EnerSys (ENS) 2026 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to EnerSys' Q3 fiscal '26 earnings webcast and conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫貝拉，今天我將擔任你們的會議接線生。在此，我謹歡迎各位參加 EnerSys 2026 財年第三季業績網路直播及電話會議。（操作說明）

I would now like to turn the conference over to Lisa Langell, Vice President, Investor Relations and Corporate Communications. You may begin.

現在我將把會議交給投資者關係和企業傳播副總裁 Lisa Langell。你可以開始了。

Good morning, everyone. Thank you for joining us today to discuss EnerSys fiscal third quarter results. On the call with me are Shawn O'Connell, EnerSys' President and Chief Executive Officer; and Andi Funk, EnerSys' Executive Vice President and Chief Financial Officer.

各位早安。感謝您今天蒞臨現場，與我們共同探討 EnerSys 的第三財季表現。與我一同通話的有 EnerSys 總裁兼執行長 Shawn O'Connell，以及 EnerSys 執行副總裁兼財務長 Andi Funk。

Last evening, we published our third quarter results with the SEC, which are available on our website. We also posted slides that we'll be referring to during this call. The slides are available on the Presentations page within the Investor Relations section of our website.

昨晚，我們向美國證券交易委員會提交了第三季業績報告，報告可在我們的網站上查閱。我們也發布了將在本次通話中提到的幻燈片。幻燈片可在我們網站「投資者關係」部分的「簡報」頁面上找到。

As a reminder, we will be presenting certain forward-looking statements on this call that are subject to uncertainties and changes in circumstances. Our actual results may differ materially from these forward-looking statements for a number of reasons. These statements are made only as of today. For a list of forward-looking statements and factors which could affect our future results, please refer to our recent Form 8-K and 10-Q filed with the SEC.

再次提醒各位，我們將在本次電話會議上提出一些前瞻性陳述，這些陳述會受到不確定性和情況變化的影響。由於多種原因，我們的實際結果可能與這些前瞻性陳述有重大差異。這些聲明僅代表截至今日的觀點。有關前瞻性陳述和可能影響我們未來業績的因素的列表，請參閱我們最近向美國證券交易委員會提交的 8-K 表格和 10-Q 表格。

In addition, we will be presenting certain non-GAAP financial metrics, particularly concerning our adjusted consolidated operating earnings performance, free cash flow, adjusted diluted earnings per share and adjusted EBITDA, which excludes certain items. For an explanation of the difference between the GAAP and non-GAAP financial metrics, please see our company's Form 8-K, which includes our press release dated February 4, 2026.

此外，我們將公佈一些非GAAP財務指標，特別是關於我們調整後的合併經營收益、自由現金流量、調整後的稀釋每股盈餘和調整後的EBITDA（不包括某些項目）。有關 GAAP 和非 GAAP 財務指標之間差異的解釋，請參閱我們公司的 8-K 表格，其中包含我們 2026 年 2 月 4 日發布的新聞稿。

Now I'll turn the call over to our CEO, Shawn O'Connell.

現在我將把電話交給我們的執行長肖恩·奧康奈爾。

Thank you, Lisa, and good morning. Please turn to Slide 4. During the call today, we will provide an overview of our third quarter results, share progress on our energized strategic framework, update you on the latest demand trends we are seeing in our diverse end markets and provide guidance for our fourth quarter.

謝謝你，麗莎，早安。請翻到第4頁投影片。在今天的電話會議中，我們將概述第三季業績，分享我們充滿活力的策略框架的進展情況，向您介紹我們在多元化終端市場中看到的最新需求趨勢，並提供第四季度的業績指引。

Please turn to Slide 5. We delivered strong earnings in the third quarter with adjusted diluted EPS ex 45X of $1.84, up 50% year-over-year and a company record for our third fiscal quarter. Net sales were up 1%, in line with the low end of our guidance range as strong price/mix and favorable FX offset lower volumes. Earnings growth outpaced revenue growth, driven by favorable product mix, pricing discipline and our cost improvement efforts resulted in adjusted operating earnings up 34% and adjusted EBITDA up 30%, both excluding 45X.

請翻到第5張投影片。第三季我們實現了強勁的盈利，經調整後的稀釋每股收益（不含 45 倍市盈率）為 1.84 美元，同比增長 50%，創下公司第三財季的歷史新高。淨銷售額成長 1%，符合我們預期範圍的下限，強勁的價格/產品組合和有利的匯率抵消了銷售下降的影響。獲利成長超過了收入成長，這得益於有利的產品組合、定價策略以及我們的成本改善措施，最終調整後的營業利潤增長了 34%，調整後的 EBITDA 增長了 30%（均不包括 45 倍）。

We continue to be excited about mounting growth catalysts across all of our end markets, though near-term softness persists in Motive Power & Transportation. A few highlights from our lines of business. Energy Systems delivered its first double-digit AOE margin on modest sales growth. Despite slightly lower year-on-year sales, Motive Power margins remained in line with prior year.

我們對所有終端市場不斷湧現的成長催化劑感到興奮，儘管動力與運輸領域短期內依然疲軟。以下是我們各業務線的一些亮點。能源系統在銷售額溫和成長的情況下，首次實現了兩位數的AOE利潤率。儘管銷售額同比略有下降，但動力裝置的利潤率與上年持平。

And finally, Specialty delivered remarkable performance improvement with sales up high single digits and AOE more than twice that of prior year, resuming double-digit AOE margins for the first time in three years. Free cash flow in the quarter was also particularly strong, and we are pleased to return $94 million in capital to our shareholders this quarter through share repurchases and dividends.

最後，特種產品業務取得了顯著的業績提升，銷售額實現了接近兩位數的成長，平均營運成本 (AOE) 是前一年的兩倍多，三年來首次恢復了兩位數的平均營運成本利潤率。本季自由現金流也特別強勁，我們很高興在本季透過股票回購和分紅向股東返還 9,400 萬美元的資本。

Please turn to Slide 6. Through our energized strategic framework, we are continuing to further optimize our core, invigorate our operating model and accelerate our growth. We are capturing realignment savings as planned, and our centers of excellence are continuing to improve execution, speed and consistency. We are also progressing on some of our key growth verticals. The reduction in force actions we announced in July are now largely complete, and we are committed to preserving these savings by disciplined cost management going forward.

請翻到第6頁投影片。透過我們充滿活力的策略框架，我們將繼續進一步優化我們的核心業務，增強我們的營運模式，並加速我們的成長。我們正在按計劃實現重組帶來的成本節約，我們的卓越中心也不斷提高執行力、速度和一致性。我們在一些關鍵成長領域也取得了進展。我們在 7 月宣布的裁員措施現已基本完成，我們將致力於透過嚴格的成本管理來維持這些節省下來的資金。

The closure of our Monterrey battery plant is substantially complete with all manufacturing transition to our Richmond, Kentucky facility in November, 1 month earlier than planned. We expect to begin realizing the benefits mid-fiscal '27 as the savings work their way through our inventory.

我們位於蒙特雷的電池工廠已基本關閉，所有生產轉移已於 11 月轉移到我們位於肯塔基州里士滿的工廠，比原計劃提前了一個月。我們預計從 2027 財年中期開始，隨著節省的成本逐步用於我們的庫存，我們將開始獲得收益。

We've turned the corner on our services improvement, having delivered revenue and margin expansion over the past two quarters in this important growth vertical. This is a direct result of improved execution enabled by deploying new project management tools to bring real-time visibility, clear communication and tighter project control.

在過去的兩個季度裡，我們在這個重要的成長垂直領域實現了收入和利潤的成長，我們在服務改進方面取得了突破性進展。這是部署新的專案管理工具，實現即時可見性、清晰溝通和更嚴格的專案控制，從而提高執行效率的直接結果。

We are also seeing encouraging momentum in our new product development pipeline, aided by our invigorated operating model in which we have enhanced alignment between our engineering teams, centers of excellence and lines of business. This renewed collaboration is helping us accelerate innovation, focusing on expanding our share of wallet in our core markets where we have a right to win. From battery energy storage systems to next-gen power electronics, TPPL and lithium solutions with embedded software, we are developing products that solve our customers' most critical energy challenges.

我們也看到新產品開發流程呈現出令人鼓舞的勢頭，這得益於我們充滿活力的營運模式，在該模式下，我們加強了工程團隊、卓越中心和業務部門之間的協調。這次重新合作將幫助我們加速創新，並專注於擴大我們在核心市場的份額，因為我們有理由在這些市場取得成功。從電池儲能係統到下一代電力電子產品、TPPL 和具有嵌入式軟體的鋰電池解決方案，我們正在開發能夠解決客戶最關鍵能源挑戰的產品。

Although the progress on optimizing our core is already becoming evident in our financial results, I am most excited about the speed and focus we're making on our new product development initiatives. While this work won't materially impact revenue in the next few quarters, the milestones achieved represent important building blocks for our future growth.

