艾默生電氣 (EMR) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Emerson second-quarter 2026 earnings conference call.

各位好。歡迎參加艾默生（Emerson）2026 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Doug Ashby, Director of Investor Relations. Please go ahead.

現在我很榮幸介紹投資人關係總監 Doug Ashby。請開始。

Good afternoon. Thank you for joining Emerson's second-quarter 2026 earnings conference call.

各位下午好。感謝各位參加艾默生 2026 年第二季財報電話會議。

Today, I am joined by Emerson's President and Chief Executive Officer, Lal Karsanbhai; Chief Financial Officer, Mike Baughman; and Chief Operating Officer, Ram Krishnan.

今天與我一同出席的有艾默生總裁暨執行長 Lal Karsanbhai；財務長 Mike Baughman；以及營運長 Ram Krishnan。

As always, I encourage everyone to follow along with the slide presentation, which is available on our website.

一如往常，我鼓勵大家搭配投影片簡報一同觀看，簡報可於我們的網站取得。

Please turn to slide 2. This presentation may include forward-looking statements, which contain a degree of business risk and uncertainty. Please take time to read the Safe Harbor statement and note on the non-GAAP measures.

請翻到第 2 頁投影片。本簡報可能包含前瞻性陳述，其中包含一定程度的商業風險與不確定性。請撥冗閱讀「安全港」聲明以及關於非 GAAP 指標的說明。

I will now pass the call over to Emerson's President and CEO, Lal Karsanbhai, for his opening remarks.

接下來我將把電話交給艾默生總裁暨執行長 Lal Karsanbhai，請他發表開場致詞。

Thank you, Doug. Good afternoon.

謝謝你，Doug。各位下午好。

I'd like to begin by thanking our colleagues around the world. At this moment, it is important to highlight our teams in the Middle East, who persevered in a challenging; at times, dangerous environment. All of our employees and families remain safe. We continue to serve our customer needs throughout the region.

我想先感謝我們遍布全球的同仁。在此刻，特別重要的是要表揚我們在中東的團隊，他們在充滿挑戰、且有時甚至危險的環境中仍堅持不懈。我們所有員工及其家人目前皆平安無虞。我們也持續在整個區域滿足客戶需求。

What defines our company is a high-performance culture, based on deep respect for each other and an unwavering commitment to our customers. Led by Liam Hurley, our team in the Middle East brought this to life. Thank you.

定義我們公司的，是一種高績效文化：彼此深切尊重，並對客戶抱持堅定不移的承諾。在 Liam Hurley 的帶領下，我們的中東團隊將此精神落實到位。謝謝。

Please turn to slide 3. We are committed to ongoing Board refreshment. Today, we announce the newest Member elected to our Board of Directors. Jennifer Newstead is the Senior Vice President and General Counsel of Apple. Prior to joining Apple in January 2026, Jennifer served as Chief Legal Officer at Meta.

請翻到第 3 頁投影片。我們致力於持續更新董事會成員。今天，我們宣布最新當選的董事會成員。Jennifer Newstead 現任蘋果（Apple）資深副總裁兼總法律顧問。在 2026 年 1 月加入蘋果之前，Jennifer 曾任 Meta 的首席法務長。

She previously held multiple senior roles at the US Department of State; White House Office of Management and Budget; and the Department of Justice. Jennifer also spent 12 years in private practice, advising technology, media, and financial services firms on litigation and regulatory matters.

她先前曾在美國國務院、白宮管理及預算局，以及司法部擔任多項資深職務。Jennifer 亦曾在私人執業領域服務 12 年，就訴訟與監管事務為科技、媒體與金融服務公司提供諮詢。

Her unique expertise in corporate governance; global business; and technology and innovation will be a tremendous addition to the Emerson Board. Jennifer will officially join our Board on August 3, 2026.

她在公司治理、全球業務，以及科技與創新方面的獨特專長，將為艾默生董事會帶來極大的助益。Jennifer 將於 2026 年 8 月 3 日正式加入我們的董事會。

This will expand Emerson's Board to 11 members. We are excited to have Jennifer join us.

這將使艾默生董事會擴增至 11 名成員。我們很高興 Jennifer 加入我們。

Please turn to slide 4. End-market demand remains strong. Underlying orders grew 5% in the second quarter, led by Software & Systems, which saw robust investment in our growth verticals; and sustained momentum in North America and India. I will discuss more details on demand on the next slide.

請翻到第 4 頁投影片。終端市場需求仍然強勁。第二季基本訂單成長 5%，主要由軟體與系統（Software & Systems）帶動；我們的成長垂直領域投資強勁，且北美與印度動能持續。下一頁我將進一步說明需求的更多細節。

Emerson's second-quarter results reflect our ability to deliver in a dynamic environment. Underlying sales growth of 0.5% was below expectations due to a 1 point impact from the Middle East conflict.

艾默生第二季的業績反映出我們在多變環境中交付成果的能力。由於中東衝突帶來 1 個百分點的影響，基本銷售成長 0.5% 低於預期。

Test & Measurement continued to exceed expectations, up 12%, year over year. Our Ovation business was up mid-teens, driven by the secular demand for Power.

測試與量測（Test & Measurement）持續超出預期，年增 12%。我們的 Ovation 業務成長約在十位數中段（mid-teens），主要受電力（Power）長期結構性需求所帶動。

Adjusted segment EBITDA margin of 27.6% exceeded expectations. We delivered adjusted earnings per share of $1.54 near the top end of our guidance.

調整後分部 EBITDA 利潤率 27.6% 高於預期。我們交出調整後每股盈餘（EPS）1.54 美元，接近指引區間上緣。

As expected, annual contract value of our software grew 9% year over year and ended the quarter at $1.64 billion.

如預期所示，我們軟體的年度合約價值（ACV）年增 9%，並於本季末達到 16.4 億美元。

We are updating our full-year guidance to reflect the impact of the conflict in the Middle East. We now expect sales growth of 4.5%, with underlying growth of 3%.

我們更新全年指引，以反映中東衝突的影響。我們目前預期銷售成長 4.5%，其中基本成長為 3%。

Adjusted segment EBITDA margin is still expected to be approximately 28%. We are raising the bottom and midpoint of our adjusted EPS guide, now expecting $6.45 to $6.55 per share.

調整後分部 EBITDA 利潤率仍預期約為 28%。我們上調調整後 EPS 指引的下緣與中位數，目前預期每股 6.45 至 6.55 美元。

We remain confident in our second-half plans for 2026, based on the orders momentum we are seeing and the visibility we have from our backlog, which is up 9%, year over year.

基於我們所見的訂單動能，以及來自積壓訂單（backlog）的可視性（年增 9%），我們對 2026 年下半年計畫仍具信心。

Throughout the first half, Emerson completed $542 million of share repurchases and will remain committed to returning approximately $2.2 billion of capital to shareholders this fiscal year.

在上半年期間，艾默生完成 5.42 億美元的庫藏股回購，並將持續致力於在本會計年度向股東返還約 22 億美元資本。

Finally, I want to highlight the strength of our differentiated industrial software portfolio to address concerns in the broader software market regarding AI. We are seeing healthy growth in ACV and expect to finish the year up 10%-plus.

最後，我想強調我們具差異化的工業軟體產品組合之實力，以回應更廣泛軟體市場對 AI 的疑慮。我們看到 ACV 維持健康成長，並預期全年將成長超過 10%。

Our software is based on decades of deep domain expertise and serves mission-critical applications in highly regulated industries. These applications require real-time compute and traceability of data, where being right 99.9% of the time is not good enough.

我們的軟體奠基於數十年的深厚領域專業，服務於高度監管產業中的關鍵任務（mission-critical）應用。這些應用需要即時運算與資料可追溯性，在這裡，即使 99.9% 的正確率也不夠。

Further, we are well positioned to benefit from embedding AI in our solutions. This represents a great opportunity for Emerson, as we advance the journey to autonomous operations.

此外，我們也具備優勢，能從將 AI 嵌入我們解決方案中受益。隨著我們推進邁向自主化營運（autonomous operations）的旅程，這對艾默生而言是一項重大機會。

Emerson recently deployed an AI-driven optimization solution for Aramco, one of the world's leading integrated energy and chemicals companies. Emerson's Aspen Hybrid Models were integrated into Aramco's existing refinery planning network to create one of the world's largest multi-site optimization models and give Aramco a scalable, robust tool for global refinery planning.

艾默生近期為 Aramco（全球領先的整合型能源與化學公司之一）部署了一套 AI 驅動的最佳化解決方案。艾默生的 Aspen 混合模型（Aspen Hybrid Models）已整合至 Aramco 既有的煉油規劃網路中，打造出全球最大的多據點最佳化模型之一，並為 Aramco 提供可擴充、穩健的全球煉油規劃工具。

Next week, AspenTech and NI will both host user conferences, where Emerson will showcase our latest innovations, which will help customers unlock greater levels of optimization and productivity across their operations.

