Entegris Inc (ENTG) 2026 Q2 法說會逐字稿

Welcome to the Entegris second quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the call over to Jeffrey Schnell, Vice President, Investor Relations. Please go ahead, sir.

歡迎參加 Entegris 2026 年第二季財報電話會議。(接線員指示) 現在我想把電話會議交給投資人關係副總裁 Jeffrey Schnell。先生，請開始。

Good morning, everyone. Earlier today, we announced the financial results for the second quarter of 2026. Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements. Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC.

各位早安。今天稍早，我們已公布 2026 年第二季的財務結果。在開始之前，我想提醒各位聽眾，我們今天的評論將包含部分前瞻性陳述。這些陳述涉及多項風險與不確定性，實際結果可能與前瞻性陳述中所預測者有重大差異。關於這些風險與不確定性的更多資訊，載於我們最近一期的年度報告以及其後向美國證券交易委員會（SEC）提交的季度報告中。

Please refer to the information on the disclaimer slide in the presentation. On this call, we will also refer to non-GAAP financial measures as defined by the SEC in Regulation G. You can find reconciliation tables in today's news release as well as on the IR page of our website at entegris.com. Joining me on the call today are Dave Reeder, our CEO; and Sukhi Nagesh, our CFO.

請參閱簡報中免責聲明投影片上的資訊。在本次電話會議中，我們也將引用依 SEC《Regulation G》所定義的非 GAAP 財務衡量指標。您可在今日新聞稿以及我們網站 entegris.com 的投資人關係（IR）頁面找到調節表。

With that, I'll hand the call over to Dave.

接下來，我把電話會議交給 Dave。

Thanks, Jeff, and good morning. The second quarter was another strong quarter for Entegris as we continued to capitalize on accelerating AI-driven demand and the significant and growing investment across the semiconductor ecosystem. We exceeded our guidance ranges on all metrics. Revenue growth of 11% year-over-year was above our guidance range, driven by double-digit growth in both our unit and CapEx-driven businesses.

謝謝 Jeff，各位早安。第二季對 Entegris 而言又是強勁的一季，我們持續把握 AI 驅動需求加速，以及半導體生態系中顯著且持續成長的投資所帶來的機會。我們在所有指標上都超越了指引區間。營收年增 11%，高於我們的指引區間，主要由我們的單位驅動業務與資本支出（CapEx）驅動業務雙雙達到雙位數成長所帶動。

Gross margin improved sequentially as our operational initiatives gained momentum and strong free cash flow generation further enhanced our balance sheet and financial flexibility. Our performance reflects both improving market conditions and our focused efforts to strengthen and invest in our core semiconductor businesses.

隨著營運改善計畫逐步發揮成效，毛利率較前一季提升；而強勁的自由現金流產生也進一步強化了我們的資產負債表與財務彈性。我們的表現反映了市場狀況改善，以及我們聚焦於強化並投資核心半導體業務的努力。

With these investments and our continued execution, Entegris is well positioned to accelerate growth, expand profitability and drive long-term shareholder value. Unit-driven revenues grew 10% in the second quarter. Technology transitions continue to increase the material content required to manufacture at the leading edge.

透過這些投資與持續的執行力，Entegris 已具備良好條件以加速成長、擴大利潤率並推動長期股東價值。第二季單位驅動營收成長 10%。技術轉換持續提高在先進製程製造所需的材料用量。

This increased intensity is visible in the strong growth in liquid filtration, CMP in particular pads, advanced deposition materials and selective etch chemistries. Notably, liquid filtration delivered its fourth consecutive record quarter. CapEx-related revenue increased 15% year-over-year in the second quarter, driven by significant growth in FOUPs and broad-based strength in gas filtration and purification solutions.

這種強度提升可從液體過濾、CMP（尤其是拋光墊）、先進沉積材料與選擇性蝕刻化學品的強勁成長中看出。值得注意的是，液體過濾連續第四季創下單季新高。第二季與資本支出相關的營收年增 15%，主要由 FOUP 的顯著成長，以及氣體過濾與純化解決方案的全面性強勁需求所帶動。

We continue to see customers accelerate investments to support AI infrastructure with increasing activity across advanced logic, HBM memory and advanced packaging ecosystems. Bookings across our CapEx-oriented businesses strengthened throughout the quarter, driving backlog levels higher and providing greater visibility into customer spending plans.

我們持續看到客戶為支援 AI 基礎設施而加速投資，先進邏輯、HBM 記憶體與先進封裝生態系的活動日益增加。我們資本支出導向業務的接單在整個季度持續走強，推升在手訂單（backlog）水位，並為客戶支出計畫提供更高能見度。

We believe these trends reflect the early stages of a broader semiconductor investment cycle, one that should benefit Entegris through both the construction phase and the subsequent ramp to high-volume manufacturing. With increasing visibility into accelerating customer demand, we are proactively scaling ahead of the market, unlocking capacity, expanding capabilities and strengthening supply chain readiness.

我們認為，這些趨勢反映出更廣泛半導體投資循環的早期階段；該循環將在建廠階段以及後續量產爬坡至高量產（HVM）的過程中，為 Entegris 帶來助益。隨著對客戶需求加速的能見度提升，我們正主動超前市場擴充規模，釋放產能、擴展能力並強化供應鏈就緒度。

As demand continues to build across areas such as filtration, specialty coatings, FOUPs and CMP, the visibility we have enables us to identify emerging constraints early and take targeted actions to increase throughput and unlock additional capacity before they become limiting. Leveraging our existing global footprint and prior capacity investments, we are well positioned to meet customer needs, support technology road maps and capitalize on the opportunities ahead.

隨著過濾、特殊塗層、FOUP 與 CMP 等領域的需求持續增長，我們所掌握的能見度使我們能及早辨識新出現的瓶頸，並在其成為限制因素之前，採取具針對性的行動以提升產出並釋放額外產能。憑藉我們既有的全球據點與先前的產能投資，我們已具備良好條件以滿足客戶需求、支援技術藍圖並把握未來機會。

Turning to profitability. Adjusted gross margin was another highlight of the quarter, exceeding our guidance range and reaching its highest level since early 2022. The improvement reflects stronger operational execution and the benefits of actions we have taken over the past several quarters to simplify and optimize the business. We also continue to sharpen our strategic focus and footprint during the quarter.

接著談獲利能力。調整後毛利率是本季另一項亮點，超越我們的指引區間，並達到自 2022 年初以來的最高水準。此改善反映更強的營運執行力，以及我們在過去數季採取的簡化與優化業務行動所帶來的效益。本季我們也持續強化策略聚焦與據點配置。

Given the significant and increasing semiconductor demand, we decided to exit our Life Sciences Fluid Management business in the US, concentrating resources on our core semiconductor businesses. Additionally, we announced plans to close our Logan, Utah facility, our third dilutive facility rationalization since late 2025, further streamlining our manufacturing footprint without impacting availability for our core semiconductor market.

鑑於半導體需求顯著且持續增加，我們決定退出美國的生命科學流體管理（Life Sciences Fluid Management）業務，將資源集中於核心半導體業務。此外，我們宣布計畫關閉位於猶他州 Logan 的廠區；這是自 2025 年底以來第三次針對稀釋獲利的廠區進行整併，進一步精簡製造據點，同時不影響核心半導體市場的供應可得性。

These combined actions underscore our disciplined approach to portfolio management and our commitment to concentrating resources in area where we have the greatest opportunities for long-term growth, differentiation and value creation. Free cash flow was another highlight of the quarter, reaching $120 million or 14% of sales.

這些綜合行動凸顯我們在投資組合管理上的紀律，以及我們致力於將資源集中在最具長期成長、差異化與價值創造機會的領域。自由現金流也是本季另一項亮點，達到 1.2 億美元，約占銷售額的 14%。

This performance was driven by higher earnings and disciplined working capital management, resulting in a greater than 10% year-over-year improvement in our cash conversion cycle. The strength of our cash generation enabled us to repay an additional $200 million of debt and reduce net leverage to 3.4 times.

此表現主要由更高的獲利以及嚴謹的營運資金管理所驅動，使我們的現金轉換週期（cash conversion cycle）年對年改善超過 10%。強勁的現金創造能力使我們得以額外償還 2 億美元債務，並將淨槓桿降至 3.4 倍。

Given our improved earnings trajectory and cash flow outlook, we now expect to end the year with net leverage in the high 2 times range while continuing to invest for growth. Turning to the outlook for our end markets. Based on current demand trends, we now expect 7% to 8% MSI growth in 2026 versus the mid-single-digit assumption we started out with at the beginning of the year.

考量我們改善的獲利走勢與現金流展望，我們目前預期在持續投資成長的同時，年底淨槓桿將落在接近 2 倍的高端區間。接著談終端市場展望。根據目前的需求趨勢，我們現在預期 2026 年 MSI 成長為 7% 至 8%，高於年初所採用的中個位數成長假設。

While our expectations for advanced logic and memory remain largely unchanged, we expect a mixed but modestly improving environment for mainstream logic contributing to a more constructive outlook for the industry. The most notable change since last quarter has been the continued acceleration in semiconductor capital spending.

雖然我們對先進邏輯與記憶體的預期大致不變，但我們預期主流邏輯的環境將呈現分歧但略有改善，進而使產業展望更為正向。自上季以來最顯著的變化，是半導體資本支出持續加速。

Momentum in both wafer fab equipment and fab construction is strengthening, as evidenced by increasing project awards and backlog growth. To put this in perspective, we are currently tracking over 20 major leading-edge capacity expansions globally, including approximately 8 to 10 advanced logic facilities, seven to eight advanced memory facilities and six to eight advanced packaging projects.

晶圓廠設備與晶圓廠建設的動能正在增強，從專案得標增加與在手訂單成長可見一斑。為了提供一些背景，我們目前追蹤全球超過 20 項主要的先進製程產能擴張計畫，其中包括約 8 到 10 座先進邏輯廠、7 到 8 座先進記憶體廠，以及 6 到 8 個先進封裝專案。

We expect these investments to become a more meaningful contributor to our growth in the second half of 2026 and into 2027. The breadth of these investments is also a leading indicator of future MSI growth and reinforces our confidence in the durability of the industry's growth and the expanding opportunities for Entegris.

