EnerSys (ENS) 2027 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Q1 financial year '27 EnerSys earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 EnerSys 2027 財政年度第一季（Q1）財報電話會議。（接線員指示）

I will now hand the conference over to Lisa Hartman Langell, Vice President, Investor Relations and Corporate Communications. Lisa, please go ahead.

現在我將把會議交給投資人關係與企業傳播副總裁 Lisa Hartman Langell。Lisa，請開始。

Good morning, everyone. Thank you for joining us today to discuss EnerSys' first quarter fiscal 2027 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。感謝各位今天加入我們，一同討論 EnerSys 2027 財政年度第一季業績。與我一同出席電話會議的有 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 first quarter fiscal year 2027 results with the SEC, which are available on our website. We also posted slides that we will be referring to during this call. The slides are available on the presentations page within the Investor Relations section of our website.

昨晚，我們已向美國證券交易委員會（SEC）發布 2027 財政年度第一季業績，並已在公司網站提供查閱。我們也上傳了本次電話會議將引用的簡報投影片。投影片可於我們網站「投資人關係」專區中的「簡報」頁面取得。

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.

提醒各位，我們在本次電話會議中將提出若干前瞻性陳述，這些陳述可能受到不確定性及情勢變化的影響。基於多項原因，我們的實際結果可能與這些前瞻性陳述存在重大差異。這些陳述僅截至今日為止有效。如需前瞻性陳述及可能影響未來業績之因素清單，請參閱我們近期向 SEC 提交的 Form 8-K 與 10-Q。

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 August 12, 2026.

此外，我們將呈現若干非 GAAP 財務指標，特別是與調整後合併營業利益表現、自由現金流、調整後稀釋每股盈餘，以及排除特定項目的調整後 EBITDA 相關之指標。關於 GAAP 與非 GAAP 財務指標差異之說明，請參閱本公司 Form 8-K，其中包含我們於 2026 年 8 月 12 日發布的新聞稿。

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

接下來我將把電話會議交給 EnerSys 執行長 Shawn O'Connell。

Thank you, Lisa. And good morning.

謝謝你，Lisa。各位早安。

Please turn to slide 4. During today's call, we will review our strong first quarter results, share progress advancing our long-term growth initiatives, discuss our recently announced US lithium manufacturing facility, and close with second quarter guidance.

請翻到投影片第 4 頁。在今天的電話會議中，我們將回顧第一季強勁的業績表現，分享推進長期成長計畫的進展，討論我們近期宣布的美國鋰電製造設施，並以第二季財測作結。

Please turn to slide 5. In the first quarter of fiscal 2027, we again delivered record financial results, which were driven by favorable price mix, higher volumes, ongoing OpEx discipline, and stock buybacks enabled by our exceptional free cash flow conversion. Our Network & Infrastructure Solutions and Precision Power Solutions businesses both performed very well during the quarter, supported by strength across our key growth markets, including data center, communications, and defense. At the same time, the Industrial Mobility Solutions business saw initial recovery in the transportation market, while material handling demand is expected to improve in the back half of this fiscal year. Our overall performance demonstrates the value of our end market diversification and the positive impact of our EnerGize strategic framework.

請翻到投影片第 5 頁。在 2027 財政年度第一季，我們再次交出創紀錄的財務成果，主要受惠於有利的價格/產品組合、更高的出貨量、持續的營業費用（OpEx）紀律，以及在卓越的自由現金流轉換率支持下進行的庫藏股回購。本季我們的 Network & Infrastructure Solutions 與 Precision Power Solutions 兩大業務表現皆非常出色，受惠於資料中心、通訊與國防等關鍵成長市場的強勁需求。同時，Industrial Mobility Solutions 業務在運輸市場出現初步復甦，而物料搬運需求預期將在本財政年度下半年改善。整體表現展現了我們終端市場多元化的價值，以及 EnerGize 策略架構所帶來的正面影響。

Please turn to slide 6. At our Investor Day in June, we outlined how we are focusing on markets where we have the right to win while applying our differentiated technologies to address our customers' energy and labor challenges. As a reminder, we compete in a variety of diverse end markets that are collectively growing faster than GDP. We expect EnerSys' top-line growth to outpace these end markets through targeted growth initiatives that will expand our share of wallet, leveraging our leading market positions and deep customer relationships. Our three large growth bets, battery energy storage systems for warehouses, lithium batteries in data centers, and aerospace and defense investments, build on our established capabilities and customer relationships.

請翻到投影片第 6 頁。在 6 月的投資人日上，我們說明了我們如何聚焦於具備「勝出權」（right to win）的市場，同時運用我們具差異化的技術，協助客戶解決能源與人力方面的挑戰。提醒各位，我們在多元的終端市場中競爭，而這些市場整體成長速度快於 GDP。我們預期 EnerSys 的營收成長將透過具針對性的成長計畫而超越這些終端市場，藉由我們領先的市場地位與深厚的客戶關係，提升客戶錢包份額（share of wallet）。我們三項大型成長押注——倉儲用電池儲能系統（BESS）、資料中心鋰電池，以及航太與國防投資——皆建立在我們既有能力與客戶關係之上。

I would like to share recent proof points of the progress we are making, which we expect will accelerate our growth beginning next fiscal year. In Industrial Mobility Solutions, we are pleased to share our Fortix 172 kWh BESS received UL and NFPA 855 approval. This represents an important step in the permitting process required for commercial deployment.

我想分享一些近期的具體成果，顯示我們正在取得的進展；我們預期這些進展將自下一財政年度起加速成長。在 Industrial Mobility Solutions 方面，我們很高興宣布 Fortix 172 kWh BESS 已取得 UL 與 NFPA 855 認證核准。這是商業化部署所需許可流程中的重要一步。

The Fortix system extends our material handling position from powering forklift trucks to optimizing energy across the warehouse. EnerSys forklift batteries, Synova chargers, and Fortix BESS will create an integrated energy ecosystem that delivers peak shaving and enhanced uptime. The synergistic relationship and deep existing installed base uniquely position us to bring a BESS solution to the material handling space, while also strengthening the value proposition of our forklift batteries to our customers.

Fortix 系統將我們在物料搬運領域的定位，從為堆高機供電延伸至優化整個倉庫的能源使用。EnerSys 堆高機電池、Synova 充電器與 Fortix BESS 將形成一個整合式能源生態系，提供削峰填谷並提升設備稼動率。此一協同關係以及深厚且既有的安裝基礎，使我們具備獨特優勢，能將 BESS 解決方案導入物料搬運市場，同時也強化我們堆高機電池對客戶的價值主張。

Within Network Infrastructure Solutions, momentum in our service offerings was a meaningful contributor to the division's top-line growth and margin improvement in this quarter. The capabilities and operating model we are building in NIS will support broader aftermarket service opportunities across EnerSys, including our BESS warehouse deployments.

在 Network Infrastructure Solutions 方面，本季服務型產品的動能是推動該事業部營收成長與毛利率改善的重要貢獻因素。我們在 NIS 建構的能力與營運模式，將支援 EnerSys 更廣泛的售後服務機會，包括我們的倉儲 BESS 部署。

In data centers, we continue to enjoy solid growth, with Q1 top line expanding in the low teens year-over-year, in line with our expectations of high single-digit to low teens growth for fiscal 2027. We look forward to expanding our share of wallet with these same customers in the faster-growing lithium portion of this market.

在資料中心方面，我們持續維持穩健成長，第一季營收年增達低十位數百分比，符合我們對 2027 財政年度高個位數至低十位數百分比成長的預期。我們期待在該市場成長更快的鋰電池領域，與相同客戶擴大錢包份額。

We progressed the commercialization of our DataSafe Noir lithium offering, which has been met with strong customer enthusiasm since the official launch in June, particularly for its energy density and cost-competitive advantages, and that it will be coupled with our established service performance. This differentiated lithium solution will begin to have a meaningful impact on our revenue growth beginning in our next fiscal year, expanding our opportunities with customers who already know us, trust us, and rely on our global service network.

我們推進 DataSafe Noir 鋰電產品的商業化，自 6 月正式上市以來獲得客戶高度熱烈的回饋，特別是其能量密度與具成本競爭力的優勢，以及可結合我們既有的服務表現。這項具差異化的鋰電解決方案將自下一財政年度起，對我們的營收成長產生顯著貢獻，並擴大我們與既有客戶的機會——這些客戶已認識我們、信任我們，並仰賴我們的全球服務網路。

And last, but certainly not least, we are very excited to announce the finalization of our Department of Energy grant, an important milestone in our aerospace and defense growth strategy. The planned facility will expand our ability to support mission-critical defense applications with a secure US-based supply chain. I will discuss this opportunity in greater detail in the following two slides.

最後但同樣重要的是，我們非常興奮地宣布已完成美國能源部（DOE）補助案的定案，這是我們航太與國防成長策略的重要里程碑。規劃中的設施將擴大我們支援任務關鍵型國防應用的能力，並建立安全的美國在地供應鏈。我將在接下來兩張投影片中更詳細說明這項機會。

Please turn to slide 7. Aerospace and defense represents one of our most compelling long-term growth and margin expansion opportunities, with our recent segment realignment providing enhanced visibility and focus on this strategic portion of our business.

請翻到投影片第 7 頁。航太與國防是我們最具吸引力的長期成長與利潤率擴張機會之一；近期的事業分部重新調整，讓我們對這一策略性業務領域有更高的能見度與更聚焦的管理。

Defense platforms increasingly require greater mobility, mission duration, and power density, driven by demand for advanced batteries in drones, counter-drone munitions, missile defense, and soldier power. The origin of these advanced batteries is of crucial importance as the US and allied nations look to reduce reliance on components sourced from foreign entities of concern, or FEOC.