下週，AspenTech 與 NI 都將舉辦使用者大會，屆時艾默生將展示我們最新的創新成果，協助客戶在其營運中解鎖更高程度的最佳化與生產力。

AspenTech will hold their OPTIMIZE event, with over 1,100 customers from 49 countries, including keynotes from Exxon Mobil, TotalEnergies, and Exelon. NI Connect will feature keynote addresses from prominent customers, including NVIDIA and Alstom, with over 1,600 attendees from 38 countries.

AspenTech 將舉辦 OPTIMIZE 活動，將有來自 49 個國家的 1,100 多位客戶參與，並包含 Exxon Mobil、TotalEnergies 與 Exelon 的主題演講。NI Connect 將邀請多家重要客戶發表主題演講，包括 NVIDIA 與 Alstom，並有來自 38 個國家的 1,600 多位與會者。

Please turn to slide 5. Underlying orders grew 5% in the second quarter, consistent with our expectations and supporting our second-half sales plan.

請翻到第 5 頁投影片。第二季基本訂單成長 5%，符合我們的預期，並支持我們下半年銷售計畫。

North America and India continued to drive orders performance. Demand in Europe remains stable but soft, while China has started the year slower than expected.

北美與印度持續帶動訂單表現。歐洲需求仍維持穩定但偏弱，而中國今年開局較預期更慢。

Software & Systems orders grew 18% year over year, with Test & Measurement and Control Systems & Software both up 18%.

軟體與系統（Software & Systems）訂單年增 18%，其中測試與量測（Test & Measurement）以及控制系統與軟體（Control Systems & Software）皆成長 18%。

We saw sustained robust investment in Power, with orders in our Ovation up 41% and ACV in AspenTech's Digital Grid Management suite up 31%.

我們看到電力（Power）領域持續強勁投資，Ovation 訂單成長 41%，AspenTech 的數位電網管理（Digital Grid Management）套件 ACV 成長 31%。

We expect our growth verticals to be multi-year drivers of growth, supported by secular tailwinds. We are seeing significant capital being deployed in projects.

我們預期成長垂直領域將在多年期間成為成長驅動力，並受長期結構性順風支撐。我們看到大量資本正投入各項專案。

Emerson won approximately $450 million from our project funnel in the quarter, with 85% from our growth verticals led by Power, Life Sciences, and LNG. The funnel grew to $11.2 billion, driven by new opportunities in Power.

本季艾默生從我們的專案漏斗（project funnel）中贏得約 4.5 億美元，其中 85% 來自我們的成長垂直領域，主要由電力、生命科學與 LNG 帶動。在電力領域新機會的推動下，該漏斗規模成長至 112 億美元。

Now, I want to highlight a few key recent project wins:

現在，我想強調幾項近期重要的專案勝利：

First, Emerson was selected by Oncor, the largest electric delivery company in Texas, to enable the delivery of reliable power to more than 13 million residents.

首先，Emerson 獲德州最大電力輸配公司 Oncor 選用，以協助向超過 1,300 萬名居民提供可靠電力。

Oncor will use AspenTech's DGM to modernize and scale its distribution grid, preparing for increased demand, driven by the growing population in Texas. Oncor will gain operational efficiencies and enhance grid-management capabilities by leveraging a purpose-built OT platform for both transmission and distribution systems.

Oncor 將使用 AspenTech 的 DGM 來現代化並擴展其配電電網，為德州人口成長所帶動的需求增加做好準備。Oncor 將透過運用專為 OT 打造的平台，同時用於輸電與配電系統，以提升營運效率並強化電網管理能力。

Next, Emerson was chosen by NextDecade for the Train 4 and 5 expansion to the Rio Grande LNG facility, which will add 12 million tons per annum in capacity.

接著，Emerson 獲 NextDecade 選定，用於 Rio Grande LNG 設施第 4 與第 5 列（Train 4 和 5）擴建案，將新增每年 1,200 萬噸產能。

Emerson will supply instruments, valves, and analytical systems; and was selected based upon our strong operational performance in LNG applications and our local presence and support.

Emerson 將供應儀表、閥門與分析系統；並因我們在 LNG 應用上的強勁營運表現，以及在地據點與支援能力而獲選。

Third, a major pharmaceutical manufacturer, based in Indiana, chose Emerson to support their three-site production program for oral GLP-1s.

第三，一家位於印第安納州的大型製藥製造商選擇 Emerson，支援其口服 GLP-1 的三廠區生產計畫。

Ramping production quickly to meet substantial demand is critical for this project. Emerson will provide our leading DeltaV Control Systems & Software, as well as our ability to execute complex projects.

為滿足龐大需求而快速提升產能，對此專案至關重要。Emerson 將提供我們領先的 DeltaV 控制系統與軟體，以及執行複雜專案的能力。

Lastly, Emerson will provide NI software and modular hardware to a leading aerospace company, headquartered in South Texas, for the production of their next-generation communication satellite.

最後，Emerson 將為一家總部位於南德州的領先航太公司提供 NI 軟體與模組化硬體，用於其下一代通訊衛星的生產。

Emerson was chosen for its ability to provide improved test speed and measurement accuracy within a small footprint.

Emerson 因能在小型占地內提供更快的測試速度與更高的量測精度而獲選。

Please turn to slide 6. We have a $1.2 billion business in the Middle East, representing 7% of sales. Emerson has an $8.5 billion installed base in the region and over 1,400 employees across manufacturing, field service, and sales administration.

請翻到第 6 頁投影片。我們在中東有一個 12 億美元的業務，約占銷售額的 7%。Emerson 在該地區的裝機基礎達 85 億美元，並在製造、現場服務與銷售行政等領域擁有超過 1,400 名員工。

The conflict presented a significant disruption in the quarter, causing a 1 point impact to underlying sales.

本季衝突造成重大干擾，使基礎銷售（underlying sales）受到 1 個百分點的影響。

First and foremost, the safety of our employees and customers is our ultimate priority. We took actions, such as shutting down manufacturing for a period to protect our people. In March, our field service engineers also operated at less than 50% of pre-conflict levels.

首要之務，我們員工與客戶的安全是最高優先事項。我們採取了行動，例如一度關閉製造作業以保護同仁。3 月時，我們的現場服務工程師也僅以衝突前不到 50% 的水準運作。

Emerson maintains a strong regionalized manufacturing strategy in the Middle East. But components for instruments and valves are imported into the region.

Emerson 在中東維持強而有力的區域化製造策略。但儀表與閥門的零組件仍需進口至該地區。

Additionally, the closure of the Strait of Hormuz caused significant disruptions to ocean, air, and ground logistics, which restricted our ability to import necessary components for instruments and valves.

此外，荷姆茲海峽的關閉對海運、空運與陸運物流造成重大干擾，限制了我們進口儀表與閥門所需關鍵零組件的能力。

Our customers experienced a varying degree of impact, with 47 customer sites identified as having been damaged in some capacity.

我們的客戶受到不同程度的影響，已確認有 47 個客戶據點在某種程度上遭到損壞。

We saw a slowdown of MRO and project activity in the quarter, as some facilities restricted personnel.But We saw an improvement in activity in April.

本季我們看到 MRO 與專案活動放緩，因部分設施限制人員進出。但我們在 4 月看到活動有所改善。

We are encouraged by the efforts of our employees and customers to drive business continuity. The situation remains challenging. We expect it to impact the full-year 2026 underlying sales by 1 point.

我們對員工與客戶推動業務持續營運的努力感到鼓舞。情勢仍然嚴峻。我們預期其將使 2026 全年基礎銷售（underlying sales）受到 1 個百分點的影響。

Customer sites were largely operational by mid-April, although running at around 75% capacity due to their inability to move product out of the Strait of Hormuz.

到 4 月中旬，客戶據點大多已恢復運作，但由於無法將產品運出荷姆茲海峽，產能約僅以 75% 運轉。

Emerson's manufacturing facilities are both operational. Our field service engineers are now operating at 80% of pre-conflict levels.

Emerson 的製造設施目前皆已運作。我們的現場服務工程師現已恢復至衝突前約 80% 的運作水準。

The dedication and service levels of our employees is deepening customer relationships. But we are working proactively with our customers to ensure we can meet their needs, as they begin to work to repair damaged infrastructure.

員工的投入與服務水準正加深客戶關係。同時，我們也正主動與客戶合作，確保在他們開始修復受損基礎設施之際，我們能滿足其需求。

We have already seen rehabilitation activity. We expect to have additional opportunities, as customers continue to assess their facilities.

我們已經看到復原整修活動。隨著客戶持續評估其設施，我們預期將有更多機會。

Overall, we estimate a future rebuild-and-restart opportunity of approximately $100 million, which will play out over several quarters.

