Enerpac Tool Group Corp (EPAC) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Enerpac Tool Group Corporation Q1 fiscal 2026 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫艾瑞克，今天我將擔任你們的會議接線生。在此，我謹代表 Enerpac Tool Group Corporation 2026 財年第一季業績電話會議，歡迎各位參加。（操作說明）

I would now like to turn the call over to Travis Williams, Senior Director of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係高級總監特拉維斯威廉斯。請繼續。

Thank you, operator. Good morning, and thank you for joining us for Enerpac Tool Group's earnings call for the first quarter of fiscal 2026. On the call today to present the company's results are Paul Sternlieb, President and Chief Executive Officer; and Darren Kozik, Chief Financial Officer.

謝謝接線生。早安，感謝各位參加 Enerpac Tool Group 2026 財年第一季財報電話會議。今天出席電話會議介紹公司業績的有總裁兼執行長保羅·斯特恩利布和財務長達倫·科齊克。

The slides referenced on today's call are available on the Investor Relations section of the company's website, which you can download and follow along. A recording of today's call will also be made available on our website.

今天電話會議上提到的幻燈片可以在公司網站的投資者關係部分找到，您可以下載並跟隨會議進行討論。今天電話會議的錄音也將發佈在我們的網站上。

Today's call will reference non-GAAP measures. You can find a reconciliation of GAAP to non-GAAP measures in the press release issued yesterday. Our comments also include forward-looking statements that are subject to business risks that could cause actual results to be materially different. Those risks include matters noted in our latest SEC filings.

今天的電話會議將提及非GAAP財務指標。您可以在昨天發布的新聞稿中找到 GAAP 與非 GAAP 指標的調整表。我們的評論也包含前瞻性陳述，這些陳述受到商業風險的影響，可能導致實際結果與預期有重大差異。這些風險包括我們在最新提交給美國證券交易委員會的文件中提到的事項。

With that, I will turn the call over to Paul.

接下來，我將把電話交給保羅。

Thanks, Travis, and good morning, everyone. For our first quarter of fiscal 2026, results were essentially as expected, and there were some favorable developments and encouraging trends. In our Industrial Tools & Services segment, or IT&S, product sales grew a healthy 4% organically, which we believe is a reflection of our ongoing ability to gain market share and outperform our broader industrial peers.

謝謝你，崔維斯，大家早安。2026 財年第一季度，業績基本上符合預期，並出現了一些有利的發展和令人鼓舞的趨勢。在我們的工業工具和服務部門（IT&S），產品銷售額實現了4%的健康有機成長，我們認為這反映了我們不斷獲得市場份額並超越更廣泛的工業同行的能力。

Additionally, we saw strong IT&S product order growth for the quarter, increasing our confidence in the outlook for the year. And as I will talk about later, we continue to invest in the business to support our growth strategy.

此外，本季IT&S產品訂單成長強勁，增強了我們對全年前景的信心。正如我稍後將要談到的，我們將繼續投資這項業務，以支持我們的成長策略。

With that, let me turn the call over to Darren, who will provide more detail on our first-quarter performance as well as geographic and end-market trends. Then I'll come back to talk about our investments in growth and some important projects where we are supporting customers for mission-critical applications. Darren?

接下來，我將把電話交給達倫，他將詳細介紹我們第一季的業績以及地理和終端市場趨勢。然後我將回來談談我們在成長方面的投資，以及我們正在為客戶的關鍵任務應用提供支援的一些重要項目。達倫？

Thanks, Paul. As seen on slide 4, Enerpac's first quarter revenue of $144 million decreased 1%. IT&S sales declined 3% organically. However, as Paul mentioned, on a positive note, product revenue increased a solid 4%. Within product revenue, standard products were up low-single digits, and we enjoyed double-digit growth year over year at our Heavy Lifting Technology business as we continue to capture additional applications in the infrastructure end market.

謝謝你，保羅。如投影片 4 所示，Enerpac 第一季營收為 1.44 億美元，下降了 1%。IT&S銷售額自然下降3%。不過，正如保羅所提到的，令人欣慰的是，產品收入成長了 4%。在產品收入方面，標準產品實現了低個位數成長，而我們的重型起重技術業務則實現了兩位數同比增長，因為我們在基礎設施終端市場不斷獲得更多應用。

The first quarter also included strong performance at DTA, which is now incorporated in organic growth as it has been part of Enerpac for a full year. Cortland also posted another high-growth quarter with an exceptional 27% year-over-year gain. Offsetting the gains in product was a 26% decline in Service revenue. This was largely focused in the EMEA region and particularly in the UK. That market has continued to slow due to lower production and customer consolidation in the oil and gas industry, which is predominantly where we provide service.

第一季 DTA 也表現出色，由於 DTA 已成為 Enerpac 的一部分整整一年，因此現在已納入有機成長。科特蘭公司也取得了另一個高成長季度，年增率高達 27%。產品收入的成長被服務收入下降 26% 所抵銷。這主要集中在歐洲、中東和非洲地區，尤其是英國。由於石油和天然氣行業的產量下降和客戶整合，該市場持續放緩，而這正是我們提供服務的主要領域。

That said, our team is pursuing a number of attractive opportunities in that market. As a reminder, we continue to streamline Service operations in EMEA and invest where we see opportunities for Service growth globally.

也就是說，我們的團隊正在該市場尋求一些極具吸引力的機會。再次提醒大家，我們將繼續精簡 EMEA 地區的服務運營，並在全球範圍內投資於我們認為有服務成長機會的領域。

Turning to slide 5, which shows our performance by geography, we delivered strong 5% growth in the Americas, led by an 8% expansion in product revenue. Service revenue declined slightly, mainly due to the timing of some specific projects. As we anticipated, we are enjoying strength from the infrastructure market as well as strong demand from power generation.

