藝康 (ECL) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Ecolab third quarter 2026 earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加藝康（Ecolab）2026 年第三季財報發布電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

At this time, I'll turn the conference over to Andy Hedberg, Vice President, Investor Relations, for Ecolab. Thank you, Andy. You may begin.

現在我將把會議交給藝康投資人關係副總裁 Andy Hedberg。謝謝你，Andy。你可以開始了。

Thank you. Hello, everyone, and 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。各位好，歡迎參加藝康第三季電話會議。今天與我一同出席的有藝康董事長兼執行長 Christophe Beck，以及我們的財務長 Scott Kirkland。我們的業績討論、新聞稿以及引用本季業績的簡報投影片，皆可於藝康網站 ecolab.com/investor 查閱。

Please take a moment to read the cautionary statements in these materials, which states 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.

請花一點時間閱讀這些資料中的警示性聲明，其中指出本次電話會議及相關補充資料包含對未來表現的估計。這些屬於前瞻性陳述，實際結果可能與預測有重大差異。

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.

可能導致實際結果不同的因素，已在我們最新的 Form 10-K 以及已發布資料中的「風險因素」章節說明。我們也請各位參考新聞稿中關於稀釋後每股盈餘的補充資訊。

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 Christophe Beck 發表評論。

Thank you so much, Andy, and welcome to everyone joining us today. I'm really super proud of what the team delivered once again. On our last call, we described Q2 as a transition period as we mustered higher commodity costs within the quarter. The third quarter well marked an inflection point for Ecolab. Our core businesses strengthened, our growth engines accelerated, and together they drove 7% organic sales growth. But just as important, every business outperformed its end market, demonstrating the power of our One Ecolab strategy.

非常感謝你，Andy，也歡迎今天加入我們的各位。我再次為團隊所交出的成果感到非常自豪。在上次電話會議中，我們將第二季描述為過渡期，因為我們在該季內承受了更高的原物料成本。第三季清楚標誌著藝康的轉折點。我們的核心業務走強、成長引擎加速，合力帶動有機銷售成長 7%。同樣重要的是，每個事業部都優於其終端市場表現，展現我們「One Ecolab」策略的威力。

Despite significant commodity cost inflation, we maintained organic gross margin as our teams continue to create more value for our customers, win new business, and manage supply chain costs very effectively. This will remain a critical focus in the quarters ahead as commodity costs are expected to remain high. Through continued pricing execution and disciplined supply chain management, we expect to continue to offset the impact of higher commodity costs.

儘管原物料成本通膨顯著，我們仍維持有機毛利率；因為團隊持續為客戶創造更多價值、贏得新業務，並非常有效地管理供應鏈成本。在未來幾季，這仍將是關鍵重點，因為預期原物料成本將維持在高檔。透過持續的定價執行與嚴謹的供應鏈管理，我們預期將持續抵銷原物料成本上升的影響。

Our productivity also strengthened as we leveraged the investments we've made in our One Ecolab growth initiative. As a result, our organic OI margin in the quarter expanded to 19.6%, accelerating organic OI growth to 11%.

我們的生產力也有所提升，因為我們運用先前在「One Ecolab」成長計畫上的投資。因此，本季有機營業利益（OI）利潤率擴張至 19.6%，帶動有機 OI 成長加速至 11%。

Beyond our reported results, the performance of the underlying business was even stronger as we absorbed additional amortization and interest costs from our recent M&A. On a pro forma basis, including the operating performance of CoolIT and Ovivo, Ecolab's Q3 sales would have grown high single digits and adjusted EPS would have grown mid-teens. These results reflect the strength of our core businesses and how our growth engines are materially accelerating Ecolab's growth algorithm.

除了已揭露的業績外，基礎業務的表現其實更強勁，因為我們吸收了近期併購所帶來的額外攤銷與利息成本。以備考（pro forma）基礎計算，納入 CoolIT 與 Ovivo 的營運表現後，藝康第三季銷售將呈現高個位數成長，而調整後每股盈餘（adjusted EPS）將呈現中十位數成長。這些結果反映我們核心業務的韌性，以及成長引擎正實質加速藝康的成長演算法。

One Ecolab is making a difference across the company. We bring our water, hygiene, test, and digital solutions together with our speed expertise to deliver best-in-class performance for customers at scale. We help customers improve business outcomes and operational performance while using fewer resources. That creates differentiated value for our customers, strengthens relationships, and helps us win new business.

「One Ecolab」正在全公司帶來改變。我們將水處理、衛生、檢測與數位解決方案，結合我們在速度方面的專業能力，為客戶以規模化方式提供同級最佳的表現。我們協助客戶在使用更少資源的同時，改善商業成果與營運績效。這為客戶創造差異化價值、強化合作關係，並幫助我們贏得新業務。

Since launching One Ecolab, we generated over $400 million of sales growth with our largest 35 customers only, capturing more than a 10% incremental share of our targeted $3.5 billion growth opportunity with these 35 customers.

自推出「One Ecolab」以來，僅在我們最大的 35 家客戶中，我們就創造了超過 4 億美元的銷售成長，並在這 35 家客戶所對應、目標為 35 億美元的成長機會中，取得超過 10% 的增量市占。

You can see this clearly in Food & Beverage, which accelerated to 8% organic growth, with broad-based growth across dairy, protein, and beverage against stable end market demand. Now as we bring our integrated water and hygiene solutions, customers look to Ecolab to help protect food safety while improving operating performance and environmental impact. We connect cleaning, sanitizing, and circular water management solutions to help customers achieve all three at the same time.

在食品與飲料（Food & Beverage）業務上，這點尤其明顯：有機成長加速至 8%，在終端市場需求穩定的情況下，乳製品、蛋白質與飲料等領域皆呈現廣泛成長。如今，隨著我們導入整合式水處理與衛生解決方案，客戶更依賴藝康協助確保食品安全，同時提升營運績效並降低環境影響。我們把清潔、消毒與循環水管理解決方案串聯起來，協助客戶同時達成這三項目標。

Light Water also strengthened, accelerating to 5% growth. We're winning in the manufacturing and institutional markets as we bring our end-to-end water management capabilities to customers around the world.

輕工業水處理（Light Water）也轉強，成長加速至 5%。我們在製造業與機構市場持續勝出，因為我們將端到端的水管理能力帶給全球各地的客戶。

Paper and Heavy Water also returned to solid growth. In these businesses, strong new wins and improved pricing are helping us outperform stabilizing end markets. Now more than ever, these customers look to Ecolab to help them produce higher-quality products while significantly reducing operating costs and environmental impact, which is the Ecolab model as we all know.

造紙與重工業水處理（Paper and Heavy Water）也回到穩健成長。在這些業務中，強勁的新案獲得與改善的定價，正幫助我們在趨於穩定的終端市場中表現更佳。如今比以往任何時候都更是如此，這些客戶仰賴藝康協助他們生產更高品質的產品，同時大幅降低營運成本與環境影響——這正是我們都熟悉的藝康模式。

Institutional & Specialty performance remained consistent despite industry trends that continue to get tougher, including restaurant food traffic that declined mid-single digits in North America. So while I'm pleased with what our team is doing, I'm not satisfied with our results. Given the proven value we bring to customers and the strength of our offerings, we should be outperforming the industry by a much wider margin and growing much faster.

儘管產業趨勢持續轉趨嚴峻（包括北美餐廳來客數下滑中個位數百分比），機構與專業（Institutional & Specialty）業務表現仍維持一致。因此，雖然我對團隊的努力感到滿意，但我對我們的成果並不滿足。鑑於我們為客戶帶來的已被驗證的價值，以及我們產品與服務的實力，我們應該以更大的幅度領先產業，並以更快的速度成長。

New innovations like DishIQ, AquaIQ and KitchenIQ, combined with our global service capabilities, deliver what our customers need most: improved guest experience, labor automation, and lower operating costs. So we'll be shifting gears.

像 DishIQ、AquaIQ 與 KitchenIQ 等新創新，加上我們的全球服務能力，能提供客戶最需要的：提升賓客體驗、勞動力自動化，以及更低的營運成本。因此，我們將調整策略。

To deliver even more value to our customers, we will be expanding our field sales power, maximizing our service offering across our hospitality and foodservice segments, and bring our technologies together through our One Ecolab model to drive higher solution penetration.

為了為客戶創造更多價值，我們將擴大第一線銷售能量，在旅宿與餐飲服務（foodservice）領域最大化我們的服務方案，並透過「One Ecolab」模式整合我們的技術，以推動更高的解決方案滲透率。

Our growth engines are also accelerating. Life Sciences continued to drive very strong share gains with organic sales growing 17%. Bioprocessing again led our performance. As customers advance drug molecules from development into commercial manufacturing, our opportunity grows with that.

我們的成長引擎也在加速。生命科學（Life Sciences）持續帶來非常強勁的市占提升，有機銷售成長 17%。生物製程（Bioprocessing）再次領先表現。隨著客戶將藥物分子從研發推進到商業化製造，我們的機會也隨之擴大。

Last month, we started up our latest Life Sciences plant in China, positioning us extremely well to me growing customer demand across Asia for the years to come. These investments are helping us win where breakthrough technologies, quality, and reliability are super critical.

上個月，我們在中國啟用了最新的生命科學工廠，使我們在未來數年能極佳地掌握亞洲不斷成長的客戶需求。這些投資正幫助我們在突破性技術、品質與可靠性極為關鍵的領域贏得訂單。

We've been building this major growth engine for a few years, investing in commercial and technical expertise, breakthrough innovation, and additional capacity. With this critical investment, our Life Sciences businesses is soon approaching $1 billion in sales and delivering the performance we committed to you: double-digit sales growth and OI margins that are on a trajectory to expand to 30% over the next few years.

過去幾年，我們一直在打造這個重要的成長引擎，投資於商務與技術專業、突破性創新，以及額外產能。在這項關鍵投資帶動下，我們的生命科學業務即將接近 10 億美元營收，並交出我們對各位承諾的表現：雙位數銷售成長，以及未來幾年 OI 利潤率朝向擴張至 30% 的軌跡前進。

As a result, the return from our acquisition of Purolite is strong. And the NPV we expect to realize from this acquisition is actually greater than we had initially forecasted. I love how this business is performing and even more where it's headed.

因此，我們收購 Purolite 的回報表現強勁。而我們預期可自此收購實現的淨現值（NPV），實際上高於我們最初的預測。我非常喜歡這項業務目前的表現，更期待它未來的走向。

Ecolab Digital also continued to grow rapidly, with sales up 34%. Customers increasingly want visibility into their operations and the ability to act in real time. Ecolab3D and our expanding IT solutions across Water, Institutional, Life Sciences and Pest connect unique data insights with our global field expertise to deliver best-in-class customer performance.

藝康數位（Ecolab Digital）也持續快速成長，銷售成長 34%。客戶愈來愈希望能看見其營運的可視性，並具備即時採取行動的能力。Ecolab3D 以及我們在水處理、機構、生命科學與病媒防治（Pest）等領域持續擴展的 IT 解決方案，將獨特的數據洞察與我們的全球第一線專業結合，為客戶提供同級最佳的營運表現。

Pest Elimination is a great example of how we're using breakthrough digital technologies to deliver superior customer outcomes and growth for Ecolab at the same time. In the third quarter, Pest sales growth accelerated to 8% driven by strong new business wins from our One Ecolab growth platform and Pest Intelligence.

病蟲害防治是我們如何運用突破性的數位科技，同時為客戶帶來更優異成果並推動藝康（Ecolab）成長的絕佳例子。第三季，病蟲害業務銷售成長加速至 8%，主要受惠於我們 One Ecolab 成長平台與 Pest Intelligence 帶來的強勁新業務勝出。

Pest intelligence today connects over 800,000 devices. Around-the-clock monitoring and predictive insights help our team identify issues sooner and target service more precisely. We combine those insights with local expertise to help deliver nearly 99% pest-free environment for our customers, versus the 94% which is the industry standard. And with $3 billion of additional cross-sell opportunity, we're actually just getting started.