國防平台日益需要更高的機動性、更長的任務續航時間與更高的功率密度，這主要由對先進電池的需求所驅動，應用包含無人機、反無人機彈藥、飛彈防禦與士兵電源系統。這些先進電池的來源至關重要，因為美國及其盟國正尋求降低對來自受關切外國實體（FEOC）之零組件的依賴。

EnerSys has been the leading provider of integrated systems, application engineering, reliability, and life cycle support to these demanding applications over nine chemistries of lithium batteries currently manufactured in our six US CMMC and ITAR-compliant production facilities today. We expect this steep demand growth to be more durable as geopolitical priorities evolve.

EnerSys 一直是整合系統、應用工程、可靠度與全生命週期支援的領先供應商，服務這些高要求應用；目前我們在六座美國境內符合 CMMC 與 ITAR 規範的生產設施中，製造涵蓋九種鋰電池化學體系的產品。隨著地緣政治優先事項演變，我們預期此一快速的需求成長將更具持續性。

The economics of warfare have transformed, and higher-volume, lower-cost battery-reliant technologies such as drones and counter-drone systems are driving mounting demand for incremental energy storage capacity that doesn't exist today. We conservatively expect annual market growth in the range of 9% to 11%, with above-market opportunity in front of us as we expand our offerings in this space.

戰爭的經濟模式已經轉變，而如無人機與反無人機系統等高產量、低成本且仰賴電池的技術，正推動對目前尚不存在的新增儲能容量之需求持續攀升。我們保守預期市場年成長率約為 9% 至 11%，隨著我們擴大在此領域的產品與服務，仍有高於市場的成長機會在前方。

Aerospace and defense contributes to the unique value that the diversification of our business model provides to our investors and is a key area of strategic growth for us, including our planned DOE-supported Lithium and Advanced Technologies campus, which I'll discuss next.

航太與國防為我們的投資人帶來了業務模式多元化所提供的獨特價值，也是我們策略性成長的關鍵領域之一；其中包括我們規劃中的、由 DOE 支持的「鋰電與先進技術園區」，我將在接下來說明。

Please turn to slide 8. In July, we reached an important milestone with the US Department of Energy, securing financial support for our refined, defense-focused lithium cell manufacturing plant in Greenville, South Carolina, which will also serve as a campus for our Lithium and Advanced Technologies Center of Excellence.

請翻到第 8 張投影片。7 月，我們與美國能源部達成一項重要里程碑，為我們位於南卡羅來納州格林維爾、聚焦國防用途的精製鋰電池電芯製造工廠取得財務支持；該廠也將作為我們「鋰電與先進技術卓越中心」的園區。

This investment will strengthen our domestic lithium strategy while helping support customers that increasingly require US-based and FEOC-compliant supply chains for critical applications. Rather than investing in lithium battery capacity for broad commercial consumption, we chose to focus this facility on the applications where domestic production creates the greatest customer value and where we believe EnerSys has the strongest competitive position.

這項投資將強化我們的國內鋰電策略，同時協助支援那些在關鍵應用上日益要求以美國為基地且符合 FEOC 規範供應鏈的客戶。我們並未投資用於廣泛商業消費的鋰電池產能，而是選擇將此設施聚焦於國內生產能創造最大客戶價值、且我們相信 EnerSys 具備最強競爭地位的應用領域。

In addition to dramatically de-risking the offtake of our planned incremental capacity, this focused direction enables us to preserve flexibility to the most efficiently sourced technologies that best meet our customers' needs in markets where FEOC compliance is not a priority. Our new lithium plant will produce high energy density cells to support manned platforms, soldier power, space and autonomous systems, further supporting the electrification of the battlefield.

除了大幅降低我們規劃新增產能之承購（offtake）風險外，這項聚焦方向也讓我們在 FEOC 合規並非優先事項的市場中，得以保有彈性，採用最有效率來源的技術，以最佳方式滿足客戶需求。我們新的鋰電工廠將生產高能量密度電芯，以支援有人載具平台、士兵電源、太空與自主系統，進一步支持戰場電氣化。

Importantly, it will also enable a closed-loop ecosystem for drone powering and recharging. Consider a system with Bren-Tronics drone battery packs and chargers powered by Rebel hybridized power systems, which in turn are powered by Bren-Tronics batteries, with the cells of all those batteries produced in our new plant.

重要的是，它也將促成無人機供電與充電的閉環生態系。想像一個系統：由 Bren-Tronics 的無人機電池組與充電器，使用 Rebel 混合動力電源系統供電，而該電源系統又由 Bren-Tronics 電池供電；且所有這些電池的電芯都由我們的新工廠生產。

We expect our new lithium plant to have an initial annual production capacity of approximately 1 gigawatt-hour, purpose-built to the unique requirements of defense applications. This level of energy production reflects the high quantity of small-format cells and precision requirements for these applications. The production of these cells requires specialized equipment and security protocols that meet national defense requirement, which is a very different scope than a commercial or other specialized lithium cell manufacturing facility. While measured in gigawatts, the plant appears considerably smaller than our initial plans. We will actually be producing a higher quantity of these smaller batteries than the quantity of larger batteries contemplated in our original scope.

我們預期新鋰電工廠初期年產能約為 1 吉瓦時，並將依國防應用的獨特需求量身打造。此能量產出水準反映了小型規格電芯的高數量需求，以及這些應用對精密度的要求。這些電芯的生產需要符合國防需求的專用設備與安全規範，其範疇與商用或其他專業鋰電芯製造設施截然不同。雖然以吉瓦衡量，但該工廠看起來會比我們最初的規劃小得多。實際上，我們將生產的這些較小電池數量，會高於原始範疇中所設想的較大電池數量。

In addition, the campus will provide us expansion opportunities for future growth, footprint optimization, and the specialized requirements of lithium and other advanced chemistries across all our end markets where we manufacture or source the cells. We have not yet included the value of these incremental opportunities in our financial modeling.

此外，該園區也將為我們提供未來成長的擴充機會、廠區配置最佳化，以及在我們製造或採購電芯的所有終端市場中，滿足鋰電與其他先進化學體系的專業需求。我們尚未將這些增量機會的價值納入財務模型。

The revised DOE grant provides approximately $150 million towards the facility's estimated $650 million cost. We expect EnerSys net investment of approximately $500 million to be funded entirely through operating cash flow.

修訂後的 DOE 補助金約提供 1.5 億美元，用於該設施預估 6.5 億美元的成本。我們預期 EnerSys 的淨投資約 5 億美元，將完全由營運現金流支應。

In addition, as previously announced, EnerSys has been awarded a comprehensive incentive package through South Carolina and Greenville County valued at approximately $200 million, which includes a combination of short-term and long-term incentives that will help support ongoing operations of the plant. We believe this disciplined investment will meet critical customer needs and generate compelling long-term returns.

此外，如先前宣布，EnerSys 已透過南卡羅來納州與格林維爾郡獲得一套全面性的獎勵方案，價值約 2 億美元，包含短期與長期獎勵的組合，將有助於支援工廠的持續營運。我們相信這項審慎的投資將滿足關鍵客戶需求，並帶來具吸引力的長期報酬。

Construction is planned to begin in the first half of fiscal 2028, with full production expected approximately three years after construction begins. We expect to generate an internal return in the mid-20% for this investment.

工程建設計畫於 2028 財年上半年開始，預期在開工約三年後達到全面量產。我們預期此投資的內部報酬率可達 20% 中段水準。

With DOE support now secured, we are moving into the next phase of the project. Our near-term priorities include advancing local grant process, completing NEPA and permitting requirements, refining capital timing, and establishing the appropriate execution governance. We look forward to providing additional updates as key milestones are achieved.

在 DOE 支持現已到位後，我們正進入專案的下一階段。我們的近期優先事項包括推進地方補助流程、完成 NEPA 與許可要求、細化資本支出時點，以及建立適當的執行治理架構。我們期待在達成關鍵里程碑時，提供更多更新。

Please turn to slide 9. Across our markets, demand for our solutions is building, and our teams are focused on delivering for our customers. Q1 2027 orders were up 7% versus prior year, with our book-to-bill at 1.06x, and backlog relatively flat versus prior year, and up 2% sequentially.

請翻到第 9 張投影片。在我們各個市場中，對我們解決方案的需求正在累積，我們的團隊專注於為客戶交付成果。2027 財年第一季訂單較去年同期成長 7%，接單出貨比（book-to-bill）為 1.06 倍；積壓訂單相較去年同期大致持平，且較前一季增加 2%。

For IMS, our collective end markets are showing areas of resilience that support a measured look at growth. Versus prior year, Q1 2027 transportation orders nearly doubled, while material handling orders were down high single digits. We maintain a high degree of confidence that material handling demand will improve later this fiscal year, and pent-up demand will drive IMS to full-year growth versus prior year. We also expect to recognize the first revenue from our next-gen lithium offering in the second half of the year, bolstering our optimism.

就 IMS 而言，我們整體終端市場展現出若干韌性，支持我們以審慎態度評估成長。相較去年同期，2027 財年第一季運輸類訂單幾乎翻倍，而物料搬運類訂單則下滑高個位數百分比。我們對物料搬運需求在本財年稍晚回升維持高度信心，而累積的遞延需求將推動 IMS 全年較去年成長。我們也預期在下半年確認我們下一代鋰電產品的首筆營收，進一步強化我們的樂觀展望。

In NIS, communications delivered strong demand and record shipments again, as DOCSIS 4.0 upgrades are driving additional power needs and network powering refreshes, a trend we anticipate continuing as these upgrades are essential to support growing data traffic and connectivity needs.

在 NIS 方面，通訊業務再次帶來強勁需求並創下出貨紀錄，因 DOCSIS 4.0 升級正推動額外的電力需求與網路供電設備汰換；我們預期此趨勢將持續，因這些升級對支援不斷成長的資料流量與連線需求至關重要。

We also received very strong data center orders in the quarter, up over 80% versus prior year, with deliveries extending into the future, increasing our visibility in this project-based business and reinforcing the multiyear demand opportunities for our lead-based offerings. As market discussions are increasingly focused on resilience, energy efficiency, deployment speed, and life cycle support rather than lowest acquisition cost, our TPPL solutions are well positioned to continue to deliver on these demands and will only be supplemented by the addition of our new DataSafe Noir lithium offering as we expand our share of wallet with our existing customers in this high-growth space.