翻到第 5 張幻燈片，其中顯示了我們按地區劃分的業績，我們在美洲實現了強勁的 5% 增長，這主要得益於產品收入增長了 8%。服務收入略有下降，主要是由於某些特定項目的進度安排。正如我們預期的那樣，我們受益於基礎設施市場的強勁表現以及發電領域的強勁需求。

Revenue in EMEA, the region we previously described as a wildcard for fiscal 2026 given the underlying economic conditions, declined 10%. Again, it's meaningful to separate product from services. In EMEA, product revenue grew 5% with continued strength from infrastructure and government spending and a solid performance in Southern Europe.

鑑於當時的經濟形勢，我們先前將 EMEA 地區描述為 2026 財年的不確定因素，該地區的收入下降了 10%。再次強調，將產品和服務分開是有意義的。在歐洲、中東和非洲地區，產品收入成長了 5%，這得益於基礎設施和政府支出的持續強勁成長以及南歐市場的穩健表現。

In APAC, revenue declined 8% in the first quarter of 2026 due to a decline in our lumpy HLT business. Additionally, political uncertainty in Southeast Asia and a slowdown in China was a drag on our performance. Nonetheless, with continued strength in India, recovery in Australia, and an excellent HLT funnel, we expect the APAC region to resume year-over-year growth in the second quarter and for the full fiscal year.

2026 年第一季度，亞太地區收入下降 8%，原因是我們的 HLT 業務波動較大。此外，東南亞的政治不確定性和中國經濟放緩也拖累了我們的業績。儘管如此，憑藉印度市場的持續強勁成長、澳洲市場的復甦以及良好的HLT管道，我們預計亞太地區將在第二季和整個財年恢復年成長。

Turning to slide 6. For the first quarter of fiscal 2026, gross profit margin of 50.7% was in line with our performance over the past few quarters. As expected, margins were affected by higher tariff-driven costs flowing through cost of goods sold. However, we were able to successfully offset these on a dollar basis through pricing and productivity actions. We expect the margin pressure from tariffs to ease as we enter the second half of fiscal 2026. Additionally, we enjoyed a favorable mix shift within the portfolio, which was offset by lower Service margins.

翻到第6張投影片。2026 財年第一季度，毛利率為 50.7%，與我們過去幾季的業績一致。正如預期的那樣，由於關稅上漲導致成本增加，利潤率受到影響，這些成本反映在銷售成本中。但是，我們透過價格和生產力提升措施，成功地在美元層面上抵消了這些損失。我們預計，隨著進入 2026 財年下半年，關稅帶來的利潤壓力將會緩解。此外，我們的投資組合也出現了有利的組合變化，但服務利潤率下降抵消了這種影響。

On the selling, general and administrative line, we were able to hold spending essentially flat year over year, offsetting the inflationary impact from compensation and incremental spending on innovation with tight cost controls. As a result, adjusted EBITDA was $32.4 million, representing a margin of 22.4%. First-quarter adjusted earnings per share was $0.36 compared with $0.40 in the year-ago period. A higher effective tax rate negatively impacted earnings by $0.02 per share.

在銷售、一般及行政方面，我們能夠將支出基本上保持同比持平，透過嚴格的成本控制抵消了薪酬和創新方面新增支出帶來的通貨膨脹影響。因此，調整後的 EBITDA 為 3,240 萬美元，利潤率為 22.4%。第一季調整後每股收益為 0.36 美元，去年同期為 0.40 美元。較高的實際稅率使每股收益減少了 0.02 美元。

Turning to the balance sheet, shown on slide 7, Enerpac's position remains extremely strong. Net debt was $49 million at quarter end, resulting in a net debt to adjusted EBITDA ratio of 0.3. Total liquidity, including availability under our revolver and cash on hand, was $539 million. For the quarter, cash flow from operations was $16 million compared with $9 million in the year-ago period. The resulting free cash flow of $13 million in the first quarter of 2026 was an increase of $10 million year over year. This increase in free cash flow is due to the timing of receipts and payments in the quarter.

從第 7 頁所示的資產負債表可以看出，Enerpac 的財務狀況依然非常強勁。截至季末，淨負債為 4,900 萬美元，淨負債與調整後 EBITDA 比率為 0.3。包括循環信貸額度和手頭現金在內，總流動性為 5.39 億美元。本季經營活動產生的現金流量為 1,600 萬美元，而去年同期為 900 萬美元。2026 年第一季由此產生的自由現金流為 1,300 萬美元，比去年同期增加了 1,000 萬美元。自由現金流的增加是由於本季收款和付款的時間安排所致。

Capital expenditures were also lower as the year-ago period, included additional CapEx for our new headquarters. Finally, with our balanced capital allocation strategy, we repurchased $15 million of stock in the first quarter, while we maintain ample dry powder for strategic M&A.

與去年同期相比，資本支出也有所下降，其中包括為新總部增加的資本支出。最後，憑藉均衡的資本配置策略，我們在第一季回購了價值 1500 萬美元的股票，同時我們保留了充足的資金用於策略併購。

Based on our performance in the first quarter and encouraging trends on the order front, we are maintaining our full-year fiscal 2026 guidance, as shown on slide 8. Our expectations include organic revenue growth of 1% to 4%, and adjusted EBITDA growth of 6% at the midpoint, free cash flow of $100 million to $110 million, and earnings per share of $1.85 to $2.

