藝康 (ECL) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Ecolab first quarter 2025 earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加藝康 2025 年第一季財報發布電話會議。（操作員指示）提醒一下，本次會議正在錄音。

At this time, it's now my pleasure to introduce your host, Andy Hedberg, Vice President, Investor Relations. Mr. Hedberg, you may now begin.

現在，我很高興向大家介紹主持人、投資者關係副總裁安迪‧赫德伯格 (Andy Hedberg)。赫德伯格先生，現在可以開始了。

Thank you, and hello, everyone, and welcome to Ecolab's first quarter conference call. With me today are Christophe Beck, Ecolab's Chairman and CEO; and Scott Kirkland, our CFO. A discussion of our results along with our earnings release and the slides referencing the quarter results are available on Ecolab's website at ecolab.com/investor.

謝謝大家，大家好，歡迎參加藝康第一季電話會議。今天與我一起出席的還有藝康集團董事長兼執行長 Christophe Beck 和財務長 Scott Kirkland。有關我們的業績討論、收益報告以及引用季度業績的幻燈片可在 Ecolab 網站 ecolab.com/investor 上找到。

Please take a moment to read the cautionary statements in these materials which state that this teleconference and the associated supplemental materials include estimates of future performance. These are forward-looking statements and actual results could differ materially from those projected. Factors that could cause actual results to differ are described under the Risk Factors section in our most recent Form 10-K and in our posted materials. We also refer you to the supplemental diluted earnings per share information in the release.

請花一點時間閱讀這些資料中的警告聲明，其中指出本次電話會議和相關補充資料包括對未來表現的估計。這些是前瞻性陳述，實際結果可能與預測結果有重大差異。可能導致實際結果不同的因素在我們最新的 10-K 表格和發布的資料中的風險因素部分中有描述。我們也請您參閱新聞稿中的補充每股攤薄收益資訊。

With that, I'd like to turn the call over to Christophe Beck for his comments.

說到這裡，我想把電話轉給克里斯托夫貝克，請他發表評論。

Thank you so much, Andy, and welcome to everyone on the call today. Really pleased to share the results of another strong quarter of double-digit earnings growth, thanks to our team's focus on delivering best-in-class outcomes for our customers no matter what. This is Ecolab at its best, demonstrating the strength of our team, our proven operating model and the breadth and health of our business.

非常感謝，安迪，歡迎今天參加電話會議的各位。非常高興地分享另一個強勁季度的兩位數盈利增長的業績，這要歸功於我們的團隊始終致力於為客戶提供一流的成果。這是藝康的最佳表現，展現了我們團隊的實力、我們成熟的營運模式以及我們業務的廣度和健康狀況。

Our superior performance reflected solid 3% growth in organic sales and strong 12% growth in EPS as we continue to significantly outpace soft end markets. This was driven by our team's ability to achieve attractive market share gains through our One Ecolab growth initiative and increase value pricing, all supported by our focus on delivering exceptional value to our customers as we've always done.

我們的卓越業績體現了有機銷售額 3% 的穩健成長和每股收益 12% 的強勁成長，因為我們繼續大幅領先於軟端市場。這是由於我們的團隊能夠透過我們的「一個藝康」成長計畫和提高價值定價來實現具有吸引力的市場份額成長，而所有這些都得益於我們一如既往地專注於為客戶提供卓越的價值。

This good top line momentum, along with improved productivity from our investments in digital technologies drove a 190 basis points increase in our operating income margin. And this marks another important step in executing on our objective of delivering a 20% operating income margin by 2027, as we've talked many times.

這良好的營收成長勢頭，加上我們對數位技術的投資帶來的生產力提升，推動我們的營業利潤率提高了 190 個基點。正如我們多次談到的，這標誌著我們朝著實現 2027 年實現 20% 營業收入利潤率的目標邁出了重要的一步。

Well, looking ahead, the complexity of the global operating environment is increasing with softer end market demand and rapid changes in international trade policies. With external conditions changing, we are naturally making proactive adjustments to our near-term delivery path but importantly, our overall expectations for earnings this year remain unchanged.

展望未來，隨著終端市場需求疲軟和國際貿易政策的快速變化，全球經營環境的複雜性正在增加。隨著外部條件的變化，我們自然會對近期的交付路徑做出主動調整，但重要的是，我們對今年獲利的整體預期保持不變。

At the same time, we're continuing to make smart investments in our growth engines to fuel our top-line, expand our margins and build our future. So let me spend a few minutes on each topic to share what we are seeing and explain why I believe we're well positioned to deliver strong year and long-term performance.

同時，我們將繼續對我們的成長引擎進行明智的投資，以推動我們的營收成長、擴大我們的利潤率並建立我們的未來。因此，請允許我花幾分鐘時間就每個主題分享我們所看到的情況，並解釋為什麼我相信我們有能力實現強勁的年度和長期業績。

First on demand. We saw end market trends soften a bit, particularly in the heavy industrial markets as customer production rates in some industry have eased. We've outperformed these trends because the technologies and services we provide to our customers are absolutely critical to their operations as they leverage our latest breakthrough of innovations.

首先按需。我們看到終端市場趨勢減弱，特別是在重工業市場，因為某些產業的客戶生產力下降。我們超越了這些趨勢，因為我們向客戶提供的技術和服務對於他們利用我們最新的創新突破的營運至關重要。

And additionally, we also helped them significantly reduce their total operating cost, which they need now more than ever. And this led to a very strong new business in the first quarter, kind of a record, actually. These were broad-based wins across our businesses and markets around the world, showing that our value proposition continues to resonate with customers.

此外，我們還幫助他們大幅降低了總營運成本，這是他們現在比以往任何時候都更需要的。這實際上導致了第一季新業務的強勁增長，創下了紀錄。這是我們在全球業務和市場取得的廣泛勝利，顯示我們的價值主張繼續引起客戶的共鳴。

While demand has stabilized over the past few weeks, we expect it to remain soft for the remainder of the year. As such, we remain on offer, fully focused on generating new business and on installing our strong existing new business pipeline to continue to outgrow our markets and as always, to gain share.

儘管過去幾週需求已經穩定下來，但我們預計今年剩餘時間內需求仍將保持疲軟。因此，我們將繼續提供服務，全力專注於創造新業務和安裝我們現有的強大的新業務管道，以繼續超越我們的市場，並一如既往地獲得份額。

Now, regarding the rapidly changing global trade environment, we're much better positioned than most, but we're not completely immune. A robust and agile global supply chain is a true competitive advantage that sets us apart in the marketplace. And as we've demonstrated for decades, we're there for our customers when they need us the most. No matter what, we will never ever let them down.

現在，就快速變化的全球貿易環境而言，我們比大多數國家處於更有利的地位，但我們並非完全不受其影響。強大而靈活的全球供應鏈是我們在市場中脫穎而出的真正競爭優勢。正如我們幾十年來所證明的那樣，當客戶最需要我們的時候，我們就在他們身邊。不管怎樣，我們都不會讓他們失望。

Through our local for local model, we strategically position ourselves so that more than 90% of our sales are produced close to our customers. allowing us to effectively navigate challenges like this with quite a high level of confidence. We're, therefore, leveraging the strength of Ecolab to mitigate the impact of the 10% global baseline tariffs. However, global tariffs greater than 10% and 145% tariff placed on China are having broader impact on the cost of some raw materials, packaging and some equipment.

透過我們的本地服務模式，我們進行了策略性定位，以便 90% 以上的銷售額都來自靠近客戶的地方，這使我們能夠以相當高的信心有效地應對此類挑戰。因此，我們利用藝康的優勢來減輕 10% 全球基準關稅的影響。然而，全球對中國徵收的10%以上的關稅和145%的關稅正在對一些原材料、包裝和一些設備的成本產生更廣泛的影響。

Even though we don't import much from China, we expect the annualized impact from tariffs and increased local supplier cost due to higher onshoring demand to be a few hundred million dollars. To mitigate this impact, we recently announced a 5% rate surcharge for all customers in the United States only. This surcharge leverages the tools and capabilities we built a few years ago to ensure we can reliably supply customers while also delivering value to them that exceeds the total price increase, so it's a win-win situation.

儘管我們從中國進口的商品不多，但我們預計關稅和由於在岸需求增加而增加的本地供應商成本造成的年化影響將達到數億美元。為了減輕這種影響，我們最近宣布僅對美國所有客戶徵收 5% 的附加費。這項附加費利用了我們幾年前建立的工具和功能，以確保我們能夠可靠地向客戶提供產品，同時為他們提供超過總價格上漲的價值，因此這是一個雙贏的局面。

So we expect the benefit from the trade surcharge to build over the coming months with full implementation beginning in third quarter. As a result, we anticipate organic sales growth in the second quarter to be similar to slightly better than the first quarter as we accelerate in the second half.

因此，我們預期貿易附加費的效益將在未來幾個月內逐漸顯現，並將於第三季開始全面實施。因此，隨著下半年的加速發展，我們預計第二季的自然銷售成長將與第一季持平或略好。

While we focus on executing well, to overcome the challenging near-term operating environment, we are also continuing to invest in our long-term growth engines, including life sciences, pest intelligence, global high-tech and Ecolab digital. Each of these engines are at different stages of development, but all are performing very well with attractive long-term growth and margin potential.

在我們專注於良好執行以克服充滿挑戰的短期營運環境的同時，我們也將繼續投資於我們的長期成長引擎，包括生命科學、害蟲情報、全球高科技和藝康數位化。這些引擎各自處於不同的發展階段，但都表現良好，具有誘人的長期成長和利潤潛力。

Life sciences, which is now a standalone segment, grew organic sales mid-single digits and delivered organic operating income growth of more than 30% because this, our biopharma business grew sales double digits, driving attractive share gains as we leverage our investments in breakthrough innovation, global capabilities and capacity expansion.

