will include forward-looking statements based on current expectations. Actual results and events could differ from those statements due to a number of risks and uncertainties, which are discussed in our SEC filings. We assume no obligation to update are forward-looking statements. With that, I will turn the call over to Rich.

謝謝你，Clay。各位早安，感謝各位參加我們的電話會議。本次電話會議的音訊版本將於 5 月 14 日前在我們的網站提供；網路直播的重播連結將封存 90 天。我們今天的評論將包含基於目前預期的前瞻性陳述。由於多項風險與不確定性，實際結果與事件可能與這些陳述不同，相關內容已在我們的 SEC 申報文件中討論。我們不承擔更新前瞻性陳述的義務。接下來我把電話交給 Rich。

Thanks, Jack. Good morning, everyone. Let's get started on slide 3. We're off to a good start in 2026. Revenue grew double digits in the quarter, driven by continued strength in our secular growth exposed end markets acquired company performance and constructive demand conditions across the portfolio.

謝謝，Jack。各位早安。我們從投影片 3 開始。我們在 2026 年有個良好的開局。本季營收以雙位數成長，主要受惠於我們所佈局的長期結構性成長終端市場持續強勁、併購公司表現，以及整體投資組合中具建設性的需求環境。

Bookings were a key highlight in the quarter. first-quarter bookings totalled $2.5 billion, up 24% year-over-year. Book-to-bill was healthy at 1.2% in the quarter with each of the five segments well above one, providing improved visibility and confidence in our forecast. Our balance sheet remains strong and continues to provide flexibility for long-term value creation.

訂單是本季的一大亮點。第一季訂單總額為 25 億美元，年增 24%。本季出貨比（book-to-bill）維持健康水準為 1.2，各五個事業部門皆明顯高於 1，提升了我們對預測的能見度與信心。我們的資產負債表依然強健，並持續為長期價值創造提供彈性。

During the quarter, we continued to return capital to shareholders through opportunistic share repurchases while also investing behind high-return capacity expansions and productivity projects, our acquisition pipeline remains active as industrial M&A begins to pick up.

本季我們持續透過機會性庫藏股回購回饋股東，同時也投入高報酬的產能擴充與生產力專案；隨著工業領域併購（M&A）開始回溫，我們的併購案源仍然活躍。

As always, we will remain disciplined with a focus on maximizing value creation through strong financial returns and strategic fit. All in, adjusted EPS of $2.28 per share was up 11% year-over-year. While we are keeping a keen eye on the geopolitical machinations, and the possible impacts to the macro environment, we believe we are well positioned to drive value creation for our shareholders given the underlying strength of our order books, the flexibility of our business model and the operational execution of our teams and our opportunities for capital deployment.

一如既往，我們將保持紀律，聚焦於透過強勁的財務報酬與策略契合度，最大化價值創造。整體而言，調整後每股盈餘（adjusted EPS）為每股 2.28 美元，年增 11%。儘管我們密切關注地緣政治動態及其對總體環境的可能影響，但基於訂單簿的基本面強勁、商業模式的彈性、團隊的營運執行力，以及資本配置機會，我們相信公司已具備良好條件，能為股東推動價值創造。

We remain committed to delivering double-digit adjusted EPS growth for the full year consistent with Dover's long-term performance trajectory. We have chosen to reaffirm full guidance for the year for the time being. But clearly, based on order rates, we are driving to the top end of the range. We will revisit guidance next quarter.

我們仍致力於全年實現調整後 EPS 雙位數成長，與多佛長期的績效軌跡一致。目前我們選擇重申全年指引。但顯然，從接單速度來看，我們正朝區間上緣努力。我們將在下季重新檢視指引。

Let's go to slide 5. Engineered Products revenue increased modestly in the quarter supported by strong underlying demand and healthy bookings in aerospace and defense components and industrial winches, along with improving trends in the global vehicle aftermarket business.

請看投影片 5。工程產品（Engineered Products）本季營收小幅成長，受惠於強勁的基本需求，以及航太與國防零組件、工業絞盤（industrial winches）的健康接單，同時全球車輛售後市場業務的趨勢也在改善。

Clean Energy and fuelling grew 11% organically led by strong shipments in new orders and clean energy components, fluid transport, and retail fuelling. We continue to see aggressive build-outs from national retailers in North America, which we believe is still in the early innings of a multiyear growth cycle and we are also seeing healthy improvement in Europe as well.

潔淨能源與加油（Clean Energy and Fuelling）有機成長 11%，主要由新訂單與潔淨能源零組件、流體輸送，以及零售加油業務的強勁出貨帶動。我們持續看到北美全國性零售商積極擴建，我們認為這仍處於多年成長循環的早期階段；同時在歐洲也看到健康的改善。

Margin performance was driven by volume leverage and operational execution with recent pricing actions expected to further bolster margin performance over the balance of the year. Imaging & Identification delivered stable performance across core marking and coding equipment, consumables and in serialization software. Segment margins remained strong with some foreign currency translation headwinds in the quarter that should abate as the year progresses.

毛利率表現主要由量增槓桿與營運執行帶動；近期的定價措施預期將在今年剩餘期間進一步支撐毛利率表現。影像與識別（Imaging & Identification）在核心標示與噴碼設備、耗材以及序列化軟體方面表現穩健。事業部門利潤率維持強勁，但本季受到部分外幣換算的不利影響，預期將隨著年度推進而減弱。

Revenue in Pumps and Process Solutions declined modestly in the quarter as solid performance in artificial intelligence, energy infrastructure components and industrial pumps allowed us to lap a tough comp in biopharma, segment margins expanded on favourable mix and strong productivity execution.

泵浦與製程解決方案（Pumps and Process Solutions）本季營收小幅下滑；人工智慧、能源基礎設施零組件與工業泵浦的穩健表現，使我們得以在生物製藥（biopharma）面臨較高比較基期的情況下仍保持韌性。受惠於有利的產品組合與強勁的生產力執行，事業部門利潤率擴張。

Climate and sustainability technologies was a standout during the quarter, delivering 15% organic growth. Heat exchanges performed especially well across all regions, particularly in North America on the growth in liquid cooling applications and data centers. Food retail also delivered solid top line performance supported by continued double-digit growth in CO2 refrigeration systems together with the recovery in refrigerated door cases and services as forecast.

氣候與永續技術（Climate and Sustainability Technologies）本季表現突出，有機成長 15%。熱交換器在各地區表現尤其亮眼，特別是北美，受惠於液冷應用與資料中心成長。食品零售亦繳出穩健的營收表現，主要由 CO2 冷凍系統持續雙位數成長所支撐，並如預期帶動冷藏門櫃與服務業務復甦。

Demand remains strong and the order book supports our confidence in the full year outlook as we are already booking into the second half. Margins were up in the quarter on volume leverage and a higher mix of CO2 systems and heat exchangers. I'll pass it to Chris here.

需求仍然強勁，訂單簿支撐我們對全年展望的信心，因為我們已開始接到下半年交付的訂單。本季利潤率因量增槓桿，以及 CO2 系統與熱交換器較高的產品組合而上升。接下來交給 Chris。

Thanks, Rich. Good morning, everyone. Let's go to our cash flow statement on slide 6. Our free cash flow in the quarter was $131 million or 6% of revenue. This was a $22 million increase when compared to the first-quarter of last year as cash conversion on higher year-over-year earnings was partially offset by higher capital expenditures tied to growth and productivity investments.

謝謝，Rich。各位早安。請看投影片 6 的現金流量表。本季自由現金流為 1.31 億美元，約占營收 6%。與去年第一季相比增加 2,200 萬美元；較高的年增獲利帶來的現金轉換部分被與成長及生產力投資相關的較高資本支出所抵銷。

Our full year capital expenditure estimate remains at $190 million to $210 million. Consistent with prior quarters, we expect Q1 to be our lowest cash flow quarter of the year as our operating businesses make investments in inventory ahead of seasonally stronger volume quarters in Q2 and Q3. Our guidance for 2026 free cash flow remains on track at 14% to 16% of revenue. With that, let me turn it back to Rich.