根據我們第一季的業績和訂單方面的令人鼓舞的趨勢，我們維持 2026 財年全年業績指引，如幻燈片 8 所示。我們預期有機收入成長1%至4%，調整後EBITDA成長6%（取中間值），自由現金流1億美元至1.1億美元，每股收益1.85美元至2美元。

With that, let me turn it back to Paul.

那麼，現在讓我把話題轉回保羅身上。

Thanks, Darren. As I mentioned at the top of the call, we enjoyed a pickup in order rates in the first quarter, a trend we achieved across all three geographic regions. Demand has been particularly healthy from the infrastructure, defense, and power generation markets. At the same time, we have a strong backlog and excellent pipeline in HLT. And with the global rollout of Enerpac Commercial Excellence, or ECX, we are benefiting from more discipline and rigor in our sales process and funnel management.

謝謝你，達倫。正如我在電話會議開始時提到的，我們在第一季的訂單量有所回升，這一趨勢在所有三個地理區域都得到了體現。基礎設施、國防和發電市場的需求尤其強勁。同時，我們在HLT領域擁有強大的訂單儲備和優秀的專案儲備。隨著 Enerpac 商業卓越中心 (ECX) 的全球推廣，我們的銷售流程和銷售通路管理變得更加規範和嚴格，我們也從中受益。

In light of the strong order flow, we built additional inventory in the first quarter to ensure that we have the right products in the right locations to meet customer demand on a timely basis. As we've discussed, we are investing in our business to support Enerpac's growth strategy. As Darren mentioned, we are increasing spend on the innovation front as we expect to deliver even more new product introductions in fiscal 2026.

鑑於訂單量強勁，我們在第一季增加了庫存，以確保我們在合適的地點擁有合適的產品，從而及時滿足客戶需求。正如我們之前討論過的，我們正在投資我們的業務，以支持 Enerpac 的成長策略。正如達倫所提到的那樣，我們正在增加創新方面的投入，因為我們預計在 2026 財年將推出更多新產品。

We are also investing in our commercial organization, expanding sales capabilities, coverage and distribution in countries like India, Australia and the Philippines. And we are enhancing our e-commerce capability with the implementation of a new technology platform that will improve the user experience and provide us with even more sophisticated marketing and analytical tools, all of which we expect to result in higher conversion rates.

我們也在投資我們的商業組織，擴大在印度、澳洲和菲律賓等國家的銷售能力、覆蓋範圍和分銷管道。我們正在透過實施新的技術平台來增強我們的電子商務能力，這將改善用戶體驗，並為我們提供更先進的行銷和分析工具，我們預計所有這些都將帶來更高的轉換率。

The topic of innovation and growth was front and center during our recent Annual Global Leadership Conference, which is a gathering of Enerpac's roughly top 50 leaders, held each year in Milwaukee. I was truly inspired by the excitement and energy amongst the team and the work completed to further refine our growth strategy and update our strategic growth initiatives.

在我們最近舉行的年度全球領導大會上，創新和成長是核心議題。該大會每年在密爾瓦基舉行，Enerpac 約 50 位頂尖領導人都會參加。團隊的熱情和活力，以及他們為進一步完善我們的成長策略和更新我們的策略成長計畫所完成的工作，都深深激勵了我。

Speaking of growth, two of the attractive verticals we mentioned over the past few quarters are power generation and infrastructure. In the former, the proliferation of AI data centers and growing demand for electricity, including a resurgence in nuclear energy, underscores the need for Enerpac's products and services.

說到成長，我們在過去幾季提到的兩個有吸引力的垂直領域是發電和基礎設施。在前者中，人工智慧資料中心的激增和電力需求的成長（包括核能的復興）凸顯了對 Enerpac 產品和服務的必要性。

As seen on slide 9, Enerpac provides a range of standard and specialized products and services that support the nuclear industry in multiple regions across all phases of building, operations and maintenance, inspection, refueling, and decommissioning. In addition to our standard Industrial Tools & Services that many of you are familiar with, Enerpac sells a line of specialized tensioners under the Biach name that have been the industry standard for refueling and inspection for more than 50 years.

如投影片 9 所示，Enerpac 提供一系列標準和專業產品及服務，為多個地區的核工業在建造、營運和維護、檢查、燃料更換和退役的各個階段提供支援。除了我們許多客戶都熟悉的標準工業工具和服務外，Enerpac 還以 Biach 的品牌銷售一系列專用張緊器，這些張緊器 50 多年來一直是加油和檢查的行業標準。

The Biach lightweight Self-Contained Tensioner, SCT, shown here is used to tighten reactor pressure vessel head studs. The SCT brings greater safety, reduces manpower and shortens critical path time. With decades of experience serving the industry and sizable market share in specialized products, we believe we are well positioned to capitalize on growth opportunities in nuclear.

圖中所示的 Biach 輕型自容式張緊器 (SCT) 用於擰緊反應器壓力容器的頭部螺柱。SCT 提高了安全性，減少了人力投入，縮短了關鍵路徑時間。憑藉數十年來服務於該行業的經驗以及在專業產品領域相當大的市場份額，我們相信我們已做好充分準備，把握核能領域的成長機會。

Another strong market we've addressed over the past few quarters is infrastructure, where we've enjoyed significant contract wins for bridge and tunnel projects, both in the US and internationally. Recently, Enerpac was selected to design and build a bridge launching system for the Juneau Creek bridge in Alaska, which can be seen on slide 10. Our custom hydraulic cylinders and computer controls will pull bridge segments into place. When completed, the bridge will be the highest crossing in the state at 285 feet and the longest single-span bridge built in Alaska since 1982.