整體而言，我們估計未來「重建與重啟」的機會約為 1 億美元，將在數個季度內逐步展開。

Although the Strait of Hormuz remains effectively closed, our teams are implementing alternative routes and expect to see logistics continue to improve.

雖然荷姆茲海峽仍幾乎處於關閉狀態，我們的團隊正採取替代路線，並預期物流將持續改善。

While we are seeing increased freight expenses in the region, the cost impact to Emerson is manageable. Importantly, on-site project execution work is now progressing well at several key sites. The outlook for projects remains strong.

儘管我們看到該地區運費支出增加，但對 Emerson 的成本影響仍在可控範圍內。重要的是，數個關鍵據點的現場專案執行工作目前進展良好。專案展望仍然強勁。

I want to reiterate how proud I am of our employees for their resiliency. We continue to stand with our customers during this challenging situation.

我想再次強調，我為員工的韌性深感自豪。在這段艱難情勢下，我們將持續與客戶站在一起。

With that, I will now turn the call over to Mike Baughman to discuss our financial results and guide us in more detail.

接下來，我將把電話會議交給 Mike Baughman，請他討論我們的財務結果並提供更詳細的指引。

Thanks, Lal.

謝謝，Lal。

Please turn to slide 7 for a more in-depth look at our Q2 financial results.

請翻到第 7 頁投影片，以更深入檢視我們第二季（Q2）的財務結果。

As a reminder, our first-half financial results are adversely affected by a software contract renewal dynamic that impacted Q2 sales growth by approximately 2 percentage points, adjusted segment EBITDA margin expansion by 90 basis points, and earnings per share growth by $0.09.

提醒一下，我們上半年財務結果受到軟體合約續約節奏因素的不利影響：該因素使 Q2 銷售成長約少了 2 個百分點，使調整後分部 EBITDA 利潤率擴張少了 90 個基點，並使每股盈餘成長少了 0.09 美元。

Our Q2 results were also adversely affected by the Middle East conflict by approximately 1 point.

我們 Q2 結果也因中東衝突而受到約 1 個百分點的不利影響。

Excluding these headwinds, Q2 underlying sales growth was approximately 3%. We continue to see strong growth at Test & Measurement, up 12% in the quarter; and Control Systems & Software, which was up 4%, excluding the software renewal dynamic.

排除這些逆風後，Q2 基礎銷售成長約為 3%。我們持續看到測試與量測（Test & Measurement）強勁成長，本季成長 12%；控制系統與軟體（Control Systems & Software）在排除軟體續約因素後成長 4%。

I will provide more details on geographic and group performance on the next two slides.

接下來兩頁投影片，我將提供更多地理區域與事業群表現的細節。

Price contributed 3.5 points to growth, as expected. MRO was 65% of sales. Backlog ended the quarter at $8.2 billion, up 9%, year over year. Our book-to-bill was [1.07].

如預期，價格對成長貢獻 3.5 個百分點。MRO 占銷售額的 65%。期末在手訂單（backlog）為 82 億美元，年增 9%。我們的接單出貨比（book-to-bill）為[1.07]。

Adjusted segment EBITDA margin of 27.6% exceeded expectations and benefited from favorable segment and geographic mix. Price cost and cost reductions more than offset inflation.

調整後分部 EBITDA 利潤率為 27.6%，優於預期，並受惠於有利的分部與地理區域組合。價格/成本效益與成本降低的效果，足以抵銷通膨。

Excluding the 90 basis points impact from the software contract renewal dynamic, adjusted segment EBITDA margin was up 50 basis points.

若排除軟體合約續約節奏因素造成的 90 個基點影響，調整後分部 EBITDA 利潤率提升 50 個基點。

Adjusted earnings per share was $1.54, a 4% increase year over year, while Q2 cash flow came in at $694 million, with a margin of 15%. We are on track for full-year cash flow growth of approximately 10% at greater-than 18% margin.

調整後每股盈餘為 1.54 美元，年增 4%；而 Q2 現金流為 6.94 億美元，利潤率為 15%。我們正按計畫達成全年現金流約 10% 的成長，且利潤率高於 18%。

Q2 was a difficult quarter due to the conflict in the Middle East. I am proud of the operational performance we delivered.

由於中東衝突，Q2 是艱難的一季。我為我們所交出的營運表現感到自豪。

Please turn to slide 8 for details on Q2 underlying sales by region:

請翻到第 8 頁投影片，查看 Q2 各區域基礎銷售的細節：

The Americas were up 5%, with the US up 9%. The pace of business in North America remained strong, with significant activity across our growth verticals and resilient spend in MRO.

美洲地區成長 5%，其中美國成長 9%。北美業務動能依然強勁，我們的成長垂直領域活動顯著，且 MRO 支出具韌性。

As expected, Europe was soft, declining 4%.

如預期，歐洲表現疲弱，下滑 4%。

The Middle East and Africa was down 5%, driven by the conflict in the region, as customers were forced to curtail operations.

中東與非洲下滑 5%，主要受該地區衝突影響，客戶被迫縮減營運。

As Lal mentioned in his comments, we have modeled the conflict in the Middle East as a 1 point headwind to consolidated (technical difficulty) --

如 Lal 在評論中提到，我們已將中東衝突建模為對合併(技術困難) -- 的 1 個百分點逆風。

One moment, please. It appears we are having some technical difficulty.

請稍等一下。看起來我們遇到一些技術問題。

(inaudible - microphone inaccessible) -- that's fine. I'll just start over.

(聽不清楚－麥克風無法使用)－－沒關係。我就重新開始。

Thank you. You may now resume.

謝謝。您現在可以繼續。

Okay. Sorry about that. We had some technical difficulties.

好的。抱歉。我們剛才有一些技術問題。

We are going to resume on slide 9, where we will talk about underlying sales by region.

我們將從第9張投影片繼續，將討論按地區劃分的內生銷售。

The Americas were up 5%, with the US up 9%. The pace of business in North America remained strong, with significant activity across our growth verticals and resilient spend in MRO.

美洲地區成長5%，其中美國成長9%。北美業務動能仍然強勁，我們的成長垂直領域活動顯著，且MRO支出具韌性。

As expected, Europe was soft, declining 4%.

如預期，歐洲表現疲弱，下滑4%。

The Middle East and Africa was down 5%, driven by the conflict in the region, as customers were forced to curtail operations.

中東與非洲下滑5%，主要受該地區衝突影響，客戶被迫縮減營運。

As Lal mentioned in his comments, we have modeled the conflict in the Middle East as a 1 point headwind to consolidated Emerson sales growth in 2026.

正如Lal在評論中提到的，我們已將中東衝突納入模型，視為2026年對艾默生合併銷售成長的1個百分點逆風。

During the first half of our fiscal year, we have seen better-than-expected growth in the US. We expect the strength in the US to continue. We now expect the US to grow high-single digits for the year. This incremental growth is offset by a slower-than-expected China, which we now expect to be down mid-single digits for the year.

在本財年上半年，我們看到美國成長優於預期。我們預期美國的強勁表現將持續。我們現在預期美國全年將成長高個位數。這部分增量成長被中國低於預期的表現所抵銷，我們目前預期中國全年將下滑中個位數。

Globally, we are seeing significant activity sustained in our growth verticals, which were up 22% in the quarter.

在全球範圍內，我們看到成長垂直領域的顯著活動持續，該領域本季成長22%。

Power was up 23%. We saw healthy investment in plant modernizations, lifetime extensions, and behind-the -meter generation for data centers.

電力成長23%。我們看到對工廠現代化、延長使用壽命，以及資料中心表後發電（behind-the-meter generation）的健康投資。

We also saw robust performance across the other growth verticals, particularly in Aerospace & Defense and Life Sciences.

我們也看到其他成長垂直領域表現強勁，尤其是在航太與國防以及生命科學。

Please turn to slide 9 for details on the sales and margin performance for our three business groups:

請翻到第9張投影片，查看我們三個事業群的銷售與利潤率表現細節：

Software & Systems faced a 4.5% sales headwind from the software contract renewal dynamic; and reported underlying sales growth of 1%. The growth was led by broad-based strength in Test & Measurement, which was up 12%.

軟體與系統（Software & Systems）受到軟體合約續約動態帶來的4.5%銷售逆風影響；並呈報內生銷售成長1%。成長主要由測試與量測（Test & Measurement）的廣泛強勁帶動，該業務成長12%。

We saw significant Software & Systems growth in Power, Life Sciences, Semiconductor, and Aerospace & Defense.

我們在電力、生命科學、半導體以及航太與國防領域看到軟體與系統顯著成長。

Software & Systems margin of 29.2% decreased 250 basis points year over year, driven by the software contract renewal dynamic, which was a 300 basis points drag.

軟體與系統的利潤率為29.2%，年減250個基點，主要受軟體合約續約動態影響，該因素拖累300個基點。

Intelligent Devices underlying sales were down 1%. The conflict in the Middle East impacted this growth by 2 points, offsetting strength in Power and LNG. Intelligent Devices margin of 27.9% increased 80 basis points year over year from strong price cost and cost reductions.