目前 Pest Intelligence 已連結超過 800,000 台裝置。全天候監測與預測性洞察協助我們的團隊更早識別問題，並更精準地鎖定服務。我們將這些洞察與在地專業結合，協助客戶實現近 99% 的無害蟲環境，相較之下業界標準為 94%。此外，還有 30 億美元的額外交叉銷售機會，我們其實才剛開始。

Global High-Tech, now Ecolab's largest growth engine, continues to accelerate, growing organic sales by 63%. Growth remains very strong across both data center cooling and circular water for microelectronics as AI infrastructure rapidly expands around the world.

全球高科技業務如今已成為藝康最大的成長引擎，持續加速，有機銷售成長達 63%。隨著 AI 基礎設施在全球快速擴張，資料中心冷卻與微電子循環用水兩大領域的成長仍然非常強勁。

At the heart of AI is water. Water is required to produce, to power, and to cool chips. Ecolab's leading innovation, expert service, and digital capabilities help the world's leading tech companies maximize their growth and performance across the value chain.

AI 的核心是水。水是製造、供電以及冷卻晶片所必需的。藝康領先的創新、專家服務與數位能力，協助全球領先的科技公司在整個價值鏈中最大化其成長與績效。

Our recent acquisition in Global High-Tech adds complementary strength to this leading business. CoolIT is off to an incredible start within Ecolab, more than doubling its sales with very strong profitability. Its leading liquid cooling capabilities address a critical need as advanced computing becomes more demanding.

我們近期在全球高科技領域的收購，為這項領先業務增添了互補性的優勢。CoolIT 併入藝康後開局表現驚人，銷售額成長超過一倍，且獲利能力非常強。其領先的液冷能力，能滿足先進運算需求日益提高下的關鍵需求。

We have already fully integrated Ecolab3D TRASAR liquid monitoring technology with CoolIT CDU platform. And we're excited about what we can now deliver to customers through one integrated liquid cooling platform.

我們已將 Ecolab3D TRASAR 液體監測技術與 CoolIT 的 CDU 平台完成全面整合。我們也很期待，透過單一整合的液冷平台，現在能為客戶交付的價值。

Ovivo is also performing very well, delivering strong double-digit growth versus pre-acquisition sales. Its mission-critical ultrapure water systems and on-site expertise provide semiconductor manufacturers with the purest water on earth. Together, we can deliver unique circular water solutions that improve chip quality and production yields while recycling more than 80% of the water used in a fab, and no one can truly do that today.

Ovivo 的表現也非常出色，相較於收購前的銷售水準，實現強勁的雙位數成長。其關鍵任務等級的超純水系統與現場專業能力，為半導體製造商提供地球上最純淨的水。結合之後，我們能提供獨特的循環用水解決方案，在回收晶圓廠（fab）用水超過 80% 的同時，提升晶片品質與生產良率，而目前真正能做到這點的業者幾乎沒有。

Global High-Tech significantly strengthens Ecolab long-term growth and margin potential. Last quarter, we outlined our global ambition for Global High-Tech to grow more than 25% annually, reach $4 billion in sales by 2030 and deliver 25% operating income margin. This growth platform alone adds more than 2 percentage points to Ecolab sales growth algorithm one year after closing. This is just one example of how we're building a higher growth Ecolab, and we look forward to sharing more at our Investor Day next month.

全球高科技業務大幅強化了藝康的長期成長與毛利率（margin）潛力。上一季我們提出全球高科技的全球願景：年成長率超過 25%，到 2030 年銷售額達 40 億美元，並實現 25% 的營業利益率。僅此一項成長平台，在完成交割一年後，就能為藝康的銷售成長演算法額外貢獻超過 2 個百分點。這只是我們打造更高成長藝康的一個例子，我們期待在下個月的投資人日分享更多。

The acceleration we're seeing today is the result of the organic and M&A investments we've made over the last several years to strengthen our core business and build new growth engines. As our growth engines become a larger part of the business, our mix shifts towards faster-growing markets with attractive margin potential.

我們今天看到的加速成長，是過去數年在有機投資與併購（M&A）投資上的成果，這些投資強化了核心業務並打造新的成長引擎。隨著成長引擎在整體業務中的占比提高，我們的產品組合也轉向成長更快、且具吸引力毛利率潛力的市場。

Our growth engines when using the same proven operating model as our core businesses, providing mission-critical anchor technologies and consumables that deliver best-in-class operating performance for customers. This is fueling faster, more durable sales growth, faster earnings growth, and strong returns for shareholders.

我們的成長引擎採用與核心業務相同、經驗證的營運模式，提供關鍵任務等級的錨定技術與耗材，為客戶帶來同級最佳的營運表現。這正推動更快且更具韌性的銷售成長、更快的獲利成長，並為股東帶來強勁回報。

We are entering 2027 with momentum and confidence in our ability to deliver another very strong year. We expect organic sales growth to grow at the upper end of our 5% to 7% target, and Ecolab's adjusted operating income margin to reach the 20% that we promised.

我們帶著動能進入 2027 年，並對交付另一個非常強勁年度的能力充滿信心。我們預期有機銷售成長將落在 5% 至 7% 目標區間的上緣，且藝康的調整後營業利益率將達到我們承諾的 20%。

Adjusted EPS growth is expected to accelerate in the second half of next year as we lap M&A transaction impacts and operating performance continue to accelerate. That provides a clear path to meet or exceed our long-term adjusted EPS growth target of 12% to 15% in 2027.

隨著我們跨越併購交易影響的比較基期（lap），且營運表現持續加速，預期明年下半年調整後 EPS 成長將加快。這為我們在 2027 年達成或超越長期調整後 EPS 成長目標 12% 至 15% 提供了清晰路徑。

In closing, the third quarter marked an inflection point for Ecolab. Our core strengthened, our growth engines accelerated, and all our businesses outperformed their end markets. We're leveraging the power of One Ecolab to build a higher-growth company with the same durable and consistent core.

最後總結，第三季是藝康的轉折點。我們的核心業務更強健、成長引擎加速，且所有業務的表現都優於其終端市場。我們正運用 One Ecolab 的力量，在維持同樣耐久且一致的核心之下，打造一家更高成長的公司。

We have a strong foundation, increasing momentum, and a tremendous opportunity ahead. I want to thank our global team for making that possible and for the value they deliver to customers every single day. Thank you for your continued trust and your investment in Ecolab.

我們擁有堅實基礎、持續增強的動能，以及前方巨大的機會。我要感謝我們的全球團隊，讓這一切成為可能，並且每天為客戶創造價值。感謝各位持續的信任，以及對藝康的投資。

I'll now turn it back to Andy for Q&A.

接下來我把時間交回給 Andy 進行問答。

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

謝謝你，Christophe。以上為我們的正式發言。接線員，請開始問答環節。

(Operator Instructions)

（接線員指示）

Tim Mulrooney, William Blair.

Tim Mulrooney，William Blair。

Christophe, congrats on the strong quarterly performance. So I was hoping we could talk a little bit more about your High-Tech water business in a little more detail. The legacy business that accelerated to 60% plus organic growth, that's a major step-up from the first half. CoolIT more than doubled again.

Christophe，恭喜本季表現強勁。我希望我們能更深入談談你們的高科技用水業務。既有業務的有機成長加速到 60% 以上，這相較上半年是很大的躍升。CoolIT 也再次實現超過一倍的成長。

Can you talk about what you're seeing in both of those businesses that's driving the strong growth there? And also, I was also wondering, as you progress towards that $4 billion target, I wonder if the 30% CAGR is the right number to use based on what you've seen over the last couple of quarters.

你能談談你在這兩項業務中看到哪些因素在推動如此強勁的成長嗎？另外我也想問，隨著你們朝 40 億美元目標邁進，基於過去幾季的表現，你認為使用 30% 的年複合成長率（CAGR）作為假設是否仍然合適？

I love that question, and especially that business, it's obviously early for us. We owned CoolIT now for almost three months, Ovivo for a little bit less than a year, and we've been starting our High-Tech business just a few years ago. So pretty early, pretty new, but probably one of the best businesses that we have with the best growth potential as well. So we'll talk more at Investor Day in a few weeks, but I like a lot where we're positioned right now, for a few reasons.

我很喜歡這個問題，尤其是這項業務，對我們而言顯然還在早期階段。我們擁有 CoolIT 目前將近三個月，Ovivo 則不到一年，而我們的高科技業務也才在幾年前開始布局。所以確實很早、很新，但它可能是我們擁有的最佳業務之一，也具備最好的成長潛力。我們會在幾週後的投資人日談得更深入，但基於幾個原因，我非常喜歡我們目前的定位。

We have the best technologies and we clearly work hard at it. We have the best team. We've been building that as well for a long time. But most importantly, we offer what the industry truly needs, and especially now in that environment, which is best performance and the lowest impact on communities and nature, since we've seen that it's become a big topic in the media and in all the discussions we have now.

我們擁有最好的技術，而且我們顯然為此投入大量努力。我們有最好的團隊。我們也長期持續打造這支團隊。但最重要的是，我們提供的是產業真正需要的，尤其在目前這樣的環境下，也就是最佳的效能，以及對社區與自然環境的最低影響；因為我們看到這已成為媒體與我們所有討論中的重要議題。

So if I unpack a little bit that, in microelectronics, and we'll talk more about it at Investor Day, well, ultrapure water is becoming a critical component. It was less the case in the past. Because purity drives the chip performance for the most advanced chips that are available on the market today.

如果我稍微拆解一下，在微電子領域——我們也會在投資人日談更多——超純水正成為關鍵組成要素。過去並非如此。因為純度會驅動目前市場上最先進晶片的效能表現。

And at the same time, it drives yield in manufacturing, which means that the microelectronics manufacturers can produce more chips coming out of their fabs, which is very critical. Today, it's roughly 60% to 70% for the latest chips, and we'd like to move that obviously so much closer to 100%. You can imagine how much money that represent when it's really well done.

同時，這也會提升製造端的良率，意味著微電子製造商能從其晶圓廠產出更多晶片，這點至關重要。目前，對於最新一代晶片，良率大約在60%到70%，而我們顯然希望把它大幅提升、盡可能接近100%。你可以想像，當這件事做得非常到位時，所代表的金額有多可觀。

At the same time, the amount of water that's required to produce those chips are immense. So the water circularity is absolutely essential, and this is what we do at Ecolab. So bringing together Ovivo and the capabilities of Ecolab in water circularity are providing something that no one else can truly deliver today.

同時，生產這些晶片所需的用水量非常龐大。因此，用水循環（water circularity）絕對是不可或缺的，而這正是我們在Ecolab所做的事。因此，將Ovivo與Ecolab在用水循環方面的能力結合起來，正在提供一項目前確實沒有其他人能真正交付的解決方案。

Similar in data centers, well, performance drives power required, and power drives the heat. And that level of heat can only be extracted through direct-to-chip liquid cooling, which is what Ecolab does. And interestingly enough, water is the best heat extractor but hot water is pretty hard to manage. But the good news is it's what we master really well at Ecolab.

資料中心也是類似的情況：效能提升會推升所需電力，而電力又會帶來熱量。而這種等級的熱量只能透過直達晶片（direct-to-chip）的液冷方式來帶走，這正是Ecolab所做的。有趣的是，水是最好的散熱介質，但熱水其實相當難以管理。不過好消息是，這正是我們在Ecolab非常擅長掌握的領域。

At the same time, while this water usage and power usage question in data centers has become a tough topic in all the discussions today that's impacting, obviously, the growth for the tech industry, it's creating political challenges as well at the same time. So for us, our approach is really helping tech companies build data centers, the way we call it, done the right way, which means zero water, less power at the right places as well at the same time.