我們預期這些投資將在 2026 年下半年以及 2027 年對我們的成長做出更具意義的貢獻。這些投資的廣度同時也是未來 MSI 成長的領先指標，並強化我們對產業成長韌性以及 Entegris 機會持續擴大的信心。

Breaking down the specific components of our end market mix. Advanced logic, which represents approximately 40% of our revenue remains a significant growth opportunity as demand for leading-edge compute accelerates technology migrations and increases semiconductor complexity, playing directly into Entegris's strengths. We are already seeing this translate into strong results, including double-digit growth in Taiwan, driven by both advanced node capacity expansions and higher production volumes.

進一步拆解我們終端市場組合的具體構成。先進邏輯約占我們營收的 40%，仍是重要的成長機會；隨著先進製程運算需求加速，技術遷移推進並提高半導體複雜度，這正好契合 Entegris 的優勢。我們已看到這些因素轉化為強勁成果，包括台灣的雙位數成長，主要由先進節點產能擴張與更高的生產量所帶動。

We also increased photo filtration wins tied to EUV lithography and continued to see strong demand for FOUPs, reflecting our expanding content opportunity at the industry's most advanced nodes. With positions of record at the industry's most advanced nodes and a strong innovation pipeline, we are well positioned to accelerate growth as customers continue to scale next-generation AI infrastructure.

我們也增加了與 EUV 微影相關的光阻過濾（photo filtration）得標，並持續看到 FOUP 的強勁需求，反映我們在產業最先進節點的內容量（content）機會持續擴大。憑藉在產業最先進節點的創紀錄市占地位以及強勁的創新產品管線，我們已具備良好條件，在客戶持續擴建下一代 AI 基礎設施之際加速成長。

Memory, which represents approximately 30% of our revenue, remains a compelling growth opportunity driven by AI-related demand and favorable technology road maps. Similar to advanced logic, increasing memory complexity, tighter process tolerances and growing performance requirements are driving greater need for the high-purity materials and solutions where Entegris is differentiated.

記憶體約占我們營收的30%，在AI相關需求與有利的技術路線圖帶動下，仍是極具吸引力的成長機會。與先進邏輯類似，記憶體複雜度提升、更嚴格的製程公差以及日益提高的效能要求，正推動市場對高純度材料與解決方案的需求增加，而這正是Entegris的差異化所在。

In DRAM, increasing investment activity is providing greater visibility into future capacity expansions and production road maps. In NAND, technology transitions and layer scaling continue to support higher output and improving demand trends, which we expect to lead to additional capacity investments.

在DRAM方面，投資活動增加使我們對未來產能擴張與生產路線圖有更高的能見度。在NAND方面，技術轉換與層數擴展持續支撐更高的產出與改善中的需求趨勢，我們預期這將帶來額外的產能投資。

These dynamics reinforce our confidence in the long-term growth outlook for memory and the expanding role Entegris plays as a critical enabler of advanced semiconductor manufacturing. Recent HBM4 and TSV and CMP wins, along with approximately 2 times year-over-year growth in molybdenum precursor demand, are further evidence that increasing memory complexity is translating into greater content opportunities for Entegris across next-generation AI memory architectures.

這些動態強化了我們對記憶體長期成長展望的信心，以及Entegris作為先進半導體製造關鍵推動者所扮演的角色正持續擴大。近期在HBM4以及TSV與CMP方面的得標，加上鉬前驅體需求約達年增2倍，進一步證明記憶體複雜度提升正轉化為Entegris在下一代AI記憶體架構中更大的內容（content）機會。

And lastly, mainstream logic remains mixed, and while modestly improved compared to last quarter, it continues to lag leading-edge markets. To summarize, the next phase of semiconductor investment cycle is underway, supported by healthy unit demand and accelerating capital investment activity, creating multiple growth vectors for Entegris through the second half of 2026 and into 2027.

最後，主流邏輯市場仍呈現分歧；雖較上季略有改善，但仍落後於先進製程市場。總結而言，半導體投資循環的下一階段已經展開，在健康的終端單位需求與加速的資本投資活動支撐下，將在2026年下半年至2027年為Entegris創造多重成長動能。

Second, our technology leadership positions across key product lines, including CMP and selective etch processes, filtration and purity solutions and FOUPs, combined with our growing presence at the industry's most advanced technology nodes, continue to strengthen our competitive advantage, increase our strategic importance to customers and provide additional content opportunity.

第二，我們在關鍵產品線上的技術領先地位——包括CMP與選擇性蝕刻製程、過濾與純度解決方案以及FOUP——再加上我們在業界最先進技術節點的布局持續擴大，正不斷強化競爭優勢、提升我們對客戶的策略重要性，並帶來額外的內容機會。

Finally, execution remains a key differentiator. We are expanding capacity and margins, strengthening cash generation, simplifying the portfolio and enhancing Flint's financial flexibility, while proactively investing in next-generation products to meet increasingly stringent customer demands and capture future growth opportunities.

最後，執行力仍是關鍵差異化因素。我們正在擴充產能與提升利潤率、強化現金創造能力、精簡產品組合並提升Flint的財務彈性，同時主動投資下一代產品，以滿足客戶日益嚴格的需求並掌握未來成長機會。

These trends reinforce our confidence in Entegris' long-term growth algorithm of above-market growth and margin expansion. Our technology leadership expanding advanced node exposure and disciplined execution are positioning Entegris to become the foundational materials platform underpinning the build-out of global AI compute infrastructure.

這些趨勢強化了我們對Entegris長期成長方程式（algorithm）——高於市場的成長與利潤率擴張——的信心。我們的技術領先、先進節點曝險（exposure）擴大以及嚴謹的執行，正使Entegris有望成為支撐全球AI運算基礎設施建置的基礎材料平台。

Our strong results this quarter are a direct reflection of the dedication and execution of our employees around the world. Their commitment to serving customers, advancing innovation and operating with discipline continues to differentiate Entegris.

本季的強勁成果，直接反映了我們全球員工的投入與執行力。他們致力於服務客戶、推動創新並以紀律營運，持續讓Entegris脫穎而出。

With that, let me turn the call over to Sukhi to discuss the financials.

接下來，我把電話交給Sukhi來說明財務表現。

Thanks, Dave, and good morning, everyone. I'm thrilled to be joining Entegris at such an exciting time for the company and the industry. The combination of market leadership in technology, strong customer partnerships and significant growth opportunities ahead reinforces my confidence in the long-term potential of the business, and I look forward to working with the team to help unlock that potential. Q2 sales were $883 million, an increase of 11% year-over-year and above our guidance range.

謝謝你，Dave，各位早安。我很高興能在公司與產業都處於如此令人振奮的時刻加入Entegris。技術市場領導地位、強健的客戶夥伴關係以及前方可觀的成長機會相結合，強化了我對本業務長期潛力的信心；我也期待與團隊合作，協助釋放這些潛力。第二季銷售額為8.83億美元，年增11%，並高於我們的指引區間。

Our GAAP net income was $94 million, and our adjusted net income was $143 million, an increase of 42% from a year ago. Both top and bottom line metrics were above the high end of guidance. Gross margin on a GAAP and non-GAAP basis was 47.6%. The sequential improvement reflected continued progress in operations even as we continue to invest for growth.

我們的GAAP淨利為9,400萬美元，調整後淨利為1.43億美元，較去年同期成長42%。營收與獲利兩項指標皆高於指引上緣。GAAP與非GAAP口徑的毛利率均為47.6%。序列改善反映我們在持續投資成長的同時，營運面仍持續取得進展。

We have increased our factory direct labor a double-digit percentage from Q4 that will help unlock additional capacity. We expect to build on this momentum as the year progresses. Operating expenses on a GAAP basis were $255 million in Q2 and $204 million on a non-GAAP basis or approximately 23% of sales. The majority of the year-over-year increase is driven by higher variable compensation associated with the stronger business performance.

自第四季以來，我們將工廠直接人力提高了兩位數百分比，這將有助於釋放更多產能。我們預期隨著年度推進，將在此基礎上延續動能。第二季GAAP口徑的營業費用為2.55億美元，非GAAP口徑為2.04億美元，約占銷售額的23%。年增的主要原因，是因應更強勁的業務表現而增加的變動薪酬。

Adjusted EBITDA in Q2 was $251 million or 28.4%, also above our guidance range as the benefit of higher gross profits flowed through. The GAAP tax rate in Q2 was 15% and the non-GAAP tax rate was 16%. GAAP diluted EPS was $0.61 per share in the second quarter and non-GAAP EPS was $0.93 per share. Now switching to our segments. Material Solutions delivered second quarter sales of $371 million, up 5% year-over-year, driven by advanced deposition materials, selective etch chemistries and CMP.

第二季調整後EBITDA為2.51億美元，或28.4%，同樣高於我們的指引區間，反映較高毛利的效益向下傳導。第二季GAAP有效稅率為15%，非GAAP有效稅率為16%。第二季GAAP稀釋後每股盈餘為0.61美元，非GAAP每股盈餘為0.93美元。接著切換到各事業部。材料解決方案（Material Solutions）第二季銷售額為3.71億美元，年增5%，主要由先進沉積材料、選擇性蝕刻化學品與CMP帶動。

Growth in Material Solutions accelerated from the first quarter, and we expect the MS segment to deliver double-digit year-over-year growth in the second half of 2026, benefiting from increased demand across deposition, CMP, etch and implant materials product lines.

材料解決方案的成長較第一季加速，我們預期MS事業部在2026年下半年將實現年增兩位數的成長，受惠於沉積、CMP、蝕刻與離子植入材料等產品線需求提升。

MS adjusted operating margin was 20.9%, in line with the prior year. Higher raw material and logistics costs, together with planned investments in direct labor associated with customer demand were largely offset by improved manufacturing performance and productivity initiatives across the segment. APS delivered Q2 sales of $515 million, up 17% year-over-year, driven by strength across both unit-driven and CapEx-related demand. Liquid filtration had its fourth consecutive record quarter. Our microenvironments business, led by FOUPs delivered its strongest performance in more than three years.

