艾默生電氣 (EMR) 2026 Q1 法說會逐字稿

Greetings and welcome to the Emerson first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Doug Ashby, Director of Investor Relations. Thank you. You may begin.

各位來賓，歡迎參加艾默生2026年第一季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我榮幸地向大家介紹主持人，投資人關係總監道格‧阿什比。謝謝。你可以開始了。

Good afternoon, and thank you for joining Emerson's first quarter 2026 earnings conference call. For those who don't know me, my name is Doug Ashby, and I'm the Director of Investor Relations for Emerson. Today, I'm joined by Emerson's President and Chief Executive Officer, Lal Karsanbhai; Chief Financial Officer, Mike Baughman; and Chief Operating Officer, Ram Krishnan. As always, I encourage everyone to follow along with the slide presentation, which is available on our website.

下午好，感謝各位參加艾默生2026年第一季財報電話會議。對於那些不認識我的人，我叫道格‧阿什比，我是艾默生公司的投資人關係總監。今天，我邀請了艾默生公司的總裁兼執行長拉爾·卡爾桑拜、財務長麥克·鮑曼和營運長拉姆·克里希南。像往常一樣，我鼓勵大家觀看我們網站上提供的幻燈片演示。

Please turn to slide 2. This presentation may include forward-looking statements, which contain a degree of business risks and uncertainty. Please take time to read the safe harbor statement and not on the non-GAAP measures. I will now pass the call over to Emerson's President and CEO, Lal Karsanbhai, for his opening remarks.

請翻到第二張幻燈片。本次簡報可能包含前瞻性陳述，這些陳述存在一定程度的商業風險和不確定性。請花時間閱讀安全港聲明，而不是非GAAP指標。現在我將把電話交給艾默生公司總裁兼執行長拉爾·卡爾桑拜，請他致開幕詞。

Thank you, Doug, and good afternoon, everyone. Thursday, February 5, marks my fifth anniversary as Chief Executive of Emerson. Over the five years, I have found the work challenging, motivating and rewarding. The execution of our vision to transform Emerson into the world's leading automation company, has been incredibly gratifying. We aligned the company to important secular drivers which will experience outsized growth well into the future.

謝謝你，道格，大家下午好。2月5日星期四是我擔任艾默生執行長五週年紀念日。五年來，我發現這份工作充滿挑戰、令人振奮且富有成就感。將艾默生打造成為世界領先的自動化公司的願景得以實現，令人無比欣慰。我們使公司與重要的長期發展驅動因素保持一致，這些因素將在未來很長一段時間內實現超額成長。

Our customer engagement teams now deliver an unequaled software-enabled technology stack to solve industry's biggest challenges. I am surrounded by the best management team in Industrial Tech and by 70,000 talented engaged colleagues all around the world. The Emerson management system will enable best-in-class execution led by growth, earnings, cash and resulting in differentiated value creation. I remain ever grateful to Emerson's Board of Directors, employees and investors for their trust and support.

我們的客戶服務團隊現在提供無與倫比的軟體技術堆疊，以解決業界面臨的最大挑戰。我身邊有工業科技領域最優秀的管理團隊，還有遍佈全球的7萬名才華洋溢、積極敬業的同事。艾默生管理系統將實現一流的執行力，從而推動成長、獲利和現金流，並創造差異化的價值。我始終感激艾默生公司的董事會、員工和投資者的信任和支持。

Please turn to slide 3. In November, we hosted our first investor conference since completing our transformation, and he was energizing to present Emerson as the global automation leader, executing on our vision to engineer the autonomous future. In addition to highlighting our technology advancements and innovation, we introduced our value creation framework, which guides how we operate the company, beginning with organic growth. Emerson Automation portfolio is aligned to powerful secular tailwinds, electrification, energy security and near-shoring and sovereign self-sufficiency. And we expect these to drive growth over the next three years and beyond.

請翻到第3張投影片。11 月，我們舉辦了轉型完成後的第一次投資者大會，他精神抖擻地介紹了艾默生作為全球自動化領導者，正在執行我們打造自主未來的願景。除了重點介紹我們的技術進步和創新之外，我們還介紹了我們的價值創造框架，該框架指導我們如何經營公司，從有機成長開始。艾默生自動化產品組合順應了強勁的長期發展趨勢，包括電氣化、能源安全、近岸外包和主權自給自足。我們預計這些因素將在未來三年及更長時間內推動成長。

We are also delivering innovation that enables customers to unlock significant value from automation. Operational excellence is a hallmark of Emerson, and we have plans to further expand adjusted segment EBITDA margins by 240 basis points by 2028. And importantly, we plan to return $10 billion or 70% of cumulative cash to shareholders through $6 billion of share repurchase and $4 billion of dividend payout. We remain confident in achieving our 2028 targets. The $21 billion top line, 40% incremental that delivered a 30% adjusted segment EBITDA margins, $8 of adjusted EPS and 20% free cash flow margin.

我們也不斷推出創新技術，幫助客戶從自動化中釋放巨大的價值。卓越營運是艾默生的標誌，我們計劃在 2028 年調整後分部 EBITDA 利潤率提高 240 個基點。更重要的是，我們計劃透過 60 億美元的股票回購和 40 億美元的股息支付，將 100 億美元（即累積現金的 70%）返還給股東。我們仍有信心實現2028年的目標。營收達 210 億美元，成長 40%，調整後分部 EBITDA 利潤率為 30%，調整後每股盈餘為 8 美元，自由現金流利潤率為 20%。

We believe this is a highly differentiated value creation framework, and we are excited for the future of Emerson. Please turn to slide 4. 2026 marks the 50th anniversary of National Instruments, which was founded in Austin, Texas in 1976 by James Truchard, Jeff Kodosky, and Bill Nolan. The trio was frustrated by the inefficient tools they encountered while working in a test lab at the University of Texas and believe connecting instruments to a computer could revolutionize electronic test and measurement. They developed LabVIEW while working out of Truchard's garage.

我們相信這是一個高度差異化的價值創造框架，我們對艾默生的未來充滿期待。請翻到第 4 張投影片。 2026 年是美國國家儀器公司成立 50 週年，該公司由 James Truchard、Jeff Kodosky 和 ​​Bill Nolan 於 1976 年在德克薩斯州奧斯汀創立。這三人因在德州大學測試實驗室工作時遇到的低效工具而感到沮喪，他們相信將儀器連接到電腦可以徹底改變電子測試和測量。他們在特魯查德的車庫裡開發了 LabVIEW。

And since its release in 1986, LabVIEW has redefined productivity and engineering workflows through software-defined test. Today, Emerson NI is the leader in test automation systems. And two recent developments demonstrate how Emerson is still driving test forward through software.

自 1986 年發布以來，LabVIEW 透過軟體定義測試重新定義了生產力和工程工作流程。如今，艾默生NI是測試自動化系統領域的領導者。最近兩項進展表明，艾默生仍在透過軟體推動測試技術的發展。

In January, our Nigel AI adviser was 1 of 13 products recognized as a 2025 Product of the Year by Electronic product design and test. This UK-based trade publication focused on electronic test, validation and manufacturing and their annual list highlights products that use innovation to achieve even greater levels of performance.

今年一月，我們的 Nigel AI 顧問產品被電子產品設計與測試評為 2025 年度最佳產品，成為 13 款獲此殊榮的產品之一。這家總部位於英國的行業出版物專注於電子測試、驗證和製造，其年度名單重點介紹了利用創新實現更高性能水平的產品。

Nigel provides intelligent workflows with AI-driven test design and orchestration to accelerate troubleshooting optimize lab performance and enhance decision-making. This award demonstrates Emerson's leadership in AI-enabled test automation and reflects continued momentum as we move the industry towards autonomous test operations. Nigel AI is purpose-built to support the specific tasks, engineer space throughout the different stages of the product life cycle.

Nigel 提供智慧工作流程，透過 AI 驅動的測試設計和編排來加速故障排除、優化實驗室效能和增強決策能力。該獎項彰顯了艾默生在人工智慧賦能的測試自動化領域的領先地位，也反映了我們在推動產業邁向自主測試作業的過程中所取得的持續進展。Nigel AI 是專門為支援特定任務而建造的，可在產品生命週期的不同階段為工程空間提供支援。

And today, Emerson released the next generation of Nigel AI, strengthening our capabilities in AI-enabled tests. These upgrades deliver a step change in performance by moving Nigel AI from an AI assistant to an AI after, accelerating co-development to make engineering workflows more efficient from design and validation through production.

今天，艾默生發布了新一代 Nigel AI，增強了我們在人工智慧測試方面的能力。這些升級將 Nigel AI 從 AI 助理轉變為 AI 後，實現了效能的飛躍式提升，加速了協同開發，從而提高了從設計和驗證到生產的工程工作流程效率。

Processes that previously 2 hours can now be completed in units. For our customers, this means engineers spend less time navigating tasks and more time focused on improving test outcomes. This evolution marks a clear step along our road map towards Agentic AI, where software increasingly enhances productivity, and we are seeing accelerated user adoption of LabVIEW since the first launch of Nigel in 2025.