本季我們也收到非常強勁的資料中心訂單，較去年同期成長超過 80%，且交付延伸至未來，提升了我們在此以專案為主業務的能見度，並強化我們對鉛酸產品多年期需求機會的判斷。隨著市場討論日益聚焦於韌性、能源效率、部署速度與全生命週期支援，而非最低取得成本，我們的 TPPL 解決方案具備良好定位以持續滿足這些需求；同時，隨著我們在此高成長領域擴大既有客戶的錢包份額（share of wallet），新增的 DataSafe Noir 鋰電產品也將作為補充。

In PPS, our aerospace and defense bookings are not as meaningful, given the project award basis of this business. Our 24% year-on-year revenue growth was driven by increases across our A&D products, particularly our counter drone powering liquid reserved batteries and missile defense powering thermal batteries. Demand for these offerings is projected to continue to accelerate at least through 2030, driven by stockpile depletions and the evolution of battery-dependent drones and counter drones in modern-day warfare.

在 PPS 方面，由於此業務以專案授標為基礎，我們的航太與國防接單並不那麼具代表性。我們年增 24% 的營收成長，來自航太與國防產品的全面提升，尤其是反無人機供電的液態儲備電池，以及飛彈防禦供電的熱電池。在庫存消耗與現代戰爭中依賴電池的無人機與反無人機演進推動下，預期這些產品的需求至少將加速成長至 2030 年。

In conclusion, we delivered a strong start to the year. We remain focused on executing against the priorities we outlined at the Investor Day with speed and discipline. We are already seeing the benefits of our more focused organization through progress in key areas of growth, stronger cost control, and improved cash discipline. I want to thank the entire EnerSys team for their dedication, innovation, and unwavering commitment to delivering to our customers every day.

總結來說，我們在本年度開局表現強勁。我們仍專注於以速度與紀律，落實我們在投資人日所提出的優先事項。我們已透過更聚焦的組織，在關鍵成長領域的進展、更強的成本控管，以及更佳的現金紀律方面，看見成效。我要感謝 EnerSys 全體團隊的投入、創新，以及每天為客戶交付成果的堅定承諾。

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

接下來我將交給 Andi，更詳細說明我們的財務結果與展望。Andi？

Thanks, Shawn.

謝謝，Shawn。

Please turn to slide 11. Net sales came in at $936 million, up 5% from prior year, driven by a 3% benefit from price mix, a 1% benefit from volumes, and a 1% benefit from foreign currency translation.

請翻到第 11 張投影片。淨銷售額為 9.36 億美元，較去年同期成長 5%，主要由價格/組合帶來 3% 的助益、銷量帶來 1% 的助益，以及外幣換算帶來 1% 的助益所驅動。

During the quarter, we realized $31 million or $0.63 per share of tariff refunds related to previously paid IEEPA tariffs, creating a one-time positive impact on our results. As a reminder, tariff refunds were not included in our Q1 '27 guidance and are not included in the operational results presented for our lines of business.

本季我們認列了 3,100 萬美元（或每股 0.63 美元）的關稅退稅，與先前已支付的 IEEPA 關稅相關，對本期業績造成一次性的正面影響。提醒一下，關稅退稅未納入我們 2027 財年第一季的指引，也未納入我們按事業線呈現的營運結果。

We achieved gross profit of $313 million, up $60 million or 24% versus prior year period. Our Q1 '27 gross margin of 33.5% was up 510 basis points. Excluding the tariff refunds I just mentioned, gross profit increased 12%, and gross margin was up 180 basis points over Q1 2026.

我們的毛利為 3.13 億美元，較去年同期增加 6,000 萬美元或 24%。2027 財年第一季毛利率為 33.5%，提升 510 個基點。扣除我剛提到的關稅退稅後，毛利增加 12%，毛利率較 2026 財年第一季提升 180 個基點。

We also enjoyed $9 million of expanded 45X benefits in the quarter, largely driven by the closure of our Monterrey, Mexico plant and transfer production to our Richmond, Kentucky facility. Excluding the tariff refunds and our 45X benefits, we delivered gross margin of 25.2%, up 110 basis points versus the prior year.

本季我們也享有 900 萬美元的 45X 擴大效益，主要來自關閉墨西哥蒙特雷工廠並將產能移轉至肯塔基州里奇蒙廠。扣除關稅退稅與 45X 效益後，我們的毛利率為 25.2%，較去年同期提升 110 個基點。

Beginning this quarter, we made the decision to exclude non-cash stock-based compensation expense from our adjusted operating earnings, adjusted EBITDA, and adjusted diluted EPS metrics in order to better reflect the underlying performance of the business and align more closely with our technology peers. Prior year periods have been recast to reflect this change in this presentation, so all metrics I will provide to you today reflect the results, excluding stock comp expense in both periods for an apples-to-apples comparison.

自本季起，我們決定在調整後營業利益、調整後 EBITDA 與調整後稀釋 EPS 指標中排除非現金的股票基礎補償費用，以更好地反映業務的基本表現，並與我們的科技同業更為一致。先前年度期間已在本次呈現中重新編列以反映此變更，因此我今天提供給各位的所有指標，均反映在兩個期間皆排除股票補償費用的結果，以便進行同口徑比較。

These adjustments were $7.6 million for Q1 '27 and $7.2 million for Q1 '26 and provided a lift to our adjusted EPS of $0.16 and $0.15 per share in Q1 '27 and Q1 '26, respectively.

這些調整在 2027 會計年度第一季為 760 萬美元、在 2026 會計年度第一季為 720 萬美元，並分別使 2027 會計年度第一季與 2026 會計年度第一季的調整後 EPS 每股提高 0.16 美元與 0.15 美元。

Our adjusted operating earnings were up 47% versus the prior year, with adjusted operating margin improvement of 550 basis points. After normalizing for the one-time impact of the tariff refund, adjusted operating earnings were up 22% with 45X and up 21% excluding 45X, with margin improvement of 220 basis points and 140 basis points respectively.

我們的調整後營業利益較去年同期成長 47%，調整後營業利益率提升 550 個基點。在將關稅退稅的一次性影響正常化後，調整後營業利益在納入 45X 時成長 22%（45X），在排除 45X 時成長 21%，其利益率分別提升 220 個基點與 140 個基點。

Adjusted EBITDA was up 50% versus prior year, with adjusted EBITDA margin up 630 basis points. After excluding the tariff refunds, adjusted EBITDA was up 27% with 45X and 26% excluding 45X, with margin improvement of 300 basis points and 230 basis points respectively.

調整後 EBITDA 較去年同期成長 50%，調整後 EBITDA 利潤率提升 630 個基點。在排除關稅退稅後，調整後 EBITDA 在納入 45X 時成長 27%，在排除 45X 時成長 26%，其利潤率分別提升 300 個基點與 230 個基點。

Adjusted diluted EPS increased 65% over prior year. After excluding the tariff refunds, adjusted EPS was up 36% with 45X, and 42% excluding 45X. Our Q1 2027 effective tax rate was 13.7% on an as-reported basis and 21.8% on an as-adjusted basis before the benefit of 45X, compared to 21.4% in Q1 2026 and 20.4% in the prior quarter. We expect our full-year tax rate on an as-adjusted basis before the benefit of 45X for fiscal year 2027 to be in the range of 21.5% to 23.5%.

調整後稀釋 EPS 較去年同期增加 65%。在排除關稅退稅後，調整後 EPS 在納入 45X 時成長 36%，在排除 45X 時成長 42%。我們 2027 會計年度第一季的有效稅率，按申報口徑為 13.7%，按調整後口徑（在 45X 利益之前）為 21.8%，相較之下，2026 會計年度第一季為 21.4%，上一季為 20.4%。我們預期 2027 會計年度全年按調整後口徑（在 45X 利益之前）的稅率將落在 21.5% 至 23.5% 的區間。

In summary, our core results, excluding tariff refunds, normalizing for stock-based compensation accounting changes, and both with and without 45X benefits, broke Q1 records across net sales, gross profit, adjusted operating earnings, adjusted EBITDA, and adjusted EPS, further demonstrating how the underlying earnings power of our business continues to improve.

總結而言，我們的核心結果在排除關稅退稅、將股票基礎補償會計變更正常化，且在納入與不納入 45X 利益的兩種情境下，於淨銷售、毛利、調整後營業利益、調整後 EBITDA 與調整後 EPS 皆創下第一季紀錄，進一步證明我們業務的基本獲利能力持續提升。

Please turn to slide 12. As previously mentioned, our 45X benefits in the quarter increased as we realized the benefit of proactively transitioning production from Mexico to our existing facilities in the US. We received a $115 million US federal tax refund in the quarter, which further bolstered our strong cash flow.

請翻到第 12 頁投影片。如先前所提，本季我們的 45X 利益增加，因為我們主動將生產從墨西哥轉移至我們在美國既有的設施，並實現了相關效益。本季我們收到 1.15 億美元的美國聯邦退稅，進一步強化了我們強勁的現金流。

In Q1 '27, we also recognized $31 million in tariff refunds, of which we received approximately $16 million in cash, with the remaining cash receipts expected in upcoming quarters. Our estimated annual tariff exposure remains materially unchanged despite the continuously evolving tariff policy environment, and we remain confident in our ability to manage that exposure through the pricing, sourcing, and operational actions that we've already implemented and continue to monitor and proactively mitigate. These actions and the work of our tariff task force position us well to manage changes in the trade environment.

