藝康 (ECL) 2025 Q3 法說會逐字稿

Greetings. Welcome to Ecolab's third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's conference is being recorded.

問候。歡迎參加藝康集團2025年第三季財報電話會議。（操作說明）提醒各位，今天的會議正在錄音。

At this time, it is now my pleasure to introduce your host, Andy Hedberg, Vice President, Investor Relations for Ecolab. Thank you, Andy. You may now begin.

現在，我榮幸地向大家介紹主持人，藝康集團投資者關係副總裁安迪·赫德伯格。謝謝你，安迪。現在你可以開始了。

Thank you, and hello, everyone. Welcome to Ecolab's third 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's results are available on Ecolab's website at ecolab.com/investor.

謝謝大家，大家好。歡迎參加藝康集團第三季​​財報電話會議。今天陪同我的是藝康集團董事長兼執行長克里斯托夫貝克，以及我們的財務長史考特柯克蘭。有關我們業績的討論、收益報告以及本季業績的幻燈片，請造訪 Ecolab 網站 ecolab.com/investor 查看。

Please take a moment to read the cautionary statements in these materials, which state that this teleconference and the associated supplement 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 our posted materials. We also refer you to the supplemental diluted earnings per share information in the release.

請花點時間閱讀這些資料中的警示聲明，其中指出本次電話會議及相關補充資料包含未來績效的估計。這些都是前瞻性陳述，實際結果可能與預測結果有重大差異。可能導致實際結果出現差異的因素已在最新的 10-K 表格和我們發布的資料中的「風險因素」部分進行了描述。另請參閱新聞稿中的補充稀釋後每股收益資訊。

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

接下來，我想把電話交給克里斯托夫·貝克，請他發表評論。

Thank you, Andy, and welcome to everyone joining us today. And I'd like to start by recognizing the strength and the resilience of Ecolab's team. Because in a year defined by a persistent macro uncertainty that we've all lived through and shifting global dynamics, our team continues to deliver consistent double-digit earnings growth.

謝謝安迪，也歡迎今天所有到場的朋友。首先，我想表揚藝康團隊的實力和韌性。因為在經歷了持續的宏觀經濟不確定性和不斷變化的全球情勢的這一年裡，我們的團隊繼續實現了兩位數的穩定獲利成長。

And they focus on what matters most, our customers, our strategy and our long-term goals, is what enables us to perform at a very high level quarter after quarter. And we've seen that in the third quarter where sales growth improved fueled by accelerating pricing, up to 3% from 2% last quarter, while volumes increased 1%.

他們專注於最重要的事情，即我們的客戶、我們的策略和我們的長期目標，這使我們能夠每個季度都保持非常高的業績水平。我們看到，第三季銷售成長有所改善，這得益於價格上漲加速，從上一季的 2% 成長到 3%，而銷量成長了 1%。

This momentum was driven by double-digit organic growth in our growth engines, which is remarkable and which includes Pest Elimination, Life Sciences, Global High-Tech and Ecolab Digital. Our core businesses, Institutional & Specialty and the rest of Global Water, delivered solid growth. All of this supported by exceptional total value delivery through best-in-class breakthrough innovation and disciplined execution of our One Ecolab enterprise growth strategy.

這一勢頭得益於我們成長引擎的兩位數有機成長，這非常了不起，這些成長引擎包括害蟲防治、生命科學、全球高科技和藝康數字。我們的核心業務，包括機構及特種業務和全球水務的其他業務，均實現了穩健成長。所有這一切都得益於我們透過一流的突破性創新和嚴格執行「一個藝康」企業成長策略而實現的卓越整體價值交付。

In total, our growth engines and core businesses represent about 85% of our total sales, and they delivered 4% organic sales growth and mid-teens organic operating income growth. This strong performance more than offset ongoing market softness in our underperforming businesses, Basic Industries and Paper, which together represent the remaining 50% of our global sales. And these 2 businesses declined 3% and had an impact of 1 percentage point of volume in the quarter.

總體而言，我們的成長引擎和核心業務約佔總銷售額的 85%，實現了 4% 的有機銷售成長和 15% 左右的有機營業收入成長。這一強勁表現足以抵消我們表現不佳的基礎工業和造紙業務持續疲軟的市場影響，這兩個業務合計占我們全球銷售額的 50%。這兩家業務下滑了 3%，對本季的銷量造成了 1 個百分點的影響。

So let me briefly expand on each of these drivers before sharing how we're thinking about the remainder of the year and how we're positioned to deliver another strong year of double-digit EPS growth in 2026. Pricing accelerated to 3% this quarter, driven by the full implementation of our trade surcharge and continued value pricing that's working really well. As always, the total value we deliver to customers continue to outpace and by far our total pricing, as our technologies and services help to deliver enhanced business outcomes, operational performance and environmental impact for our customers.

那麼，在分享我們對今年剩餘時間的規劃以及我們如何做好準備，在 2026 年實現兩位數 EPS 增長之前，讓我簡要地展開闡述一下這些驅動因素。本季價格上漲幅度加快至 3%，主要得益於我們全面實施的貿易附加費以及持續有效的價值定價策略。一如既往，我們為客戶創造的總價值遠遠超過我們的總定價，因為我們的技術和服務有助於為客戶帶來更好的業務成果、營運績效和環境效益。

Our breakthrough innovation is the strongest it's ever been, delivering significant value for customers and growth for Ecolab. In Institutional & Specialty, breakthrough innovations like the ones you've seen at Investor Day, like DishIQ, AquaIQ and ReadyDose, are growing double digits as these solutions help our customers improve operational performance, optimize the scarce labor resources and reduce total cost.

我們的突破性創新達到了前所未有的高度，為客戶創造了巨大的價值，也為藝康帶來了成長。在機構和特殊領域，像您在投資者日上看到的 DishIQ、AquaIQ 和 ReadyDose 等突破性創新正在以兩位數的速度成長，因為這些解決方案可以幫助我們的客戶提高營運績效、優化稀缺的勞動力資源並降低總成本。

In our Pest Intelligence platform, we've now installed over 400,000 intelligent devices, formerly called mousetraps, on our way to deploying over 1 million devices. With this leading technology, we aim to deliver 99% pest-free outcomes as we harness the power of our ECOLAB3D digital infrastructure and our expert service capabilities.

在我們的害蟲智慧平台上，我們目前已安裝了超過 40 萬個智慧型裝置（以前稱為捕鼠器），我們的目標是部署超過 100 萬個裝置。憑藉這項領先技術，我們利用 ECOLAB3D 數位基礎設施和專家服務能力，力求 99% 無蟲害防治效果。

Within Global Water, we recently launched 3D TRASAR for direct-to-chip liquid cooling for next-generation AI data centers, which uniquely monitors and optimizes coolant performance in real time. And when combined with our full portfolio of data center cooling technologies, we're helping to reduce up to 10% of the power used to cool data centers, which can now be utilized for compute power. And this is just the beginning as we build our leadership position in data center cooling and water circularity [ in microelectronics ].

在全球水務領域，我們最近推出了用於下一代人工智慧資料中心的直接晶片液冷 3D TRASAR，它能夠即時獨特地監控和優化冷卻劑性能。結合我們全套資料中心冷卻技術，我們可以幫助減少資料中心冷卻所消耗的高達 10% 的電力，這些電力現在可以用於運算能力。而這只是我們建構資料中心冷卻和水循環利用領域領導地位的開始。[在微電子領域]

And finally, within Global Life Sciences, we've launched a series of cutting-edge drug purification resins for the bioprocessing industry, which drives the improved product quality and significant operational efficiencies for our customers. When Ecolab focuses its breakthrough innovation on solving critical customer challenges like these, everyone wins.

最後，在全球生命科學領域，我們推出了一系列用於生物加工行業的尖端藥物純化樹脂，這提高了我們客戶的產品質量，並顯著提高了營運效率。當藝康將突破性創新集中用於解決客戶面臨的這些關鍵挑戰時，每個人都會受益。

One Ecolab is helping us unlock significant cross-sell opportunities across our customer base. In total, this represents a $65 billion growth opportunity, with $3.5 billion of this sitting with our largest customers. And we're seeing early successes in businesses like Institutional & Specialty and Food & Beverage that are growing very nicely.

Ecolab 的一位員工正在幫助我們挖掘客戶群中巨大的交叉銷售機會。總計而言，這代表著 650 億美元的成長機會，其中 35 億美元掌握在我們最大的客戶手中。我們看到，在機構及特種產品和食品飲料等業務領域，我們已經取得了初步成功，這些業務正在穩步成長。

Talking about that, in Institutional & Specialty where organic sales grew by 4%, outpacing end market trends, and this good performance is being fueled by the exceptional value we are delivering to customers, which we capture through value pricing and growth from One Ecolab. With this, we're working to deliver best-in-class operating performance for customers as they utilize more of our breakthrough technologies across more of their locations.

說到這裡，在機構和特種產品領域，有機銷售額成長了 4%，超過了終端市場趨勢，這一良好業績得益於我們為客戶提供的卓越價值，而我們透過價值定價和 One Ecolab 的成長來獲取這些價值。透過這些努力，我們致力於為客戶提供一流的營運績效，因為客戶可以在更多地點使用我們突破性的技術。

In Food & Beverage, growth continued to accelerate with organic sales up 4% this quarter, once again ahead of market trends. This strong acceleration is being driven by One Ecolab where we bring together our industry-leading cleaning and sanitizing water treatment and digital technologies. This comprehensive offering delivers significant customer value to improve food safety, lower operating cost and optimize water usage, which was always our promise.

在食品飲料產業，成長動能持續加速，本季有機銷售額成長 4%，再次領先市場趨勢。這一強勁的加速發展得益於「一個藝康」策略，將我們業界領先的清潔和消毒水處理技術與數位技術整合在一起。這個全面的解決方案為客戶帶來顯著價值，有助於提高食品安全、降低營運成本和優化用水，這始終是我們的承諾。

And of course, our growth engine delivered another quarter of double-digit sales growth. These businesses are gaining momentum and Ecolab is well positioned to capitalize on the strong secular tailwinds driving these markets. So let me unpack them one by one.