智慧裝置（Intelligent Devices）內生銷售下滑1%。中東衝突對該成長造成2個百分點的影響，抵銷了電力與LNG的強勁表現。智慧裝置利潤率為27.9%，在強勁的價格/成本（price-cost）與成本降低帶動下，年增80個基點。

Safety & Productivity was up 2%, underlying, driven by electrical products and stable project activity in North America, while European markets remained soft.

安全與生產力（Safety & Productivity）內生成長2%，主要由電氣產品以及北美穩定的專案活動帶動，而歐洲市場仍然疲弱。

Safety & Productivity's margin of 21.7% was down 10 basis points year over year, driven by lower volume, offset by benefits from price and cost reduction.

安全與生產力的利潤率為21.7%，年減10個基點，主要因出貨量較低所致，但部分被價格與成本降低帶來的效益所抵銷。

Please turn to slide 10, where I will bridge Q2 adjusted EPS from the prior year. Excluding the $0.09 impact of software renewals, operations delivered $0.08 of incremental EPS in Q2. Of this, Software & Systems contributed $0.05, Intelligent Devices added $0.02, and Safety & Productivity contributed $0.01.

請翻到第10張投影片，我將把第二季調整後EPS與去年同期做橋接。若排除軟體續約帶來的0.09美元影響，營運在第二季帶來0.08美元的增量EPS。其中，軟體與系統貢獻0.05美元，智慧裝置增加0.02美元，安全與生產力貢獻0.01美元。

Non-operating items added $0.07, primarily from FX benefits. Overall, adjusted EPS grew 4% year on year to $1.54.

非營運項目增加0.07美元，主要來自外匯（FX）收益。整體而言，調整後EPS年增4%至1.54美元。

Please turn to slide 11 for our 2026 underlying sales guidance by business group. We are adjusting our full-year guidance for sales to reflect the Middle East conflict and now expect full-year underlying sales growth of approximately 3%.

請翻到第11張投影片，查看我們按事業群劃分的2026年內生銷售指引。我們正在調整全年銷售指引以反映中東衝突，並預期全年內生銷售成長約3%。

We expect Software & Systems to be up approximately 8% in Q3 and are increasing our full-year expectations to up 5%, based on the strength of our growth verticals in this business and strength in the US.

我們預期軟體與系統在第三季將成長約8%，並基於該業務成長垂直領域的強勁表現以及美國市場的強勢，將全年預期上調至成長5%。

Test & Measurement is planned to grow mid-teens in Q3 and low-teens in the full year, up from our prior expectations of high-single-digit growth in 2026.

測試與量測預計第三季成長中十位數，全年成長低十位數，高於我們先前對2026年高個位數成長的預期。

The Control Systems & Software segment is expected to grow mid-single digits in Q3 and low-single digits in the full year. We continue to see robust adoption of our software and still expect ACV growth of 10%-plus in 2026.

控制系統與軟體（Control Systems & Software）部門預期第三季成長中個位數，全年成長低個位數。我們持續看到客戶對我們軟體的強勁採用，仍預期2026年ACV成長10%以上。

Intelligent Devices is projected to grow 4% in Q3. We are lowering our full-year expectations to approximately 2%, driven by the conflict in the Middle East.

智慧裝置預計第三季成長4%。受中東衝突影響，我們將全年預期下調至約2%。

Second-half growth in Intelligent Devices is supported by backlog phasing and the timing of product shipments, with strength in the US and growth verticals offsetting a slower-than-expected China.

智慧裝置下半年成長受到訂單積壓（backlog）分期以及產品出貨時點的支持；美國與成長垂直領域的強勁表現抵銷了中國低於預期的放緩。

Safety & Productivity is expected to grow 1% in Q3 and 2% for the full year. The North America market continues to recover. We are seeing sustained strength in electric utilities. However, automotive and European markets remain weak.

安全與生產力預期第三季成長1%，全年成長2%。北美市場持續復甦。我們看到電力公用事業維持強勁。然而，汽車與歐洲市場仍然疲弱。

Overall, Emerson expects to grow approximately 5% in Q3 and 3% for the full year. Excluding the impact of software contract renewals, Emerson's growth rate is expected to be 4% for the full year.

整體而言，艾默生預期第三季成長約5%，全年成長3%。若排除軟體合約續約的影響，艾默生全年成長率預期為4%。

Please turn to slide 12 for details on our Q3 and full-year 2026 guidance. Before going through the details, I would like to highlight a few important assumptions embedded in our guidance:

請翻到第12張投影片，查看我們第三季與2026全年指引的細節。在說明細節之前，我想先強調指引中包含的幾項重要假設：

Our guidance considers a gradual resumption of activity in the Middle East and assumes the impact of the conflict remains in the region.

我們的指引考量中東活動將逐步恢復，並假設衝突的影響仍侷限於該地區。

Additionally, we expect a net-neutral impact from the removal of IEEPA tariffs, as this benefit is offset by increases in Section 122 and 232 tariffs, as well as freight costs.

此外，我們預期取消IEEPA關稅的影響整體為淨中性，因為該項利多將被第122與第232條關稅的上調以及運費成本所抵銷。

Finally, our earnings and cash flow guidance excludes any benefit of potential tariff refunds.

最後，我們的獲利與現金流指引不包含任何潛在關稅退稅的利益。

For the full year, we expect FX to be a tailwind to sales of approximately 1.5% and GAAP sales to increase approximately 4.5%.

就全年而言，我們預期外匯將對銷售帶來約1.5%的順風，GAAP銷售將增加約4.5%。

We still expect adjusted segment EBITDA margin of approximately 28% and free cash flow of $3.5 billion to $3.6 billion.

我們仍預期調整後分部EBITDA利潤率約28%，自由現金流為35億至36億美元。

We are raising the bottom and midpoint of our 2026 adjusted EPS guide and now expect $6.45 to $6.55.

我們上調2026年調整後EPS指引的下緣與中位數，現預期為6.45至6.55美元。

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 $542 million in the first half.

我們仍預期透過12億美元股利與10億美元庫藏股回購，合計向股東回饋約22億美元；其中上半年已完成5.42億美元。

Moving to the third quarter, sales growth is expected to be approximately 5.5%, with underlying sales growth of approximately 5%.

來看第三季，預期銷售成長約5.5%，內生銷售成長約5%。

We expect adjusted segment EBITDA margin of approximately 28% and adjusted EPS of $1.65 to $1.70.

我們預期調整後分部EBITDA利潤率約28%，調整後EPS為1.65至1.70美元。

With that, I would like to turn the call back to the operator for Q&A.

那麼，我想把電話交回給接線員，進入問答環節。

Thank you. We'll now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

(接線員指示)

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Hey. Good afternoon, guys.

嗨。各位下午好。

Hi, Scott.

嗨，Scott。

A couple, just, points to clarify. I thought the detail you gave on the call was pretty thorough.

有幾點想釐清一下。我覺得你們在電話會議上提供的細節相當完整。

We lost about 1 point in the Middle East. It sounds like you expect to get about 0.5 point of that 1 point back. Is that correct? Is the rest lost revenues? Or is there still optionality or potential to get to regain those -- the remainder of those revenues?

我們在中東少了大約 1 個百分點。聽起來你們預期可以把這 1 個百分點中的大約 0.5 個百分點拿回來。這樣理解正確嗎？其餘的是已流失的營收嗎？還是仍有彈性或可能性把那些——剩餘的營收——再追回來？

No. I think, Scott, we've seen the disruption in the Middle East; and, as we mentioned, I think on the call, it was about $50 million in the quarter. As we look out, we're expecting about another $100 million of disruption.

不是。我想，Scott，我們確實看到中東的干擾；而且如我們在電話會議上提到的，本季大約是 5,000 萬美元。往後看，我們預期還會有大約 1 億美元的干擾。

What we see is encouraging, with the supply chain improving. But it's still a very uncertain situation. We've got six months left here for the year. Capacity, right now, is running at about 75%.

我們看到一些令人鼓舞的跡象，供應鏈正在改善。但情勢仍非常不確定。今年還剩六個月。目前產能運轉約在 75%。

We mentioned that there is some opportunity out there for rebuild and restart. That has started. But that's going to take, we think, six quarters to unfold here. We'll see how that goes.

我們提到外部有一些重建與復工的機會。那已經開始了。但我們認為這需要六個季度才會逐步展開。我們會再觀察進展。

I would say, I don't think there are revenues that are lost. In fact, over the longer term, there should be opportunity.

我會說，我不認為那些營收是永久流失的。事實上，從更長期來看，應該會有機會。

But in this next six months, based on what we saw in the quarter; based on what we see on the ground today, we felt it was prudent to bake that in and take the full-year guide down by 1 point at the top line.