儘管我們在優化核心業務方面取得的進展已經從財務業績中顯現出來，但我最興奮的是我們在新產品開發計劃方面所展現出的速度和專注度。雖然這項工作在未來幾季不會對收入產生實質影響，但所取得的里程碑式成就代表著我們未來發展的重要基石。

We will have more to share on our long-term technology road map during our Investor Day on June 11. We have also made notable progress aligning our planned lithium cell factory with current administration priorities, and we believe we are close to finalizing our updated plan with the Department of Energy.

我們將在6月11日的投資者日上分享更多關於我們長期技術路線圖的資訊。我們在調整鋰電池工廠的規劃與當前政府的優先事項方面也取得了顯著進展，我們相信我們即將與能源部敲定更新後的計劃。

Progress has been slower than anticipated, but we believe the extra time will result in very favorable outcome adapted to current market dynamics. We will provide updates when our plans are finalized. Please turn to Slide 7. We continue to manage the impact of tariffs on our bottom line. In the third quarter, we fully offset the tariffs realized in our P&L through proactive supply chain actions and pricing strategies.

進展比預期要慢，但我們相信，額外的時間將帶來非常有利的結果，以適應當前的市場動態。計劃最終確定後，我們會及時發布最新消息。請翻到第7頁投影片。我們將繼續應對關稅對公司利潤的影響。第三季度，我們透過積極的供應鏈措施和定價策略，完全抵銷了損益表中的關稅影響。

While we anticipate continuing policy shifts, our total exposure remains stable at around 22% of US sourcing with our estimated direct tariff exposure unchanged from last quarter at around $70 million annualized for fiscal '26. Our task force and lines of business continue mitigating risk and enhancing supply chain optionality.

儘管我們預計政策將繼續變化，但我們在美國採購的總敞口仍保持穩定，約為 22%，我們估計的直接關稅敞口與上季度持平，2026 財年年化約為 7000 萬美元。我們的工作小組和各業務部門將繼續降低風險並增強供應鏈的靈活性。

Please turn to Slide 8. Our diversified business model is proving its resilience as positive demand signals across most of our end markets help offset near-term softness in tariff-sensitive industries such as forklifts and Class 8 trucking. Both Q3 orders and backlog were up sequentially and year-over-year in all business segments, except Motive Power & Transportation, illustrating the near-term dynamic conditions we are seeing market to market.

請翻到第8頁幻燈片。我們多元化的商業模式正在證明其韌性，因為我們大多數終端市場的積極需求訊號有助於抵消堆高機和 8 級卡車等對關稅敏感的行業的短期疲軟。除動力與運輸業務外，所有業務部門的第三季訂單和積壓訂單均環比和同比增長，這表明我們目前看到的市場動態變化。

In Motive Power, industry data for forklift orders in December were up 40% versus prior year, a leading indicator for us, which gives us optimism. However, we are not yet confident a firm recovery is underway as our battery orders were up only 1% sequentially, and thus, we expect the slowness may continue into mid-fiscal '27. In Transportation, Class 8 trucking is still at the bottom of the cycle, but we are managing the impact through pricing, cost improvement and aftermarket growth.

在動力機械領域，12 月堆高機訂單的產業數據顯示，與去年同期相比成長了 40%，這對我們來說是一個領先指標，也讓我們感到樂觀。然而，我們目前還不確信經濟已經穩步復甦，因為我們的電池訂單環比僅增長了 1%，因此，我們預計這種緩慢的復甦勢頭可能會持續到 2027 財年中期。在運輸領域，8級卡車運輸仍處於週期的底部，但我們正在透過定價、成本改進和售後市場成長來應對其影響。

Based on conversations with our customers in both trucking and logistics, we understand that fleets are aging and investment is being deferred through delayed ordering cycles, which translates into pent-up demand. This underinvestment is unsustainable and when our customers need to ramp up swiftly in future quarters, we will be prepared to address the demand associated with the technological deficit that has been created. In communications, our customers are updating their networks and planning upgrades.

透過與卡車運輸和物流行業的客戶的交流，我們了解到車隊正在老化，並且由於訂單週期延遲，投資也被推遲，這導致了被壓抑的需求。這種投資不足的情況是不可持續的，當我們的客戶在未來幾季需要迅速擴大規模時，我們將做好準備，以應對由此產生的技術差距所帶來的需求。在通訊領域，我們的客戶正在更新他們的網路並計劃升級。

We are continuing to see constructive momentum as they review the need to replace aging equipment across their installed base and improve capabilities to meet the expanding consumer and government demand for quicker and more reliable data delivery and backup power. Our data center business remains strong with Q3 sales up 28% over prior year. Despite the acceleration we've seen to date, the data center market remains in the early stages of a multiyear growth cycle, driven by the rapid expansion of AI workloads and a rising need for energy resilience.

我們持續看到建設性的勢頭，他們正在審查更換已安裝設備中老化設備的必要性，並提高設備性能以滿足消費者和政府對更快、更可靠的數據傳輸和備用電源日益增長的需求。我們的資料中心業務依然強勁，第三季銷售額比去年同期成長了 28%。儘管我們已經看到了加速成長的趨勢，但資料中心市場仍處於多年成長週期的早期階段，其驅動力是人工智慧工作負載的快速擴張和對能源彈性日益增長的需求。

Our customers rely upon our solutions to help safeguard essential energy infrastructure. While deployment timing can vary by affecting quarterly trends, we look forward to continuing to benefit from the critical role our products play in the AI development super cycle and compounding that impact with new product offerings in the future.

我們的客戶依靠我們的解決方案來幫助保障重要的能源基礎設施。雖然部署時間可能會因季度趨勢而有所不同，但我們期待繼續受益於我們的產品在人工智慧發展超級週期中發揮的關鍵作用，並在未來透過新產品的推出來擴大這種影響。

The dynamic geopolitical environment continues to drive an increase in global defense budgets and demand for next-gen power technologies for both tactical and mobile software applications as well as military drones. As such, A&D activity remained robust in the quarter.

動態的地緣政治環境持續推動全球國防預算的成長，並促使人們對用於戰術和行動軟體應用以及軍用無人機的下一代電源技術產生需求。因此，本季的航空航太和國防活動依然強勁。

Overall, we're pleased with our earnings strength and margin performance, reflecting our renewed disciplined execution and operational rigor. As we look ahead, our teams are aligned around the actions that will drive long-term value, including organic innovation and strategic opportunities to expand our capabilities. We are highly confident in our focused growth strategy, supported by durable secular demand trends, including the growing need for energy security and high-performance energy storage solutions.

總體而言，我們對獲利能力和利潤率表現感到滿意，這反映了我們重新加強的執行紀律和營運嚴謹性。展望未來，我們的團隊已就能夠創造長期價值的行動達成一致，包括內部創新和拓展我們能力的策略機會。我們對我們的專注成長策略充滿信心，該策略得到了持久的長期需求趨勢的支持，包括對能源安全和高效能儲能解決方案日益增長的需求。

Now I'll turn it over to Andi to discuss our financial results and outlook in greater detail. Andi?

現在我將把發言權交給安迪，讓他更詳細地討論我們的財務表現和展望。安迪？

Thanks, Shawn. Please turn to Slide 10. Net sales came in at $919 million, up 1% from prior year, driven by a 3% benefit from price/mix, a 2% benefit from foreign currency translation, partially offset by a 4% decrease in organic volumes. We achieved adjusted gross profit of $278 million, down $22 million year-on-year, but up $19 million or 8%, excluding 45X benefits.

謝謝你，肖恩。請翻到第10頁投影片。淨銷售額為 9.19 億美元，比上年增長 1%，主要得益於價格/產品組合帶來的 3% 的增長和外匯折算帶來的 2% 的增長，但部分被有機銷量下降 4% 所抵消。我們實現了調整後的毛利 2.78 億美元，年減 2,200 萬美元，但若不計入 45 倍收益，則成長 1,900 萬美元，增幅達 8%。

Note that 45X credits in the third quarter of last year were $75 million and included a onetime catch-up of $36 million compared to $35 million in the third quarter of this year. The prior year catch-up impacts the year-over-year comparison of our adjusted gross margins and adjusted earnings, clouding the impressive year-on-year improvement, excluding these benefits.

請注意，去年第三季 45X 的信貸額為 7,500 萬美元，其中包括一次性追繳的 3,600 萬美元，而今年第三季為 3,500 萬美元。前一年的追趕影響了我們調整後的毛利率和調整後收益的同比比較，使得在不考慮這些因素的情況下，同比顯著的改善變得不明顯。

Q3 '26 adjusted gross margin of 30.2% was up 110 basis points sequentially and down 280 basis points versus the prior year. Excluding 45X, adjusted gross margin was up 150 basis points sequentially and up 170 basis points versus prior year. OpEx in the quarter improved as a result of our cost reduction initiatives. As expected, we realized approximately $15 million in Q3 from these actions and anticipate similar savings in Q4. Our adjusted operating earnings were $142 million in the quarter, up $13 million versus the prior quarter and down $13 million versus the prior year with an adjusted operating margin of 15.5%.