生命科學現已成為一個獨立的部門，其有機銷售額實現了中等個位數增長，有機營業收入增長超過 30%，因為我們的生物製藥業務銷售額實現了兩位數增長，憑藉我們在突破性創新、全球能力和產能擴張方面的投資，推動了可觀的份額增長。

Further investment in this attractive business, we continue to have a near-term impact on operating income margins. However, we firmly believe this positions life sciences very well to accelerate its long-term growth and deliver operating income margins close to 30%.

對這項有吸引力的業務的進一步投資，我們將繼續對營業收入利潤率產生短期影響。然而，我們堅信，這將為生命科學領域加速其長期成長提供良好的條件，並實現接近 30% 的營業利潤率。

Our pest elimination business continues its rapid deployment of pest intelligence, Ecolab's proprietary digital solution that provides real time insight into pest activity for customers across their enterprises. This program is growing extremely fast, and we're able to deliver even better test free outcomes for customers with enhanced service capability.

我們的害蟲消除業務繼續快速部署害蟲情報，這是藝康專有的數位解決方案，可為整個企業的客戶即時洞察害蟲活動。該計劃發展非常迅速，我們能夠透過增強的服務能力為客戶提供更好的免測試結果。

As mentioned during prior calls, we're investing heavily in this program, which has impacted growth and operating income growth near-term. We'll begin annualizing these initial investments pretty soon. And as a result, we expect operating income margin for this segment to get back closer to 20% in the second quarter. We expect this program to fuel continued attractive sales growth and even further margin expansion, as it's deployed over the next few years.

正如先前的電話會議中所提到的，我們正在大力投資這個項目，這對近期的成長和營業收入成長產生了影響。我們很快就會開始將這些初始投資年度化。因此，我們預計該部門的營業利潤率將在第二季回升至接近 20%。我們預計，隨著該計劃在未來幾年的實施，它將推動銷售額持續成長，甚至進一步擴大利潤率。

In global hi-tech water, business continues to perform exceptionally well, as we deploy breakthrough innovation to the significant and expanding market. Global high-tech sales growth accelerated to nearly 30%, leveraging our leading innovation and global capability to develop water circularity for microelectronics production, as we call fabs, and high-performance cooling for data centers.

在全球高科技水務領域，隨著我們向這個巨大且不斷擴大的市場部署突破性創新，業務繼續表現優異。全球高科技銷售額成長率加速至近 30%，利用我們領先的創新和全球能力，為微電子生產（我們稱之為晶圓廠）開發水循環，並為資料中心開發高效能冷卻。

And finally, as promised, this quarter we began reporting top-line performance for Ecolab digital. This includes lease revenue from technology hardware like 3D TRASAR and software subscriptions like water quality intelligence. In the first quarter, Ecolab digital grew sales 12% to $80 million or $320 million on an annualized basis, driven by extremely strong growth in subscription revenue. We expect this growth rate to accelerate throughout the rest of the year and beyond, as we expand our digital offerings across our customer base and across Ecolab businesses to capture more of this multi-billion-dollar high margin growth opportunity. As these growth engines continue to scale, we expect they will increasingly impact Ecolab's sales growth and operating income margins in the years to come.

最後，正如承諾的那樣，本季我們開始報告藝康數位業務的營收表現。其中包括 3D TRASAR 等技術硬體的租賃收入和水質情報等軟體訂閱收入。第一季度，受訂閱收入強勁成長的推動，藝康數位銷售額成長 12%，達到 8,000 萬美元，折合成年率為 3.2 億美元。我們預計，隨著我們擴大在客戶群和藝康集團業務中的數位產品範圍，以抓住更多價值數十億美元的高利潤成長機會，這一增長率將在今年剩餘時間及以後繼續加速。隨著這些成長引擎不斷擴大，我們預計它們將在未來幾年對藝康的銷售成長和營業收入利潤率產生越來越大的影響。

In closing, we're clearly playing to win and we're very well-positioned to navigate this complex external operating environment. And I'm confident that the best of Ecolab is still ahead of us. Our unique capability to deliver innovative solutions that help our customers achieve best-in-class outcomes, enhance operational performance and conserve natural resources like water and energy are needed now more than ever.

最後，我們顯然是為了勝利而戰，而且我們完全有能力應對這個複雜的外部營運環境。我相信，藝康的巔峰仍在我們面前。我們現在比以往任何時候都更需要我們獨特的能力來提供創新的解決方案，幫助我們的客戶實現一流的成果，提高營運績效，並節省水和能源等自然資源。

Our strong and resilient free cash flow combined with an extremely healthy balance sheet with over $1 billion in cash and a 1.8 times net debt to adjusted EBITDA ratio puts us in unique position of strength to take advantage of both organic and inorganic growth opportunities. This in turn allows us to deliver even greater value to customers and attractive returns for shareholders. I'm confident we are well positioned to deliver another strong year in 2025 and beyond.

我們強勁且有韌性的自由現金流，加上極其健康的資產負債表（現金超過 10 億美元，淨債務與調整後 EBITDA 比率為 1.8 倍），使我們處於獨特的優勢地位，可以利用有機和無機增長機會。這反過來使我們能夠為客戶提供更大的價值並為股東帶來豐厚的回報。我相信，我們已做好準備，在 2025 年及以後再創輝煌。

So thanks again for your continued trust and investment in Ecolab. I look forward to your questions.

再次感謝您對藝康的持續信任與投資。我期待您的提問。

Thanks, Christophe. That concludes our formal remarks. Operator, would you please begin the question-and-answer period.

謝謝，克里斯托夫。我們的正式發言到此結束。接線生，請您開始問答環節。

(Operator Instructions) Tim Mulrooney, William Blair.

（操作員指示）蒂姆·穆爾羅尼、威廉·布萊爾。

Hi. This is Luke McFadden on for Tim Mulrooney. Thanks for taking our questions. So I know you've talked about sourcing more than 90% of your raw materials regionally. So on the surface, it sounds like you're pretty well insulated from the trade war in any given region. But if we take, for example, the US, where you have many companies scrambling to onshore as much of their supply chains as possible and as fast as possible, is this having any kind of a second derivative impact on your domestically sourced materials? And just maybe as a follow-up, I was hoping you could just level set us on where you expect pricing to ultimately shake out in 2025 after taking into consideration the recent surcharge? Thanks.

你好。這是盧克·麥克法登 (Luke McFadden)，代替蒂姆·穆爾羅尼 (Tim Mulrooney)。感謝您回答我們的問題。我知道您談到了 90% 以上的原料都是在當地採購的。因此從表面上看，聽起來你們似乎已經很好地避開了任何特定地區的貿易戰。但是，以美國為例，那裡有許多公司爭相盡可能快地將供應鏈轉移到國內，這是否會對您國內採購的材料產生任何二次衍生影響？也許作為後續問題，我希望您能告訴我們，在考慮到最近的附加費之後，您預計 2025 年的價格最終會如何變化？謝謝。

Hi, thank you, Luke. Good to hear you. Well first, as you said, we're in a very fortunate situation with our local for local strategy where 92% of what we sell is produced locally. We didn't do that for tariffs. Obviously, that's something that we've built over years, mostly to secure supply to our customers, to have it at most optimized cost and it helped us for FX. And now, it's helping us, unfortunately, if I may say, for tariffs. So that's a very good place to be for our customers and our company.

嗨，謝謝你，盧克。很高興聽到你的聲音。首先，正如您所說，我們非常幸運，我們實施了在地化策略，我們銷售的產品 92% 都是本地生產的。我們不是為了關稅才這麼做的。顯然，這是我們多年來建立起來的，主要是為了確保向客戶提供供應，以最優化的成本提供供應，這對我們的外匯業務有幫助。現在，不幸的是，如果我可以這麼說的話，它正在幫助我們降低關稅。所以對於我們的客戶和公司來說，這是一個非常好的地方。

That's also helping us to mitigate the 10% that we're kind of expected for 2025. So we feel good about the overall plan that we had for 2025. Obviously, there are the two small exceptions, if I may say. You mentioned both of them, Luke. On one hand, so China and the move from many companies, as you said, to source in the US, which drives prices higher as well at the same time.

這也有助於我們降低 2025 年預計的 10% 的成長率。因此，我們對 2025 年的整體計劃感到滿意。顯然，如果我可以這麼說的話，有兩個小例外。你提到了他們兩個，盧克。一方面，正如您所說，中國和許多公司轉向美國採購，這也同時推高了價格。

So talking about China, we don't buy much from them because 99% of what we sell there is produced locally, but we still import roughly $100 million from China. But when you apply 145% tariff on top of the inflation, on local sourcing here in the US because of people, so onshoring, as you mentioned. You get to some meaningful numbers, hence the nominal trade surcharge of the 5% that will be entering in effect on May 1.

說到中國，我們從他們那裡購買的並不多，因為我們在那裡銷售的 99% 都是當地生產的，但我們仍然從中國進口了大約 1 億美元的產品。但是，當你在通貨膨脹的基礎上對美國本地採購徵收 145% 的關稅時，就會出現國內採購，正如你所提到的。您將獲得一些有意義的數字，因此 5% 的名義貿易附加費將於 5 月 1 日生效。

So this trade surcharge will apply only in the US and the commitment that we've made to our customers is also to make sure that the value we provide to them, incremental savings in their operations will overcome the total pricing that we are asking from them as well at the same time in a typical win-win situation as we practiced for many, many years with our customers.