在 2027 會計年度第一季，我們也認列了 3,100 萬美元的關稅退稅，其中約 1,600 萬美元已以現金收訖，其餘現金收款預計將在未來幾季入帳。儘管關稅政策環境持續演變，我們估計的年度關稅曝險仍大致維持不變；我們仍有信心透過已實施的定價、採購與營運措施來管理該曝險，並持續監控與主動降低風險。這些行動以及我們關稅專案小組的工作，使我們具備良好條件以因應貿易環境的變化。

Let me now provide details by segment. Please turn to slide 13. In the first quarter, Network Infrastructure Solutions revenue increased 9% from prior year to $428 million, driven by strong volume growth and favorable price mix. Adjusted operating earnings of $45 million increased 50% from prior year, reflecting the benefits of favorable price mix, higher volumes, and disciplined expense management. Adjusted operating margin of 10.5% increased 280 basis points versus prior year, primarily driven by continued high demand for power electronics, robust data center demand, and both volume and margin expansion in our service offerings.

接下來我將按事業部門提供細節。請翻到第 13 頁投影片。第一季，網路基礎設施解決方案（Network Infrastructure Solutions）營收較去年同期成長 9% 至 4.28 億美元，主要受強勁的出貨量成長與有利的價格/產品組合帶動。調整後營業利益為 4,500 萬美元，較去年同期成長 50%，反映有利的價格/產品組合、更高的出貨量，以及嚴謹的費用管理所帶來的效益。調整後營業利益率為 10.5%，較去年同期提升 280 個基點，主要由電力電子產品需求持續強勁、資料中心需求旺盛，以及我們服務業務在量與利潤率上的擴張所驅動。

Industrial Mobility Solutions revenue decreased 3% from prior year to $407 million, with lower volumes from material handling market activity partially offset by transportation volume recovery, as well as favorable price mix and FX. IMS adjusted operating earnings were $38 million, down 11% from prior year, resulting in adjusted operating margins of 9.3%, down 70 basis points versus the prior year. Price mix and cost improvements were temporarily offset by loss leverage on our lower volumes.

工業移動解決方案（Industrial Mobility Solutions）營收較去年同期下降 3% 至 4.07 億美元；物料搬運市場活動導致出貨量下降，部分被運輸領域出貨量回升，以及有利的價格/產品組合與匯率所抵銷。IMS 調整後營業利益為 3,800 萬美元，較去年同期下降 11%，使調整後營業利益率為 9.3%，較去年同期下降 70 個基點。價格/產品組合與成本改善的效益，暫時被較低出貨量所造成的規模不利（loss leverage）所抵銷。

Longer term, electrification, automation, and demand for maintenance-free batteries and chargers support the IMS growth opportunity. We remain confident that these important industrial end markets will see notable improvement in demand trends in the coming quarters, and our confidence is corroborated by customer conversations and industry data.

從長期來看，電氣化、自動化，以及對免維護電池與充電器的需求，支撐 IMS 的成長機會。我們仍有信心，這些重要的工業終端市場在未來幾季的需求趨勢將出現顯著改善；我們的信心也獲得與客戶的對話及產業數據所印證。

Precision Power Solutions revenue increased 24% from prior year to $101 million, primarily driven by strong volume growth and favorable price mix. PPS adjusted operating earnings were $18 million, up 48% versus prior year, driven by favorable price mix and higher volumes. Adjusted operating margin of 18.2% increased 280 basis points year over year on ongoing A&D strength, particularly counter-drone and missile defense. We continue to have confidence in robust top-line growth and incremental margin expansion within this important and strategic segment.

精密電力解決方案（Precision Power Solutions）營收較去年同期成長 24% 至 1.01 億美元，主要由強勁的出貨量成長與有利的價格/產品組合所帶動。PPS 調整後營業利益為 1,800 萬美元，較去年同期成長 48%，受惠於有利的價格/產品組合與更高的出貨量。在航太與國防（A&D）持續強勁的帶動下，調整後營業利益率為 18.2%，年增 280 個基點，尤其是反無人機與飛彈防禦領域。我們持續對此重要且具策略性的事業部門之強勁營收成長與增量利潤率擴張保持信心。

Please turn to slide 14. This was just an outstanding cash flow quarter. Operating cash flow of $230 million, offset by CapEx of only $12 million, resulted in free cash flow of $218 million for the quarter versus negative $32 million in prior year Q1.

請翻到第 14 頁投影片。這一季的現金流表現非常出色。營運現金流為 2.30 億美元，扣除僅 1,200 萬美元的資本支出（CapEx）後，本季自由現金流為 2.18 億美元，相較去年同期第一季為負 3,200 萬美元。

Cash flow was strengthened by the receipt of our US federal tax refund of $115 million, as well as increased earnings, elevating free cash flow conversion in the quarter to 187%. Even excluding the benefit of 45X earnings in cash, free cash flow conversion was still an impressive 140%, largely attributable to the enhanced focus on working capital optimization by our centers of excellence.

現金流因收到 1.15 億美元的美國聯邦退稅，以及獲利增加而更為強勁，使本季自由現金流轉換率提升至 187%。即使排除 45X 獲利以現金形式帶來的效益，自由現金流轉換率仍高達 140%，主要歸因於我們卓越中心（centers of excellence）對營運資金最佳化的強化聚焦。

Primary operating capital decreased to $858 million versus $993 million in the prior year, on both the benefits of our expanded receivables purchasing agreement, which we executed in the third quarter of last year, as well as the team's continued focus on working capital improvements.

主要營運資本（Primary operating capital）降至 8.58 億美元，低於去年同期的 9.93 億美元，原因包括我們在去年第三季執行並擴大的應收帳款購買協議所帶來的效益，以及團隊持續專注於營運資金改善。

Our working capital efficiency, measured internally by POC as a percentage of annualized sales, improved an exceptional 490 basis points versus prior year. This is yet another example of EnerGize in action and the enhanced approach to cost and cash discipline across the organization as we execute on optimizing our core.

我們的營運資金效率以 POC 占年化銷售額的百分比作為內部衡量指標，較去年同期大幅改善 490 個基點。這是 EnerGize 落實的另一個例證，也展現我們在執行核心最佳化時，於全組織推動更強化的成本與現金紀律。

As of July 5, 2026, we had $531 million of cash and cash equivalents on hand. Net debt of $522 million represents a decrease of over $160 million since the end of fiscal 2026. Our leverage ratio remains well below our target range at 0.8 times EBITDA, providing us more than ample dry powder for capital allocation flexibility.

截至 2026 年 7 月 5 日，我們持有的現金及約當現金為 5.31 億美元。淨負債為 5.22 億美元，較 2026 會計年度期末減少超過 1.60 億美元。我們的槓桿比率仍明顯低於目標區間，為 EBITDA 的 0.8 倍，為資本配置的彈性提供了非常充足的「乾火藥」。

Please turn to slide 15. We remain committed to a disciplined capital allocation strategy that balances organic and inorganic investment in the business with consistent returns to shareholders, including a competitive dividend that grows with earnings, excluding 45X benefits, and share repurchases under expanded board authorization.

請翻到第 15 頁投影片。我們仍致力於嚴謹的資本配置策略，在對業務進行有機與無機投資之間取得平衡，同時持續回饋股東，包括具競爭力且隨獲利成長的股利（排除 45X 利益），以及在董事會擴大授權下進行庫藏股回購。

Capital expenditures were $12 million in the quarter versus $33 million in Q1 2026. As Shawn shared earlier, we anticipate construction on the lithium plant to begin in the first half of fiscal year 2028. As such, our expectation for $70 million in CapEx for fiscal year 2027 remains unchanged.

本季資本支出為 1,200 萬美元，相較 2026 會計年度第一季為 3,300 萬美元。如 Shawn 先前分享，我們預期鋰電廠的建設將於 2028 會計年度上半年開始。因此，我們對 2027 會計年度資本支出 7,000 萬美元的預期維持不變。

During the first quarter, we purchased 219,000 shares for $50 million at an average price of approximately $229 per share and have nearly $900 million remaining in our buyback authorization. Additionally, the Board has increased our quarterly dividend by 10% to $0.2875 per share for the second quarter of fiscal 2027.

在第一季，我們以5,000萬美元買回219,000股，平均買回價格約為每股229美元，且我們的庫藏股回購授權尚餘近9億美元。此外，董事會已將我們的季度股利提高10%，至2027會計年度第二季每股0.2875美元。

Our buybacks, in addition to our consistent and growing dividend, underscore our long-standing commitment to returning value to our shareholders. We continue to evaluate accretive bolt-on acquisition opportunities that align with our disciplined strategic and financial criteria and that would strengthen our customer intimacy, enhance technical capabilities, expand our share of wallet, and accelerate our strategy in areas where we have a right to win.

我們的股票回購，加上我們一貫且持續成長的股利，凸顯我們長期以來致力於為股東回饋價值的承諾。我們持續評估具增益性的補強型併購機會，這些機會需符合我們嚴謹的策略與財務準則，並能強化我們與客戶的緊密度、提升技術能力、擴大客戶錢包占比，並在我們具備勝出優勢的領域加速推進策略。

Please turn to slide 16. Our second quarter outlook reflects continued strength across data centers, communications, and aerospace and defense, as well as the recovery in transportation that is underway. Note that our prior year revenue had an unusually high proportion of sales phased in the second quarter, impacting year-over-year comparisons. We expect stronger year-on-year revenue growth in the second half of the fiscal year, supported by the start of a recovery in material handling, on top of the robust momentum across our other key end markets.

請翻到第16頁投影片。我們對第二季的展望反映資料中心、通訊、航太與國防等領域持續強勁，以及運輸業務正在進行中的復甦。請注意，我們上一年度的營收在第二季認列的銷售占比異常偏高，影響了年對年的比較。我們預期在會計年度下半年，年對年營收成長將更為強勁，除其他主要終端市場的強勁動能外，亦將受惠於物料搬運業務復甦的開始。

In line with our previous communications, as we progress through fiscal 2027, we expect to see our earnings growth to be primarily driven from margin expansion in the first half, with a shift to higher top-line growth towards the end of fiscal year '27.