2026 年第三季調整後毛利率為 30.2%，較上季成長 110 個基點，年減 280 個基點。剔除 45X 的影響，調整後的毛利率季增 150 個基點，年增 170 個基點。由於我們採取了成本削減措施，本季的營運支出有所改善。正如預期的那樣，我們在第三季度透過這些措施實現了約 1500 萬美元的收益，並預計第四季度也將實現類似的收益。本季調整後的營業利潤為 1.42 億美元，比上一季增加 1,300 萬美元，比上年同期減少 1,300 萬美元，調整後的營業利潤率為 15.5%。

Excluding 45X benefits, adjusted operating earnings increased $28 million or 34% with a record adjusted operating margin of 11.7%, up 290 basis points versus the prior year. Adjusted EBITDA was $160 million, a decrease of $12 million versus prior year, while adjusted EBITDA margin was 17.4%, down 150 basis points versus prior year. Excluding 45X, adjusted EBITDA of $125 million, a company high, was up $29 million or 30% year-on-year with a company record adjusted EBITDA margin of 13.6%, up 300 basis points versus the prior year.

不計入 45X 收益，調整後的營業利潤成長 2,800 萬美元，成長 34%，調整後的營業利潤率創下 11.7% 的歷史新高，比上年增長 290 個基點。調整後 EBITDA 為 1.6 億美元，較上年減少 1,200 萬美元；調整後 EBITDA 利潤率為 17.4%，較上年下降 150 個基點。剔除 45X 的影響，調整後的 EBITDA 為 1.25 億美元，創公司新高，年增 2,900 萬美元，增幅達 30%，調整後的 EBITDA 利潤率為 13.6%，創公司歷史新高，比上年增長 300 個基點。

Adjusted diluted EPS was $2.77 per share, a decrease of 11% over prior year. Excluding 45X, adjusted EPS was $1.84 per share, up 50% versus prior year and also a third quarter record. Our Q3 '26 effective tax rate was 14.9% on an as-reported basis and 22.4% on an as-adjusted basis before the benefit of 45X compared to 23.3% in Q3 '25 and 23% in the prior quarter on geographical mix of earnings, which can vary quarter-to-quarter. We continue to expect our full year tax rate on an as-adjusted basis before the benefit of 45X for fiscal year 2026 to be in the range of 20% to 22%.

調整後的稀釋每股收益為 2.77 美元，比上年下降 11%。剔除 45 倍因素後，調整後每股收益為 1.84 美元，比去年同期成長 50%，也是第三季創紀錄的業績。2026 年第三季度，以報告基準計算的有效稅率為 14.9%，以調整基準計算的有效稅率為 22.4%（未計入 45 倍收益），而 2025 年第三季度為 23.3%，上一季為 23%（由於收益的地域組合，該稅率可能每個季度都會有所變化）。我們繼續預計，在 2026 財年，在享受 45X 折扣之前，經調整後的全年稅率將在 20% 至 22% 之間。

Let me now provide details by segment. Please turn to Slide 11. In the third quarter, Energy Systems revenue increased 3% from prior year to $400 million, primarily driven by strong price/mix and a positive FX impact, partially offset by the anticipated softer volumes due to the customer pull-ins we noted last quarter and some deferred year-end CapEx spend, both of which included lower-margin product sales that propped up this segment's third quarter margins.

現在讓我分階段提供詳細資訊。請翻到第11頁投影片。第三季度，能源系統收入較上年同期增長 3% 至 4 億美元，主要得益於強勁的價格/產品組合和積極的匯率影響，但部分被預期銷量疲軟所抵消，這主要是由於我們上個季度注意到的客戶流失以及一些遞延的年末資本支出，這兩項支出都包括利潤率較低的產品銷售，從而支撐了該部門第三季度的利潤率。

Adjusted operating earnings increased an impressive 67% from prior year to $42 million, reflecting the benefits of favorable price/mix from a richer mix of products, OpEx savings from our restructuring efforts and the service margin improvements Shawn noted earlier on the call. Adjusted operating margin of 10.5% increased 400 basis points versus prior year.

經過調整後的營業利潤較上年同期增長了驚人的 67%，達到 4200 萬美元，這反映了產品組合更加豐富帶來的有利價格/組合效益、重組努力帶來的運營支出節省以及 Shawn 在電話會議上早些時候提到的服務利潤率的提高。經調整後的營業利益率為10.5%，較上年同期成長400個基點。

While we expect some variability in margins quarter-to-quarter due to the project nature of this business, the overall trajectory of this segment remains very encouraging. Motive Power revenue decreased 2% from prior year to $352 million with lower volumes from ongoing market softness more than offsetting FX tailwinds and favorable price/mix. Motive Power adjusted operating earnings were $53 million, roughly flat to prior year, resulting in adjusted operating margins of 14.9%, up 20 basis points versus prior year with OpEx savings mostly offset by the lost leverage from lower volumes.

雖然由於該業務的項目性質，我們預計季度利潤率會有一些波動，但該業務板塊的整體發展軌跡仍然非常令人鼓舞。由於市場持續疲軟導致銷售下降，動力業務收入較上年下降 2% 至 3.52 億美元，超過了匯率利多和價格/產品組合有利因素的影響。Motive Power 的調整後營業利潤為 5,300 萬美元，與上年基本持平，調整後營業利潤率為 14.9%，比上年增長 20 個基點，營運支出節省大部分被銷售下降導致的槓桿損失所抵消。

Maintenance-free product sales increased 5% year-on-year and were 29% of Motive Power revenue mix compared to 27% in Q3 of '25. As the pause in capital investments for many in the logistics market continues, we expect improving but still soft volumes in Q4 with this trend likely continuing into the first quarter or 2 of fiscal '27. Longer term, Motive Power remains well positioned for growth, supported by electrification, automation and strong demand for our maintenance-free and charger solutions.

免維護產品銷售額年增 5%，佔動力總成收入的 29%，而 2025 年第三季為 27%。由於物流市場許多企業的資本投資仍在暫停，我們預計第四季度銷量將有所改善，但仍然疲軟，這種趨勢可能會持續到 2027 財年的第一季或第二季。從長遠來看，在電氣化、自動化以及對我們免維護充電器解決方案的強勁需求的支持下，動力動力仍處於良好的成長地位。

Specialty revenue increased 8% from prior year to $168 million, driven by a 4% benefit from price/mix, a 2% increase in organic volumes, a 1% FX tailwind and a 1% contribution from the Rebel acquisition. As Shawn mentioned, Specialty's Q3 '26 adjusted operating earnings of $20 million were more than double that of prior year.

特種產品收入較上年增長 8% 至 1.68 億美元，其中價格/產品組合增長 4%，有機銷量增長 2%，匯率利好 1%，收購 Rebel 貢獻 1%。正如肖恩所提到的，Specialty 2026 年第三季的調整後營業利潤為 2,000 萬美元，是去年同期的兩倍多。

Adjusted operating margin of 11.8% was up 560 basis points as this quarter reflected ongoing strength in A&D and transportation aftermarket growth, helping offset the Class 8 OEM softness as well as benefits from manufacturing cost improvements and restructuring efforts. As we've shared previously, this segment is capable of sustained double-digit margins and our efforts to accomplish this are taking hold with additional opportunity in front of us.

經調整後的營業利潤率為 11.8%，較上季度增長 560 個基點，這主要得益於航空航天與國防以及運輸售後市場的持續強勁增長，從而抵消了 8 級 OEM 業務的疲軟，以及製造成本改善和重組工作帶來的益處。正如我們之前分享的那樣，這個領域能夠持續實現兩位數的利潤率，我們為實現這一目標所做的努力正在取得成效，而且我們面前還有更多的機會。

Please turn to Slide 12. Operating cash flow of $185 million, offset by CapEx of $13 million, resulted in strong free cash flow of $171 million in the quarter, an increase of $114 million versus the prior year same period.

請翻到第12頁投影片。本季經營現金流為 1.85 億美元，資本支出為 1,300 萬美元，最終實現強勁的自由現金流 1.71 億美元，比上年同期成長 1.14 億美元。

This increase was aided by the expansion of the company's receivable purchasing agreement during the quarter. Free cash flow conversion in the quarter was 190%. Excluding the benefit of 45x to earnings and cash, free cash flow conversion was 300% and without the impact of the expanded receivable purchasing agreement, still over 120% free cash flow conversion.

本季公司應收帳款購買協議的擴大促進了這一成長。本季自由現金流轉換率為 190%。不計入 45 倍收益和現金的收益，自由現金流轉換率為 300%；即使不計入擴大應收帳款購買協議的影響，自由現金流轉換率仍超過 120%。

Primary operating capital decreased slightly to $934 million versus prior year on the benefits of our expanded receivables purchasing agreement with our working capital efficiency measured internally by primary operating capital as a percentage of annualized sales, improving 70 basis points versus prior year after absorbing the impact of tariffs in our inventory and accounts receivable balances. As we continue to invigorate our operating model, our COEs are focused on further enhancing working capital discipline, which we expect will unlock additional value for our shareholders over time.