同時，雖然資料中心的用水與用電議題，已成為當前各種討論中一個棘手的話題，顯然也影響科技產業的成長，但它同時也帶來政治層面的挑戰。因此，對我們而言，我們的方法確實是在協助科技公司建置資料中心——我們稱之為「以正確的方式完成」，也就是零用水、在適當的地方同時降低用電。

And that's not including what we do for power, which is providing the electricity for data centers. And that's a business where we've been really strong at for decades. And today, this business is also gaining steam.

這還不包括我們在電力方面所做的事，也就是為資料中心提供電力。而這是一項我們數十年來一直非常強勢的業務。而今天，這項業務也正在加速成長。

So you're right, we are very well positioned. We're even better positioned than what we thought a year ago. We'll share more at the Investor Day when we get together in a few weeks. But I really like how we're positioned around performance of chips and data center, making sure they can be done with the least amount of water, and done in ways that are cost competitive for the customers that we serve, which is the typical Ecolab offer.

所以你說得沒錯，我們的確處於非常有利的位置。我們的定位甚至比一年前我們所想的還要更好。幾週後我們在投資人日聚在一起時，會分享更多。但我非常喜歡我們在晶片與資料中心效能周邊的布局：確保它們能以最少的用水完成，並且以對我們所服務客戶具成本競爭力的方式完成——這就是典型的Ecolab價值主張。

It will require investments, obviously. We've demonstrated that in M&A, but also in technology. So we'll make sure we invest in order to fuel this growth in the future as well at the same time. And what's also important is to remain very agile because nobody knows exactly the shape of that curve in the years to come, and I want to make absolutely sure that, well, we are benefiting from the AI infrastructure build. But at the same time, we, most importantly, so driven by the recurring nature of both of those businesses.

顯然，這將需要投資。我們已在併購（M&A）上證明了這點，也在技術上同樣如此。因此，我們會確保投入資本，以在未來同時推動這項成長。同樣重要的是要保持高度敏捷，因為沒有人能精確知道未來幾年那條曲線的形狀，我希望絕對確保——我們能從AI基礎設施建置中受益。但同時，最重要的是，我們也非常看重這兩項業務的經常性（recurring）特質所帶來的驅動力。

So yes, the targets we've set out there for me are more achievable than ever. Let's talk more about how much better we can get when we get together in a few weeks.

所以是的，我所提出的那些目標，對我而言比以往任何時候都更可達成。幾週後我們聚在一起時，再多談談我們還能做到多好。

Manav Patnaik, Barclays.

Manav Patnaik，巴克萊。

This is Ronan Kennedy on for Manav. You're now expecting 27% organic growth at the upper end of the 5% to 7% range. How should we think about the price/volume algorithm underpinning that assumption, both for the full year and then anything to be particularly mindful of in terms of first half and second half dynamics? Particularly as I think surcharge pricing starts to lap at the half year mark and the move to structural. And then your expectations for volume contribution and build throughout the year.

我是代替Manav發言的Ronan Kennedy。你們現在預期在5%到7%的區間上緣達到27%的有機成長。我們應該如何看待支撐該假設的價格/量（price/volume）機制（algorithm），不論是針對全年，或是上半年與下半年動態上有什麼特別需要留意的？尤其是我認為附加費（surcharge）定價在半年左右開始進入比較基期（lap），並轉向結構性（structural）。另外，你們對全年量的貢獻與逐步建立（build）的預期為何？

Ronan, so talking about '27, it's obviously a little bit early right now, but I want to give you a little bit of how I'm thinking about it and we'll go more in details when we get back together at Investor Day mid-November.

Ronan，談到「27」，現在顯然還稍早，但我想先跟你分享一下我目前的思考方式；我們在11月中旬的投資人日再聚時，會更深入說明。

But what was first most important to me, I made a commitment to you that we would get to this 5% to 7% organic growth, we would get to the 20% OI margin, and we would deliver this 12% to 15% earnings per share growth and all that, so in 2027. I'm glad that that commitment that we've made, we will be delivering it in '27.

但對我而言首先最重要的是，我曾向各位承諾：我們會達到5%到7%的有機成長、達到20%的營業利益（OI）利潤率，並在2027年交付12%到15%的每股盈餘成長等目標。我很高興我們所做的這項承諾，將會在「27」年兌現。

And if the key question is how much better we can be, well, this is a question I truly like. And that's why we get together weeks, it's to talk about, well, how can '27, but most importantly, the years beyond '27 as well look like with all the investments, the new portfolio we have as well, and how the world around us is turning into an opportunity as well for us.

而如果關鍵問題是我們能做得多好，那麼，這確實是我非常喜歡的問題。這也是為什麼我們幾週後要聚在一起：來談談「27」年會是什麼樣子，但更重要的是，在所有投資、我們的新產品組合，以及我們周遭世界如何轉變並成為我們機會的背景下，「27」年之後的那些年份會是什麼樣子。

So when I think today above '27, well, I think it's going to be very strong year. It's going to be an even stronger year than what we have -- we'll be delivering in '26. And the best way to think about it is, our underlying earnings growth is in this mid-teens type of growth. That's true today, if you strip out the cost of amortization and interest and then you have the Nalco amortization coming off as well in 2027. So it's to think about this mid-teens type of growth for earnings.

所以當我今天思考「27」年之後，我認為那將會是非常強勁的一年。它會比我們——在「26」年將交付的表現——還要更強。最好的理解方式是：我們的基礎獲利成長大約在十幾個百分點（mid-teens）這樣的成長水準。以今天來看，如果把攤銷與利息成本剔除，並且考量到2027年Nalco的攤銷也會到期退出（coming off），這個判斷仍然成立。因此，可以用「獲利呈現十幾個百分點成長」來思考。

And then if you look at the first half of next year and the second half of next year, while they will be different, mostly because of transaction cost and Nalco amortization, but the base of this mid-teens growth of earnings will remain fairly stable.

接著，如果你看明年上半年與下半年，兩者確實會不同，主要是因為交易成本與Nalco攤銷的影響；但以獲利十幾個百分點成長為基礎的趨勢，將會維持相對穩定。

And the way you can think about it is kind of mid-teens earnings growth, so for '27, you're going to have roughly 5 percentage point headwind in the first half and a 5 percentage point tailwind in the second half when you consider those onetime external factors in a way, but not directly related to the operating business.

你可以這樣理解：以十幾個百分點的獲利成長來看，到了「27」年，當你把那些一次性、某種程度上屬於外部因素（但與營運本業不直接相關）的影響納入考量時，上半年大約會有5個百分點的逆風，而下半年則大約會有5個百分點的順風。

When I think about the top line, it's also going to be, and that's assuming obviously that the inflation of DPC is kind of leveling out at some point, that the first half of the year is going to be stronger in pricing and volume is going to be still in this 1% to 2%. And then the second half volume is going to be faster, so kind of 2% to 3%, and pricing is going to be a bit lower because you'll be lapping against what we did in 2026 in the second half.

當我思考營收端（top line）時，也會是——當然前提是假設DPC的通膨在某個時間點趨於平穩——上半年在價格上會更強，而量仍會落在1%到2%這個區間。然後下半年的量會更快一些，大約2%到3%；而價格會稍微低一些，因為你會與我們在2026年下半年所做的表現形成比較基期（lapping）。

So underlying growth, it's reasonable to think it's strong top line, 1% to 2% volume, 5% to 6% pricing, and then the bottom line at these mid-teens type of growth. So thinking those two parts of the year, but underlying more or less stable, so at top and bottom line.

所以就基礎成長而言，合理的看法是：營收端很強，量1%到2%、價格5%到6%；而獲利端則是十幾個百分點的成長。因此可以用一年分成兩個部分來思考，但無論營收端或獲利端，其基礎趨勢大致上是穩定的。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC 資本市場。

Really strong momentum in Life Sciences, and you talked about the new facility going live in China over the last month. How should we think about the tailwind from those? And then maybe just one quick clarification question there. There were some negative headlines around one of the drug companies around mRNA vaccine. Have you seen any impact from a demand perspective?

生命科學動能非常強勁，而你也提到過去一個月在中國的新設施已正式上線運作。我們應該如何看待這些因素帶來的順風？另外再快速釐清一點。近期有一些負面新聞，涉及其中一家藥廠與 mRNA 疫苗相關。從需求面來看，你們有看到任何影響嗎？

Ashish, so first, no negative news or impact from what you're describing to our business. So that's not going to impact us good or bad, generally. But when I think about Life Sciences, for me, it's probably one of the best stories in our company's history.

Ashish，首先，你所描述的情況對我們的業務沒有任何負面消息或影響。所以一般而言，這不會對我們造成正面或負面的影響。但談到生命科學，對我來說，這可能是我們公司歷史上最好的故事之一。

And we know that's the intent, obviously, geared at pharma and especially biotech, is closely related to this tech revolution that we're experiencing right now, because it's an industry that's going to be one of the first and best beneficiaries of that tech revolution, because drug development itself gets a major boost. New drugs are going to be developed much quicker. That's all good news.

而我們也知道，這項策略的用意很明確，主要面向製藥業、尤其是生技產業；它與我們目前正在經歷的這場科技革命密切相關，因為這個產業將會是最早、也是最大的受益者之一，因為藥物研發本身會獲得重大助力。新藥將能更快被開發出來。這些都是好消息。

So as GHT or Global High-Tech keeps accelerating, I think it's going to help ultimately as well our Life Sciences business. It's a great business. It's been a hard business to build over the past few years, as we all know. But I really like where we are today, and as mentioned in my open, we're exactly where we wanted to be, just a few years later than expected. But overall, our investment thesis when we acquired Purolite is totally intact and, if anything, we're ahead of that curve and I feel really good about that.

因此，隨著 GHT（全球高科技）持續加速，我認為最終也會帶動我們的生命科學業務。這是一門很棒的業務。過去幾年要把這門業務建立起來並不容易，大家都知道。但我非常喜歡我們目前的位置；正如我在開場所提到的，我們正好處在我們想要到達的位置，只是比預期晚了幾年。但整體而言，我們收購 Purolite 時的投資論點完全成立；甚至可以說，我們走在那條曲線之前，這讓我感覺非常好。

So why am I constructive and optimistic about this business? It's because we have the best technologies. We had to because we were the smallest in the industry, and our teams has done unbelievable work in innovation. We have the best team that's very agile as well, so to be very close to those customers, being the one that can really respond very quickly to their evolving needs.

那為什麼我對這門業務抱持建設性與樂觀態度？因為我們擁有最好的技術。我們必須如此，因為我們曾是產業中規模最小的，而我們的團隊在創新上做了令人難以置信的工作。我們也有最好的團隊，而且非常敏捷，能夠非常貼近客戶，並真正快速回應他們不斷演變的需求。

And at the same time, we're bringing water and contamination control together, which is an Ecolab play that we've played in many different industries, as you know, as well. And no one else can do that, which is pretty unique to our company.

同時，我們把用水與污染控制整合在一起；如你所知，這是 Ecolab 在許多不同產業中一再採用的打法。而且沒有其他公司能做到這一點，這是我們公司相當獨特之處。

So the 10% to 12% top line growth, I think, is a good kind of base in terms of top line trajectory for our future. When I think about the earnings, as I've said, my objective is to reach this 30% operating income margin in the next few years. Feel really good to getting towards that. It's mostly related to the pace of investments. The underlying margins really strong in that business.

因此，我認為 10% 到 12% 的營收成長，是我們未來營收走勢的一個不錯基準。至於獲利方面，如我所說，我的目標是在未來幾年把營業利益率提升到 30%。我對朝這個方向前進感覺非常好。這主要與投資節奏有關。這項業務的基礎利潤率其實非常強勁。

It was especially strong in the third quarter because we're also lapping a maintenance period that we had in 2025, so a year ago. So we won't have that type of earnings growth continuing in the quarters to come. But solid top line growth in this 10% to 12%. So steady type of trajectory and really an operating margin that ends up at 30% in the next few years. So as we have promised and really happy with what the team is delivering here.