當然，我們的成長引擎又帶來了一個季度兩位數的銷售成長。這些業務正在蓬勃發展，而藝康集團已做好充分準備，可以利用推動這些市場發展的強勁長期利好因素。那麼，讓我逐一解釋清楚。

Pest Elimination delivered 6% organic sales growth. And as mentioned earlier, the Pest Intelligence rollout is going extremely well. Our Pest team has just won another very large retailer here in the U.S., which has thousands of locations which we will be deploying in the coming months.

害蟲防治業務實現了 6% 的有機銷售成長。如前所述，害蟲智慧系統的推廣應用進展非常順利。我們的害蟲防治團隊剛剛在美國贏得了一家大型零售商的訂單，該零售商擁有數千家門市，我們將在未來幾個月內部署。

This innovation is transforming our Pest Elimination model as we shift from spending 95% of our time physically checking every device to 95% of our time solving critical customer problems and selling new solutions. Even with ongoing investment in Pest Intelligence, operating income margins improved to nearly 21%, driven by our strong sales growth and the leverage we're generating from Pest Intelligence.

這項創新正在改變我們的害蟲防治模式，我們將從花費 95% 的時間親自檢查每個設備，轉變為花費 95% 的時間解決關鍵的客戶問題和銷售新的解決方案。即使持續投資於害蟲防治情報，在強勁的銷售成長和害蟲防治情報帶來的槓桿效應的推動下，營業利潤率也提高到接近 21%。

Life Sciences sales growth also improved to 6%, led by double-digit growth in biopharma and pharma and personal care. This very strong performance overcame capacity constraints within our water purification business. Looking at the fourth quarter, we expect Life Sciences year-on-year sales growth to moderate a little bit from third quarter's 6% growth as we compare against nearly 70% growth in our bioprocessing business last year, but underlying same trends. Despite this strong comparison, we expect bioprocessing to still grow double digits in the fourth quarter as we continue to gain share in this super-attractive market.

生命科學領域的銷售成長也提高到 6%，其中生物製藥和製藥及個人護理領域實現了兩位數的成長。這一強勁的業績克服了我們水淨化業務的產能限制。展望第四季度，我們預計生命科學業務的同比銷售額成長將比第三季度的 6% 略有放緩，因為去年我們的生物加工業務成長了近 70%，但基本趨勢相同。儘管去年同期成長強勁，但我們預計生物加工業務在第四季度仍將保持兩位數成長，因為我們將繼續在這個極具吸引力的市場中擴大份額。

Global High-Tech continues to grow rapidly, with sales up 25%. We've built an incredible growth platform where we're uniquely positioned to serve the high-growth data center and microelectronics industries. And the pending acquisition of Ovivo electronics will more than double the size of Ecolab's Global High-Tech business to nearly $900 million, further strengthening this growth engine by bringing together Ovivo's very unique, attractive water technologies with Ecolab's leading water solutions, digital technologies and global service capabilities. The combined technology platform will enable Ecolab to expand our offerings to provide circular water solutions for microelectronics, helping to maximize chip production and quality for this booming industry.

全球高科技產業持續快速成長，銷售額成長25%。我們已經建立了一個令人難以置信的成長平台，憑藉這個平台，我們擁有獨特的優勢，能夠服務高成長的資料中心和微電子產業。即將完成的對 Ovivo electronics 的收購將使 Ecolab 的全球高科技業務規模擴大一倍以上，達到近 9 億美元，透過將 Ovivo 非常獨特、有吸引力的水技術與 Ecolab 領先的水解決方案、數位技術和全球服務能力結合起來，進一步加強這一成長引擎。合併後的技術平台將使藝康能夠擴展我們的產品範圍，為微電子產業提供循環水解決方案，從而幫助這個蓬勃發展的產業最大限度地提高晶片產量和品質。

Ecolab Digital maintained its strong momentum, delivering 25% sales growth this quarter. Ecolab Digital now has annualized sales of more than $380 million, driven by rapid growth in subscription revenue and digital hardware. Overall, Digital is a $13 billion growth opportunity for Ecolab, with $3 billion of this sitting within our existing customer base. So we remain focused on capturing this high-margin opportunity as we leverage our leading digital technologies and monetize our large and expanding installed base.

Ecolab Digital 保持了強勁的成長勢頭，本季銷售額成長了 25%。Ecolab Digital 目前年銷售額超過 3.8 億美元，主要得益於訂閱收入和數位硬體的快速成長。總體而言，數位化為藝康帶來了 130 億美元的成長機會，其中 30 億美元來自我們現有的客戶群。因此，我們將繼續專注於抓住這個高利潤機會，利用我們領先的數位技術，並將我們龐大且不斷成長的用戶群變現。

We're not only leveraging AI to build new fast-growing capabilities in Global High-Tech and Ecolab Digital; we're rapidly leveraging it in our own operations to dramatically improve our customer experience and enterprise performance. With this, I'm very proud to share that Ecolab has ranked #9 on the Fortune AIQ 50 List recognizing the companies most prepared for the age of AI. Our global teams are quickly scaling AI to drive innovation, deliver customer impact through our best-in-class model and deliver significant cost savings.

我們不僅利用人工智慧在全球高科技和藝康數位領域建立快速成長的新能力，而且還在自身的營運中迅速利用人工智慧，以顯著改善客戶體驗和企業績效。在此，我非常自豪地宣布，藝康集團在《財星》AIQ 50強榜單中排名第九，該榜單旨在表彰為人工智慧時代做好最充分準備的公司。我們的全球團隊正在快速擴大人工智慧的應用規模，以推動創新，透過我們一流的模式為客戶帶來影響，並實現顯著的成本節約。

Finally, we remain confident in our team's ability to get our 2 underperforming businesses, Basic Industries and Paper, back to growth. And they're already making meaningful progress. We've shifted resources to support emerging opportunities, like in power and precious metals where they're supporting AI-driven power build-outs. For end markets still facing near-term demand headwinds, like Paper, we're focusing on innovation that can drive significant operational savings for customers.

最後，我們仍然對團隊的能力充滿信心，相信我們能夠讓旗下兩個業績不佳的業務部門——基礎工業和造紙——重回成長軌道。他們已經取得了顯著進展。我們已將資源轉移到支援新興機遇，例如電力和貴金屬領域，這些領域正在支持人工智慧驅動的電力建設。對於像紙張這樣仍面臨近期需求逆風的終端市場，我們專注於能為客戶帶來顯著營運成本節約的創新。

We're also leveraging our One Ecolab growth strategy in these businesses to expand relationships with existing customers. These actions are working as evidenced by our share gains and relative outperformance in these end markets. But we're not satisfied. While we expect these markets to remain soft in the near term with actions well underway, we anticipate these businesses to return to growth during 2026.

我們也在這些業務中運用「一個藝康」成長策略，以擴大與現有客戶的關係。這些措施正在奏效，我們的市佔率成長和在這些終端市場的相對優異表現就證明了這一點。但我們並不滿意。儘管我們預計這些市場在短期內仍將保持疲軟，且相關措施正在順利進行，但我們預計這些企業將在 2026 年恢復成長。

One of the greatest strengths of Ecolab for decades has been the breadth and diversity of our portfolio. While not every business delivers strong performance at all times, our diverse portfolio is the key reason Ecolab collectively delivers double-digit EPS growth in nearly any environment.

幾十年來，藝康最大的優勢之一就是我們產品組合的廣度和多樣性。雖然並非所有業務都能始終保持強勁的業績，但我們多元化的業務組合是藝康集團在幾乎任何環境下都能實現兩位數每股收益成長的關鍵原因。

With our strong performance, we drove a 110 basis point increase in our organic operating income margin, which reached a record 18.7% this quarter. We continue to expect our operating income margin to expand at steady levels due to growth in high-margin businesses, value price, share gains and productivity improvements reaching a strong 18% for the full year '25.

憑藉強勁的業績，我們的有機營業利潤率提高了 110 個基點，本季達到創紀錄的 18.7%。我們持續預期，由於高利潤業務的成長、物價上漲、市佔率提升和生產力提高，我們的營業利潤率將穩定成長，2025 年全年將達到強勁的 18%。

Importantly, our margin expansion also includes significant and ongoing investments in our business. We continue to make these growth investments as they fuel high performance in the quarters and years ahead. As a result, we're increasing our '25 full year adjusted diluted EPS midpoint to $7.53, with a range of $7.48 to $7.58.

重要的是，我們的利潤率擴張也包括對我們業務的大量持續投資。我們將繼續進行這些成長性投資，因為它們將推動未來幾季和幾年的業績成長。因此，我們將 2025 年全年調整後稀釋每股盈餘中點上調至 7.53 美元，區間為 7.48 美元至 7.58 美元。

Beyond this year, we remain firmly on track to achieve a 20% OI margin by '27. And as mentioned during our Investor Day last month, we expect to continue our momentum with 100 to 150 basis points of annual OI margin expansion to 2030. This positions us extremely well to continue to deliver steady 12% to 15% earnings growth in '26 and beyond.

展望未來，我們仍有望在 2027 年達到 20% 的未償付收入利潤率。正如我們在上個月的投資者日所提到的，我們預計到 2030 年，每年未償付收入利潤率將增加 100 至 150 個基點，繼續保持成長勢頭。這使我們能夠更好地在 2026 年及以後繼續實現 12% 至 15% 的穩定獲利成長。

In closing, our third quarter results reflect the strength of our business and the power of our strategy. Our pricing discipline, breakthrough innovation and One Ecolab execution continue to drive share gains and margin expansion across our core business. Our growth engines are scaling rapidly and positioned to benefit from long-term secular tailwinds. All of this is enabling us to deliver consistent earnings growth even in a complex and complicated macro environment.