MS調整後營業利益率為20.9%，與去年同期持平。較高的原物料與物流成本，加上因應客戶需求而規劃的直接人力投資，大致被該事業部製造表現改善與生產力提升措施所抵銷。APS第二季銷售額為5.15億美元，年增17%，受惠於單位需求（unit-driven）與資本支出（CapEx）相關需求雙雙強勁。液體過濾連續第四季創下單季新高。我們的微環境（microenvironments）業務在FOUP帶動下，繳出三年多來最強勁的表現。

Demand was strong in Taiwan due to expansions in leading-edge logic and advanced packaging capacity. We also saw a return to year-over-year growth in North America. APS is benefiting from multiple growth drivers. We are seeing increasing demand tied to higher wafer starts, advanced node transitions and accelerating semiconductor capital spending.

由於先進邏輯與先進封裝產能擴張，台灣需求強勁。我們也看到北美恢復年增成長。APS正受惠於多重成長驅動因素。我們看到與晶圓開工量提升、先進節點轉換以及半導體資本支出加速相關的需求正在增加。

These trends are creating opportunities across the portfolio that should persist throughout this year and beyond. Adjusted operating margin for our APS segment was 30.3% for the quarter, expanding both year-over-year and sequentially. This performance reflects volume growth, favorable mix, continued improvements in operational execution, more than offsetting costs and investments we are making for the customer demand.

這些趨勢正在整個產品組合中創造機會，且應可延續至今年及更長時間。本季APS事業部調整後營業利益率為30.3%，年增與季增皆擴張。此表現反映出量的成長、有利的產品組合，以及營運執行持續改善，足以抵銷我們為滿足客戶需求所投入的成本與投資。

Now switching to cash flow and the balance sheet. We delivered free cash flow of $120 million in the second quarter or 14% of sales, reflecting higher earnings, lower capital spending and continued working capital improvements. We reduced our cash conversion cycle by approximately 20 days year-over-year and repaid an additional $200 million of debt in the quarter. As a result, net leverage improved to 3.4 times, and we now expect to end the year below 3 times.

接著談現金流與資產負債表。第二季自由現金流為1.20億美元，或占銷售額的14%，反映獲利提升、資本支出降低以及營運資金持續改善。我們的現金轉換週期較去年同期縮短約20天，並在本季額外償還2億美元債務。因此，淨槓桿降至3.4倍，我們目前預期年底將降至3倍以下。

Moving on to the details of our third quarter outlook. We expect Q3 sales to range between $905 million and $935 million, a year-over-year increase of approximately 14% at the midpoint, reflecting continued momentum in the industry. Gross margin is expected to be between 47.5% and 48.5%, both on a GAAP and a non-GAAP basis, marking another improvement from Q2 and more than 400 basis points of expansion year-over-year.

接下來說明第三季展望的細節。我們預期第三季銷售額介於9.05億至9.35億美元之間，以中位數計算年增約14%，反映產業動能持續。毛利率預期介於47.5%至48.5%之間（GAAP與非GAAP口徑皆同），較第二季再度改善，且年增擴張超過400個基點。

At the midpoint, we expect GAAP operating expenses of approximately $260 million and non-GAAP operating expenses of approximately $215 million, reflecting higher variable compensation and investments to support the growth we are seeing across our portfolio. At the midpoint, we expect Q3 EBITDA margin to be 28.5%, net interest expense of approximately $43 million and a non-GAAP tax rate of approximately 15%.

在中位數水準，我們預期 GAAP 營業費用約為 2.60 億美元，非 GAAP 營業費用約為 2.15 億美元，反映較高的變動薪酬以及為支援我們在整體產品組合所見成長而進行的投資。在中位數水準，我們預期第三季 EBITDA 利潤率為 28.5%，淨利息費用約為 4,300 萬美元，非 GAAP 稅率約為 15%。

We expect GAAP EPS between $0.75 and $0.83 per share and non-GAAP EPS between $0.96 and $1.04 per share. And we expect depreciation to remain largely stable for the balance of this year at approximately $34 million per quarter. Looking ahead to our fourth quarter revenue expectations. With our current visibility, we expect revenue to grow approximately 4% from the midpoint of third quarter's guidance range, which represents mid-teens percentage growth year-over-year.

我們預期 GAAP 每股盈餘介於每股 0.75 至 0.83 美元，非 GAAP 每股盈餘介於每股 0.96 至 1.04 美元。此外，我們預期今年剩餘期間折舊費用大致維持穩定，每季約 3,400 萬美元。接下來談我們對第四季營收的展望。以目前能見度來看，我們預期營收將較第三季指引區間中位數成長約 4%，相當於年增中十位數百分比。

Finally, I'd like to update a few modeling items for the full year 2026. We expect net interest expense to be approximately $180 million, the non-GAAP tax rate to be approximately 14% and diluted share count of approximately 154 million for the full year and CapEx of $250 million.

最後，我想更新幾項 2026 全年的模型假設。我們預期淨利息費用約為 1.80 億美元，非 GAAP 稅率約為 14%，全年稀釋後股數約為 1.54 億股，資本支出（CapEx）為 2.50 億美元。

We entered the second half with strong momentum. Since joining Entegris, I have spent considerable time with our global teams and have seen the strength of our technology, market position and people. My near and midterm priorities are to deliver profitable growth, help drive operational excellence and allocate capital with discipline.

我們以強勁動能進入下半年。自加入 Entegris 以來，我花了相當多時間與全球團隊交流，也看見我們技術、市場地位與人才的實力。我在近期與中期的優先事項是實現具獲利性的成長、協助推動營運卓越，並以紀律配置資本。

Before turning the call over to questions, I'd like to mention that we will be hosting our Investor Day on November 9, in New York City. We look forward to sharing a more detailed view of our AI materials platform strategy, technology road map and long-term financial framework. Seating will be limited and by invitation only. Registration information will follow in the coming days. The event will also be webcast live for those unable to attend in person.

在把電話交給提問之前，我想提到我們將於 11 月 9 日在紐約市舉辦投資人日。我們期待分享更詳細的 AI 材料平台策略、技術路線圖與長期財務架構。座位有限，僅限受邀者參加。報名資訊將於未來幾天公布。本活動也將提供線上直播，方便無法親臨現場者參與。

With that, operator, let's open the line for questions.

那麼，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Melissa Weathers, Deutsche Bank.

Melissa Weathers，德意志銀行。

Hi there. Thanks very much for the question. A lot to talk about. I guess for my first question on the fab CapEx outlook. I was just hoping you could talk a little bit more about what you're expecting in terms of your CapEx-oriented business. We're seeing a lot of fabs get built out. So just trying to think about how you guys are -- how we should be modeling that business second half of this year and into the first half of next year. That would be helpful.

你好。非常感謝讓我提問。有很多可以談。我想先問晶圓廠資本支出（fab CapEx）展望。我希望你們能多談一些，對於你們以 CapEx 為導向的業務，你們預期會如何發展。我們看到很多晶圓廠正在擴建。所以想了解你們——以及我們應該如何在今年下半年到明年上半年對這塊業務進行建模。這會很有幫助。

Good morning, Melissa, thanks for the question. As a reminder, 75% of our revenue is driven by wafer starts and 25% by CapEx. Within CapEx, 10% is driven by WFE and 15% by fab construction. So tactically, for 2026, as you'd expect, we're seeing the greatest uplift in our CapEx business from WFE. With our WFE order rates up at a growth rate that's very similar to the growth rate that's being reported by the WFE market, so call it 20% to 30%.

早安，Melissa，謝謝你的問題。提醒一下，我們 75% 的營收由晶圓開工（wafer starts）驅動，25% 由資本支出（CapEx）驅動。在 CapEx 之中，10% 由 WFE（晶圓製造設備）驅動，15% 由晶圓廠建設（fab construction）驅動。因此就 2026 年的戰術面來看，如你所預期，我們在 CapEx 業務看到最大的提升來自 WFE。我們的 WFE 訂單率成長幅度與 WFE 市場所報告的成長率非常接近，可說是 20% 到 30%。

We are seeing some benefit from increased fab construction in 2026, but the majority of that benefit will actually accrue to 2027, not into the second half of '26. So thematically, second half of '26, CapEx revenue driven by strong WFE growth, call it, low double-digit, very low double-digit fab growth and 7% to 8% unit growth. 2027 will benefit from much stronger fab construction growth, followed again by WFE as those fabs are populated with tools, which will then be followed again by increased wafer unit growth that those tools process wafers.

2026 年我們也看到晶圓廠建設增加帶來一些助益，但其中大部分的效益其實會在 2027 年顯現，而不是在 2026 年下半年。因此從主題上來看，2026 年下半年，CapEx 營收將由強勁的 WFE 成長所驅動，可說是低雙位數；晶圓廠成長則是非常低的雙位數，單位（unit）成長為 7% 到 8%。2027 年將受惠於更強勁的晶圓廠建設成長，接著當這些晶圓廠開始導入設備時，又會再由 WFE 帶動；之後，隨著這些設備開始處理晶圓，晶圓單位成長也會再度提升。

Also, I'd point out that I mentioned in my prepared commentary, we're currently tracking 20 leading-edge capacity expansions in the markets. That's about 8 to 10 in advanced logic, seven to eight in advanced memory and six to eight in advanced packaging. So our teams are encouraged by the industry backdrop, and we're working very diligently to ensure that we've got supply positioned to deliver to our customers. Did you have a follow-up, Melissa?

另外我也想指出，我在事先準備的談話中提到，我們目前正在追蹤市場上 20 項先進製程產能擴充。其中約 8 到 10 項在先進邏輯（advanced logic），7 到 8 項在先進記憶體（advanced memory），以及 6 到 8 項在先進封裝（advanced packaging）。因此，我們的團隊對產業背景感到鼓舞，也正非常努力地確保我們已做好供應布局，以交付給客戶。Melissa，你有後續問題嗎？

Yes, I did. Thank you. Thanks for all that color. Maybe I'll first, welcome, Sukhi, to the call. I guess, Sukhi, from the couple of months that you've now been in the seat, anything that stood out to you? Any strategic priorities that you've been working on? And it was really helpful to hear about some of the rationalizations in the business exit that you talked about. So any strategic priorities that we should be looking forward to ahead of the Analyst Day?