以前需要 2 小時才能完成的流程，現在可以分單元完成。對我們的客戶而言，這意味著工程師可以減少處理任務的時間，並將更多精力集中在改善測試結果上。這項發展標誌著我們在邁向智慧人工智慧的路線圖上邁出了明確的一步，在這個路線圖中，軟體將日益提高生產力，而且自 2025 年首次推出 Nigel 以來，我們看到 LabVIEW 的用戶採用率正在加速成長。

Please turn to slide 5. Robust demand continued in the first quarter with underlying orders growth of 9%. Customers are deploying capital in longer-cycle projects in our growth verticals, with momentum building in North America, India and the Middle East and Africa. I will discuss more details on demand on the next slide. Emerson's first-quarter results reflect disciplined execution.

請翻到第5張投影片。第一季需求依然強勁，基礎訂單成長9%。客戶正在將資金投入到我們成長型垂直領域的長期專案中，北美、印度、中東和非洲地區的成長勢頭尤為強勁。我將在下一張投影片中詳細討論需求方面的問題。艾默生第一季的業績反映了其嚴謹的執行力。

Underlying sales met expectations were up 2% year over year. Momentum continued in Test & Measurement, up 11% year over year and our Ovation business accelerated sharply, up 20%, driven by the secular demand for power. Profitability exceeded expectations with adjusted segment EBITDA margin of 27.7% and adjusted earnings per share of $1.46. Annual contract value of our software grew 9% year over year and ended the quarter at $1.6 billion. We remain confident in our plans for 2026.

基礎銷售額符合預期，較去年同期成長 2%。測試與測量業務持續保持成長勢頭，年增 11%；受電力需求長期成長的推動，我們的 Ovation 業務也大幅加速成長，增幅達 20%。獲利能力超出預期，調整後分部 EBITDA 利潤率為 27.7%，調整後每股收益為 1.46 美元。軟體年度合約價值年增 9%，本季末達到 16 億美元。我們對2026年的計劃仍然充滿信心。

The supported by a good start to the year and our proven track record of operational excellence. We are reiterating our guidance of 5.5% sales growth, 4% underlying sales growth and an adjusted setting EBITDA margin of approximately 28%. We are also raising the bottom and midpoint of our adjusted EPS guide and now expect $6.40 to $6.55 per share. Emerson completed $250 million of share repurchase in the first quarter. and we are committed to our plan to return approximately $2.2 billion of capital to shareholders.

這得益於年初的良好開局和我們卓越的營運記錄。我們重申先前的業績預期，銷售額成長 5.5%，基礎銷售額成長 4%，調整後的 EBITDA 利潤率約為 28%。我們同時上調了調整後每股收益預期下限和中位數，目前預計每股收益為 6.40 美元至 6.55 美元。艾默生在第一季完成了2.5億美元的股票回購。我們致力於按計劃向股東返還約22億美元的資本。

Finally, I want to highlight multiple key developments in technology and innovation at Emerson. In January, Emerson was named the 2026 Industrial IoT Company of the Year by IoT breakthrough, marking the fourth time in the past five years that we have received this recognition. Over 4,000 companies were nominated globally for the 2026 competition, and Emerson was selected for having the most complete industrial IoT technology stack.

最後，我想重點介紹艾默生在技術和創新方面的幾項關鍵進展。今年 1 月，艾默生被 IoT Breakdown 評為 2026 年度工業物聯網公司，這是我們在過去五年中第四次獲得此項殊榮。2026 年的競賽中，全球有 4,000 多家公司獲得提名，艾默生因擁有最完整的工業物聯網技術堆疊而被選中。

Additionally, we released DeltaV v16 which advances our software-defined automation vision and is an integral piece of our enterprise operations platform. With flexible architecture and enterprise integration DeltaV v16 empowers customers to make smarter decisions by improving access and providing context to operational data to facilitate advanced analytics and AI optimization.

此外，我們發布了 DeltaV v16，它推進了我們的軟體定義自動化願景，並且是我們企業營運平台不可或缺的一部分。DeltaV v16 憑藉靈活的架構和企業集成，透過改善對營運數據的存取並提供上下文，幫助客戶做出更明智的決策，從而促進高級分析和 AI 優化。

Lastly, we strengthened our leadership position in life sciences through a strategic collaboration with Roche, underscoring how Emerson's software dramatically improves and shortens the technology transfer process. The new DeltaV modality library enables life science customers to efficiently design scale and deploy new production processes with prebuilt and proven solutions that save months of development.

最後，我們透過與羅氏的策略合作，鞏固了我們在生命科學領域的領導地位，凸顯了艾默生的軟體如何顯著改善和縮短技術轉移過程。全新的 DeltaV 模型庫使生命科學客戶能夠利用預先建置和經過驗證的解決方案，有效地設計、擴展和部署新的生產流程，從而節省數月的開發時間。

Please turn to slide 6. Underlying orders were up 9%, marking four consecutive quarters of strong order growth. Trailing 12-month orders are up 6%, providing the backlog to support sales in the second half of 2026 and into 2027. North America India and the Middle East and Africa continued to show robust demand, while we are seeing ongoing softness in Europe and China. Orders growth was most pronounced in our Software & Systems Group, which was up 23% year over year.

請翻到第6張投影片。基礎訂單成長9%，連續第四個季度實現強勁的訂單成長。過去 12 個月的訂單量增加了 6%，為 2026 年下半年和 2027 年的銷售提供了充足的積壓訂單。北美、印度、中東和非洲的需求持續強勁，而歐洲和中國的需求則持續疲軟。訂單成長最顯著的是軟體與系統集團，年增 23%。

Broad-based strength in Test & Measurement drove orders growth of 20%, led by semiconductor, aerospace and defense and the portfolio business. AI and digital transformation of manufacturing are leading customers to deploy significant capital towards greenfield and modernization projects for power generation, especially in the US.

測試與測量業務的全面強勁表現推動訂單成長 20%，其中半導體、航空航太與國防以及投資組合業務表現突出。人工智慧和製造業的數位轉型正促使客戶投入大量資金用於新建和現代化發電項目，尤其是在美國。

Orders in our Ovation business were up 74%, driven by large project wins including behind the meter data centers and fleet modernizations for major utility customers, and we expect growth in the mid-teens for the year. We are also seeing healthy investments in grid digitization with ACV and AspenTech's digital grid management suite, up 25% year over year. Secular tailwinds are driving substantial long-cycle project activity, and Emerson won approximately $450 million of automation content from our project funnel in the quarter.

我們的 Ovation 業務訂單成長了 74%，這主要得益於大型專案的中標，包括表後資料中心和主要公用事業客戶的車隊現代化改造，我們預計今年將實現 15% 左右的成長。我們還看到，ACV 和 AspenTech 的數位電網管理套件在電網數位化方面也獲得了健康的投資，年增 25%。長期利好因素推動了大量的長週期專案活動，艾默生在本季透過我們的專案管道贏得了價值約 4.5 億美元的自動化內容。

80% of these wins came from our growth verticals, led by power and LNG. Our funnel remains at $11.1 billion, replenished by new opportunities in our growth verticals. And I want to highlight a few projects that support our confidence in continuing to win at highways. First, Emerson has chosen to automate on-site power generation for a new 1.7 gigawatt AI data center in the United States, helping to meet accelerate deployment time lines in mission-critical reliability. The project will leverage proven behind-the-meter power generation management software as part of the Ovation platform, enabling faster time to market, for the customer.

這些成功案例中有 80% 來自我們的成長型垂直領域，其中以電力和液化天然氣領域最為突出。我們的銷售漏斗仍保持在 111 億美元，這得益於我們在成長垂直領域的新機會。我想重點介紹幾個項目，這些項目增強了我們對繼續在高速公路建設領域取得成功的信心。首先，艾默生選擇為美國新建的 1.7 吉瓦 AI 資料中心實現現場發電自動化，從而幫助滿足關鍵任務可靠性方面的加速部署時間表。該專案將利用 Ovation 平台中成熟的表後發電管理軟體，從而幫助客戶更快地將產品推向市場。

Emerson's recently announced strategic collaboration with Prevalon Energy played an instrumental role in our selection for this project. As the collaboration brings together Emerson's automation and control expertise with advanced energy storage to help data center operators improve reliance, resilience, reliability and efficiency in increasingly power-constrained environments.