但在接下來這六個月，基於我們在本季看到的情況、以及今天在當地看到的狀況，我們認為把這些因素納入假設是審慎的，因此把全年指引的營收端下調了 1 個百分點。

Okay. That's helpful. And then, I don't think you mentioned why China was weak in the prepared remarks. But down 9% was pretty material. Is that chemical-related or are there other dynamics?

了解。這很有幫助。另外，我覺得你們在事先準備的講稿裡沒有提到中國為何疲弱。但下滑 9% 相當明顯。這是與化工相關，還是有其他因素？

Yeah. Yeah, Scott. This is Lal.

是的。是的，Scott。我是 Lal。

I think you hit the nail on the head: our exposure to the chemical industry in China, an industry that continues to be over-capacitized and very weak in terms of spend.

我想你一語中的：我們在中國對化工產業的曝險，而該產業仍然產能過剩、支出也非常疲弱。

We've been adversely impacted now for a few quarters. That continued through the second quarter of the year, which then led us to assess the China -- for the year, more in the negative mid-single digits versus the low single digits, as we had originally thought three months ago.

我們已經連續幾個季度受到不利影響。這種情況在今年第二季仍持續，因而促使我們重新評估中國全年表現——由三個月前原先預期的低個位數下滑，調整為負的中個位數下滑。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Hi. (inaudible) --

嗨。(聽不清楚) --

Hi, Andrew. Can you hear me?

嗨，Andrew。你聽得到我嗎？

Yeah. Just to follow up on the rebuild question: Was I correct that the value of the rebuild is $100 million?

聽得到。我想追問重建的問題：我理解正確嗎，重建的價值是 1 億美元？

That's what we've assessed, to date. That's based on pace of quotations and orders that we've received already.

就目前為止，我們的評估是如此。這是根據我們已收到的報價與訂單的進度。

Now, obviously, that's based on the 47 sites that have been impacted across the region. That number could change, over time.

當然，這是基於該地區有 47 個據點受到影響。這個數字可能會隨時間改變。

That's also based on what we assess a restart procedures will entail for MRO activity.

這也基於我們對復工程序將包含哪些 MRO（維修、修理與營運）活動的評估。

That's all that we have today, Andrew.

Andrew，這就是我們目前掌握的全部資訊。

The question I have, if I'm just thinking about damage to Ras Laffan and your content, just, that gets me a much higher number. What's wrong with that analysis?

我的問題是，如果我只從 Ras Laffan 的損害以及你們的內容來推算，得到的數字會高很多。這樣的分析哪裡有問題？

Clearly you guys on the ground, you know what's happening. But it's just -- it seems the number should be order of magnitude higher, given the amount of damage that we've been reading about.

很明顯你們在現場，知道正在發生什麼。但只是——考量到我們讀到的損害程度，這個數字看起來應該高一個數量級。

Andrew, I think the way -- the $100 million we've estimated is on the damage created to the installed base on the 47 sites impacted.

Andrew，我想我們估算的 1 億美元，是針對受影響的 47 個據點之既有裝機基礎所造成的損害。

Now, if you're talking about the 17% LNG capacity that came online to be rebuilt, that's a much bigger opportunity. We haven't really scoped that.

如果你談的是那 17% 的 LNG 產能重新上線所需的重建，那會是大得多的機會。我們尚未真正界定其範圍。

What we're scoping for you is the near-term disruptions we've seen in customers. As they try to restart operations, what we call our lifecycle services businesses, we've quantified that over the next quarters to be in the tune of $100 million.

我們目前為你界定的是客戶端近期所見的干擾。當他們嘗試重啟營運時，我們所稱的生命週期服務業務，我們量化未來幾個季度大約是 1 億美元的規模。

But, to your point, the capacity that was taken offline, as that comes online, that's a much bigger number. But we're not in a position to quantify it, at this point.

但如你所說，被迫下線的產能一旦重新上線，那會是更大的數字。但目前我們還無法量化。

Okay. That makes perfect sense. Thank you so much.

了解。這完全說得通。非常感謝。

And then, just another question, more fundamental question: Has dialogue changed, post Middle East, as to where downstream CapEx goes or chemical CapEx goes, right?

另外再問一個更根本的問題：中東事件之後，關於下游資本支出（CapEx）或化工資本支出流向哪裡的對話，有改變嗎？

I think a lot of capacity was reliant on Middle East feedstocks, huge capital costs, low cost of capital; just as we've learned during COVID that maybe efficiency versus reliability are not necessarily the same things.

我想很多產能仰賴中東原料、龐大的資本成本、低資金成本；就像我們在 COVID 期間學到的，也許效率與可靠性不一定是同一件事。

Has thinking changed about where facilities go, going forward; and where this capacity will be domiciled, going forward? I'm just thinking, right, because I don't think chemicals are particularly competitive in North America but any glimmer of hope of any of that capacity coming to North America?

對於未來設施要設在哪裡、以及未來這些產能將落地在哪些地區，想法有改變嗎？我在想，對吧，因為我不認為化工在北美特別有競爭力，但是否有任何一線希望，讓部分產能回到北美？

Sorry for a long question.

抱歉問題有點長。

No. No. It's a good question, Andrew. I think it's certainly worth thinking about the future balancing of capacity in the chemical industry.

不會。不會。這是個好問題，Andrew。我認為確實值得思考化工產業未來的產能再平衡。

As you know, at least on the bulk chemical side, that's been largely dominated by China, with Germany and in the United States having smaller components.

如你所知，至少在大宗化學品方面，長期以來主要由中國主導，德國與美國的占比相對較小。

As you move towards the more specialized chemicals, the Europeans and the Americans have had more of a position. That's going to take some time.

當你轉向更專業的化學品時，歐洲與美國的地位會更強一些。這需要一些時間。

Right now, I'd say the first step is going to be to find alternatives in the Middle East for the Strait of Hormuz. There's a lot of pipeline quotation activity ongoing across Saudi Arabia and a few of the other countries to bypass what likely will be a concerning pinch point from here on forward.

就目前而言，我會說第一步將是在中東為荷姆茲海峽尋找替代方案。沙烏地阿拉伯及其他幾個國家，正有大量管線報價活動進行中，以繞過這個從現在起很可能成為令人擔憂的瓶頸點。

And so that activity has started. Certainly, I think, as things start to settle, producers will eventually balance out capacity needs across the world and regionalize their production.

因此這些活動已經開始。我認為，當情勢逐步穩定後，生產商最終會在全球範圍內平衡產能需求，並使其生產更區域化。

Andrew Kaplowitz, Citigroup.

Andrew Kaplowitz，花旗集團。

Good afternoon, everyone.

各位下午好。

Hi, Andy.

嗨，Andy。

Maybe just a little more color on the near-term demand environment and orders, moving forward. I know, obviously, you have difficult -- more difficult -- order comparisons from here. But, as you said, you're getting good support from your growth verticals, particularly in Power and Test & Measurement.

也許請再多談一些短期需求環境與未來訂單的情況。我知道，顯然，從現在起你們的訂單比較基期會更——更具挑戰——。但如你所說，你們的成長垂直領域提供了良好支撐，特別是在電力以及測試與量測方面。

Can you sustain that mid-single-digit order growth rate in this environment? Did you see any difference in order cadence between January and April, as a couple of your industrial peers called out a weak start to the calendar year, outside of the Middle East?

在這樣的環境下，您能維持中個位數的訂單成長率嗎？在1月到4月之間，您是否看到訂單節奏有任何差異？因為你們有幾家工業同業提到，除了中東以外，曆年開局偏弱。

Yeah. We felt very -- it was a very strong quarter, outside of the Middle East. It was driven for us, as we remarked in the written comments, by the United States and by India, which led.

是的。我們感受非常——除了中東以外，這是一個非常強勁的季度。正如我們在書面評論中提到的，主要由美國與印度帶動，其中印度領先。

We saw broad growth across all of the growth verticals, with the lowest one being probably Semiconductor in the mid-teens, that, all of them, in terms of orders, grew above that.

我們看到所有成長型垂直領域都呈現廣泛成長，其中最低的大概是半導體，約在十幾%的水準；而其他所有領域在訂單方面的成長都高於此。

We feel really good in terms of that resiliency.

就這種韌性而言，我們感覺非常好。

Of course, the Middle East was much softer than expected in the quarter. We expect that to rebound. We have already seen an April that was encouraging in the Middle East, particularly as it relates to MRO activity. We'll see how the projects ultimately pan out.

當然，本季中東的表現比預期疲弱得多。我們預期那會反彈。我們已經看到4月在中東令人鼓舞，特別是與MRO活動相關的部分。至於專案最終會如何發展，我們還要再觀察。

No. Look, I think mid-single digit orders are sustainable for us, as we navigate through the remainder of 2026. At this point in time, we feel very confident that, with our backlog support, we've got the second half well sized; and then, with this momentum in orders, really setting us up for the first half of 2027.

