Enerpac Tool Group Corp. (EPAC) 2026 Q2 法說會逐字稿

Hello, and welcome to Enerpac Tool Group second-quarter fiscal 2026 earnings call. Please note that this call is being recorded. (Operator Instructions)

大家好，歡迎參加 Enerpac Tool Group 2026 會計年度第二季財報電話會議。請注意，本次電話會議將被錄音。(接線員指示)

I'd now like to hand the call over to Darren Kozik, CFO. Please go ahead.

現在我想把電話交給財務長 Darren Kozik。請開始。

Thank you, operator. Good morning, and thank you for joining us for Enerpac Tool Group's earnings call for the second quarter of fiscal 2026. Joining me on the call today is our President and Chief Executive Officer; Paul Sternlieb. 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.

謝謝，接線員。各位早安，感謝各位參加 Enerpac Tool Group 2026 會計年度第二季財報電話會議。今天與我一同出席電話會議的還有我們的總裁兼執行長 Paul Sternlieb。本次電話會議所引用的簡報可於公司網站的投資人關係專區取得，您可下載並同步跟進。今天電話會議的錄音也將於我們的網站提供。

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 will 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 衡量指標。您可在昨日發布的新聞稿中找到 GAAP 與非 GAAP 指標之間的調節表。我們的評論亦將包含前瞻性陳述，可能受商業風險影響而導致實際結果與預期有重大差異。這些風險包括我們最新的 SEC 申報文件中所提及的事項。

Now I will turn the call over to Paul.

現在我將把電話交給 Paul。

Thanks, Darren, and thank you, everyone, for joining us this morning. As we look back at our second-quarter fiscal 2026 performance, there was a lot to be pleased about. Within our Industrial Tools & Service segment or IT&S, product sales accelerated growing 6% organically year over year. That represents the highest growth in products that we've enjoyed in 10 quarters since the fourth quarter of fiscal 2023.

謝謝你，Darren，也感謝各位今天早上加入我們。回顧我們 2026 會計年度第二季的表現，有許多值得肯定之處。在我們的 Industrial Tools & Service（工業工具與服務，IT&S）事業部門中，產品銷售加速成長，年對年有機成長 6%。這是自 2023 會計年度第四季以來、過去 10 個季度中我們產品所享有的最高成長。

Through February, we saw some strengthening in the US market with the PMI reflecting two consecutive months of expansion in the manufacturing sector. Likewise, US industrial distributor survey data through February suggest improving sentiment. At Enerpac, we continue to see favorable trends with overall product order rates growing mid-single digits and gains in each of our three geographic regions.

截至 2 月，我們看到美國市場有所轉強，PMI 顯示製造業連續兩個月擴張。同樣地，截至 2 月的美國工業經銷商調查數據顯示情緒正在改善。在 Enerpac，我們持續看到有利趨勢，整體產品接單率以中個位數成長，且在三個地理區域皆有增長。

Within our Services business, which represented approximately 20% of the IT&S segment in fiscal 2025, we took decisive actions to address the market slowdown in the EMEA region that has weighed on overall growth and profitability. With the announced restructuring, we are rightsizing our Hydratight service operation in the region and reducing headcount to align with current market conditions.

在我們的服務業務方面（於 2025 會計年度約占 IT&S 部門的 20%），我們採取果斷行動，以因應 EMEA 地區市場放緩對整體成長與獲利能力造成的壓力。隨著已宣布的重整計畫，我們正對該地區的 Hydratight 服務營運進行規模調整，並縮減人力以符合目前的市場狀況。

The restructuring will also support our strategic transition toward higher-margin service business and profitable growth objectives. At the same time, we are very pleased to announce a five-year contract award with a major oil and gas company operating in the UK North Sea. Under that contract, which is worth several million dollars annually, we will provide maintenance and pipeline service work.

此次重整也將支持我們策略性轉向更高毛利的服務業務，以及達成獲利性成長目標。同時，我們也非常高興宣布，已獲得一家在英國北海營運之大型油氣公司的五年期合約授標。依據該合約（每年價值數百萬美元），我們將提供維護與管線服務工作。

I'm particularly proud of the fact that we were able to secure this win against significant competition. Much like the Premium Enerpac Tool Brand, our Hydratight brand on the service side is synonymous with superior technical know-how, value-added support and world-class job performance. In fact, the customer indicated that Hydratight was selected for this critical work as they felt we are the only ones who could ensure reliably leak-free results.