艾默生近期宣布與 Prevalon Energy 進行策略合作，這在我們最終選擇該公司參與該專案中發揮了至關重要的作用。此次合作將艾默生的自動化和控制專業知識與先進的儲能技術相結合，旨在幫助資料中心營運商在日益受限的電力環境中提高可靠性、韌性、穩定性和效率。

Next, Emerson was selected for Sempra infrastructures toward Arthur LNG Phase II project, which will add 13 million tons per annum in capacity to the US Gulf Coast facility. Emerson's DeltaV control system and severe service control valves were chosen based upon our reputation for strong operational performance in LNG applications and our local presence and support. Lastly, Emerson One project have multiple large new space customers. It will help develop test and validate complex communication links for their satellite-based programs to provide reliable, high-speed Internet around the world.

接下來，艾默生公司被選中為森普拉公司提供亞瑟液化天然氣二期計畫的基礎設施，該計畫將為美國墨西哥灣沿岸的設施每年增加 1,300 萬噸的產能。我們選擇艾默生的 DeltaV 控制系統和嚴苛工況控制閥，是基於我們在液化天然氣應用領域強大的運作性能以及我們在當地的業務支援。最後，Emerson One 專案擁有多家大型新航太客戶。這將有助於開發、測試和驗證其衛星項目的複雜通訊鏈路，從而在全球範圍內提供可靠的高速互聯網。

The customers will use NI's leading test off to our NPXI platform, which were selected due to their superior performance in reducing test times while providing best-in-class measurement accuracy.

客戶將使用 NI 領先的測試平台連接到我們的 NPXI 平台，之所以選擇該平台，是因為它具有卓越的性能，可以縮短測試時間，同時提供一流的測量精度。

I will now turn the call over to Mike Baughman to discuss our results and 2026 guidance in more detail.

現在我將把電話交給麥克鮑曼，讓他更詳細地討論我們的表現和 2026 年的績效指引。

Thanks, Lal. Please turn to slide 7 for a more in-depth look at our Q1 financial results. As a reminder, our first half financial results are adversely affected by a software contract renewal dynamic that we detailed in our November earnings call. This impacted our Q1 year-over-year sales growth by approximately 1 percentage point, adjusted segment EBITDA margin expansion by 70 basis points and earnings per share growth by $0.06. For Q1 and including the 1 point drag, underlying sales growth was 2%, with all segments reporting growth.

謝謝你，拉爾。請翻到第 7 頁，詳細了解我們第一季的財務表現。再次提醒大家，我們上半年的財務業績受到軟體合約續約動態的不利影響，我們在 11 月的財報電話會議上對此進行了詳細說明。這導致我們第一季年銷售額成長下降約1個百分點，調整後分部EBITDA利潤率成長下降70個基點，每股盈餘成長下降0.06美元。計入這1個百分點的影響後，第一季實際銷售額成長2%，所有分部均實現成長。

Growth was led by software and systems, which was up 3% and 6% without the software contract renewal dynamic, while Intelligent Devices grew 2% and safety and productivity was up 1%. I will provide more details on geographic and group performance on the next 2 slides.

軟體和系統業務成長最為顯著，在不考慮軟體合約續約因素的情況下，分別成長了 3% 和 6%；智慧設備業務成長了 2%；安全和生產力業務成長了 1%。接下來的兩張投影片我將提供更多關於地域和群體表現的詳細資訊。

Price contributed 3 points to growth as expected. MRO for the company represented 65% of sales. Our backlog ended the quarter at $7.9 billion, up 9% year over year and our book to bill was 1.13. Adjusted segment EBITDA margin of 27.7% came in above expectations, favorable price cost and cost reductions, including synergies outpaced inflation to benefit margin. Excluding the 70 basis point impact from software dynamic, adjusted segment EBITDA margin was up 40 basis points.

如預期，價格對成長貢獻了3個百分點。公司MRO業務佔銷售額的65%。本季末，我們的積壓訂單為 79 億美元，年增 9%，訂單出貨比為 1.13。經過調整後的分部 EBITDA 利潤率為 27.7%，高於預期，有利的價格成本和成本削減（包括協同效應）超過了通貨膨脹，從而提高了利潤率。剔除軟體動態因素帶來的 70 個基點的影響，調整後的分部 EBITDA 利潤率上升了 40 個基點。

Adjusted earnings per share came in at $1.46, a 6% increase year over year. Q1 free cash flow of $602 million with a margin of 14% came in slightly better than expected, positioning us well for our expected full year growth of approximately 10% at greater than 18% margin. Overall, Q1 was a very good start to 2026.

調整後的每股收益為 1.46 美元，年增 6%。第一季自由現金流為 6.02 億美元，利潤率為 14%，略好於預期，這為我們全年約 10% 的成長和超過 18% 的利潤率奠定了良好的基礎。整體而言，2026 年第一季開局良好。

Please turn to slide 8 for details on Q1 underlying sales by region. As expected, underlying sales were strongest in the US and the Middle East and Africa, while China remains soft. The Americas were up 3% and the US remained strong, up 6% with sustained momentum in power and LNG while also benefiting from nearshoring with expansions in Life Sciences and Semiconductor.

請翻到第 8 頁查看第一季各地區銷售額的詳細資料。正如預期，美國、中東和非洲地區的基礎銷售額最為強勁，而中國市場仍然疲軟。美洲股市上漲 3%，美國股市維持強勁，上漲 6%，電力和液化天然氣產業持續成長，同時受益於近岸外包，生命科學和半導體產業擴張。

North America pace of business remained healthy with resilient MRO spend. Europe was up 3%, benefiting from the timing of projects in Eastern Europe, although the overall pace of business was subdued. 9% growth in the Middle East and Africa was driven by greenfield project activity. We are seeing broad-based momentum in our growth verticals, which collectively were up 14%. Power led the strength up 17% with elevated activity across lifetime extensions, upgrades and greenfield projects to support the unprecedented increase in electricity demand.

北美地區的商業活動維持健康發展態勢，MRO支出也維持穩定。歐洲市場成長3%，主要得益於東歐計畫的時機掌握，儘管整體業務成長率較為平緩。中東和非洲市場成長9%，主要由新建專案活動推動。我們看到成長勢頭強勁，各個成長垂直領域整體成長了 14%。電力板塊領漲，上漲 17%，主要得益於延壽、升級和新建專案的活躍度提高，以支持前所未有的電力需求成長。

Life Sciences also provided significant growth driven by GLP-1 demand with greenfield and modernization products to support near shoring and self-sufficiency in multiple regions. Ongoing strength in North America and the Middle East as well as our growth verticals and sustained demand for automation give us confidence in our full year outlook.

生命科學領域也實現了顯著成長，這主要得益於 GLP-1 需求，以及新建和現代化產品，以支援多個地區的近岸外包和自給自足。北美和中東市場的持續強勁成長，以及我們不斷成長的垂直產業和對自動化的持續需求，使我們對全年前景充滿信心。

Please turn to slide 9 for details on sales and margin performance for our three business groups. Software & Systems underlying sales growth of 3% was led by broad-based strength in Test & Measurement which was up 11% and helped offset a 3-point drag from the software contract renewal dynamic in Q1. We saw a significant growth in power, life sciences, semiconductor and aerospace and defense.

請翻到第 9 頁，了解我們三個業務集團的銷售額和利潤率表現詳情。軟體與系統業務基礎銷售額成長 3%，主要得益於測試與測量業務的全面強勁增長，該業務增長了 11%，抵消了第一季軟體合約續約動態帶來的 3 個百分點的拖累。我們看到電力、生命科學、半導體以及航空航太和國防領域都出現了顯著成長。

Software & Systems margin of 31.3% increased 20 basis points year over year, driven by strong profitability from Test & Measurement and the benefit of synergies and offsetting a two-point headwind from the software contract renewal dynamic. Intelligent Devices underlying sales growth of 2% was led by power, LNG and North America MRO offset by weakness in China.

軟體與系統業務利潤率為 31.3%，同比增長 20 個基點，這主要得益於測試與測量業務的強勁盈利能力以及協同效應帶來的收益，並抵消了軟體合約續簽動態帶來的 2 個百分點的不利影響。智慧設備業務銷售額成長2%，主要得益於電力、液化天然氣和北美MRO業務的成長，但被中國市場的疲軟所抵銷。

The pace of business in Europe and China was light, although Q1 growth in Europe benefited from the timing of projects. Intelligent Devices margin of 26.9%, decreased by 70 basis points year over year driven primarily by mix and headwinds from FX due to a favorable impact last year. Safety & Productivity was up 1% underlying, driven by electrical products and stable project activity in North America, while European markets remain soft. Safety & Productivity's margin of 20.9% was down 40 basis points year over year due to lower volume, offset by benefits from price and cost reductions.