過去幾個季度，我們重點關注的另一個強勁市場是基礎設施，我們在美國和國際上都贏得了橋樑和隧道項目的大量合約。最近，Enerpac 被選中為阿拉斯加州朱諾溪大橋設計和建造橋樑架設系統，這可以在第 10 張幻燈片中看到。我們客製化的液壓缸和電腦控制系統會將橋樑節段拉到位。建成後，這座橋將以 285 英尺的高度成為該州最高的橋樑，也是自 1982 年以來阿拉斯加建造的最長的單跨橋。

As we continue to drive profitable growth at Enerpac, we believe we are well positioned, with multiple product lines, in these key end markets to take full advantage of these secular trends and the opportunities in the market.

隨著 Enerpac 繼續推動獲利成長，我們相信憑藉多條產品線，我們在這些關鍵終端市場中佔據了有利地位，能夠充分利用這些長期趨勢和市場機會。

Before we take questions, I would like to address a change on the Investor Relations front. Travis has accepted a position at another company and his last day with Enerpac is tomorrow. Travis has done an outstanding job building relationships and communicating Enerpac's story to investors. Moreover, he's been an invaluable resource internally, sharing intelligence and insight into the industry and capital markets. I would like to take this opportunity to thank him for his many contributions and wish him all the best in his new role.

在回答問題之前，我想先談談投資人關係的一項變化。崔維斯已接受另一家公司的工作，明天是他在Enerpac的最後一天。Travis 在建立關係和向投資者傳達 Enerpac 的故事方面做得非常出色。此外，他在公司內部也發揮了不可估量的作用，分享了有關行業和資本市場的情報和見解。我謹藉此機會感謝他所做出的諸多貢獻，並祝他在新的崗位上一切順利。

We have a search underway for Travis' replacement. Until we fill the role, Darren will be the main point of contact for investors.

我們正在尋找特拉維斯的替代者。在找到合適的人選之前，達倫將是投資者的主要聯絡人。

With that, we'd be happy to take questions.

那麼，我們很樂意回答大家的問題。

(Operator Instructions)

（操作說明）

Will Gildea, CJS Securities.

Will Gildea，CJS Securities。

You've talked for a number of quarters about efforts to improve profitability of the Service business and invest in ways that enable you to tap higher-margin opportunities. What caused a sudden sharp decline in Service revenue this quarter? And were you surprised by it?

在過去的幾個季度裡，您一直在談論如何提高服務業務的獲利能力，以及如何投資才能抓住利潤更高的機會。本季服務收入突然大幅下降的原因是什麼？你對此感到驚訝嗎？

Right. So yeah, I think we're certainly disappointed on the top-line performance in the Service business this quarter after a strong fiscal '25 year of growth actually for Service. The issue, as I referenced in the remarks, was largely driven by a contraction in the UK market. And as part of our ongoing initiatives to capture higher-margin Service business, we passed on lower-margin projects, as we've talked about in the past.

正確的。所以，是的，我認為在經歷了強勁的 2025 財年增長之後，我們對本季服務業務的營收表現確實感到失望。正如我在演講中提到的，這個問題主要是由英國市場的萎縮所造成的。作為我們持續推動獲取高利潤服務業務舉措的一部分，我們放棄了利潤較低的項目，正如我們過去所討論的那樣。

But given the consolidation and softness in the oil and gas market, we've not yet successfully backfilled all of that with more profitable business, particularly in the UK, given some of the market conditions there. I would say, as a reminder, our Service business is a mix of rental and manpower. And overall, it is margin-dilutive to Enerpac.

但鑑於石油和天然氣市場的整合和疲軟，我​​們尚未成功地用更有利可圖的業務來填補所有這些空缺，尤其是在英國，考慮到那裡的一些市場狀況。我想再次提醒大家，我們的服務業務是租賃和人力資源的結合。總體而言，這將稀釋 Enerpac 的利潤率。

We are actively consolidating our Service footprint. We've already taken actions underway on that in Europe while selectively continuing to make growth investments in the business. And I think it will take some time to work through the dynamics on the Service side. But keep in mind that based on our reiterated guidance, we do anticipate growth and margin expansion in fiscal '26.

我們正在積極整合我們的服務網絡。我們已在歐洲採取了相關行動，同時有選擇地繼續對該業務進行成長投資。我認為還需要一些時間來理清服務方面的各種動態。但請記住，根據我們重申的業績指引，我們預計 2026 財年將實現成長和利潤率擴張。

That's helpful. And then I guess just a follow-up question on that. Can you add some more color to the changes you're making in Services to capture higher-value business? I know on the last call, you gave the example of transitioning Algeria from an agent-based model to a direct-based model.

那很有幫助。然後，我想就此再問一個後續問題。您能否更詳細地描述您在服務方面所做的更改，以便吸引更高價值的業務？我知道在上次通話中，您舉了阿爾及利亞從基於代理的模式過渡到基於直接的模式的例子。

Can you talk about the reasoning behind that? And if an initiative like that is successful, how long of a runway do you have to make that change in other regions?

能談談背後的原因嗎？如果這樣的措施成功，你還有多少時間在其他地區推行同樣的變革？

Yeah. Thanks, Will. So we're taking a number of initiatives. Some are commercial, like you referenced, where we're moving from an agent to a direct model. That's -- the direct model is more the norm for our business, the agent is more the exception.

是的。謝謝你，威爾。所以我們正在採取一系列措施。有些是商業性的，就像你提到的那樣，我們正在從代理模式轉向直接銷售模式。也就是說，直銷模式在我們公司更為常見，代理商反而是例外。

In the case of agents and moving to direct, we end up with, obviously, the direct customer relationship, which allows us to do more follow-on business, obviously capture more margin as well and just get a closer overall relationship with the customer. So we feel good about that model and the progress that we're making to transition to multiple markets there.