因此，這項貿易附加費僅適用於美國，我們對客戶的承諾也是確保我們為他們提供的價值、他們運營中增加的節省將超過我們向他們要求的總定價，同時實現典型的雙贏局面，就像我們多年來與客戶實踐的那樣。

So ultimately, to answer your other questions as well in terms of delivered product costs, we started the year -- kind of, market was slightly up. Our net P&L impact was slightly down because of the efficiencies that our great supply chain and procurement teams could deliver. And if I look forward, so in the quarters to come, it's probably going to be probably more towards mid-single-digits increase, when we put everything together with everything we know now. Obviously, things can change in the weeks or months to come.

因此，最終，為了回答您關於交付產品成本的其他問題，我們從今年開始 - 市場略有上漲。由於我們優秀的供應鏈和採購團隊能夠提供高效率的服務，我們的淨損益影響略有下降。如果我展望未來，那麼在未來的幾個季度裡，當我們把所有資訊與我們現在所知的一切結合起來時，它可能會更接近中等個位數的成長。顯然，未來幾週或幾個月內情況可能會改變。

And if I think about the overall pricing with the surcharge, I think we will get close to 3%, maybe better. We will see how that works. But all in progressing very well. I like how the team has gotten ahead of what's happening at the market and done in a way that's a win-win for customers and for our shareholders as well at the same time.

如果我考慮加了附加費的整體定價，我認為我們會接近 3%，甚至更好。我們將看看它是如何運作的。但一切進展順利。我喜歡這個團隊如何領先市場動態，並以一種對客戶和股東都雙贏的方式行事。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

Thank you. Christophe, in mid-March, you had already started talking about seeing weakness in the demand environment broadly. And I was just wondering, if you could give us an update since then. Have things gotten worse? Did that happen kind of in advance of what people see here? Just some flavor there and in terms of how we should think of that translating into the volume assumptions for the rest of the year.

謝謝。克里斯托夫，早在三月中旬，您就已經開始談論需求環境普遍疲軟。我只是想知道，您是否可以提供此後的最新進展。情況變得更糟了嗎？這是否比人們在這裡看到的情況提前發生了？這只是一些味道，以及我們應該如何將其轉化為今年剩餘時間的交易量假設。

It's a good question, Manav. In February, so the second half February, we saw that dip in demand, especially in the heavier industries that we're serving. I was not sure if it would keep going down in the weeks to come. And if I look back, since we talked, a month plus ago, well it dipped but it can stabilize at that lower level since then, which I take as a reasonably good news. But I don't take that as a given for the rest of the year. My assumption is that it's going to keep softening in the months to come. It's not going to be a straight line because of the events happening out there.

這是個好問題，Manav。二月，也就是二月下半月，我們看到需求下降，尤其是在我們服務的重工業中。我不確定未來幾週內這種情況是否會繼續下降。如果我回顧一下，自從我們一個多月前談話以來，它有所下降，但從那時起它就可以穩定在較低水平，我認為這是一個相當好的消息。但我並不認為今年剩下的時間會出現這種情況。我的預測是，未來幾個月它將繼續走弱。由於外面發生的事件，它不會是一條直線。

So as a team in a typically Ecolab fashion, it's to focus on offense, it's to play to win, it's to focus on new business. The new business in the first quarter has been very strong. It's been a real record for our whole team. So we're kind of generating our own tailwind, which is why I feel confident that we should have positive volume in 2025. We see how strong that's going to come. But as far as I can see, I feel reasonably good and the stabilization over the past few weeks is kind of, at least, short-term reassuring element.

因此，作為一支典型的藝康風格的團隊，我們要專注於進攻、為勝利而戰、專注於新業務。第一季的新業務非常強勁。對於我們整個團隊來說，這是一個真正的記錄。因此，我們在某種程度上是在創造自己的順風，這也是為什麼我有信心我們在 2025 年能夠實現正成長。我們看到了它將會變得多麼強大。但據我所知，我感覺相當好，過去幾週的穩定至少是短期令人放心的因素。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

Thanks for taking my question. I just wanted to focus on the institutional and specialty segment. I was just wondering if you could talk about the demand trends there, what you're seeing from a foot traffic perspective. And as you continue to drive the digital solution, how you can help offset some of the weakness we might see from a foot traffic or occupancy perspective? Thanks.

感謝您回答我的問題。我只是想專注於機構和專業領域。我只是想知道您是否可以談談那裡的需求趨勢，以及從客流量的角度來看的情況。隨著您繼續推動數位化解決方案，您如何幫助我們彌補從客流量或入住率角度可能看到的一些弱點？謝謝。

Yeah, great question, Ashish. Thank you. Generally, our INS business is doing really, really well. And it keeps on that trajectory, which is really encouraging. I love what this team is doing. It's about gaining shares the right way by helping our customers, well, produce more meals and serve more guests while reducing their cost of labor and energy and water and waste as well at the same time. It's important.

是的，問得好，Ashish。謝謝。總體而言，我們的 INS 業務做得非常非常好。而且它一直沿著這個軌跡發展，這確實令人鼓舞。我喜歡這個團隊所做的事情。這是為了以正確的方式獲得市場份額，透過幫助我們的客戶生產更多的飯菜​​，服務更多的客人，同時降低他們的勞動力、能源、水和廢物成本。這很重要。

So when we look at the overall number of INS, we know that we have healthcare in there now, which is we're using 1 percentage point, the INS number, so institutional division is growing at 5%. Very steady, very strong, very good.

因此，當我們查看 INS 的總數時，我們知道我們現在有醫療保健，也就是我們使用 1 個百分點，即 INS 數字，因此機構部門的成長速度為 5%。非常穩定，非常強勁，非常好。

Specialty is actually underlying growing even much faster than what we see in our reported numbers, because it was kind of the last quarter-ish of a private label business that we decided to discontinue last year and that business is going to improve. And there is also a natural shift in more difficult economic times from foodservice restaurants to quick serve restaurants. So that's going to have specialty as well.

專業產品的實際潛在成長速度甚至比我們在報告數字中看到的要快得多，因為這是我們去年決定停止的自有品牌業務的最後一個季度，而且該業務將會改善。在經濟困難時期，餐廳自然會從餐飲服務轉向速食店。所以這也有其特殊性。

So feel really good about the INS trajectory. Margins are improving nicely. It's not going to be the same improvement for every quarter coming up, but it's going to keep improving in the quarters to come as well. It's at the highest margin level it's ever been. So in a very good place, good growth, doing the right thing for customers, margins improving. And innovation in that business, that's at the strongest point it's ever been, as well. So really happy with what's happening in INS, not in an easy situation.

所以對 INS 軌跡感覺非常好。利潤率正在穩步提高。雖然每季的改善幅度不會相同，但未來幾季的改善幅度將持續。其利潤率已達到歷史最高水準。因此，我們處於一個非常好的位置，成長良好，為客戶做正確的事情，利潤率不斷提高。該行業的創新也達到了前所未有的強勁水平。所以我真的很高興看到移民局的現狀，現在的情況並不輕鬆。

John McNulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John McNulty。

Yeah, good afternoon. Thanks for taking my question. So you've been pushing the Ecolab One initiative pretty hard. I guess, can you help us to think about the growth the business saw for those roughly 35 accounts, say, versus the core, just so we can get a better feel for the volume trends there in this kind of new big push initiative?

是的，下午好。感謝您回答我的問題。所以您一直在大力推動 Ecolab One 計畫。我想，您能否幫助我們思考一下這大約 35 個帳戶相對於核心帳戶的業務成長情況，以便我們能夠更好地了解這種新的大力推廣舉措中的數量趨勢？

Thank you, John. It's the One Ecolab initiative actually, which you're right, is focused on growth. So I'll be careful not to disclose too much numbers. But our focused accounts are progressing very well because if I remember, I'll remind you a little bit the broader picture. One Ecolab is to increase our share of the $55 billion penetration opportunity that we have, mostly with our corporate accounts and we started focusing on our top 35 that are doing really well.

謝謝你，約翰。這實際上是“一個藝康”計劃，您說得對，該計劃的重點是增長。所以我會小心，不透露太多數字。但我們的重點帳戶進展非常順利，因為如果我記得的話，我會稍微提醒你一下更廣泛的情況。「一個藝康」的目標是增加我們在 550 億美元滲透機會中的份額，主要是透過我們的企業帳戶，我們開始專注於表現非常好的前 35 名客戶。

How do we approach them? It's best-in-class approach. It's basically, so for each of those customers, understand what is their best operating unit that they have around the world in terms of product outcome, cost performance, environmental impact and then drive that performance across their own network. We translate that, obviously, in a dollar TVD, total value delivered, and we give ourselves a few years to get there as well. That's the general approach strategically. And One Ecolab as a program, as a platform enables all that for our firm clients to get that done.

我們該如何對待他們？這是一流的方法。基本上，對於每位客戶來說，了解他們在產品成果、成本性能、環境影響方面在全球範圍內擁有的最佳營運單位是什麼，然後在他們自己的網路中推動該效能。顯然，我們將其轉化為美元 TVD，即交付的總價值，並且我們給自己幾年的時間來實現這一目標。這是戰略上的總體方針。One Ecolab 作為一個專案、一個平台，可以幫助我們的公司客戶實現這一切。

So we're early on that journey, John. I like the progress that we're making here. Customers are very interested in that because it's cool insights to know what's best in class within my company or outside my company within the industry as well. And as you know, so on the internal side, from a productivity perspective as well, One Ecolab is improving and progressing very well not in terms of cost-cutting but in terms of operational performance because of AI platforms that we're using in some critical processes. We're using agents as well at the forefront as well as technology. And so far, it's working really well, which is why we're ahead as well of our savings delivery on that program. So on both fronts, growth and performance improvements, we see some very good progress.