歐洲和中國的業務節奏較為緩慢，不過歐洲第一季的成長得益於專案的時機安排。智慧型設備利潤率為 26.9%，年減 70 個基點，主要原因是產品組合變化以及去年有利的匯率波動帶來的不利影響。安全與生產力基本成長 1%，主要得益於北美電氣產品和穩定的專案活動，而歐洲市場仍然疲軟。安全與生產力部門的利潤率為 20.9%，年減 40 個基點，原因是銷量下降，但價格和成本降低帶來的收益抵消了這一影響。

Please turn to slide 10, where I will bridge Q1 adjusted EPS from the prior year. Excluding the $0.06 impact of software renewals, operations delivered $0.10 of incremental EPS in Q1, Software & Systems contributed $0.08, reflecting strong operational execution and intelligent devices added $0.02. Nonoperating items added $0.04 from share count and tax rate benefits. Overall, adjusted EPS grew 6% year on year to $1.46.

請翻到第 10 頁，我將在那裡對上一年第一季的調整後每股收益進行比較。剔除軟體續約帶來的 0.06 美元影響，第一季營運業務貢獻了 0.10 美元的每股收益增量，其中軟體及系統業務貢獻了 0.08 美元，反映了強勁的營運執行力，智慧設備業務貢獻了 0.02 美元。非經營性項目（包括股份數量和稅率優惠）貢獻了 0.04 美元。總體而言，調整後每股收益年增 6% 至 1.46 美元。

Please turn to slide 11 for an overview of our Q2 and full year 2026 guidance. We are reiterating our full year guidance for sales, adjusted segment EBITDA margin and free cash flow. We are raising the bottom and midpoint of our 2026 adjusted EPS guide and now expect $6.40 to $6.55. We still expect to return approximately $2.2 billion to shareholders through $1.2 billion in dividends and $1 billion of share repurchase, of which we completed $250 million in Q1.

請翻到第 11 頁，查看我們對 2026 年第二季和全年業績的展望概要。我們重申全年銷售額、調整後分部 EBITDA 利潤率和自由現金流的預期。我們將2026年調整後每股盈餘預期下限和中位數上調，目前預計為6.40美元至6.55美元。我們仍預計將透過12億美元的股利和10億美元的股票回購向股東返還約22億美元，其中我們在第一季完成了2.5億美元的股票回購。

Turning to the second quarter. Sales growth is expected to be 3% to 4%, with underlying sales growth of 1% to 2%. We expect adjusted segment EBITDA margin of approximately 27% and adjusted EPS of $1.50 to $1.55. I will provide additional details on guidance in the following two slides.

進入第二節。預計銷售額將成長3%至4%，其中基礎銷售額成長1%至2%。我們預計調整後分部 EBITDA 利潤率約為 27%，調整後每股收益為 1.50 美元至 1.55 美元。我將在接下來的兩張投影片中提供更多業績指引的細節。

Please turn to slide 12 for our 2026 group underlying sales guidance. We expect Software & Systems to be flat in Q2 and up 4% for the full year. Test & Measurement is planned to have high single-digit growth in both Q2 and the full year, while the Control Systems & Software segment is expected to be down low single digits in Q2 due to a $65 million headwind from the timing of software contract renewals. As a reminder, this accounting dynamic adversely affects GAAP revenues by $110 million in the first half and $120 million for the full year. We continue to see robust adoption of our software and expect ACV to grow 10% plus in 2026.

請翻到第 12 頁查看我們 2026 年集團基礎銷售預期。我們預計第二季軟體和系統業務將持平，全年成長 4%。測試與測量業務預計在第二季和全年都將實現高個位數成長，而控制系統與軟體業務預計在第二季將出現低個位數下降，原因是軟體合約續約時間安排帶來了 6,500 萬美元的不利影響。需要提醒的是，這種會計動態會對上半年 GAAP 收入產生 1.1 億美元的不利影響，對全年 GAAP 收入產生 1.2 億美元的不利影響。我們的軟體持續受到廣泛採用，預計到 2026 年，年度合約價值 (ACV) 將成長 10% 以上。

Intelligent Devices are projected to grow 2% to 3% in Q2 and 4% for the full year with stable MRO led by strength in North America. Second half growth is supported by backlog phasing and the timing of project shipments. Safety & Productivity is expected to grow 1% to 2% in Q2 and 2% to 3% for the full year. Growth is driven by North American markets and electric and utility strength, but offset by continuing weakness in European markets. Overall, Emerson expects to grow 1% to 2% in Q2 and approximately 4% for the full year.

智慧型設備預計第二季成長 2% 至 3%，全年成長 4%，MRO 業務保持穩定，北美市場表現強勁。下半年的成長得益於積壓訂單的分階段交貨和項目出貨時間的安排。預計第二季安全與生產力指標將成長 1% 至 2%，全年將成長 2% 至 3%。成長主要受北美市場以及電力和公用事業實力的推動，但被歐洲市場的持續疲軟所抵消。總體而言，艾默生預計第二季度將增長 1% 至 2%，全年增長約 4%。

The second half growth acceleration to approximately 6% is supported by our strong orders momentum and lapping of the software contract renewal dynamic. Excluding the impact of software contract renewals, Emerson's growth rate is expected to be 3% to 4% for Q2 and 5% for the full year.

下半年成長加速至約 6%，這得益於我們強勁的訂單動能和軟體合約續約動態的放緩。不計軟體合約續約的影響，艾默生第二季的成長率預計為 3% 至 4%，全年成長率預計為 5%。

Please turn to slide 13 for additional detail on adjusted segment EBITDA margin and EPS guidance. For Q2 2026, we expect operations to contribute around $0.05 to EPS with another $0.09 from nonoperating items, primarily FX to offset $0.09 impact from the software contract renewal dynamic.

請翻到第 13 頁，以了解有關調整後分部 EBITDA 利潤率和每股收益預期的更多詳細資訊。預計 2026 年第二季度，營運將為每股收益貢獻約 0.05 美元，非營運項目（主要是外匯）將貢獻 0.09 美元，以抵消軟體合約續約動態帶來的 0.09 美元影響。

As a reminder, Q2 2025 adjusted EPS of $1.48 benefited from about $0.04 from the TotalEnergies project that we discussed in our Q2 2025 earnings call. The lower volume from renewals in the TotalEnergies deal impacts Emerson's adjusted segment EBITDA margin by approximately 150 basis points compared to Q2 2025. We are guiding our Q2 2026 adjusted EPS at $1.50 to $1.55.

提醒一下，2025 年第二季調整後的每股盈餘為 1.48 美元，其中受益於我們在 2025 年第二季財報電話會議上討論的 TotalEnergies 專案帶來的約 0.04 美元收益。TotalEnergies 交易續約帶來的銷售量下降，將使艾默生調整後的分部 EBITDA 利潤率比 2025 年第二季下降約 150 個基點。我們預計 2026 年第二季調整後每股收益為 1.50 美元至 1.55 美元。

For the full year, we are raising the bottom of our EPS guide by $0.05, reflecting the good performance in Q1. The renewal dynamic reduces adjusted EPS by approximately $0.15 in adjusted segment EBITDA margin by approximately 40 basis points. We still expect operations to generate about $0.50 of incremental EPS with approximately 80 basis points of margin expansion from positive price costs and the continued benefit of synergy realization from AspenTech and tested measurement.

鑑於第一季的良好業績，我們將全年每股收益預期下限上調 0.05 美元。更新換代導致調整後每股收益減少約 0.15 美元，調整後分部 EBITDA 利潤率減少約 40 個基點。我們仍然預計，營運將產生約 0.50 美元的增量每股收益，利潤率將因正的價格成本以及 AspenTech 和經過測試的測量帶來的協同效應的持續實現而擴大約 80 個基點。

With that, I would like to turn the call back to the operator.

因此，我想把電話轉回給接線生。

(Operator Instructions) Andy Kaplowitz, Citi Group.

（操作員說明）安迪·卡普洛維茨，花旗集團。

Lal, could you break down a bit more your 9% order growth in Q1 between process and hybrid? I think you said 74% Ovation growth, which was impressive, and I think you said mid-teens growth in power is expected this year. But could that higher level behind the mirrpower opportunities lead to more extended runway of power? And then generally, would you say your process and hybrid markets are settling into sort of this mid-single-digit order growth rate despite some of the concerns that we hear out there?

Lal，你能否更詳細地解釋一下第一季流程和混合模式訂單成長9%的原因？我想你說過 Ovation 成長了 74%，這令人印象深刻；我想你還說過，預計今年的功率將成長 15% 左右。但是，鏡像力量背後的更高層次能否帶來更持久的權力發展呢？那麼，總體而言，儘管我們聽到了一些擔憂，您是否認為您的加工和混合市場正在穩定在個位數的中等訂單成長率？

Yes. No, look, we were very -- start with power, very energizer what we saw in the marketplace. It's, as you know, start to develop in 2025, but we saw certainly an acceleration in orders in the first quarter. It's predominantly driven by two areas today, but there will be a third that I think starts to pick up steam as we go forward into the year. And the two areas are modernization upgrades of existing facilities and behind the meter power generated capacity at data centers.