由於擴大應收帳款採購協議帶來的收益，主要經營資本較上年略微下降至 9.34 億美元。我們內部衡量的營運資本效率（以主要經營資本佔年化銷售額的百分比衡量）較上年提高了 70 個基點，這已計入了關稅對庫存和應收帳款餘額的影響。隨著我們不斷改進營運模式，我們的卓越中心致力於進一步加強營運資本管理，我們預計這將隨著時間的推移為股東釋放更多價值。

As of December 28, 2025, we had $450 million of cash and cash equivalents on hand. Net debt of $743 million represents a decrease of approximately $38 million since the end of fiscal '25. Our leverage ratio remains well below our target range at 1.2 times EBITDA. Our balance sheet is strong and well positions us to invest in growth and navigate the current economic environment.

截至 2025 年 12 月 28 日，我們手頭上擁有 4.5 億美元的現金及現金等價物。淨債務為 7.43 億美元，比 2025 財年末減少了約 3,800 萬美元。我們的槓桿率仍然遠低於我們的目標範圍，為 EBITDA 的 1.2 倍。我們的資產負債表穩健，使我們能夠更好地投資成長並應對當前的經濟環境。

During this period of heightened geopolitical uncertainty, we anticipate maintaining our net leverage at or below the low end of our 2 to 3 times target range, providing us with ample dry powder for our capital allocation choices and to remain nimble to absorb any macroeconomic dynamics that may impact us.

在當前地緣政治不確定性加劇的時期，我們預計將淨槓桿率維持在 2 至 3 倍目標範圍的低端或以下，這將為我們的資本配置選擇提供充足的資金，並使我們能夠靈活應對任何可能影響我們的宏觀經濟動態。

Please turn to Slide 13. During the third quarter, we repurchased 672,000 shares for $84 million at an average price of approximately $128 per share. We also paid $9.6 million in dividends. We have approximately $931 million in our buyback authorization as of February 3. We continue to be judicious in our share buyback activity.

請翻到第13頁投影片。第三季度，我們以每股約 128 美元的平均價格回購了 672,000 股股票，總額達 8,400 萬美元。我們還支付了960萬美元的股息。截至2月3日，我們的回購授權額度約為9.31億美元。我們將繼續謹慎地進行股票回購活動。

Our buybacks in addition to the dividend, underscore our long-standing commitment to returning value to our shareholders. Our M&A pipeline for small and midsized tuck-in acquisitions remains active, supporting continued growth and innovation across the business. We are focused on ensuring alignment with our disciplined strategic and financial criteria of any M&A.

除了派發股利外，我們的股票回購也反映了我們長期以來對股東回報價值的承諾。我們針對中小型補充性收購的併購管道依然活躍，支持業務的持續成長和創新。我們致力於確保所有併購交易都符合我們嚴格的策略和財務標準。

Please turn to Slide 14. As we navigate the current environment of mixed end market demand trends, we remain optimistic but cautious about the near-term outlook. Year-over-year, our Q4 outlook reflects continuing positive price/mix, the benefits of OpEx improvement from realization of our restructuring efforts, healthy demand in data center and A&D, steady improvement in communications and continued volume softness in Motive Power & Transportation relative to the underlying market needs.

請翻到第14頁投影片。鑑於當前終端市場需求趨勢喜憂參半，我們對近期前景保持樂觀但謹慎的態度。與去年同期相比，我們的第四季度展望反映了價格/組合持續向好、重組努力實現後運營支出改善帶來的益處、數據中心和航空航天與國防領域的健康需求、通信領域的穩步改善以及動力與運輸領域相對於潛在市場需求的持續疲軟。

For the fourth quarter of fiscal 2026, we expect net sales in the range of $960 million to $1 billion with adjusted diluted EPS of $2.95 to $3.05 per share, which includes $37 million to $42 million of 45X benefits to cost of sales.

我們預計 2026 財年第四季淨銷售額將在 9.6 億美元至 10 億美元之間，調整後攤薄每股收益為 2.95 美元至 3.05 美元，其中包括 3,700 萬美元至 4,200 萬美元的銷售成本 45 倍收益。

Excluding 45X, we expect adjusted diluted EPS of $1.91 to $2.01 per share, up 10% year-on-year at the midpoint of the range. Our CapEx expectation for the full year fiscal 2026 remains approximately $80 million. While we are encouraged by the company's overall trajectory and momentum in several key growth areas, we continue to see the impact of a dynamic macro environment on customer buying patterns.

剔除 45 倍因素後，我們預期調整後稀釋每股收益為 1.91 美元至 2.01 美元，以區間中點計算，年增 10%。我們對 2026 財年全年資本支出的預期仍約為 8,000 萬美元。儘管我們對公司在幾個關鍵成長領域的整體發展軌跡和勢頭感到鼓舞，但我們仍然看到動態的宏觀環境對客戶購買模式的影響。

Consistent with our fourth quarter outlook and expectations we set at the beginning of the fiscal year, we expect full year adjusted operating earnings growth, excluding 45X benefits to outpace revenue growth, supported by ongoing OpEx savings, sustained price/mix strength and improving though still soft Motive Power volumes.

與我們在第四季度展望和本財年初設定的預期一致，我們預計全年調整後營業利潤增長（不包括 45 倍收益）將超過收入增長，這得益於持續的運營支出節約、持續的價格/產品組合優勢以及動力設備銷量雖有所改善但仍疲軟。

Operational efficiencies aligned with our energized strategic framework are taking hold with continued progress in process optimization, capital allocation discipline and manufacturing performance. These actions are positioning the business for long-term top line growth and margin expansion.

與我們充滿活力的策略框架一致的營運效率正在逐步實現，流程優化、資本配置紀律和製造績效都取得了持續進展。這些舉措旨在為企業的長期營收成長和利潤率擴張奠定基礎。

In closing, this quarter showcased the strength of our operating model and the discipline of our team, delivering record results, advancing our strategic priorities and positioning us well for fiscal year '27. We have clear priorities, aligned leadership and momentum in the areas that matter most to our long-term value creation.

綜上所述，本季充分展現了我們營運模式的實力和團隊的紀律性，取得了創紀錄的業績，推進了我們的策略重點，並為 2027 財年奠定了良好的基礎。我們在對長期價值創造至關重要的領域擁有明確的優先事項、一致的領導層和強勁的發展勢頭。

With this, let's open it up for questions. Operator?

接下來，我們來接受提問。操作員？

(Operator Instructions)

（操作說明）

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Good morning. Thanks for taking the questions let's start with data center. You commented on the growth in the quarter, but also what you said is sort of healthy demand. I think looking at the pretty eye-popping CapEx expectations from the hypers and some of the orders growth rates we're seeing, healthy feels like an understatement. So can you talk about your own data center pipeline and how you think about that scaling in the quarters ahead?

早安.感謝各位回答問題，我們先從資料中心開始。您評論了本季的成長，但您也提到了一種健康的需求。考慮到超高速列車令人瞠目結舌的資本支出預期以及我們看到的一些訂單成長率，用「健康」來形容現狀似乎都顯得保守了。那麼，您能否談談貴公司的資料中心流水線，以及您如何看待未來幾季的擴展問題？

Yeah, so, Noah, it's Shawn. Good to hear your voice. Listen, we're very excited about this opportunity, obviously. And if we look at it from a lead acid perspective, let me start there. We have a commanding market share in data center. It's over 50% in the United States as an example. And we serve those same hyperscalers around the world.

是的，諾亞，我是肖恩。很高興聽到你的聲音。聽著，我們當然對這個機會感到非常興奮。如果我們從鉛酸的角度來看，那就讓我從這裡開始吧。我們在資料中心領域擁有絕對的市場佔有率。以美國為例，這一比例超過50%。我們也為世界各地的這些超大規模企業提供服務。

And we're seeing grower demand -- growing demand for higher density products. And so TPPL for us in this space is doing very well. What we're most excited about, though, for all of that strength and all of that growth, we have yet to release a lithium battery product into the marketplace. So for over 50% market share in the lead acid for all the greenfield data centers that are going lithium, today, we have 0% market share.

我們看到種植者對高密度產品的需求不斷增長。因此，TPPL 在我們這個領域表現非常出色。不過，最讓我們興奮的是，儘管我們擁有如此強大的實力和如此大的成長，但我們尚未向市場推出鋰電池產品。因此，在鉛酸電池市場佔有超過 50% 的份額，而如今所有新建資料中心都在轉向鋰電池，我們的市場份額卻為 0%。

So our product teams under Mark Matthews are doing a tremendous job to get that product over the finish line. We're not being very public about dates and that kind of thing because we'd rather have done it and told you about it than foreshadow something that we didn't deliver on. But that is a massive growth opportunity for us.