我們對全年資本支出的估計仍為 1.90 億至 2.10 億美元。與過去幾季一致，我們預期第一季將是全年現金流最低的季度，因為各營運事業會在第二季與第三季季節性較強的出貨旺季前先行投入庫存。我們對 2026 年自由現金流指引仍維持在營收的 14% 至 16%，進度符合預期。接下來我把電話交回 Rich。

Thanks, Chris. I'm on slide 7. Bookings momentum continued to build in the first-quarter. Bookings are up 12% over the last 12 months, reflecting broad-based acceleration across most end markets. Importantly, Trailing 12-month book-to-bill is now above one, providing further visibility and confidence in the growth outlook. The acceleration in bookings and demand is driving longer lead times in certain growth markets.

謝謝，Chris。我在投影片 7。第一季訂單動能持續增強。過去 12 個月的訂單成長 12%，反映多數終端市場呈現廣泛加速。重要的是，過去 12 個月的出貨比（book-to-bill）目前已高於 1，進一步提升成長展望的能見度與信心。訂單與需求的加速，正使部分成長市場的交期拉長。

We are seeing the most clearly in programs specific orders for aerospace and defense components and longer cycle components for steam and gas turbines and engines. And in retail refrigeration CO2 systems and in heat exchangers as customers work to secure supply of critical components for fast-growing applications such as liquid cooling applications.

我們最明顯看到的是：航太與國防零組件的專案型訂單，以及蒸汽與燃氣渦輪、引擎等長週期零組件。此外，在零售冷凍的 CO2 系統與熱交換器方面亦是如此，客戶正努力確保關鍵零組件供應，以支援液冷等快速成長的應用。

Turning to slide 8. We highlight several key end markets that are material drivers of our revenue growth in 2026 and beyond. We expect to generate over $1 billion in revenue from applications tied to artificial intelligence and power generation infrastructure this year. In data centers, increasing density of thermal requirements are necessitating a shift towards liquid cooling, which directly benefits our connector and heat exchanger businesses.

接著看投影片 8。我們重點說明幾個關鍵終端市場，它們將是 2026 年及未來營收成長的重要驅動因素。我們預期今年來自與人工智慧及發電基礎設施相關應用的營收將超過 10 億美元。在資料中心方面，散熱需求密度提升正促使市場轉向液冷，這將直接有利於我們的連接器與熱交換器業務。

Our SIKORA acquisitions, which closed in June of 2025, expands our exposure to electricity infrastructure through measurement and inspection control solutions for high-voltage polymer-coated wires and cables a direct beneficiary of growing electrification trends and demand for customers for product quality assurance and improvement.

我們於 2025 年 6 月完成交割的 SIKORA 併購案，透過針對高壓聚合物包覆電線與電纜的量測、檢測與控制解決方案，擴大我們在電力基礎設施領域的布局；在電氣化趨勢成長之下，該業務將直接受惠，同時也回應客戶對產品品質保證與改善的需求。

SIKORA is performing well ahead of its acquisition underwriting case. We are actively working to expand its geographic offering through our global channels and relationships. Natural gas remains the most visible option for scalable, reliable energy to meet the growing demands for electricity.

SIKORA 的表現遠優於我們在收購承銷案例中的預期。我們正透過全球通路與合作關係，積極擴展其地理覆蓋範圍。天然氣仍是最明顯的選項，可提供可擴充、可靠的能源，以滿足日益成長的用電需求。

Our Precision Components business provides bearing seals and compressor components for gas and steam turbines, engines, and midstream natural gas infrastructure. Demand for steam and gas turbine components remains robust, a reflection of OEM lead times that now extend multiple years.

我們的精密零組件事業為燃氣與蒸汽渦輪、引擎，以及中游天然氣基礎設施提供軸承密封件與壓縮機零組件。蒸汽與燃氣渦輪零組件需求依然強勁，反映出 OEM 的交期如今已延長至數年。

While we have not seen a corresponding acceleration in midstream investment necessary to transport the gas to those turbines, early customer indications suggest a pickup in shorter cycle orders for midstream compression beginning in the second half of this year into early next year.

雖然我們尚未看到為將天然氣輸送至這些渦輪所需的中游投資出現相應加速，但客戶的早期跡象顯示，自今年下半年至明年初，中游壓縮的短週期訂單可望回升。

Our clean energy components business continues to build to see solid growth in valves and vacuum jacketed piping used in LNG liquefication, infrastructure, including export terminals. We are also seeing strong demand in space launch-related applications, which recently booked its single largest order ever for space launch infrastructure where growth rates remain firmly in double digits.

我們的潔淨能源零組件事業持續擴張，預期用於 LNG 液化與基礎設施（包括出口終端）的閥門與真空夾套管線將有穩健成長。我們也看到太空發射相關應用需求強勁，近期更拿下其史上最大單筆太空發射基礎設施訂單，而該領域成長率仍穩定維持在兩位數。

And biopharma customers continue to invest behind new therapies and increasing production rates driving long-term growth for our single-use connector pump and flow meter solutions; and finally, in CO2 refrigeration, we maintain a clear market leadership position in the US supported by fully platformed product portfolio from our retrofitted plants in Condas, Georgia that provides strong competitive moats and product performance lead times and scalability, the shift to natural refrigerants has transitioned from a regulatory mandated demand to performance and productivity driven adoption as early installs have proven that the technology delivers improved operating performance versus legacy technologies.

此外，生物製藥客戶持續投入新療法並提高產能，帶動我們一次性使用（single-use）連接器、幫浦與流量計解決方案的長期成長；最後，在 CO2 冷凍領域，我們在美國維持明確的市場領導地位，並由喬治亞州 Condas 的改造工廠所支撐的完整平台化產品組合提供強大的競爭護城河、產品效能、交期與可擴充性。隨著早期安裝證明該技術相較於傳統技術可帶來更佳的營運表現，向天然冷媒的轉換已從法規強制需求，轉為由效能與生產力驅動的採用。

Despite the strong growth we've experienced, North America remains in its early adoption of natural refrigerants with penetration still below 10%.

儘管我們已經歷強勁成長，北美對天然冷媒的採用仍處於早期階段，滲透率仍低於 10%。

Let's go to slide 9. Our organic investments remain our highest priority for capital deployment. Here, we highlight several most meaningful high-return capital projects planned for 2026. We continue to invest where demand visibility and returns are strongest while maintaining discipline around productivity and cost optimization. We also outlined a number of ongoing fixed cost reduction and facility consolidation initiatives.

我們看第 9 頁。有機投資仍是我們資本配置的最高優先順序。在此，我們重點說明 2026 年規劃的幾項最具意義的高報酬資本專案。我們持續在需求能見度與報酬最強的領域投資，同時在生產力與成本最佳化方面維持紀律。我們也概述了多項持續進行的固定成本削減與設施整併計畫。

In aggregate, these actions are expected to generate more than $40 million of rightsizing savings in 2026 with an incremental carryover benefits into 2027. The precise timing of these savings will depend on where able to finalize certain facility moves as we balance site consolidation with underlying demand trends in certain growth markets.

整體而言，這些行動預期在 2026 年可產生超過 4,000 萬美元的規模調整（rightsizing）節省，並在 2027 年帶來額外的延續效益。這些節省的精確時點，將取決於我們在兼顧特定成長市場的基礎需求趨勢下，能否完成某些設施搬遷，以平衡據點整併。

Let's go to 10. In Engineered Products, we expect low single-digit organic growth for the year, driven primarily by aerospace and defense, which continues to experience significant demand strength tied to electronic warfare and signal intelligence solutions.

我們看第 10 頁。在工程產品（Engineered Products）方面，我們預期全年有機成長為低個位數，主要由航太與國防帶動；該領域持續受惠於與電子戰與訊號情報解決方案相關的顯著需求強度。

We expect to see further stabilization of vehicle aftermarket businesses supported by recent booking trends. Clean Energy and Fuelling is expected to deliver broad-based organic growth across clean energy components, fluid transport and retail fuelling and retail fuelling domestic demand from national customers remains strong.