是的。不，你看，我們非常——從動力開始，非常充滿活力，我們看到了市場上的這些。如您所知，它要到 2025 年才會開始發展，但我們確實在第一季看到了訂單的加速成長。目前主要由兩個領域驅動，但我認為隨著今年的推進，第三個領域將會開始發展壯大。這兩個領域分別是現有設施的現代化升級和資料中心的表後發電能力。

That's generally what drove the investment in the power generating capacity. Of course, on the same line, we saw modernizations of the grid and investments in our -- and we saw that reflected in the ACV of our DGM business at Aspen. What we'll see I think, developed a little bit more further longer cycle, Andy, will be new generating capacity coming in. We see plans being put forward, but we're really right now on evergreen modernizations and behind the meter work. I'll also highlight in terms of the order drivers, the activity at Test & Measurement.

這通常就是推動電力產能投資的原因。當然，同時，我們也看到了電網的現代化改造和投資——而且我們看到這反映在了我們在阿斯彭的DGM業務的ACV上。我認為，隨著週期進一步延長，我們將會看到新的發電容量投入使用，安迪。我們看到一些計劃正在提出，但我們目前主要關注的是常青現代化改造和表後工程。我還要重點介紹訂單驅動因素，即測試與測量方面的活動。

Orders were up 20% in the Q. And Andy, it was broad-based portfolio business, semiconductor and ADG, all up between 20 and 30 plus percent. The one offset there continues to be the Transportation segment, which is relatively challenged. But overall, great momentum in that business and we've seen very steady consistent growth there. Ram, anything to add?

本季訂單成長了 20%。安迪，這是涵蓋廣泛業務組合的訂單，包括半導體和 ADG，所有業務都成長了 20% 到 30% 以上。唯一抵銷因素仍是交通運輸領域，該領域面臨相對較大的挑戰。但總體而言，該業務發展勢頭強勁，我們看到了非常穩定且持續的成長。Ram，還有什麼要補充的嗎？

Just to add, I'll give you geographic color on the 9%, Lal, gave it to you by business, but North America was up 18%, reflecting many of the end markets that Lal described, certainly power, LNG and many of the T&M markets in North America were very strong. Middle East was up 6% for us. Latin America was up 9%. So those fundamentally drove the strength. India was up 22%.

我再補充一點，關於這 9% 的成長，Lal 已經按行業劃分了，但我在這裡要從地理角度來解釋，北美增長了 18%，這反映了 Lal 所描述的許多終端市場，當然，電力、液化天然氣以及北美許多 T&M 市場都非常強勁。中東市場上漲了6%。拉丁美洲上漲了9%。因此，這些因素從根本上推動了實力的增強。印度上漲了22%。

So consistent with the commentary where we thought we had strength, we demonstrated a lot of positive momentum that should continue. Certainly, Europe was down low single digits, and China was down high single digits in the quarter from an orders perspective.

因此，正如我們之前所評論的那樣，我們認為我們擁有優勢，我們也展現出了很多積極的勢頭，這種勢頭應該會繼續下去。從訂單角度來看，歐洲本季訂單量下降了個位數百分比，中國訂單量下降了接近兩位數百分比。

And the last thing I'll add Andy just on the funnel on the projects. It was a significant, as we highlighted, $432 million of wins, it came from approximately 70 project wins. 1/3 of those were in power, but they had a heavy participation in LNG and in semiconductor, life science and ADG as well with each of those represent about 15% of the wins. So lots of broad-based activity, but of course, power generating, transmission and distribution really driving the numbers right now.

最後，安迪，我還要補充一點，關於專案漏斗的問題。正如我們之前強調的，這是一筆數額龐大的訂單，總額達4.32億美元，來自約70個項目。其中三分之一來自電力產業，但他們也大量參與了液化天然氣、半導體、生命科學和ADG等產業，這些產業分別約佔總訂單額的15%。因此，各行各業都有大量的活動，但當然，目前真正推動數位成長的還是發電、輸電和配電。

Andrew KaplowitzAnalyst

安德魯·卡普洛維茨分析師

Lal, that's very helpful. And then ACV growth was 9% in the quarter, you're still talking about expected 10% plus growth for the year. But as you know, there's angst regarding AI's impact on software. So I think you already spoke about Nigel AI, I know you've talked about the greater vision of balanced automation. So maybe you can remind us why AI could be complementary to growth for you guys in ACV and margin in your software businesses?

拉爾，這很有幫助。該季度 ACV 成長率為 9%，預計全年成長率仍將達到 10% 以上。但正如你所知，人們對人工智慧對軟體的影響感到擔憂。所以我想您已經談到了Nigel AI，我知道您也談到了平衡自動化的更宏大的願景。那麼，您能否提醒我們一下，為什麼人工智慧能夠幫助貴公司在軟體業務中提昇平均合約價值和利潤率？

Yes. For us, from a software perspective, first off, all of our software offerings are built on first principle models very, very sticky and a lot of domain knowledge built into the simulation capabilities, not just at Aspen, but also our software offerings with Ovation, DeltaV, and certainly the NI suite. So the threat of AI disrupting our software business is very minimal as we see it today.

是的。從軟體的角度來看，首先，我們所有的軟體產品都是基於第一原理模型建構的，這些模型非常具有黏性，並且在模擬功能中融入了大量的領域知識，這不僅適用於 Aspen，也適用於我們與 Ovation、DeltaV 以及 NI 套件合作推出的軟體產品。因此，就目前來看，人工智慧對我們軟體業務的威脅非常小。

And really as a counterpoint, the AI capability we're building into our software frankly, accelerate the growth. So we see AI and all the AI capabilities we've launched, not just with Nigel, but also the capabilities, innovation and DeltaV should be a net accelerator for our software offerings, and that's really what we expect to see with continued ACV growth.

而作為對比，我們正在軟體中建構的人工智慧功能，實際上加速了成長。因此，我們看到人工智慧以及我們推出的所有人工智慧功能，不僅是Nigel，還有這些功能、創新和DeltaV，都應該成為我們軟體產品的淨加速器，而這正是我們期望隨著ACV持續成長而看到的。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Going back to the order commentary, you've obviously put out LNG call at Power. Obviously, these are two very long cycle end markets. So I'm just wondering if some of the orders we're seeing, especially in power are pushing beyond this year and into sort of multiyear basis?

回到訂單評論，你顯然對 Power 發布了 LNG 看漲期權。顯然，這兩個都是週期很長的終端市場。所以我想知道，我們看到的一些訂單，特別是電力行業的訂單，是否會延續到今年以後，轉為多年期合約？

Yes, you're absolutely right. Certainly, it's given us the confidence not just in the back half of '26 as we see the backlog timing. But we start to gain confidence into our 2027 as we see those orders and the timing of the shipments. But I'll also suggest, Nigel that if you look at the Test & Measurement business, that's -- there are projects in that business, but there's a lot more of the short cycle activity, particularly in the portfolio business and in elements of semiconductor as well.

是的，你說得完全正確。當然，這讓我們對 2026 年下半年的積壓工作完成時間更有信心。但隨著訂單的到來和出貨時間的確定，我們對 2027 年的業績開始逐漸建立起信心。但我還要建議，奈傑爾，如果你看看測試與測量業務，你會發現——這個業務中確實有一些項目，但更多的是短期活動，尤其是在投資組合業務和半導體領域。

Okay. And then a quick follow-up on the I guess, the sensors is the new name. The Sensors margins were down, I think, 120 basis points year over year. I think you talked about FX benefits in the prior year quarter. Is there any impact of memory chip inflation here? Because if there's one area of Emerson where you might see some of this accumulation, I think might be there. So just maybe just touch on the margin miss and then talk about the memory chip mentation as well.

好的。然後，我想快速補充一下，感測器是新的名稱。我認為感測器業務的利潤率比去年同期下降了 120 個基點。我想你上一季已經談到了外匯收益。內存晶片價格上漲會對此產生影響嗎？因為如果說埃默森鎮有哪一處地方可能會出現這種積累，我想那可能就是那裡。所以，或許可以簡單談談邊緣偏差，然後再談談記憶體晶片的構想。

Nigel, it's Mike. Yes, your memory is very good. We did last year had some FX benefits that were in that segment that we don't have this year, which drove about a point of the year-over-year negative comparison of about two points. The other things going on there related to mix, there was geographic mix.

奈傑爾，我是麥克。是的，你的記憶力很好。去年我們在這個領域獲得了一些外匯收益，而今年我們沒有這些收益，這導致年比下降了大約兩個百分點。那裡發生的其他事情都與混合有關，存在地域上的混合。

Nigel, that was such a great question. I just try to stand the call on that. Okay.

奈傑爾，你問的這個問題真好。我只是盡量堅持我的決定。好的。

So Nigel, where did we draw, so we can -- where did we drop?