所以我們才剛踏上這段旅程，約翰。我喜歡我們在這裡取得的進展。客戶對此非常感興趣，因為這是一個很酷的見解，可以了解我公司內部或公司外部以及業界最好的產品。如您所知，在內部方面，從生產力的角度來看，One Ecolab 正在不斷改進和進步，這不僅是在削減成本方面，而且在營運績效方面，這得益於我們在一些關鍵流程中使用的人工智慧平台。我們正在前沿使用代理以及技術。到目前為止，它運行得非常好，這也是我們在該計劃的節約成果方面領先的原因。因此，在成長和績效改善這兩個方面，我們都看到了一些非常好的進展。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you. Christophe, you announced a surcharge back in 2022 for energy. Can you remind us the success of that surcharge? How much did you realize versus what you announced? And would you expect a similar or higher realization on this surcharge this time around? Thank you.

謝謝。克里斯托夫，您早在 2022 年就宣布了對能源徵收附加費。您能提醒我們一下這項附加費的成功之處嗎？與您宣布的相比，您實現了多少？您預計這次附加費的實現額會類似或更高嗎？謝謝。

So the good news is that in 2022, that was the first time we were doing a surcharge like that. Honestly, I knew that the team would get something done. I didn't know how quick and how much we would truly get. And it worked out really well. As we all remember, everything stuck as well, got converted into structured pricing, driven by value generated for customers as well, all in that win-win approach between customers and shareholders ultimately here. So we had this 8% surcharge back then. At the highest, it went up to 5% surcharge, then it got converted into structured price. So you lost track a little bit of what was the net impact of it. But it worked out very well actually here.

好消息是，2022 年我們第一次徵收這樣的附加費。老實說，我知道這個團隊一定會有所成就。我不知道我們能多快得到多少。而且效果非常好。我們都記得，一切都停滯了，轉化為結構化定價，由為客戶創造的價值驅動，最終實現客戶和股東之間的雙贏。所以我們當時有 8% 的附加費。最高的時候漲到了5%的附加費，然後就轉成了結構化價格。因此，您有點忘記了它的淨影響是什麼。但實際上在這裡效果很好。

So we see how it works on this one. It's the same platform. It's the same approach. It's on one country, as mentioned. So just in the US at least for now, we'll see what happens with the tariffs, as well as going forward. So it's not a perfect science, but generally, it works quite well. And really, our objective is to mitigate, obviously, so the incremental cost while driving even more savings at the customer location in order to make sure that we have something that is sustainable. So this time around, I feel quite good that that's going to work the way that it's intended.

所以我們看看它在這方面是如何運作的。這是同一個平台。這是同樣的方法。正如所提到的，它位於一個國家。因此，至少就目前而言，在美國，我們將觀察關稅以及未來情況如何。所以它不是一門完美的科學，但總的來說，它運作得相當好。實際上，我們的目標顯然是減輕增量成本，同時在客戶處節省更多成本，以確保我們擁有永續發展的東西。所以這一次，我感覺一切都會按照預期的方式進行。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you. Last quarter in Pest, you had some safety issues which had a profitability or negative profitability impact to them. Comments today said that those metrics are getting back in the right direction. So I'm just curious, in the first quarter, were there still sort of adverse costs associated with that? And is there any adverse costs still expected in the guidance for the back half?

謝謝。上個季度，佩斯出現了一些安全問題，這對他們的獲利能力產生了影響或負面影響。今天的評論稱這些指標正在回到正確的方向。所以我很好奇，在第一季度，是否仍然存在與此相關的不利成本？下半年的預期中是否還會出現任何不利成本？

Yeah, there were some, as I mentioned actually, so last quarter. So it doesn't happen, obviously, on a calendar basis. But generally, the safety insurance costs are getting behind us. And as I mentioned last time, for me, that was mostly a human issue. I knew that it would be kind of short-to-mid term, but happy that our safety performance has improved dramatically. In pest elimination, we've installed in most vehicles now, so dash cans, that are looking at where the vehicles are going and how is the driver behaving as well.

是的，正如我實際上提到的，上個季度確實有一些。因此，從日曆上來看，這顯然不會發生。但整體來說，安全保險成本已經落後了。正如我上次提到的，對我來說，這主要是人為問題。我知道這只是短期到中期的事情，但很高興我們的安全性能得到了顯著提高。在害蟲消除方面，我們現在在大多數車輛上都安裝了儀錶板罐，用於監視車輛行駛的方向以及駕駛員的行為。

We've reduced dramatically our safety incidents by doing so much so that we are leveraging all those best practices for other businesses, all our folks that are on the road, as you know. So we have close to 30,000 people on the road generally.

透過採取諸多措施，我們大幅減少了安全事故，我們正在將所有這些最佳實踐推廣給其他企業以及所有在路上行駛的員工。因此，我們路上的乘客總數約有 3 萬人。

So as unfortunate and sad as it was for pest, I think that we're getting this one under control. At the same time, we can leverage all what we've learned across the company. It's going to take time because that's practical work, obviously, to get them.

因此，儘管害蟲問題令人不幸和悲傷，但我認為我們已經控制住了它。同時，我們可以利用整個公司所學到的所有知識。這需要時間，因為顯然這是實際工作才能實現。

So that's moving progressively behind us. At the same time, we are shifting towards pest Intelligence, which is this remote monitoring of devices, mousetraps for a different word, obviously. That's quite a heavy lift for our team. We've completed one of the major retailers with it as well, with very good results, with much more pest free environment at a lower cost, which is a really good proposition.

我們正在逐步實現這一目標。同時，我們正在轉向害蟲智能，即對設備進行遠端監控，顯然，這是捕鼠器的另一種說法。這對我們的團隊來說是一個相當沉重的負擔。我們也為一家大型零售商完成了這項工作，並取得了非常好的效果，以更低的成本實現了更無蟲害的環境，這是一個非常好的提議。

But all in, obviously, it works. It takes time. That has an impact slightly on growth and our margins. But generally, I'm really happy with that business, with the leadership team, with the mindset we have on that team. The best days of pest elimination are ahead of us. And as you will see, Q2 margins are going to improve quite substantially, as I mentioned in my remarks as well at the beginning. So overall, a very good story that keeps getting better.

但總的來說，顯然它是有效的。這需要時間。這對成長和我們的利潤率有輕微的影響。但總的來說，我對這項業務、領導團隊以及團隊的思維方式感到非常滿意。消滅害蟲的最佳時機已經到來。正如您將看到的，第二季度的利潤率將大幅提高，正如我在一開始的評論中提到的那樣。總的來說，這是一個非常好的故事，而且還在變得更好。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Hi, good afternoon. Very helpful disclosure on the digital sales. You mentioned an accelerating growth rate throughout the year and over the coming years. What sort of growth rates and margin accretion are you anticipating? And can you unpack this anticipated growth between software subscriptions versus hardware sales?

嗨，下午好。關於數位銷售的揭露非常有用。您提到了全年以及未來幾年的成長率將會加快。您預期成長率和利潤率會達到什麼樣的水平？您能否解釋一下軟體訂閱與硬體銷售之間預期的成長？

Yeah. So a few questions, Patrick, in your question here. So we're going to learn together, obviously, as we keep reporting on that. So we're not disclosing margin of that yet because we need to do it the right way. There's a lot of accounting practices that we need to get right, obviously, for that. We're going to get there as soon as we're ready to do it. But as you can imagine, it's very high because you have almost no, obviously, materials related to it since it's all digital.

是的。派崔克，關於你的問題，我有幾個問題。因此，顯然，我們將在繼續報導此事的同時共同學習。因此，我們暫時不會透露該利潤率，因為我們需要以正確的方式進行揭露。顯然，為了實現這一目標，我們需要正確實施許多會計實務。一旦我們準備好了，我們就會去那裡。但你可以想像，這個數字非常高，因為你幾乎沒有與之相關的材料，因為它都是數位化的。

To your question on hardware versus software, hardware needs to be installed because it's AI-ish machines, it's pest intelligence devices, it's 3D TRASAR and so on. So that grows nicely but at the much lower growth rate than software, which is as it's called software. So we don't need to install anything except on a computer getting the right connection and monetizing the subscription as we progress.

對於您關於硬體與軟體的問題，需要安裝硬件，因為它是人工智慧機器、害蟲智慧型裝置、3D TRASAR 等等。因此，雖然成長良好，但成長率遠低於軟體（也就是所謂的軟體）。因此，我們不需要安裝任何東西，除了在電腦上獲得正確的連接並隨著我們的進步將訂閱貨幣化。

So as you know, most of what we do in digital today has been done for a few years or many years for free. And as we upgrade technology, software and consumption models as well, so we charge slightly for it as well to do it in a smart way for our customers, always driven by generating more value than what we're charging. That's the EROI approach from the company.

如你所知，我們今天在數位領域所做的大部分工作都是幾年或多年的免費完成的。隨著我們技術、軟體和消費模式的升級，我們也會收取少量費用，以便為客戶提供更智慧的方式，始終致力於創造比收費更高的價值。這就是該公司的 EROI 方法。

But when you think about it, we have 100,000 devices that are connected today. We have over 1,000,000 customer locations with a lot of devices that we could connect in each of them. And most of them are not being monetized, which is what drives me towards clearly knowing that we will be building a multi-billion business through Ecolab digital. We're in the early innings of that journey. So the fact that we have over 300 million already growing double-digits and accelerating in the quarters to come as well, which showing a little bit the potential of that growth opportunity that we have here, which I think is going to be significant in the mid term.