我們預期車輛售後市場業務在近期接單趨勢支撐下將進一步趨於穩定。潔淨能源與加注（Clean Energy and Fuelling）預期將在潔淨能源零組件、流體輸送與零售加注等領域帶來廣泛的有機成長，而來自全國性客戶的國內零售加注需求仍然強勁。

We believe that this is a multiyear cycle. Our greenfield facility expansion and below-ground retail fuelling is expected to support this growth cycle, particularly in our fibre like composite solutions business which is seeing accelerating adoption globally, including increased specification and data center-related infrastructure applications from hyperscalers.

我們認為這是一個為期多年的循環。我們的綠地（greenfield）設施擴建與地下式零售加注（below-ground retail fuelling）預期將支撐此成長循環，特別是在我們的纖維類複合材料解決方案業務；該業務正加速在全球被採用，包括超大規模業者（hyperscalers）提高規格要求，以及資料中心相關基礎設施應用的增加。

We expect margin improvement in clean energy and fuelling for the year on volume leverage, acquisition integration and productivity initiatives and positive price versus cost dynamics. Imaging and ID should deliver low single-digit growth driven by serialization software and marketing and coding hardware and consumables supported by strong order rates.

我們預期潔淨能源與加注在今年將因量增槓桿、收購整合與生產力計畫，以及價格相對成本的正向動能而帶動毛利率改善。影像與識別（Imaging and ID）應可實現低個位數成長，主要由序列化軟體、行銷與編碼硬體及耗材帶動，並受惠於強勁的訂單率。

Pumps and Process Solutions should benefit from growth in industrial pumps single-use biopharma components, precision measurement solutions for electrification infrastructure and critical components for steam and gas turbine engines and midstream compression.

幫浦與製程解決方案（Pumps and Process Solutions）應可受惠於工業幫浦、一次性生物製藥零組件、電氣化基礎設施的精密量測解決方案，以及蒸汽與燃氣渦輪引擎與中游壓縮的關鍵零組件成長。

We also expect gradual improvement in our core polymer processing equipment is supported by improved quoting activity. Finally, we expect climate and sustainability technologies to deliver double-digit organic growth for 2026 driven by continued strength in CO2 reiteration systems and the anticipated recovery in refrigerated door cases and engineering services were national. Retailers are reengaging in maintenance and replacement activity following a period of tariff-related delays supporting a rebound from historically low volume levels in the previous year.

我們也預期核心聚合物加工設備將在報價活動改善的支撐下逐步好轉。最後，我們預期氣候與永續技術在 2026 年可實現兩位數有機成長，主要由 CO2 冷凍系統的持續強勁，以及冷藏展示櫃門與工程服務的預期復甦所帶動。零售商在經歷一段與關稅相關的延遲後，正重新投入維護與汰換活動，支撐自前一年歷史低量水準的反彈。

We expect the robust demand across all geographies for brazed plate heat exchanges to continue over the balance of the year with particular strength in North America tied to liquid cooling of data centers and other HVAC applications. Lead times for large and extra-large heat exchanges have extended materially with additional capacity coming online as the year progresses. We have a margin opportunity here from volume leverage and the fact that we are carrying redundant fixed cost in refrigeration as we complete our facility consolidation.

我們預期釬焊板式熱交換器在所有地區的強勁需求將持續至今年剩餘期間，其中北美尤為強勁，主要與資料中心液冷及其他 HVAC 應用相關。大型與超大型熱交換器的交期已明顯延長，且隨著年度推進，新增產能將陸續到位。我們在此有毛利率提升機會，來自量增槓桿，以及在完成設施整併期間，我們在冷凍業務仍承擔重複的固定成本。

Let's go to 11. Full year guidance is on the left. We expect 2026 seasonality to be consistent with recent years. The operating environment still has a share of macro noise, whether it's politics input costs or policy-related uncertainty. That said, the demand signals we're seeing across the portfolio remain constructive and provide a level of visibility that supports our outlook.

我們看第 11 頁。全年指引在左側。我們預期 2026 年的季節性將與近年一致。營運環境仍存在一定的總體雜訊，無論是政治、投入成本或政策相關不確定性。儘管如此，我們在整體產品組合所看到的需求訊號仍具建設性，並提供一定程度的能見度以支撐我們的展望。

We are staying disciplined in our operations in our response to demand conditions. We are investing behind the platforms where returns are most compelling and we have the balance sheet flexibility to opportunistically play offense with capital deployment to create long-term value for our shareholders.

我們在因應需求狀況時，仍維持營運上的紀律。我們持續投資於報酬最具吸引力的平台，同時我們的資產負債表具備彈性，可在資本配置上把握機會、主動出擊，為股東創造長期價值。

With that, I'll pass it to Q&A. Jack?

接下來，我把時間交給問答。Jack？

(Operator Instructions)

（接線員指示）

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Thanks quite a -- I think you got through at an hour's worth of prepared remarks about 15 minutes of well done. I think just want to kind of clear up the kind of the obvious question. I mean obviously, the orders -- this is a record order quarter. So just anything unusual supply chain of your concern people are getting ahead of maybe potential concerns around Middle East, et cetera? And have you seen the strength continue into April?

謝謝，內容相當——我想你把原本一小時的事先準備講稿，在大約 15 分鐘內講完了，做得很好。我想先釐清一個顯而易見的問題。我的意思是，訂單——這是一個創紀錄的訂單季度。所以，有沒有任何不尋常的情況？例如供應鏈方面，或是大家是否因為對中東等潛在疑慮而提前下單？另外，你們是否看到這股強勢延續到 4 月？

No, I don't -- we don't see any kind of prebuy. I mean, what we put in the comments about longer lead times is -- what you do see is customers ordering for later delivery periods than normal, just because demand is outstripping supply at the end of the day. So that's really what's driving up especially in brazed plate heat exchangers, CO2 systems, and refrigeration cases. And you can see that in the portfolio. So overall, we don't say -- we don't see anything based on changes in tariffs or anything like that.

沒有，我不——我們沒有看到任何提前採購（prebuy）。我的意思是，我們在評論中提到交期拉長——你確實看到的是，客戶下單時要求的交貨期比以往更晚，原因只是歸根結底需求超過供給。所以這才是推升（訂單）的主因，尤其是在釬焊板式熱交換器、CO2 系統與冷凍展示櫃。你在整體產品組合中也看得到。因此整體而言，我們不會說——我們沒有看到任何因關稅變動或類似因素所造成的情況。

It's just more the demand is there. And I think there's a recognition that you would need to get in line if you want deliveries because of capacity constraints.

主要就是需求確實存在。而且我認為大家也意識到，若想要交貨，因為產能受限，你就必須排隊。

Okay. That's great. And my follow-up on the tariffs. You mentioned tariffs, which a lot of inflation coming through on some of the base metals and steel. Maybe just talk about some of the countermeasures to that? And just maybe just clarify how the different tariff landscape is impacting Dover.

好的。很棒。那我追問關稅。你提到關稅，很多通膨正反映在一些基本金屬與鋼材上。能否談談一些因應措施？也請再釐清一下，不同的關稅環境是如何影響 Dover 的？

Yes. Well, with the diversification of the portfolio, we've been trying to run down literally tens of thousands of line items of input costs and the like, and I won't bore you with the details other than the fact that it kind of comes out relatively neutral at the end of the day.

是的。嗯，隨著產品組合的多元化，我們一直在逐項梳理投入成本等項目，真的有數以萬計的料號；我就不以細節讓你覺得冗長了，總之到最後整體影響大致上是相對中性的。

So everything that we are planning on based on the last round of tariffs. Now with these changes, we kind of go 360 degrees and come out in the same spot at the end of the day. So there will be pockets where it may be detrimental, and there will be pockets where potentially, it's a strategic advantage because of the fact that we're mostly a build in the region to ship into the region kind of company at the end of the day. So net-net, after thousands of man hours of work it's solved nothing here.