不。你看，我認為在我們走過2026年剩餘期間的過程中，中個位數的訂單成長對我們而言是可持續的。就目前而言，我們非常有信心，在積壓訂單的支撐下，我們已把下半年規模配置得很到位；而且，這股訂單動能也確實在為2027年上半年奠定基礎。

Helpful, Lal. As you said, your expectations for margins -- for, really, margin incrementals -- have been drifting up a bit, given the lower sales forecast. That's despite, I think, you absorbing more inflation with price.

很有幫助，Lal。如你所說，對於利潤率——更確切地說，利潤率增量——在較低的銷售預測下，你們的預期有些上修。即便我認為你們用價格吸收了更多通膨。

Maybe talk about what you're doing to offset the inflation. Are you baking in more, for instance, memory chip inflation and confidence level that can continue to offset inflation headwinds, even on lower growth?

能否談談你們如何抵消通膨？例如，你們是否納入更多記憶體晶片通膨？以及即使在較低成長下，你們仍能持續抵消通膨逆風的信心程度如何？

I think, obviously, our pricing has been very, very disciplined. Our cost reductions and, frankly, favorable mix in some of the sales we've executed has helped.

我想，很明顯地，我們的定價一直非常、非常有紀律。我們的成本降低措施，以及坦白說，我們已執行的一些銷售所帶來的有利產品組合，也有所幫助。

But ongoing productivity actions and supply-chain mitigation actions to offset the inflation is really what's driving the margins.

但真正推動利潤率的，是持續的生產力行動與供應鏈緩解措施，用以抵消通膨。

Julian Mitchell, Barclays.

Barclays 的 Julian Mitchell。

Hi, good afternoon.

嗨，午安。

Just wanted to understand, quickly, how you thought about the high-level guidance's moving parts. You've taken a little bit off the revenue line. The EPS dollar guide, low end, though, has moved up, with an unchanged segment margin guide.

我想快速了解一下，你們如何看待整體指引的各項變動因素。你們把營收指引稍微下調了一點。但每股盈餘（EPS）金額指引的低端卻上調了，而事業部利潤率指引維持不變。

Is really what's happening there -- is, I think, $10 million narrower corporate cost and then, perhaps, some rounding in the margins -- is that what's helping?

那裡真正發生的事情是——我想，是公司層級成本縮窄了1,000萬美元，然後可能還有一些利潤率四捨五入的因素——是這些在幫忙嗎？

On the mix front, you've mentioned it a couple of times. Help us understand, perhaps, how you see that mix impact playing out over the balance of the year, please.

在產品組合方面，你們提到過幾次。請幫我們理解一下，你們如何看待這個組合影響在今年剩餘期間的演變，謝謝。

Julian, from a margin perspective, you're correct when you say is it in the roundings. It's not fundamentally changed.

Julian，就利潤率而言，你說得對，確實是四捨五入的影響。本質上並沒有改變。

If you think about it, our view, other than the $100 million, the $50 million, and the approximate $100 in the back half of the year in a region that really has lower margins -- our full-year view hasn't changed.

如果你這樣想，除了那1億美元、5,000萬美元，以及下半年約1億美元發生在一個利潤率確實較低的地區之外——我們對全年整體的看法並沒有改變。

The mix will improve a little. But, as we've said, a lot of this growth in the second half is in backlog. It's projects. There'll be a volume uptick with some project and some mix, going forward. It all nets out where we feel very comfortable holding the 28% for the year.

產品組合會稍微改善一些。但如我們所說，下半年很多成長來自積壓訂單。是專案。往後會因部分專案與部分組合而帶來量的提升。整體加總後，我們對全年維持28%感到非常有把握。

That's helpful. Thank you.

這很有幫助。謝謝。

And then, just as we're looking at the balance of the year -- I think you've got in Q3 and [4] a mid-single-digit sequential revenue increase dialed in and high-[30%s] operating leverage.

另外，當我們看今年剩餘期間——我想你們在Q3和[4]已經納入中個位數的季增營收成長，以及高[30%]的營運槓桿。

Is that a fair placeholder for both quarters? Anything we should bear in mind in one versus the other?

這是否可以作為兩個季度都適用的合理基準？兩者之間有沒有什麼我們需要特別留意的？

On the ACV front, I think you're embedding an acceleration in the back half. Anything to call out there?

在ACV方面，我想你們在下半年納入了加速成長。那裡有什麼需要特別說明的嗎？

I think, from a leverage perspective, we're -- the numbers are affected by that software contract renewal dynamic and the effects there.

我想，就槓桿而言，我們——這些數字受到軟體合約續約動態及其影響所左右。

But if you take that out, we'll be over 40%, leveraged, on the year; full year. Certainly, that means some acceleration in the back half.

但如果把那部分排除，我們全年——全年度——的槓桿會超過40%。當然，這意味著下半年會有一些加速。

From an ACV perspective, yes, we continue to reiterate the 10%-plus for the full year. We had a good quarter. We continue to think that the ACV growth of 10%-plus is the right number for us.

就ACV而言，是的，我們持續重申全年10%以上的目標。我們本季表現不錯。我們仍然認為ACV成長10%以上對我們來說是合適的數字。

Yeah. I think you said sequential growth mid-single digits. That's correct.

是的。我想你說的是季增中個位數成長。沒錯。

Also, year-over-year growth is mid-single digits. I think that's an important addition to your statement.

另外，年增也是中個位數成長。我認為這是對你陳述的一個重要補充。

I think you're spot on. It's sequential growth mid-single digit, which is consistent with what we've executed: year-over-year mid-single digit. If you do the math, the leverage will be a tad better than the 30%s you stated for the second half.

我想你說得非常到位。季增是中個位數成長，這與我們的執行情況一致：年增中個位數。如果你算一下，第二半年的槓桿會比你所說的30%多一點點。

Yeah.

是的。

Jeffrey Sprague, Vertical Research.

Vertical Research 的 Jeffrey Sprague。

Hey. Thank you. Good morning, everyone.

嗨。謝謝。各位早安。

I just wanted to get a, maybe, broader sense of just the total global ramifications of this. The nature of my question, right, is the comment of, the war stays contained in the Middle East but the economic impacts aren't contained, right?

我想更廣泛地了解一下，這件事在全球層面的整體影響。我這個問題的本質是：即使戰爭被控制在中東，但經濟影響不會被控制在那裡，對吧？

We've got Europe becoming less competitive, from an energy cost standpoint; maybe China not having the cheaper feedstocks it needs for its chemical industry.

我們看到歐洲因能源成本而競爭力下降；也許中國也拿不到其化工產業所需的低成本原料。

When you're framing this -- and I know none of us have a crystal ball -- how are you thinking about those second order impacts? Are you trying to dial those in in any way?

當你們在建構這個情境——我知道我們都沒有水晶球——你們如何看待這些第二層次的影響？你們是否嘗試以任何方式把這些因素納入？

That's a very good question.

這是一個非常好的問題。

Certainly, Jeff, we had to create a framework in which to set expectations for the second half and performance for the second half of our fiscal year.

當然，Jeff，我們必須建立一個框架，用來為我們會計年度下半年的預期與下半年表現設定基準。

Of course, within a timeframe of just six months that we have to work within to mitigate potential impact. That framework that we built has a very important assumption, as you stated, that this conflict essentially gets -- is constrained to the Arabian Peninsula, the Arabian Sea, the Persian Gulf area.

當然，在只有六個月的時間範圍內，我們必須在這個範圍內採取措施以緩解潛在影響。我們建立的那個框架有一個非常重要的假設，如你所說：這場衝突基本上會——會被限制在阿拉伯半島、阿拉伯海、波斯灣一帶。

There are certainly economic downstream impacts that are already being felt; certainly, feedstock pricing and supply. We have electricity curtailments in parts of Southeast Asia.

確實已經出現一些經濟面的下游影響；尤其是原料價格與供應。我們在東南亞部分地區也遇到限電。

We've accounted for as much of that that we know today. But, very honestly, we have not assumed a significant deterioration in economic conditions or growth, for example, in India or any of the countries in Southeast Asia that, in a much broader, deeper conflict could significantly be impacted.

我們已把目前所知的影響盡可能納入考量。但非常坦白地說，我們並未假設經濟情勢或成長會出現顯著惡化；例如在印度或東南亞任何國家——在更廣泛、更深層的衝突下，這些地區可能會受到重大影響。

Right. No. Understood.

對。不。了解。

And then, maybe just a little -- I think, if we didn't have this war going on, there probably would've been a lot more Test & Measurement questions. Maybe just come back to Test & Measurement; the raw numbers you shared with us.