依照我們先前的溝通，隨著我們推進2027會計年度，我們預期獲利成長在上半年主要由毛利率擴張所驅動，並在2027會計年度末段轉向由更高的營收成長所帶動。

For the second quarter of fiscal 2027, we expect net sales in the range of $955 million to $995 million, with adjusted diluted EPS of $3.15 to $3.25 per share, growing 21% versus prior year at the midpoint, which includes $42 million to $47 million of 45X benefits to cost of sales. Excluding 45X, we expect adjusted diluted EPS of $1.95 to $2.05 per share, up in the 25% range versus prior year. We remain confident in our ability to generate strong cash flow, invest in growth, and return capital to our shareholders.

就2027會計年度第二季而言，我們預期淨銷售額介於9.55億至9.95億美元之間，調整後稀釋每股盈餘為每股3.15至3.25美元；以區間中點計算，較去年同期成長21%，其中包含45X對銷貨成本帶來的4,200萬至4,700萬美元效益。若排除45X，我們預期調整後稀釋每股盈餘為每股1.95至2.05美元，較去年同期提升約25%。我們仍對自身產生強勁現金流、投資成長並回饋股東資本的能力充滿信心。

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

接下來，我們開放提問。接線員？

(Operator Instructions) Noah Kaye, Oppenheimer.

（接線員指示）Noah Kaye，Oppenheimer。

Maybe I start with a two-parter on the data center business. You mentioned orders are up 80% year-over-year this quarter. I know orders in this business can be lumpy. Maybe can you put some context around that, trailing 12-month orders growth or backlog growth? That's the first part.

我先從資料中心業務的兩個問題開始。你提到本季訂單年對年成長80%。我知道這個業務的訂單可能會有波動。能否提供一些背景脈絡，例如過去12個月的訂單成長或在手訂單（backlog）成長？這是第一部分。

Then, Sean, I thought you sounded pretty firm on the newly launched lithium-ion product contributing to revenues next year. Should we take that to mean you already have orders in hand or visibility to orders materializing short term?

第二，Sean，我覺得你對新推出的鋰離子產品明年將貢獻營收的說法相當篤定。我們是否可以理解為你們已經有在手訂單，或是對短期內訂單落地有相當能見度？

Yeah, I'll start, Noah, then I'll turn it over to Andi for our backlog history. We knew going in, as we've socialized previously, that we had a wide-open door to step through for just introducing this technology relatively through our same customers and sales channels, but because these are high trust environments. We were sort of just playing catch up to get the product ready, and we've been going through the validations and approvals as we socialized.

好的，Noah，我先回答，接著我會請Andi補充我們的在手訂單歷史。我們一開始就知道，正如我們先前對外分享過的，我們只要透過既有客戶與銷售通路導入這項技術，就有很大的機會切入；但因為這些屬於高度信任的環境。我們某種程度上是在追趕進度把產品準備好，同時在對外溝通的過程中持續進行驗證與核准。

Yeah, I think our quote activity and our market activity is robust and, as a result, we've already got the first 100 systems on the water priming the pump in the supply chain. We've spent a lot of time while we were doing the approvals, getting the supply chain set up, getting the service technicians trained, getting the sales channel ready. We are fairly confident that the timeline we socialized is going to materialize in that way for us.

是的，我認為我們的報價活動與市場活動都很強勁，因此我們已經有第一批100套系統先行出貨，為供應鏈「暖機」。在進行核准期間，我們也投入大量時間建立供應鏈、訓練服務技術人員、讓銷售通路就緒。我們相當有信心，我們先前對外分享的時程將會如我們所述地實現。

I will take the question on the data center orders, Noah. It is a good one. Obviously, we were really pleased. Strong increase, 80% year-on-year. That said, we continue to say that we expect our lead acid revenue on data centers to be up in the high single to low teens growth. A lot of these orders extend out 12 to 36 months.

Noah，我來回答資料中心訂單的問題。這是個好問題。顯然，我們非常高興。年對年大幅成長，達80%。不過，我們仍持續表示，我們預期資料中心的鉛酸電池營收將呈現高個位數到低雙位數的成長。其中許多訂單的交期會延伸到12到36個月。

The real positive to me with that, Noah, is that lead has a long tail. It has got staying power. Our TPPL data center revenue will continue for some time. We have got a lot of visibility into it. We have made a lot of progress with our DataSafe Noir. We have 100 orders or so in place with our supplier. We have had over 110,000 campaign impressions. We have over 500 units in active quotation.

對我而言，Noah，真正的正面之處在於鉛酸有很長的尾端效應。它具有持久性。我們的TPPL資料中心營收還會持續一段時間。我們對此有很高的能見度。我們在DataSafe Noir方面已取得很大進展。我們已與供應商建立約100筆訂單。我們的行銷活動曝光已超過110,000次。目前有超過500台處於積極報價中。

There is a lot of excitement and enthusiasm. We do not think that is going to be anything until fiscal 2028 story from a revenue standpoint. But the lead will continue. We are getting visibility into a long time demand signals, and then the DataSafe Noir lithium will be incremental on top of that. Hope that helps.

市場上有很多興奮與熱情。但就營收角度而言，我們認為要到2028會計年度才會成為一個故事。不過鉛酸仍會持續。我們正逐步掌握長期需求訊號，而DataSafe Noir鋰電將在此基礎上帶來額外增量。希望這能有所幫助。

It does, thank you. Then on the lithium plant, you shared that assumption of mid 20s IRR for the plant economics. Is it possible to understand the, at least at a high level, the assumptions driving that target IRR? Then how should we be modeling net CapEx related to the plant for fiscal 2028? Because that will certainly drive CapEx increase versus 2027.

有的，謝謝。接著關於鋰電工廠，你們分享了工廠經濟性假設的IRR約為20%中段。是否可以在至少高層次上，說明支撐該目標IRR的假設？另外，對於2028會計年度與該工廠相關的淨資本支出（net CapEx），我們應該如何建模？因為那肯定會推升相較於2027年的資本支出。

Yeah, I think part of the challenge to think about with this, Noah, we didn't get payback on it yet. There's some requirements that we have in the fact that we're getting the DOE grant, which we're very pleased with the trust that the Department of Energy and Department of Defense have placed with us.

是的，Noah，我認為思考這件事的其中一個挑戰是，我們目前還沒有看到它的回收期。由於我們獲得DOE補助，這當中有一些我們必須遵循的要求；我們也很高興能源部與國防部對我們的信任。

When your customer's investing that amount of money for you to build capacity for them, it's very encouraging. That said, there's some upfront requirements on things like environmental and NEPA that will pace the timing of when we're able to get started. We're saying that we think it's going to be mid next year that the CapEx starts, the actual construction starts, and there is reimbursement that comes. It looks like it's going to be coming on a one quarter lag. Again, some of that is a little bit outside of our control.

當你的客戶投入那麼多資金，讓你為他們建置產能時，這是非常令人鼓舞的。但話說回來，像環境評估與NEPA等事項會有一些前置要求，將影響我們能夠開始動工的時點。我們的說法是，我們認為要到明年年中左右才會開始資本支出、也就是實際施工開始，之後會有補助款的核銷回補。看起來回補可能會落後一季入帳。再次強調，其中有些因素稍微超出我們的控制範圍。

That said, we have no doubt we're going to be able to handle the CapEx requirements of the plant with our ongoing cash flow. It's not going to have any impact on leverage other than leverage wouldn't continue to go down because of the plant. We don't have more information at this time, but I hope that helps to explain some of the timing.

儘管如此，我們毫不懷疑能以持續的營運現金流來因應該工廠的資本支出需求。除了因為工廠投資使得槓桿不會繼續下降之外，它不會對槓桿造成其他影響。目前我們沒有更多資訊，但希望這能協助說明部分時程安排。

It does, thanks. And then just with the first part of that, any color on the IRR rather? Just because that would assume, I think, a nice amount of growth really coming from that plan and its ability to support the growth that you've talked about in PPS.

有的，謝謝。那回到第一部分，關於IRR本身，有沒有更多補充？因為那似乎意味著該工廠及其支撐你們在PPS所談成長的能力，將帶來相當可觀的成長。

Yeah. There is a real value for FEOC compliant cells in the A&D space. This is of critical importance for national security. I think there's a couple things that says we've got a long history of receiving grants from the A&D, and receiving grants from the government for our A&D business.

是的。在航太與國防（A&D）領域，符合FEOC規範的電芯具有真正的價值。這對國家安全至關重要。我想有幾點可以說明：我們在A&D業務方面，長期以來一直獲得A&D相關補助，也一直獲得政府對我們A&D業務的補助。

We've worked very closely with them. I think we mentioned we've got six plants in the US currently manufacturing A&D plants, much of the growth of which has been funded through investments. And this will allow us to have very valuable products that have this FEOC compliance. So I think there's a pricing that comes along with that. And this also allows us to continue to grow with and expand into new areas into A&D that were not as active, like the large diameter drone batteries, continuing with our drone counter.

我們一直與他們非常緊密地合作。我想我們提到過，我們目前在美國有六座工廠正在製造 A&D 相關的工廠產品，而其中很大一部分成長是透過投資所資助的。而這將使我們能夠提供具備 FEOC 合規性的非常有價值的產品。因此我認為這也會帶來相應的定價。同時，這也讓我們能夠持續成長，並擴展到 A&D 中一些過去較不活躍的新領域，例如大直徑無人機電池，並延續我們的反無人機業務。

There's both incremental revenue and margin expansion associated with this plan. We've not built into the modeling, but we've received a lot of interest in expanding this even further and in discussions on that going forward. That would just further increase the return on this plant.

這項計畫同時帶來增量營收與毛利率擴張。我們尚未把它納入模型之中，但我們已收到許多對進一步擴大規模的興趣，並且也在就未來推進進行討論。那將會進一步提高這座工廠的投資報酬。

Trevor Sahr, William Blair.