所以我們所有的規劃都是基於上一輪關稅。而現在有了這些變動，我們某種程度上繞了一圈（360 度）最後又回到同一個位置。因此會有一些領域可能是不利的，也會有一些領域可能反而是策略上的優勢，因為歸根結底，我們大多是一家在區域內生產、再在區域內出貨的公司。所以總體而言，投入了數千個工時之後，這件事在這裡其實什麼也沒解決。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Maybe a different angle on S232. You are largely domestic manufacturer. Will the change to Section 232 tariffs provide you? Is any competitive advantage versus importers of finished goods?

也許換個角度談 S232。你們基本上是以國內製造為主。第 232 條關稅的調整會對你們有利嗎？相較於進口成品的業者，是否會帶來任何競爭優勢？

I hope so. Hard to tell, right? This is all new news. And like we saw the last time a year ago, it takes four to six months for these changes to work their way through because of the fact that you've got inventory changes and a variety of other things. I'm not going to talk about where we think we may have a strategic advantage, we'd just rather take advantage of it. But clearly, just like the last time we went through this, having relatively short supply chains has proven to be helpful.

我希望如此。但很難說，對吧？這些都是最新消息。而且就像我們去年同一時間看到的那樣，這些變化需要四到六個月才會逐步反映出來，因為牽涉到庫存變動以及各種其他因素。我不打算談我們認為可能在哪些地方有策略優勢，我們寧可直接把握它。但很明顯，就像上次一樣，相對較短的供應鏈已被證明是有幫助的。

And I can't resist. I will ask this question. Organic growth, 5%, bookings in the mid-20s and you're guiding 3% to 5% organic growth? The comps don't get tough until Q4. It seems a conservative guide.

我忍不住了。我得問這個問題。有機成長 5%，接單在 20% 中段，而你們給的指引卻是 3% 到 5% 的有機成長？同業比較（comps）要到第四季才會變得艱難。看起來這個指引偏保守。

I know. And if you remember, Andrew, we actually got questions about our guide when we initiated our guide. So this is -- and I think -- look, I think if you go back and read the transcript, I was pretty explicit they were driving clearly to the top end of the guide. We're 90 days into this. Well, what are we now 120 days into it or whatever. If bookings trends remain consistent through Q2, it's clear that we're going to have to revisit top line expectations.

我知道。而且如果你還記得，Andrew，我們在一開始提出指引時，其實就有人對我們的指引提出疑問。所以這是——而且我想——你看，我覺得如果你回去讀逐字稿，我講得很明確：我們顯然是朝著指引區間的上緣在推進。我們進行到這裡 90 天了。嗯，我們現在算是 120 天左右了之類的。如果接單趨勢在第二季仍維持一致，那很明顯我們就必須重新檢視營收端（top line）的預期。

And booking in April bookings are just for April booking seems to be fine.

而四月的接單——就四月的接單看起來也還不錯。

Yes. So far so.

是的。到目前為止是這樣。

Joe O'Dea, Wells Fargo.

Joe O'Dea，富國銀行。

Rich, maybe just in terms of that comment on Nigel's question around the demand is there. Trying to understand the triggers behind the demand being there because it's very broad-based when we look at the order strength. And so what has shifted from sort of customer sentiment, what you're seeing out there around the confidence to order right now? And it sounds like that has persisted even through the geopolitical situation now.

Rich，或許就你剛才回應 Nigel 問題時提到「需求確實存在」那段來說。我想了解支撐需求存在的觸發因素是什麼，因為從訂單強度來看是非常廣泛的。所以客戶情緒方面到底有什麼轉變？你們在外面看到的、讓客戶現在有信心下單的因素是什麼？而且聽起來即使在目前的地緣政治情勢下，這種狀況仍然持續。

Well, look, I mean, when we gave our guidance for the year, we basically targeted both the clean energy and climate segments as the two segments that were going to drive the growth going into 2026 and here we are in Q1. And they are driving the top line growth, and they are the ones that are -- got the best order rates in terms of bookings.

嗯，你看，我的意思是，當我們給出今年的指引時，我們基本上把潔淨能源與氣候這兩個領域定位為推動成長、一路延伸到 2026 年的兩大板塊，而現在我們在第一季。它們確實正在推動營收成長，而且就接單而言，它們的訂單率（bookings）也是最好的。

So in a way we knew it was coming and there was a reason for it. I mean I don't want to rehash the whole issue of what we went through for a couple of years on under investment in both retail fuelling and now we're seeing that during the corner and kind of the headwind that we had to overcome last year on refrigeration. So there's kind of the secular story of the CapEx cycle swinging in those particular markets.

所以某種程度上我們知道這會來，而且背後是有原因的。我的意思是，我不想再把我們過去幾年在零售加油（retail fuelling）投資不足、以及現在看到情勢轉折，還有去年在冷凍冷藏（refrigeration）上必須克服的逆風等整個議題再重講一遍。所以在那些特定市場裡，存在一個資本支出（CapEx）循環擺動的長期結構性（secular）故事。

The balance of it is generally either acquisitions or the growth platforms, and that is kind of widespread across the portfolio with the exception of DII. So it's a combination of a lot of things, whether it's a secular growth driver and a lot of -- we've been investing pretty heavily in capacity expansions and new product introductions over the last couple of years and knock wood they are gaining some pretty good traction in the marketplace.

其餘部分一般來自併購或成長平台，而除了 DII 之外，這在整個產品組合中算是相當普遍。所以這是很多因素的組合：不論是長期結構性成長驅動，還是——我們過去幾年在產能擴充與新產品導入上投入相當多，老天保佑，它們在市場上正取得不錯的進展。

And then just shifting to M&A. Sound pretty constructive on the pipeline. Just I guess, confidence in getting something done this year. it doesn't look like multiples are moving any lower, and you've got a track record of discipline so how you're kind of navigating through that dynamic?

接著轉到併購（M&A）。你對案源管線聽起來相當正面。我想問的是，你對今年能完成一筆交易的信心如何？看起來估值倍數並沒有再往下走，而你們一向有紀律的紀錄，那你們如何在這種動態下前進？

Yes. Multiples are frustratingly high for sure. But we got a variety of different balls in the air. I would just got to see if we can get them across the finish line or not. So look, the good news is there's more product available, right, because the fact that equity markets are performing well and multiples paid are pretty high.

是的。估值倍數確實高得令人沮喪。但我們手上同時有好幾個案子在推進。我只能說看看能不能把它們推到終點、完成交割。所以你看，好消息是市場上有更多標的可供選擇，對吧？因為股市表現不錯，而且支付的倍數相當高。

So that generally is a precursor to product becoming available. That's the good news. Can we find stuff that we like, hope so. We've got a couple of proprietary things going on. So we'll see. But better than it's been over the last couple of years, just in terms of the total environment.

所以一般來說，這通常是標的開始釋出的前兆。這是好消息。我們能不能找到我們喜歡的標的？希望可以。我們也有幾個專案是以專有（proprietary）的方式在進行。所以再看看。但就整體環境而言，確實比過去幾年要好一些。

Mike Halloran, Baird.

Mike Halloran，Baird。

I'll ask both my questions in one shot, because my convention is a little poor. First, you saw the long-cycle orders roll through appropriately. Are you seeing any improvement sequentially as you work through the quarter into April on the short-cycle order side of the things?

我把兩個問題一次問完，因為我的時間安排有點不太好。第一，你們看到長週期訂單如預期地逐步反映出來。那在短週期訂單方面，隨著季度推進到四月，你們是否看到任何環比改善？

Did it mirror from a trajectory perspective, at least a long-cycle orders -- and then on the long-cycle orders, maybe just talk to how you think that plays out in terms of conversion to revenue, what it means for sequentials or first half, second half weighting, however you want to put it, as you work through the year?

從趨勢軌跡來看，它是否與長週期訂單相呼應——另外就長週期訂單而言，能否談談你認為它在轉換為營收方面會如何展開？對環比、或上半年/下半年權重意味著什麼？你可以用你想要的方式來說明，隨著今年推進會怎麼走。

Okay. The pace of the orders remained relatively consistent from Q4 into Q1. And that's just a broader base comment. Let's not get confused between long-cycle orders and kind of longer-cycle capital goods demand. What we're seeing is a phenomenon that we're getting what would have been reasonably short cycle orders being booked to reserve capacity.