總之，我們第三季的業績反映了我們業務的強勁實力和我們策略的有效性。我們的定價策略、突破性創新和「一個藝康」的執行力，持續推動我們在核心業務領域獲得市場份額和利潤率的提升。我們的成長引擎正在迅速擴大規模，並已做好準備，將受益於長期的利多因素。所有這些都使我們能夠在複雜的宏觀環境下實現持續的獲利成長。

With strong and resilient free cash flow and an extremely strong balance sheet, we're very well positioned to capitalize on both organic and inorganic growth opportunities to create significant value for our customers and drive attractive returns for our shareholders. I remain very confident in our ability to deliver sustained strong performance in Q4 this year and beyond.

憑藉著強勁且穩定的自由現金流和極其穩健的資產負債表，我們完全有能力掌握內生成長和非內生成長機會，為客戶創造巨大價值，並為股東帶來可觀的回報。我對我們今年第四季及以後持續取得強勁業績的能力仍然充滿信心。

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

再次感謝您一直以來對藝康的信任與投資。期待你們的提問。

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

謝謝你，克里斯托夫。我們的正式發言到此結束。操作員，請開始問答環節。

(Operator Instructions)

（操作說明）

Tim Mulrooney, William Blair.

提姆·穆魯尼，威廉·布萊爾。

This is Luke McFadden on for Tim. I wanted to ask about the Global High-Tech business. We noticed the slides mentioned some recent market share wins in data centers. Can you talk a bit more about how you're achieving and measuring the gains here?

這裡是盧克·麥克法登，替提姆報道。我想諮詢一下全球高科技產業的情況。我們注意到幻燈片中提到了資料中心領域近期的一些市場份額成長。您能否詳細談談您是如何達成和衡量這些成果的？

And I know you haven't closed the deal yet, but curious to hear any updated thoughts on the Ovivo acquisition and how you would characterize the growth opportunity in microelectronics post deal close relative to your already strong performance in this end market today.

我知道你們還沒有完成交易，但我很想聽聽你們對收購 Ovivo 的最新想法，以及在交易完成後，你們將如何看待微電子領域的成長機會，尤其是在你們目前在這個終端市場已經表現強勁的情況下。

Thank you, Luke. Love that field, as you know. So let me step back a bit because it's important. So for all of us to understand, so High-Tech for us is a combination of data centers and microelectronic plants, many call it fabs, which at some point will be two businesses focused on different technologies, obviously. But for now, it's really High-Tech, combining data centers and microelectronics.

謝謝你，盧克。如你所知，我熱愛那個領域。所以，讓我先退後一步，因為這很重要。所以為了讓大家明白，高科技對我們來說是資料中心和微電子工廠（很多人稱之為晶圓廠）的結合體，顯然，它們在某種程度上會成為專注於不同技術的兩個業務。但就目前而言，它確實屬於高科技領域，結合了資料中心和微電子技術。

And it's a field that attracts most of the global investments, as we know. And we expect these global investments to continue to drive that growth trend. Even though we don't expect it to be a straight line to heaven, there will be, obviously, some more difficult and some better times ahead, but generally, it's going to be the growth of our times.

眾所周知，這是吸引全球大部分投資的領域。我們預計這些全球投資將繼續推動這一成長趨勢。雖然我們不指望通往天堂的道路是一條直線，顯然，未來會有一些更艱難的時刻，也會有一些更美好的時刻，但總的來說，這將是我們這個時代的進步。

When we think about some of the facts, talking about metrics, Luke, so 1 data center opens in the world every 1 to 2 weeks, with an investment ranging from $500 million to $3 billion. And there are 10,000 data centers in the world today. So it's showing a hard -- a strong base that's getting even bigger as we speak.

盧克，當我們思考一些事實，談論指標時，你會發現，世界上每 1 到 2 週就會開設一個資料中心，投資額從 5 億美元到 30 億美元不等。如今全球共有1萬個資料中心。所以這顯示它擁有一個堅實的基礎，而且這個基礎還在不斷擴大。

On the other hand, you have 1 fab, 1 microelectronics plant, that's opening up roughly every month or so with average investments in the billions. There are 500 fabs today and expected to be 100 more, getting to 600, in the next 10 years. So we can see the pace at which those data centers and fabs are opening up, and our objective is ultimately to be in and hopefully own each of them around the world.

另一方面，你有一個晶圓廠，一個微電子工廠，大約每個月都會開設一家，平均投資金額達數十億美元。目前有 500 家晶圓廠，預計未來 10 年內還將增加 100 家，達到 600 家。因此我們可以看到這些資料中心和晶圓廠正在以驚人的速度開放，而我們的最終目標是進入並希望擁有世界各地的每一個資料中心和晶圓廠。

So the key thing is that all of this will require way more power and way more water, which is where our role comes into it. Because as mentioned as well, by 2030, we expect that this industry, powering AI with fabs and data centers, will need the incremental power of the whole of India in the next 4 years and the drinking water needs of the whole of the United States as well at the same time, because data centers will need to be cooled and fabs require vast amounts of ultrapure water.

所以關鍵在於，這一切都需要更多的電力和更多的水，而這正是我們發揮作用的地方。如同前面所提到的，我們預計到 2030 年，這個利用晶圓廠和資料中心為人工智慧提供動力的產業，在未來 4 年內將需要相當於整個印度新增的電力，同時還需要相當於整個美國飲用水需求的用水量，因為資料中心需要冷卻，而晶圓廠需要大量的超純水。

And the cool news is that those are technologies that we master, we've been mastering for a very long time. Nobody understands water better than Ecolab. We've been in the cooling business for a very long time and we've been in the water business, obviously, for a very long time as well. So we're building offerings that are helping data centers to be cooled in more efficient way by reducing the amount of water and moving towards direct-to-chip technologies. That helps cooling faster, this means more compute power, and this means less power for cooling and more power for compute, which is exactly what the tech industry is looking for.

好消息是，這些都是我們精通的技術，我們已經精通這些技術很久了。沒有人比藝康更了解水。我們從事冷凍行業已經很久了，顯然，我們從事水處理行業已經很久了。因此，我們正在開發能夠幫助資料中心以更有效率的方式冷卻的產品，減少用水量並轉向直接晶片冷卻技術。這樣有助於更快地散熱，這意味著更高的運算能力，也意味著更少的散熱功率和更多的運算功率，這正是科技業所追求的。

On the other hand, we're providing circular water solutions for microelectronics manufacturers because 1 fab requires roughly the drinking water needs of 17 million people. And the pace at which it's being built, well, that's not going to work for the communities, obviously. So the tech industries, the famous ones, especially in Asia, but in the U.S. as well, well, are looking for solutions to reuse and recycle water.

另一方面，我們正在為微電子製造商提供循環水解決方案，因為 1 個晶圓廠大約需要 1700 萬人的飲用水需求。而且，以目前的建設速度，顯然對社區來說是行不通的。因此，科技業，尤其是亞洲的知名科技業，以及美國的科技業，都在尋求水資源再利用和循環利用的解決方案。

But here is the key point, that water that's being used in those fabs needs to be ultrapure water, which means roughly 1,000 times more pure than the water that you would use in drugs, that you inject in your bloodstream, which is exactly what Ovivo is doing. So by bringing what Ecolab has always done in water circularity plus the capabilities of Ovivo in ultrapure water, we help microelectronics, ultimately, reuse and recycle water at ultrapure water level.

但關鍵在於，這些工廠裡使用的水必須是超純水，這意味著它的純度比注射到血液中的藥物用水高出約 1000 倍，而這正是 Ovivo 公司正在做的事情。因此，透過將 Ecolab 在水循環利用方面所做的一切與 Ovivo 在超純水方面的能力相結合，我們最終幫助微電子產業在超純水等級上重複利用和回收水。

So at the end, '26 for Global High-Tech, assuming we close, obviously, on Ovivo, will be roughly a $900 million business, growing double digits, with very strong margins. And it's important to keep in mind that, for us, it's a new step, a further step on our high-tech journey and one that will change over time the growth profile of our company. So a very good new chapter for our company.

因此，到 2026 年末，假設我們順利完成對 Ovivo 的收購，Global High-Tech 的業務規模將達到約 9 億美元，實現兩位數成長，並擁有非常強勁的利潤率。重要的是要記住，對我們來說，這是一個新的步驟，是我們高科技旅程中的又一步，隨著時間的推移，它將改變我們公司的發展格局。這對我們公司來說是一個非常好的新篇章。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Thanks for taking my question. I just wanted to focus on the Basic Industries and Paper returning back to growth in 2026. I was wondering if you could drill down further about on shifting resources, innovation as well as share gains, how that can help offset some of the end market weakness? Thanks

謝謝您回答我的問題。我只想專注於基礎工業和造紙業在 2026 年恢復成長的情況。我想請您進一步闡述一下，透過調整資源、創新以及擴大市場份額，如何能夠幫助抵消終端市場的一些疲軟態勢？謝謝

Yeah, Thank you, Ashish. I really like the underlying performance of that business. It's a good margin business, just that you know as well, it's slightly below our company average. But it's still a good business, good margin and good underlying performance.

是的，謝謝你，阿什什。我非常看好這家公司的基本面表現。這是一個利潤不錯的業務，只是你也知道，它略低於我們公司的平均水平。但這仍然是一家不錯的企業，利潤率高，基本面表現良好。

The biggest issue we have in that industry is it's consolidating, which means that they are closing mills. And mills are very big. And those mills, obviously, when they close are impacting our growth and there's not much we can do. We lose very little to competition; we gain share in the existing and new mills. But when a mill is closing, well, we lose those sales. And that's what's happened over the last 18 months.

該行業面臨的最大問題是行業整合，這意味著工廠正在關閉。而且工廠規模非常大。很顯然，這些工廠關閉會對我們的發展造成影響，而我們對此無能為力。我們因競爭而損失甚微；我們在現有和新建的工廠中都獲得了市場份額。但是，當一家工廠倒閉時，我們就失去了這些銷售。而這正是過去18個月發生的事。

We see that process of consolidation slowing down. We see our underlying performance driven by what you were saying, innovation, improving as well. And I think the combination of both ultimately will be positive for Paper. So I think that we are reaching the bottom of that cycle in Paper. And I think in the next, I don't know, 1, 2, 3 quarters, Paper is going to get back to a growth trajectory, and the sooner the better, obviously.