第三季特別強勁，因為我們也正好跨過了 2025 年（也就是一年前）的一段維護期。因此，接下來幾季不會延續這種幅度的獲利成長。但營收仍會維持在 10% 到 12% 的穩健成長。所以是穩定的走勢，而營業利益率在未來幾年最終會達到 30%。這符合我們的承諾，也很高興看到團隊在這裡交出的成果。

John McNulty, BMO Capital Markets.

John McNulty，BMO 資本市場。

So I wanted to dig into the High-Tech organic growth maybe a little bit deeper. Your 2Q level was a pretty strong 29%. This quarter, it was 63%. So you've kind of doubled even the 2Q levels. I guess in terms of what you would attribute that growth to, is it more the shift that we're seeing from data centers toward liquid cooling and some of the benefits that you're getting there?

我想更深入探討一下高科技業務的內生成長。你們第二季的水準相當強，達到 29%。這一季是 63%。等於連第二季的水準都翻倍了。我想就你們如何歸因這個成長而言，是不是更多來自我們看到資料中心轉向液冷，以及你們因此獲得的一些效益？

Or is it kind of early signs of now you have the CoolIT sales team and force and you're kind of integrating the kind of a total unified platform, and that's helping to grow some of the legacy business? I guess, can you help us to parse that out a little bit? Just because it seems like it's been even faster than kind of the general data center growth that we've been seeing.

還是說，這是因為你們現在已經有 CoolIT 的銷售團隊與銷售力量，並且正在整合成一個完整統一的平台，進而帶動部分既有業務的成長？你能否幫我們把這些因素稍微拆解一下？因為看起來成長速度甚至比我們看到的整體資料中心成長還要更快。

John, it's a very good story, for sure. And no, there is no cross-sell yet between the different businesses. We're clearly doing it. We've integrated now those businesses as well. Maybe just for perspective, so our data center business and CoolIT is now integrated, and by the way, led by the leader of CoolIT.

John，這確實是一個非常好的故事。而且不，目前不同業務之間還沒有交叉銷售。我們確實正在做。我們現在也已把這些業務整合起來。提供一點背景：我們的資料中心業務與 CoolIT 現在已完成整合，而且順帶一提，是由 CoolIT 的負責人來領導。

And the same is true on microelectronics, where we've integrated with Ovivo, and the leader of Ovivo is the leader as well of our microelectronics business. So a very good story from a setup perspective. But that happened in the last few weeks, so there's not much cross-selling that has happened so far. So that's going to come in the near, sort of the midterm future, which is really good. So no, the growth that we have today is not driven by cross-selling, but that's going to be a major opportunity, obviously, going forward.

在微電子方面也是一樣，我們已與 Ovivo 完成整合，而 Ovivo 的負責人也同時領導我們的微電子業務。所以從架構設定的角度來看，這是一個非常好的故事。但這是在過去幾週才發生的，因此目前交叉銷售還不多。這會在近期、偏中期的未來逐步展開，這非常好。所以，不，我們目前的成長不是由交叉銷售驅動，但這顯然會是未來一個重大的機會。

Today, the growth that we're having, yes, the shift to direct-to-chip cooling is helping us because the technologies that we had prior to those acquisitions, well, are more in demand, because it's about fluid management, which means 3D TRASAR. It's about coolant, which is something that we master quite well as well.

就目前而言，我們的成長，沒錯，轉向直達晶片（direct-to-chip）冷卻正在幫助我們，因為在這些收購之前我們就擁有的技術，如今需求更高；因為這關乎流體管理，也就是 3D TRASAR；也關乎冷卻液（coolant），這也是我們非常擅長的領域。

And it's about services as well because those tech companies who are looking for partners who can help them get the job done, especially in a steady state manner, not just the buildup, but operating the data center afterwards and making sure that the cooling as a service is as well-managed as it can be.

也關乎服務，因為那些科技公司正在尋找能協助他們把事情做好、尤其是在穩態運行階段的合作夥伴；不只是建置期，還包括資料中心後續的營運，並確保「冷卻即服務」能被盡可能妥善地管理。

Just as a side note, when you think about it, you need four minutes of cooling disruption to kind of destroy the chips that you have in a data center. So the cooling is becoming super critical for those operators. So what we do is becoming as well more important.

順帶一提，從這個角度想，你只需要四分鐘的冷卻中斷，就可能把資料中心裡的晶片毀掉。因此，冷卻對這些營運商而言變得極其關鍵。所以我們所做的事情也變得更重要。

63% is not going to be the steady-state growth that we're planning. Quarters are not all created equal. But I like a lot where we are now. So if you have a strong, steady legacy business on top of the new acquisitions that we've made, it's a pretty good mix of things that we have here, which is why, as mentioned before, I feel really good with the commitments that we've made, and we'll work hard to exceed them.

63% 不會是我們規劃中的穩態成長率。每一季的情況並不相同。但我非常喜歡我們目前的位置。因此，若在新收購的業務之上，再加上一個強勁且穩定的既有業務，這樣的組合相當不錯；也正因如此，如先前所提，我對我們做出的承諾感覺非常好，我們也會努力超越這些承諾。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Christophe, on CoolIT, can you discuss your visibility in this business into next year in terms of sales growth? Obviously, we're going to double sales this year, which is a phenomenal performance. I suspect maybe it's a little bit less next year. But any further insight would be helpful in terms of 27% sales growth for CoolIT?

Christophe，關於 CoolIT，你能談談你對這項業務到明年在銷售成長方面的能見度嗎？顯然，我們今年的銷售將翻倍，這是非常出色的表現。我猜明年可能會稍微低一些。但若能就 CoolIT 27% 的銷售成長提供更多洞見，會很有幫助。

David, we will share more when we get together. But the fact that our first lap together to the first year, obviously, since we closed in July, but if we look at the whole year in 2026, more than doubled the business of what we had in '25 pro forma basis, obviously. So it's a good way to start.

David，我們在見面時會分享更多。但就我們合作的第一圈、第一年而言，顯然我們是在 7 月完成收購；不過若看 2026 年的全年，以備考（pro forma）基礎來看，業務規模相較於 2025 年已超過翻倍。所以這是個很好的開始。

Keeping in mind that, obviously, it was a smaller business back then, so the growth rates are obviously slowing down as well as you keep moving, even though you add significant dollars to the base business. So we feel really good about the trajectory.

要記得，當時它本來就是較小的業務，因此隨著你持續往前推進，成長率自然也會放緩，即使你在基礎業務上增加了可觀的金額。所以我們對這個發展軌跡感到非常樂觀。

If anything, we are ahead of what we had planned, a few months ago, which is a good sign so far. It's a shorter type cycle of business than microelectronics that needs a few years to build. Data centers are more quarters than years. So you have a bit less visibility than what you have in microelectronics, which, by the way, is going really well as well. So on the CoolIT data center piece, when I look a little bit about the next few quarters, I feel good, especially compared to what we had expected and committed.

如果要說的話，我們目前領先於幾個月前的規劃，這到目前為止是個好跡象。這類業務的週期比需要數年建置的微電子更短。資料中心是以「季度」而不是「年度」來推進。因此，相較於微電子，你的能見度會稍微低一些；順帶一提，微電子那邊的表現也非常好。所以就 CoolIT 的資料中心業務來看，當我看向接下來幾個季度時，我感覺不錯，尤其是相較於我們原先的預期與承諾。

So slightly ahead of what we had planned. We'll give you more visibility to that when we get together in the next few weeks. But so far, it looks really good for '27.

所以略微超前於我們原先的規劃。接下來幾週我們見面時，會給你更多這方面的能見度。但到目前為止，對於 2027 年看起來非常好。

Seth Weber, BNP Paribas.

Seth Weber，法國巴黎銀行。

Just following up on that question, can you talk about your expectations to whether you will need to add capacity for CDUs or cold plates. And can you just give us an idea of what your lead times look like on the CDUs?

延續剛才的問題，你能談談你們是否需要為 CDU 或冷板（cold plates）增加產能的預期嗎？另外，你能否讓我們了解一下 CDU 的交期大概是什麼樣子？

Good question. It's something that we used to do. We had plans to build capacity for CDU and cold plate manufacturing and 3D TRASAR technology and coolant as well. So that was true a few months ago. It's even more true today because we apparently might need more capacity than what we had planned, kind of a good problem to have.

好問題。這是我們過去就一直在做的事。我們原本就有計畫建置 CDU 與冷板的製造產能，另外也包括 3D TRASAR 技術以及冷卻液。所以幾個月前確實是如此。而今天這件事更為確定，因為看起來我們可能需要比原先規劃更多的產能——算是一個「幸福的煩惱」。

Our base will remain in Calgary, where our business is based and will be based as well in the future. But in a typical Ecolab manner, we want to produce and supply as close to customers around the world. So we will keep expanding capacity not just at the center in Calgary, but as well closer to our key customers around the world.

我們的基地仍會在卡加利（Calgary），我們的業務目前在那裡、未來也會以那裡為基礎。但以 Ecolab 一貫的方式，我們希望在全球範圍內盡可能貼近客戶進行生產與供應。因此，我們會持續擴充產能，不僅在卡加利的中心，也會在全球更靠近我們關鍵客戶的地方擴充。

So it's going to be serving a dual purpose: to getting more capacity to supply a high-growth business. but at the same time to get closer to our customers in a very Ecolab manner way to manage resilience as well as we can because we know the world is a bit complicated out there.

所以這會同時達成兩個目的：一是取得更多產能以供應高成長業務；同時也以非常 Ecolab 的方式更貼近客戶，並盡可能提升韌性管理，因為我們知道外部世界確實有點複雜。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

So I just want to confirm in case there's any upside surprises on inflationary pressure next year that you see the -- a 20% margin target is doable regardless of the environment?

我只是想確認一下：如果你們看到明年通膨壓力有任何上行意外，你們仍然認為——不論環境如何——20% 的利潤率目標都是可達成的嗎？

Yes. So the world is a bit different than what we had expected, but I see no reason not to deliver the 20% in 2027. I feel really good about that. The path to get there is and was different than I had planned a year ago, but that's been true for the last six years. I'm not totally surprised that the world is not always following our plans or my plans.

是的。世界的情況與我們原先預期有些不同，但我看不出有任何理由無法在 2027 年達成 20%。我對此非常有信心。達成的路徑現在、以及過去，確實與我一年前的規劃不同，但過去六年一直都是如此。所以我並不完全意外，世界並不總是照著我們的計畫或我的計畫走。

So I feel really good about the 20% for next year. My focus is really what's next. Because once we've delivered the 20%, well, we're not going to stay at 20%. We have many of our businesses that are already north of 20%. My objective is to bring, obviously, so everybody, north of that and getting closer to the next milestone, which we will share as well in the next few weeks.

所以我對明年的 20% 非常有信心。我的重點其實是下一步。因為一旦我們達成 20%，我們不會停留在 20%。我們有許多業務已經高於 20%。我的目標是把大家都帶到高於這個水準，並更接近下一個里程碑；我們也會在接下來幾週分享。

But feel good about the trajectory that we have and the annual increase that we had committed to a while ago. We'll stick to it. So there will be no major surprise for all of you. It's going to be a good story.

但我對我們目前的發展軌跡，以及我們先前承諾的年度提升幅度感到樂觀。我們會堅持下去。所以各位不會看到什麼重大的意外。這會是一個很好的故事。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

Maybe just to circle back on the institutional business. Christophe, you made in your prepared remarks some comments about wanting to do better there. Obviously, a tough environment with the foot traffic. But could you just give a little more detail on the new initiatives you want to put in place there? I thought I heard something along the lines of you wanted to do more cross-selling and just make sure that the customers are getting the full value that you're offering.

也許回到機構（institutional）業務再問一下。Christophe，你在事先準備的發言中提到希望那邊做得更好。顯然，在人流（foot traffic）方面環境很艱難。但你能否更具體說明一下，你想在那裡推動哪些新措施？我想我聽到的方向是，你希望做更多交叉銷售，並確保客戶能獲得你們所提供的完整價值。

So I don't know if that was more about getting more volume, price or mix? Or just what it was that you were going to put in place over the next 12 months to improve the performance there?