好的。訂單的節奏從第四季到第一季大致維持相對一致。這是一個較廣泛層面的評論。我們不要把長週期訂單和那種更長週期的資本財需求混為一談。我們看到的現象是：原本合理來說應該是短週期的訂單，現在被提前下單以保留產能。

So it's -- that's why you see the order rates what they are. And if I showed you the expected delivery times, you would see that we're getting orders well into Q2, into Q3 in certain businesses that we wouldn't see that. And that's just because there's a demand supply constraint there. So over time, we would expect those orders to build, which is great.

所以——這就是為什麼你會看到目前這樣的接單率。如果我把預期交期給你看，你會發現我們在某些事業單位收到的訂單交期已經排到第二季、甚至第三季；以往不會是這樣。而這只是因為那裡存在供需受限的情況。所以隨著時間推移，我們預期這些訂單會累積增加，這很好。

We have them, and then we kind of -- we'd see them probably normalize as we ramp up production to kind of -- to meet that demand. So the good news is we got the orders and the pace of that rate sustained itself throughout Q1 and has sustained itself through April. So -- but it's not as if in polymer processing and can-making equipment, the stuff that's got really long lead times, those are not what's driving the order rate in the backlog.

我們先把訂單拿到手，然後——當我們逐步拉升產量以滿足需求時，可能會看到它們回歸正常化。所以好消息是我們拿到了訂單，而且這個接單節奏在第一季一路維持，四月也持續維持。所以——但並不是像聚合物加工（polymer processing）和製罐設備（can-making equipment）那種交期非常長的產品在推動目前的接單率與在手訂單（backlog）。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Rich, maybe just kind of picking up on that then, the supply constraints that you're talking about are Dover internal, not kind of supply chain inputs. And I guess I sort of get that right? You've been waiting for growth. You probably kept your boot on the throat of some investment here when it wasn't growing. But maybe -- am I right on that? And maybe just a.

Rich，或許只是順著你剛才的說法，那你提到的供應限制是Dover內部的限制，而不是供應鏈投入端的限制。我想我這樣理解對嗎？你們一直在等成長。在沒有成長的時候，你可能對某些投資踩著煞車、壓得很緊。但也許——我這樣說對嗎？然後也許就只是……

It's -- Jeff, it's more of that -- it's not that we haven't had any constraints, right? At the end of the day, when you're booking the way we're booking and trying to ramp and it's cost us quite a few margin dollars in Q1 trying to like ramp up to do everything here.

是——Jeff，更多是那種——不是說我們完全沒有任何限制，對吧？說到底，當你們的接單像我們現在這樣接、又試著爬坡擴產時，第一季為了把各項事情拉升起來，確實讓我們付出了不少毛利（margin）美元的代價。

But it's more of like these data center projects. There's -- we operate in some markets with very few competitors, which is the beauty of the business model. So everybody understands that, so they're ordering advance to reserve the capacity. So it's -- and that's the same thing for a lot of the markets that we participate. And it's not a question of -- we would never ramp the capacity to meet what you see in terms of the orders as if we could get it out in Q1 anyway, right?

但更像是這些資料中心專案。我們在一些市場運作，而那些市場競爭者非常少，這正是這個商業模式的美妙之處。所以大家都明白這點，因此他們會提前下單來預留產能。所以——我們參與的很多市場也是同樣的情況。而且這不是一個問題——我們不可能把產能拉升到去滿足你看到的訂單量，就算我們能在第一季把貨出出去也不會這麼做，對吧？

All we're doing is -- the funnel is the funnel. We have ramped for sure. But the funnel is the funnel, and we're just working with the customers and saying, look, we're sold out in Q2, you got to start ordering for Q3.

我們所做的就是——漏斗就是漏斗。我們當然已經擴產了。但漏斗就是漏斗，我們只是跟客戶合作並告訴他們：你看，我們第二季已經滿單了，你得開始為第三季下單。

That's what sound like you like you ramped down, and now we're doing a 180 and we're ramping back up. It's just.

聽起來像是你們先降載，然後現在來個180度大轉彎、又開始把產能拉回來。只是……

No. We've never -- look, I mean, we're good at cost management at the end of the day, but it's not like we've taken plants out or anything as part of our consolidation. Those are all efficiency. We've not real fully taken out production capacity in the markets that we wish to participate in over the long term.

不是。我們從來沒有——你看，我的意思是，我們說到底很擅長成本管理，但並不是說我們在整併中把工廠關掉或撤掉之類的。那些都是效率提升。在我們希望長期參與的市場裡，我們並沒有真正把生產產能完全拿掉。

Got it. And then just on the climate-related stuff, then this -- the strength in orders there and on the top line, is that pretty level loaded between the CO2 and the heat exchange or heat pump-related pieces of the portfolio. Could you just elaborate on that a little bit more?

了解。那再談一下氣候相關的部分——那邊訂單與營收的強勁表現，是否在CO2與熱交換器或熱泵相關的產品組合之間相對平均分布？你能不能再多補充說明一點？

Yes. I mean it's the law small numbers now, right? So you don't want to use percentages because the size of the business is different. But it is broad-based with the exception of Belvac, right? So the heat exchanger business is growing very well.

是的。我的意思是，現在基期還小，對吧？所以你不太想用百分比來看，因為各業務的規模不同。但除了Belvac之外，整體是廣泛性的成長。所以熱交換器業務成長得非常好。

We're actually back to your capacity question, adding more capacity and heat exchangers? And on the refrigeration side, CO2, we are adding capacity there, right? So we've just been selling a new production line in ones a plant that was empty is now getting close to being full now.

其實回到你問的產能問題，我們正在為熱交換器增加更多產能。而在冷凍（refrigeration）端、CO2這一塊，我們也在增加產能，對吧？所以我們一直在賣新的產線；原本空著的一座工廠現在也快要滿載了。

And then on the refrigeration side, I mean, we beat that to debt last year. There was that delay that cost us two points of growth. That's all the orders coming through. That's where it's been quite the juggling act of taking leading customer demand almost in an inefficient way because we're in the midst of a facility consolidation.

然後在冷凍端，我的意思是，我們去年已經把那件事講到很清楚了。當時有個延遲，讓我們少了2個點的成長。那些訂單現在都在進來。而在我們進行廠房整併的同時，為了滿足領先客戶的需求，我們幾乎是以一種效率不高的方式在調度，這確實是一個相當大的 juggling act（左右為難的平衡）。

We're actually delayed in getting that project done because we had so many orders. We had to keep the plant open and that's cost us margin dollars. We're on path to get that all done probably by midyear. So I would expect the incremental margin in that segment to be robust in H2. We're probably going to have to carry it a little bit through Q2, but then we should see a pretty material inflection in margin performance if we can get this right.

我們其實因為訂單太多，反而延後了把那個專案做完的時間。我們不得不讓工廠繼續開著，這也讓我們付出了毛利美元的代價。我們正按計畫推進，應該在年中左右把這些都完成。所以我預期該事業部在下半年（H2）的增量毛利會很強勁。我們可能還得在第二季再扛一下，但之後如果我們把這件事做對了，毛利表現應該會出現相當明顯的拐點。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗（Citigroup）。

Which just in DPS, you mentioned you overcame tough comps and pump some process in Q1 and you didn't own biopharma and you didn't change your forecast for the year, but -- are you seeing business gas compression picking up? And obviously, your business is guest turbines from, but what's the outlook for the overall business? I would imagine maybe slightly stronger versus last quarter, but you tell me?