我們看到這種整合過程正在放緩。我們看到，正如你所說，創新和進步推動了我們整體業績的提升。我認為這兩者結合起來最終會對Paper公司產生正面影響。所以我認為我們在紙張領域已經觸底了。我認為在接下來的一個、兩個、三個季度裡，Paper 將會恢復成長勢頭，而且顯然越快越好。

And on the Basic Industries, we have regrouped our resources, we're driving critical mass as well, driving efficiencies. But it's really making sure that we capture as much market share as we can right now as the market recovers as well. And similar to Paper but for different reasons, we see as well kind of the bottom come in the next couple of quarters, and then we should get back to a good place.

在基礎產業方面，我們已經重新整合了資源，正在形成規模效應，提高效率。但更重要的是，我們要確保在市場復甦之際，盡可能多地搶佔市場份額。與 Paper 類似，但原因不同，我們也預計未來幾季將觸底反彈，然後情況會好轉。

So in both businesses here, 50% of our company, we need to keep that in mind, and there will always be a few businesses that are having subpar performance. I like the underlying performance. The market trends have been hard in the past. This is changing. So that's why I'm quite optimistic we will like where those 2 businesses are going to go. But at the end of the day, let's keep in mind that 85% of the company is growing very well with mid-teens operating income growth. So in a very healthy place.

所以，在這兩家公司，我們都需要記住這一點，因為總是有一些業務的表現低於平均值。我喜歡它的基本面表現。過去市場行情一直不佳。這種情況正在改變。所以，也因為如此，我對這兩家企業的未來發展方向相當樂觀。但歸根結底，我們要記住，該公司 85% 的業務成長非常良好，營業收入成長達到 15% 左右。所以，這裡環境非常健康。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Yeah, good afternoon thanks for taking my question, Christoph so I had a question on pricing. I guess if you can take the tariff surcharge out of the equation, I guess would you say that pricing is getting easier to push through just because the value proposition is becoming more evident? Or would you say -- or would you characterize it as maybe getting tougher just because there may be price fatigue, inflation may be moderating a little bit? I guess, how would you characterize it?

是的，下午好，謝謝你回答我的問題，克里斯托夫。我有一個關於定價的問題。我想，如果把關稅附加費排除在外，你會不會覺得定價更容易推行，只是因為價值主張變得越來越明顯？或者您會說——或者您會將其描述為情況變得更糟，僅僅是因為人們可能出現了價格疲勞，通貨膨脹可能有所緩和？我想，你會如何描述它呢？

Thank you, John. I would say the same. It's hard to put a metric obviously on that. But generally, the fact that pricing is getting stronger -- our total value delivered, by the way, is getting much stronger too. And we're always trying to get 2% to 3% -- sorry, more total value delivered than pricing that's being captured. So it's a good deal for customers.

謝謝你，約翰。我的看法也是一樣。顯然，這很難用指標來衡量。但總的來說，定價越來越有競爭力——順便說一句，我們提供的總價值也越來越高了。我們一直努力實現總價值比所收取的定價高出 2% 到 3%——抱歉，是高出 2% 到 3%。所以這對顧客來說是一筆划算的交易。

I feel that we're in a pretty good place. And our retention is very high, in the 90s, as you know, and it's remaining very stable as well at the same time. So a good story of customer for life with good retention, sharing the savings that they get in their operations, that translates into value pricing. And you're right, on top of it, so the tariff surcharge, or trade surcharge as we called it, is helping as well. But that's why I feel that 2% to 3% value price for the long run seems to be the sweet spot for our company.

我覺得我們現在處境相當不錯。如您所知，我們的客戶留存率非常高，在 90% 以上，同時也保持著非常穩定。因此，一個好的客戶終身故事，擁有良好的客戶留存率，分享他們在營運中獲得的節省，這轉化為價值定價。你說得對，除此之外，關稅附加費，或者我們稱之為貿易附加費，也起到了幫助作用。但也因為如此，我認為從長遠來看，2%到3%的價值價格似乎是我們公司的最佳定價點。

Andrew Wittmann, Baird.

安德魯‧維特曼，貝爾德。

Great. I had 2 questions. I guess, Christophe, just talking about the Water business as well here, you discussed the top line impact, the quarter, very detailed. Just wondering if you could just help us understand a little bit about how that top line is affecting that segment's margin performance? So maybe if you could bifurcate that as well.

偉大的。我有兩個問題。我想，克里斯托夫，你剛才也談到了水務業務，你詳細討論了季度營收影響。請問您能否幫我們了解一下，營收成長是如何影響該業務板塊的利潤率表現的？所以或許你也可以把它也分成兩個部分。

And then just quickly, kind of a technical question here, you mentioned a large new Pest customer. I was just wondering, was that referencing to an entirely new customer that is not a customer today? Or were you saying that's just a conversion to the new technology? Thanks.

然後，我快速問一個技術性問題，您提到了 Pest 公司的一位新大客戶。我只是想問一下，這是指一位目前還不是我們的客戶的新客戶嗎？還是你是說這只是向新技術的轉換？謝謝。

Thank you, Andy. So 2 different questions, obviously. I think the easiest way to talk about Water top line and margin, if you exclude Basic Industries and Paper, which I know is a bit of a challenging accounting approach here to make sure I remain in GAAP.

謝謝你，安迪。顯然，這是兩個不同的問題。我認為，如果排除基礎工業和造紙業務，談論水務收入和利潤率最簡單的方法就是排除基礎工業和造紙業務。我知道，為了確保符合公認會計準則，在這裡採用這種會計方法有點挑戰性。

But generally, Water would be having a 4% top line growth and a 15% operating income growth excluding those two businesses. So it's pretty clear where our work is focused on, and that's why we're focusing on these two businesses, to make sure that we enjoy all the good side of the Water business that we really love and that keeps getting better.

但總的來說，如果不計入這兩項業務，Water 的營收成長率將達到 4%，營業收入成長率將達到 15%。所以很明顯，我們的工作重點在哪裡，這也是為什麼我們專注於這兩個業務的原因，以確保我們能夠享受到我們真正熱愛且不斷進步的水務業務的所有好處。

Now on the Pest question, so we never mentioned which customer that is just to respect, obviously, their own confidentiality. But it's a new one, which has been really interested by that new technology. The fact that we focused early on, on the biggest out there helps, obviously. So everyone else see that it's good, the leading companies are embarking on that journey and that it's really working.

現在來談談害蟲問題，我們從未提及是哪位客戶，顯然是為了尊重他們的隱私。但這是一家新公司，它對這項新技術非常感興趣。我們很早就把重點放在了規模最大的項目上，這顯然很有幫助。所以其他人都看到了這一點，領先的公司都在走這條路，而且這條路確實行之有效。

So that's going to be, I think, helping us for the future as well because the more of those great retailers we have onboard, the more others will join as well. It's an ideal proposition for them, 99% pest-free. A good deal for their own operations, it's good for us. It's exactly the model that we want to build in the future. We're early on that journey, as mentioned, 400,000 devices today, but we will be at 1 million first half of next year. So it's showing how quick we're moving here, and we're clearly leading the industry, which is helping customers come to us.

所以我認為這對我們未來的發展也有幫助，因為我們吸引的優秀零售商越多，就會有越多其他零售商加入。對他們來說，這是一個理想的選擇，99% 無蟲害。這對他們自己的營運來說是一筆好交易，對我們也有利。這正是我們未來想要建構的模式。如同前面提到的，我們目前還處於起步階段，今天有 40 萬台設備，但明年上半年我們將達到 100 萬台。這表明我們在這方面發展得非常迅速，我們顯然處於行業領先地位，這也有助於吸引客戶。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you. Good afternoon, Christophe, if I could ask you for an update on One Ecolab. In particular, I know the focus initially was the top 35 customers, so as we get to year-end 2025, where will you be in terms of sort of the work you wanted to do with that top 35? And as we get into '26, will you be rolling it out more aggressively to the next 25 or 50 or what-have-you? Or how should we think about the layering in of incremental One Ecolab efforts from '25 to '26?

謝謝。克里斯托夫，下午好，請問能否向你報告 One Ecolab 的最新進展？我知道最初的重點是前 35 位客戶，那麼到 2025 年底，您在與這前 35 位客戶合作方面將會取得怎樣的進展呢？到了 2026 年，你們會更積極地將其推廣到接下來的 25 年、50 年或其他年份嗎？或者，我們應該如何看待從 2025 年到 2026 年逐步推進的「一個藝康」計畫？

Thank you, Vincent. So the way we approach it -- and I don't remember how public I was with it. So we launched One Ecolab a year plus ago, as you remember, mid of last year. And we said we will start with 3 customers in three major industries of the company, to move towards, we called it internally the Mag 7. They're not exactly the same as the ones you would have in mind, but some are, obviously, in '25.

謝謝你，文森。所以我們採取的方式是——我不記得我當時對此事公開程度如何了。所以，如你所知，我們在一年多前，也就是去年年中，推出了 One Ecolab 計畫。我們說，我們將從公司三大主要行業的 3 個客戶開始，逐步推進，我們內部稱之為 Mag 7。它們和您想像中的並不完全一樣，但顯然有些是 '25' 中的。

And then to move towards the top 20 E15 in 2026, to really make sure we can demonstrate that customer after customer and learn as an organization as well without boiling the ocean. It's progressing very well. Customers are very receptive.

然後，為了在 2026 年躋身前 20 名 E15，我們真正要確保能夠持續贏得客戶，並在組織內部不斷學習，而不是盲目擴張。進展非常順利。顧客反應非常好。

And the best example is really Food & Beverage United, where we brought Hygiene and Water together in North America, which you see the results in Food & Beverage, how the growth trends have shifted towards higher growth. It's exactly driven by One Ecolab, focused on some of those critical customers. It's where the whole idea came from when we acquired Nalco, by the way, in 2011. So it's an old idea that's coming to life, very well received by customers, working in terms of growth, and we will expand as we move forward in 2026.