如果從代理商轉向直接銷售，我們最終顯然會與客戶建立直接關係，這使我們能夠開展更多後續業務，顯然也能獲得更多利潤，並與客戶建立更緊密的整體關係。因此，我們對這種模式以及我們在向多個市場過渡方面取得的進展感到滿意。

We're also investing in our Service business, both in field service capabilities, but also in capital equipment and tools. We've invested in the European market in our leak sealing business, for example, and some new capital equipment that will allow us, we believe, to capture more growth opportunities and more market share in that service line and be able to respond to customers more quickly for their needs in that kind of Service business.

我們也在投資我們的服務業務，包括現場服務能力，以及資本設備和工具。例如，我們已在歐洲市場投資了我們的洩漏密封業務，併購置了一些新的資本設備，我們相信這將使我們能夠抓住更多成長機會，在該服務領域獲得更多市場份額，並能夠更快地響應客戶在該類服務業務中的需求。

So we're making a number of improvements like that. We're continuing, as I talked about, to optimize our footprint as well, not only from a cost standpoint, but to be able to react quickly to customer needs.

所以我們正在進行一系列類似的改進。正如我剛才所說，我們也將繼續優化我們的佈局，不僅從成本角度考慮，而且是為了能夠快速回應客戶需求。

And switching gears, can you add some color on your pricing strategy heading into calendar year 2026? Should we be expecting an annual price increase at the beginning of the year?

換個話題，能否詳細介紹一下貴公司在 2026 年的定價策略？我們是否應該預期年初會出現年度價格上漲？

Yeah. Will, good question. So just as a reminder for everyone, what we talked about in Q4, going into the year, we saw about 2 points of benefit in price from the actions we took last year.

是的。威爾，問得好。所以再次提醒大家，我們在第四季度討論過，進入新的一年後，我們看到去年採取的措施在價格方面帶來了大約 2 個百分點的收益。

As we look at this year, we will look to kind of remain, obviously, from a tariff perspective and a price perspective, we're going to make up for those on a dollar-for-dollar basis and hold our margin. So with that, we did take a small low-single-digit price increase in early December here. That will take some time to roll through the channel as we do have notice periods for that. But we constantly look at price and productivity to keep our margin targets and margin high.

展望今年，我們顯然會努力維持現狀，從關稅和價格的角度來看，我們將逐美元地彌補損失，並維持我們的利潤率。因此，我們在 12 月初進行了小幅個位數的價格上漲。這需要一些時間才能透過管道審批，因為我們有相應的通知期。但我們會不斷關注價格和生產效率，以維持我們的利潤率目標和高利潤率。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

When we think about your 2026 organic guide, a little bit of price, what is contributing there from new products and kind of the cadence of your new product launches as we think about the rest of the year or fiscal '26?

當我們考慮您的 2026 年有機產品指南時，價格方面會有一些影響，新產品會如何發展，以及在展望 2026 年剩餘時間或 2026 財年時，新產品推出的節奏會如何？

Yeah. Ross, we're super excited by our innovation program. We highlighted that on the last Q4 earnings call. We launched, you may recall, five new products in fiscal '25. We're pleased with the market acceptance. They continue to ramp commercially and globally.

是的。羅斯，我們對我們的創新計劃感到非常興奮。我們在上一次第四季財報電話會議上重點強調了這一點。您可能還記得，我們​​在 2025 財年推出了五款新產品。我們對市場的接受度感到滿意。它們在商業和全球範圍內持續擴張。

We also have a pretty ambitious innovation program and a set number of launches that we're targeting for this fiscal, which are more than we launched in last fiscal. So we're continuing to accelerate our innovation efforts. Part of that is driven by additional investments we've made in innovation over the last few years. In fact, if you look at our 10-K, actually over the last three years, you'll see incremental R&D spend on a dollar basis as a percent of revenue every single year. So I think that's a good indication.

我們還有一個相當雄心勃勃的創新計劃，並設定了本財年推出新產品的目標數量，比上個財年推出的產品數量要多。因此，我們將繼續加快創新步伐。部分原因是由於我們在過去幾年中對創新進行了額外的投資。事實上，如果你查看我們的 10-K 報告，你會發現過去三年裡，研發支出（以美元計）佔收入的百分比逐年遞增。所以我認為這是一個很好的跡象。

Also, some folks may have visited our new innovation lab here at our global headquarters in Downtown Milwaukee. That's another investment we've made to drive improvements in our innovation program and faster time to market. So we're pretty excited by the innovation progress we've made, excited about the commercialization and the ramp of those products and excited about the products we're planning to launch here in fiscal '26.

此外，有些人可能參觀過我們位於密爾瓦基市中心全球總部的新創新實驗室。這是我們為推動創新計劃改進和加快產品上市速度而進行的另一項投資。因此，我們對所取得的創新進展感到非常興奮，對這些產品的商業化和量產感到興奮，也對我們計劃在 2026 財年推出的產品感到興奮。

Okay. Well, when we think about kind of early days on this R&D flywheel, what is kind of the trajectory here as we think about the longer-term growth algo? I mean are you trying to get a couple of extra points of growth from new products? Are we targeting new adjacent TAMs? Or is it just kind of upgrading and more defensive of the core portfolio?