有的。謝謝。感謝你提供這麼多細節。也許我先歡迎 Sukhi 加入這通電話。Sukhi，你上任這幾個月以來，有沒有什麼讓你特別印象深刻的地方？你正在推動哪些策略優先事項？另外，你提到的一些業務精簡與退出的合理化措施也很有幫助。所以在分析師日之前，有哪些策略優先事項是我們可以期待的？

Yeah, thanks, Melissa. Good morning again. Look, I mean, it's less than a quarter that I've been here and my first impressions really is like the technology that we have here is critical. First and foremost, I'm incredibly impressed with the technology of the company. Very few companies can deliver the innovation and the materials science that Entegris can provide, be it on the Purity Solutions side or on the Advanced Materials solutions side.

好的，謝謝你，Melissa。再次早安。你看，我來這裡還不到一季，我的第一印象是我們的技術非常關鍵。首先，我對公司的技術實力感到非常驚豔。能像 Entegris 一樣提供創新與材料科學的公司非常少，不論是在 Purity Solutions 端，或是在 Advanced Materials Solutions 端都是如此。

Second, what comes to mind here is that we have pretty strong positions in the fastest-growing areas of the technology space in semis, especially. And third, we have ample room to optimize and get the full entitlement out of the portfolio of assets that we have here. So those are my first impressions here being in the seat for less than a quarter.

第二，我想到的是，我們在半導體等技術領域中成長最快的區塊，擁有相當強的市場地位。第三，我們仍有很大的空間可以優化，並從現有資產組合中取得完整的應有價值（full entitlement）。以上就是我在這個職位上任不到一季的初步觀察。

So with that backdrop, at least what comes to me in mind is like my near-term priorities are pretty clear. We need to help drive profitable growth, further enhance the operational excellence and efficiencies of our assets and deploy capital in a manner where we get the best return for every dollar spent.

在這樣的背景下，我想到的是，我的近期優先事項相當明確。我們需要協助推動具獲利性的成長，進一步提升我們資產的營運卓越與效率，並以能讓每一美元投入取得最佳報酬的方式來配置資本。

Elizabeth Sun, Citi.

Elizabeth Sun，花旗。

Good morning. Thanks for taking my question. I guess my first question is for the full year, it's good to see your guiding Q3 and Q4 both up like 4% sequentially. I guess for the full year, are you still on track -- on track to your target model of outperforming the market by 3 points to 6 points? And what would be the driver to the upside to the full year outlook?

早安。謝謝讓我提問。我想先問全年展望；很高興看到你們對第三季與第四季的指引都呈現約 4% 的季增。就全年而言，你們是否仍在軌道上——仍能達成你們目標模型：較市場表現高出 3 個到 6 個百分點？另外，全年展望上修的驅動因素會是什麼？

Sure. Let me take that one, Elizabeth. And Sukhi, if you have any follow-up, please build on the commentary. For third quarter, at the midpoint of our guidance, we're essentially guiding up mid-teens. That implies more than 10% growth, both in MS and in APS. And so what you're seeing is you're seeing the business accelerate, 5% year-over-year growth in first quarter going to 11% year-over-year growth for the second quarter, moving up to mid-teens year-over-year growth for the third quarter.

當然。Elizabeth，這題我來回答。Sukhi，如果你有補充，也請接著延伸說明。就第三季而言，在我們指引的中位數，我們基本上是在指引年增中十位數百分比。這意味著 MS 與 APS 兩個部門的成長都超過 10%。因此你看到的是業務正在加速：第一季年增 5%，第二季年增提升到 11%，第三季則進一步提升到年增中十位數百分比。

So that's the guidance through the third quarter. Given our increased order visibility in our backlog, we did want to give you at least some improved visibility for fourth quarter, very similar to what we did in last quarter. We guided fourth quarter up sequentially about 4%. We'll tighten up that guidance when we get to our third quarter call. But based upon what we currently see, even that would be up mid-teens on a year-over-year basis, again, with MS and APS both growing more than 10%.

以上就是我們對第三季的指引。鑑於我們在積壓訂單中對訂單的可見度提高，我們也希望至少為第四季提供一些更清晰的能見度，這與我們上一季所做的非常類似。我們指引第四季季增約4%。等到第三季法說會時，我們會把這個指引再收斂得更精準。但就我們目前所見，即便如此，年增仍將達到十幾個百分點的中段水準，同樣地，MS與APS兩個業務的成長都會超過10%。

So what we're seeing is we're seeing the business accelerate. We're seeing both businesses accelerate from the first half of the year into the second half of the year. And given all the activity, both in fab construction as well as more than 50 engineering engagements in new projects, we think that bodes well for 2027 as well.

所以我們看到的是業務正在加速。我們看到兩個業務都從上半年加速到下半年。而且考量到所有活動，包括晶圓廠建設以及在新專案中超過50項工程合作案，我們認為這對2027年同樣是個好兆頭。

Did you have a follow-up, Elizabeth?

Elizabeth，你有要追問嗎？

Yes. Thanks for the color. And on gross margin side, it's good to see your Q2 is above the guidance. So my first question is, what's the upside in the Q2 gross margin? And then in Q3, it's nice to see you are touching 48%. Just I'm not asking for like a new target model, but like from this point, you are talking about your operational efficiency improvements, factory rationalization. So I'm just curious what is the kind of baseline gross margin we should think of at this point?

有的。謝謝你提供的補充說明。另外在毛利率方面，很高興看到你們第二季高於指引。所以我第一個問題是，第二季毛利率優於預期的原因是什麼？然後第三季也很不錯，看到你們觸及48%。我不是要你們提出新的目標模型，但從現在這個時間點來看，你們談到營運效率改善、工廠整併。所以我想了解的是，我們此刻應該把哪一個水準視為毛利率的基準？

Yeah, let me maybe take the big picture and Sukhi, maybe you can color in some of the details. Look, we're very excited about the potential of our product portfolio. I saw here in third quarter last year, and I spoke about how we had a tremendous amount of untapped capacity in the network. I talked about how we were driving kind of four things operationally, the network optimization, the centralization of procurement, improved focus on yield and then a maniacal focus on productivity.

好的，我先從大方向談起，Sukhi，你再補充一些細節。我們對產品組合的潛力感到非常振奮。我去年第三季在這裡時曾提到，我們的網路中仍有大量尚未被充分利用的產能。我也談到我們在營運上推動的四件事：網路最佳化、採購集中化、更加聚焦良率，以及對生產力近乎偏執的專注。

And so when you think about all of those activities that you've seen us kind of consistently drive now for three quarters, we're actually making very good progress across all of those initiatives, including closing another dilutive facility or announcing the closure, I should say, of another dilutive facility. So we're very, very pleased with the progression, and we think we have significant room to continue to grow from here. Sukhi, do you want to talk about some of the specific dynamics Q1 to Q2 and then Q2 to Q3?

因此，當你回頭看這些你們看到我們連續三季持續推動的各項活動，我們其實在所有這些倡議上都取得了非常好的進展，包括再關閉一座具稀釋效應的廠房——更精確地說，是宣布將再關閉一座具稀釋效應的廠房。所以我們對這樣的進展非常、非常滿意，也認為從這裡開始仍有很大的成長空間。Sukhi，你要不要談談第一季到第二季，以及第二季到第三季的一些具體動態？

Yeah, look, I mean, our gross margin improved 70 basis points sequentially. And I think it's also important to note that we delivered pretty strong incrementals despite intentionally investing ahead for demand. So the -- that should show some proof points that we're on the right track here. The underlying business continues to benefit from productivity and operational improvements and our ability to drive structurally higher margins and flow-through as we continue to scale. Look, I think underlying business continues to benefit from all of this, and I think we'll be in a position to drive structurally higher margins through the cycle.

好的。你看，我們的毛利率季增提升了70個基點。而且我認為也很重要的一點是，儘管我們刻意提前投資以因應需求，我們仍交出了相當強勁的增量表現。所以——這應該能提供一些證據，顯示我們走在正確的軌道上。核心業務持續受惠於生產力與營運改善，並且隨著我們持續擴張規模，我們有能力推動結構性更高的毛利率與更高的流入（flow-through）。你看，我認為核心業務會持續受惠於這些因素，而且我認為我們將有能力在景氣循環中推動結構性更高的毛利率。

So those are good points, Sukhi. And if I could just maybe build on one comment that you had. We are investing ahead so that we can unlock that capacity that I mentioned across the network. For example, we've increased direct labor by more than 20% since the end of 2025, again, investing ahead of the capacity and the products that will be delivered in the future quarters. So we're making good progress to unlock really the capacity that exists in our manufacturing network.

這些觀點很好，Sukhi。如果我可以再延伸你剛才的一個評論。我們正在提前投資，目的是要釋放我提到的、遍布整個網路的產能。例如，自2025年底以來，我們的直接人力已增加超過20%，同樣是為了提前投資於產能，以及未來幾季將交付的產品。因此，我們在釋放製造網路中既有產能方面正取得良好進展。

Timothy Arcuri, UBS.

UBS 的 Timothy Arcuri。

Thanks a lot. I don't know, Dave, if you or Sukhi want to take this. But I guess my question is on the gross margin rubric. So you dropped through between 70% and 75% year-over-year in June. The guidance for September is 75%, 80% drop through. Are there any one-timers in there?

非常感謝。我不確定 Dave 或 Sukhi 你們誰要回答。但我想我的問題是關於毛利率的「drop-through」框架。你們在6月的年對年 drop-through 大約在70%到75%之間。9月的指引是75%到80%的 drop-through。裡面有沒有任何一次性因素？

Like I guess the question is, is that a reasonable drop-through to use? Because I don't see any reason why you should be growing -- like a year from now, you should be growing any less than what you're growing now. So if I use the same kind of mid-teens, you should be -- and I use that kind of drop through, your gross margin should be in the 52% range a year from now. So I guess the question is like, are there any one-timers helping your drop-through right now? And is that a fair sort of mid-70s to use.

我的意思是，問題在於：這樣的 drop-through 合理嗎？因為我看不出有任何理由讓你們——比如一年後——成長會比現在更低。所以如果我用同樣十幾個百分點中段的成長率，並且用那樣的 drop-through，你們一年後的毛利率應該會在52%左右。所以我的問題是：目前是否有任何一次性因素在幫助你們的 drop-through？以及用大約70%中段作為假設是否合理？

Yeah. Thank you for that question. Look, I think on a year-over-year basis, there was about 150 basis points of uplift because of the useful life adjustment that we had. And so if you take that off, we did also increase margins by more than 300 basis points, excluding that. So as you look forward into next year, I think what you would -- we'll give you an update on more of our target model at Capital Markets Day. But typically, I think what you should be seeing is like -- incremental flow-through should be in the 60% range. Dave, do you want to add anything there?