我特別自豪的是，我們能在激烈競爭下拿下這項勝利。就如同高端的 Enerpac 工具品牌一樣，在服務端我們的 Hydratight 品牌也代表卓越的技術專業、加值支援與世界級的工作表現。事實上，客戶表示之所以選擇 Hydratight 來執行這項關鍵工作，是因為他們認為只有我們能確保可靠的零洩漏成果。

With that, let me turn the call over to Darren, who will provide more detail on our second-quarter performance as well as geographic and end market trends. Then I'll come back to talk about our progress on the innovation front and our successful presence at ConExpo. Darren?

接下來，我把電話交給 Darren，他將更詳細說明我們第二季的表現，以及各地區與終端市場趨勢。之後我會再回來談談我們在創新方面的進展，以及我們在 ConExpo 的成功亮相。Darren？

Thanks, Paul. As seen on slide 4, Enerpac's second-quarter revenue of $155 million expanded 2% on an organic basis. IT&S sales increased 1% organically as a 6% gain in product sales was offset by a 17% decline in service revenue.

謝謝你，Paul。如投影片 4 所示，Enerpac 第二季營收為 1.55 億美元，以有機基礎計算成長 2%。IT&S 銷售以有機基礎計算成長 1%，其中產品銷售成長 6%，但被服務營收下滑 17% 所抵銷。

And while there's still softness in the industrial MRO end market, we continue to enjoy growth in power generation, infrastructure, and defense end markets on a global basis. At Cortland, shown in the other segment, we continue to capture exceptional growth of 27% in the second quarter due to its ongoing success generating new projects.

雖然工業 MRO（維修、保養與營運）終端市場仍偏疲弱，但我們在全球範圍內於發電、基礎建設與國防等終端市場持續成長。在另一個部門所呈現的 Cortland，我們第二季仍因持續成功取得新專案而實現 27% 的亮眼成長。

Turning to slide 5, which shows our performance by geography. We delivered solid 4% growth in the Americas. Year-over-year growth of nearly 6% on the product side with particular strength in standard products was somewhat offset by an 8% decline in service revenue. On the product side, we were particularly pleased with gains we made with national accounts.

接著看投影片 5，顯示我們按地理區域的表現。美洲地區我們實現穩健的 4% 成長。產品端年對年成長接近 6%，其中標準產品表現尤為強勁，但部分被服務營收下滑 8% 所抵銷。在產品端，我們對於在全國性客戶（national accounts）方面取得的進展尤其感到滿意。

Turning to the EMEA region. Let me first draw your attention to the pie chart on slide 5, which shows the revenue breakdown between product and service for each region in fiscal 2025. Of note, it illustrates the greater relative importance of service in the EMEA region and how its performance significantly affects overall results.

接著看 EMEA 地區。我先請各位注意投影片 5 的圓餅圖，該圖顯示 2025 會計年度各地區產品與服務的營收拆分。值得注意的是，它說明了服務在 EMEA 地區相對更為重要，以及其表現如何顯著影響整體結果。

As such, while product revenue expanded 7% in the EMEA region, with gains for both standard product and HLT, second-quarter revenue in the region was down 1% due to a 21% decline in service revenue. Geographically, on the product side, while conditions were soft in Northern Europe, Southern Europe enjoyed good performance including some project work on the power generation side.

因此，儘管 EMEA 地區產品營收成長 7%，標準產品與 HLT 皆有增長，但由於服務營收下滑 21%，該地區第二季營收仍年對年下滑 1%。就地理分布而言，在產品端，雖然北歐市場狀況偏弱，但南歐表現良好，包括發電領域的一些專案工作。

In Asia Pacific, we resumed the modest growth, led by our products business. While we continue to experience weakness in China, there were several bright spots. In India, we had another strong quarter growing double digits due to strength in steel, process industries, and heavy equipment manufacturing. And in Australia, we continue to benefit from recovering in the core mining sector as well as healthy demand from oil and gas.

在亞太地區，我們恢復溫和成長，主要由產品業務帶動。雖然我們在中國仍持續面臨疲弱，但也有幾個亮點。在印度，由於鋼鐵、流程工業與重型設備製造需求強勁，我們再度迎來強勁的一季，實現雙位數成長。在澳洲，我們持續受惠於核心礦業部門復甦，以及油氣領域的健康需求。

Turning to slide 6. Gross margins declined 410 basis points year over year. While gross margins on the product side remain at healthy levels, overall gross margins were under pressure due to lower volume in our service business.