所以奈傑爾，我們在哪裡畫的圖，這樣我們才能－－我們在哪裡掉下來的？

I think you were talking about geographic mix and NIM and test.

我想你當時是在談論地理組合、NIM 和測試。

Did I finish the DRAM explanation on or not?

我到底有沒有講完DRAM的解釋？

No, nothing on DRAM though.

不，DRAM方面沒有任何資訊。

Okay. Let's go back to your question, Nigel, about sensors margins. And I was commenting that you were correct about the FX impact, which was about a point of the approximately 2 points that the sensor margin was down on a year-over-year basis. There was also some mix dynamics the prior year had a stronger North America and some backlog dynamic going on that benefited them. And then there's some other regional mix that affected profitability.

好的。奈傑爾，讓我們回到你關於感測器裕量的問題。我當時評論說，你對外匯匯率的影響判斷是正確的，這大約佔感測器利潤率同比下降 2 個百分點中的 1 個百分點。前一年北美市場表現強勁，加上一些積壓訂單，也對他們有利，這其中存在一些市場動態因素。此外，還有一些其他區域因素影響了獲利能力。

The Sensors business had a good quarter in Europe, which was largely project-based, which had a negative effect on the comparisons as well in the mix. So that was about the other point of margin decline in that business. As we look out to the full year, we expect some improvement on the 28.6% that, that business reported in the prior year. As for the second part of your question around the DRAM from a profitability perspective, no impact, but I'll pass it to Ram to talk a little bit about that.

感測器業務在歐洲的季度表現良好，這主要得益於專案製業務，但也對業績比較產生了負面影響。所以，這就是該業務利潤率下降的另一個原因。展望全年，我們預計該業務的業績將比上一年報告的 28.6% 有所改善。至於你關於DRAM獲利能力問題的第二部分，目前沒有影響，但我會把它轉給Ram，讓他們稍微談談這方面的情況。

So Nigel, we're obviously watching that carefully. We buy about $8 million of DRAMs that impact many product lines, but mostly in Control Systems & Software and T&M, the sensors to your specific question, less than $1 million of DRAM exposure. Of that, most of our buy is really Gen 3 and Gen 4 DDR3 and 4, where, yes, supply chains have extended. We're watching that carefully, we don't have a lot of exposure in Gen 5 DDRs, which is really the AI-driven constraints and inflation that we're seeing. But net-net, for us, the margin impact from the price inflation is something very manageable.

所以奈傑爾，我們顯然會密切關注此事。我們購買了價值約 800 萬美元的 DRAM，這影響了許多產品線，但主要用於控制系統和軟體以及測試和測量，而對於您提出的特定問題，DRAM 的應用範圍不到 100 萬美元。其中，我們採購的大部分實際上是第 3 代和第 4 代 DDR3 和 DDR4，是的，這些產品的供應鏈已經延長了。我們正在密切關注，我們在第五代 DDR 領域並沒有太多投資，而這正是我們所看到的 AI 驅動的限制和通貨膨脹。但總的來說，對我們來說，價格上漲對利潤率的影響是完全可以控制的。

We'll manage that within the scope of our P&L. It's really the availability that we're watching very carefully and making sure that we're addressing this with our suppliers and ensuring that we have enough availability to cover the year and beyond.

我們將在損益範圍內處理此事。我們真正關注的是供貨情況，我們正在與供應商一起解決這個問題，並確保我們有足夠的供貨量來滿足今年及以後的需求。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

This Chigusa Katoku on for Steve. Just following up on the orders, the order trends are encouraging, and the backlog is up quarter-over-quarter two. But just there's longer cycle orders in there too, as you mentioned, earlier. And so just how should we think about the cadence of these orders translating into sales? And what businesses specifically do you expect to hit the second half that supports the full year guidance?

這是為史蒂夫準備的千草和德。訂單情況來看，訂單趨勢令人鼓舞，積壓訂單量較第二季增加。但正如你之前提到的，其中也包含週期較長的訂單。那麼，我們該如何看待這些訂單轉換為銷售額的節奏呢？具體來說，您預計哪些業務將在下半年達到預期目標，從而支撐全年業績指引？

Yes. I mean, so if you look at the phasing of the backlog, they're very supportive of hitting our second half sales. So the backlog translate into the mid-single-digit growth, tell the 6% growth that we've guided for the second half. Our trailing 12-month orders at 6% also substantiate that, our backlog at $7.9 billion, which is up 9% also phase into the second half and into the first half of 2027.

是的。我的意思是，如果你看一下積壓訂單的進度安排，他們非常支持我們實現下半年的銷售目標。因此，積壓訂單轉化為個位數中段的成長，而不是我們先前預測的下半年 6% 的成長。我們過去 12 個月的訂單成長了 6%，也證實了這一點；我們的積壓訂單為 79 億美元，成長了 9%，這些訂單也將逐步進入 2027 年下半年和上半年。

The backlog build is, frankly, across the board, certainly in our control systems and software business, both in Power as well as our DeltaV business. In Final Control, we have a balanced backlog position in our sensor business to support the second half. So the build is across the board.

坦白說，積壓訂單是普遍存在的，尤其是在我們的控制系統和軟體業務中，包括電力業務和 DeltaV 業務。在 Final Control 公司，我們的感測器業務擁有均衡的訂單儲備，足以支援下半年的業務發展。所以這次的建設是全方位的。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

Lal, congrats five years I can't believe it. That's amazing. Time does fly. Certainly seems like 4.5 to you, right? Just a couple of quick ones from me.

拉爾，恭喜你，五年了，簡直難以置信。太棒了。時光飛逝。你覺得應該是 4.5 分吧？我這裡就簡單說兩句話。

Mike, thanks for all those bridge items. One thing I was curious about, though, is just the drop in sequential margins Q1 to Q2 on what should be maybe a couple of hundred million higher revenues sequentially. Can you give us a little bit of insight on what would be driving that?

麥克，謝謝你提供的所有橋樑相關物品。不過，我比較好奇的是，在營收季增數億美元的情況下，第一季到第二季的利潤率卻出現了季減。您能否為我們簡單介紹一下造成這種情況的原因？

Yes, go ahead.

好的，請繼續。

Yes. It's primarily the impact of the software renewal dynamic even sequentially. I mean, frankly, the 65 over the 45 and the dilution driven by that is the fundamental driver. And frankly, unfavorable mix.

是的。這主要是軟體更新動態的影響，即使是依序更新也是如此。坦白說，65% 比 45% 更高的比例以及由此導致的稀釋才是根本原因。坦白說，這是一個糟糕的組合。

And the Total deal, Jeff, that came through, that was another boost to the barrier that won't be there.

傑夫，Total 的那筆交易達成了，這無疑是又一次推動我們打破障礙。

And those software numbers have moved around a little bit, right? I think you were thinking $50 million in Q1, and it's $40 million. It sounds like Q2 went up a little bit. I think you were saying --

這些軟體數據也略有波動，對吧？我想你以為第一季是 5000 萬美元，但實際上是 4000 萬美元。聽起來第二季略有成長。我想你是在說--

That's correct.

沒錯。

So just a little bit of movement there. Could you just also just address sort of the weak verticals? And do you see stabilization? I'm thinking Chem probably most notably, but some of these areas that have been just under a lot of secular pressure and this whole deindustrialization trend that's ongoing in Europe chemicals. Do you see any bottom there? Is that eroding your MRO activity? And I don't know if there's any other verticals to kind of talk about also.

所以，這裡只有一點點動靜。您能否也談談薄弱的垂直領域？你認為局勢會趨於穩定嗎？我想最顯著的例子可能是化學領域，但其他一些領域也面臨很大的長期壓力，以及歐洲化學領域正在進行的去工業化趨勢。你看到底部了嗎？這是否正在削弱您的MRO活動？我也不知道是否有其他垂直領域可以討論。

Yes. Certainly, Jeff, you hit a very important point here. We're seeing continued flat activity in Europe for year. Certainly, there are industries such as automotive, packaging, but certainly chemicals in places like the Benelux and Germany that are still very challenged. And then our outlook on China has turned a little more bearish as we navigated another quarter, we now believe that we'll be down low single digits for the year based again on lackluster activity in particularly in the chemical sector.

是的。傑夫，你說的確實非常重要。歐洲經濟活動持續保持平穩，這種情況已持續一年。當然，像汽車、包裝等產業，以及比荷盧經濟聯盟和德國等地的化學產業，仍面臨巨大的挑戰。隨著另一個季度過去，我們對中國的展望變得更加悲觀，我們現在認為，由於尤其是化學工業的活動疲軟，今年的降幅將達到個位數。

There are some green sheets in China, of course, there's activity that Test & Measurement is seeing. That's very encouraging. There's power generation activity but a large chemical business, which we've had for -- and foster for many years, continues to be. And we have not seen challenging and we've not seen a recovery in that business in either one of those large world areas.