好的。嗯，當我們回顧研發飛輪的早期階段時，從長遠來看，它的發展軌跡是怎麼樣的呢？我的意思是，你們是否想透過新產品來獲得額外的幾個百分點的成長？我們是否瞄準了新的相鄰目標市場？或者說，這只是核心投資組合的一種升級和防禦性調整？

Ross, I think as we think about growth, I mean, you heard us reaffirm our guidance for this year, kind of 1% to 4%. I think as we think of the macro, Europe was the wildcard for us. But as we look at the higher end of that range, that encompasses a little bit of price recovery in the market and obviously successful launches of our new products.

羅斯，我認為當我們思考成長時，我的意思是，你也聽到了我們重申今年的成長預期，大約是 1% 到 4%。我認為，從宏觀角度來看，歐洲對我們來說是一個不確定因素。但當我們審視該範圍的高端時，這其中包含了市場價格的些許回升，以及我們新產品的成功上市。

Beyond that, obviously, innovation and the product investments we're making, as Paul referenced, really that increase in R&D over the last three years, we'll see that start to take off into the future.

除此之外，顯然，正如保羅所提到的，創新和我們正在進行的產品投資，尤其是過去三年研發投入的增加，我們將在未來看到它開始起飛。

Yeah. And Ross, yeah, it's certainly part of the growth algorithm. It is part of how we believe that we are targeting to perform -- or outperform our peer set. And we believe we've been able to do that successfully here.

是的。羅斯，是的，這當然是成長演算法的一部分。這就是我們相信自己能夠取得優異成績——或者說超越同行——的一部分原因。我們相信我們在這裡已經成功地做到了這一點。

But I would also make the comment that, obviously, we look very closely at our direct competitors and what they're doing from an innovation perspective. And we continue to firmly believe that we are outpacing not only investment spend, but just the pace and the intensity and the level of new product launches relative to our competitive set. So we never rest on our laurels, but we're pleased with the progress we've made, particularly relative to the competitive set.

但我還要補充一點，很顯然，我們會密切關注我們的直接競爭對手以及他們在創新方面所做的事情。我們仍然堅信，我們不僅在投資支出方面超越了競爭對手，而且在新產品推出的速度、強度和水平方面也超越了競爭對手。所以我們從不自滿於過去的成就，但我們對所取得的進步感到滿意，特別是相對於競爭對手而言。

I can appreciate that. I mean it looks like you guys are running around 2% of sales in your R&D spend. It has been ticking up slowly. I guess I'm just trying to get a better sense of what your visibility looks like into your R&D funnel?

我能理解。我的意思是，你們的研發支出似乎只佔銷售額的 2% 左右。它一直在緩慢上升。我只是想更了解你們研發流程的透明度如何？

Like how robust of opportunities you see today? Or are we still kind of early days of planting the seeds and buying the equipment and helping the guys get to the point where they're empowered to start building out that pipeline?

您認為目前有哪些強勁的發展機會？或者我們仍然處於播種、購買設備、幫助人們獲得能力並開始建造這條管道的早期階段？

Yeah. So we do have a multiyear innovation funnel. So we're always looking several years out. We're working on now updating that funnel for another year out as we execute on products and projects for this year.

是的。所以我們確實有一個多年期的創新漏斗。所以我們總是著眼於未來幾年。我們正在努力更新未來一年的銷售漏斗，同時推動今年的產品和專案。

And just a reminder, again, we launched five new products in fiscal '25. Our target is to nearly double that number of new product launches here in fiscal '26. So I think you'll see us gain additional pace and acceleration and just, again, reflective of the investments and the focus and the new processes that we've put in place. So that all is part of our overall growth algorithm at the end of the day.

再次提醒大家，我們在 2025 財年推出了五款新產品。我們的目標是在 2026 財年將新產品發布數量增加近一倍。所以我認為你會看到我們加快步伐，加速發展，這再次反映了我們所投入的資金、所關注的重點以及我們所實施的新流程。所以歸根結底，這一切都是我們整體成長演算法的一部分。

Okay. So we should anticipate a more measured pace of R&D growth going forward?

好的。所以我們應該預期未來研發成長速度會更加穩健嗎？

Yeah. I think --

是的。我認為--

3.5% of sales or 5% tomorrow?

明天是銷售額的3.5%還是5%？

Yeah. No, I mean, I think you'll see a consistent ramp over prior years. But we've talked consistently about beating the market by several hundred basis points in terms of top-line growth at the end of the day. And part of that clearly will be driven by our innovation program.

是的。不，我的意思是，我認為你會看到比往年持續成長。但我們一直強調，最終要在營收成長方面比市場高出幾百個基點。其中一部分顯然將由我們的創新計劃推動。

Okay. I appreciate that. And if I can just have one more here. If I go back to last year, the backlog seemed pretty immaterial, but now we're speaking to confidence in kind of these secularly growing project funnels. Just any visibility there on sizing where the backlog kind of stands versus on a normalized basis and what's kind of underwriting that confidence?

好的。我很感激。如果可以的話，我再加一個。回顧去年，積壓項目似乎無關緊要，但現在我們談論的是對這些長期成長的專案管道的信心。能否提供一些關於積壓訂單規模的可見信息，看看與正常情況相比，積壓訂單的現狀如何？是什麼因素支撐了這種信心？

Yeah. I mean I'll make a few comments, Darren may weigh in as well. I think we do -- we're not a very heavy backlog business. As you know, we tend to be more book-to-bill or shorter cycle. And most of our products are what we would classify as more OpEx spend by our customers, although we do have a capital equipment business in HLT, inclusive of DTA that has more backlog. And those backlogs tend to be sort of 6- to 12-month time frames.