接著看投影片 6。毛利率年對年下滑 410 個基點。雖然產品端毛利率仍維持在健康水準，但由於服務業務量下降，整體毛利率承受壓力。

On the other hand, SG&A expense continued to reflect a disciplined cost management and benefit from moving resources to our low-cost shared service model. As such, adjusted SG&A declined to 26.4% of revenue compared with 28.3% in the year-ago period. As a result, the adjusted EBITDA margin was 21.3% compared with 23.2% in the year-ago period.

另一方面，SG&A（銷售、一般及行政）費用持續反映出嚴謹的成本管理，並受惠於將資源轉移至低成本的共享服務模式。因此，調整後 SG&A 降至營收的 26.4%，相較去年同期為 28.3%。因此，調整後 EBITDA 利潤率為 21.3%，相較去年同期為 23.2%。

We enjoyed margin improvement in the products business. However, that benefit was offset by pressure in the service business and to a smaller extent, an FX impact of roughly 50 basis points.

我們在產品業務方面享有毛利率改善。然而，該項利多被服務業務的壓力所抵銷，此外還有較小程度的匯率（FX）影響，約為50個基點。

On a per share basis, we reported earnings of $0.31 in the second quarter of fiscal 2026 versus $0.38 in the year-ago period. On an adjusted basis, earnings were $0.39 in both periods. In the second quarter, we booked a restructuring charge primarily related to the service business, totaling $3.3 million. We expect to see the initial benefit of the savings in the third quarter and anticipate a payback period of about one year.

以每股計算，我們在2026會計年度第二季的每股盈餘為0.31美元，對比去年同期為0.38美元。以調整後基礎計算，兩個期間的每股盈餘皆為0.39美元。在第二季，我們認列了一筆重整費用，主要與服務業務相關，合計330萬美元。我們預期在第三季可看到節省成本的初步效益，並預估回收期約為一年。

Turning to the balance sheet, shown on slide 7, Enerpac's position remains extremely strong. Net debt was $89 million at the end of the second quarter, resulting in a net debt to adjusted EBITDA ratio 0.6 times. Total liquidity, including availability under our revolver and cash on hand, was $499 million. Cash flow was strong with year-to-date cash flow from operations of $29 million compared with $16 million in the year-ago period. In addition, year-to-date free cash flow expanded by $18 million from $5 million in the first half of fiscal 2025 to $23 million in the first half of fiscal 2026.

接著看資產負債表（投影片7），Enerpac的財務狀況仍然極為強勁。第二季末淨負債為8,900萬美元，使淨負債對調整後EBITDA比率為0.6倍。總流動性（包含循環信貸額度下的可用額度及手上現金）為4.99億美元。現金流表現強勁，年初至今營運活動現金流為2,900萬美元，對比去年同期為1,600萬美元。此外，年初至今自由現金流增加1,800萬美元，從2025會計年度上半年之500萬美元提升至2026會計年度上半年之2,300萬美元。

During the quarter, we returned significant capital to shareholders, repurchasing $51 million worth of stock. Out of the $200 million authorized by our Board in October of 2025, approximately $135 million remains, and we will continue to opportunistically repurchase stock. Looking ahead, while our product business remains strong, the service side of our business continues to experience pressure in the near term.

本季我們向股東回饋了可觀資本，回購了價值5,100萬美元的股票。在董事會於2025年10月核准的2億美元回購額度中，目前約剩餘1.35億美元，我們將持續在適當時機機動性回購股票。展望未來，雖然我們的產品業務仍然強勁，但短期內服務端業務仍持續承受壓力。

Additionally, we recognize that the evolving conflict in the Middle East could have a direct impact on our business in the region as well as potential ramifications as it relates to global inflation and economic growth. As such, we have narrowed the guidance range for fiscal 2026.

此外，我們也注意到中東地區持續演變的衝突，可能對我們在該區域的業務造成直接影響，並可能在全球通膨與經濟成長方面帶來連帶效應。因此，我們已收斂2026會計年度的財測區間。

We are now guiding to a full-year net sales range $635 million to $650 million that represents organic sales growth of 1% to 3%. But keep in mind that growth rate is composed of solid product growth in the mid-single-digit range or even a bit better, which is offset by projected service contraction in the low to mid-teens range. We are now guiding to adjusted EBITDA of $158 million to $163 million and adjusted EPS of $1.85 to $1.92. We held free cash flow guidance at $100 million to $110 million, given our strong cash flow generation year to date.