是的。謝謝你的問題。你看，以年對年來看，因為我們做了耐用年限（useful life）調整，大約帶來150個基點的提升。因此如果把那個因素扣除，我們的毛利率仍提升了超過300個基點（不含該因素）。展望明年，我想我們會在資本市場日（Capital Markets Day）向你更新更多目標模型的內容。但一般而言，我認為你應該看到的是——增量流入（incremental flow-through）大概會在60%左右。Dave，你要補充嗎？

Yes, Chairman, look, we think the right comps would be from Q1 to Q2, we had nice flow-through gross profit over revenue of around 60%. It's a similar number at midpoint from second quarter to third quarter sequentially. That takes out any kind of year-over-year dynamics related to useful life. So we think that's probably the best comp as you model out into the future.

是的，董事長。你看，我們認為最合適的比較方式是看第一季到第二季，我們的毛利（gross profit）相對營收的流入大約在60%，表現不錯。第二季到第三季的季對季，在中位數假設下也是類似的數字。這樣就排除了與耐用年限相關的年對年動態。所以我們認為，當你把模型往未來推演時，這可能是最好的比較基準。

Okay. I do. So Sukhi, just on the Q4 guidance, it's -- I mean, up 4% is only really in line with kind of normal seasonal for Q4. So it still seems a little conservative. I mean you guys are doing great, don't get me wrong, but up 4% still seems a little light. Are there anything -- any like dynamics that you call out in Q4?

好的。我了解。所以 Sukhi，關於第四季指引——我是說，季增4%其實只大致符合第四季的正常季節性。所以看起來還是有點保守。我是說你們做得很棒，別誤會我的意思，但季增4%仍然看起來有點偏低。第四季有沒有什麼你們會特別點出的動態因素？

No, that's a good question. Look, I mean, it's important to put the guidance in context, Tim. Look, a 4% sequential increase in Q4 would still translate to a mid-teens year-over-year growth, represents a pretty healthy growth rate and reflects our continued momentum across our businesses. When you consider our composition of revenue, right, 75% of our revenue tied to semi unit growth, we expect to grow, but -- that's expected to grow by 7% to 8%.

沒有，這是個好問題。Tim，你看，把指引放在脈絡裡很重要。第四季季增4%仍會轉化為年增十幾個百分點中段，代表相當健康的成長率，也反映我們各項業務持續的動能。當你考量我們的營收組成，對吧，我們有75%的營收與半導體出貨量成長綁定，我們預期會成長，但——該項預期成長為7%到8%。

The remainder is tied to capital spending. So our outlook implies a meaningful outperformance relative to the underlying semi market. This is again supported by content gains we're seeing, technology transitions and our exposure to some of the leading-edge pure-play AI enablers. Dave, do you wanted to add something to that?

其餘部分則與資本支出相關。因此，我們的展望意味著相較於整體半導體市場將有顯著的超額表現。這同樣受到我們所看到的內容增量、技術轉換，以及我們在部分領先的純 AI 使能者（pure-play AI enablers）上的曝險所支持。Dave，你想補充一下嗎？

Well said.

說得很好。

Thank you, Tim.

謝謝你，Tim。

Bhavesh Lodaya, BMO Capital Markets.

Bhavesh Lodaya，BMO 資本市場。

Hi, good morning, Dave. Maybe on of the strong growth that you are seeing in liquid filtration, could you add some more color as to maybe the regions that this is coming from? Is it new fab capacity or just higher operating rates? And if you could comment, is KSP playing a role in this as well?

嗨，早安，Dave。關於你們在液體過濾看到的強勁成長，能否再多補充一些細節，例如成長主要來自哪些地區？這是新的晶圓廠產能，還是只是更高的稼動率？另外如果可以的話，也請評論一下 KSP 是否也在其中扮演角色？

Sure. When you look at liquid filtration, as -- when you think about how important micro-contamination is to the most advanced nodes, and once you get down to sub-5-nanometer and down to 2-nanometer, I mean, 2-nanometer is 20 angstroms. And depending on the size of the molecule, you can have molecules that are 5 angstroms. And so purity is becoming increasingly critical at the most advanced nodes of manufacturing.

當然。當你看液體過濾時——當你思考微污染（micro-contamination）對最先進節點有多重要，尤其當你進入 5 奈米以下、甚至到 2 奈米時，我是說，2 奈米是 20 埃（angstroms）。而且取決於分子的大小，你可能會有 5 埃的分子。因此，在最先進製造節點上，純度正變得愈來愈關鍵。

And so you've seen liquid filtration kind of grow disproportionately as more production capacity is added to the most advanced nodes. And that's true. The most in advanced logic, but it's also becoming increasingly true across memory and in limited examples across advanced packaging as well.

因此，隨著更多最先進節點的產能被新增，你會看到液體過濾呈現某種程度上不成比例的成長。這確實如此。最先進的邏輯晶片是如此，但在記憶體領域也愈來愈明顯，另外在先進封裝方面也有一些有限的案例同樣如此。

So as the market expands capacity at the most advanced nodes, it drives tighter requirements that drives a greater need for filtration. With respect to operating -- in the operating sites like KSP, we produce the majority of our filters kind of across three sites, one in North America, one in Japan and obviously, KSP in Taiwan.

所以，當市場在最先進節點擴充產能時，會帶來更嚴格的要求，進而推動對過濾更高的需求。至於營運——在像 KSP 這樣的營運據點，我們大多數的濾芯主要分布在三個廠區生產：北美一個、日本一個，當然還有台灣的 KSP。

KSP, I would categorize as on track. We are on track perhaps to break even this quarter, probably a little bit ahead of schedule. But KSP, I would color green, and I would count that as on track for 2026. We're through a lot of the qualifications. There's still more to come, but we're basically now into the ramping stage of KSP.

KSP 我會把它歸類為進度如期。我們有望在本季達到損益兩平，可能還略微超前進度。但 KSP 我會用綠色來標示，並且我會把它視為朝 2026 年目標如期推進。我們已經完成了許多認證（qualifications）。後面還有一些要做，但基本上我們現在已進入 KSP 的爬坡（ramping）階段。

And when you think about ramping KSP, you're going from essentially a facility that was losing money on a stand-alone unit of one basis to essentially what would be kind of breakeven touchwood here in the third quarter, certainly in the second half of this year.

而當你思考 KSP 的爬坡時，你是從一個基本上以單一據點來看仍在虧損的設施，走向在第三季（這裡先祈禱一下）大致可達損益兩平，至少在今年下半年會是如此。

And then as we move and migrate into 2027, it will move into the dilutive category and then ultimately into the enterprise average gross margin category. So making good progress, and I would color KSP as being on track, and it is participating in some of the liquid filtration ramp that we've spoken about. Did you have a follow-up, Bhavesh?

接著當我們進入並推進到 2027 年，它會先進入稀釋（dilutive）的類別，然後最終進入公司整體平均毛利率（enterprise average gross margin）的水準。所以進展良好；我會把 KSP 標示為如期推進，而且它也正在參與我們剛才提到的部分液體過濾爬坡。Bhavesh，你還有追問嗎？

Yes, please. And great to hear on KSP. For a follow-up, Dave, you have mentioned before that the business is around $1 billion of incremental sales capacity without adding like more plants or more capacity there. Is it possible to break that $1 billion between the consumable side and the CapEx exposed part of the business? My guess is given how the CapEx business has performed over the last few years, you probably have more capacity than the 25% mix that you have for your business.

有的，麻煩。而且很高興聽到 KSP 的進展。追問一下，Dave，你之前提到在不新增更多工廠或更多產能的情況下，這個業務大約還有 10 億美元的增量銷售產能。是否可以把這 10 億美元在耗材端與受資本支出（CapEx）影響的那部分業務之間做個拆分？我的猜測是，考量到 CapEx 業務過去幾年的表現，你們的產能可能會高於目前業務中 25% 的占比所暗示的水準。

I actually don't have the breakdown off the cuff between units and CapEx. What I did mention last year was that we had significantly greater than $1 billion. So I wouldn't just limit it to $1 billion of incremental capacity in the network. It's more than that. It is broad-based.

我現在一時之間沒有辦法直接給出單元（units）與 CapEx 之間的拆分。我去年提到的是，我們的增量產能其實顯著高於 10 億美元。所以我不會把它只限制在網路中 10 億美元的增量產能。實際上超過那個數字。而且是廣泛分布的。

It is across units and CapEx. I don't know that split off the cuff. But I can tell you, as I sit here today, we have increasing confidence that we can satisfy the vast majority of the demand that we see in front of us with the current manufacturing network with limited capital investments from here. So we have to do some things. We have to spend some money ahead to unlock that capacity. But by and large, we believe that we can satisfy the current demand that we have visibility to through the current manufacturing network.

它涵蓋單元與 CapEx。我一時之間不知道那個拆分。但我可以告訴你，以我今天坐在這裡的判斷，我們愈來愈有信心：在未來僅需有限的資本投資下，憑藉現有製造網路就能滿足我們眼前所看到的絕大多數需求。所以我們還是得做一些事情。我們必須提前投入一些資金來釋放那部分產能。但整體而言，我們相信可以透過現有製造網路，來滿足我們目前可見的需求。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

Good morning. Thanks for taking my question. Clearly, the outlook for WFE growth continues to get more constructive for 2027. I think, Dave, you referenced the fact that your CapEx-related business, given the fab construction profile could start to outpace the construction piece could actually outpace growth next year. So I'm wondering what are some of the reasons why your CapEx-related business, that portion of the business would or would not exceed WFE growth for 2027?

早安。謝謝讓我提問。很明顯，對 2027 年 WFE 成長的展望持續變得更為正向。我想 Dave，你提到過，考量晶圓廠建置（fab construction）的輪廓，你們與 CapEx 相關的業務可能會開始跑贏——建廠那一塊明年實際上可能會跑贏成長。所以我想請教，為什麼你們與 CapEx 相關的那部分業務，在 2027 年可能會、或可能不會，超過 WFE 的成長？

It's really just the timing, Jim. If you think about the 25% of our business that is CapEx, 10% of it is WFE driven, 15% of it is fab construction driven. We don't get revenue on time 0 of a fab construction. So we don't get revenue when you kind of move dirt, pour concrete, place steel. We get revenue kind of 12 months post that once you start facilitizing the fab, then we get another slug of revenue as you're taking that process piping to tools, then we get another slug of revenue with the tools, with the placement of those tools. And then finally, we get the unit volume at the end.