Trevor Sahr，William Blair。

Hey, thanks. This is Trevor on for Brian here. I was hoping to get a little bit more detail if we can on implied margin expansion sequentially in the second quarter. It looks like the revenue growth at the midpoint, again, sequentially, is about 2.5%, but EPS growth at the midpoint is about 12% sequentially. Can you just shed some light on how we should think about margin and expansion into the second quarter?

嗨，謝謝。我是 Trevor，今天代替 Brian 來提問。我希望能再多了解一些關於第二季隱含的序列性毛利率擴張細節。看起來營收在中位數的成長（同樣以序列性來看）約為 2.5%，但 EPS 在中位數的成長約為 12%（序列性）。你能否說明一下，我們應該如何看待第二季的毛利率與擴張？

Yeah, I'll be happy to take that one as well, Trevor. As we talked about both on our last call as well as on Investor Day, we see that early in this fiscal year, a lot of our earnings growth is going to be driven more by margin expansion. Then as we get towards the end of this fiscal year, you'll start to see some of our growth kick in. It's going to begin with recovery and Motive Power. The transportation recovery is already beginning to be overweigh, or a lot of our other markets continue to have growth, like A&D and data centers. But the new product introductions aren't going to start to kick in mostly till fiscal 2028.

可以，我也很樂意回答這題，Trevor。正如我們在上次電話會議以及投資人日所談到的，我們預期在本財年初期，我們的獲利成長將更多由毛利率擴張所驅動。接近本財年末時，你會開始看到部分成長動能顯現。這將從復甦與 Motive Power（動力電源）開始。運輸市場的復甦已經開始變得更為顯著，或是我們其他許多市場仍持續成長，例如 A&D 與資料中心。但新產品導入大多要到 2028 財年才會開始明顯發酵。

Now, as you look through the balance of this fiscal year, you're going to see a lot of the items we talked about, like the annualization of the adjustments we made with our RIF last year. You see the beginning of our 45X benefits from closing our plant in Monterrey. We might see a little bit of some of the benefits from closing our Tijuana plant. We also had announced two other facility rationalizations this quarter with our Bellingham facility, our Brazil closure. So those items, and then just this company's being managed differently.

接著看本財年剩餘期間，你會看到我們談到的許多項目，例如去年我們進行 RIF（裁員/人力精簡）後調整項目的全年化效益。你也會看到我們關閉蒙特雷（Monterrey）工廠所帶來的 45X 效益開始顯現。我們也可能會看到一些關閉蒂華納（Tijuana）工廠的效益。此外，我們本季也宣布另外兩項據點整併：貝靈漢（Bellingham）設施，以及巴西的關閉。因此這些項目，再加上公司管理方式的改變。

A lot more cost discipline and strong operational initiatives as part of our EnerGize strategy. So you'll continue to see that growth as well as mix improvements. So we're going to be launching our Gen 2 lithium in our Motive Power business, which I'm very excited about. You see within our NIS business an increase in the power electronics. Keith, with Dan leading it, is doing a tremendous job with our service business. That had been headwinds in the past.

在我們 EnerGize 策略下，會有更強的成本紀律與更有力的營運倡議。因此你會持續看到成長，以及產品組合改善。我們將在 Motive Power 業務推出第二代鋰電（Gen 2 lithium），我對此非常興奮。你也會看到在我們 NIS 業務中，電力電子的比重提升。Keith 在 Dan 的帶領下，正在我們的服務業務上做得非常出色。過去那曾是逆風。

Now it is starting to turn into tailwinds. It is also a real critical component to a lot of our strategy on what makes EnerSys unique, things like data center. It is our service network, our ability with BESS, having the service teams out there. That growth in both top line and margin of service is not just something that is impacting our current results, which we are excited about, but is going to be an enabler of a lot of the growth initiatives that Sean has kicked out.

現在它開始轉為順風。這也是我們許多策略中非常關鍵的一環，亦是 EnerSys 的獨特之處，例如資料中心等領域。這在於我們的服務網路、我們在 BESS（電池儲能系統）方面的能力，以及能派出服務團隊到現場。服務在營收與毛利上的成長，不僅影響我們目前的業績、讓我們感到振奮，也將成為 Sean 所推動許多成長計畫的促成因素。

I hope that helps to explain some of the things we are seeing. If you need more color or any more questions, happy to take those as well.

希望這能幫助說明我們所看到的一些情況。如果你需要更多補充或還有其他問題，我也很樂意回答。

Trevor, it is Sean. Good morning. I would just add one thing, and Andi explained it very well. On the 2% top line growth, we always have some summer seasonality during this period in spite of the Motive Power pressure that we have seen over the last couple of cycles. That is fairly typical for us in a normal year.

Trevor，我是 Sean。早安。我只想再補充一點，Andi 已經解釋得非常清楚了。關於 2% 的營收成長，我們在這段期間一向會有一些夏季季節性，儘管過去幾個循環中我們在 Motive Power 看到一些壓力。在正常年份，這對我們來說相當典型。

Makes sense. That is helpful. Thank you. If I could ask one more, actually, just on that service business. Could you give us a little more detail on the size, growth, and margin contribution in that, and maybe what you have done and the work you have done in the background to turn that from what you just said, Andi, into a headwind, into a big contributor?

了解。這很有幫助。謝謝。如果我可以再問一題，關於那個服務業務。你能否提供更多關於其規模、成長與毛利貢獻的細節，以及你們在幕後做了哪些工作，將它從你剛才說的（Andi）逆風，轉變為重要的貢獻來源？

Yeah, Trevor, I will start, and then I will turn it over to Andi. I will start on what we have done and the importance to the business. If you look at our strategic framework that we talked about at Investor Day, the two things we are trying to solve for customers are energy security and labor scarcity. It is along that adage of we are going to run out of electricians before electrons. We have been building the plumbing over the past year of putting in very disciplined project management and upskilling our labor force. If you look at what we do, we call it service, which kind of invokes ideas of attach rates and repetitive aftermarket and that kind of thing. There is a big component of our business that is actually on the implementation side, very specialized electrical construction.

可以，Trevor，我先說，然後再交給 Andi。我先談我們做了什麼，以及它對業務的重要性。如果你看我們在投資人日談到的策略架構，我們試圖為客戶解決兩件事：能源安全與勞動力短缺。這符合那句話：我們會先缺電工，而不是先缺電子。過去一年我們一直在建構基礎工程（plumbing），導入非常嚴謹的專案管理並提升我們勞動力的技能。如果你看我們所做的，我們稱之為服務（service），這可能會讓人聯想到附加率、重複性的售後市場等概念。但我們業務中有很大一部分其實是在導入/建置端，是高度專業的電氣工程施工。

As you might imagine, you can get that very right or very wrong in the details. What they've done, and Keith and Andi mentioned Dan Cohey in that business, is put all of that plumbing in place, that high level of discipline. We have invested in new project management software. The teams are just doing a remarkable job upskilling that entire segment for us. With that, I will turn it over to Andi for some of the numbers.

如你所想像，細節上可以做得非常對，也可能做得非常錯。他們所做的——Keith 與 Andi 也提到該業務的 Dan Cohey——就是把這些基礎工程都建置到位，並建立高度紀律。我們投資了新的專案管理軟體。團隊在提升整個部門技能方面做得非常出色。接下來我把一些數字交給 Andi。

Yeah. When I look, Trevor, at services, what we are referring to primarily here is our Network Information System services. You can see our total services revenue and margin in our Q, and you can see the improvement there. But really the turnaround that we are looking at is in the NIS business where we had some headwinds, and it is such a key aspect to the growth and the value proposition that we have to customers and is a differentiating factor.

好的。Trevor，當我談到服務時，我們這裡主要指的是我們的 Network Information System（網路資訊系統，NIS）服務。你可以在我們的季度資料中看到服務的總營收與毛利，並且能看到其中的改善。但我們所說的真正轉折點是在 NIS 業務；那裡過去有一些逆風，而它對我們面向客戶的成長與價值主張至關重要，也是我們的差異化因素。

If you look in our Network Information Systems, I do not always give specifics down to this level, but you are talking revenue up around 20% in the quarter year-on-year. So really nice improvement in revenue as well as total EnerSys margins with our services area being up about 100 basis points, I would say even more in the NIS division. A lot of that is just, again, really discipline management.

如果你看我們的 Network Information Systems，我通常不會細分到這個層級，但你談的是本季營收年對年成長約 20%。因此營收有非常不錯的改善，同時 EnerSys 的整體毛利率也有所提升；我會說我們的服務領域約提升 100 個基點，而在 NIS 事業部甚至更高。其中很大一部分再次來自於真正的紀律化管理。

Keith is an extraordinary operator, and he is putting that kind of discipline into the NIS business under Sean's leadership. We are managing it tighter and making sure that we are ready for a lot of the opportunities in our headlights, things like that NIS services department division helping our BESS installations. So it is an exciting and very strategic area for us going forward.

Keith 是一位非常出色的營運主管，在 Sean 的領導下，他正把那種紀律帶進 NIS 業務。我們以更嚴謹的方式管理，並確保我們已準備好迎接眼前的許多機會，例如由 NIS 服務部門協助我們的 BESS 安裝。因此，這對我們未來而言是一個令人振奮且非常具策略性的領域。

(Operator Instructions) Jeff Osborne, TD Cowen.

(操作員指示) Jeff Osborne，TD Cowen。

Morning. Just a couple of quick ones on my side. Maybe just starting with Motive Power. It has been weak for a while. I know you have seen cycles in the past. How do you ascertain sort of where we are in the cycle? You felt comfortable that things were rebounding. Are you looking at substitution effects? We are just getting a lot more questions from investors on sort of the sustained weakness in that core segment.

早安。我這邊只有幾個很快的小問題。也許先從動力電源（Motive Power）開始。它已經疲弱一段時間了。我知道你們過去也看過景氣循環。你們如何判斷我們目前大概處於循環的哪個位置？你們覺得情況正在回升，這點你們很有把握。你們是否在觀察替代效應？投資人對於這個核心分部持續疲弱的狀況，最近問得更多。

Yeah, Jeff, I will start. We have a lot of leading indicators that we look at. We get the truck order data from the forklift market, both internationally and domestically in the Americas market. We have that. We then typically lag our forklift customers up between half a quarter to a quarter when they start seeing the truck orders and when we see the battery orders. We look at that.