我們目前對全年淨銷售額的指引區間為6.35億至6.50億美元，代表有機銷售成長1%至3%。但請記住，該成長率由產品端穩健的中個位數成長（甚至略高）所構成，並被預期服務端低至中十位數的下滑所抵銷。我們目前對調整後EBITDA的指引為1.58億至1.63億美元，調整後每股盈餘（EPS）為1.85至1.92美元。鑑於年初至今強勁的現金流創造能力，我們維持自由現金流指引在1.00億至1.10億美元。

As we look forward, the restructuring and rightsizing of our EMEA service operations will establish a more competitive cost structure and a platform for growth. In addition, through the execution of Powering Enerpac Performance or PEP, we see further opportunities to improve operating efficiency with our continued focus on procurement and the productivity of our manufacturing footprint, which supports our healthy product business.

展望未來，對我們EMEA服務營運的重整與規模調整，將建立更具競爭力的成本結構與成長平台。此外，透過推動「Powering Enerpac Performance」（PEP）的執行，我們看到更多提升營運效率的機會，並持續聚焦於採購以及製造據點的生產力，進而支撐我們健康的產品業務。

With that, let me turn it back to Paul.

接下來，我把時間交回給Paul。

Thanks, Darren. As you may know, we recently exhibited at ConExpo, North America's largest construction trade show. Attendance and engagement were extremely strong. At the event, we demonstrated our latest infrastructure lifting and smart transport solutions, including several newly launched innovations. The conversations with customers were very productive resulting in some meaningful orders booked at the show itself. And this was the first major US trade show where we exhibited our DTA-automated guided vehicles.

謝謝，Darren。如各位所知，我們最近參加了ConExpo展會，這是北美最大的建築業貿易展。出席人數與互動參與度都非常強勁。在活動中，我們展示了最新的基礎建設頂升與智慧運輸解決方案，包括數項新近推出的創新產品。與客戶的交流非常有成效，並在展會現場取得了一些具意義的訂單。而這也是我們首次在美國大型貿易展上展示DTA自動導引車（AGV）。

Among featured solutions included on slide 9 were a new line of split flow pumps, the diesel-powered split flow pump, which we added with the recent acquisition of the Hydra-Pac assets, enables operation without an external power source. As such, it provides greater mobility and application flexibility, which can be a significant advantage for customers across many end markets including infrastructure and power generation.

投影片9所列的重點解決方案之一，是一系列新的分流泵（split flow pumps）。其中柴油動力分流泵是我們透過近期收購Hydra-Pac資產後新增的產品，可在無外部電源的情況下運作。因此，它能提供更高的機動性與應用彈性，對於涵蓋基礎建設與發電等多個終端市場的客戶而言，可能是一項顯著優勢。

We also introduced our battery split flow pump. Not only does it allow for operation without a power source, but it also enables use in enclosed spaces by eliminating emissions and significantly reducing noise. And we also showcased and launched our Intelli-Lift 2.0 wireless gantry controller. With this controller, Enerpac has introduced the world's first software-defined wireless and scalable heavy lift control platform capable of operating up to 8 hydraulic gantry legs in synchronous fashion from a single control unit. It also provides the foundation for recurring software updates, multi-application expansion, and long-term ecosystem value.

我們也推出了電池式分流泵。它不僅可在無電源的情況下運作，還能透過消除排放並大幅降低噪音，使其可用於封閉空間。此外，我們也展示並發布了Intelli-Lift 2.0無線門式起重控制器。透過此控制器，Enerpac推出了全球首個以軟體定義的無線、可擴充重載頂升控制平台，可由單一控制單元同步操作最多8支液壓門式起重支腿。它也為後續的軟體定期更新、多應用擴展，以及長期生態系價值奠定基礎。

In addition, we launched our new Cribbing Rings, our updated Skid Track system and a new Lightweight Toe Jack. These products are just a sample of what's come from our increased and more focused investment in innovation, an effort that continues to respond to our customers' needs and build the strength of the Enerpac brand.