就DPS而言，你提到你們在第一季克服了艱難的比較基期，以及泵浦與部分製程（process）的因素，而且你們也不再擁有biopharma（生物製藥）業務，但你們並沒有調整全年展望；不過——你們是否看到氣體壓縮（gas compression）業務正在回升？而且顯然，你們的業務也受惠於燃氣渦輪（gas turbines），那整體業務的展望如何？我想也許會比上一季稍微強一些，但你來告訴我？

Well, I mean, I think that we were pretty transparent even in Q1 last year that we had a great Q1 that we -- was going to set this up. We are very pleased actually with the performance of the segment despite that, particularly in terms of the margin performance, right? Because we not only had the tough comp, that's tough comp on the top line, but it's a tough comp in terms of a margin comparison, too.

嗯，我的意思是，我想我們在去年第一季就相當透明地說過，我們去年第一季表現非常好——那會把今年的比較基期墊高。儘管如此，我們其實對該事業部的表現非常滿意，尤其是毛利表現，對吧？因為我們不只是面臨艱難的比較基期——那是營收端的艱難比較基期，同時在毛利比較上也是艱難的基期。

And so not only did we do a great job in MOG in terms of margin preservation despite tough top line conditions across the balance of the portfolio in biopharma and thermal connectors and industrial pumps and precision components, the margin performance has been exemplary.

因此，我們不僅在MOG（Margin of Growth，成長毛利）方面做得很好，在整個產品組合其餘部分——包括biopharma、thermal connectors（熱連接器）、industrial pumps（工業泵浦）以及precision components（精密零組件）——在營收面臨艱難條件下仍能維持毛利；毛利表現可說是非常出色。

So I'm always trying to kind of manage expectations about margin performance. I think we actually did better than we would have expected in Q1. For the balance of the year, I think if you go back and look at the comments, yes, we've been doing really well on the turbine side for some time now, and that will continue to do well. What we're really looking for is the inflection on compression.

所以我總是試著管理大家對毛利表現的預期。我認為我們第一季的表現其實比我們原先預期的還要好。至於今年剩下的時間，我想如果你回去看我們的評論，是的，我們在渦輪（turbine）端已經有一段時間表現很好了，而且會持續良好。我們真正期待的是壓縮（compression）業務出現拐點。

Signs are there, but if there's any upside to the performance of that segment in the second half, it would be in compression, but we'll know when we get the orders, that that's coming.

跡象是有的，但如果該事業部下半年表現有任何上行空間，那會來自壓縮；不過我們要等到接到訂單，才會知道那真的要來了。

That's helpful. And then maybe just on DII, you're still talking about low single digit organic growth and margin expansion for the year. But can you give us more color what happened in Q1, sort of any additional color on that business, I think, would be helpful.

這很有幫助。那再談一下DII，你們仍然在談今年有機成長低個位數，以及毛利擴張。但你能不能多給我們一些色彩，說明第一季發生了什麼？我覺得對那個業務多一些補充會很有幫助。

I mean, I don't think we have a lot of angst about 30 basis points of margin compression. That's a rounding error. It's FX, Andy. I mean we -- you know it's our most global business. And because of that, it's got a ton of FX running through it.

我的意思是，我不覺得我們會對毛利下滑30個基點有太多焦慮。那只是四捨五入的誤差。那是匯率（FX），Andy。我的意思是——你知道，那是我們最全球化的業務。也因為如此，裡面有大量匯率因素穿透其中。

So we're not worried at all. It's not a negative at all, the performance in the quarter. It's going to do it. This business is going to do what it does every year, right? It's going to deliver single-digit top line growth, very healthy margins, and a ton of cash.

所以我們完全不擔心。那一季的表現完全不是負面。它會照它該做的去做。這個業務每年都會做它每年做的事，對吧？它會交出單位數的營收成長、非常健康的毛利，以及大量的現金。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀（UBS）。

Rich, I wanted to ask about Engineered Products. It was nice to see that business return to growth and book-to-bill was obviously very strong. I think you guys have a pretty decent defense business inside of there that's I guess, fortunately or really unfortunately quite relevant in today's geopolitical environment.

Rich，我想問一下Engineered Products（工程產品）。很高興看到那個業務恢復成長，而且接單出貨比（book-to-bill）顯然非常強勁。我想你們裡面有一塊相當不錯的國防業務，我猜在當今的地緣政治環境下，不幸地——或者說也算幸運地——變得相當相關。

Can you just maybe talk about the growth you're seeing there. Is it really specific to that business? Or is it more broad-based? And then I guess with the book-to-bill, can we accelerate off of this and do you have enough capacity to kind of meet that opportunity?

您能否談談您在那裡看到的成長情況？這真的只限於那個業務嗎？還是更廣泛、由多個面向帶動？另外我想問一下 book-to-bill（接單出貨比），我們能否在此基礎上加速？以及你們是否有足夠的產能來把握並滿足那個機會？

It is driven by the defense business in the segment right now, but that's not to say that the industrial wind side is actually doing quite well. And as we talked about before, on the vehicle service side, the headwind that we saw last year in Europe is abated.

目前主要是由該事業部門中的國防業務所帶動，但這並不表示工業風電那一塊表現不好，事實上做得相當不錯。而且如同我們先前談到的，在車輛服務端，去年我們在歐洲看到的逆風已經消退。

So the management team is doing a good job there in terms of margin performance and the like. On the defense side, yes, I mean this goes back to this a long discussion about long lead times and everything else. We are working like mad to increase production capacity in aerospace and defense to get it done. It's just not something you can kind of throw money at, unfortunately. It in order to do it, it takes a lot of time to do it.

因此管理團隊在那邊就毛利表現等方面做得很好。至於國防端，是的，這又回到我們先前長時間討論過的長交期等各種因素。我們正全力以赴提高航太與國防的產能來完成交付。但不幸的是，這不是你單純砸錢就能立刻解決的事。要做到這件事，需要花很多時間。

So it's doing really well. And I would expect if we can get a little bit more production capacity online, we're probably going to be able to sell it in as we march through the balance of the year.

所以目前表現非常好。我預期如果我們能再讓更多產能上線，隨著今年剩餘時間推進，我們大概能把它賣進去（消化需求）。

Okay. And then just as a follow-up. You had mentioned earlier this net impact of tariffs and I guess, Section 232. But I wanted to just double click on something you mentioned a little bit because I think you do have some competitors in certain specific business lines that do disproportionately manufacture in Mexico. I think they've been historically quite stubborn in cutting prices, but are you seeing any competitive behaviour that either gives you an umbrella or an opportunity for share in those markets?

了解。那再追問一下。您先前提到關稅的淨影響，以及我想是第232條款（Section 232）。但我想針對您剛剛提到的一點再深入確認，因為我認為在某些特定產品線上，你們確實有一些競爭對手在墨西哥的製造比重特別高。我覺得他們過去在降價方面一直相當強硬，但你們是否看到任何競爭行為，可能讓你們在那些市場獲得某種「保護傘」或取得市占的機會？

If you can just give a little bit of color on what you're seeing? I know April 6 just happened. So maybe it's too early, but anything you could offer would be helpful.

能否再多提供一些你們觀察到的情況？我知道4月6日才剛發生。所以也許還太早，但任何你能分享的資訊都會很有幫助。

History would say that in that particular market that you're referring to is that they will not give up market share and just eat it. The success of our business is more predicated upon the significant investments that we've made in our own production processes that has enabled us to have best-in-class product lead times, meaning that we don't have to go grab market share on price. We can do it on lead times. That's the strategy. And knock wood what it seems to be working right now.

歷史經驗顯示，在你所指的那個市場裡，他們不會放棄市占，而是會選擇自己吸收成本。我們業務成功更取決於我們在自身生產流程上所做的重大投資，這讓我們能擁有同級最佳的產品交期；也就是說，我們不需要靠價格去搶市占。我們可以靠交期來做到。這就是策略。而且老實說，目前看起來確實奏效。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So Rich, I'm wondering like how are you thinking about the TAM for both CO2 systems and liquid cooling? Obviously, CO2 systems still way under penetrated relative to Europe and just got back from data center world and liquid cooling is growing like wildfire. So I'm just trying to think about like what the opportunity is for you guys.