是的。我的意思是，我會說幾句，達倫可能也會發表意見。我認為我們的確如此——我們的積壓訂單並不多。如您所知，我們傾向於採用更快速的訂單結算或更短的周期。我們的產品大多屬於客戶的營運支出範疇，儘管我們在HLT領域也有資本設備業務，包括DTA，該業務積壓訂單較多。而這些積壓案件的時間跨度通常為 6 到 12 個月。

That said, I think we have seen our backlog tick up, and that was driven by, as we referenced on the remarks earlier, pretty strong order activity and growth in overall orders in the quarter, and we were very pleased with that. And that order growth actually outpaced revenue growth in the quarter, so again, giving us just more increasing confidence in our overall outlook for the year, particularly as we go through the year. So I think all of that just led us to maintain our current guidance for the full year.

也就是說，我認為我們的積壓訂單有所增加，正如我們之前提到的，這是由於本季度訂單活動非常強勁以及整體訂單量增長所致，我們對此非常滿意。而且，該季度的訂單成長實際上超過了收入成長，因此，這再次增強了我們對全年整體前景的信心，尤其是在我們度過這一年之後。所以我認為所有這些因素促使我們維持全年的績效預期。

The only thing I would add, Paul, is, Ross, as we kind of look at the business, obviously, we acquired DTA last year. So DTA being part of our HLT business now is really helping that as those markets take off, we now have more products for our customers. As we talked about in Q4, the cross-sell opportunity is huge. So we're bullish on HLT for the year.

保羅，我唯一要補充的是，羅斯，當我們審視公司業務時，很明顯，我們去年收購了 DTA。因此，DTA 現在是我們 HLT 業務的一部分，這確實有助於隨著這些市場的起飛，我們現在可以為客戶提供更多產品。正如我們在第四季度討論的那樣，交叉銷售機會巨大。因此，我們看好HLT今年的走勢。

Tom Hayes, ROTH Capital.

湯姆·海耶斯，羅斯資本。

Just wanted to go back to one of Will's questions on the pricing, Darren. Was that pricing that you put in place in December across all product families and globally?

Darren，我只是想回覆Will之前提出的關於定價的問題。這是你們在12月份針對所有產品系列在全球範圍內實施的價格嗎？

And then kind of a related question on gross margin for the year, how are you thinking about the margin flowing through the balance of the three quarters? You guys have done a great job of offsetting the tariffs. Just wondering your thoughts on kind of puts and takes on the margin front for the balance of the year.

那麼，關於本年度的毛利率，還有一個相關的問題：您如何看待剩餘三個季度的毛利率？你們在抵消關稅方面做得非常出色。想了解您對今年剩餘時間保證金方面的交易策略有何看法。

Sure, Tom. I would say, from the recent pricing actions, those were in the Americas and in Europe. Now we did kind of release in this earnings a little bit more of a pie chart to give you a flavor for what our product business looks like. So just remember that low-single-digit price increase is solely on product. So it's not in the total portfolio. So when you factor that into the math, just make sure you look at that aspect of it.

當然可以，湯姆。我認為，從最近的價格調整來看，這些調整主要發生在美洲和歐洲。現在，我們在本次財報中發布了一張圓餅圖，讓大家更清楚地了解我們的產品業務狀況。所以請記住，個位數的漲幅只是針對產品本身。所以它不包含在總投資組合中。所以，在進行數學計算時，一定要考慮到這一方面。

I would say, the second piece from a margin perspective, Q1 was where we thought it would be, okay? Q2 will probably look more like Q1. And then as we get into the second half of the year, some of those higher cost tariffs will work out their way through the system, so margin will improve as we enter the second half of the year.

我想說，從邊際效應的角度來看，第二部分，Q1 的位置正是我們預想的那樣，好嗎？第二季的情況可能更像第一季。然後，隨著我們進入下半年，一些較高的關稅成本將會在系統中得到緩解，因此，隨著我們進入下半年，利潤率將會提高。

Okay. Great. Appreciate that. I appreciate the color on the product sales by region, but I'm not sure if you gave it by -- for APAC. Is that something you guys can share?

好的。偉大的。謝謝。我很喜歡按地區劃分的產品銷售情況的顏色，但我不確定您是否也為亞太地區提供了顏色標註。你們可以分享一下嗎？

Yeah. I think it's actually in the slides on page 5. But in APAC, we actually saw growth in this revenue in standard products. We saw -- we did see a sharp decline in APAC on HLT. I mean it's a small business, and HLT tends to be lumpy. So that just varies quite a bit from quarter to quarter.

是的。我覺得它應該在第5頁的幻燈片裡。但在亞太地區，我們實際上看到標準產品的收入有所成長。我們看到——我們確實看到亞太地區的 HLT 出現了急劇下降。我的意思是，這是一家小公司，而且 HLT 的產量往往不穩定。所以每季的情況都大不相同。

Okay. Maybe just lastly, in respect to time, an area we don't talk about a lot, but you called it out on one of the early slides, the continued strong growth in Cortland. Just kind of remind us a little bit about the business and kind of what's driving that strong growth.

好的。最後，關於時間，這是一個我們很少談及的領域，但您在早期的幻燈片中提到了這一點，那就是科特蘭持續強勁的成長。請您簡單介紹一下公司的業務狀況，以及推動公司強勁成長的因素。

Yeah. We continue to be really pleased with the progress the team is making at Cortland. As you recall, that's effectively our other segment, and that's Cortland Biomedical, so roughly a $20 million-revenue business annually.

是的。我們對科特蘭團隊的進展感到非常滿意。如您所知，這實際上是我們的另一個業務板塊，即 Cortland Biomedical，其年收入約為 2000 萬美元。

Obviously, not connected to our core tools business, but it is a very strong, very solid, high-growth and high-margin business. And it doesn't draw undue investment or sort of management time or attention. So it runs relatively independently.