另外，我們也推出了新的墊木環（Cribbing Rings）、更新版Skid Track系統，以及一款新的輕量化趾式千斤頂（Lightweight Toe Jack）。這些產品只是我們加大且更聚焦於創新投資所帶來成果的一部分；這項努力持續回應客戶需求，並強化Enerpac品牌實力。

Before we open the call to your questions, I'd like to thank our team across the globe. I applaud their talent and dedication. I also appreciate each and everyone's role in building a culture of ownership, accountability, and teamwork here at Enerpac Tool Group. Particularly rewarding on a personal note is the way our employee engagement scores have improved every year since 2022 and now exceed industrial manufacturing industry benchmarks. It is our people and shared culture that make Enerpac a premier industrial solutions provider.

在我們開放提問之前，我想感謝遍布全球的團隊。我讚賞他們的才華與投入。我也感謝每一位同仁在Enerpac Tool Group建立「主人翁精神」、問責與團隊合作文化中所扮演的角色。就我個人而言，特別令人欣慰的是，自2022年以來，我們的員工敬業度分數每年都在提升，且目前已超越工業製造業的基準。正是我們的人才與共同文化，使Enerpac成為頂尖的工業解決方案供應商。

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

接下來，我們很樂意回答各位的問題。

(Operator Instructions) Will Gildea, CJS Securities.

（接線員指示）CJS Securities的Will Gildea。

Can you talk about how much of your business comes from the Middle East? And are you seeing an impact in the region due to the current conflict?

你能談談你們有多少業務來自中東嗎？以及目前的衝突是否已對該地區造成影響？

Yeah, sure. So revenue from the Middle East, by the way, including product and service is about 10% of our total revenue for the company. What I'd say on the impact, I mean, we don't obviously know how long this conflict will last and if it would materially impact our outlook for the year. But certainly, it does create a greater level of uncertainty, no doubt.

好的，當然。順帶一提，中東地區的營收（包含產品與服務）約占公司總營收的10%。至於影響，我想說的是，我們顯然不知道這場衝突會持續多久，以及是否會對我們今年的展望造成重大影響。但可以確定的是，它無疑提高了不確定性。

We have seen, since the conflict with Iran, some pause and service work in the Middle East mainly due to inability to access facilities, customers shutting sites or deferring work. And I would say largely, we believe that's work that's been pushed to the right. That work will need to take place. In some cases, given some of the damage to facilities, there will be more work post the conflict.

自從與伊朗的衝突以來，我們看到中東地區出現一些暫停與服務工作延後的情況，主要是因為無法進入設施、客戶關閉場站或延後作業。而我會說，大體上，我們相信這些工作只是被往後推遲。這些工作仍然需要進行。在某些情況下，鑑於設施受損，衝突結束後將會有更多工作。

But beyond the Middle East itself, of course, there are impacts more broadly from higher oil prices inflation, general economic headwinds that the conflict has created. So what I'd say and what I've said to our team is we're working on what we can control, which is obviously keeping our people safe in the region which we are doing and have done, and certainly trying to proactively identify additional commercial opportunities on a global basis to mitigate any impact to our business.

但除了中東本身之外，當然，衝突也帶來更廣泛的影響，例如油價上漲造成的通膨、以及衝突所引發的整體經濟逆風。所以我想說、也一直對我們團隊說的是：我們專注在我們能控制的事情上，也就是確保我們在該地區的人員安全——我們正在做、也已經做到——並且確實嘗試在全球範圍內主動辨識額外的商業機會，以減輕對我們業務的任何影響。

Thank you. That's super helpful. And on the updated guidance, can you provide some more detail on your expectations? And maybe talk about how you're thinking about the cadence from quarter to quarter?

謝謝。這非常有幫助。關於更新後的指引，你能否提供更多對你們預期的細節？也許談談你們如何看待各季度之間的節奏？

Sure, Will. As we kind of look at revenue, I would say in the first place, as we talked about, our product business is very strong. IT&S product in the first half is up 5%. We expect to see mid-single-digit growth for that business for the total year. So we've been very pleased with that performance.

當然可以，Will。就營收來看，首先我會說，如同我們討論過的，我們的產品業務非常強勁。上半年 IT&S 產品業務成長 5%。我們預期該業務全年將呈現中個位數成長。所以我們對這樣的表現非常滿意。

On service, we have continued pressure in the third quarter, okay? But we expect to see a little bit of a rebound in that business in Q4. And as you saw in our prepared remarks, we think that business for the total year will be down a decline of the low to mid-teens, okay? So that's the framework for a revenue perspective.