因此，在馬克馬修斯的領導下，我們的產品團隊正在為完成產品的開發而努力，並取得了巨大的成功。我們沒有公開透露日期之類的事情，因為我們寧願把事情做好之後再告訴你們，也不願放出一些我們最終沒有兌現的預告。但這對我們來說是一個巨大的成長機會。

And it's the exact same customers that we're serving with that great growth in lead acid. So it's just a lot -- a tremendous amount of upside for us and a tremendous amount of willingness on the side of the customer because with EnerSys, you get -- it's not just the product, you get the before and after sales services and care, the logistics support, the staging support. So our customers are very keen to get us involved in that. And it's probably our largest opportunity to date.

而鉛酸市場如此迅猛增長的，正是我們所服務的同一批客戶。所以這對我們來說意義重大——巨大的收益，以及客戶方面巨大的意願，因為選擇 EnerSys，您不僅能獲得產品，還能獲得售前售後服務和關懷、物流支援、場地佈置支援。所以我們的客戶非常希望我們參與其中。這可能是我們迄今為止最大的機會。

That's helpful. A hat tip to the team on the Energy Systems margins getting above 10%. I think the slide deck talks about sort of normalized margin improvement in 4Q. Maybe we can sort of put a little bit more context around what that normalized means? I know you don't quantitatively guide to segment margins. But just help us think about some of the puts and takes of what normalized could look like given some of the comments around product mix shift and the like.

那很有幫助。向團隊致敬，能源系統利潤率超過了 10%。我認為幻燈片中提到的是第四季正常化利潤率的改善。或許我們可以對「標準化」的意思做一些更具體的解釋？我知道你不會對細分市場的利潤率進行量化指導。但請幫助我們思考一下，考慮到產品組合變化等方面的評論，正常化可能會是什麼樣子，其中可能包含哪些方面。

Sure. Noah, this is Andi. Nice to hear from you. Consistent with what we've said in the past, as you know, our Energy Systems business is very project oriented, which also has some mix opportunities that can cause it not to be a pure linear progression.

當然。諾亞，這是安迪。很高興收到你的來信。如您所知，我們過去一直強調的，我們的能源系統業務非常注重項目，同時也存在一些混合機會，這可能導致其發展並非純粹的線性過程。

And as we talked about in Q3, we both had some pull-ins into Q2 that we had talked about on our last call. And then we had a couple of customers that pushed out one customer in particular in order at the end of the calendar year into our Q4. So that put a little bit of pressure on our volumes in Q3 in Energy Systems, but also aided the margins a little bit.

正如我們在第三季討論的那樣，我們雙方在第二季都有一些業務拓展，這些業務我們在上次電話會議上也討論過。然後，我們有幾個客戶，特別是其中一個客戶，在日曆年末將訂單推遲到了我們的第四季度。因此，這給能源系統業務第三季的銷售帶來了一些壓力，但也稍微提高了利潤率。

So what I would look at is if we normalize for that, we would continue with the improvement trajectory, but probably a little bit of that 10.5% OE margin in ES, some of that probably should have propped up Q2 a little more and propped up Q4. So if you normalize for that, you would continue to see an improvement and we might be sub-10%, but not much. It will still be in that -- trending in that direction. But I would expect probably a little bit of a step back in Q4, but a continuation of the improvement that we've seen so far to date. Does that make sense?

因此，我認為，如果我們對此進行標準化處理，我們將繼續保持改進的勢頭，但ES的10.5%的OE利潤率中，可能有一部分應該能更好地支撐第二季度和第四季度的業績。所以，如果把這個因素考慮進去，你會看到情況繼續好轉，我們可能會低於 10%，但也不會好多少。它仍將保持這種趨勢——朝著那個方向發展。但我預計第四季可能會略有回落，但會延續我們迄今為止看到的改善勢頭。這樣說得通嗎？

It does. It's very helpful. And maybe for the last one, just to touch on Motive Power. We have seen some really strong demand trends in e-commerce and warehouse automation trend that seems like it should play into your wheelhouse. So when do you think kind of this destocking ends? And when do you think you start to see some inflection in Motive order rates?

確實如此。這很有幫助。最後，或許可以簡單談談動力。我們看到電子商務和倉儲自動化領域出現了一些非常強勁的需求趨勢，這似乎符合您的強項。那你認為這種去庫存的趨勢什麼時候會結束？你認為 Motive 的訂單率什麼時候會出現轉折點？

It's -- I'll take that again. Noah, it's Shawn. This is why we've been so reticent for full year guidance because it's just all the leading indicators have been tough for our forklift manufacturer OEMs, let alone us on how to gauge this market.

——我再說一次。諾亞，我是肖恩。這就是為什麼我們一直不願意給出全年業績指引，因為所有領先指標對我們的堆高機製造商 OEM 來說都很艱難，更不用說我們自己如何評估這個市場了。

And of course, there was tariff exposure particularly in heavy steel and then there were the interest rates and just all sorts of things that affect these heavy capital purchases. With that being said, as we said in the prepared remarks, we know for sure, this is pent-up demand that as these trucks age, if there was 0 growth in logistics, which there won't be, that just to keep the fleet moving today that exists, they have to order trucks.

當然，還有關稅風險，尤其是在重型鋼鐵領域；此外還有利率以及各種影響這些大宗資本採購的因素。話雖如此，正如我們在準備好的演講稿中所說，我們確信，這是積壓的需求，隨著這些卡車的老化，即使物流沒有增長（這是不可能的），僅僅為了維持現有車隊的運轉，他們就必須訂購卡車。

We saw evidence of this in December. We mentioned a 40% increase in December in the Americas in the trucking orders. To put that in perspective, about 22,000 units. That's a record December. We've never seen that kind of number. And it's not that the market just decided to grow that much. That's that pent-up demand. So where we're being careful, though, is we saw earlier this year, we talked about some strength coming back in. And historically, when Motive turns, it's basically a linear climb out.

我們在12月就看到了這方面的證據。我們提到，12 月美洲地區的卡車運輸訂單增加了 40%。換個角度來看，大約是 22,000 台。這是創紀錄的十二月。我們從未見過這樣的數字。並不是說市場突然決定要成長這麼多。這就是被壓抑的需求。不過，我們謹慎的做法是，正如我們今年早些時候所看到的，我們談到了一些力量的回歸。從歷史資料來看，當 Motive 出現轉折時，基本上就是一個線性上升的過程。

This has been a little more choppy for us. But that 40% new truck order number is a big one for us. And typically -- and the reason we're saying, hey, it may take a couple of quarters of fiscal '27 to iron out, that's usually the lag time between trucks being ordered and our batteries being ordered, but it's a very positive sign for us.

這對我們來說有點不太順利。但對我們來說，40% 的新卡車訂單量是一個很大的數字。通常情況下——這也是我們說「嘿，可能需要 2027 財年的幾個季度才能解決」的原因，因為卡車訂購和電池訂購之間通常存在滯後時間，但這對我們來說是一個非常積極的信號。

It's just adding a little bit to what Shawn said as well, Noah, if it's okay. One thing, while we're not thrilled with obviously the volume being down, what I do feel good about is we know that we are outperforming the market. It's not lost share. Our industry data that we received showed that while our volume was down high single digits, the industry indicators were down low double digits in the quarter.

諾亞，如果可以的話，我只是想在肖恩剛才說的話上補充一點。雖然我們對成交量下降顯然感到不滿，但有一點讓我感到欣慰，那就是我們知道我們的業績優於市場。這並非市場佔有率的喪失。我們收到的行業數據顯示，雖然我們的銷量下降了接近兩位數，但該季度行業指標下降了兩位數。

So I think we're doing better than the market. Motive Power is not a segment I really worry about. Chad does a tremendous job managing it. We know over time, as long as materials are moving, our products are needed. And there's -- as Shawn mentioned, it will come back. It's a question of when, and I think the team does a great job managing through it.

所以我覺得我們做得比市場好。動力系統並不是我真正擔心的領域。查德在管理方面做得非常出色。我們知道，隨著時間的推移，只要原料流通，我們的產品就始終有需求。正如肖恩所提到的那樣，它還會回來的。這只是時間問題，我認為團隊在這方面處理得很好。

Great, thank you very much.

太好了，非常感謝。

Chip Moore, ROTH Capital

Chip Moore，ROTH Capital

Hey, good morning. Thanks for taking the question. I could ask about lithium battery. I know you're limited on what you can say, but you sort of alluded to expecting -- I think it was a favorable outcome. Just anything you can share there and how we might think about how the strategy has evolved and when we might see a final decision?

嘿，早安。感謝您回答這個問題。我可以問問鋰電池的情況。我知道你能說的有限，但你似乎暗示過——我認為這是一個好的結果。您能否分享一些關於策略演變以及我們何時可能看到最終決定的想法？

Yeah, I'd be happy to do that. Thank you, and good to hear from you. We are very encouraged, I'll just say that, of where we're at in our discussions with the Department of Energy and the overall administration. If you recall, and we go back to the beginning of this administration, what we saw were grants being canceled, projects being canceled.