但想想看，我們今天有 10 萬台設備處於連線狀態。我們擁有超過 1,000,000 個客戶地點，每個客戶地點都有大量可連接的設備。其中大多數都沒有實現貨幣化，這讓我清楚地知道，我們將透過藝康數位化打造一個價值數十億美元的企業。我們正處於這趟旅程的初期。事實上，我們的用戶數量已經超過 3 億，並且實現了兩位數的成長，並且在未來幾個季度中也將加速成長，這在一定程度上顯示了我們在這裡所擁有的成長機會的潛力，我認為這將在中期產生重大影響。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Good afternoon. Chris, you hit on a few of your growth engines. But when you cross over pest elimination, light water with data center, as well as kind of the green shoots for the recovery and life sciences and biopharma. In the intermediate term, what are you the most enthusiastic about? And are there any of those three that you think you're going to further evolve your go-to-market strategy to further solidify yourself as kind of the go to in any of those substrates? Thank you.

午安.克里斯，你已經找到了一些成長引擎。但是當你跨越害蟲消除、數據中心的輕水以及復甦和生命科學和生物製藥的綠芽。從中期來看，您最熱衷的事情是什麼？您是否認為您將進一步發展這三種行銷策略，以進一步鞏固自己在以上任何一種基質中的領先地位？謝謝。

Thanks, Chris. I love and hate that question because you're asking is which kid I love the most. That's a bit of a hard one. They're all very well-positioned. But if I have to pick one, it would be data centers cooling, where we have not only a huge opportunity but the right to win. As we shared, we have cooling expertise that no one else has. We have fluids monitoring capabilities that no one else has as well at the same time. So we're bringing the three components of data center cooling so nicely together between cooling tower CDUs, so coolant distribution units, and we're producing those as we speak.

謝謝，克里斯。我對這個問題又愛又恨，因為你問的是我最愛哪個孩子。這有點困難。他們的定位都非常準確。但如果必須選擇一個的話，那就是資料中心冷卻，我們不僅擁有巨大的機會，而且擁有獲勝的權利。正如我們所分享的，我們擁有別人所沒有的冷卻專業知識。我們同時擁有其他人所不具備的流體監測能力。因此，我們將資料中心冷卻的三個組件完美地結合在一起，即冷卻塔 CDU 和冷卻劑分配單元，我們正在生產這些組件。

And third, the access to the chip as well, while you monitor through 3D TRASAR on the overall data center. So when I look at the number of data centers we have out there, the growth of data center construction as well the fact that chips used to be changed every three years. Now, it's getting closer to every six months, especially if there are direct-to-chip cooling as well at the same time.

第三，還可以存取晶片，同時透過 3D TRASAR 監控整個資料中心。因此，當我看到我們擁有的資料中心數量、資料中心建設的成長以及晶片每三年更換一次的事實時。現在，它越來越接近每六個月一次，特別是如果同時有直接晶片冷卻的話。

Well, there's a lot of work and there's a lot of operating service that we need to provide as well. I love that business, the way we're building it with high-tech companies as well at the same time. Early on that journey, but in a great position. We're growing really fast, great margins, and it's going to be really big going forward.

嗯，我們有很多工作要做，也有很多營運服務需要提供。我喜歡這項業務，同時也喜歡我們與高科技公司合作建立這項業務的方式。旅程才剛開始，但已經處於非常有利的位置。我們的發展非常快，利潤率很高，未來還會有更大的發展。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Hi. Thank you very much. Christophe, can you talk a little bit about pest and when you expected to get growth accelerate back to what we've been seeing kind of the upper single-digits range? You talked about the margin getting better next quarter. But I want to ask a little bit about the revenue growth. And then, I know it's a two part or you just wanted one, but you mentioned something about agentic.ai and using that. If you don't mind expanding on exactly where you're using that within the company. Thank you.

你好。非常感謝。克里斯托夫，您能否談談害蟲問題以及您預計何時能夠使增長加速回到我們所看到的較高個位數範圍？您談到下個季度的利潤率會更好。但我想問一下有關收入成長的問題。然後，我知道它是由兩部分組成的，或者你只想要一個，但你提到了一些關於 agentic.ai 及其使用的內容。如果您不介意詳細說明您在公司內部使用它的具體位置。謝謝。

Thank you, Shlomo. I'm going to pass the second question on Agentic to Scott, who is becoming an expert in that area by the day. Maybe first on pest elimination. First, we're growing 5%, which is kind of a good problem to have to your point. So we want to see that business get back to the high single type of growth pattern as well. I feel really good in getting towards that probably sometime during the second half of the year and certainly, so in '26 and beyond because we are building, so the most advanced pest elimination platform that's out there. We have all the capabilities, all the cloud platform, all the AI capabilities. We have 1,500 people that are working on digital technology in our company. Well, it's hard to beat, obviously, in our industry.

謝謝你，什洛莫。我將把有關 Agentic 的第二個問題轉交給 Scott，他正在日益成為該領域的專家。也許首先要消滅害蟲。首先，我們的成長率為 5%，這對你的觀點來說是一個好問題。因此，我們希望看到業務恢復到高單一類型的成長模式。我很高興能在今年下半年的某個時候實現這一目標，當然是在 26 年及以後，因為我們正在建造最先進的害蟲消除平台。我們擁有所有的能力、所有的雲端平台、所有的人工智慧能力。我們公司有 1,500 名員工從事數位科技工作。嗯，顯然，在我們的行業中，它是很難被打敗的。

So not where exactly I'd like to be, so with the 5% today. The team doesn't like it either. But we know why we're there, it's because of all the transformation work that we're doing. But we know as well at the same time that, that transformation work is going to pay dividends, going forward. So getting at the higher growth rate sometime in the second half of the year, I would say, is a good expectation.

所以這不是我真正想要的，所以今天的利率是 5%。團隊也不喜歡它。但我們知道我們為什麼在那裡，這是因為我們正在進行的所有轉型工作。但同時，我們也知道，轉型工作將會帶來回報。因此，我認為，在今年下半年某個時候實現更高的成長率是一個很好的期望。

Maybe Scott on Agentic, what you got?

也許是 Agentic 上的 Scott，你得到了什麼？

Yeah, absolutely, Shlomo. As Christophe said, we're using the Agentic solutions, developing those in One Ecolab. But starting with building a foundation that we'll be able to use across the enterprise. But within One Ecolab, because it's very focused on the customers in the field, that's the processes that we're starting with, the processes close to the customers and closest to the sales team. So think lead to cash processes and looking at those initial use cases. And then as we build those, we'll be able to build off into other end-to-end processes.

是的，絕對是，什洛莫。正如 Christophe 所說，我們正在使用 Agentic 解決方案，並在 One Ecolab 中開發這些解決方案。但首先要建立一個能夠在整個企業中使用的基礎。但在「One Ecolab」計畫中，由於它非常注重現場客戶，所以我們從這些流程開始，這些流程貼近客戶，貼近銷售團隊。因此，思考導致現金流程並查看那些初始用例。當我們建構這些時，我們將能夠建立其他端到端流程。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. Your dispensing equipment, whether it's a dishwasher or a 3D TRASAR machine, is bundled into your pricing. Is the surcharge primarily around covering the costs related to the dispensing equipment?

謝謝。您的分配設備，無論是洗碗機還是 3D TRASAR 機器，都包含在您的定價中。附加費主要是為了支付分配設備的相關費用嗎？

No, John. That's one component because some of it comes from China, but we have also chemistry that's coming from China. We have packaging that sometimes coming from China. So it's pretty broad-based. But as mentioned, John, we're talking about $100 million that we're importing from China, so for a $16 billion company, it's not exactly huge. But when you add 145% surcharge tariff on that, obviously, so you get too meaningful number.

不，約翰。這是其中的一個組成部分，因為其中一部分來自中國，但我們也有來自中國的化學物質。我們的包裝有時來自中國。所以它的基礎相當廣泛。但正如約翰所說，我們談論的是從中國進口 1 億美元的商品，因此對於一家價值 160 億美元的公司來說，這並不算多。但是當你加上 145% 的附加關稅時，顯然你會得到一個很有意義的數字。

And then, you have everybody else that is localizing sourcing of everything they buy in the US right now, which is driving purchasing cost up as well, which is a derivative from what's happening between US and China. And that's across the board, it's not just an equipment and dispensing technology. But we're talking about manageable numbers here, which is why I feel pretty good about how we can mitigate that and to do that in a way that's good for customers as well.

然後，現在其他所有人都在對他們在美國購買的所有商品進行本地化採購，這也推高了採購成本，這是美國和中國之間發生的事情的衍生。這是全面的，不僅僅是設備和分配技術。但我們在這裡討論的是可控的數字，這就是為什麼我對如何緩解這種情況並以對客戶有利的方式來做到這一點感到非常滿意。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

Just another couple of questions on the surcharge. Is there any particular linkage in this, like, it's not natural gas or like your prior one? Is there the potential that it could be reversed if there was some resolution in tariffs and/or do you think you could convert this into more of a structural price increase rather quickly? And just one more comment, Christophe, you mentioned that you demonstrate value in your price increases. Do you have to generate or demonstrate an incremental 5% value to your customers associated with the surcharge?

我還有另外幾個關於附加費的問題。這其中是否有什麼特殊的聯繫，例如，它不是天然氣或像你之前的那種？如果關稅問題得到解決，是否有可能扭轉這種情況？或者您認為可以很快將其轉變為結構性價格上漲？還有一條評論，克里斯托夫，你提到你透過漲價證明了價值。您是否必須向客戶產生或展示與附加費相關的 5% 的增量價值？

Yeah, so Steve, a few elements to unpack your question here. First, on the value piece, this is what we call total value delivered, which we document and align and agree with customers. We've done that for years. So this is a very well-practiced process on how much we help them save in operating costs, in product improvements and in environmental impact as well. And in many cases, we even measure that on a real time basis through connected chemistry to the Ecolab 3D cloud. So this is something we know extremely well how to do.