在服務方面，我們在第三季仍持續承受壓力，好嗎？但我們預期第四季該業務會有一些回升。而如同你在我們事先準備的講稿中看到的，我們認為該業務全年將下滑低到中十位數百分比，好嗎？所以從營收角度來看，這就是我們的框架。

As we look at gross margin, we expect to see sequential improvement into Q3 and then into Q4. That's coming off of roughly 46% and just north of that in Q2. So we expect to see that improvement in the second half.

就毛利率來看，我們預期第三季將較前一季改善，並在第四季進一步改善。這是從第二季約 46% 以及略高於此的水準往上。因此我們預期下半年會看到這樣的改善。

SG&A, when we look at that, obviously, our goal is simple: to maintain or improve SG&A as a percent of sales for the year. So I think that's kind of the framework we have on the lines of the P&L. Obviously, from a free cash flow perspective, strong, strong performance, $23 million, up $18 million year over year. So we held that guidance.

至於 SG&A（銷售、一般及行政費用），我們的目標很簡單：維持或改善 SG&A 佔全年銷售額的比例。所以我認為這就是我們在損益表各項目上的框架。當然，從自由現金流角度來看，表現非常、非常強勁，達到 2,300 萬美元，年增 1,800 萬美元。因此我們維持該指引不變。

As we step back, I think we look at the business, we still see opportunities to improve the margins, okay? We are looking at the service business. We've got ongoing initiatives and procurement that are manufacturing footprint. And obviously, we have PEP running to improve those margins in the second half. That's kind of the framework and how we think about the business.

退一步來看，我認為我們看這項業務時，仍然看到提升利潤率的機會，好嗎？我們正在檢視服務業務。我們在製造據點方面有持續的計畫與採購相關的措施。而且很明顯，我們有 PEP 在推動，以在下半年改善這些利潤率。這大致就是我們的框架，以及我們如何看待這項業務。

Ross Sparenblek, William Blair.

Ross Sparenblek，William Blair。

Good morning. This is Sam Karlov on for Ross. Thanks for taking my question.

早安。我是代替 Ross 的 Sam Karlov。謝謝讓我提問。

I guess starting on the HLT business. I'm curious, specifically, have you seen any project slowdowns as a result of the macroeconomic uncertainty over the past month or so?

我想先從 HLT 業務開始。我很好奇，具體來說，過去一個月左右因總體經濟不確定性，你們是否看到任何專案放緩？

No. Nothing to date, Sam. In fact, our HLT business remains, I would say, quite strong and healthy, good backlog. It's a product line where I would say we're extremely differentiated. We continue to see really robust engagement with customers, good order rate activity. We are also encouraged by activity we see, particularly for HLT in the data center end market.

沒有。截至目前沒有，Sam。事實上，我們的 HLT 業務仍然——我會說——相當強勁且健康，積壓訂單良好。這是一條我們極具差異化的產品線。我們持續看到與客戶非常熱絡的互動，訂單率活動良好。我們也對所看到的活動感到鼓舞，特別是 HLT 在資料中心終端市場的活動。

Although still a relatively small portion of our overall revenue as a company today, we do see good upside opportunities, and we did have good engagement with customers at the ConExpo Show in Las Vegas, specifically around data centers, including some repeat orders.

雖然就公司目前整體營收而言，這仍只佔相對較小的一部分，但我們確實看到良好的上行機會；而且我們在拉斯維加斯的 ConExpo 展會上，與客戶有很好的互動，特別是圍繞資料中心，包括一些重複訂單。

Got it. That's good to hear. I guess switching gears a little bit. We noticed there was some incremental M&A costs as well as some sizable share repurchases in the quarter. Can you give us an update on what your M&A pipeline looks like and maybe update us on your near-term capital allocation priorities?

了解。很高興聽到。我想稍微換個話題。我們注意到本季有一些新增的併購成本，以及相當可觀的庫藏股回購。你能否更新一下你們的併購管線目前看起來如何，並且也更新一下你們短期的資本配置優先順序？

Yeah, absolutely. I can talk about some of the M&A and Darren can talk more broadly around capital allocation. But I think clearly, value-creating M&A remains a very key focus and key part of the overall growth strategy for the company. We continue at any point in time to evaluate interesting opportunities that we think could be value creating and could have synergies and good strategic and financial fit with our company.