主要就是時點問題，Jim。如果你想想我們業務中有 25% 與 CapEx 相關，其中 10% 由 WFE 驅動，15% 由晶圓廠建置驅動。我們不會在晶圓廠建置的第 0 時點就認列營收。所以當你開始動土、灌混凝土、架鋼構時，我們不會有營收。大概在那之後 12 個月、當你開始把廠務設施（facilitizing the fab）建起來時，我們才會有營收；接著當你把製程管線（process piping）接到設備時，我們會再有一波營收；再來是設備（tools）本身、以及設備進場安裝（placement of those tools）時，我們又會有一波營收。最後，在末端我們才會拿到單元出貨量（unit volume）。

So kind of a slug of revenue, let's call it round and call it, 12 months, another slug of revenue around 18 months, WFE around 24 months and units thereafter. And so really, the fab construction piece, given all the fabs that we're currently tracking, assuming that they move into the construction build-out and tooling stage, we think timing-wise that you kind of migrate from second half of '26, being more WFE driven to perhaps '27, being a bit more fab construction driven towards the end, maybe a bit more WFE. WFE continues to be strong, obviously, but then you start to get units out probably in '28. So we think we kind of have these three waves of demand, if you will.

所以大概是一波營收——我們先取整數來說——約 12 個月一波、約 18 個月再一波、WFE 約 24 個月一波，之後才是單元。因此，晶圓廠建置這一塊，考量我們目前追蹤的所有晶圓廠，假設它們進入建置擴建與設備導入（tooling）階段，我們認為在時點上，你會從 26 年下半年較偏 WFE 驅動，轉向 27 年在尾端較偏晶圓廠建置驅動，可能再加上一些 WFE。WFE 當然仍然強勁，但接著你大概會在 28 年開始看到單元出貨。所以我們認為大致上會有三波需求，如果你願意這麼說的話。

That's very helpful color. And then maybe as a follow-up, Dave, when you took over as CEO, I think you sort of referenced the fact that you would be looking at different elements of strategy, including your sales strategy and maybe thinking about entering parts of the market or being more aggressive in parts of the market where you hadn't been previously. Can you maybe give us sort of an update on the overall sales strategy now?

這些說明非常有幫助。接著可能追問一下，Dave，當你接任 CEO 時，我記得你提到你會檢視策略的不同面向，包括銷售策略，並且可能思考進入某些你們先前較少涉足、或在某些市場區塊更積極的領域。你能否就目前整體銷售策略的狀況，給我們一個更新？

Sure. We have an enterprise sales team now that sits at the corporate level which tracks all of our opportunities across kind of our top 35 customers, which represent the largest portion of our business. We've looked at all of those customers. We've tracked our product line placements within each one of those customers and have developed very detailed plans specific customer by customer to then go forth and kind of penetrate those accounts in greater volume with also more product line coverage. So that's the high-level kind of sales strategy that's somewhat different than what we had done historically.

當然。我們現在有一支企業銷售團隊，設在公司層級，負責追蹤我們在約前35大客戶中的所有商機，這些客戶占了我們業務的最大部分。我們已經檢視了所有這些客戶。我們追蹤了在每一位客戶內我們各產品線的導入/配置情況，並針對每一位客戶制定了非常詳細的計畫，接著推進，讓我們能以更大的量滲透這些客戶，同時也擴大產品線覆蓋。所以，這就是高層次的銷售策略，和我們過去歷史上做法有些不同。

In terms of portions of the markets that we're interested in, we're going to color in the lines a little bit more at Capital Markets Day. So we hope to see you in November at Capital Markets Day. But we've talked about, for example, advanced packaging, that's an area where historically, the company has not played in a significant way. We've always been more front end of line focused in the fab. As you know, advanced packaging is growing incredibly quickly.

至於我們感興趣的市場區塊，我們會在資本市場日把輪廓描得更清楚一些。所以希望11月在資本市場日能見到各位。不過我們也談過，例如先進封裝，這是公司過去在其中並未以顯著方式參與的領域。我們一直更聚焦在晶圓廠的前段製程（front end of line）。如各位所知，先進封裝成長非常快速。

There are some portions of that market that are not as attractive to us, but there are also some portions of that market that are attractive to us. We have about $100 million runway, plus or minus in that portion of the market today. That's an area that we would like to see our business grow more quickly as well as have more product placement across categories in that portion of the market.

其中有些市場區塊對我們而言吸引力沒那麼大，但也有一些區塊對我們很有吸引力。就目前而言，在該市場區塊我們大約有1億美元的成長跑道（上下浮動）。這也是我們希望業務能更快成長的領域，同時也希望在該市場區塊的各類別中，能有更多產品導入/配置。

So we'll color in more of the lines at Capital Markets Day, but an enterprise sales strategy, customer by customer plan across all product lines, not just a few product lines, deep customer engagements from an R&D perspective, more than 50 projects in flight. And then, of course, some attractive SAMs that are growing quickly, example being advanced packaging that we're looking to penetrate a little bit more deeply in the future. And with that, maybe I'll end it there, and we can color in more of those lines at Capital Markets Day.

所以我們會在資本市場日把更多細節補齊；但重點是企業級銷售策略、逐一客戶的計畫，涵蓋所有產品線而不只是少數幾條產品線；從研發角度與客戶深度互動，目前有超過50個專案在進行中。當然，還有一些具吸引力且快速成長的可服務市場（SAM），例如先進封裝，我們未來希望更深入滲透。那我先講到這裡，更多細節我們會在資本市場日再補充。

Thank you.

謝謝。

Charles Shi, Needham.

Charles Shi，Needham。

Thanks for taking my question, Dave and Sukhi. Maybe the first question, by now -- I mean, a lot of your customers or maybe customers, fab customers are signing LTAs, et cetera, securing pricing with the customers, bigger customers. But wondering from a materials perspective, from your perspective, any opportunity for your industry to really think about maybe you should sign LTA as well and maybe you should discuss pricing with those customers and maybe capture what's the fair value for companies like Entegris?

謝謝你們回答我的問題，Dave 和 Sukhi。第一個問題，到了現在——我的意思是，你們很多客戶或潛在客戶、晶圓廠客戶正在簽長期協議（LTA）等等，和客戶、較大的客戶鎖定價格。但我想從材料端、從你們的角度問一下，你們這個產業是否也有機會認真思考：也許你們也應該簽LTA，並且和那些客戶討論定價，進而為像 Entegris 這樣的公司取得所謂的公允價值？

Thanks, Charles. We do have some supply agreements with our customers. I would say we've been approached more recently to engage in more supply agreements given the current demand environment, and that's an area that we're certainly looking at very closely, not only from a pricing perspective, but just from a supply perspective. Our number one business priority at this stage is to make sure that we can support our customers through this period of accelerating demand.

謝謝，Charles。我們確實和客戶有一些供應協議。我會說，近期在目前的需求環境下，我們被接洽希望參與更多供應協議，這也是我們正在非常密切評估的領域，不僅是從定價角度，也從供應角度。在這個階段，我們第一優先的業務重點，是確保我們能在需求加速的這段期間支持客戶。

We will ensure that we are appropriately compensated for the value capacity and technology that we provide. But our number one priority right now is making sure that we can unlock the manufacturing network that I've spoken so much about and then be able to get that fixed cost absorption, get that volume and provide the products that our customers desperately need as they engage in their ramps.

我們會確保我們所提供的產能與技術價值能獲得適當報酬。但我們目前的第一優先仍是確保能把我談了很多的製造網路釋放出來，進而達到固定成本吸收、取得出貨量，並在客戶擴產爬坡（ramp）時提供他們迫切需要的產品。

As I mentioned, we're currently tracking more than 50 engineering projects with customers. These are long-term engagements. There's more than 20 advanced fabs that are being built. And so while our guidance today doesn't contemplate material pricing, we are confident that we will be compensated for the value that we bring. Did you have a follow-up, Charles?

如我提到的，我們目前正在追蹤與客戶合作的超過50個工程專案。這些都是長期合作。目前正在興建的先進晶圓廠超過20座。因此，雖然我們今天的指引並未納入材料定價的因素，但我們有信心，我們帶來的價值會獲得相應補償。你有追問嗎，Charles？

Yes. Thanks, Dave, for the color on pricing on LTA and all those stuff. I want to ask you a product question. I know -- I mean, from time to time asking a question about the single product is kind of tough. But for what it's worth, moly has been a focal point in a lot of the investor discussion for whatever it's worth again.

有。謝謝，Dave，提供關於LTA定價和那些內容的補充說明。我想問一個產品問題。我知道——我的意思是，偶爾問單一產品的問題有點難。但不管怎麼說，鉬（moly）一直是投資人討論中的焦點。

But we are -- we've been hearing from some of the equipment companies that at least there's a third equipment company entering the moly deposition, at least in the memory space. I want to get your thoughts on overall moly growth, what you are seeing today going into next year? And more importantly, it looks like now it three OEM equipment companies in the race, are you agnostic relative to the puts and takes of the market share among those three? Thank you.

不過我們——我們從一些設備公司那邊聽到，至少在記憶體領域，似乎有第三家設備公司要進入鉬沉積（moly deposition）。我想聽聽你對整體鉬成長的看法，以及你們目前看到的情況、展望到明年如何？更重要的是，現在看起來有三家OEM設備公司在競爭，你們是否對這三家之間市占消長的利弊保持中立（agnostic）？謝謝。

Thanks, Charles. Look, moly, we haven't -- we have not seen in the wild, the third entrant in a meaningful way as of yet. It's largely a two horse race. As we see it right now, obviously, we're staying close to this market. Moly is up significantly on a year-over-year basis. I don't have the exact number in front of me for second quarter, but I think the number was more than 20% on a year-over-year basis, up in the second quarter.