Rich，我想請教你們如何看待 CO2 系統與液冷（liquid cooling）的 TAM（總可服務市場）？顯然 CO2 系統相較於歐洲的滲透率仍然很低；我剛從 Data Center World 回來，液冷的成長也像野火一樣迅猛。所以我想了解對你們而言，機會到底有多大。

Well, we -- I think we can give you a much more intelligent answer about CO2 systems that we're going to be able to give you about liquid cooling because I'll leave it to much larger market participants to try to figure out what that TAM is. But clearly, it's growing. On the CO2 systems side, as we put in the notes, North America is 10% penetrated.

嗯——我想我們能就 CO2 系統給你更有見地的答案；至於液冷，我會把 TAM 的估算留給規模更大的市場參與者去做。但很明顯，它正在成長。就 CO2 系統而言，如同我們在備註中提到的，北美的滲透率是10%。

So that's basically -- the math there is the installed base has converted 10% of the footprint, which doesn't include kind of growth, but our estimates in retail refrigeration and commercial refrigeration, it's kind of one for one. For every greenfield, there's probably a shutdown. So -- but if we just look at the installed base, we're at 10% penetration.

所以基本上——那裡的算法是：既有裝機基礎已經把其版圖的10%完成轉換；這還不包含成長因素，但以我們對零售冷凍與商用冷凍的估計來看，基本上是一比一。每新增一個綠地案（greenfield），大概就會有一個關閉。所以——但如果只看既有裝機基礎，我們目前是10%的滲透率。

So that gives plenty of opportunity. The base couldn't if it wanted to convert in a short period of time. So the beauty of it is, if it's -- if we stay in front in terms of product line performance and we stay in front in terms of online capacity that we can kind of just run this run the table a little bit over a multiyear period. Well, at least that's what we're going to try to do.

因此機會非常大。即便既有基礎想在短時間內完成轉換，也做不到。所以它的優勢在於：只要我們在產品線性能上保持領先、在上線產能方面保持領先，我們就能在多年期間某種程度上「一路通吃」。至少這是我們要努力達成的。

Got it. That's helpful. And then just maybe on that point, on the capacity piece. So it seems like you're expecting incremental margins to really to inflect, I guess, maybe in the second half of the year, I guess, in DCST. I guess I don't know how do we think about that?

了解。這很有幫助。那順著這點，談談產能。看起來你們預期 DCST 在今年下半年增量毛利率會明顯上揚（inflect）。我想我們該怎麼理解這件事？

Like how much capacity you have available? Is it like -- do you think you've got like is it a multiyear capacity? Is it -- do you have enough through the end of next year? I'm just trying to understand it, because obviously, it has implications for the margin trajectory of those businesses.

你們目前可用的產能有多少？是——你們覺得這是多年的產能配置嗎？還是——到明年年底之前都足夠？我只是想把它弄清楚，因為這顯然會影響那些業務的毛利走勢。

Yes. With the -- if you go to the slide in the deck where we're adding capacity is now is generally speaking for '27 demand at this point. So we're -- when any time we're adding capacity, it's not generally intra-year capacity. I mean sometimes you can do it. But generally speaking, it's kind of -- the CapEx that we spent 18 months ago is now productive capacity now.

是的。如果你看簡報裡我們正在新增產能的那張投影片，一般來說目前新增的產能是為了2027年的需求。所以我們——每當我們新增產能時，通常不是為了當年度內的產能。我的意思是，有時候可以做到。但一般而言，大概是——我們在18個月前投入的資本支出（CapEx），現在才轉化為可用產能。

So where we're adding is based on an even forecast, three-year forecast evolving over time. So I think that we've got it right, I guess, is the best way to put it. But back to your question about the TAM about data centers -- if we were to install the capacity of some of the estimates of the TAM, there is never going to be enough capacity in the marketplace.

因此我們新增產能是基於一個隨時間演進的三年期、相對平滑的預測。所以我想我們做對了——大概可以這麼說。但回到你關於資料中心 TAM 的問題——如果我們要按照某些 TAM 估算去配置產能，市場上永遠都不會有足夠的產能。

So we're just going to have to see from what -- our interactions with our customers, we think that we're on the front foot of kind of rolling the capacity rollout based on the demand curve.

所以我們只能觀察——根據我們與客戶的互動，我們認為自己在依照需求曲線推進產能擴張方面，是走在前面的。

Julian Mitchell, Barclays.

Julian Mitchell，巴克萊。

Maybe, Rich, I know you've touched on this a couple of times, but I think it's sort of worth looking at just, because there's some various cross currents. So you said that the pace of bookings was sort of steady in the last several months, but you had very good bookings growth, which you said is a function not of pre-buy, but customers sort of placing orders with a longer lead time because of supply concerns later in the year.

Rich，也許——我知道你已經提過幾次，但我覺得值得再看一下，因為這裡有一些不同方向的拉扯因素。你說過過去幾個月接單（bookings）的節奏大致穩定，但你們的接單成長非常好；你也說這不是因為提前拉貨（pre-buy），而是客戶因為擔心今年稍晚的供應問題，所以用更長的提前期來下單。

So maybe just to flesh that out a little bit. I guess I'm most interested in the point around is that sort of view based on customer conversations that they're not placing the orders ahead of price increases. And also, your point on the bookings sort of pace being quite steady, you didn't see a spike around when Iran started. Just sort of help us put some of those things together.

所以也許可以再把這點講得更完整一些。我最感興趣的是：這個看法是否是基於你們與客戶的對話，也就是他們並不是因為擔心漲價而提前下單。另外，你提到接單節奏相當穩定，你們也沒有看到在伊朗事件開始時出現一波尖峰。能否幫我們把這些點串起來理解？

Sure. I think for the most part, as a general comment, all of our pricing was done at the beginning of the year. So it was all announced. I mean the argument would have been we drive orders in Q4 because they knew it was coming in Q1, and we've gone past that now.

當然。我想大致上，作為一般性的說明，我們所有的定價都在年初完成。所以都已經公告了。我的意思是，有人可能會主張：他們在第四季就會推動下單，因為他們知道第一季要漲價；但我們現在已經過了那個時間點。

So there's some exceptions as the vast majority of the pricing is out there now. No, we did not see any kind of spike. Like I said, I mean it's different by business, but kind of the pacing that we saw into Q4 just rolled right through Q1.

所以有一些例外，因為目前絕大多數的定價都已經在市場上了。沒有，我們沒有看到任何形式的激增。就像我說的，這會因業務而異，但我們在第四季看到的那種節奏就一路延續到第一季。

In particular, in the segments where we thought it was coming anyway, right? And so a lot of that is while that's coming, you're communicating with your customers about, okay, here's where we are in terms of product lead times. And they're beginning to stretch a little bit just because of the fact that we -- that capacity is being utilized.

特別是在那些我們本來就認為反正會發生的細分領域，對吧？因此其中很大一部分是，在這些情況發生的同時，你也在和客戶溝通：好，這是我們目前產品交期的狀況。而且交期開始稍微拉長，主要是因為我們——產能正在被利用。

So I don't foresee. I don't -- it was more of a secular growth in the areas that we had kind of bet on we're going to come anyway just came. Not -- it wasn't like we were surprised at all by any individual business other than, I think, like I mentioned before, the margin performance in DPS despite that having to change a pretty tough headwind there from a mix point of view, I think it was probably the only thing that surprised us.

所以我不預期會有。我不——這更像是我們先前押注、認為本來就會到來的那些領域出現了結構性成長，結果它就是來了。並不是——我們完全沒有因任何單一業務而感到意外；除了我想，如我之前提到的，DPS 的毛利表現，儘管從組合角度來看有相當強的逆風需要調整，我想那可能是唯一讓我們意外的地方。

And I think the other issue is, as I mentioned before, the demand in kind of retail refrigeration was a little bit stronger than we would have expected, and that's necessitated us to keep a plant open longer than we would have liked to. It's great. It drives the revenue, and we'll take it. But weirdly, it's a little bit dilutive in terms of margin conversion because we can't get that fixed cost out.