是的，史蒂夫，這裡有幾個要素可以解釋你的問題。首先，在價值方面，這就是我們所謂的交付總價值，我們將其記錄下來並與客戶保持一致和商定。我們已經這樣做了很多年。所以這是一個非常成熟的過程，我們可以幫助他們節省營運成本、產品改進以及環境影響。在許多情況下，我們甚至透過連接到 Ecolab 3D 雲的化學方法即時測量。所以我們非常清楚如何做這件事。

And we sit together with customer when we look at a price increase like the trade surcharge, 5% is nominal. It's not a big number and usually, we're between 1% to 3% of their total cost as well in their operation. So we're talking about fairly small numbers for the customers. But still, we take it very seriously and we want to make sure that for the customer, it's a win-win. So a practice that we know very well how to do.

當我們看到貿易附加費等價格上漲時，我們會與客戶坐在一起，5% 只是名義上的。這不是一個很大的數字，通常，我們的成本也佔他們營運總成本的 1% 到 3%。因此，對於客戶來說，我們討論的數字相當小。但我們仍然非常重視這一點，我們希望確保對客戶來說這是一個雙贏的局面。所以我們非常清楚如何做。

The second on tariffs going away, I'm not going to make personal comments on that. But I don't think that it's going to disappear. The 10% of baseline is here to stay. We haven't heard what's happening as well with Europe, especially other countries as well around the world. It's not going to be zero. We know that as well.

第二，關於取消關稅的問題，我不會對此發表個人評論。但我不認為它會消失。10% 的基線將繼續存在。我們還沒有聽說歐洲，尤其是世界其他國家正在發生什麼事。它不會是零。我們也知道這一點。

And as mentioned before, so the tariff from China is on kind of almost every product coming from there with a few exception. But for us, it's mostly all products. And the onslaught impact of people on-shoring in the US is pretty broad-based as well at the same time. So it's kind of an overall tide. It's not individual raw materials or packaging or equipment out there in a way makes it easier to manage than just a few as we'll hear because at the end of the day, we can mitigate that with a nominal surcharge, as we're going to do so on May 1.

如同先前所提到的，除了少數例外，幾乎所有來自中國的產品都要繳關稅。但對我們來說，基本上都是產品。同時，美國人員回流的衝擊影響也相當廣泛。所以這是一種整體潮流。正如我們所聽到的，它不是單獨的原材料或包裝或設備，這更容易管理，因為最終我們可以透過象徵性的附加費來緩解這種情況，因為我們將在 5 月 1 日這樣做。

The last part of your question, shifting trade surcharge into a structural price. That's exactly what we did with the energy surcharge, which was much higher as mentioned earlier as well, so a few years back. We know how to do it. We've demonstrated we can do it. We've held as well relationship with customers while we did it as well. So our approach is to make sure it ends up in structured price as quickly as we can. But this is not a perfect time. It depends on the customer, the industry, the situation, but that's the ultimate goal.

問題的最後一部分是將貿易附加費轉變為結構性價格。這正是我們對能源附加費所做的，正如前面提到的，幾年前的能源附加費要高得多。我們知道該怎麼做。我們已經證明我們能夠做到。我們在這樣做的同時，也與客戶保持了良好的關係。因此，我們的方法是確保盡快確定結構化價格。但現在並不是一個完美的時機。這取決於客戶、行業和情況，但這是最終目標。

Mike Harrison, Seaport Research.

麥克·哈里森，海港研究。

Hi. Good afternoon. I have kind of a higher level question here associated with the guidance. So you maintained your full year EPS guidance. But if I look at what's happened with the dollar, FX has really swung from being a headwind when you initially issued this guidance a few months ago to being a tailwind, probably in the rest of the year.

你好。午安.我這裡有一個與指導相關的更高層次的問題。因此您維持了全年每股收益指引。但如果我看一下美元的走勢，就會發現外匯確實已經從幾個月前你首次發布這一指導意見時的逆風轉變為順風，很可能在今年剩餘時間內都會如此。

So should we think of the guidance and maintaining guidance as some FX tailwind or FX good guys offset by lower underlying market expectations, or have your underlying market expectations not really changed that much? And maybe the currency is something that could potentially give you upside in the rest of the year. Thank you.

那麼，我們是否應該將指引和維持指引視為外匯順風或外匯利好因素，被較低的潛在市場預期所抵消，或者您的潛在市場預期實際上並沒有發生太大變化？也許這種貨幣可能會在今年剩餘時間內為你帶來好處。謝謝。

I'll let Scott make a few comments here. But what I'd say is that we will deliver the same promise, the same expectations quarter-by-quarter and for the full year. But the path to get there has been different. We've seen it in the first quarter and will be different in the quarters to come, depending on what we know as we've been discussing on that goal. And what we don't know that we'll have, so to trigger new actions as well, so in the months to come. So same delivery, different path. The FX component is one of them, but it's a complicated equation. This is not the name of the game. It's one of the many drivers that we have or can deal with.

我讓斯科特在這裡發表一些評論。但我想說的是，我們將會逐季、全年兌現同樣的承諾、同樣的期望。但實現這目標的路徑卻不同。我們在第一季就看到了這一點，未來幾季的情況會有所不同，這取決於我們在討論該目標時所了解的情況。我們不知道接下來會發生什麼，因此在接下來的幾個月裡也會引發新的行動。因此，同樣的交付，不同的路徑。FX 組件是其中之一，但它是一個複雜的方程式。這不是遊戲的名稱。這是我們擁有或能夠處理的眾多驅動因素之一。

Scott, any comment on that?

斯科特，對此有什麼評論嗎？

Yeah, sure, Mike. As Christophe said, there's a lot of variables, very dynamic environment. Specific to the FX, in Q1, as we expected, that was the headwind as we disclosed about 4% to EPS. And although more recently FX has improved, it's a volatile dynamic environment. And so we're going in this with a very clear view and believe that FX is still going to be a headwind for the full year although, maybe a bit better than we originally expected.

是的，當然，麥克。正如克里斯托夫所說，存在著許多變量，環境非常動態。具體到外匯，在第一季度，正如我們預期的那樣，這是一個阻力，因為我們披露的每股收益約為 4%。儘管最近外匯市場有所改善，但其仍然是一個動盪的動態環境。因此，我們對此有著非常清晰的認識，並相信外匯仍將是全年的阻力，儘管可能比我們最初預期的要好一些。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. I think I have a two-part question. Your global water business year-over-year was down a little bit in operating income in the quarter. Why was that? Revenues grew year-over-year. I think you had positive pricing.

非常感謝。我認為我的問題分為兩部分。本季度，你們全球水務業務的營業收入較去年同期略有下降。為什麼呢？營收年增。我認為你的定價是正面的。

Secondly, when you look at the water business, a lot of the water business is propylene derivatives. And maybe propylene derivatives are down 20% year-over-year. Chlorine is down. Ethylene is down. Oil is down. And if you look at your cost of goods sold, your cost of goods sold overall is down 3%. When you go to your customers and you say that you want a surcharge, do they resist at all or do they feel that it's amply justified in the current environment?

其次，當你看水業務時，你會發現很多水業務都是丙烯衍生物。丙烯衍生物的價格可能較去年同期下降了20%。氯含量下降。乙烯價格下跌。油價下跌。如果你看一下你的銷售成本，你會發現你的銷售成本整體下降了 3%。當您向客戶提出要收取附加費時，他們是否會反對，或者他們是否認為在當前環境下收取附加費是完全合理的？

Jeff, two different questions here, again for the price is one. The first one, the water OI or operating income for the first quarter, the simple answer is, it was Europe and it was because of last year. We had a 200% increase in operating income in Europe in 2024. So it's the year-on-year comparison on Europe. That's the single story. Otherwise, a very good story and you'll see that in the second quarter and going forward as well in water. So I feel good about that.

傑夫，這裡有兩個不同的問題，一個是關於價格。第一個，第一季的水務OI或營業收入，簡單的答案是，這是歐洲的，這是因為去年。2024年，我們在歐洲的營業收入將成長200%。這是歐洲的同比情況。這就是唯一的故事。除此之外，這是一個非常好的故事，您會在第二季度看到它，並且在水上也會看到它。所以我對此感覺很好。

The second part of your question, our DPC market, everything we buy, Jeff, the 10,000 raw materials and packaging that we're buying out there, they're up, they're not down. So when we look at everything together, if you look at all the indices, our basket is up. Then, you have our procurement team doing great work. We've been reducing as well our operating expenses or improved our operating performance in the plant as well around the world. And then, you end up on a DPC, delivered product cost, net-net that is 1% to 2% better than it was a year ago.

你問題的第二部分，我們的 DPC 市場，傑夫，我們購買的所有東西，我們在那裡購買的 10,000 種原材料和包裝，它們的價格都在上漲，沒有下跌。因此，當我們綜合考慮所有指數時，就會發現我們的籃子價格上漲了。那麼，我們的採購團隊就做得很好。我們也一直在降低營運費用或提高全球工廠的營運績效。然後，您最終會得到 DPC（交付產品成本）淨值，比一年前好 1% 到 2%。

Well, that's going to change and it's changing right now. We see it as well all the reasons I mentioned on that call being import from China, being the onslaught here on the US market as well, which is why I expect, DPC and it is trending right now towards low-single up to mid-single up in the months to come. This is clearly sort of the trajectory that we're seeing right now.