謝謝，Charles。你看，鉬這塊——截至目前，我們還沒有在市場上以有意義的方式看到第三個參與者。基本上仍是兩強競爭。以我們目前的觀察，當然我們也持續緊密關注這個市場。鉬的業績年增幅度相當顯著。我手邊沒有第二季的精確數字，但我記得第二季年增應該超過20%。

Memory volumes are starting and I'm referring to NAND, are starting to grow to kind of the high 200s or the 300 plus layer count, which is what's driving that need for moly. We believe we are very well positioned there. We have moly is a -- it's a unique and a novel chemistry, and it's a new chemistry for the memory market.

記憶體的出貨量開始成長——我指的是NAND——開始往接近200多層到300層以上的層數發展，這正是推動對鉬需求的原因。我們相信我們在那裡的布局非常到位。鉬是一種獨特且新穎的化學品，對記憶體市場而言也是一種新的化學品。

It's a chemistry where you not only have to deliver a delivery cabinet that has very stable pressure with a molecule that is incredibly aggressive from a process piping perspective, but you have to sublimate a solid into a gas and deliver it at pressure and at temperature to get the right performance out of the memory process. So we're very -- with our position, we think overall, it probably doubles for us on a year-over-year basis, '26, versus '25, and we're happy with the performance and the hard work the team is doing.

這種化學品不僅需要提供一個能在壓力上非常穩定的供應櫃（delivery cabinet），而且該分子從製程管路（process piping）的角度來看具有極強的侵蝕/反應性；同時你還必須把固體昇華成氣體，並在特定壓力與溫度下輸送，才能在記憶體製程中達到正確的效能。所以就我們的布局而言，我們認為整體來看，對我們而言，'26相較於'25可能會年增到約翻倍；我們也對團隊的表現與努力感到滿意。

John Roberts, Mizuho.

John Roberts，Mizuho。

Thank you. Maybe you could back up a little bit and tell us where you are overall in your footprint optimization program. You took a couple of actions in the quarter, but put that in perspective for us in terms of what's to come.

謝謝。也許你可以先往回講一點，告訴我們你們整體在產能/據點（footprint）最佳化計畫目前進展到哪裡。你們在本季採取了幾項行動，但能否幫我們放在更大的脈絡下，談談接下來還會有哪些？

Sure. Let me maybe broaden it out and talk a little bit about what are we trying to drive overall for manufacturing and operations. We have network optimization, which is the rationalization that you referenced. We have centralizing procurement, which is driving more leverage throughout our total procurement supply chain. We have maniacal focus on driving yield, reducing scrap, improving throughput through those activities.

當然。我先把範圍拉大一點，談談我們在製造與營運整體想推動什麼。我們有網路最佳化，也就是你提到的據點精簡/合理化。我們有集中採購，藉此在整體採購供應鏈中取得更大的槓桿效益。我們也非常執著地聚焦在提升良率、降低報廢、並透過這些活動改善產出/吞吐量（throughput）。

And then, of course, productivity and productivity is measured across both people as well as machines and tooling. And so those are kind of the four very high-level work streams that we have been working on now for almost a year coming up on a year. We're making good progress across all of those. All of those have meaningful potential to expand gross margin or expand profitability while driving like reduced future capital investments.

然後，當然，還有生產力，而生產力是同時在人員以及機器與工具設備上衡量的。因此，這大概就是我們在過去將近一年、即將滿一年所推動的四個非常高層級的工作主軸。我們在所有這些方面都取得了良好進展。所有這些都有顯著潛力在推動降低未來資本投資的同時，擴大毛利率或提升獲利能力。

So increasing units driving increased profitability by using the same kind of fixed footprint. So those are the big efforts. In terms of additional rationalization, demand remains strong. We mentioned that demand increased materially in the middle of the first quarter and that we were taking a little bit of a pause on rationalization until we determined exactly where that demand signal settled. Demand increased again in the second quarter.

也就是在相同的固定產能占地（footprint）下，提高出貨單位數以帶動獲利提升。所以這些就是主要的努力方向。至於進一步的整併精簡（rationalization），需求仍然強勁。我們提到第一季中段需求明顯上升，因此在我們確認該需求訊號最終落點之前，對整併精簡稍作暫停。第二季需求又再度上升。

And so I'll kind of play back the commentary from the first quarter that we're going to kind of carefully evaluate right now where this demand signal settles because right now, the demand profile is continuing to increase from a level that we thought was already elevated in Q1. So no additional plans at this time for incremental network optimization. We still have roughly 35 manufacturing facilities. We will utilize them all to the fullest extent. And then to the extent that we see opportunities in the future, we'll come back and update you at that time.

因此我會重申第一季的說法：我們現在會謹慎評估這個需求訊號會落在哪裡，因為目前需求輪廓仍在上升，而且是從我們原本在Q1就認為已經偏高的水準再往上。所以目前沒有額外的增量網路優化計畫。我們仍大約有35座製造廠。我們會把它們全部用到最大程度。未來若看到機會，我們會再回來向各位更新。

Did you have a follow-up?

你有追問嗎？

Yes. And then as the balance sheet continues to improve, how are you thinking about bolt-on M&A? There's still a fair amount of white space across your customers needs.

有。另外，隨著資產負債表持續改善，你們如何看待補強型併購（bolt-on M&A）？在客戶需求方面仍有相當多的空白領域（white space）。

Yes. Sukhi, feel free to chime in on this, if you'd like.

是的。Sukhi，如果你願意的話，也請加入補充。

Sure. I mean, our immediate near-term focus really is on reducing our leverage. We have a clear path, right? I mean, so as we mentioned in our prepared remarks, we will get to under 3 times net leverage by the end of this year. In fact, we are actually -- in the month of July, we repaid another $25 million of debt.

當然。我的意思是，我們眼前近期的重點確實是降低槓桿。我們有清楚的路徑，對吧？如同我們在事先準備的講稿中提到的，我們會在今年年底前把淨槓桿降到3倍以下。事實上，我們在7月又償還了2,500萬美元的債務。

So that still remains our top priority. But overall, look I mean, the way we look at investments here is relative to our cost of capital. We'll look at internal investments and the return we get from that -- those type of investments. And then we look at CapEx-related investments. And then finally, external M&A. Each one of them has different risk profiles to it. But we'll be looking at each one of these areas with the view of actually getting the right type of return for each of the investments.

所以這仍然是我們的首要優先事項。但整體而言，你看，我們評估投資的方式是相對於我們的資本成本。我們會看內部投資以及我們從那類投資所獲得的報酬。接著我們看與資本支出（CapEx）相關的投資。最後才是外部併購（M&A）。每一項都有不同的風險輪廓。但我們會以為每一項投資取得適當報酬的角度，來檢視這些領域。

And if I could just build on something that I'm incredibly excited about. The rate and pace of deleveraging is happening significantly faster than I expected. I never anticipated that I could sit here on this call today here in August and be able to tell you that we expect to end the year with a net leverage ratio that starts with a two. That was an expectation that I did not have starting this year.

如果我可以再補充一點我非常振奮的事情：去槓桿的速度與節奏比我預期快得多。我從未預期我今天在8月能在這通電話上告訴各位，我們預期年底的淨槓桿比率會是2字頭。這不是我在今年年初所抱持的預期。

And so the team has done a great job driving expansion in gross margin. They've taken that gross margin all the way down to net income and even better, they've taken it all the way down through free cash flow through a lot of the work that's been done on the working capital side.

因此團隊在推動毛利率擴張方面做得非常出色。他們把毛利一路轉化到淨利；更好的是，透過在營運資金端所做的大量工作，他們也把它一路轉化為自由現金流。

And so I expect that great work to continue. The reward for good work is even more work. And we're going to work very, very hard in the second half of this year to continue to drive free cash flow to reduce -- continue to reduce our leverage. And then as we do that, it opens up a lot of opportunities, as Sukhi mentioned.

所以我預期這些優秀的工作會持續下去。做好工作的獎勵就是更多的工作。我們會在今年下半年非常、非常努力，持續推動自由現金流，以降低——並持續降低——我們的槓桿。而當我們做到這點時，就會如Sukhi所提到的，開啟許多機會。

Thank you.

謝謝。

Mike Harrison, Seaport Global.

Seaport Global 的 Mike Harrison。

One of your competitors today suggested that they think they're seeing some share gains in CMP slurries and cleans. I was hoping that you could talk a little bit about how you're seeing the competitive environment within CMP and whether you think you're encountering any share shift one way or the other?

你們的一位競爭對手今天表示，他們認為在CMP研磨液（slurries）與清洗（cleans）方面看到一些市占提升。我希望你能談談你們如何看待CMP領域的競爭環境，以及你是否認為你們正遭遇到市占往某一方移動的情況？

We feel good about our CMP business. We've got nice growth rates in CMP. We actually think that we have some very market-leading growth rates in pads. We think we're successfully growing, expanding and defending plans of records in slurries. And so when you look at our CMP business overall, we're quite pleased with that trajectory, including some of the inroads into advanced packaging that weren't in place a year ago.

我們對我們的CMP業務感到樂觀。我們在CMP有不錯的成長率。我們實際上認為我們在拋光墊（pads）方面有一些非常領先市場的成長率。我們認為我們在研磨液（slurries）方面成功地成長、擴張並捍衛既有的量產導入計畫（plan of record）。因此，當你看我們整體CMP業務時，我們對這個走勢相當滿意，其中也包括在先進封裝方面的一些切入點——這些在一年前還不存在。

So overall, we feel good about our CMP business. And as we mentioned, MS is a business that's accelerating as we go through the course of this year, expecting more than 10% growth in the third quarter, implying more than 10% of growth again in the fourth quarter. And so very happy with the MS business overall and then specifically with the CMP business. Did you have a follow-up?

所以整體而言，我們對CMP業務感覺良好。而如同我們提到的，MS是一個在今年進程中持續加速的業務，我們預期第三季成長超過10%，也意味著第四季同樣會再有超過10%的成長。因此我們對MS業務整體非常滿意，並且特別對CMP業務感到滿意。你有追問嗎？

Yeah. My follow-up is specific to the molybdenum business. You talked a little bit about that -- the growth that you're seeing there. But I'm curious, you've talked in the past about the need to optimize the CMP solution as well as selective etch and maybe some of the filtration components around that. Are you seeing that customers are adopting that full optimized suite from Entegris? Or are they picking and choosing different suppliers for the different aspects of molybdenum deposition, etch and CMP?