最好的例子就是食品飲料聯合會，我們將衛生和水務業務在北美結合起來，您可以看到食品飲料行業的成果，成長趨勢已經轉向更高的成長。這正是由「一個藝康」策略驅動的，該策略專注於服務一些關鍵客戶。順便一提，這就是我們在 2011 年收購 Nalco 時的想法的由來。所以這是一個古老的想法，如今正在變成現實，受到了客戶的熱烈歡迎，在成長方面也取得了成功，我們將在 2026 年繼續擴大規模。

Patrick Cunningham, Citigroup.

派崔克‧坎寧安，花旗集團。

Hi, good afternoon. I think -- how should we think about SG&A leverage, particularly in Pest and Life Sciences, next year as you start to lap some of the growth investments you've made across both businesses? Is it a relatively linear path to your 2027 targets? Or is there sort of a continued step-up in growth investments embedded next year?

您好，下午好。我認為－明年我們應該如何看待銷售、管理及行政費用槓桿，尤其是在害蟲防治和生命科學領域，因為你們在這兩個業務領域進行的一些成長投資即將達到預期效果？實現 2027 年目標的路徑是否相對線性？或者說，明年是否會繼續加大成長投資力道？

Thank you, Patrick. Scott was looking for a question, so this is a perfect segue. And I would suggest we start with SG&A in general as well and then focusing on these 2.

謝謝你，派崔克。史考特正想問個問題，所以這正好是個完美的過渡。我建議我們先從一般的銷售、一般及行政費用入手，然後再專注於這兩項。

Yeah, thanks, Patrick. As we've talked about, SG&A productivity has been a great story over the last several years. Since 2019, our SG&A leverage has improved 150 basis points, and we're expecting to improve another 20 to 30 basis points this year for full year 2025.

謝謝你，派崔克。正如我們之前討論過的，過去幾年銷售、一般及行政費用 (SG&A) 的生產力一直表現非常出色。自 2019 年以來，我們的銷售、一般及行政費用槓桿率已改善 150 個基點，我們預計到 2025 年將全年再改善 20 至 30 個基點。

As we talked about at Investor Day, beyond 2025, with the benefit of the One Ecolab savings that we're driving and net of investments, we will continue to invest in the business. And that leverage, I expect it to be pretty broad-based. Certainly, we are investing in the growth businesses, the growth engines, but expect going forward to deliver 25 to 50 basis points of SG&A leverage, benefiting from the One Ecolab program and the technology we're deploying.

正如我們在投資者日上所討論的那樣，2025 年以後，憑藉我們正在推動的 One Ecolab 節約措施帶來的收益以及投資淨額，我們將繼續投資於該業務。而且，我預計這種影響力將相當廣泛。當然，我們正在投資成長型業務和成長引擎，但預計未來將實現 25 至 50 個基點的銷售、一般及行政費用槓桿，受益於 One Ecolab 計劃和我們正在部署的技術。

And what I really love on that whole journey, it's not becoming cheap and saving money left and right. It's leveraging digital technology, agents. We have many now in our organization. That's why being recognized as one of the leading AI companies in the world was a really cool news for us. It's really leveraging technology to do more with less. And we are still early on that journey, so I think it's going to keep getting better. So really good work here that's feeding ultimately the growth story that we want to capture.

而我真正喜歡這段旅程的一點，就是它沒有讓我變得吝嗇，也沒有讓我到處省錢。它利用了數位技術，代理商。我們組織現在有很多這樣的人。因此，被公認為世界領先的人工智慧公司之一，對我們來說真的是一個非常棒的消息。這實際上是利用科技以更少的資源做更多的事情。我們仍處於這段旅程的早期階段，所以我認為情況會越來越好。所以，這確實是一項非常出色的工作，最終將為我們想要展現的成長故事提供素材。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Thank you. Good afternoon, Christophe. I just had a question. The 85% of your business, core, I guess, you said was growing 4%. Assuming the macro stay the same, I guess, it sounds like it's the growth engines that could take that higher.

謝謝。下午好，克里斯托夫。我有個問題。您說您85%的業務（核心業務）成長了4%。假設宏觀經濟保持不變，我想，推動經濟成長的引擎可能會使經濟成長進一步提升。

And so I'm just trying to understand from your perspective, how long do you think before that mix is big enough to start moving the needle? Because you've obviously delivered well on the margins and EPS, and I think we're all looking to see if revenue growth can be better.

所以我想從你的角度來看，你認為這種混合模式需要多久才能發展到足以產生影響的程度？因為你們在利潤率和每股盈餘方面顯然表現出色，我想我們都在關注營收成長能否更好。

That's a great question. As I was sharing at the Investor Day and with the team, the beauty of the company is our broad exposure to end markets, which means that we won't have all end markets in the red at the same time, but which means that we won't have all end markets in the green at the same time as well.

這是一個很好的問題。正如我在投資者日和團隊分享的那樣，公司的優勢在於我們對終端市場的廣泛涉足，這意味著我們不會同時讓所有終端市場都虧損，但也意味著我們不會同時讓所有終端市場都獲利。

So focusing on this 15% a little bit of our time to make sure that those ones are becoming less of a drag and, ultimately, a positive driver. But when we look at this 85% growing 4% and mid-teens, the growth engines are growing 12%, and even more on operating income. So which is a very good story.

因此，我們要花一點時間關注這 15% 的問題，確保這些問題不再是阻礙，最終成為積極的驅動因素。但當我們看到這 85% 的成長率達到 4% 和十幾的成長率時，成長引擎的成長率達到了 12%，營業收入的成長率甚至更高。所以，這真是一個很棒的故事。

Ovivo is going to add to it as mentioned earlier, obviously, so High-Tech is going to get bigger. Since that group of growth engines is growing double digit, obviously, the mix is going to shift towards them over time. And I think that in the next few years, growth engines are going to become a really relevant part of our company. It's roughly 20% today at $3 billion. I would not be surprised if it becomes 30% to 40% in a few years down the road.

如前所述，Ovivo 將會加入其中，所以高科技公司規模將會越來越大。由於這組成長引擎的成長率達到了兩位數，很顯然，隨著時間的推移，其組成將會向這些引擎傾斜。我認為在未來幾年，成長引擎將成為我們公司非常重要的組成部分。目前約佔20%，為30億美元。如果幾年後達到 30% 到 40%，我不會感到驚訝。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you, Christophe, on the price surcharge, how much did you realize? And with the surcharge now fully in place, should we think about this 3% pricing continuing for the next perhaps two to three quarters?

謝謝你，克里斯托夫，關於價格附加費，你實際收取了多少？既然附加費已經全面實施，我們是否應該考慮在接下來的兩到三個季度繼續實施 3% 的定價？

Thank you. It's hard to know exactly because some businesses, like institutional, for instance, decided to bring -- and that was the same in '22, so nothing here to have it directly, so within the structural price. So we don't have a perfect tracking of that.

謝謝。很難確切知道，因為一些企業，例如機構，決定引進——2022 年也是如此，所以這裡沒有什麼可以直接引進的，因此包含在結構性價格中。所以我們無法完美地追蹤這方面的資訊。

And obviously, I don't really care because, anyway, also converging towards structural price. So with the surcharge, we're closer to 3%, obviously. That's why I'm saying 2% to 3% is the sweet spot. And since we round those numbers, sometimes you might be rounding down to 2% and sometimes to 3%, but I feel pretty good with where we are now.

顯然，我並不在意，因為無論如何，價格也在向結構性價格靠攏。所以加上附加費，顯然就接近 3% 了。所以我說2%到3%是最佳範圍。由於我們對這些數字進行了四捨五入，有時可能會向下取整到 2%，有時會向下取整到 3%，但我對我們現在所處的位置感到相當滿意。

Our objective is to stay closer to 3%, but it depends what's happening with the tariffs as well. We're looking as well as what's happening with China, this week, we will know that in the next few days as well. The good news is that we know exactly how to manage that if we need to, and it leads to very good margin performance. So for me, 2% to 3% is the sweet spot, and our objective is to be as close to 3% as we can.

我們的目標是保持在 3% 左右，但這也要取決於關稅的走勢。我們也在關注中國本週的局勢，未來幾天我們就會知道結果。好消息是，如果需要的話，我們完全知道如何管理這種情況，而且這會帶來非常好的利潤率。所以對我來說，2%到3%是最佳區間，我們的目標是盡可能接近3%。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great, thank you so much could we just dig in a little bit more into the Life Sciences segment? Understanding it's been volatile over the last few years, however, it seems like there's a decent recovery pending in bioprocessing and pharma, so on and so forth. So if you could hit on the top line first, that would be helpful. And then if we could move into just the capacity additions, where we stand there and your ultimate progress towards '27 goals and how you feel about them thank you so much.

太好了，非常感謝！我們能否更深入探討生命科學領域？儘管過去幾年市場波動較大，但生物加工和製藥等行業似乎即將迎來不錯的復甦。所以，如果你能先擊中第一行，那就很有幫助了。然後，如果我們能談談產能提升方面的情況，我們目前所處的位置，以及您在實現 2027 年目標方面取得的最終進展和您對此的感受，非常感謝。

Thank you, Chris. It's a business and an industry that I love. And as hard as it's been the last few years, I would do it again, and we will love where this business is heading. Great team, focused exactly on the right innovations that the pharma industry is looking for to produce faster, high-quality, lower-cost drugs at a lower environmental impact. So really converging with an Ecolab model.

謝謝你，克里斯。這是我熱愛的事業和產業。儘管過去幾年很艱難，但我還是會再做一遍，而且我們會喜歡這個行業的發展方向。優秀的團隊，專注於製藥業正在尋找的正確創新，以更快的速度、更高的品質、更低的成本生產出對環境影響更小的藥物。所以其實正朝著藝康集團的模式靠攏。

When I look at the three elements that you mentioned, so top line, capacity and margins, let me take them one by one. So the top line, we've been growing low to mid-single the last few years. That was less than what we had planned for when we acquired Purolite. Well, that was during a time when the market went down, most of our competitors went down in terms of growth. Doesn't make it great for us, but at least it's adding some perspective.