然後，或許再稍微談一下——我想，如果沒有這場戰爭在進行，可能會有更多關於測試與量測（Test & Measurement）方面的問題。也許回到測試與量測；你們跟我們分享的那些原始數據。

Growth rates sound quite encouraging. Anything beneath the surface on verticals, the distribution channel, that you can share with us that sheds a little light on the demand profile here?

成長率聽起來相當令人鼓舞。在垂直領域、分銷通路等面向，是否有任何更深層的情況可以與我們分享，讓我們更了解這裡的需求輪廓？

Yeah. I think the momentum in Test & Measurement is clearly led by Semis and Aerospace & Defense. Both end markets are doing very, very well for us.

是的。我認為測試與量測的動能顯然是由半導體以及航太與國防所帶動。這兩個終端市場對我們來說都表現非常、非常好。

Frankly, I think we expect continued momentum across both those sectors, whether it's new space; defense spending; and then, certainly, on the Semi side, the RF and mixed-signal investments that are happening, data center investments. I think there's no surprises there.

坦白說，我們預期這兩個領域的動能都會持續，不論是新太空、國防支出；以及當然在半導體端，正在進行的射頻（RF）與混合訊號投資、資料中心投資。我認為這沒有什麼意外。

Now, obviously, the weakest segment we have within our Test & Measurement business is the Transportation segment or the Automotive segment, though we believe we've hit bottom. That'll start growing low-single digits, again. Most of that business is in Europe.

現在，顯然我們在測試與量測業務中最弱的區塊是運輸領域或汽車領域，不過我們相信已經觸底。它將再次開始以低個位數成長。這部分業務大多在歐洲。

Our portfolio business has been resilient. Obviously, we had a nice run, as we came through the recovery mode. But that has stabilized in the mid-single digit-type growth rate.

我們的產品組合型業務一直很有韌性。顯然，當我們走出復甦階段時曾有一段不錯的表現。但目前已穩定在中個位數左右的成長率。

On a cumulative fashion, the double digit for T&M is sustainable for the next couple of quarters. We expect that to continue into 2027.

以累計的角度來看，測試與量測（T&M）的雙位數成長在接下來幾個季度是可持續的。我們預期這會延續到2027年。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC資本市場。

Thank you. Good afternoon, everyone.

謝謝。各位下午好。

Hello, Deane.

你好，Deane。

Hey. Would love to do a similar run-through on Power; a bigger number there. I think you said up 23%.

嗨。我也想用類似方式快速梳理一下電力（Power）；那邊的數字更大。我想你說成長了23%。

Could you just talk about the visibility? You called out plant modernization but, also, behind-the-meter.

你能談談可見度嗎？你提到了工廠現代化，但也提到表後（behind-the-meter）。

Where does that stand in the outlook for the balance of the year?

在今年剩餘期間的展望中，這部分目前處於什麼狀態？

Well, I think, from a power perspective, I think the momentum, in terms of the project funnel, which is a pretty big funnel -- and that's made up of both modernizations, as well as greenfield -- and we're starting to see a greenfield. There was some greenfield in Q2. We expect a bigger greenfield activity in the second half.

嗯，我認為從電力的角度來看，動能主要來自專案漏斗（project funnel），而這是一個相當大的漏斗——其中包含現代化改造以及綠地（greenfield）專案——而我們也開始看到綠地專案。第二季有一些綠地專案。我們預期下半年綠地活動會更多。

A similar comment on behind-the-meter: We saw some behind-the-meter opportunities in Q2. But we expect more to happen in the second half and into 2027.

對於表後（behind-the-meter）也有類似的看法：我們在第二季看到一些表後機會。但我們預期下半年以及到2027年會有更多進展。

Broad spread for the Ovation business. Obviously, that flows through to our valves and instruments business, which is doing very well.

Ovation業務的需求面相當廣泛。顯然，這也會帶動我們的閥門與儀表業務，而那部分表現非常好。

Also, we called out our Digital Grid Management business in the transmission and distribution side, a lot of investment happening in the T&D space.

另外，我們也提到了輸配電端的數位電網管理（Digital Grid Management）業務，在輸配電（T&D）領域有大量投資正在發生。

Broad-based strength in Power, certainly led by North America, which is our strongest market. But we are seeing momentum in Latin America, particularly Mexico; good activity in China, rest of Asia; and some activity in Europe.

電力業務呈現廣泛性的強勁表現，當然主要由北美帶動，這是我們最強的市場。但我們也看到拉丁美洲的動能，特別是墨西哥；中國與亞洲其他地區也有不錯的活動；歐洲也有一些活動。

All good to hear there.

這些都很高興聽到。

And then, if we just spotlight MRO for a moment, you called out it was 65% of your mix. In previous oil spikes, when you get $100 oil, you'll often see the refiners just turn on the cash register, run 24/7, and defer as much MRO project as activity as possible, like, right up until regulatory limits.

接著如果我們把焦點放在維修、保養與大修（MRO）一下，你提到它占你們組合的65%。在過去油價飆升時，當油價到100美元，你常會看到煉油商就像打開收銀機一樣，24/7全速運轉，並盡可能延後MRO專案活動，幾乎拖到法規限制的邊緣。

Have you seen any delays there? Do you expect anything like that this time?

你們有看到任何延遲嗎？你預期這次也會出現類似情況嗎？

No. No, Dean. As a matter of fact, we tend to see, when you run things that hard, the opportunities for MRO to actually increase for us, particularly in stringent applications of high pressure, high temperatures.

沒有。沒有，Deane。事實上，我們往往看到，當設備運轉得那麼吃緊時，MRO的機會反而會增加，特別是在高壓、高溫等嚴苛應用上。

To date, we have not seen any changing trends that would alarm us to a negativity on MRO anywhere in the globe, other than, of course, what we highlighted related to sites in the Middle East.

截至目前，我們沒有看到任何趨勢變化會讓我們對全球任何地方的MRO出現負面情況感到警覺，當然，除了我們先前提到與中東站點相關的情況。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

Hi. Good afternoon, everyone.

嗨。各位下午好。

Hi.

嗨。

Obviously, very topical throughout the quarter and throughout the year this year has been AI and software. It sounds like you guys have these new products out. Nigel, you talked about quite a bit.

顯然，今年這一季以及整個年度最熱門的話題之一就是AI與軟體。聽起來你們推出了這些新產品。Nigel，你談了不少。

It sounds like adoption's going well. But could you give us an update on anything you've learned inter-quarter on that front?

聽起來採用進展良好。但你能否更新一下，你們在這方面跨季度學到的任何新資訊？

And then, I'm curious on the outlook, like, how impactful you see these products contributing to growth going forward, even as soon as this year? Maybe you can comment on that, please.

另外，我也好奇對於展望：你們認為這些產品未來對成長的貢獻會有多大，甚至最快今年就能帶來多大影響？麻煩你評論一下。

I think a lot of customer interest, not only on Nigel on the NI side but, certainly, the capabilities we've launched on Ovation, DeltaV, as well as AspenTech, I think it'll be a very interesting users group event, where you're gonna see a lot more customer input, as it relates to pace of adoption for both NI and AspenTech. We'll get to learn that in a couple of weeks.

我認為客戶興趣很高，不僅是在NI端由Nigel所提到的部分，當然我們在Ovation、DeltaV以及AspenTech上推出的能力也是如此。我想接下來的使用者大會會非常有意思，屆時你會看到更多客戶回饋，特別是關於NI與AspenTech的採用速度。我們會在幾週後了解更多。

I would say, frankly, we do believe that it is a differentiator for us. We are seeing a lot of activity, particularly in the Ovation business, in terms of customer dialogue and a lot of quotes around AI. I would say it's a little early for it to translate into meaningful revenue opportunities.

我會說，坦白講，我們確實相信這對我們而言是一項差異化優勢。我們看到很多活動，特別是在Ovation業務上，就客戶對話而言，以及許多圍繞AI的報價（quotes）。我會說，現在要把它轉化為有意義的營收機會還稍微早了一點。

We've been very thoughtful on pricing and making sure that we can extract value and tiering the product suites where we can capture the value with tiering on the higher-tier products, which will have the AI functionality.

我們在定價上一直非常審慎，並確保我們能夠提取價值；同時對產品套件做分級（tiering），讓我們能在具備AI功能的高階產品上，透過更高等級的分層來捕捉價值。

I think time will tell. I think there's certainly a lot of customer interest. But we don't have meaningful impact on revenue, as we sit here today.

我想時間會證明一切。我認為客戶興趣確實很高。但就我們目前所處的位置而言，對營收還沒有實質性的影響。

I think, as we progress into 2027 and beyond, I think it'll be a huge differentiator for us.

我認為，隨著我們邁向2027年及之後，這將會是我們非常重要的差異化優勢。

Yeah. Fair enough. Sticking with software, wanted to check on your margin cadence through the back half of the year. There's a little bit of noise, starting the first half (inaudible) second half.