我想另一個問題是，如我之前提到的，零售冷凍（retail refrigeration）的需求比我們預期的稍強，這迫使我們讓一座工廠比我們希望的更久地維持運轉。這很好。它帶動營收，我們也會接受。但有點奇怪的是，就毛利轉換而言它有些稀釋，因為我們無法把那部分固定成本拿掉。

We'll get it out, but it's probably going to take us a quarter longer than we would have expected. And that was my comment of if you think about the Climate segment, you've got brave plate heat exchangers, which is very capital intensive. So at a certain point, incremental margin flips over on the depreciation of all the investment, and we see in that growth -- and then once we get those redundant costs out of refrigeration business, we can expect incremental margin there to inflect positively also.

我們會把它拿掉，但可能會比我們原先預期多花一個季度。而我提到的意思是：如果你想想 Climate 事業群，你有板式熱交換器（plate heat exchangers），那是非常資本密集的。所以到某個程度，增量毛利會因為所有投資的折舊而翻轉，我們在那個成長中看得到——然後一旦我們把冷凍業務的重複成本移除，我們也可以預期那邊的增量毛利會轉為正向改善。

Yes, that was very helpful. And that was sort of where I was going with the second point, which you had, I think, 10% revenue growth all in, in Q1. EBITDA margins company-wide were up basis points, though. You've gone through sort of in DCST maybe why the operating leverage picks up later in the year. I just wondered, across the other segments in aggregate, kind of anything you'd call out that helps the operating leverage improve later in the year?

是的，這非常有幫助。而這也算是我第二點想問的方向：你們第一季整體營收成長我記得大約是 10%。不過公司整體 EBITDA 利潤率是上升了幾個基點。你也大致說明了在 DCST 為什麼營運槓桿會在今年稍晚才會更明顯。我只是想問，其他事業群合計來看，有沒有什麼你會特別點出的因素，能讓今年稍晚營運槓桿改善？

I would think the retail fuelling business will also inflect sequentially positive throughout the year on volume leverage and on product mix through the year also. We would expect this to be one of the lower margin quarters for us, right? Because if you think about the seasonality, if everything goes as planned, you've got volume leverage on that kind of bookings and growth, which we would expect would drive margins higher in that particular segment. I think DPPS if we can stay where we are, I think we'd be pleased.

我認為零售加油（retail fuelling）業務在今年也會隨著時間推進，因量的槓桿以及產品組合而逐季轉為正向改善。我們預期這會是我們毛利較低的季度之一，對吧？因為如果你考慮季節性，只要一切按計畫進行，隨著訂單與成長帶來的量的槓桿，我們預期會推動該事業群的利潤率走高。至於 DPPS，如果我們能維持在目前水準，我想我們會感到滿意。

Patrick Baumann, JPMorgan.

Patrick Baumann，摩根大通。

Just -- just had a follow-up on the orders. So generally, looking historically, the first-quarter orders convert at a similar level into second-quarter sales. So I guess I'm just trying to get a sense on how to think about that $2.5 billion in orders versus the $2.2 billion in sales that consensus has for the second-quarter.

我只是——想就訂單再追問一下。一般來說，從歷史上看，第一季的訂單轉換成第二季銷售的比例大致相近。所以我想了解的是，該如何看待 25 億美元的訂單，相對於市場共識對第二季 22 億美元的銷售預期？

And it would be helpful if you could, in that vein, maybe quantify what was, I guess, unusually longer-dated orders in magnitude within that $2.5 billion number?

另外，如果可以的話，也希望你能在這個脈絡下，或許量化一下：在這 25 億美元之中，所謂不尋常、交期較長的訂單大概有多大規模？

Yes. You can do the math here and take the order rates and stuff it all into Q2 and get a pretty big revenue growth number. And I would advise you, that's why we had all these discussions around here about the machinations of describing longer-dated orders, right, to kind of prevent that at the end of the day. We'll -- seasonality, we will move up in Q2 for sure.

是的。你可以自己算，把訂單速度之類的全部塞進第二季，就會得到一個相當大的營收成長數字。我會建議你別這麼做；這也是為什麼我們在這裡花了很多時間討論如何描述較長交期訂單的各種細節操作，對吧？目的就是最終避免那種解讀。我們——基於季節性，第二季肯定會上升。

But I don't think we get ahead of our skis here and trying to look at bookings of Q1 and say, well, wait a minute, if it's that much, let's go stuff that into Q2 because I think it's just not realistic from a capacity point of view. So -- we are booking in certain businesses into Q3 now. So that is great for us, but let's not get overly excited about the revenue growth in Q2. We will get as much as we possibly can get out in Q2.

但我不認為我們應該操之過急，拿第一季的接單就說，等一下，如果有這麼多，那就把它塞進第二季，因為從產能角度來看，我覺得那不現實。所以——我們在某些業務上現在已經接到第三季的訂單了。這對我們來說很好，但別對第二季的營收成長過度興奮。我們會在第二季盡可能多出貨。

Is it like $100 million, $200 million of longer-dated borrowers? Is that.

是像 1 億美元、2 億美元的較長交期訂單嗎？是這樣嗎。

Patrick, we're not going there.

Patrick，我們不談這個。

In, I would try. My follow-up on price expectations for the year now, based on what you're seeing from a commodities cost inflation perspective, do you still expect to be a kind of 1.5% to 2%?

我會——我試試看。我接著想問今年的價格預期：以你們看到的大宗商品成本通膨來看，你們仍然預期大概是 1.5% 到 2% 嗎？

Yes. Right now, I mean, it's a moving target. We'll see what happens with input costs and metals and everything else. But right now, even if we see it, we won't see it in the back half of next year anyway because we've got everything else in inventory.

是的。就目前而言，我的意思是，這是一個移動目標。我們會看看投入成本、金屬以及其他所有因素會怎麼走。但就算我們看到上升，我們反正也要到明年下半年才會感受到，因為我們還有其他庫存。

Okay. So that guidance is unchanged for price then?

好的。所以價格方面的指引是維持不變嗎？

If you want to give us price guidance, sure.

如果你想替我們給出價格指引，當然可以。

Chris Snyder, Morgan Stanley

Chris Snyder，摩根士丹利

I just kind of wanted to follow up on some of the price commentary. Rich, I thought earlier in the call, you were saying maybe there is more price coming into Q2 to combat the cost inflation. I don't know if that's just maybe the earlier action being realized in Q2. So just kind of I guess, did you guys put more price in place since the start of the year just in response to the cost inflation?

我只是想就一些定價的評論再追問一下。Rich，我覺得你在電話會議前面有提到，也許第二季會有更多漲價來對抗成本通膨。我不確定那是不是只是先前的動作在第二季才反映出來。所以我想問的是：你們是否在今年年初之後，因應成本通膨又額外採取了更多的漲價措施？

I'm sure we did anecdotally, but no. I mean, I think all the pricing that we put out started at the beginning of the quarter.

我相信零星來看是有的，但沒有。我的意思是，我認為我們推出的所有定價措施都是在本季一開始就啟動的。

I appreciate that. And then I guess just on Q2, I don't think anyone has asked it yet. I mean like is the expectation that Q2 is kind of still in this 10% EPS growth mid-single-digit organic growth range. Thank you.

了解，謝謝。然後我想再問第二季，我覺得好像還沒有人問到。我的意思是，對第二季的預期是否仍然是在每股盈餘約 10% 成長、內生成長中個位數的區間？謝謝。

Okay. I haven't done the math. I know that we're driving towards over 10% EPS growth for the full year. I guess, seasonality says that our profits are generally highest in Q2 and Q3, and I'll leave it to you to do the math.

好的。我還沒算過。我知道我們的目標是全年每股盈餘成長超過 10%。我想，季節性顯示我們的獲利通常在第二季和第三季最高，剩下就交給你自己去算了。

Thank you. That concludes our question-and-answer period and Dover's first-quarter 2026 earnings conference call. You may now disconnect your line at this time and have a wonderful day.

謝謝。以上為我們的問答環節，以及 Dover 2026 年第一季財報電話會議。您現在可以掛斷電話，祝您有美好的一天。