所以我不確定那更多是關於提升量、價格或產品組合（mix）？或者說，你們接下來 12 個月打算推動哪些措施來改善那邊的表現？

So Vincent, it's a traditional place to be in one of our most traditional businesses, where we continuously need to reinvent ourselves. You'll remember, as we went through COVID, well, we had to refocus on labor automation for our customers because, well, they had most of the employees and they had all time to get them back.

Vincent，這是我們最傳統的業務之一，也是一個很典型的處境：我們必須持續自我再造。你會記得，在 COVID 期間，我們必須把重心重新放在為客戶推動勞動力自動化，因為當時他們缺了大部分員工，而且也花了很多時間才把人找回來。

And when they got them back, it was at a higher salary. So not exactly the best mix for an industry that doesn't have a very high margin. That was really our point of focus, and it's worked really well. That's how we develop all those IT solutions, AquaIQ, DishIQ and so on over the last few years. And it's worked well. It's driven very nice as well the margin performance in that business.

而當他們把人找回來時，薪資水準更高。所以對於一個本來利潤率不高的產業來說，這並不是最理想的組合。那就是我們真正的聚焦點，而且效果非常好。這也是過去幾年我們如何開發出那些 IT 解決方案——AquaIQ、DishIQ 等等。而且運作得很好。它也非常有效地帶動了該業務的利潤率表現。

So I like that business a lot. Our key opportunity in Institutional, in I&S, or Institutional & Services, up more broadly, serving retail, serving quick-serve as well at the same time, it's to accelerate the growth in a market that is not growing.

所以我很喜歡這個業務。我們在 Institutional（在 I&S，或更廣義的 Institutional & Services）最大的機會——同時服務零售、也服務速食（quick-serve）——是在一個不成長的市場中加速成長。

So we're getting together here as a team, we did it the past few months and saying, okay, how do we double down on what we have in order to gain share in the market that's a volume play, obviously, but also a value price play as we capture the benefits that we're generating for our customers or share of the benefit as we've always done, so the value/price approach here?

所以我們這幾個月以團隊方式聚在一起討論：好，我們要如何在既有基礎上加倍投入，以在一個顯然是「量」的競爭市場中提升市占；同時也透過價值/價格（value/price）的打法，去捕捉我們為客戶創造的效益，或像我們一貫做法那樣分享部分效益——也就是這裡的價值/價格策略？

So the three things I mentioned. The first one is we will rebalance sales and service in our team. On one hand, we will double our sales firepower in North America. That's the feet on the street, the people serving our customers and selling new customers.

所以我提到的三件事。第一，我們將在團隊內重新平衡銷售與服務。一方面，我們會把北美的銷售火力加倍。也就是前線人員，負責服務既有客戶並開發新客戶。

The second one, when I think about how we serve our customers in the various segments, restaurants, hotels, quick-serve, retail, we do it in a fragmented way today. We'll do that in an integrated way tomorrow, which allows us to get more efficiency in service, which allows us to deploy more of those efficiencies into the selling arm of our organization.

第二，當我思考我們如何在各個細分市場服務客戶——餐廳、飯店、速食、零售——我們目前的做法相當分散。明天我們會以整合的方式來做，這能讓我們在服務上更有效率，並把這些效率更多地投入到組織的銷售端。

And the third is what you mentioned, it's to integrate the proposition to our customers, where we integrate Hygiene, Water, Pest Intelligence, audits that we provide to our customers, in a form that is much more integrated to them.

第三就是你提到的：把我們對客戶的價值主張整合起來，也就是把我們提供給客戶的衛生（Hygiene）、水處理（Water）、害蟲智慧（Pest Intelligence）以及稽核（audits）等，以對客戶而言更一體化的形式整合。

We're still developing what that exactly means. But when you think about what we've done in Food & Beverage, well, we've demonstrated that it works really well, bringing Hygiene and Water together. So that's a little bit the direction that we're taking in Institutional as well, kind of using a playbook that has been really successful in the company in other types of businesses.

我們仍在釐清這究竟具體代表什麼。但如果你回想我們在食品與飲料（Food & Beverage）做過的事，我們已經證明把衛生與水處理結合在一起非常有效。因此，這也是我們在機構事業（Institutional）所採取的一個方向——某種程度上沿用公司在其他業務類型中已被證明非常成功的作戰手冊。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗（Citi）。

Maybe just coming back to Global High-Tech. I think you already alluded to some of the differences in the sales cycle there. But in terms of initial equipment sale versus recurring margin profile and perhaps the amount of customization, how much does that differ between massive hyperscaler deployments, multi-tenant facilities, and next-generation fabs?

也許回到全球高科技（Global High-Tech）。我想你已經提到那裡銷售週期的一些差異。但就初始設備銷售相對於經常性毛利結構，以及可能需要的客製化程度而言，在大型超大規模（hyperscaler）部署、多租戶設施（multi-tenant facilities）與下一代晶圓廠（next-generation fabs）之間，差異有多大？

So two different industries. Obviously, here, in both cases, we're trying to really evolve these businesses much more into a recurring type of business. Interestingly enough, the market evolution helps us do that. If I just unpack the two.

這是兩個不同的產業。顯然，在這兩種情況下，我們都在努力把這些業務進一步演進成更偏經常性（recurring）的業務型態。有趣的是，市場的演進也在幫助我們做到這一點。我把這兩個拆開說。

First, with data centers, the chip generations are shifting to the next generation much quicker than they used to. A few years back was, a few years, you could use the same chip and then you change to the next generation. Now we're talking about less than a year and you get the next chip generation, which means that when you change the chips within an existing data center, well, you need to change the whole cooling system, being cold plate, being coolant, being control systems, being CDUs as well.

首先，在資料中心方面，晶片世代正以比過去快得多的速度轉換到下一代。幾年前，你可以用同一代晶片好幾年，然後再換到下一代。現在我們談的是不到一年就會進入下一代晶片，這意味著當你在既有資料中心更換晶片時，你就需要更換整套冷卻系統——包括冷板（cold plate）、冷卻液（coolant）、控制系統，以及CDU（冷卻液分配單元）等。

And then you become a much more recurring business, which is much more an Ecolab type of business as well, which is the core reason why we like that business beyond the growth opportunity, obviously. It's a model that we're very used to it.

接著你就會變成更偏經常性的業務，而這也更像藝康（Ecolab）的業務型態；這也是我們喜歡這門業務的核心原因之一，當然除了成長機會之外。這是一個我們非常熟悉的模式。

And that's why we integrate all those components, where it's cooling as a service, fully integrated. We're not the provider of individual pieces of equipment. We are a provider of cooling end-to-end committing to performance, committing to a cost, and committing to reliability as well by providing the best service. So very naturally, this business becomes a much more Ecolab-like type of business.

這也是為什麼我們要把所有這些元件整合起來——以「冷卻即服務」（cooling as a service）的方式，完全整合。我們不是單一設備零組件的供應商。我們提供端到端的冷卻方案，承諾效能、承諾成本，也承諾可靠性，並透過提供最佳服務來達成。因此很自然地，這門業務會變得更像藝康式（Ecolab-like）的業務。

When you shift to microelectronics, it's a bit similar actually. So you have a little bit of a larger part of infrastructure build at the beginning of a new fab. But once the fab is built, well, you need to provide all the 3D TRASAR technology, all the service that we have on site as well, adjusting to the new chip evolution/generation as well at the same time. And you get into a new recurring model as well at the same time.

當你轉到微電子（microelectronics）時，其實也有點類似。在新晶圓廠（fab）初期建置時，基礎設施投入的比重會比較大。但晶圓廠建好之後，你就需要提供所有3D TRASAR技術、我們在現場的各項服務，同時也要隨著晶片演進/世代更新進行調整。同時你也會進入新的經常性模式。

But yes, the cycles of the two businesses are different. Data center is kind of month, quarters, and the fabs, microelectronics business, is more quarters and years. But I kind of like as well to that balance, which provides stability and predictability in what we do.

不過，是的，這兩門業務的週期不同。資料中心大概是以月份、季度為單位；而晶圓廠、微電子業務則更偏向以季度與年度為單位。但我也很喜歡這樣的平衡，因為它能為我們所做的事情帶來穩定性與可預測性。

Eric Boyes, Evercore ISI.

Eric Boyes，Evercore ISI。

You highlighted that Ecolab Digital grew 34%. And how much of that acceleration is software versus kind of enabling hardware? And maybe how does that mix affect kind of recurring revenue growth and margins going forward?

你提到Ecolab Digital成長了34%。這樣的加速有多少來自軟體、又有多少是來自賦能的硬體？另外，這樣的組合對未來的經常性營收成長與利潤率會有什麼影響？

So good story in Digital. Honestly, I think that we could do much better going forward. Interestingly enough, so it's more software than hardware today. I think that it will have to be more balanced going forward. But what I really like is that our Digital business has been built on our industrial businesses with 3D TRASAR, as you know, and other businesses, more legacy Ecolab, we had much less.

所以數位（Digital）是一個很好的故事。坦白說，我認為未來我們可以做得更好。有趣的是，目前軟體的比重高於硬體。我認為未來必須更均衡一些。但我真正喜歡的是，我們的數位業務是建立在我們的工業業務之上——如你所知，包含3D TRASAR，以及其他較傳統的藝康業務，以前我們在那方面的比重小得多。

Today, the highest growth we have is in Institutional & Services and in Pest Intelligence as well, which is a very good news because we rebalance across all the various segments that we have.

目前我們成長最快的是機構事業與服務（Institutional & Services），以及害蟲智慧（Pest Intelligence），這是非常好的消息，因為我們正在各個不同的細分領域之間重新平衡。

And when I think about it today, we connect less than 100,000 locations out there with all the services that we can provide. And when you know that we have close to 3 million locations around the world, that shows the type of runway that we have ahead of us.

而如果我看今天的狀況，我們在外部連結的據點不到100,000個，能提供各種服務。但當你知道我們在全球接近300萬個據點時，就能看出我們前方還有多大的成長跑道。

So it will be a combination of hardware PAT with recurring rent or lease as we would do in dish machines in restaurants, for instance, and software and data consumption as well at the same time. Where it's exactly going to land in terms of share, I don't know, but it will be pretty equal going forward.

因此，未來會是硬體PAT搭配經常性的租金或租賃（rent or lease）——就像我們在餐廳洗碗機（dish machines）上所做的那樣——同時也包含軟體與數據使用（data consumption）。至於最終在占比上會落在哪裡，我不確定，但未來應該會相當接近各半。

John Roberts, Mizuho.

John Roberts，瑞穗（Mizuho）。

I think of Pest Elimination as the leading indicator for your Digital deployment. When should we expect revenues to accelerate there in -- for margins to start improving?

我把害蟲防治（Pest Elimination）視為你們數位部署的領先指標。我們應該何時期待那邊的營收加速——以及利潤率開始改善？

So first, we've had some acceleration in Pest Elimination, from 7% in the second quarter to 8% in the third quarter. So I like what I'm seeing here. It's early on that journey. We've deployed 800,000 devices out there, as mentioned in my open. Well, that's the beginning of the story.

首先，我們在害蟲防治確實看到一些加速，從第二季的7%到第三季的8%。所以我喜歡我在這裡看到的趨勢。但這段旅程還在早期。如我在開場提到的，我們已部署了800,000個裝置。嗯，那只是故事的開始。

It's not the end of the story, and we have millions of devices out there in tens of thousands of locations that we need to deploy. So this will drive growth, ultimately, and it will drive much better margins because the model is going to change all the time.