有。我的追問是針對鉬（molybdenum）業務。你談到了一些你們在那裡看到的成長。但我好奇的是，你們過去談過需要優化CMP解決方案以及選擇性蝕刻（selective etch），也可能包含周邊的一些過濾（filtration）元件。你們是否看到客戶正在採用Entegris完整的最佳化套件？還是他們在鉬沉積、蝕刻與CMP的不同環節，會挑選不同供應商？

Look, specifically for molybdenum and -- the majority of the envelope tends to sit around the distribution cabinet that I mentioned and the actual molecule itself. The other portions of that process, as you mentioned, both the etch as well as some of the follow-on processes, those are, by and large, separate buying centers today.

你看，特別就鉬而言——大部分的範疇通常集中在我提到的配氣/分配機櫃（distribution cabinet）以及分子本身。至於你提到的該流程其他部分，包括蝕刻以及一些後續製程，基本上在今天多半是不同的採購決策中心（buying centers）。

Chris Parkinson, Wolfe Research.

Wolfe Research 的 Chris Parkinson。

Great. Thank you so much. Just in terms of what you're expecting in the second half on a sequential basis, both 3Q and 4Q, can you just hit on your expectation for mainstream operates in the second half of the year and then as well as HBM as it pertains to memory? Just any color there would be greatly appreciated.

很好。非常感謝。就你們對下半年按季（sequential）表現的預期、也就是3Q與4Q而言，你能否談談你們對今年下半年主流（mainstream）業務的預期，以及在記憶體方面HBM的相關展望？任何補充說明都將非常感謝。

Yeah. Mainstream demand remains mixed. There's memory-related pressure on some of the consumer markets, but that's offset by strength in some of the AI-related applications like power management and silicon photonics. So we see mainstream as improving, but still somewhat mixed because obviously, there's a lot of consumer-related markets, mobile being a great example that sit within mainstream and the memory pressure on those markets not to be discounted.

好的。主流需求仍然分歧。部分消費性市場受到記憶體相關壓力影響，但這被一些AI相關應用的強勁所抵消，例如電源管理與矽光子（silicon photonics）。因此我們看到主流正在改善，但仍有些分歧，因為顯然主流中包含許多消費相關市場，行動裝置就是很好的例子，而這些市場的記憶體壓力不容忽視。

We think foundry utilization in the mainstream has improved to probably 80% to 85%, depending exactly on which mainstream provider you're looking at. But I do agree, I think the direction of travel seems to be modestly higher. So I think our view on it is just that it's slightly improved compared to last quarter, but we still expect it to be tempered and below the trend growth for 2026 and potentially longer pending the outcome of memory pricing and availability. Did you have a follow-up, Chris?

我們認為主流晶圓代工廠的產能利用率已改善至約 80% 至 85%，具體取決於你所看的主流供應商是哪一家。但我同意，我認為整體趨勢似乎是溫和走高。因此，我們的看法是，相較上一季略有改善，但我們仍預期在 2026 年以及可能更長一段時間內，仍會受到抑制並低於趨勢成長，這取決於記憶體定價與供應可得性的結果。Chris，你有後續問題嗎？

Yeah, just a quick one actually. Just can you just give a little extra framework on the businesses in Life Sciences that you are now out of in terms of just the optics on a segment level if you have them available? Thank you.

有的，其實就一個很快的問題。你能否就你們目前已退出的生命科學業務，提供一些額外的架構說明——如果你手上有的話，從分部層級的呈現觀感來看？謝謝。

Yeah, So Life Sciences, the business we exited, think of it as less than $20 million of annual revenue. Think of it as being more like fluid management type products. So we still have some filtration products for life sciences. That business is still ongoing.

好的。生命科學方面，我們退出的那項業務，你可以把它想成每年營收低於 2,000 萬美元。更像是流體管理類型的產品。所以我們在生命科學仍保有一些過濾產品。那部分業務仍在持續進行。

Think of this as more fluid management in Life Sciences. It did have a dilutive margin, both gross margin as well as a significantly dilutive EBITDA margin. And so given the tremendous growth in semiconductors and management time, effort and focus, it made sense for us at this time to announce the closing of that business and the wind down of that stand-alone facility.

你可以把這視為生命科學中的流體管理業務。它的利潤率具有稀釋性，無論是毛利率，還是 EBITDA 利潤率都顯著稀釋。因此，考量到半導體的強勁成長以及管理層的時間、精力與專注度，我們在此時宣布關閉該業務並逐步結束那座獨立廠房的營運，是合理的。

Edward Yang, Oppenheimer.

Edward Yang，Oppenheimer。

Hi, Dave, and Welcome Sukhi. Nice quarter. On the MS side, it's great to see you guiding for double-digit growth in the second half, but it was a bit below industry MSI in the second quarter. And I just wanted to close the loop on that. Was that just timing? And the segment margin there was also down year-over-year. Do you expect margins in MS to expand in the second half as well?

嗨，Dave，也歡迎 Sukhi。這一季表現不錯。在 MS 方面，很高興看到你們指引下半年將有雙位數成長，但第二季略低於產業 MSI。我想把這點釐清一下。那只是時點因素嗎？另外，該分部的利潤率也年減。你們是否也預期 MS 的利潤率在下半年會擴張？

Yeah, I'll talk about the growth, and Sukhi, maybe you can comment on the margins. But for MS, yeah, it grew 5% year-over-year in the second quarter. MSI probably grew around 7% to 8% in the second quarter, depending on what numbers you're looking at in the market and making sure that you account for the wafer shippers versus actual wafer starts.

好的，我先談成長，Sukhi 你或許可以補充利潤率。就 MS 而言，第二季年增 5%。MSI 在第二季可能成長約 7% 到 8%，視你看市場上的哪些數據而定，並且要確保你把晶圓出貨（wafer shippers）與實際晶圓開工（wafer starts）區分並納入考量。

We think we were in line given some of the year-over-year comps related to Liberation Day last year and some of the pull forward that we saw in that business. So I would say that we grew in line with market for the MS business for second quarter. And we think based on current visibility that we will most likely grow above market in the third quarter and the fourth quarter as well. Sukhi, do you want to comment on the margins?

我們認為，考量到去年與「Liberation Day」相關的一些年對年比較基期，以及我們在該業務看到的一些提前拉貨，我們的表現是符合預期的。所以我會說，MS 業務在第二季的成長與市場大致一致。而根據目前的能見度，我們認為第三季與第四季很可能也會高於市場成長。Sukhi，你要不要評論一下利潤率？

Look, on the margin side, as manufacturing here becomes really complex and customers continue to migrate to advanced nodes. The number of opportunities that the company has is continuing to expand. And we're seeing that in the -- reflected in the growing set of SAM opportunities across the portfolio.

你看，在利潤率方面，隨著製造變得非常複雜、客戶持續移轉到先進製程節點，公司所擁有的機會數量也在持續擴大。我們也看到這點——反映在整體產品組合中不斷增加的 SAM 機會集合上。

So as you would expect, we are investing accordingly in areas where we see significant long-term growth in the MS division, and that includes capabilities such as moly precursors and other high-value opportunities. So operating leverage we're generating right now is being intentionally -- we are seeing intentional reinvestment to support future growth and that you should see that earnings power start to increase over time.

因此，如你所預期，我們正相應地在 MS 事業部中我們看到具顯著長期成長的領域進行投資，其中包括鉬（moly）前驅物（precursors）等能力以及其他高價值機會。所以我們目前所產生的營運槓桿是被刻意地——我們正有意識地再投資，以支持未來成長；你應該會看到獲利能力隨時間開始提升。

Edward, did you have a follow-up?

Edward，你有後續問題嗎？

Yes, I do. So Dave, coming back to your comments around advanced packaging and I understand you'll provide more detail on the Analyst Day. But it didn't sound like you're interested in acquiring a bigger footprint there. So I was just wondering how quickly you could scale that business organically from that $100 million revenue run rate?

有的。Dave，回到你對先進封裝的評論，我了解你們會在分析師日提供更多細節。但聽起來你們似乎不太有興趣透過併購在那裡取得更大的布局。所以我想問的是，從目前 1 億美元的營收年化水準（run rate）出發，你們能多快以有機方式擴大那項業務？

Well, we never said that we won't comment on acquisitions either way, but we never said we weren't interested in looking at some businesses in that space. I think when we look at the advanced packaging market, though, it's still being defined. So even today, you still have changes in materials, you have changes in packaging sizes, you have changes in like real substantive technical changes with respect to thermal expansions, conductivity, attach.

嗯，我們從未表示我們不會對併購發表評論；無論如何我們也從未說過我們不感興趣去看那個領域的一些業務。不過我認為，當我們看先進封裝市場時，它仍在被定義中。所以即便到今天，你仍看到材料在變、封裝尺寸在變，還有像是熱膨脹、導電性、黏著/接合（attach）等方面的實質技術變化。

So there's a lot that's still -- to be defined in the space. And it's a very rapidly growing space five years ago, it was very low single digits as a percentage of CapEx in the industry. And this year, it may be approaching double digits or approaching 10% in terms of percentage of total industry CapEx.

所以這個領域仍有很多——尚待定義的部分。而且這是一個成長非常快速的領域；五年前，它在產業資本支出（CapEx）中的占比還只是低個位數。而今年，就整體產業 CapEx 的占比而言，它可能正接近雙位數或接近 10%。

So we think there are a lot of growing SAMs. We think there are a lot of SAMs that can support the type of differentiated products that we can provide. And those are the spaces that we want to target. And we think there's more than enough opportunity to target those spaces and still have the right to win without necessarily facing the incumbent advantage. So stay tuned for more during Capital Markets Day, and appreciate the question, Edward.

因此我們認為有很多正在成長的 SAM。我們也認為有很多 SAM 能支撐我們所能提供的差異化產品類型。而那些就是我們想要鎖定的領域。我們認為機會綽綽有餘，去鎖定那些領域，同時仍能保有勝出的權利，而不一定需要面對既有業者的先行者優勢。所以請在資本市場日拭目以待更多內容，也謝謝你的問題，Edward。

Thank you.

謝謝。

Thank you. This concludes today's Entegris second quarter 2026 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。以上為 Entegris 2026 年第二季財報電話會議的全部內容。請於此時掛斷您的電話線，祝您有美好的一天。