好的，Jeff，我先開始回答。我們會看很多領先指標。我們會取得堆高機市場的卡車（truck）訂單數據，包括國際市場以及美洲市場的國內數據。我們有這些資料。接著通常在我們的堆高機客戶開始看到卡車訂單、到我們看到電池訂單之間，會落後大約半個季度到一個季度。我們會看這些。

We, of course, have conversations with those same customers. Most of them do not split out and report publicly the individual results of the forklift division. If you are looking at one of the larger OEMs that are embedded in a bigger company, they do not give you that color. But we do have some public ones, like HY, that just released their results.

當然，我們也會和同樣的客戶進行交流。他們大多數不會把堆高機事業部的個別業績拆分出來並對外公開揭露。如果你看的是一些隸屬於更大型公司的大型 OEM，他們不會提供那樣的細節。但我們也有一些公開的例子，例如 HY，剛發布了他們的業績。

You can see that they, in spite of being down, I think 16% year-on-year, they had a 2% increase, but their truck orders are way up, and they are seeing those green shoots now. That is kind of consistent with what we are hearing across the board in the industry. Obviously, between the three classes of forklifts, people are positioned differently depending upon the OEM they are. The markets have not been totally even, but we look to those things and all of those indications for us and those customer conversations are positive. It gives us a high degree of confidence.

你可以看到他們雖然年對年下滑，我記得是 16%，但他們有 2% 的成長，而且他們的卡車訂單大幅上升，現在已經開始看到復甦的曙光。這與我們在整個產業聽到的情況大致一致。顯然，在三種等級的堆高機之間，各家 OEM 的布局不同，因此所處位置也不同。各市場並非完全一致，但我們會看這些因素；對我們而言，所有這些指標以及與客戶的對話都是正面的。這讓我們有很高的信心。

Also, we have data going back to the 1990s, very solid data about what happens after an economic recession period in material handling. There has only been three of them. This one's a little goofy because of coming out of COVID and supply chain shocks and buildups and normalizing. Typically those recoveries for us, when we see these indicators, they follow fairly quickly. That's giving us some confidence there.

另外，我們有可追溯到 1990 年代的數據，非常扎實，顯示物料搬運在經濟衰退期之後會發生什麼。這樣的衰退其實只有三次。這一次有點怪，因為是從 COVID 後走出來，又遇到供應鏈衝擊、庫存堆積與回歸常態的過程。通常對我們而言，當我們看到這些指標時，復甦會相當快地跟上。這也讓我們更有信心。

I'll give a little bit of more data behind that as well. Sean mentioned the Hyster-Yale report. They also did note that first half calendar 2026 would mark the financial low point for them. They had the strongest booking quarter in three years this last quarter. All really good signals.

我也補充一些相關數據。Sean 提到了 Hyster-Yale 的報告。他們也指出，日曆年 2026 年上半年將是他們的財務低點。他們上一季創下三年來最強的接單（booking）季度。這些都是非常好的訊號。

Our customers also continue to give us great signals. That said, it's choppy. Industry data showed positive order trends for our Q4 2026 and then dropped to negative 8% with shipments this past quarter. There's a lot of volatility. If you recall in the last quarter, we had called out that we thought Q1 could look very similar to Q4, which is unusual. Of course, that didn't materialize. The lag is frustrating for us. We do build a risk factor into our guidance because we knew that market recovery is outside of our control.

我們的客戶也持續給我們很好的訊號。不過話說回來，市場仍然很顛簸。產業數據顯示，我們 2026 年第 4 季的訂單趨勢為正，但本季出貨則轉為年減 8%。波動很大。如果你還記得上一季，我們曾提到我們認為第 1 季可能會看起來很像第 4 季，這其實不尋常。當然，結果並沒有發生。這種落後效應讓我們很挫折。我們在指引中也納入風險因子，因為我們知道市場復甦並非我們能控制。

We track our performance versus market. We are in line with market. I think it's a positive sign that we have this record quarter, despite that continuing to feel the pressure. We are seeing signals that it's coming back. When it's going to come back, that's the question, whether it's going to be our Q2 or we're thinking it's more a Q3 story. Another aspect to it, which I think there's an exciting element to this as well, we have some great new products on the horizon, both with chargers and gen 2 lithium. As we are depleting our stock of our old offerings and our customers are waiting for those products to come out, which will be a second-half story, that might be impacting a little bit for us as well.

我們會追蹤自身表現相對於市場的狀況。我們與市場一致。我認為即使仍感受到壓力，我們卻能創下這個創紀錄的季度，這是正面的訊號。我們看到一些訊號顯示它正在回來。至於何時回來才是問題，是在我們第 2 季，還是我們認為更可能是第 3 季的故事。另外還有一個面向，我覺得也很令人振奮：我們有一些很棒的新產品即將推出，包括充電器以及第二代鋰電（gen 2 lithium）。當我們逐步消化舊產品庫存、而客戶也在等待這些產品上市（這會是下半年的故事）時，這可能也會對我們造成一些影響。

Nice thing is their gen 2 lithium, which is an LFP solution versus the NMC we had in our previous version, has a much more attractive price point for our customers, which we feel will allow us to pick up a lot more volume there and is at significantly higher margins. I think there's a lot of good news in front of us. I'd be lying if I didn't say we weren't a little frustrated that it's taken as long as it has. Overall, I'm not concerned at all the outlook here. Our products are necessary to move goods around the world, and it can't stay down long.

好消息是，他們的第二代鋰電採用 LFP 解決方案，相較於我們上一代使用的 NMC，對客戶而言價格帶更具吸引力；我們認為這將讓我們在那裡取得更多出貨量，而且毛利率也顯著更高。我認為我們前方有很多好消息。如果我不說我們對於花了這麼久時間感到有點挫折，那就是不誠實。整體而言，我對這裡的展望完全不擔心。我們的產品是全球貨物流通所必需的，它不可能長期低迷。

Perfect. I appreciate the detail there, Andi. One follow-up on Motive, then had one on data center. On the material handling side, are you seeing, since you brought up lithium, any acceleration in the shift from lead to lithium?

很好。Andi，感謝你提供這些細節。關於 Motive 我再追問一題，然後還有一題關於資料中心。在物料搬運這邊，既然你提到鋰電，你們是否看到從鉛酸轉向鋰電的速度有加快？

I would tell you that we're seeing the same conversion rate we've seen. I would just reiterate that this is pent-up demand on the forklift side. These are typically leases. They can extend the lease, but what starts to happen is you start to see a lot of breakdown of maintenance items. It can't go on forever. Our typical maintenance-free conversion, which fortunately for us, we're uniquely positioned, we have our TPPL offering and lithium offering, that's been fairly steady for us. There's no big movements there. We're just seeing really market effects at the moment.

我會說我們看到的轉換率與過去相同。我想再強調，堆高機端目前是被壓抑的需求（pent-up demand）。這些通常是租賃。他們可以延長租期，但接下來會發生的是，維修保養項目開始出現很多故障。這不可能無限期持續下去。我們典型的免維護（maintenance-free）轉換率——對我們而言很幸運的是，我們具備獨特的布局，有 TPPL 方案與鋰電方案——一直相當穩定。沒有什麼大幅變動。我們目前看到的主要還是市場因素的影響。

One other thing worth mentioning too, Sean, I know we've talked about this. We believe there's a correlation, which is why we did the re-segmentation between the transportation and the forklifts. These are large capital purchases. They both experienced this downturn coming out of a lot of the macro volatility, and transportation is starting to come back really strong.

另外還有一點也值得一提，Sean，我知道我們談過這個。我們相信兩者之間存在相關性，這也是為什麼我們把運輸（transportation）與堆高機重新分段（re-segmentation）。這些都是大型資本支出採購。它們在經歷大量總體波動後都出現了這波下行，而運輸端正開始非常強勁地回升。

We were 20% revenue growth in the quarter. Orders that we had year-on-year in transportation were up 91%. Of course, that's off a low point with orders as it was declining last year, and there's great momentum there. That's just another signal that gives us confidence that the capital markets for forklift trucks are going to start to turn as well.

我們本季營收成長 20%。運輸端的訂單年對年成長 91%。當然，這是從去年訂單下滑時的低點反彈上來的，而且目前動能很強。這也是另一個訊號，讓我們有信心堆高機卡車的資本市場也將開始轉向。

Good stuff. Just very quickly, on the data center side, a lot has been answered there, but just two clarifications. One, are we still shooting for UL certification either late this year or early next calendar year? Is part one of the question. Part two, now that you've socialized it with customers, you have the units coming in for training and whatnot and testing, do you have any further comments that you can share about expectations for margins, just given you have a third-party manufacturing it for you folks?

很不錯。很快地，在資料中心方面，很多問題已經回答了，但我想再釐清兩點。第一，我們是否仍以今年稍晚或下一個日曆年度年初取得 UL 認證為目標？這是第一部分。第二，現在你們已經和客戶溝通過，也有設備進來做訓練、測試等等；考量到你們是由第三方代工製造，你們對毛利率的預期是否有任何進一步的評論可以分享？

Yeah, I would tell you that we are right on track with our plans for UL and our validations. We feel very good about that. If you look at how our product delivery has been going, and it is a close parallel, but how quickly we were able to get UL and NFPA certification on our BESS system, which is a more complex system, it just speaks to how we are operating differently. So we have a high degree of confidence in our UL journey on the data center and DataSafe Noir side. On the second part of the question?

是的，我會告訴你，我們在 UL 的計畫與各項驗證上都完全按進度推進。我們對此感到非常有信心。如果你看看我們的產品交付進展——這是非常接近的對照——我們能夠多快就讓我們的 BESS 系統（這是一個更複雜的系統）取得 UL 與 NFPA 認證，這正好說明我們的運作方式有所不同。因此，對於資料中心與 DataSafe Noir 這一端的 UL 推進，我們有很高的信心。至於問題的第二部分？

Yeah, on the margins.