是的。可以理解。延續軟體的話題，我想確認一下你們今年下半年軟體的毛利率走勢。上半年有一些雜訊，（聽不清）下半年。

Yeah. Can you comment on what's behind the implied guidance for the back half of the year for that segment; and the puts-and-takes there?

是的。你能否說明一下，該部門下半年隱含指引背後的因素，以及其中的利多利空（puts-and-takes）？

This is Control Systems & software -- for Control systems & Software, just to clarify?

這是控制系統與軟體（Control Systems & Software）——為了確認，是在問控制系統與軟體嗎？

Yeah. Yeah, software. Yeah. Your Software & Systems.

對。對，軟體。對。你們的軟體與系統（Software & Systems）。

Yeah. It should be up a little bit in the second half versus where it was in the first half.

是的。相較於上半年，下半年應該會略有上升。

But pretty consistent through the year. There's some project execution there that plays against some of the mix favorability that we'll see in, just, the business mix that comes through.

但全年來看相當一致。其中有一些專案執行的因素，會與我們在業務組合帶來的部分組合有利因素相互抵銷。

Joe O'Dea, Wells Fargo.

Joe O'Dea，富國銀行。

Hi. Good afternoon.

嗨。下午好。

Hello.

你好。

You made a comment about seeing significant capital deployed in projects. You would imagine that some of this is a continuation of what you're seeing in growth verticals. You talked about Power, LNG, and Life Sciences.

你提到看到大量資本投入到專案中。你會認為其中一部分是你在成長垂直領域所看到趨勢的延續。你談到了電力、LNG 與生命科學。

I'm curious if you're seeing an acceleration, as well as a broadening out, at all. I'm asking because I think a lot of what we've heard, in terms of industrial end-market activity, is companies seeing a continuation of spend on areas like productivity but not so much a broadening out on capital project side.

我想了解你是否也看到加速，以及是否有任何擴散到更廣範圍。我之所以這麼問，是因為我們聽到很多關於工業終端市場活動的說法是：企業持續在生產力等領域投入，但在資本專案面向並沒有那麼明顯的擴散。

And so, just, anything there; if you're seeing some broadening out or acceleration of this.

所以，想請教這方面；你是否看到一些擴散或加速？

No. Well, I'll go. Ram, you can add a few comments.

沒有。嗯，我先說。Ram，你可以再補充幾點。

No. We continue to see consistency in the funnel. As you know, Joe, we look at that on a two-year, two-and-a-half-year out basis; two- to three-year basis.

沒有。我們持續看到漏斗（pipeline）保持一致性。如你所知，Joe，我們是以兩年、兩年半之後的角度來看；也就是兩到三年的時間範圍。

It grew to $11.2 billion. The growth has -- it is coming entirely from inside of our growth verticals. Power really drove the growth in the funnel. But the win rate and the project activities continue to be consistent within the growth verticals that we identified.

它成長到 112 億美元。這個成長——完全來自我們的成長垂直領域內部。電力確實帶動了漏斗的成長。但我們所辨識的成長垂直領域中，得標率與專案活動仍然維持一致。

We haven't seen tremendous broadening beyond that. It continues to be those five core verticals that are driving not just the activity but, also, the feeding of the funnel.

我們尚未看到超出那範圍的顯著擴散。仍然是那五個核心垂直領域，不僅驅動活動，也驅動漏斗的補給。

Yeah. You said it. I think the new capital formation in our five growth vectors of Power, LNG, Life Sciences, Semiconductors, and A&D continues to accelerate.

是的。你說得沒錯。我認為，我們五個成長向量——電力、LNG、生命科學、半導體，以及航太與國防（A&D）——的新資本形成仍在加速。

I think every meeting we have with our businesses points to more opportunities in the funnel being added across these five verticals.

我想我們每次與各事業部開會，都顯示在這五個垂直領域中，漏斗裡新增的機會更多。

Now, obviously, the core markets in energy, refining, and petrochemical depends on the geography there. It is stable or muted activity.

當然，能源、煉油與石化等核心市場則取決於當地地理區域。其活動是穩定或偏弱。

But, I think, as it relates to the growth verticals, no slowing down. In fact, we see accelerating additions of opportunities to the funnel.

但就成長垂直領域而言，沒有放緩。事實上，我們看到漏斗中機會的新增正在加速。

And then, just touching on the margin strength in Intelligent Devices in the quarter, we saw it in both sensors and final control. If you can unpack that impact a little bit more with respect to mix, cost actions, during the quarter.

另外，談到本季智慧裝置（Intelligent Devices）強勁的毛利表現，我們在感測器與最終控制（final control）兩者都看到了。你能否就本季在組合、成本行動等方面的影響，再多拆解一些？

You do expect a step-up in the growth rate in the back half. Curious to the degree to which volume, then, helps those margins, sequentially; and how mix is expected to play out, as you move forward in the year?

你確實預期下半年成長率會上升。我想了解在多大程度上，量的提升會在序列上幫助毛利；以及隨著今年往後走，組合預期會如何發展？

Yeah. As we talked about, it was the strong price cost and cost reductions.

是的。如我們所談到的，主要是強勁的價格/成本（price-cost）以及成本降低。

I will say we got a little bit of benefit in the quarter from not having the IEEPA tariffs. Obviously, as we move forward, that will -- as we talked about, that benefit will be offset by other tariffs and some freight cost pressure.

我會說，本季我們也因為沒有 IEEPA 關稅而得到一些好處。顯然，隨著我們往前走——如我們所談到的——這項好處將被其他關稅以及部分運費成本壓力所抵銷。

I think, as we move into the second half, the margins will have, as you suspected, offsetting factors of volume being beneficial with some mix pressure, as projects get delivered.

我認為，進入下半年後，毛利如你所推測，會有相互抵銷的因素：量的增加有利，但隨著專案交付，會有一些組合壓力。

I expect to see that group improve margins year over year, as they have been doing; and continue to perform very well.

我預期該事業群的毛利會如同過去一樣，年對年改善；並持續表現非常好。

Yeah. There'll be some pressures that should offset, net-net. But, year over year, we'll see improvement in the operating margins there.

是的。會有一些壓力，整體而言應該會相互抵銷。但年對年來看，我們會看到那裡的營業毛利改善。

Alexander Virgo, Evercore ISI.

Alexander Virgo，Evercore ISI。

Thanks. Good afternoon, gentlemen. I wondered if you could just touch on a couple of things for me.

謝謝。各位先生，下午好。我想請你們簡單談兩件事。

Free cash flow came in a little light of where I thought it might end up being. I wondered if you could just talk a little bit about that; and how we might think about the phasing through the back half of the year.

自由現金流略低於我原本預期的水準。想請你們談談原因；以及我們該如何看待下半年各季的節奏分布。

Secondly, just on ID, I think, even ex-the Middle East, the business came in a little light of your guide. Is the primary driver of that weakness in China and Europe? If you could unpick that a little bit for us, that'd be really helpful.

第二，關於 ID（智慧裝置），我認為即便不含中東，該業務也略低於你們的指引。這個疲弱的主要驅動因素是中國與歐洲嗎？如果你們能幫我們把這點拆解一下，會非常有幫助。

Thank you.

謝謝。

Sure, Alex.

當然，Alex。

In terms of cash flow, yeah, the first half was certainly affected by the interest from the Aspen buy-in that was primarily in the back half of last year. And so we'll lap that out, as we move forward.

就現金流而言，是的，上半年確實受到 Aspen buy-in 所產生的利息影響，而那筆交易主要發生在去年下半年。因此，隨著我們往前走，這個影響會在比較基期中消失。

We also had some tax payment timing that was a negative in the first half. I would say we also had a build-up of some working capital, as we get ready for the second half of the year.

我們也有一些稅款支付時點的因素，對上半年造成負面影響。我也會說，為了準備下半年，我們增加了一些營運資金。

If you're looking at prior year, our cash flow that year was far more ratable than it historically has been. This year will look a little more like we have looked in the two years prior to last year.

如果你看前一年，我們那一年的現金流比歷史上更平均。今年看起來會更像去年之前的兩年那樣。

In terms of (multiple speakers) --

至於(多位講者) --

Intelligent devices.

智慧裝置。

Oh. Intelligent -- sorry, I lost the question.

喔，智慧——抱歉，我漏聽了問題。

The Intelligent Devices (inaudible - microphone inaccessible) --

智慧裝置(聽不清楚 - 麥克風無法收音) --

Oh. Sure. Yeah. The Intelligent Devices this period versus the expectation.

喔，當然。是的。這期智慧裝置相較於預期的表現。

Yeah. It was some softness in China and Europe, as you suspected.

是的。如你所推測，中國與歐洲有一些疲弱。

Great. Thank you.

很好。謝謝。

Thank you. This concludes today's conference.

謝謝。今天的電話會議到此結束。

We thank you, again, for your participation.

我們再次感謝各位的參與。

You may disconnect your lines at this time.

您現在可以掛斷電話。