是的，我很樂意這麼做。謝謝，很高興收到你的來信。我只想說，我們對目前與能源部和整個政府的討論進展感到非常鼓舞。如果你還記得的話，我們回顧本屆政府執政之初，我們看到的是撥款被取消，計畫被取消。

And we didn't know at the time that the batteries would survive the One Big Beautiful Bill Act. And all that is sort of ironed out, the government priorities being clarified and then putting the people in place that they wanted to put in place on their side to get these initiatives across is what's taken all the time.

當時我們並不知道這些電池能夠經得起《一項偉大的美麗法案》的考驗。所有這些問題都已基本解決，政府的優先事項也已明確，然後安排他們想要安排的人來推進這些舉措，這才是真正需要做的。

But I'll tell you that our grant has remained intact. It was never canceled. And we had a really strong audience with the government to talk about their new priorities. And what is that? It's secure domestic supply chains free from foreign entity of concern, content, particularly for the US military and the Department of War. And of course, grid resiliency and electrification is still there, US manufacturing and job creation. But the really interesting thing for us is this has been a bipartisan supported issue.

但我可以告訴你，我們的撥款仍然完好無損。它從未被取消。我們與政府進行了非常深入的交流，討論了他們的新優先事項。那是什麼？它確保了國內供應鏈的安全，不受外國實體的干擾，內容尤其對美國軍方和戰爭部更是如此。當然，電網韌性和電氣化仍然是關鍵，美國製造業和就業機會仍然存在。但對我們來說，真正有趣的是，這是一個得到兩黨支持的問題。

And I've said previously that if we could -- in terms of what the plant does and what its purpose is, if we could point the whole thing at a secure supply chain for the military, we would. I'm not saying that, that's where we're going to end up.

我之前說過，如果可以的話——就該工廠的功能和用途而言，如果我們能夠將其全部用於為軍隊提供安全的供應鏈，我們一定會這麼做。我不是說我們最終一定會走到那一步。

And I don't want to get in front of the administration and determining yet what that looks like. What I can tell you right now is it's very positive. We believe we're in the final stages. We were hoping to have some information by -- a little more concrete by this call, but we can only go as fast as the customer on the other side, which in this case, is the government, but we remain very optimistic about where this is trending.

我不想現在就介入政府事務，決定具體方案是什麼。我現在可以告訴你的是，情況非常樂觀。我們相信我們已經進入最後階段。我們原本希望透過這通通話獲得一些更具體的訊息，但我們只能按照電話另一端的客戶（在本例中是政府）的速度來推進，但我們對事態的發展趨勢仍然非常樂觀。

Understood. I appreciate all that color. And just maybe for my follow-up, just maybe more of a follow-up on Noah's question for Motive and some of the pent-up demand. I mean maybe a similar dynamics for Class 8, I think, that you called out. Just maybe talk about your ability in both those markets, how you think about the back half of next fiscal year if some of that demand starts to come back? thanks.

明白了。我喜歡這些色彩。或許，我的後續問題，或許是對諾亞提出的關於動機的問題以及一些被壓抑的需求的進一步回應。我的意思是，你提到的八年級可能也有類似的動態。或許可以談談您在這兩個市場的能力，以及如果部分需求開始回升，您對下一個財年下半年有何看法？謝謝。

Yeah, well, , we are well positioned. The actions we've taken in our factories to be more efficient, to increase the effectiveness of our supply chains, the work we've done through tariff mitigation, we're ready. I mean there's no question about it. And just to give you -- you mentioned Transportation, I didn't really give that color.

是的，我們處於有利地位。我們在工廠採取了提高效率的措施，提高了供應鏈的效率，並透過關稅減免做了大量工作，我們已經準備好了。我的意思是，這一點毋庸置疑。還有一點要說明的是——你提到了交通運輸，但我並沒有真正提到這一點。

We have a fleet operator, who is one of the largest in the US and they operate over 400,000 tractors. And they told us today, they have -- they told us if they had to order today, they have some 50,000 tractors to order just to maintain the fleet as it is without any additional growth. Think about that.

我們有一家車隊營運商，是美國最大的車隊營運商之一，他們經營超過 40 萬輛拖拉機。他們今天告訴我們，如果今天必須訂購，他們大約需要訂購 5 萬輛拖拉機，才能維持現有車隊規模，而沒有其他成長。想想看。

So they've just delayed and nobody wants to go first because they don't know when this is going to turn back on. But they told us all of their conversations now with the OEM tractor providers and Class 8 OEMs is how fast can you restart? What does that look like? What does that pipeline look like? Because they know -- and they represent just a bit of color, that 412,000 tractors or 450,000 -- whatever that number is, they represent a number approaching 20% of their portion of the market.

所以他們就一直拖延，而且沒人願意第一個行動，因為他們不知道什麼時候才能恢復供電。但他們告訴我們，他們現在與 OEM 拖拉機供應商和 8 級卡車 OEM 的所有對話都是關於如何快速重啟的？那看起來像什麼？那條管道長什麼樣子？因為他們知道——而且他們只是略微代表了某種觀點——412,000 台拖拉機或 450,000 台拖拉機——無論這個數字是多少，它們都代表了接近其市場份額 20% 的數量。

So it just gives you an idea of the dimensionality of the number of tractors that need to be ordered now just to sustain the fleets out there due to the aging issue, let alone growth. So we're ready. We have ample capacity. We've got Missouri up and running. We've hit all of our milestones there that we committed to. We've got scrap coming down, productivity increasing. OEE looks good at our bottleneck points. So when those drivers turn back on for us, we can execute pretty quickly.

因此，這可以讓你了解，由於車輛老化問題，現在僅僅為了維持現有車隊的運轉，就需要訂購多少拖拉機，更不用說未來的成長了。我們準備好了。我們產能充足。密蘇裡州那邊已經恢復正常運作了。我們已經實現了所有承諾的里程碑目標。廢料減少了，生產力提高了。在我們的瓶頸點，OEE 看起來不錯。所以當這些司機重新為我們工作時，我們就能迅速執行任務。

Yes. I'll just add a little bit more on to that. One thing that's interesting, Chip, and good to hear from you is you mentioned Transportation right after Motive Power. With invigorating our operating model, one of the things that we've been looking at is having Chad, who does a great job leading our Motive Power business, also begin to look at synergies that we have with our Transportation business. And there's immense synergies there because as you can imagine, you've got warehousing and distribution.

是的。我再補充一點。Chip，有一點很有意思，很高興聽到你提到動力裝置之後緊接著就提到了交通運輸。為了振興我們的營運模式，我們一直在考慮的事情之一是，讓在領導我們的動力業務方面做得非常出色的查德也開始關注我們與運輸業務之間的協同效應。而這其中蘊含著巨大的協同效應，因為正如你所想，它涉及倉儲和配送。

You have both forklifts and trucking in there. We actually had a really nice quarter for Transportation with the market still being soft. And I think that's aided by some of the benefits from this invigorated operating model as well as the improvements the COE are having in our manufacturing costs, both absorption with a little bit of the volume pickup we had and Shawn's monthly trips that he's taking out to Missouri, I think you're really seeing improvements across the board.

那裡既有叉車又有卡車運輸。在市場依然疲軟的情況下，我們交通運輸業務實際上本季表現非常出色。我認為這得益於這種充滿活力的營運模式帶來的一些好處，以及 COE 在我們製造成本方面的改進，這既得益於我們銷售增長帶來的部分成本吸收，也得益於肖恩每月去密蘇裡州的行程，我認為你真的可以看到各方面的改進。

And only other thing I'd mention since we're talking about Transportation as you get into the whole specialty line of business, we couldn't be more pleased with our A&D business. That's an area where we mentioned our A&D backlog, I think, up 27% year-on-year.

既然我們談到了運輸，進入整個專業業務領域，我只想提一下，我們對我們的航空航天和國防業務非常滿意。我想，我們之前提到過，我們的航空航太和國防積壓訂單年增了 27%。

Munitions, in particular, has had a 230% growth in their backlog year-to-date, really a 29% CAGR since we acquired the business in fiscal '19. So lots of opportunity in front of us with the geopolitical environment continuing to drive this increase in defense budgets as well. So bright spot there for us.

特別是軍需品業務，今年迄今的積壓訂單成長了 230%，自 2019 財年我們收購該業務以來，實際複合年增長率為 29%。因此，隨著地緣政治環境持續推動國防預算成長，我們面前有許多機會。所以對我們來說，這是個好消息。

Fantastic. Appreciate all the color thank you both.

極好的。很喜歡這些色彩，謝謝你們兩位。

Thanks.

謝謝。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Hi, good morning and thanks for taking my questions. I just wanted to talk about the Energy Systems segment first and the outstanding growth that you're seeing in data center, I think you said up 28%. If I look at that segment and think about, I think data center revenue for you is over $400 million on an annual run rate now.