當然，中國也有一些綠色環保的案例，測試與測量領域也出現了一些活動。這非常令人鼓舞。雖然有發電活動，但我們多年來一直擁有和扶持的大型化學企業仍在繼續發展。在上述兩個世界大區中，我們既沒有看到該行業面臨挑戰，也沒有看到該行業復甦。

And then certainly, the automotive segment, which is not as big as chemical for us, but certainly a meaningful part of parts of Safety & Productivity and T&M is -- continues to remain soft in both Europe and China.

當然，汽車產業雖然對我們來說不如化工產業那麼大，但它在安全與生產力以及測試與測量領域佔據了相當重要的地位——在歐洲和中國仍然保持疲軟。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Maybe just wanted to understand kind of your own perspectives on the order strength. So I guess, first off, was surprise to you what those orders did it was sort of in the plan based on what you knew of the dollar value of orders a year ago that we can't really see on the outside. And I say I'm asking that just because you didn't change your organic sales guide for the year. In the second quarter, we don't seem to see a sort of short cycle pull-through into Intelligent Devices revenue growth, for example, from these orders.

或許只是想了解您對訂單強度的看法。所以我想，首先，這些訂單的結果是否讓你感到驚訝？這其實在計劃之中，基於你一年前對訂單美元價值的了解，而這些我們無法從外部真正看到。我之所以這麼問，是因為你們今年沒有更新自然銷售指南。在第二季度，我們似乎沒有看到這些訂單能夠迅速帶動智慧設備收入成長。

Yes. I mean I think this -- obviously, we didn't expect plus 9%, so there were some projects from Q2 that we got into Q1. But certainly, the last four quarters, we were plus 4%, plus 4%, plus 6%, plus 9% trailing three-month plus 6% is consistent to mid-single digits is consistent with how we thought about how the first half of this year will unfold and provide the need of momentum to deliver on the second half shipments.

是的。我的意思是，我認為——顯然，我們並沒有預期成長 9%，所以有些原本在第二季的專案被我們放到了第一季。但可以肯定的是，過去四個季度，我們的成長率分別為 4%、4%、6% 和 9%，過去三個月的成長率為 6%，與我們對今年上半年發展趨勢的預期一致，也符合我們對下半年出貨量所需動力的預期。

So I wouldn't say we're necessarily surprised why the level of order activity. It's consistent with how the funnel is manifested and these growth initiatives in LNG power semis, aerospace and life sciences playing out.

所以，我並不認為我們對目前的訂單活躍度感到驚訝。這與漏斗的顯現方式以及液化天然氣發電半吊子、航空航太和生命科學領域的成長措施的實施情況一致。

I think you bring up a good point in Intelligent Devices, Julian, we've been -- certainly, we had a phenomenal year as we work through backlog in that business in 2024 and 2025. We're now at a point where we've been a little bit challenged over the last few quarters in the business. We'll see that accelerate in the second half as we work our way out of it. But will be another softer quarter in Q2, and that will be largely behind us.

朱利安，我認為你提出的智慧型裝置方面的觀點很好，我們——當然，在處理 2024 年和 2025 年該業務的積壓訂單方面，我們度過了非凡的一年。過去幾個季度，我們的業務遇到了一些挑戰。下半季，隨著我們逐步擺脫困境，這種情況將會加速發展。但第二季度將會是另一個較為疲軟的季度，而這種情況也將基本過去。

And then just my follow-up on the margins. So you've clarified second quarter. The second half of the year, I think you're dialing in kind of 40s type operating leverage year on year. So I just wanted to make sure that, that's roughly the right ballpark. And when you're thinking about that, is there any risks to it around price cost, for example? Or do you think that's a good kind of -- you're confident in it and it's a good run rate going into the following fiscal year?

然後，我再補充一些關於邊緣的內容。所以你已經澄清了第二季的情況。我認為，下半年你們的經營槓桿率將逐年維持在 40 左右。所以我只是想確認一下，這個範圍大致正確。那麼，在考慮這個問題時，例如價格成本方面，是否有任何風險？或者您認為這是一個好兆頭——您對此充滿信心，並且這是一個能夠順利進入下一個財政年度的良好運行率？

Yes. We feel good about that leverage. And you're correct, it's the expectation for the year is in that high 30s, which again has affected the software renewal dynamic, but we do feel good about that. The leverage for the quarter of 20% when you adjust for that software renewal is back up in the mid-30s. So yes, I think as we move forward and think about the profitability and the growth and the leverage that we should see from the growth, we feel good about the expected leverage for the year in the back half.

是的。我們對這種優勢感到滿意。你說得對，今年的預期是 30 多萬，這再次影響了軟體續訂的動態，但我們對此感到樂觀。考慮到軟體續訂成本，本季 20% 的槓桿率回升至 30% 左右。所以，是的，我認為隨著我們展望未來，思考獲利能力、成長以及成長帶來的槓桿效應，我們對下半年的預期槓桿效應感到樂觀。

And the other way to look at the leverage is, obviously, on a sequential basis, half two to half one will be up mid- to high single digits from a growth perspective, and that should lever in the 40s. So you can look at it year over year, you can look at it sequentially, and I think you'll calibrate that the second half margins will trend towards that 28% plus in terms of EBITDA margins.

另一種看待槓桿效應的方式顯然是，從環比來看，2月下旬到1月下旬的成長幅度將達到個位數中高水平，而槓桿率應該在40%左右。所以你可以逐年觀察，也可以依序觀察，我認為你會發現下半年的 EBITDA 利潤率將趨向 28% 以上。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Just on the pricing. What would we be thinking about for the second half? How should it flow?

僅就價格而言。下半年我們會考慮些什麼？它應該如何流動？

Approximately in the second half or about 2.5% for the full year.

大約在下半年，或全年約為 2.5%。

Got you. And just going back to this 18% North America order number, it's very, very impressive. Can we just -- I know you've sort of talked about it, but it's just a nice acceleration. And I know you sort of talked about sort of full forward on people have tried to see what's going on. But maybe can you describe to us how did it go through the quarter?

抓到你了。再來看看北美 18% 的訂單量，這非常非常令人印象深刻。我們能不能——我知道你之前也談過，但這確實是一個不錯的加速。我知道你剛才也談到了，大家都在努力了解狀況。不過，您能否向我們描述一下本季的情況？

What are we seeing? Are we seeing this rate of orders sustainable? And what do you think has changed in North American economies to drive orders like you can appreciate that you have behind the meter? I understand that you're in a number of sort of high growth industries and there are sort of idiosyncratic stores that 18% is just very, very impressive.

我們看到了什麼？這種訂單成長速度是否可持續？您認為北美經濟發生了哪些變化，才使得訂單量像您現在這樣成長？我知道你們涉足多個高成長產業，而且你們的門市也比較特殊，18% 的成長率確實非常非常令人印象深刻。

Thank you, Andrew. I'll try to give a little color and Ram can jump in as well. So look, I believe, and we're seeing it reflected in the customer activity that the industrial policy of the administration is benefiting five specific sectors that just happen to be our growth verticals. Electrification and power generation data centers, investments in AI, modernization of our grid and generating capacity, near-shoring impacting life sciences and semiconductor, a robust open energy policy that enables the development of shale gas and the export of LNG to our partners.

謝謝你，安德魯。我會盡量增添一些色彩，Ram也可以參與進來。所以你看，我相信，而且我們也從客戶活動中看到了這一點，即政府的產業政策正在惠及五個特定行業，而這五個行業恰好是我們的成長垂直領域。資料中心的電氣化和發電、人工智慧投資、電網和發電能力的現代化、近岸外包對生命科學和半導體產業的影響、強有力的開放能源政策，該政策能夠開發頁岩氣並向我們的合作夥伴出口液化天然氣。

And lastly, a defense policy that continues to modernize the American military apparatus, and we benefit from that through AI. So that industrial policy has holistically called incredibly well in the United States and aligns to our technology stack serves incredibly well.

最後，國防政策將繼續推動美國軍事機構的現代化，而人工智慧將使我們從中受益。因此，美國的產業政策總體上做得非常好，並且與我們的技術體系非常契合，發揮了非常好的作用。

Yes. And just to break it down, on the 18%, a large majority of the $450 million in project wins came in North America from a power and LNG perspective. We indicated our Ovation business was up 74% in orders. A lot of it was in North America. T&M was up 20% in orders up close to 30% in North America.

是的。具體來說，在 4.5 億美元的項目中，18% 的項目中，絕大部分來自北美，涉及電力和液化天然氣領域。我們表示，Ovation 業務的訂單量成長了 74%。其中很多都發生在北美。T&M 的訂單量增加了 20%，北美地區的訂單量增加了近 30%。

So the elements of LNG power semiconductors, aerospace demand, life sciences, augmented with a strong MRO, which was up mid- to high single digit from an orders perspective, drove the strength in North America. Now we don't expect the 18% to continue through the quarter. But I think we're very confident that high single-digit growth in North America is something we will take into the plan for the full year.