當我檢視你提到的三個要素，即營業額、產能和利潤率時，讓我逐一分析。所以總的來說，過去幾年我們的成長率一直處於低到中等。這比我們收購 Purolite 時計劃的金額要少。當時正值市場低迷時期，我們的大多數競爭對手的成長都出現了下滑。雖然這對我們來說並非好事，但至少讓我們從不同的角度看待問題。

When I look at the growth trajectory that we have now, it's clearly accelerating. I mentioned this Q4 is going to be a bit softer because it compares to a huge growth in Q4 last year. But underlying, it's clearly accelerating. The new business is very strong. We're getting more commercial drugs as well in our pipeline, which makes a big difference, obviously.

從我們目前的成長軌跡來看，它顯然正在加速。我之前提到過，今年第四季會略顯疲軟，因為與去年第四季的巨大成長相比，今年第四季的成長幅度會小一些。但從根本上看，這一趨勢顯然正在加速。這家新公司實力非常強勁。我們的研發管線中也增加了更多商業藥物，這顯然會帶來很大的不同。

And the team keeps getting stronger and better as well. We're one of the only few companies having as well capacities in various places around the world. That adds to the resilience as well to it. And we add the whole water components and environmental hygiene that the other ones do not as well.

而且球隊的實力也在不斷增強，水準也在不斷提升。我們是全球少數幾家在各地擁有生產能力的公司之一。這也增強了它的韌性。而且我們也加入了其他產品沒有包含的整個水質成分和環境衛生方面的內容。

So top line, finally, so getting from good to much better, and it's going to keep accelerating. With one caveat, is this capacity challenge that we have in our purification business, just because we have max capacity of what we can manufacture. But our plant in China in mid-2026 is going to open and it's going to enable us to unleash that growth in that part as well as the business, which is going to be great for the local market and as well for some international markets.

總而言之，情況正在從好變得更好，而且這種趨勢還會繼續加速。但要注意的是，我們在淨化業務中面臨的產能挑戰，只是因為我們的生產能力已經達到極限。但我們在中國的工廠將於 2026 年年中投產，這將使我們能夠釋放該地區以及整個業務的成長潛力，這對本地市場以及一些國際市場都將大有裨益。

And last point, on the margin, as we've shared as well at Investor Day, we are kind of in this mid-teens today, but underlying, it's more mid-20s because of the investments that we are making in that business as we build that franchise.

最後一點，關於邊際收益，正如我們在投資者日上分享的那樣，我們目前的收益率在十幾個百分點左右，但實際上，由於我們在建立特許經營權的過程中對該業務進行的投資，實際收益率可能在二十幾個百分點左右。

So from the mid-20s to the 30, we see a clear path. But our focus is really to drive growth in that phase of the investment and then start to drive margins once we get enough growth that we can leverage the critical mass that we've built.

因此，從20多歲到30多歲，我們看到了一條清晰的道路。但我們的重點是推動投資階段的成長，然後在獲得足夠的成長，能夠利用我們已經建立的規模優勢之後，再開始提高利潤率。

John Roberts, Mizuho Securities.

約翰·羅伯茨，瑞穗證券。

In hospitality, you use a metric called seats in the seats. Could you give us an update on that? It seems like we have a lot of mix trends going on in the full-service restaurant market.

在飯店業，你會使用一種叫做「座位數」的指標。您能為我們提供一下最新進展嗎？看來全方位服務餐廳市場正在經歷許多混合趨勢。

So thank you, John. So I'm using the terms of food traffic for our business here. As you know, it's been very different versus than 2019, so before COVID, so people going and sitting in restaurants. So down 30% versus 2019. And that hasn't changed. Unfortunately, or fortunately, depending on how we want to look at it, one-third of the people are just going for takeaway, for delivery or for drive-thru, the famous 3D.

謝謝你，約翰。所以，我在這裡用餐飲業的術語來描述我們的業務。如你所知，這與 2019 年（新冠疫情之前）的情況截然不同，那時人們會去餐廳吃飯。與 2019 年相比下降了 30%。這一點至今未變。不幸的是，或者幸運的是（取決於我們如何看待這個問題），三分之一的人只是選擇外帶、送餐或免下車取餐，也就是著名的 3D 服務。

So we see a stabilization of the food traffic, which is kind of a good news. But we've gotten used to that new model. And ultimately, with all the digital solutions that we have offered to that industry to manage this different way of selling products with less people as well, it's been a very good story, because we could grow very nicely because what we did was even more important to the hospitality industry. And it was sold at a high margin. as well. So less volume, better margins, very good growth.

所以我們看到食品運輸趨於穩定，這算是個好消息。但我們已經習慣了這種新模式。最終，我們為該行業提供了各種數位化解決方案，幫助他們以更少的人手管理這種不同的產品銷售方式，這真是一個非常好的故事，因為我們能夠發展得非常好，因為我們所做的一切對酒店業來說更加重要。而且它的利潤率也很高。因此，銷量減少，利潤率提高，成長非常可觀。

And I think for us, it's been exactly what we needed and it's made Institutional or the hospitality business even much better than what it used to be, and you can see it in the margin that's north of 20% today. And it's going to keep moving up with very nice top line growth as well. So far, so good.

我認為對我們來說，這正是我們所需要的，它讓機構或酒店業務比以前好得多，你可以從如今超過 20% 的利潤率中看出這一點。而且它的營收成長動能也非常強勁，預計未來還會繼續上升。到目前為止，一切都很好。

And the last point I'd say as well is our Specialty business is doing extremely well, doing even better than full-service restaurants. So the QSR, the fast food businesses growing in the high single. It's a very good story as well there, which helps us capture wherever people go depending on the economic times that we're facing. So overall, net-net, a very good story in a very new market.

最後我想說的是，我們的特色菜業務做得非常好，甚至比全方位服務的餐廳還要好。所以，速食店（QSR）在高位單日成長。這也是一個非常好的故事，它幫助我們了解人們在經濟情勢變化下的去向。總而言之，這是一個在新興市場中非常精彩的故事。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. In the Water business this quarter, did volume grow? And in Basic Industries and Paper, was volume growth negative high single digits? And did that represent a deceleration from the numbers you would experience in the previous quarters?

非常感謝。本季水務業務的銷售是否成長？基礎工業和造紙業的銷售成長率是否為負個位數高點？這是否意味著與前幾季相比，成長速度有所放緩？

So thank you, Jeff. As you know, so we don't disclose volumes by business, for obvious reasons. But as mentioned, every segment had positive growth, that we reported. So that's a good news. So there was no segment that was going down.

所以，謝謝你，傑夫。如您所知，出於顯而易見的原因，我們不按業務披露交易量。但如同前面所提到的，我們報導的每個細分市場都實現了正成長。這是個好消息。所以沒有哪個板塊出現下滑。

And for me, it's really important that all businesses maintain positive growth, whether you're in High-Tech where it's much more obvious because the flow of the river is very strong, or you're in more challenged businesses, like hospitality, as we talked about before and seen there. So our teams are doing really well.

對我來說，所有企業保持積極成長都非常重要，無論你是在高科技產業（那裡的成長勢頭非常強勁，這一點顯而易見），還是在像酒店業這樣面臨更多挑戰的行業（正如我們之前討論和看到的）。所以我們的團隊表現非常好。

So Water was positive with that perspective, obviously. Paper within Water was not, and it's in the low to mid-single. But it's improving. So that's why I feel quite optimistic with the next few quarters with our so-called underperforming businesses of Paper and Basic Industries.

所以沃特顯然對這種觀點持正面態度。《水中的紙》並非如此，它屬於低到中等單曲。但情況正在好轉。所以，我對未來幾季我們所謂表現不佳的造紙和基礎工業業務的前景感到非常樂觀。

They're not where they should be. They do exactly the right things. So the underperformance -- underlying performance of underperforming businesses is strong, markets are not. But net-net, we're going to get to a good place in the next few quarters. So we're doing all the right things here.

他們不在他們應該在的地方。他們做的完全正確。因此，業績不佳的企業的實際業績強勁，但市場表現卻不盡人意。但總的來說，未來幾季我們會好轉的。所以，我們在這裡做的一切都是正確的。

Matthew Doye, Bank of America.

馬修多伊，美國銀行。

This is easier question thank you. I just follow up on Vincent's question earlier on cross-selling in One Ecolab. Do you have any idea how much that contributed to organic growth in the quarter, or an expectation you can kind of give us for this year as it relates to just overall revenue generation?

這是一個比較簡單的問題，謝謝。我只是想就 Vincent 之前提出的關於 One Ecolab 交叉銷售的問題做個後續說明。您知道這對本季的自然成長貢獻了多少嗎？或者您能否就今年的整體營收給予一個預期？

Well, Matt, it's very good actually. So we are a corporate account, as call it, driven organization, enterprise customers, to use a different term as well. And the top 20, E15 focus is contributing over average to the growth of the company. So this is exactly the right place to focus. It's always been true as a company.

馬特，其實非常好。所以，我們是一家企業客戶，或者用另一種說法，我們是一家以企業客戶為主的組織。前 20 名 E15 重點關注的公司對公司的成長貢獻高於平均值。所以，這裡正是我們該關注的重點。公司一直都是如此。

But to get the whole One Ecolab within an enterprise is harder to make it work very well. And that's why we've chosen to go with all our innovation, all our technology, bringing One Ecolab digital services together towards those Mag 7, as mentioned before, then the T20, E15, so the top 20 customers and emerging 15, so for next year as well. But they're doing better than the average of the company as well.

但要讓整個 Ecolab 體系在企業內部有效運作，難度就比較大了。因此，我們選擇運用我們所有的創新和技術，將 One Ecolab 數位服務整合起來，服務 Mag 7（如前所述）、T20、E15（即前 20 家客戶和新興的 15 家客戶），明年也是如此。但他們的表現也優於公司平均。

So it's clearly a strategy that's working. And as we expand the focus beyond those 35 customers, it's going to help drive as well better performance for the overall company at higher margin because it's helping customers drive even more efficiencies within their own operations.