您好，早安，感謝您回答我的問題。我首先想談談能源系統板塊，以及您在資料中心領域看到的顯著成長，我想您說過成長了 28%。如果我看一下這個領域並思考一下，我認為你們的資料中心收入現在以年運行率計算已經超過 4 億美元了。

I think, Shawn, that you had said it was around $425 million. If data center is up 28%, I guess that implies or tells us that the balance of the Energy Systems segment was down maybe low single digits to mid-single digits. And I'm just -- that's being driven, I guess, mainly by dynamics in telecom and broadband, but I don't know if I missed it, but I didn't hear a lot of comments today yet on the call around telecom and broadband. So I'm just curious what is happening in those end markets? And what's the outlook in those end markets?

肖恩，我記得你說過大概是 4.25 億美元。如果資料中心成長了 28%，我猜這意味著能源系統板塊的其他部分可能下降了個位數到個位數中段。我覺得這主要是由電信和寬頻領域的動態驅動的，但我不知道是不是我錯過了什麼，但今天在電話會議上，我還沒有聽到太多關於電信和寬頻的評論。所以我很好奇這些終端市場正在發生什麼事？那麼，這些終端市場的前景如何？

Yeah, and good to hear from you, Brian. We -- I think Andi went into a bit on timing and margin normalization. What I would tell you is that we see only positive signals in the rest of the segments there. Q3 to Q4 for us because we are on this April to March fiscal is always a little weird in the telecom space for us because you either have the communications folks trying to increase their year-end spend before the calendar year flip or they have -- or they're deferring CapEx based on what their CFO is wanting them to do to restart it again in the -- our fourth quarter, their first quarter.

是的，很高興收到你的來信，布萊恩。我們——我想安迪稍微談到了時機和利潤率正常化。我可以告訴你的是，我們在其他幾個部分看到的都是正面的訊號。對我們來說，第三季到第四季總是有點奇怪，因為我們的財政年度是從四月到三月。電信業的情況總是如此，要么通訊公司試圖在日曆年結束前增加年終支出，要么他們會根據首席財務官的要求推遲資本支出，以便在我們的第四季度（他們的第一季）重新啟動。

So -- and then as Andi mentioned earlier, too, we had the pull-in issue from Q2 into Q2 that if you normalize Q2 and Q3 look a little better. But all of the demand signals are good. We don't talk about it because it's a small segment for us, but we have over 50% market share in power utility. And that specific application for us is electric substation, switchgear and control. That business is up 15% and just doing very, very well.

所以——正如 Andi 之前提到的，我們還有從第二季到第三季的拉動問題，如果你對第二季和第三季進行標準化處理，情況會好一些。但所有需求訊號都很好。我們不談論它，因為它對我們來說只是一個很小的細分市場，但我們在電力公用事業領域擁有超過 50% 的市場份額。而對我們來說，這個特定的應用領域是電力變電站、開關設備和控制系統。那項業務成長了15%，而且發展得非常好。

So we see very positive demand signals. I'll tell you the engineering team, particularly under the Center of Excellence realignment is doing a fantastic job with the XM product. The broadband people are under the same pressure everybody else is under.

因此，我們看到了非常積極的需求訊號。我可以告訴你，工程團隊，尤其是在卓越中心重組之後，在 XM 產品方面做得非常出色。寬頻從業人員和其他人一樣，都面臨著同樣的壓力。

They're trying to plan for more expensive energy, more frequent outages. And so that product achieves a lot of that for them. So we've been in trials and co-developing that with a key customer partner. So I would tell you that there's all positive demand signals for us there. You're probably just picking up on a little of that year-end choppiness and project staging.

他們正努力為能源價格上漲和停電頻率增加做好準備。因此，該產品為他們實現了許多這樣的目標。因此，我們一直在進行試驗，並與一位重要的客戶合作夥伴共同開發該產品。所以我可以告訴你，那裡的所有需求訊號都對我們有利。你可能只是感受到了一些年底的混亂和專案籌備階段的跡象。

Yeah, and just to echo that, Brian, and good to hear from you. As we mentioned, this business is project driven. There are some large customers. So when you look at growth rates quarter-by-quarter, both with volatility in last year as well as volatility in this year quarter-to-quarter, you see some spikes up and spikes down. But I would expect our comms business overall in '26 will be up mid-single digits.

是的，布萊恩，我也想附和一下，很高興收到你的來信。正如我們所提到的，這項業務是以專案為導向的。其中有一些大客戶。因此，當你逐季度查看成長率時，無論是去年的波動性還是今年的季度波動性，你都會看到一些上升和下降峰值。但我預計，2026 年我們整體的通訊業務將實現個位數中段的成長。

Our data centers will probably be up high teens year-on-year. So quarter-to-quarter because of some of these, you have a customer year-end, you have budgets, you got a project that completes early or you're behind, you can have some shifts quarter-to-quarter. But the trajectory is really in good shape.

我們的資料中心每年可能會成長十幾個百分點。因此，由於這些因素，例如客戶年終結算、預算限制、專案提前完成或進度落後等，季度之間可能會出現一些變化。但目前的走勢確實非常良好。

And I would say, while we're not in kind of this robust build-out like we've seen maybe in some of the past communications expansion, it's more slow and steady, continues to improve. This fiscal year, we probably won't be back at the fiscal '24 level, but we'll be trending towards it with opportunity in '27 to get above.

我想說，雖然我們目前還沒有像過去一些通訊擴展項目那樣進行大規模建設，但它的發展更加緩慢而穩定，並且持續改進。本財年，我們可能無法恢復到 2024 財年的水平，但我們會朝著這個方向發展，並且有機會在 2027 年超越它。

Okay. And the guidance for Energy Systems and -- or I guess the guidance for the revenue overall, does that imply for the fourth quarter, like would I be correct in thinking that Energy Systems revenue is up a little year-over-year and Motives down a little year-over-year? Or any detail there you can help with?

好的。能源系統業務的業績指引，或者說整體營收指引，是否意味著第四季度，例如，我的理解是否正確，能源系統業務的營收將同比略有增長，而動力系統業務的營收將同比略有下降？或者您還能提供其他細節的協助嗎？

We don't guide specifically line of business by line of business, but I can give you a little bit of color on each, if that would be helpful, Brian. In Energy.

我們不針對每個業務線進行具體指導，但如果這對你有幫助的話，我可以給你簡要介紹一下每個業務線的情況，布萊恩。能源領域。

Whatever you want to give would be great.

無論你想送什麼都行。

Sure. I'll give you a little -- and hopefully, this will help. Energy Systems, we'll continue to see some growth from data centers, although, again, as we mentioned, the choppiness, prior year is probably a little bit of a tough comp. The comms network refresh will continue with the build-out to enable the AI data delivery necessary, but at this measured pace.

當然。我給你一點建議——希望這能有所幫助。能源系統方面，我們將繼續看到資料中心的成長，儘管正如我們之前提到的，波動性較大，而且去年同期的情況可能比較艱難。通訊網路升級改造將繼續推進，以支援人工智慧資料傳輸，但將以這種穩步推進的速度進行。

And again, some of those pushouts that we had will be materialized, so that will benefit us. Just as the Q3 volume was pressured and margins were aided by this quarterly phasing, that will be normalized. So you'll get a little bit more of the pickup from the volumes as we talked about, but probably a little bit of pressure from the margins quarter-on-quarter. Our cost actions are holding and again, normalizing towards double-digit margins. So very pleased with the progress.

而且，我們之前的一些計劃將會實現，這對我們有利。正如第三季銷售受到擠壓、利潤率因季度分階段發布而得到提升一樣，這種情況將會得到改善。因此，正如我們之前討論的那樣，銷量會略有回升，但季度環比利潤率可能會面臨一些壓力。我們的成本控制措施正在奏效，並再次恢復到兩位數的利潤率水準。我對目前的進展非常滿意。

And as you know, we've talked about several quarters, service having been a headwind for us. It's now -- we believe we've turned the corner and going to start to become a tailwind, an important part of our strategy going forward.

如你所知，我們已經討論過好幾個季度了，服務一直是我們的一大阻力。現在——我們相信我們已經扭轉了局面，並將開始成為一股順風，成為我們未來策略的重要組成部分。

In Motive Power, again, I would use hesitant as probably the best word to describe the market. We see that continuing into fiscal '27. We had a 0.9 book-to-bill in Motive Power, but we're really returning our backlog more to pre-COVID levels. So there's more book and ship business. And again, we -- as Shawn mentioned, we definitely see pent-up demand there that it's just a question of when that's going to be unloaded.

同樣，在動力方面，我還是會用「猶豫不決」這個詞來形容市場。我們認為這種情況會持續到 2027 財年。我們動力系統部門的訂單出貨比為 0.9，但我們正在努力將積壓訂單恢復到新冠疫情前的水平。所以圖書和船舶業務都增加了。正如肖恩所提到的那樣，我們確實看到了那裡存在著被壓抑的需求，問題只是何時才能釋放出來。

There's going to be the Q4 seasonal volume lift that always happens. So we'll benefit from that. We continue to see customer enthusiasm in our maintenance-free solutions. And we will also see some higher cost pass-through from tariffs as our cost optimization opportunities and volume grows.