嗯，這種情況將會改變，而且現在正在改變。我們也看到了我在電話會議上提到的所有原因，包括從中國進口，以及對美國市場的衝擊，這就是為什麼我預計 DPC 在未來幾個月內將呈現從低單上漲到中單上漲的趨勢。這顯然是我們現在看到的軌跡。

So this is what we're discussing as well with customers. And I'll remind you that the core discussion we have with our customers is not on the cost side, it is really how much can we help them improve their operating performance as well. At the same time, this is real time, this is documented, this is aligned with customers, this is approved with customers. This is not just Ecolab coming up. So it's what we believe we saved with them, is what we believe we've saved together. That needs to be in the P&L as well at the same time. That's the whole discussion that we have with them. This is not new, but it contains part of the input cost, but the whole discussion is related to value.

這也是我們與客戶討論的內容。我要提醒大家的是，我們與客戶討論的核心不是成本面，而是我們能在多大程度上幫助他們提高營運績效。同時，這是即時的、有記錄的、與客戶一致的、得到客戶認可的。這並不是只有藝康一家公司的做法。所以，我們相信我們和他們一起拯救了這一切，我們相信我們共同拯救了這一切。這也需要同時計入損益表中。這就是我們與他們進行的全部討論。這並不是什麼新鮮事，但它包含了部分投入成本，但整個討論都與價值有關。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Good afternoon. Could you speak a little bit about how a shift in the US to aggressive deregulation would either create opportunities or headwinds for your institutional and pest businesses on a secular basis?

午安.您能否簡單談談，美國轉向積極放鬆管制將如何在長期內為您的機構和害蟲業務創造機會或阻力？

Well, the short answer here is, we haven't seen anything yet in terms of impact of the regulation on any business. I hope we're going to see that because this is a very important element of focus that we expect from the industry and that's been promised by the administration as well. At the same time, this is something that we should see as well in our downstream business. This is hard to see right now. So I remain hopeful that that's going to help industry in the US in the month and quarter to come. But so far, we haven't seen any positive sign in the numbers.

嗯，簡短的回答是，我們還沒有看到該法規對任何企業產生任何影響。我希望我們能夠看到這一點，因為這是我們期望業界關注的一個非常重要的因素，也是政府所做的承諾。同時，我們在下游業務中也應該看到這種情況。目前這很難被看到。因此我仍然充滿希望，這將在未來一個月和第一季幫助美國的工業。但到目前為止，我們還沒有看到任何正面的跡象。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey, good afternoon and thanks for taking my question. I was curious if you could talk about what trends you're seeing in the life sciences segment and if you expect that growth to accelerate through this year? Thanks.

嘿，下午好，感謝您回答我的問題。我很好奇，您能否談談您在生命科學領域看到的趨勢，以及您是否預計今年這一增長將會加速？謝謝。

Yes, Jason. We've been building that business for a few years. We've been growing not as fast as we were hoping. Obviously, early on when we acquired Purolite, especially at the end of 2021, competition was down double-digits. We were up single-digits. We kind of felt good about our delivery, but not as good as we were hoping for; as we were gaining share, innovating, building capabilities, which means getting the right expertise, so on our team building capacity as well in terms of manufacturing capacity with the highest levels of quality as well. That takes time to get done, obviously. Unlike a lot what the team has done over the last three years, we see now that business turning up in very nice ways as well.

是的，傑森。我們已經建立該業務幾年了。我們的發展速度並沒有像我們所希望的那樣快。顯然，在我們收購 Purolite 的初期，尤其是在 2021 年底，競爭下降了兩位數。我們領先個位數。我們對我們的交付感到滿意，但不如我們所希望的那樣好；因為我們正在獲得市場份額、創新、建設能力，這意味著獲得正確的專業知識，因此我們的團隊建設能力以及製造能力方面也達到了最高的質量水平。顯然，這需要時間來完成。與該團隊過去三年來所做的許多事情不同，我們現在看到業務也以非常好的方式發展。

I think we're getting to the place we were expecting at some point. The market is turning a bit better. That helps. Our business is doing even better for all the reasons I mentioned before as well. We keep investing as you see the margin, operating income margin that we have in the business are kind of reported in the mid-teens. If you look at underlying, so if you strip out the early investment, it's more in the mid-20s. So that's why I feel pretty good about that business keeping accelerating its top-line and getting sort of an operating income that's getting closer to 30% as we've been targeting early on, and as I've shared with you as well. And that's been the case during Investor Day as well.

我想我們即將到達我們所期待的地方。市場正在好轉。這有幫助。由於我之前提到的所有原因，我們的業務做得更好了。如您所見，我們持續投資，我們業務的利潤率、營業收入利潤率約為十五六個百分點。如果你看一下基礎數據，那麼如果你剔除早期投資，它就會更多地處於 25 歲左右。因此，我對業務持續加速成長並實現接近 30% 的營業收入感到非常滿意，正如我們早期設定的目標，我也曾與你們分享過。投資者日期間也是如此。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Hi, good afternoon. I had a question just on SG&A. You've done a good job controlling that and you actually brought it down in the quarter. I guess I thought the SG&A as a percentage of sales would decline over time as you grew SG&A slower than sales, but you actually brought that down. So I was curious, one, what do you expect SG&A dollars to grow or decline for this year? And then, two, are you pulling any additional levers with SG&A already to help to achieve your goals for this year? Thanks.

嗨，下午好。我有一個關於銷售、一般和行政費用 (SG&A) 的問題。你們在控制這個問題上做得很好，並且在本季度實際上已經將其降低了。我以為銷售、一般及行政費用佔銷售額的百分比會隨著時間的推移而下降，因為銷售、一般及行政費用的增長速度低於銷售額，但實際上你確實將其降低了。所以我很好奇，第一，您預計今年銷售、一般及行政費用將成長或下降多少？第二，您是否已經採取了任何額外的措施來利用銷售、一般和行政費用 (SG&A) 來幫助實現今年的目標？謝謝。

Yeah, thank you, Josh. I'm going to pass that question to Scott, who has become a PhD in the SG&A management. Scott?

是的，謝謝你，喬希。我將把這個問題轉交給史考特，他已經成為銷售、一般和行政管理的博士。史考特？

Yeah. Thanks for the question, Josh. As Christophe mentioned before, the Q1 SG&A was a bit better than we had expected coming into the quarter and really helped by the One Ecolab program, which is going very well. And that helped deliver that 30 basis points of leverage that we had year-over-year. And that was net of what we talked about coming in the year, the continued growth investments that we'd be making.

是的。謝謝你的提問，喬希。正如 Christophe 之前提到的，第一季的銷售、一般及行政開支比我們預期的要好一些，這得益於「一個 Ecolab」計劃的順利實施。這有助於我們實現比去年同期高出 30 個基點的槓桿率。這是我們今年談論的淨額，也就是我們將進行的持續成長投資。

And we expect to continue that as we did the last few years. If you think back to we had 2017, we're at a 29% ratio and we brought that down to 27% last year and continue to expect, as we've guided earlier that, we will deliver on this 20 basis points to 30 basis points for the full year probably at the lower end of that range, as we continue to make these growth investments, but also deliver on the incremental savings from One Ecolab that is going quite well.

我們期望像過去幾年一樣繼續保持這種勢頭。如果您回想一下 2017 年的情況，當時我們的這一比例為 29%，而去年我們將這一比例降至 27%，並且我們繼續預期，正如我們之前所指導的那樣，全年我們將在這一比例的基礎上實現 20 個基點到 30 個基點的增長，可能處於這一範圍的低端，因為我們將繼續進行這些增長，同時實現一個交易，同時也帶來相當大

Although I will say not every quarter will be created equal. And then, as we go long term, we expect with the One Ecolab program with the digital capabilities to be able to deliver SG&A leverage beyond our historical 20 basis points to 30 basis points annually.

儘管我要說的是，並不是每個季度都是平等的。然後，從長遠來看，我們預計，透過具有數位化功能的「一個藝康」計劃，我們能夠將銷售、一般和行政管理費用槓桿率提高到超過我們歷史上每年 20 個基點至 30 個基點的水平。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），Vertical Research Partners。

Yes. Thank you and good morning. I'm curious, Christophe, as to whether or not your thoughts on capital deployment have changed at all with the external environment being so volatile. Still early in earnings season, but we've seen some other chemical companies throttle back on CapEx. Are you still tracking towards 7% of sales there? And might you be any more aggressive or conservative in evaluating M&A opportunities, for example?

是的。謝謝，早安。克里斯托夫，我很好奇，在外部環境如此動蕩的情況下，您對資本配置的想法是否發生了變化。雖然仍處於獲利季節的早期階段，但我們已經看到其他一些化學公司減少了資本支出。您是否仍追蹤那裡 7% 的銷售額？例如，在評估併購機會時，您是否會更加積極或保守？

So the headline here, Kevin, is, no change, but I'd like to ask Scott to add some details and comments to that as well.

因此，凱文，這裡的標題是沒有變化，但我想請斯科特也添加一些細節和評論。

Yeah. Kevin, good morning. As Christophe said, no change to the long-term capital allocation priorities. As we've always said, we're going to continue to increase the dividend, invest in the business. And the balance sheet is in a really, really healthy position entering the year. As we've talked, net leverage, Christophe mentioned, is opening is down to 1.8%, so below our long-term target of around 2 times. We also repurchased about $140 million of shares you probably saw disclosed in the first quarter. That was on top of the $1 billion we did last year.

是的。凱文，早安。正如克里斯托夫所說，長期資本配置重點並沒有改變。正如我們一直所說的那樣，我們將繼續增加股息，投資於業務。今年進入以來，資產負債表狀況非常非常健康。正如我們所說的，克里斯托夫提到的淨槓桿率目前已降至 1.8%，低於我們約 2 倍的長期目標。我們還回購了價值約 1.4 億美元的股票，您可能在第一季就看到過披露。這是我們去年所賺得的 10 億美元的基礎上的。

And again, all buybacks in the future are going to be dependent upon those investment opportunities, including the M&A pipeline, which is very robust. But, the biggest thing is this strong balance sheet provides us a lot of optionality, particularly in an environment like this, to take advantage of both organic and inorganic opportunities to invest.