顯然，這與我們的核心工具業務無關，但它是一個非常強大、非常穩健、高成長、高利潤的業務。而且它不會佔用過多的投資或管理時間或精力。所以它相對獨立地運作。

But that business is very long cycle, very sticky. They design and develop and manufacture custom biomedical textile fibers for -- specifically for particular medical devices for given OEM customers. So those are spec'ed in, and those ultimate products that the customer has are obviously FDA qualified. So it's a very sticky business.

但這個產業的周期很長，而且非常不穩定。他們為特定OEM客戶設計、開發和製造客製化的生物醫用紡織纖維，專門用於特定的醫療器材。所以這些都列入規格，客戶最終獲得的產品顯然都符合 FDA 標準。所以這是件非常棘手的事情。

There's a lot of growth happening in that market. Cortland is exceptionally, we believe, well placed to support customers. We've won a number of new commercial opportunities, and you've seen that materialize in the ramp in revenue. So we continue to be quite bullish about the growth opportunities, the margin prospects, and we like the funnel of opportunities that we have there.

那個市場正在經歷快速成長。我們相信，Cortland 在為客戶提供支援方面擁有得天獨厚的優勢。我們贏得了許多新的商業機會，您也看到了這些機會在收入成長中得到體現。因此，我們仍然對成長機會、利潤前景非常樂觀，而且我們很喜歡目前擁有的各種機會。

Steve Silver, Argus Research.

史蒂夫·西爾弗，阿格斯研究公司。

I'd like to offer my best wishes to Travis as well. So in the prepared remarks, you guys mentioned the pickup in order rates, and you also mentioned building inventory heading into Q2. I'm curious just whether you can quantify at all the magnitude of the inventory ramp and maybe identify any key products beyond HLT?

我也想向崔維斯表達我最美好的祝福。所以在事先準備好的發言稿中，你們提到了訂單提取率，也提到了在第二季建立庫存。我很好奇您是否能夠量化庫存成長的幅度，並確定HLT以外的任何關鍵產品？

No, great question. I mean as we think about inventory as we head into the quarter, I mean, it's up about 15%, okay? So we had a really strong Q4. As you think about Q1, our product sales were at 4%, okay? So we were very pleased with that. With all those product sales coming through, we had to work the plants a little bit harder to get the inventory in place to deliver Q2, and we're very bullish on that because our order rates were stronger than our product revenue growth rates in the quarter.

不，問得好。我的意思是，當我們進入本季時考慮庫存問題，庫存增加了約 15%，好嗎？所以我們第四季業績非常強勁。回顧第一季度，我們的產品銷售額為 4%，懂嗎？我們對此非常滿意。由於產品銷售火爆，我們不得不加大工廠的生產力度，以確保第二季的庫存供應，我們對此非常樂觀，因為本季我們的訂單成長率高於產品收入成長率。

Great. And one more, if I may. You guys have talked quite a bit in recent quarters about the balance sheet being in a very strong place to support strategic M&A and also about the macroeconomic factors facing the industry. Curious as to whether there's been any change in the M&A funnel, if you will, just in terms of companies that are dealing with the macro issues that might be kind of gravitating towards M&A at this time?

偉大的。如果可以的話，我再補充一個問題。最近幾季，你們多次談到資產負債表狀況非常強勁，足以支持策略併購，也談到了該產業面臨的宏觀經濟因素。我很好奇併購通路是否有所變化，特別是那些正在應對宏觀問題、可能因此而傾向於併購的公司？

Yeah. Sure, Steve. I would say I'm pretty encouraged there as well. I mean I do think M&A activity, overall, in the market and here for Enerpac has picked up reasonably considerably in the last quarter or two. We are actively evaluating several opportunities. So we're spending a lot of our time focused there. The pace and the quantity of deal flow has definitely picked up, and we're having very robust dialogue on any number of opportunities.

是的。當然可以，史蒂夫。我也覺得這方面蠻令人鼓舞的。我的意思是，我認為在過去一兩個季度裡，整個市場以及 Enerpac 的併購活動總體上都有了相當大的成長。我們正在積極評估幾個機會。所以我們把很多時間都花在那方面了。交易的速度和數量確實加快了，我們正在就各種機會進行非常深入的對話。

So I feel more positive and optimistic around that. At the same time, I would say we remain extremely disciplined. As always, we will certainly not overpay. And our focus ultimately is, of course, on creating value for Enerpac shareholders at the end of the day.

所以我對此感到更積極樂觀。同時，我認為我們仍然保持著高度的自律。我們一如既往，絕對不會支付過高的價格。當然，我們最終的重點還是在於為 Enerpac 的股東創造價值。

(Operator Instructions) There are no further questions at this time. I will now turn the call back over to Paul Sternlieb for closing remarks. Please go ahead.

（操作說明）目前沒有其他問題。現在我將把電話轉回給保羅·斯特恩利布，請他作總結發言。請繼續。

Okay. Well, thanks again for joining us this morning. We will be participating in the CJS New Ideas for the New Year Virtual Conference on January 14 and the Annual ROTH Conference in Laguna Niguel, California in late March. Thank you. And to all our team members around the world, customers, partners and shareholders, best wishes for a wonderful holiday season, and a happy new year.

好的。再次感謝您今天早上收看我們的節目。我們將參加 1 月 14 日舉行的 CJS 新年新思路虛擬會議，以及 3 月下旬在加利福尼亞州拉古納尼格爾舉行的年度 ROTH 會議。謝謝。也祝福我們世界各地的所有團隊成員、客戶、合作夥伴和股東們節日快樂，新年快樂。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。