因此，液化天然氣、半導體、航太需求、生命科學等因素，再加上強勁的MRO（從訂單角度來看，MRO成長了中高個位數），推動了北美市場的強勁成長。現在我們預計18%的漲幅不會持續到本季末。但我認為我們非常有信心，北美地區的高個位數成長將是我們全年計劃的目標之一。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

I have to ask this question even though I'm not sure you're going to be able to answer it with much precision, but on the opportunity out there in Venezuela, there's got to be just a lot of old aging equipment in there that needs a refresh, but I'm not sure if you guys have any color you could provide on that opportunity or whether you're already talking to customers about potentially having some boots on the ground there or what you can do to kind of make sure you can benefit from a rebuild.

我不得不問這個問題，雖然我不確定您能否給出非常準確的答案，但關於委內瑞拉的商機，那里肯定有很多老舊的設備需要翻新，但我不知道你們是否能提供一些關於這個商機的具體信息，或者你們是否已經在與客戶洽談，考慮派人到那裡，或者你們可以做些什麼來確保能夠從設備翻新中獲益。

So I appreciate the question, Scott, certainly a subject that we've renewed here in the walls of our company, with our teams. We have a long-established history in Venezuela and relationship with Pinavisa that goes back for decades. We estimate to have approximately $1 billion of installed base in the country.

史考特，我很感謝你提出這個問題，這確實是我們公司內部、我們團隊一直在討論的議題。我們在委內瑞拉有著悠久的歷史，與 Pinavisa 的關係可以追溯到幾十年前。我們估計該產品在全國的裝機量約為10億美元。

And largely, many of our channel partners, believe it or not, are still intact in the country, although we are not -- we've not been transacting in Venezuela since the sanctions that have been transacting over the last two years directly with Chevron, that's sub million dollars a year. So we have a plan.

而且，不管你信不信，我們的許多通路合作夥伴在該國仍然安然無恙，儘管我們自己並非如此——自從制裁以來，我們就沒有在委內瑞拉進行過交易，而過去兩年我們一直直接與雪佛龍進行交易，每年交易額不到一百萬美元。所以我們制定了一個計劃。

We've mobilized and thought with the investments we need to put back into the country. we'll watch and see what happens with the national oil laws that need to be amended to enable foreign investment into Venezuela. But we believe that make, and you're absolutely right, that has been that has been underinvested lax talent is right for growth. So we'll see how things evolve, and we'll be ready to go in there and provide technology into those installations.

我們已經調動資源，認真思考需要投入多少資金給國家。我們將密切關注委內瑞拉國家石油法的進展，這些法律需要修訂才能允許外國投資進入委內瑞拉。但我們相信，你完全正確，一直以來投資不足的鬆散人才，對成長來說才是正確的選擇。所以我們會看看事態如何發展，我們會做好準備，進入這些設施並提供技術支援。

And just to add to that. Interestingly, as we looked at it, the first area that will probably go will be our, and so we'll have to work on the power situation there, and there's an opportunity there for us as well.

我還要補充一點。有趣的是，當我們審視這個問題時，第一個可能受到影響的地區就是我們，所以我們必須解決那裡的電力問題，這對我們來說也是一個機會。

That's what I was going to ask as a follow-up really is I'm thinking about traditional upstream and perhaps maybe not thinking as much about some of the other stuff, including downstream or even other industries, I don't know Venezuela well enough to know if there's any infrastructure out there otherwise. But is there a wider TAM out there than perhaps just what we're talking about in oil and gas?

我本來想追問的其實是，我主要考慮的是傳統的上游產業，可能沒有過多考慮其他方面，包括下游產業甚至其他產業。我對委內瑞拉了解不夠，不知道那裡是否還有其他基礎設施。但是，除了我們正在討論的石油和天然氣領域之外，是否存在更廣泛的潛在市場規模（TAM）？

Yes. I think Mike's point on power generation is a valid one. But the biggest challenge that country is going to have is there's been an incredible range that's impacted Venezuela over the last 20 years. Lack of engineers, technical knowledge. And a lot of that has to be reestablished.

是的。我認為麥克關於發電的觀點是合理的。但該國將面臨的最大挑戰是，過去 20 年來，委內瑞拉受到了廣泛的影響。缺乏工程師和技術知識。很多東西都需要重建。

Security situations to be improved and investment capability needs to be enabled by their Congress. So we're way to the way, but we're watching it very carefully, and we're at least. And to be honest, much like we did in Iraq after the Gulf or becoming prepared so that we can hit the ground running.

國會需要改善安全情勢並提升投資能力。所以我們還有很長的路要走，但我們正在非常仔細地觀察，至少我們是這樣。說實話，這很像我們在海灣戰爭後在伊拉克所做的那樣，做好準備以便我們能夠迅速投入戰鬥。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Just a couple of quick ones. Any update on tariffs, mitigation activity? Any color there?

就簡單問幾個問題。關於關稅和緩解措施，有任何最新進展嗎？那裡有顏色嗎？

Yes. I mean, obviously, from a tariff perspective, the positive news on China, the IEEPA tariffs there, fentanyl tariffs going from 20 to 10. Now we did get some tariffs from Mexico where countries that don't have a trade agreement with Mexico and importing into Mexico have tariffs. So that's a little bit of a headwind. But net-net -- and obviously, the development today, it's early, but with India has a meaningful impact.

是的。我的意思是，很明顯，從關稅的角度來看，中國方面的利多消息是，IEEPA 關稅，芬太尼關稅從 20 降至 10。現在我們確實收到了一些來自墨西哥的關稅，那些與墨西哥沒有貿易協定的國家，從墨西哥進口商品時會被徵收關稅。所以這算是個小小的阻力。但總的來說——顯然，目前的發展還處於早期階段，但對印度來說卻產生了有意義的影響。

So I would say more favorability. We still haven't quantified versus what we built in. I mean we built in -- I don't know if we've shared the number, Doug, on the amount of tariffs, we've built in about $130 million of tariffs into the plan. We are seeing relief to that number, but it's early to quantify how much. But it will be a net positive for the year versus what we've baked into the plan.

所以我認為更受歡迎。我們還沒有量化與我們已建造的內容之間的差異。我的意思是，我們已經在計劃中加入了——我不知道我們是否已經公佈過關稅的具體數額，道格，我們在計劃中加入了大約 1.3 億美元的關稅。我們看到這個數字有所下降，但現在量化下降幅度還為時過早。但與我們計劃中的預期相比，今年的淨收益將是積極的。

Got it. That's helpful. And then China has come up a couple of different times. I know it's not a new region of softness, but while you mentioned it could be some green shoots. So what's the latest there? What's the opportunity? What are those green shoots you're referencing?

知道了。那很有幫助。然後，中國也曾被提及幾次。我知道這不是一片新的柔軟區域，但正如你所說，這可能是一些萌芽的跡象。那邊最新狀況如何？機會是什麼？你說的那些綠芽是什麼？

Yes. We've seen really good activity in the Test & Measurement space in a broad portfolio of business. As you know, we're well participating in the Aerospace Defense segment there. The semiconductor, where we're allowed to with a very sanctious and (inaudible) portfolio. And that business is up in the high double digits.

是的。我們看到，在廣泛的業務組合中，測試與測量領域都出現了非常好的活躍度。如您所知，我們積極參與了那裡的航空航太國防領域。在半導體領域，我們被允許擁有一個非常神聖且（聽不清楚）的產品組合。而且這項業務的成長幅度達到了兩位數以上。

So we feel very good about that. There are great opportunities and continue to be great opportunities in power generation. Again, there is a dynamic in China that very much aligns in the US around data center build-out AI infrastructure and power generation needs. We're seeing new capacity come online as opposed to that way getting the US.

所以我們對這一點感到非常滿意。發電領域存在著巨大的機遇，這種機會也將持續存在。同樣，中國在資料中心建設、人工智慧基礎設施和發電需求方面，也存在著與美國非常相似的動態。我們看到新的產能投入使用，而不是像以前那樣進入美國市場。

Yes, there were 25 equine coal-fired power plants last year. There's a bunch of nuclear work to be done as well behind the meter work. So that's where we see the activity. But overall, continue to just overall concern that we will be in a low single-digit negative world in this year.

是的，去年有 25 座以馬為燃料的燃煤發電廠。除了核電工程外，還有許多幕後工作要做。所以，我們就在那裡看到了活動。但總的來說，我們仍然普遍擔心今年氣溫將處於個位數的負值水準。

And ladies and gentlemen, we have reached the end of the question-and-answer session. And this also concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation. Have a great day.

女士們、先生們，問答環節到此結束。今天的會議到此結束，您可以斷開線路了。感謝您的參與。祝你有美好的一天。