再次強調，未來的所有回購都將取決於這些投資機會，包括非常強勁的併購管道。但最重要的是，強勁的資產負債表為我們提供了許多選擇，特別是在這樣的環境下，可以利用有機和無機機會進行投資。

To add to that, it's a moment where we need to play to win with the environment that we are in, with the capabilities we have, with the momentum we have, the balance sheet we have, as mentioned by Scott. For me, it's time to gain share, it's time to innovate, it's time to invest in the business in our future, and that's exactly what we're doing.

除此之外，正如史考特所提到的那樣，現在是我們需要利用我們所處的環境、我們擁有的能力、我們擁有的動力和我們擁有的資產負債表來贏得勝利的時刻。對我來說，現在是贏得市場份額的時候了，現在是創新的時候了，現在是投資未來業務的時候了，而這正是我們正在做的事情。

Andy Wittmann, Robert W. Baird.

安迪威特曼、羅伯特W貝爾德。

Yeah, great. Thanks for taking my question. I guess I have two questions here. Christophe, in your answer previously on the life sciences segment, you talked about how like you still see a view towards 30% segment margins there and that underlying the investments that you've made I think in the physical plant there, the capital base for that business, I mean, you're running in the mid-20s. So it's all just suggestive of you just kind of need some operating leverage to run through that business.

是的，很棒。感謝您回答我的問題。我想我這裡有兩個問題。克里斯托夫，在您之前關於生命科學領域的回答中，您談到您仍然認為該領域的利潤率有望達到 30%，並且我認為，您在那裡的實體工廠進行的投資，以及該業務的資本基礎，我的意思是，您的利潤率大約在 20% 左右。所以這一切都顯示你需要一些經營槓桿來經營這項業務。

So the question I guess on this one is, what do you think the approximate revenue level needs to be in life sciences to deliver something on that order of magnitude? Obviously, we're not looking for specifically, but just trying to see what you're thinking to it takes to achieve that level of margin.

所以我想這個問題是，您認為生命科學領域需要大約多少的收入水準才能實現這個數量級的目標？顯然，我們不是在尋找具體的目標，而只是想了解您認為需要什麼才能實現該水平的利潤。

And then, my second question would be a quick one for Scott. Just talking about the free cash flow outlook, obviously, the first quarter comp from last year on free cash flow is a really tough comp. This quarter feels more seasonally normal. But I'm just wondering, if you feel like the inventory cycle, given the tariffs and the trade risks that are out there, do you need to infuse more working capital into the business this year to be able to deliver certainty of supply for your customers, or do you still think that your normal cash flow targets as a percentage of net income apply here in 2025? Thanks.

然後，我的第二個問題很簡單，問史考特。僅談論自由現金流前景，顯然，與去年第一季的自由現金流相比，這是一個非常艱難的比較。本季感覺更符合季節性。但我只是想知道，如果您覺得庫存週期，考慮到關稅和貿易風險，您是否需要在今年向企業注入更多營運資金，以便能夠為您的客戶提供確定的供應，或者您是否仍然認為您的正常現金流目標（佔淨收入的百分比）在 2025 年仍然適用？謝謝。

Thank you, Andy. So I'll let Scott answer the second part of your question first and then I'll talk about life science.

謝謝你，安迪。因此，我將首先讓斯科特回答你問題的第二部分，然後我將談論生命科學。

Yes, Andy. As you said, our Q1, although year-over-year, we believe was down. The Q1 was in line with our expectations and our historical progression, so the quarterly progression throughout the year. The Q1 was really comparing to a very strong comp last year, which was unusually high just due to timing of cash payments. But feel very good about with the strong earnings growth of 12% to 15% to be able to deliver our free cash flow conversion of this 90%, which is that we guided for the year.

是的，安迪。正如您所說，儘管與去年同期相比，我們認為第一季的業績有所下降。第一季符合我們的預期和歷史進展，因此全年的季度進展也符合預期。第一季與去年同期相比確實表現非常強勁，僅因現金支付的時間，其業績就異常高。但我們感到非常高興，因為強勁的獲利成長達到 12% 至 15%，能夠實現 90% 的自由現金流轉換，這也是我們今年的預期。

So that's the second part of the question. The first part, obviously, very different on life science, Andy. So the investments that we're making are long-term investments, the plant extension in the UK on biotech. It's building in E1 in the US. It's building in E1 in Asia as well. So those are long-term investments. It's also deploying EBS, our SAP platform as well in there. It's also building our research muscle as well at the same time. Those are all long-term investments that we have here. We know exactly what we're doing, what's the impact on the P&L as well. That's why I can tell you kind of these are reported and underlying in the mid-20s.

這是問題的第二部分。顯然，第一部分在生命科學方面非常不同，安迪。因此，我們所做的投資是長期投資，即英國生物技術的工廠擴張。它正在美國 E1 地區建設。它也在亞洲的 E1 地區建設。所以這些都是長期投資。它還在那裡部署了 EBS、我們的 SAP 平台。這也同時增強了我們的研究實力。這些都是我們在這裡的長期投資。我們清楚知道自己在做什麼，以及對損益表有什麼影響。這就是為什麼我可以告訴你這些是在 20 年代中期報告和潛在的。

So I think it's going to take a few years to get to the levels that we've talked about, depending as well on how the market is evolving. But we're building this business for the long run. If it takes us a couple of years to get to the steady state, high level place that we need or want to be, that's okay with me as well because we want to do it the right way for the long run.

因此我認為要達到我們談論的水平還需要幾年時間，這也取決於市場如何發展。但我們打造這個業務是為了長遠發展。如果我們需要幾年的時間才能達到我們需要或想要的穩定狀態和高水平，我也可以接受，因為我們希望以正確的方式長期做到這一點。

Andres Castanos, Berenberg.

安德烈斯·卡斯塔諾斯，貝倫貝格。

Hey, hello. I wanted to ask how important is early stage research for your life science business? Do you expect that this business may be impacted by cuts in the federal budget in subsidies? Thank you.

嘿，你好。我想問早期研究對於您的生命科學業務有多重要？您是否預期這項業務可能會受到聯邦預算削減補貼的影響？謝謝。

Good question. It's one of the open items out there. We don't exactly know how it's going to be. So far, it seems to be impacting mostly the generics. That's not exactly where we're focusing our attention. And we're serving customers globally in life science. So if it's being produced in Europe or in Asia today and it's moving to the US, we're going to benefit when it's coming here in the US. And if it's moving elsewhere around the world, we're going to follow them there as well at the same time.

好問題。這是尚未解決的問題之一。我們並不確切知道事情將會如何發展。到目前為止，它似乎主要影響的是仿製藥。這並不是我們關注的重點。我們為全球生命科學領域的客戶提供服務。因此，如果它今天在歐洲或亞洲生產並轉移到美國，那麼當它進入美國時，我們將受益。如果它移動到世界其他地方，我們也會同時追蹤它們。

So not too worried about what we're seeing right now. If there are more brutal changes, we'll revisit. But that's the world we're living in. We're fine with it. We adjust as we always do. But so far, I feel really good about our life sciences business whatever happens in the market out there.

因此我們不必太擔心現在看到的情況。如果有更殘酷的變化，我們會重新審視。但這就是我們所處的世界。我們對此沒有意見。我們一如既往地進行調整。但到目前為止，無論市場如何變化，我對我們的生命科學業務都感到非常滿意。

So generally, one way to summarize in the whole discussion here is, while we're delivering as expecting in 2025, we expect to deliver as expected in the quarters to come and for the full year. But what's important to keep in mind is the path to get there is evolving because we try to stay ahead of what's happening in the world, but really with that spirit of playing to win as an organization, staying on offense, investing where it makes sense, supporting our teams and developing our teams.

因此，總的來說，總結整個討論的一種方式是，雖然我們在 2025 年的交付情況與預期一致，但我們預計未來幾季和全年的交付情況也將與預期一致。但重要的是要記住，實現這一目標的道路正在不斷發展，因為我們試圖走在世界前沿，但真正要本著作為一個組織爭取勝利的精神，保持進攻，在合理的領域進行投資，支持我們的團隊並發展我們的團隊。

So, feel good, in a difficult world about where we are and where we're going. I think that, in times like these that we make Ecolab even stronger and our future even better. So not easy, but a very good journey and a very good story so far.

因此，在這個充滿困難的世界裡，我們要對自己的處境和未來感到滿意。我認為，在這樣的時刻，我們會讓藝康變得更強大，讓我們的未來變得更美好。所以這並不容易，但到目前為止，這是一段非常美好的旅程，也是一個非常精彩的故事。

Thank you. Mr. Hedberg, there are no further questions at this time. I'd like to turn the floor back over to you for closing remarks.

謝謝。赫德伯格先生，現在沒有其他問題了。我想把發言權交還給各位，請大家做最後發言。

Thank you. That wraps up our first quarter conference call. This conference call and the associated discussion slides will be made available for replay on our website. Thank you for your time and participation, and hope everyone has a great rest of your day.

謝謝。我們的第一季電話會議到此結束。本次電話會議和相關討論幻燈片將在我們的網站上重播。感謝您的時間和參與，並祝大家今天過得愉快。

Ladies and gentlemen, today's conference has concluded. You may now disconnect your lines at this time. Have a wonderful day.

女士們、先生們，今天的會議已經結束。現在您可以斷開線路了。祝您有美好的一天。