第四季會出現每年都會出現的季節性銷售成長。所以我們會從中受益。我們持續感受到客戶對免維護解決方案的熱情。隨著成本優化機會和業務量的成長，我們也將看到關稅帶來的一些更高成本轉嫁。

Our Monterrey closure, as we mentioned, is ahead of plan. We substantially closed that one month early. You'll probably begin to see that benefit in -- starting around the middle, maybe second quarter or third quarter of next year as we work through the inventory that we had. But that along with the BESS opportunities.

正如我們之前提到的，我們在蒙特雷的關閉工作提前完成了計劃。我們提前一個月基本上完成了交易。你可能會在明年年中，也許第二季或第三季開始看到這種好處，因為我們將逐步消化我們擁有的庫存。但同時，還有BESS帶來的機會。

There's a great article we just read about how 15% of warehouse operators costs are their operating expenses or energy, and they're asking us for these solutions. So that's on the horizon for next year. And Specialty, I think not unreasonable to expect double-digit AOE for Q3 that we saw and beyond as our A&D business continues strength, aftermarket Transportation picks up and the lead acid COE is driving cost improvements in both trans through automation and the growing benefits of the restructuring. So hopefully, that was a little color that could help.

我們剛剛讀到一篇很棒的文章，文章指出倉庫營運商成本的 15% 是營運費用或能源費用，他們正在向我們尋求解決方案。所以，這是明年要考慮的事情。至於特種業務，我認為預期第三季及以後實現兩位數的AOE成長並非不合理，因為我們的航空航太和國防業務持續強勁，售後運輸業務回暖，鉛酸電池的COE正在透過自動化和重組帶來的日益增長的效益來推動運輸成本的改善。希望這些色彩能有所幫助。

Yeah, thanks, Shawn thank you both.

是的，謝謝，肖恩，謝謝你們兩個。

Greg Lewis, BTIG. Please go ahead.

格雷格·劉易斯，BTIG。請繼續。

Yeah, I thank you and good morning. A lot has been covered. So I guess, Shawn, I'll ask a little bit about the rollout of the UPS system in lithium. I mean you mentioned that you're 50% in TPPL. I guess around the rollout, I mean, I imagine it's -- I know it's something you've been looking at since last year. As we think about the go-to-market strategy, I guess a couple of things is, clearly, there's demand.

是的，謝謝，早安。已經涵蓋了很多內容。所以，肖恩，我想問關於鋰電池UPS系統的推廣情況。我的意思是，你提到你在TPPL有50%的股份。我想大概是在推出的時候，我的意思是，我想應該是——我知道這是你們從去年就開始關注的事情。當我們考慮市場進入策略時，我想有兩點需要考慮，很明顯，市場有需求。

How should we think about EnerSys entering this market as a new entrant? Is this going to be -- like how competitive is that landscape? Clearly, there's a lot of growth to be had. And then just also around that, I'm kind of curious how we can think about that ramping, i.e., hey, we start having a solution maybe this spring. Are we selling out that quickly and then we ramp? Or like just if you could kind of talk about how we should be thinking about the rollout of that the lithium UPS solution later this year?

我們應該如何看待 EnerSys 作為新進者進入這個市場？這個領域的競爭會有多激烈？顯然，還有很大的發展空間。另外，我還挺好奇我們該如何考慮這種逐步推進的方式，也就是說，嘿，我們可能在今年春天開始有一個解決方案。我們是不是很快就賣光了，然後再加大產能？或者，您能否談談我們應該如何考慮今年稍後推出鋰電池UPS解決方案？

Hi Greg, good morning and thank you for calling in and joining us. It's a great question and the right question. Lithium as a technology does some very interesting things for the user, but also carries risks that lead acid does not carry.

嗨，格雷格，早上好，感謝你的來電和參與。這是一個很好的問題，也是一個很好的問題。鋰作為一種技術，可以為使用者帶來一些非常有趣的好處，但同時也存在鉛酸電池所沒有的風險。

And as such, it's the adoption rate for it, to your point, I think to your question, is that you get trials in the field and these centers are so large, that the amount of power that you're generating or the amount of power that are going through the systems is substantial. So what you would expect to see for us is trials, which have already pretty much been pre-agreed by our customer base.

因此，正如您所說，我認為對於您的問題而言，關鍵在於它的採用率，即在現場進行試驗，而這些中心規模如此之大，以至於您產生的電量或通過系統的電量都是相當大的。因此，您可以預期我們將進行試驗，而這些試驗基本上已經得到了我們客戶群的預先同意。

Again, I mentioned earlier, there's a lot of pull-through from our customers, and it's more than just the product. It's how we handle them, it's how we service them. It's our global presence. So there's a high desire for our customers. This isn't something we're going out and trying to pitch. But with that being said, we have to get through these trials.

正如我之前提到的，我們的客戶給予了我們很大的支持，而這不僅僅是產品本身的問題。關鍵在於我們如何對待他們，如何為他們服務。這是我們的全球影響力。所以我們的客戶需求很高。這不是我們要出去推銷的東西。但即便如此，我們還是要撐過這些考驗。

They have to get comfortable with the technology. We have to be sure that we're making the little tweaks because our battery doesn't go in isolation. It's communicating with the OEMs UPS systems, and you know the big names and who they are. So that all takes a little bit of time. So what we suspect is that when the trials come in, that will be probably a, let's call it, a six-month period for that fine-tuning and that customer comfort and then we begin to get into the project queue.

他們需要適應這項技術。我們必須確保進行細微的調整，因為我們的電池並非孤立運作。它與 OEM 廠商的 UPS 系統進行通信，您知道那些知名廠商是誰。所以這一切都需要一些時間。因此我們推測，當試驗結果出來後，可能需要大約六個月的時間來進行微調，讓客戶感到滿意，然後我們才會開始進入專案隊列。

And then, of course, the other issue there for us that we have to mitigate is that these data centers are planned a long time in advance and lead times are long. So when we get into that queue, you shouldn't expect a hockey stick ramp in the first year, but a steady growth for us climbing out.

當然，我們必須緩解的另一個問題是，這些資料中心的規劃時間很長，建設週期也很長。所以當我們進入這個隊列時，你不應該期望我們在第一年就迅速發展，而是期望我們穩步成長並最終脫穎而出。

And just to give you some context, there are really only one to two other credible lithium providers in the space today. And so it's not a crowded or mature field. And again, we have a lot of pull-through from customers. But I don't want to dimension it that there will be this astronomic ramp for UPS. It will take a bit of time.

為了讓大家更能理解，目前市面上真正可靠的鋰供應商只有一到兩家。因此，這並非一個競爭激烈或成熟的領域。而且，我們得到了客戶的大力支持。但我不想斷言 UPS 的需求會出現如此巨大的成長。這需要一些時間。

Okay. Great. And then, Andi, real quick on Motive in terms of the upward price. I know you called out in the slide deck about the maintenance-free solution growing. Just kind of curious what drove that price mix? And I'm curious, was any of that kind of just tariff pass-through?

好的。偉大的。然後，Andi，簡單說一下 Motive 的價格上漲情況。我知道你在幻燈片中提到了免維護解決方案的成長。我只是有點好奇是什麼因素導致了這種價格結構？我很好奇，其中是否包含關稅轉嫁？

Well, tariff pass-through would be at a lower margin, and we are starting to begin to see more of the tariff impact coming through. We had a nice margin in Q3 '26, again, at 14.9%, up year-on-year and up sequentially.

關稅轉嫁的幅度會比較小，而且我們已經開始看到關稅的影響逐漸顯現出來。2026 年第三季度，我們的利潤率再次達到 14.9%，較去年同期成長，較上季成長。

A lot of the volume softness that we saw was in our flooded business. And so that mix really helped us. We think those are the smaller manufacturers, smaller warehouses that are feeling some of the pressure. And those are the ones we think that are kind of holding back and driving some of the mix benefit we're seeing. But of course, our restructuring efforts are holding.

我們看到的銷售疲軟很大一部分都發生在我們受洪水侵襲的業務中。所以這種組合確實對我們很有幫助。我們認為，感受到壓力的是那些規模較小的製造商和倉庫。我們認為正是這些因素在某種程度上起到了限製作用，並推動了我們所看到的一些混合收益。當然，我們的重組工作正在發揮成效。

Sure, absolutely. Okay, thank you very much.

當然可以。好的，非常感謝。

Thank you. Nice to hear from you.

謝謝。很高興收到你的來信。

There are no further questions at this time. I will now turn the call back over to Shawn O'Connell, President and CEO, for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給總裁兼執行長肖恩·奧康奈爾，請他作總結發言。

Thank you, Bella. I'd like to thank you all for joining us today. We look forward to updating you again next quarter. Hope you have a great day. Thanks again.

謝謝你，貝拉。感謝各位今天蒞臨現場。我們期待下季再次向您報告最新情況。祝你今天過得愉快。再次感謝。

That concludes our conference call today. Thank you all for joining. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。祝大家今天過得愉快。