這不是故事的結尾；我們還有數百萬個裝置、分布在數以萬計的據點需要部署。因此，這最終會帶動成長，也會帶來更好的利潤率，因為商業模式會持續改變。

As I've shared with you in past conferences or at Investor Day as well, today, well, 95% of the devices or the traps that we check are empty and 5% have activity, as we call it. Well, with the connection to the cloud, we will go only to the devices that have an activity, which means we will have a much better operating performance, which will help us serve the customer better, hence, the 94% pest-free location to 99% pest-free location. And at the same time, that will unlock a lot of margin that we can reinvest in sales, in innovation, and obviously so in bottom line margin as well.

正如我在過去的會議或投資人日（Investor Day）與各位分享的，今天我們檢查的裝置或捕捉器（traps）中，95%是空的，只有5%有活動（activity），我們是這麼稱呼的。但透過連接雲端，我們只會去處理那些有活動的裝置，這表示我們的營運效率會大幅提升，也能更好地服務客戶，因此能把無蟲害據點比例從94%提升到99%。同時，這也會釋放大量利潤空間，我們可以再投資於銷售、創新，當然也會反映在最終的利潤率上。

So I expect to take it one year or two to get fully deployed around the world with Pest Intelligence that will require the upfront investments that we are doing right now. But I feel really good about the top line accelerating and the margin expectations to rise as well because of the model evolution that we make. But it's going to take one year or two to get to the steady place.

因此，我預期要花一到兩年時間，才能讓 Pest Intelligence 在全球全面部署；這將需要我們目前正在進行的前期投資。但我對營收加速成長以及隨著我們推動商業模式演進、利潤率預期也會上升感到非常有信心。不過，要達到穩定狀態仍需要一到兩年。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

I think you said your organic sales growth in your Global High-Tech business was 63%. And maybe the base is $100 million. So that would be $63 million in growth, which is 1.5% on your previous year's consolidated sales.

我想你提到你們全球高科技業務的有機銷售成長是 63%。而基期可能是 1 億美元。那就代表成長了 6,300 萬美元，約占你們上一年度合併銷售額的 1.5%。

And in your Global Life Sciences business, it looks like you grew -- I don't know, maybe you grew your volume 10%, which is maybe another 70 basis points. So it seems that all of the volume growth that Ecolab achieved this quarter came from the Global High-Tech group and the Life Sciences group. Is that fair? And is that a function of some contraction in the Institutional business and a little bit better growth than in Water in volume terms?

而在你們全球生命科學業務，看起來你們成長了——我不確定——也許量成長了 10%，這可能又是大約 70 個基點。所以看起來 Ecolab 本季所有的量成長都來自全球高科技事業群與生命科學事業群。這樣說公平嗎？而這是否反映了機構端（Institutional）業務有些收縮，以及在 Water 業務的量方面成長稍微好一些？

I'm not sure I totally followed all your math, Jeff, but I'll take the time to do it. But the bottom line is that, yes, in Institutional, you have a slight volume decline, which is not totally surprising in a market that is in decline. But that's why I like the overall view on I&S, in Institutional & Services, so to get to the 3%. All the other businesses actually saw having positive volume growth and pricing. So it's been quite broad-based, the volume growth, which is what I really like.

Jeff，我不確定我是否完全跟上你所有的數學計算，但我會花時間再算一遍。不過結論是，是的，在 Institutional 方面，你們的量有小幅下滑；在一個正在下滑的市場中，這並不令人意外。但這也是為什麼我喜歡 I&S（Institutional & Services，機構與服務）的整體觀點，才能達到 3%。其他所有業務其實都呈現正向的量成長與定價。所以量的成長相當廣泛，這正是我非常喜歡的地方。

That's why I mentioned it as well in my open. It's not one or two business being a High-Tech and/or Life Sciences. The other one in Water are doing really well. F&B is doing well as well.

這也是我在開場時提到的原因。並不是只有一、兩個業務——高科技和／或生命科學——在帶動。Water 的其他部分表現也非常好。F&B（食品與飲料）表現也很好。

And on top of it, one thing that we need to mention is, something I'm not spending too much time explaining but we spent quite a bit of time managing, is the impact of the Middle East. That is roughly 1 point as well of growth, which is obviously a headwind in what we deliver. So when you look at it, overall, the 2% volume growth, net of what's happening in the Middle East, is pretty good, especially the fact that it's so broad-based with one exception of being in Institutional that's slightly declining.

此外，我們還需要提到一點：有件事我沒有花太多時間解釋，但我們確實花了不少時間在管理，那就是中東的影響。這大約也影響了 1 個百分點的成長，顯然對我們的交付結果形成逆風。因此整體來看，2% 的量成長在扣除中東正在發生的情況後，其實相當不錯，尤其是除了 Institutional 略為下滑這個例外之外，成長面相當廣泛。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

I wanted to just ask, with CoolIT closed, what do you think a reasonable revenue per gigawatt hour of compute installed capture rate do you think is targetable for the pro forma business? And we've seen a few reports now about poor coolant management at some of your competitors. Is this too small of a sample size? Does this just strengthen your pitch? Or do you think ultimately there's an opportunity to extract more value from TRASAR deployment?

我想請教，隨著 CoolIT 完成交割，你認為就備考（pro forma）業務而言，每安裝 1 GWh 算力所對應、可捕捉的合理營收（capture rate）目標大概是多少？另外，我們現在看到一些報告指出你們某些競爭對手在冷卻液管理方面表現不佳。這是否只是樣本數太小？這是否只是強化了你們的主張？或者你認為最終在 TRASAR 部署上有機會萃取更多價值？

Because it feels like it's a pretty dynamic backdrop, obviously, with a lot of growth and yield management, could be more than maybe just a token revenue opportunity. So how do you think about pricing that effectively?

因為整體背景看起來相當動態，顯然有大量成長與良率管理，可能不只是象徵性的營收機會。所以你們如何思考有效地進行定價？

A few elements in your question, Matt. First, the dollar per megawatt installed, it's still something that we're trying to figure out as a total number when we bring the whole Ecolab for data centers. So I don't have a final number for you. But as I mentioned when we announced CoolIT, and both CoolIT, by the way. So CoolIT is multiplied by 3 times to 5 times the dollar potential we had as a legacy business.

Matt，你的問題包含幾個面向。首先，就每安裝一兆瓦（megawatt）的美元收入而言，當我們把 Ecolab 針對資料中心的整體方案整合起來時，這仍是我們正在釐清的總體數字。所以我目前沒有最終數字可以提供。但如同我在宣布 CoolIT 時提到的，而且順帶一提，是兩個 CoolIT。因此，CoolIT 讓我們的美元潛力相較於既有業務提高了 3 倍到 5 倍。

But that was directional, so the 3 times to 5 times, I want to have a number that's much more solid. And we'll keep working on it and share it with you once we have something that more fine-tuned. As mentioned, we're early in that journey, the three months that we've been together with CoolIT. So I don't have the most detailed number that I'd like to add, but we will have it.

但那是方向性的說法；對於 3 倍到 5 倍，我希望能有更扎實的數字。我們會持續努力，等有更精準的結果後再與各位分享。如前所述，我們與 CoolIT 合作才三個月，仍在旅程初期。所以我目前還沒有我希望能補充的最細部數字，但我們之後會有。

Now back to the other question of the reliability of the service. I can't talk about what our competition is doing out there. But almost all, if not all, of our competitors are providing or selling individual piece of equipment or coolant, as you mentioned it as well, and someone has to put it together. Someone has to make sure that it works well together. And someone has to maintain it, because things obviously are evolving on a day-to-day basis in that industry.

再回到另一個關於服務可靠性的問題。我無法評論競爭對手在外面怎麼做。但幾乎所有（如果不是全部）的競爭對手，都是提供或銷售單一設備或冷卻液（你也提到了），然後需要有人把它整合起來。需要有人確保各部分能良好協同運作。也需要有人維護，因為這個產業的情況顯然每天都在演進。

So we position ourselves in a very Ecolab manner where we say, we're not a provider of individual piece of equipment. We are a provider of end-to-end solutions in cooling when we talk about data center today. And that's very different. And that's why we brought the whole 3D TRASAR technology, not just for the coolant, but also for the CDU. We'll think about how does it connect the cold plate, everything in between as well.

因此，我們以非常「Ecolab」的方式來定位自己：我們不是單一設備的供應商。當我們談到今天的資料中心時，我們提供的是端到端的冷卻解決方案。這非常不同。這也是為什麼我們導入完整的 3D TRASAR 技術，不僅用於冷卻液，也用於 CDU（冷卻液分配單元）。我們會思考它如何連接冷板（cold plate）以及中間的所有環節。

And ultimately, so to be in a place where we can commit to performance, the cost, and an environmental impact, which is the way Ecolab always been selling as well to customers. We're doing it the same in that industry today. It's an industry that's not used to such an approach, but we've experienced that before in other industries.

最終，我們要達到能夠對效能、成本與環境影響做出承諾的狀態；這也是 Ecolab 一直以來向客戶銷售的方式。我們今天在這個產業也用同樣的方法在做。這個產業過去不習慣這樣的做法，但我們在其他產業曾經有過類似經驗。

But that is showing a very high interest in our approach here because it's removing one of their concerns because we will be providing, well, a cooling performance that's integrated not just short term, but long term as well, at a predictable cost, which is exactly what they're looking for. So we're the only one at doing it that way. And I think that's a huge competitive advantage we have here because it's a huge moat as well at the same time.

而這也讓市場對我們的做法展現出非常高的興趣，因為它消除了他們的一項顧慮：我們將提供整合式的冷卻效能，不僅是短期，也包含長期，並且以可預測的成本提供——這正是他們在尋找的。所以只有我們是用這種方式在做。我認為這是我們在此的一項巨大競爭優勢，因為同時也形成很深的護城河。

Josh Spector, UBS.

Josh Spector，瑞銀。

I wanted to ask two things kind of together. One just on pricing. I think in prior quarters, you talked about getting to a 5% to 6% run rate. I'm wondering, do you still see pricing accelerating into fourth quarter? Because your top line guidance is pretty similar.

我想把兩件事一起問。第一個是關於定價。我記得在前幾季，你們談到要達到 5% 到 6% 的運行率（run rate）。我想確認，你們是否仍預期定價在第四季會加速？因為你們的營收指引看起來相當接近。

And then related with that, how do you see the incremental margins in Water developing? You had very strong volume growth or organic growth, but the incrementals were kind of below our expectations. Is there a catch-up in the fourth quarter linked with pricing?

然後與此相關，你們如何看 Water 業務的增量利潤率（incremental margins）發展？你們的量成長或有機成長非常強，但增量表現有點低於我們的預期。第四季是否會有與定價相關的追趕（catch-up）？

So two different questions, they're related, obviously, Josh. First, when I think about the volume and price, so very short term, Q3, Q4. As I said, it's kind of volume 1% to 2% net of Middle East, obviously. And then pricing, this 5% to 6%. I think Q4 is going to be kind of similar to what we've seen in Q3, at the same we're working on operational performance or productivity to take a different term as well at the same time.

所以有兩個不同的問題，顯然它們彼此相關，Josh。首先，當我思考量與價時，就非常短期來看，Q3、Q4。如我所說，量大概是1%到2%，當然已扣除中東的影響。然後定價是這個5%到6%。我認為Q4會與我們在Q3看到的情況相當類似，同時我們也在推動營運表現或生產力（換個說法）在同一時間一起改善。

So I like how we're managing margin as an organization. As I mentioned a few months ago as we published our second quarter, well, it took us in the past two years to get our margins back to where they used to be when inflation was hitting out there. It was the first year to capture the dollar, and the second year to capture the margin back.

所以我喜歡我們作為一個組織在管理毛利率方面的方式。如我幾個月前在我們發布第二季時提到的，過去兩年我們花了時間把毛利率拉回到通膨衝擊之前的水準。第一年是把美元因素吸收掉，第二年是把毛利率拉回來。

Well, we've done that in one quarter, in the second quarter. We've done it again in the third quarter in an inflationary environment that was higher than what we had in Q2. I think it's going to be slightly higher in Q4 as well. But all in all, it's going to be a very similar story than what we've seen in Q3.