是的，關於毛利率。

Yeah.

是的。

Go ahead.

請繼續。

Yeah. We expect margins in line with our TPPL and higher margin offerings than lead. Early indications from customers, we think we are going to have a high degree of confidence achieving that. The other issue, and the other real benefit that we have, is not comparing lithium to lead, but lithium to lithium. We are releasing a system that can do in two cabinets what the competitor's lithium battery now does in five. So we have a real value conversion opportunity from that five to two that is a big differentiator in the market, and as well as saving a premium on that data center space.

是的。我們預期毛利率將與我們的 TPPL 以及其他高毛利產品的水準一致，並且高於鉛酸產品。從客戶端的早期跡象來看，我們對達成這一點有很高的把握。另外一個議題，以及我們另一個真正的優勢，是我們比較的不是鋰對鉛，而是鋰對鋰。我們即將推出的系統，能在兩個機櫃內做到競品目前需要五個機櫃才能做到的事。因此，從五個機櫃降到兩個機櫃，我們有很大的價值轉換機會，這是市場上的重大差異化，同時也能在資料中心空間上節省一筆溢價成本。

Not to mention our service network can turn it back around.

更不用說，我們的服務網路也能把它快速恢復運轉。

Greg Lewis, BTIG.

Greg Lewis，BTIG。

Sean, I was hoping you could talk a little bit more about the A&D opportunity. You mentioned the factory, the facility being built, and just the relationship EnerSys has with the US government. I'm kind of curious, how also, just given a lot of headlines about drone is accelerating, drone warfare, anti-drones. Beyond the US, and realizing that's a big opportunity, how should we be thinking about that over the next couple of years, even maybe as we think about NATO and the broader opportunity?

Sean，我希望你能再多談一點 A&D（航太與國防）的機會。你提到正在興建的工廠、設施，以及 EnerSys 與美國政府之間的關係。我也有點好奇，考量到近期很多新聞都在談無人機加速發展、無人機作戰、反無人機等。除了美國之外——我知道那是一個很大的機會——未來幾年我們應該如何看待這件事？甚至如果我們把 NATO 與更廣泛的機會也納入考量呢？

Yeah. So, good morning, Greg. Thank you for joining us. Look, we have an extraordinary opportunity in front of us, and if I had one big takeaway from Investor Day, I got a lot of comments that we haven't talked enough about our position there. Our position with the defense apparatus is strong, and one of the reasons is, if you look at what we've done with TPPL, that powered nuclear submarines, and how we've taken the developments out of one technology and expanded that into a commercial basis.

是的。早安，Greg。謝謝你加入我們。你看，我們面前有一個非常難得的機會；如果要說投資人日我最大的收穫之一，就是我收到很多回饋，認為我們對於我們在那裡的布局談得還不夠。我們在國防體系中的地位很強，而其中一個原因是，如果你看看我們用 TPPL 所做的事情——它為核子潛艦提供動力——以及我們如何把某項技術的研發成果延伸並擴展到商業化應用。

We don't tend to rely totally on the government apparatus. We've been successful in doing that across end markets, including leveraging defense markets to sell back into commercial areas. They like that. They like our stability. They like our balance sheet. We have a lot of permanence that they can rely on and trust. Because of the fact that we've stayed very active in places like liquid reserve and thermal batteries, that's a very narrow field, and it really well positions us. The Bren-Tronics acquisition added to that, and of course, what we're doing in our space business.

我們並不傾向完全依賴政府體系。我們一直成功地在各個終端市場做到這點，包括運用國防市場的成果回頭銷售到商業領域。他們喜歡這一點。他們喜歡我們的穩定性。他們喜歡我們的資產負債表。我們具備他們可以依賴與信任的長期性與持續性。由於我們在液態儲備電池與熱電池等領域一直保持非常活躍——那是一個非常狹窄的領域——這讓我們的定位非常有利。Bren-Tronics 的收購也強化了這一點，當然還包括我們在太空業務方面正在做的事情。

If you look across what's happening in the world with the drone powering ecosystem, the Ukraine conflict showed everybody that the future of the battlefield is going to be much different. You had a very small army hold off a 3 million person army because of these cheap drones in the supply chain. That has woken up all of the governments around the world. I think that extends into the second part of your question. Some of our most compelling growth in A&D this year has come from our European business.

如果你放眼全球無人機供電生態系正在發生的事情，烏克蘭衝突讓所有人都看到，未來的戰場將會非常不同。你看到一支非常小的軍隊，因為供應鏈中這些低成本無人機，而能夠牽制一支三百萬人的軍隊。這已經喚醒了全球各國政府。我認為這也延伸到你問題的第二部分。我們今年在 A&D 最具吸引力的一些成長，來自我們的歐洲業務。

We've had segments of our allied countries in Europe, NATO allies, outpace for the first time in our evolution, our Americas business. It just speaks to our reach and what we're able to do. We're actually expanding capabilities in places like northern France in our Arras facility to support what Bren-Tronics is doing there, for example, with the French government and the French Ministry of Armed Forces. We see a lot of runway internationally with not just the US, but with allied countries as well.

我們在歐洲的盟國市場（NATO 盟國）某些區塊，首次在我們的發展歷程中，成長速度超越了美洲業務。這正好反映了我們的觸及範圍以及我們能做到的事情。例如，我們正在法國北部的 Arras 廠擴充產能，以支援 Bren-Tronics 在當地的業務，例如與法國政府及法國武裝部隊部（Ministry of Armed Forces）的合作。我們看到國際市場有很長的成長跑道，不僅是美國，也包括盟國。

Yeah, just to give some data behind Sean's answer, our growth rate in Europe in 2026 versus 2025 was 2x. It's probably going to be pretty close, and it's off a smaller base. We mentioned our six plants in the US in our prepared remarks, but as Sean mentioned, we also produce A&D batteries for our allied nations in both the UK and in France as well. There's opportunities around the world.

是的，補充一些數據來支持 Sean 的回答：我們歐洲業務在 2026 年相較 2025 年的成長率是 2 倍。這個倍數大概會相當接近，而且是從較小的基期成長。我們在事先準備的發言中提到我們在美國有六座工廠，但如 Sean 所說，我們也在英國與法國為盟國生產 A&D 電池。全球各地都有機會。

Okay, great. Realizing, I guess I have a question around data center, but I guess a little different. As the architecture evolves, I guess they've started rolling out or converting some data centers to 800 volt. As that changes, I guess the legacy way a UPS system was kind of, I guess it was big and now they're going to be, I guess more smaller, focused on rack. How does that change, or I should say, does that change the revenue opportunity? However, you guys, per megawatt or per location, is that an opportunity to actually drive more revenue out of a data center as this switch happens for kind of the same product?

好的，很棒。我想我有一個關於資料中心的問題，但角度有點不同。隨著架構演進，我想他們已經開始推出或把一些資料中心轉換到 800 伏特。隨著這個改變，過去 UPS 系統的傳統方式——我想以前是很大型的——現在可能會變得更小、更聚焦在機櫃（rack）。這會如何改變，或者我應該說，這是否會改變營收機會？也就是說，你們以每兆瓦或每個據點來看，當這種切換發生時，是否有機會在資料中心用同樣的產品實際帶來更多營收？

Unequivocally. Just one point of clarification. We are seeing a lot of movement towards very large systems, centralized systems. Without getting too technical on this call, maybe we do a tech talk later or something, but it depends on what type of data center it is, whether it's large language training model, whether it's inference, whether it's storage. So it depends on what they're trying to achieve will influence the architecture.

毫無疑問。先澄清一點。我們看到很多趨勢是朝向非常大型的系統、集中式系統。在這通電話中不想講得太技術性——也許之後我們可以做一場技術分享之類——但這取決於資料中心的類型，是大型語言模型訓練、推論，還是儲存。因此，他們想達成的目標會影響架構。

As I've said before, 800 volts, we love that. Because for us, it doesn't change much. It may give us the opportunity in a centralized system to just sell more cells, as we put more cells in parallel. We have a long history in managing these voltage ranges, and so we're quite used to that. Then to your point about distributed rack systems and what we think of, we use the term BBU business.

如我之前說過，800 伏特我們很喜歡。因為對我們而言，變化不大。在集中式系統中，這甚至可能讓我們有機會賣出更多電芯，因為我們會把更多電芯做並聯。我們在管理這些電壓範圍方面有很長的歷史，因此相當熟悉。至於你提到的分散式機櫃系統，我們把它稱為 BBU 業務。

We've historically not played there because of, it's typically been these packs that involve small cells that are put into those packs in a rack system. We see that there could be some potential future opportunity for us out of the Greenville plant when we're manufacturing our own cell to have a compelling offering in the BBU space. Which gets back to my answer to your last question about the Department of Defense loves us because we tend to commercialize what we co-develop or develop with them or for them, and we see data centers a big opportunity for offtake in Greenville downstream.

我們過去基本上沒有參與那一塊，因為通常是由小型電芯組成的電池包，放在機櫃系統裡。我們認為，未來當我們在 Greenville 工廠開始製造自有電芯時，可能會在 BBU 領域出現一些潛在機會，讓我們能提出具競爭力的方案。這也呼應我對你上一個問題的回答：國防部喜歡我們，是因為我們往往會把與他們共同開發、或為他們開發的成果商業化；而我們也把資料中心視為 Greenville 下游出貨（offtake）的重大機會。

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

目前沒有其他問題。我現在把電話交回給總裁兼執行長 Shawn O'Connell，請他做結語。

Thank you, Ben. Thank you all for joining us today. We look forward to speaking with you again soon and want you to have a great day.

謝謝你，Ben。也謝謝各位今天加入我們。我們期待很快再次與各位交流，也祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以中斷連線。