所以很明顯，這是一個行之有效的策略。隨著我們將關注範圍擴大到這 35 位客戶之外，這也將有助於推動公司整體業績的提升，並獲得更高的利潤率，因為它正在幫助客戶在自身的營運中提高效率。

And the best example is Food & Beverage, Food & Beverage United as we call it within our own company, where we brought Hygiene and Water together. And you can see the performance of Food & Beverage has been remarkable in the third quarter, and it's going to keep getting better.

最好的例子就是食品飲料部，或者我們公司內部稱之為「聯合食品飲料部」的部門，我們將衛生和水處理業務整合到了一起。可以看出，食品飲料產業在第三季的表現非常出色，而且還會繼續好轉。

It's only North America that we've done it, by the way, and it's a very global business, serving global customers, with global quality standards, as you would imagine. And this one is going really well. It's a great team, with customer feedback, also because no one else can do it as well, which is a great way for us to strengthen our moat.

順便說一句，我們目前只在北美開展這項業務，而這項業務是全球化的，服務於全球客戶，並採用全球品質標準，正如您所想的那樣。而且這次進展非常順利。這是一個很棒的團隊，我們重視客戶回饋，而且沒有人能像我們一樣做到這一點，這對於我們鞏固自身競爭優勢來說是一個很好的方法。

So generally, this One Ecolab approach, our enterprise customers, is really working, and it's going to be a growth driver for the years to come.

總的來說，這種「一個藝康」的理念，對於我們的企業客戶而言，確實行之有效，並且將成為未來幾年的成長動力。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴公司。

Hi, good afternoon. Christophe, just kind of following up on what you were just talking about with Food & Beverage. The performance this quarter was, I think, the best organic growth that you've shown in several quarters. You mentioned that there is some momentum from One Ecolab and from pricing.

您好，下午好。克里斯托夫，我只是想接著你剛才說的關於餐飲的話題再問一下。我認為，本季的業績是你們近幾季以來最好的自然成長。您提到 One Ecolab 專案和價格因素都帶來了一定的發展動能。

But I was hoping you could help us understand a little bit more about what's going on with underlying market dynamics that you're seeing there. And to the extent that you are winning new business, is that mostly share of wallet and One Ecolab opportunities with existing customers, or are you seeing some new wins in that business in Food & Beverage as well?

但我希望您能幫助我們更深入地了解您在那裡看到的潛在市場動態。就您贏得的新業務而言，主要是現有客戶的錢包份額和 One Ecolab 機會，還是您在食品飲料行業也看到了一些新的業務成長？

It's good question, Mike. It's -- 4% organic growth in Food & Beverage is strong, so for sure. It's much better than the market. Consumer goods are not exactly growing fast. When you look at the companies out there or the, obviously, saw famous names out there are closer to flat than to mid-single type of growth. So really pleased with the performance that we're driving.

問得好，麥克。食品飲料行業 4% 的有機成長率非常強勁，所以肯定如此。比市場上的價格好得多。消費品產業的成長速度並不快。當你觀察那些公司，或者更確切地說，當你看到那些知名公司時，你會發現它們的成長速度更接近持平，而不是中等單邊成長。對我們目前駕駛的性能非常滿意。

And we're doing it while increasing our margins as well at the same time. So it's almost a perfect play what's happening in Food & Beverage here, with this unification of Hygiene and Water. And again, it's only North America that we've done it so far, which is less than half our global business, but it's showing how well it's working, that whole approach.

而且我們還能同時提高利潤率。所以，食品飲料產業正在發生的事情，正是衛生和水資源整合的體現，幾乎是完美的體現。而且，目前我們只在北美地區實施了這項措施，而北美地區僅占我們全球業務的不到一半，但這表明這種整體方法的效果非常好。

And to your point on the share of wallet and white spaces, it's a combination of both. We're getting, gaining definitely some new customers, new plants as well within existing customers as well. Because by bringing Water and Hygiene together, we help them not only produce higher-quality, safer food, but reduce a lot of costs as well at the same time. So in a slow growth industry, that's exactly what they're looking for. So what we're doing for them is exactly what they're expecting.

至於你提到的錢包份額和空白空間，這是兩者的結合。我們正在獲得一些新客戶，同時也在現有客戶中增加了新的客戶和工廠。因為透過將水和衛生結合起來，我們不僅可以幫助他們生產更高品質、更安全的食品，還能同時降低許多成本。因此，在成長緩慢的行業中，這正是他們所需要的。所以，我們為他們所做的，正是他們所期望的。

But at the same time, we're adding digital technology that we monetize, charge for, using a different term. And we get as well the value share, so our share of the savings we're generating for them in terms of value pricing, that's also incremental. So it's a combination of white spaces and share gains. Overall an awesome story for probably one of our best global businesses that we have.

但同時，我們正在添加數位技術，並對其進行貨幣化、收費（用另一個詞來形容）。我們還能獲得價值份額，也就是我們為他們創造的價值定價中所佔的節省份額，這也是增量。所以這是空白市場和市場佔有率成長的結合。總而言之，這對於我們旗下最優秀的全球業務之一來說，絕對是一個精彩的故事。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Good afternoon. It looks like your operating results are running -- I mean, your organic growth is running pretty much in line or better than what you thought earlier in the year. FX looks like it's basically double the tailwind of what it was last year. Can you talk a little bit about the gives and takes and what levers you have to pull if currency moves the other way next year?

午安.看起來你們的經營業績不錯——我的意思是，你們的自然增長基本上符合甚至超過了你們年初的預期。FX指數的順風勢似乎比去年翻了一番。您能否談談其中的利弊，以及如果明年匯率走勢相反，您需要採取哪些措施？

Yeah, good question, Laurence. Let me pass it to Scott because it's an FX, DPC question.

嗯，問得好，勞倫斯。這個問題涉及FX和DPC，所以我把它交給Scott來回答。

Yes. Thanks, Laurence. Hey, as we've talked about, the underlying performance remains really strong. So even with FX, I mean the underlying EPS, the OI is growing double digits. And as you think about just in Q3 itself, while FX is in line with what we expected and as we guided, you also have the impact of year-over-year SG&A comp that is offsetting that FX in benefit of the nonoperating.

是的。謝謝你，勞倫斯。嘿，正如我們之前討論過的，基本面依然非常強勁。所以即使考慮外匯因素，我的意思是，就基本每股收益而言，未平倉合約仍以兩位數的速度成長。僅就第三季而言，雖然外匯影響符合我們的預期和指導，但同比銷售、管理及行政費用的影響抵消了外匯影響，使非經營性業務受益。

So that underlying growth is really very strong. We previewed the year-over-year comp in SG&A during the Q2 call, and expect that Q2 -- our Q4 performance to continue as the SG&A normalizes. But we also are seeing commodity costs growing low to mid-single digits, and overcoming that as well.

因此，潛在成長非常強勁。我們在第二季電話會議上預覽了銷售、一般及行政費用同比情況，並預計隨著銷售、一般及行政費用正常化，第二季至第四季的業績將繼續保持。但我們也看到大宗商品成本以個位數低至中等的速度成長，也克服了這項挑戰。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Hey, good afternoon. Thanks for taking my question. I'm curious if you could talk about the Pest business, if you've seen any increasing costs for leads or any increased competition in that space recently? Thank you.

嘿，下午好。謝謝您回答我的問題。我很好奇您能否談談害蟲防治行業的情況，您最近是否注意到該領域的潛在客戶開發成本增加或競爭加劇？謝謝。

If I understood well your question, so on Pest, Jason, so the SG&A versus competition? Is that what you asked?

如果我理解你的問題沒錯，Jason，那麼關於害蟲防治，也就是銷售、一般及行政費用與競爭對手相比如何？這就是你問的嗎？

Sorry, just to be more clear, I'm asking if the customer acquisition costs have gone up at all, if you've seen any step-up in competition from one of the major players out there?

不好意思，為了更清楚地說明，我想問的是客戶獲取成本是否有所上升，以及您是否注意到主要競爭對手加大了攻勢？

Customer acquisition costs. Okay. I wanted to make sure I got it right, Jason. Actually, it's become easier because -- and we're early on that journey, as mentioned. So we got 1 major retailer in the U.S. We're getting the second as we speak. We wanted to do it large customer by large customer. It's not a geographic play. It's a customer play because, ultimately, one brand wants to be safe and not have any issue in social media or whatever, really to concentrate on guest satisfaction and quality of the experience and the food, obviously, here.

客戶獲取成本。好的。傑森，我想確保我做對了。事實上，這變得更容易了，因為——而且正如前面提到的，我們還處於這段旅程的早期階段。我們已經在美國拿下了一家大型零售商。現在我們正在拿下第二家。我們想逐一大客戶來做這件事。這不是一場地理上的較量。這是以顧客為中心的策略，因為歸根結底，一個品牌想要確保安全，不想在社交媒體或其他方面出現任何問題，而是真正專注於顧客滿意度、體驗質量以及食物質量，這當然是其中的關鍵。

But what we offer here with all the digital technology, all the AI that we've developed within the company for many years now, well, is serving the needs of our Pest Intelligence business. No one else can provide as much technology as we can and have such a backbone like ECOLAB3D as well at the same time. So it's a leading offering. It's ahead of the competition. Customers are very open to it.

但是，我們在這裡提供的所有數位技術，以及我們公司多年來開發的所有人工智慧，都是為了滿足我們害蟲防治業務的需求。沒有其他公司能夠像我們一樣提供如此多的技術，同時擁有像 ECOLAB3D 這樣強大的後盾。所以它是一款領先的產品。它領先於競爭對手。顧客對此非常接受。

And what I really like as well with it is that the whole industry, even if not moving all at the same pace, is trying to add value to customers and get paid for it as well at the same time. So very healthy competition. And it's a good thing for customers and for the guests, called the ultimate consumers of the thing, whatever those locations are, ultimately.