而我們在第二季用一個季度就做到了。但總體而言，故事會與我們在Q3看到的非常相似。

Now if I look at the Water margin, it's been a nice improvement in Q3. It's going to keep improving. But as we know, it's a business that's more impacted by DPC fluctuations than other businesses like High-Tech that has almost no DPC because there's almost no chemistry in that business, or Life Sciences or Pest Intelligence. Every business is a little bit different.

現在如果我看水務（Water）的毛利率，Q3有很不錯的改善，而且會持續改善。但如我們所知，這是一個比其他業務更容易受到DPC波動影響的業務；例如高科技（High-Tech）幾乎沒有DPC，因為那個業務幾乎沒有化學品，或生命科學（Life Sciences）或害蟲智能（Pest Intelligence）。每個業務都有些不同。

Water is more impacted by it, but has demonstrated it can manage that very well short term. So it's going to keep improving. Nobody knows exactly where the market is going from an inflation perspective. So we'll adjust. If it keeps going higher, we will manage it.

水務受其影響較大，但也證明了短期內能把它管理得很好。所以它會持續改善。沒有人能確切知道從通膨角度市場會走向何方。所以我們會調整。如果它繼續走高，我們也會把它管理好。

My assumption right now is that it's at a high level today, it's going to stay at that high level till the end of next year. That's the base assumption I'm taking here. And we know how to manage it. We've demonstrated it in Q2. We've demonstrated in Q3. We keep demonstrating that in the next few quarters.

我目前的假設是：它今天處在高位，並且會維持在這個高位直到明年年底。這是我在這裡採用的基本假設。而我們知道如何管理它。我們在Q2已經證明了，在Q3也證明了，接下來幾個季度我們會持續證明。

And if it goes up and down, we'll adjust as well accordingly. And we know that at some point, well, DPC is going to go down, and we're going to maintain our value/price because it's anchored on the performance that we delivering to customers, and that's going to help us improve our base margin for all the businesses as we demonstrated all the time as well at the same time.

如果它上下波動，我們也會相應調整。而且我們知道在某個時間點，DPC會下降，而我們會維持我們的價值/價格，因為它是以我們交付給客戶的績效為錨定；這也會幫助我們提升所有業務的基礎毛利率，我們一直以來也都同時在證明這一點。

So kind of three advantages here. One is that we can control our margins within a quarter. Second, we can improve our net margin after the cycle, as we've demonstrated as well in the past. And third, it's going to help earnings obviously at the moment that the cycle is going to go the other way. Those are all positive news ultimately for us and for investors.

所以這裡大概有三個優勢。第一，我們可以在單一季度內控制毛利率。第二，在一個循環之後，我們可以提升淨利率，過去我們也已證明。第三，當循環反向時，顯然也會有助於獲利。這些最終對我們以及投資人而言都是正面消息。

Mike Harrison, Seaport Research Partners.

Mike Harrison，Seaport Research Partners。

I wanted to see if we could revisit a couple of the assumptions that you've told us to think about in our models. First of all, the CoolIT $0.20 per quarter EPS headwind, is that more or less where it was in the third quarter? And how should we think about that $0.20 of headwind tracking over time?

我想看看我們是否可以重新檢視幾個你們要我們在模型中採用的假設。首先，CoolIT每季0.20美元的EPS逆風，這在第三季大致也是這個水準嗎？以及我們應該如何看待這0.20美元的逆風隨時間的變化？

And then the second piece is the Life Science margin. I think you told us to assume high-teens margin and you did about 23%. So should we update our view there and assume that maybe instead of high-teens, it's low 20s in the near term?

第二個部分是生命科學的毛利率。我記得你們要我們假設是高十幾%的毛利率，但你們做到了大約23%。所以我們是否應該更新看法，短期內把假設從高十幾%改為低20%區間？

Great questions, Mike, and our CFO, Scott, was dying to get the question. So I'm just going to pass it to him for this one.

問題很好，Mike，而我們的CFO Scott一直很想回答這個問題。所以這題我就交給他。

Yes. I'll give Christophe break, Mike. So as we said in the release, if you look at the impact of CoolIT, the interest amortization, it was about a 10% headwind in Q3. So Q4 will be a little bit more about 12% because you have an extra month because of the lag of the international business. So you have about a 12% drag in Q4.

是的。我讓Christophe休息一下，Mike。正如我們在新聞稿中所說，如果你看CoolIT的影響，利息攤銷在Q3大約是10%的逆風。所以Q4會稍微多一些，大約12%，因為由於國際業務的滯後，你會多一個月。所以Q4大約有12%的拖累。

And then as you think going forward, as Christophe talked for next year, his math there was that, hey, this EPS for the full year at this mid-teens level, but because of the now -- of the CoolIT amortization interest annualization in the first half, partially offset by the Nalco amortization, you have this minus 5% and then this plus 5% in the second half. So that's how to think about it through 2027.

然後往後看，正如Christophe談到明年的部分，他的計算是：全年EPS在中十幾%的水準，但因為CoolIT攤銷利息在上半年進行年化（annualization），並且部分被Nalco的攤銷所抵消，所以你會在上半年看到-5%，而在下半年看到+5%。這就是一直到2027年應該如何理解它。

And then as you think about the Life Sciences, as Christophe talked about, that business is doing really well. The margins were really strong, especially given the growth in the bioprocessing businesses, but all those businesses performing very well. Our expectation on this business right now is because we're continuing to invest in this business. So the underlying margins are higher more similar to what you saw in Q3. But expect Q4 margins to be in the mid-teens -- mid- to high teens level.

再來談生命科學，正如Christophe提到的，那個業務表現非常好。毛利率非常強，尤其是在生物製程（bioprocessing）業務成長的帶動下，但所有這些業務都表現得很好。我們目前對這個業務的預期是，因為我們仍在持續投資這個業務。所以其底層毛利率更高，較接近你在Q3看到的水準。但預期Q4毛利率會在中十幾%——中到高十幾%的水準。

This business is going to be a 30% margin business down the road. Not so many years down the road as we've committed. I know that it's not been an easy buildup over the last few years. And I'm really pleased to see that we are back to the trajectory that we had planned initially in our investment thesis. So ultimately that we can return to shareholders what we promised when we acquired Purolite, and I will not budge from that.

這個業務未來會是一個30%毛利率的業務。而且不會是很多年以後，正如我們所承諾的。我知道過去幾年的建置並不容易。我很高興看到我們回到最初在投資論點中規劃的成長軌跡。最終，我們能把收購Purolite時承諾的回報帶給股東，而我不會在這點上退讓。

Andrew Wittmann, Baird.

Andrew Wittmann，Baird。

I just wanted to have you expand a little bit on some of the comments you made earlier on the High-Tech business. I think Christophe, you're talking, obviously, 63% organic growth. That's good. You mentioned that going forward, don't expect 63%. I think you said not all quarters are created equally, and that makes sense.

我想請你再多延伸說明一下你先前對高科技（High-Tech）業務的一些評論。我想Christophe，你談到的顯然是63%的有機成長。這很不錯。你提到往後不要期待63%。我想你說不是每個季度都一樣，這很合理。

As I understand that some of this business is that -- you mentioned it as services where you're doing like professional services, consulting, helping your customers manage the heat, manage the water. It's not all just product sales like I think a lot of people assume.

據我理解，這部分業務中有一些——你把它稱為服務，也就是你們在做類似專業服務、顧問服務，協助客戶管理散熱、管理用水。它不全都是產品銷售，像我想很多人所假設的那樣。

Is that a lumpier part of the business, those consulting services? Are they more in demand maybe when you're opening a new data center than they would be on an O&M basis, if you were to say? I'm just kind of curious as to what can drive a quarter like this and maybe what was unusual about it. And if you could just talk about how services might play into that.

那部分業務是否比較不均勻（波動較大），也就是那些顧問服務？它們是否可能在你開設新的資料中心時需求更高，而不是在你所說的營運與維護（O&M）常態下？我只是有點好奇，什麼因素會驅動出像這樣的一個季度，以及其中可能有哪些不尋常之處。另外，如果你能談談服務如何在其中發揮作用就更好了。

So a few things, Andy. When we talk about consulting, there's nothing new. That's not the way we positioned it. Obviously, when we do a plant assessment in a brewery that we've done for a very long time, I've been 20 years in the company, we did it when I started here, is really to understand what we've got.

Andy，有幾點。當我們談到顧問諮詢時，其實沒有什麼新鮮事。我們並不是以那種方式來定位它。很明顯地，當我們在一家啤酒廠做廠務評估——我們做這件事已經很久了，我在公司20年了，我剛來時就做過——其目的其實是為了了解我們手上到底有什麼。

So how much water is being used, how much energy is being used, how much waste is created, what the quality of the food and so on, really to understand what's the starting base, how does it compare to the best plants out there and developing a plan for the customers to reach the next level of performance.

也就是說，用了多少水、用了多少能源、產生了多少廢棄物、食品品質如何等等，真正去了解起始基準是什麼、它與外面最好的工廠相比如何，並為客戶制定一個計畫，讓他們能達到下一個績效水準。

We did the same in hotels. We did the same in hospitals. We do the same in every industry that we serve. So that's the very traditional approach to customers in the company, as you know. You've been following us for a very long time.

我們在飯店也是這麼做。在醫院也是一樣。我們在所服務的每個產業都是同樣做法。所以如你所知，這是公司面對客戶非常傳統的方式。你也追蹤我們很長一段時間了。

And data centers are not different. It's just that they are usually new when we serve them. It's not an existing data center. There's some of those, obviously, but for the most part, those are new data centers. So we sit together with the builder, with the developer, being a co-locator or being a high-tech hyperscaler company, a little bit of a different approach.

資料中心也沒有不同。只是我們服務它們時通常是新的。不是既有的資料中心。當然也有一些既有的，但大多數情況下都是新建資料中心。因此我們會與建造方、開發商一起坐下來討論——可能是共置（co-locator）業者，也可能是高科技的超大規模（hyperscaler）公司——做法會有些不同。

But in the end, it's more or less the same thing, where we get together and try to understand what are they trying to accomplish? What can we provide in order to get the right heat extraction at the right cost, at the right level of reliability, while minimizing the impact on the environment? And in the case of water, to get to water-neutral, I call it water-neutral because it's not that you have no water in the system, it's just a circular system that you have within the data center.

但歸根結底，或多或少都是同一件事：我們聚在一起，試著了解他們想達成什麼？我們能提供什麼，才能以合適的成本、合適的可靠度，達到正確的散熱效果，同時把對環境的影響降到最低？而在用水方面，要做到「水中和」——我稱之為水中和，因為並不是系統裡完全不用水，而是資料中心內部有一個循環式的系統。

So that's kind of the consulting piece that you're talking about, which, by the way, is part of the overall program. So it's not a big driver of revenue. Afterwards, it's an evolving proposition. Today, it's being sold a little bit the old-fashioned way, where it's 3Ds TRASAR technologies for cooling towers or coolant depending on the technology that's being used, the coolant that's based on 3D TRASAR technology and what we do for CDUs and for cold plates and every technology that you have in between.

所以這就是你所說的那一塊顧問諮詢內容；順帶一提，它是整體方案的一部分。因此它並不是營收的主要驅動因素。之後它會是一個持續演進的提案。目前的銷售方式還比較傳統：不論是用於冷卻塔的 3D TRASAR 技術，或依所採用技術而定的冷卻液——基於 3D TRASAR 技術的冷卻液——以及我們在 CDU（冷卻液分配單元）與冷板（cold plates）上所做的，還有介於其間的各種技術。

But ultimately, it's to sell that cooling as a service, ideally that we can charge much more like a subscription versus an individual piece-by-piece type of equipment. But that's a journey that we need to get through, as we've done in other businesses, and I see a really good path that we're on, on this one.

但最終目標是把「冷卻」以服務的形式來銷售；理想狀況下，我們能更像訂閱制那樣收費，而不是一件一件設備分開賣。不過這是一段我們必須走完的旅程，就像我們在其他業務上做過的一樣；而我認為我們在這件事上走在一條非常好的路徑上。

Now to your point of the higher growth in some quarters, well, it depends on the deliveries that we have since we're still on that journey of making sure that it gets invoiced as an integrated proposition. Well, if you have more data centers that are getting started to operate in one quarter, you get higher sales. And if you have a little bit less the next quarter, you're going to have less of those sales as well.

至於你提到某些季度成長較高，這取決於我們的交付情況，因為我們仍在確保能以整合式方案開立發票的旅程中。如果某一季有更多資料中心開始投入營運，你就會看到較高的銷售。而如果下一季少一些，那些銷售也會相對少一些。

But the 30% overall Global High-Tech trajectory of growth that we've talked about, this is the baseline as I have expressed over the last 12 months. And that's the baseline. So I think that from here, it's just going to get better when we take year after year. And I don't really care every quarter it's the same or not because they will be different for the reasons I just mentioned.

但我們談到的全球高科技（Global High-Tech）整體 30% 成長軌跡，這就是我在過去12個月所表達的基準。而這就是基準。所以我認為從這裡開始，隨著一年接一年，只會變得更好。我其實不在乎每一季是否都一樣，因為基於我剛才提到的原因，它們本來就會不同。

Jason Haas, Wells Fargo.

Jason Haas，富國銀行（Wells Fargo）。

This is Keegan Antico on for Jason. On the pricing discussions you're beginning to have for 2027, can you just outline how those are going, and if clients are generally receptive for additional price increases, obviously, alongside the surcharge? Are you seeing any pushback that could lead you to be more at the lower end of the 2% to 3% annual range, obviously, outside of the surcharge?

我是代替 Jason 的 Keegan Antico。關於你們開始針對2027年進行的定價討論，你能否概述一下目前進展如何？客戶整體而言是否願意接受額外的漲價——當然是在附加費（surcharge）之外？你是否看到任何反彈，可能會讓你們更偏向每年2%到3%區間的下緣——同樣地，這是指不含附加費的部分？

Keegan, the 2% to 3% that's in steady state, honestly, I'm not sure when the steady state is going to come back. Right now, we're much more in this 5% to 6%, as mentioned a little bit earlier. That was true for the third quarter, and it's going to be true for the fourth quarter, and it's probably going to be true for the first half of next year and probably even a little bit more than that as well.

Keegan，所謂穩態（steady state）的每年2%到3%，老實說，我不確定穩態什麼時候會回來。目前我們更接近5%到6%，如稍早提到的。第三季是如此，第四季也會如此，而且很可能明年上半年也會如此，甚至可能還會再久一點。

When it's going to come back to the 2% to 3%? I don't know, and I don't really care, honestly, here. We'll adjust as we need to while providing incremental value to our customers in order to make sure that we can get the value price that we deserve while doing it the right way for our customers that, net-net, they get a positive outcome of the financial equation that they have set together with us. Do they like pricing? No, they would prefer, obviously, having 100% of the upside without having to pay for it.

什麼時候會回到2%到3%？我不知道，而且老實說我也不太在意。我們會在需要時調整，同時為客戶提供增量價值，以確保我們能以正確方式取得我們應得的價值定價；而對客戶而言，整體（net-net）他們在與我們共同建立的財務方程式中，仍能得到正向結果。他們喜歡漲價嗎？不，他們當然更希望拿到100%的上行空間而不用為此付費。

Well, that's not exactly the way life works. But at the end of the day, when I talk to customers, I'm really pleased with what I'm hearing in the sense of saying, you guys are very high touch in what we're doing, being in Life Science, in Food & Beverage in the restaurants, in High-Tech, wherever that is.

嗯，人生並不是那樣運作的。但歸根結底，當我和客戶交談時，我對我聽到的內容感到非常滿意：你們在我們所做的事情上非常「高接觸」（high touch），不論是在生命科學、食品與飲料、餐飲、高科技，或其他任何領域。

You're not a big share of our spend, usually a few percentage points. So we're okay to pay more premium for a service that ultimately is not only helping us keep operating, but driving better operational performance in our operations as well at the same time. And that's why our value/price approach has been so steady, sticky, and so reliable for the past few years, and nothing is going to change in the years to come.

你們通常在我們的總支出中占比不大，通常只是幾個百分點。因此，我們願意為一項服務支付更高的溢價；這項服務最終不僅幫助我們維持營運，同時也推動我們營運表現的提升。這也是為什麼我們的價值/價格（value/price）方法在過去幾年一直如此穩定、黏著度高且可靠，而未來幾年也不會改變。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Christophe, in listening to your remarks today, you seem quite pleased with all of the significant acquisitions that you've done in recent years: Purolite, Ovivo, CoolIT. And so I'm tempted to ask, as you look at M&A opportunities in the private market today, are there additional high-growth, high-margin properties that you think might fit quite well under the GHT umbrella? Or should we expect deleveraging to be squarely and focus over the next, call it, a year or so as you digest CoolIT?

Christophe，聽你今天的談話，你似乎對近年來完成的幾項重大收購相當滿意：Purolite、Ovivo、CoolIT。因此我想問的是，當你看目前私募市場上的併購（M&A）機會時，是否還有其他高成長、高毛利的標的，你認為可能非常適合納入全球高科技（GHT）的版圖之下？或者我們是否應預期在接下來大約一年左右，你們會把重點明確放在去槓桿（deleveraging）上，以消化整合 CoolIT？

It's the latter, Kevin. It's really -- it's two things. First of all, it's really to integrate those two companies, Ovivo and CoolIT, extremely well. This is something that we've done over and over again over the years. We're really good at it.

是後者，Kevin。其實——有兩件事。首先，確實是要把這兩家公司 Ovivo 和 CoolIT 極其良好地整合起來。這是我們多年來一再做過的事情。我們在這方面真的很擅長。

But we need absolutely to have the right focus, dedication, resourcing in order to make sure that it happens as we have planned and committed. So this is priority one, making sure that Ovivo and CoolIT are perfectly well integrated, that we have those two businesses, data centers, and microelectronics really keeping growing and accelerating as we've discussed today and over the past few calls. This is priority one. And obviously, that's leading the deleveraging, getting so closer to this 2 times that we talked about. This is my 1b priority that I have in front of me.

但我們絕對需要有正確的聚焦、投入與資源配置，才能確保整合如我們所規劃並承諾的那樣落地。所以這是第一優先：確保 Ovivo 和 CoolIT 完整且順利地整合，讓這兩項業務——資料中心與微電子——如同我們今天以及過去幾次電話會議所討論的那樣，持續成長並加速。這是第一優先。而且顯然，這也會推動去槓桿化，讓我們更接近先前談到的 2 倍水準。這是我眼前的 1b 優先事項。

Now to your question of opportunities out there in our businesses. We keep nurturing them. We're very active on the market, building those relationships, understanding what's out there, what are the good, what are the ones that are less good. We've been really good at it for a very long time. That's how we ended up with those two by the way, as well.

至於你問到我們業務中外部的機會。我們會持續培育這些機會。我們在市場上非常積極，建立這些關係、了解外面有哪些標的，哪些是好的、哪些相對沒那麼好。我們長期以來一直很擅長這件事。順帶一提，我們之所以能拿下那兩個案子，也是因為如此。

So I like the pipeline, but there's nothing imminent that's going to happen because I'm going to focus on the two priorities I mentioned before.

所以我喜歡目前的案源管線，但沒有任何迫在眉睫、即將發生的事情，因為我會專注在前面提到的兩個優先事項上。

Scott Schneeberger, Oppenheimer.

Scott Schneeberger，Oppenheimer。

Christophe, for the past few quarters, Heavy Water and Paper have been areas of softness, but both inflected to revenue growth, organic revenue growth in the quarter. So kudos there. How sustainable is that looking? And just curious, outside of Middle East, are there any other areas of the business now that you would cite under pressure? Or are you looking pretty good across the portfolio?

Christophe，過去幾個季度，重水與紙業一直是相對疲弱的領域，但本季兩者都轉為營收成長、也就是有機營收成長。所以先恭喜。這樣的走勢看起來有多可持續？另外也想請教，除了中東之外，現在業務中還有沒有其他你會認為承受壓力的領域？還是說整體投資組合看起來都相當不錯？

I feel pretty good, but I'm always a little bit paranoid. I'm paid for that. This is my role. It's to thinking ahead, to look around the corners to be ready for things that we didn't plan for, and I have plenty of practice in the last six years. I don't know if it's a good thing or an unfortunate thing. I really like it, and we've done really well as a company navigating a difficult environment while delivering exceptional performance.

我覺得相當不錯，但我總是會有點多疑。這也是我領薪水要做的事。這是我的角色。就是要提前思考、要往前看、要能預先準備那些我們沒有規劃到的事情；而在過去六年我有很多練習機會。我不知道這算好事還是不幸。但我真的喜歡這樣，而我們公司在艱難環境中仍能交出卓越表現、並成功應對，也做得非常好。

So what I like the most in our company today is really this breadth of performance. We have a very strong portfolio, some are growing faster, much faster than others. But we have no business that's really in a troubled situation.

所以我今天最喜歡我們公司的，是這種表現的廣度。我們有非常強的投資組合，有些成長更快、甚至快很多。但我們沒有任何一項業務真的處於困境。

All of them have upside potential. That can be true in High-Tech, that can be true in Institutional, as we talked before, which is the magic of this company that I really like because, ultimately, you have a real strong portfolio. You have a company with a lot of key growth opportunities in front of us, like High-Tech, like Life Sciences, like Pest Intelligence, but also in our core businesses like Food & Beverage, bringing Hygiene and Water together. We talked about Institutional as well at the same time.

每一項都有上行潛力。這在高科技可能成立，在機構端也可能成立——如我們先前談到的——這正是我很喜歡這家公司的魔力，因為歸根結底，你擁有一個非常強的投資組合。公司面前有很多關鍵成長機會，例如高科技、生命科學、害蟲智慧（Pest Intelligence），同時在我們的核心業務上也有機會，例如食品與飲料，把衛生與水務結合起來。我們也同時談到了機構端。

And the third component that I really like is the fact that we're less facing risk of market disruptions out there being in tech areas or in different areas because of the very well-balanced portfolio that we have, our ability as a team as well to react to external factors, being inflation, being supply disruption. We've demonstrated we can do that.

而我非常喜歡的第三個要素，是因為我們擁有非常均衡的投資組合，所以在科技領域或其他領域面對市場顛覆風險的程度相對更低；同時，我們團隊也具備因應外部因素的能力，不論是通膨、供應中斷。我們已經證明我們做得到。

So ultimately, we are exactly in the place I wanted to be. And that's why I'm talking about this inflection point as a company. We have strong, consistent base performance as a company. We have very good growth opportunities and even bigger than we thought in front of us.

所以最終，我們正處在我希望達到的位置。這也是為什麼我會談到公司正處於這個拐點。我們作為一家公司，擁有強勁且一致的基礎表現。我們面前有非常好的成長機會，而且規模甚至比我們原先想的更大。

And third, we are very resilient. We know how to manage things that nobody planned for, including us. And we deliver net performance that keep getting better. And that's why I feel that '27 is going to be an even better year than 2026. And our future is going to be at a very different level of performance than what we've seen in the past. A pretty good story.

第三，我們非常有韌性。我們知道如何管理那些沒有人預先規劃到的事情，包括我們自己。而且我們交出的淨表現持續改善。這也是為什麼我覺得 2027 年會是比 2026 年更好的一年。而我們的未來表現水準，將會與過去所見處於非常不同的層級。這是一個相當不錯的故事。

Great. 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.

很好。我們第三季電話會議到此結束。本次電話會議以及相關的簡報投影片，將可在我們網站上回放。感謝各位撥冗與會。祝大家今天剩下的時間一切順利。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。