我非常喜歡的一點是，整個行業，即使發展速度不盡相同，都在努力為客戶創造價值，並同時獲得相應的報酬。這是非常良性的競爭。這對顧客和客人（他們被稱為最終消費者）來說是一件好事，無論這些地方最終是哪裡。

And in terms of operating costs, well, when 95% a few time was spent in the past checking devices that were empty and you spend 5% of your time doing it tomorrow within your system, your operating costs are getting better and you can spend much more time acquiring new customers and serving them even better, which is why our margins is improving as well at the same time.

至於營運成本方面，過去 95% 的時間都花在檢查空設備上，而明天你的系統只需花費 5% 的時間，你的營運成本就會降低，你可以花更多的時間來獲取新客戶並更好地為他們服務，這就是為什麼我們的利潤率同時也在提高的原因。

We love that business. It's going to keep -- it's on a strong base of performance right now. It's going to keep improving as we move forward. And margin is going to improve as well. But I want to make sure that we keep investing as well in there because until we are 100% with the Pest Intelligence model around the world, well, we will not slow down our investments that has real impact on the operating margin, but it's still improving, as you could see since we're north of 20% now.

我們喜歡這項業務。它將繼續保持下去——它目前有著強勁的業績基礎。隨著我們不斷前進，情況還會繼續改善。利潤率也會提高。但我希望確保我們繼續在這方面進行投資，因為在我們在全球範圍內 100% 實現害蟲智能模式之前，我們不會放慢對營業利潤率產生實際影響的投資步伐，但正如你所看到的，它仍在改善，因為我們現在已經超過 20% 了。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Yeah, hi, good afternoon. I wanted to ask from a general context. You talked about '26 confident in the low to mid-teens EPS growth. I think around this time a year ago, you made comments around you don't really need strong volumes to get there.

是啊，你好，下午好。我想從一個更一般的角度來看這個問題。你曾談到2026年對每股盈餘成長十幾到五成有信心。我想大約一年前的這個時候，你曾經發表過一些評論，說你並不需要很大的銷售量才能達到目標。

You're really confident in the price/cost equation. I guess when you sit here today and look out a year, do you feel the same way that you can kind of get there with 0% to 1% volumes and, if you start to see an acceleration, that's upside? Or would you frame it differently?

你對價格/成本等式非常有信心。我想，當你今天坐在這裡展望未來一年時，你是否也覺得，即使銷量只有 0% 到 1%，也能達到目標，而且如果銷量開始加速增長，那就意味著有上漲空間？還是你會換個說法？

I see exactly the same way the way that you described it. With the only caveat, we don't know how the environment is going to be in '26. We had some very firm plans for '25 with very strong FX headwinds and delivered product cost that would be really helping. Well, it was exactly the other way around that it happened in 2025. And still we delivered what we had promised in terms of top line, but most importantly, in terms of bottom line.

我的看法和你描述的一模一樣。但要注意的是，我們不知道 2026 年的環境會是如何。我們對 2025 年有一些非常明確的計劃，但外匯市場逆風很大，交付的產品成本將會非常低，這將對我們大有幫助。嗯，事實恰恰相反，這件事發生在 2025 年了。而且，我們在營收方面實現了我們承諾的目標，但更重要的是，我們在利潤方面也實現了目標。

So when I think about '26, for me, it's going to be a strong year, very similar to '25 with 3% to 4% top line, positive volume, 2% to 3% price, to drive this 12% to 15% EPS, and at least 100 basis points in terms of operating income margins, to get to 19% plus, which is bringing us closer to the 20% that we committed to for '27.

所以，當我展望 2026 年時，我認為這將是強勁的一年，與 2025 年非常相似，營收成長 3% 至 4%，銷量為正，股價上漲 2% 至 3%，從而推動每股收益增長 12% 至 15%，營業利潤率至少增長 100 個基點，從而推動每股收益增長 12% 至 15%，營業利潤率至少增長 100 個基點，達到 207% 以上的目標。

FX are going to be a help. Inflation might be a little bit of a headwind in '26, and everything else that we don't know. But I feel really good on that trajectory. And to your point, if things improve, if our end markets are even more open to what we do, well, that's going to be upside. That's why I feel really good with where we're heading in 2026 one more time, like it's been in the past few years.

FX會有所幫助。2026 年通貨膨脹可能會帶來一些不利影響，還有其他一些我們不知道的因素。但我覺得目前的進展方向非常順利。正如你所說，如果情況好轉，如果我們的終端市場對我們的產品更加開放，那將是好事。這就是為什麼我對我們2026年的發展方向再次感到非常樂觀，就像過去幾年一樣。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Hi, this is Matt Hettwer on for Kevin McCarthy. Thanks for all the color on data centers that you gave earlier. Just following up on that conversation, I wanted to get your thoughts on how Ecolab is positioned with regards to next-generation cooling technologies such as direct-to-chip cooling. Do you have everything you need to compete and win there? Or should we expect additional bolt-on deals in that arena? Thank you.

大家好，我是馬特·赫特沃，代凱文·麥卡錫為您報道。感謝您之前對資料中心的詳細講解。我接著剛才的談話，想了解您對藝康在下一代冷卻技術（例如晶片直接冷卻）方面的定位有何看法。你是否具備在那裡競爭並贏得勝利所需的一切條件？或者我們應該期待在該領域出現更多附加交易？謝謝。

Love that question, Matt. No one has everything they need for direct-to-chip cooling. This is leading-edge, obviously, technology. It's 5% of the data centers; those are the newest. But interestingly enough, when you say direct-to-chip cooling, liquid cooling, this is fluid management. This is exactly what we've done for a very long time, so managing fluids in a bunch of different industries, obviously. So in a way, it's coming closer to our own mastery of science and technology.

馬特，我喜歡這個問題。沒有人擁有直接對晶片進行冷卻所需的一切。這顯然是尖端技術。這佔資料中心總數的 5%；這些都是最新的資料中心。但有趣的是，當你提到晶片直接冷卻、液冷時，這實際上就是流體管理。這正是我們長期以來一直在做的事情，也就是在許多不同的產業中管理流體。從某種意義上說，它正逐漸接近我們自身對科學技術的掌握。

So when I think direct-to-chip cooling, well, we've talked about our cooling distribution units that we call coolant intelligence unit, because they integrate 3D TRASAR technology that we've been obviously developing for many, many years. So we have that technology in the middle of a data center integrating 3D TRASAR. We've developed as well connected coolant, so the liquid itself, so to make sure that you have the best thermal performance to cool the chips as well.

所以，當我想到直接對晶片進行冷卻時，我們談到了我們的冷卻分配單元，我們稱之為冷卻劑智慧單元，因為它們整合了我們顯然已經開發了很多年的 3D TRASAR 技術。因此，我們在資料中心的核心位置整合了 3D TRASAR 技術。我們開發了一種連接良好的冷卻液，這種液體本身就能確保最佳的散熱性能，從而冷卻晶片。

We have coolant monitoring systems as well to make sure that you don't have leaks, you don't have fouling, you don't have anything bad that's happening as well, to maximize as well the performance of the data center. And you have everything else obviously that's going up the chain, in chillers and towers, on the roof. The latest data centers that we're serving have no cooling towers on the roof and have no water in there as well.

我們還配備了冷卻液監控系統，以確保沒有洩漏、沒有結垢、沒有其他不良情況發生，從而最大限度地提高資料中心的效能。當然，還有其他所有東西都沿著鏈條向上輸送，例如冷卻器、冷卻水塔、屋頂等等。我們目前服務的資料中心屋頂上沒有冷卻塔，裡面也沒有水。

So we have many pieces that we need and we're developing and exploring the new pieces that we will need as well in the future. And that's why I think we're just at the beginning of that journey, but that's a field that's exactly what Ecolab should be focused on. We should become the owner of cooling technology for data centers in the world. And that's refocusing all our efforts, all our resources and all our investments as well in Global High-Tech.

所以我們現在有很多需要的零件，而且我們還在開發和探索未來需要的新零件。所以我認為我們才剛開始這段旅程，但這正是藝康應該關注的領域。我們應該成為全球資料中心冷卻技術的領導者。因此，我們將把所有的努力、所有的資源和所有的投資重新集中到全球高科技領域。

And on top of it, we do similar, obviously, with microelectronics, different technology. As mentioned before, it's reuse and recycle of ultrapure water, and that's where Ovivo is playing exactly, in that field. So it's really serving our dual strategy in high tech, to be the owner of circular water -- ultrapure water standards in microelectronics, and cooling technologies in data centers.

除此之外，我們顯然也在微電子領域做類似的事情，儘管微電子技術是不同的技術。如前所述，這是超純水的再利用和回收，而這正是 Ovivo 所處的領域。因此，這實際上服務於我們在高科技領域的雙重策略，即成為循環水的擁有者——微電子領域的超純水標準和資料中心的冷卻技術。

And that's why I'm so bullish about what we've done, where we are today, but most importantly, where we're going. And that's why I'm saying, it's going to change over time the growth profile of this company because it's a huge growth wave and we're very well positioned on that wave. So we like where we are. The competitive set is strong out there, but no one understands cooling and water better than we do. So I would clearly bet on the Ecolab team.

這就是為什麼我對我們所取得的成就、我們今天的成就，以及最重要的，我們的未來充滿信心。所以我的意思是，隨著時間的推移，這家公司的成長模式將會改變，因為這是一波巨大的成長浪潮，而我們已經很好地把握住了這波浪潮。所以我們對現狀很滿意。競爭對手實力強勁，但沒有人比我們更了解冷卻和水。所以我一定會押注藝康團隊。

Thank you. At this time, we've reached the end of our question-and-answer session. I'll turn the floor back to management for closing comments.

謝謝。至此，我們的問答環節到此結束。我將把發言權交還給管理階層，請他們做總結陳詞。

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

謝謝。我們的第三季電話會議到此結束。本次電話會議及相關討論幻燈片將在我們的網站上提供回放。感謝您抽空參與。祝大家今天剩下的時間過得愉快。

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

女士們、先生們，今天的會議到此結束。您可以在此時斷開線路。祝您有美好的一天。