好的，當然。我可以談一些併購的部分，而 Darren 可以更廣泛地談資本配置。但我認為很明確的是，能創造價值的併購仍然是公司整體成長策略中非常關鍵的焦點與重要組成。我們持續在任何時間點評估我們認為可能創造價值、並且能帶來協同效益、且在策略與財務上與我們公司高度契合的有趣機會。

Yes, we did incur some more significant costs in the quarter related to different opportunities that we've been evaluating. I would say that we continue to have and cultivate a fairly robust funnel. And at any point in time, we are having a good number of ongoing discussions at various stages of evolution with different target opportunities.

是的，我們本季確實因為評估不同機會而產生了一些較顯著的成本。我會說，我們持續擁有並培養相當強健的案源漏斗。而在任何時間點，我們都與多個不同的目標機會進行中討論，且處於不同的推進階段。

Obviously, it's -- we can't really comment more specifically, but I do feel that the M&A environment overall is robust, that our funnel is extremely robust, and that we're spending certainly appropriate time engaging on that in the marketplace and with particular targets. And of course, as you know, we've got a balance sheet to support from a capital perspective, really anything that we think would be appropriate for the company and our shareholders.

顯然，這——我們無法更具體地評論，但我確實覺得整體併購環境很活躍，我們的案源漏斗也非常強勁；我們也確實投入適當的時間，在市場上以及與特定標的進行接觸。當然，如你所知，我們的資產負債表在資本面也足以支持——基本上——任何我們認為對公司與股東而言合適的交易。

Yeah. Thanks, Paul. I'd just add from a capital allocation perspective. Sam, our first priority is obviously investing organically back in the business. You'll see our CapEx trends there. We want to improve our operations, whether it be IT or in the factory footprint, we are doing that CapEx in the first priority.

好的。謝謝你，Paul。我只想從資本配置的角度補充一下。Sam，我們的第一優先順序顯然是回到業務中進行有機投資。你會在我們的資本支出（CapEx）趨勢中看到這一點。我們希望改善營運，不論是 IT 或是工廠據點，我們都把這些 CapEx 作為第一優先。

I would say then secondly, when we see an opportunity in the market for share repurchase, we'll take it. We obviously saw some of that in Q2. But that doesn't prohibit us from other activities. I mean, you can see our leverage at 0.6 times, you can see we haven't tapped the revolver. So we've got plenty of firepower left for M&A. So we're really consciously balancing all those activities across those there priorities.

我會說其次，當我們在市場上看到股票回購的機會時，我們就會把握。我們在第二季顯然也看到了一些這樣的機會。但這並不會妨礙我們進行其他活動。我的意思是，你可以看到我們的槓桿倍數是0.6倍，你也可以看到我們尚未動用循環信貸額度。所以我們仍然有充足的火力用於併購（M&A）。因此，我們確實是在有意識地在這些優先事項之間取得平衡。

Got it. That's good color. And then quickly one more. Maybe comment on the size and strategic fit of the Hydra-Pac acquisition. It sounds like you guys have added some products using that platform.

了解。這些說明很有幫助。然後再快速問一個。能否談談收購Hydra-Pac的規模以及策略契合度？聽起來你們已經透過那個平台新增了一些產品。

We did. That was really effectively a small tuck-in. It was an asset purchase, really not material in terms of the cost for us to acquire that. But it is a partner we've worked with for a long time. And that particular product line is very additive to what we do.

是的。那基本上是一筆小型的補強式併購（tuck-in）。那是一項資產收購，就我們的收購成本而言其實並不重大。但那是一個我們合作很久的夥伴。而那條特定產品線對我們的業務非常有加成。

It is a specific gap we had in our portfolio on split full pumps powered through alternative sources, in this case, diesel for portability and remote site applications. So we're extremely pleased to get that across the finish line and to be able to announce and show it at ConExpo where we actually did get quite a degree of interest.

那填補了我們產品組合中的一個明確缺口：以替代動力來源驅動的分體式泵浦（split full pumps），在這個案例中是柴油，適用於可攜性與偏遠工地的應用。所以我們非常高興能把這件事順利完成，並能在ConExpo上宣布並展示；我們確實也獲得了相當程度的關注。

It's been a product that's been in the market and successfully so for quite a number of years, but we do believe with Enerpac's global presence, our distribution network and the -- just the strength of our brand overall that we can continue to grow that product line much more significantly. So we were super excited to get that over the line.

這個產品已在市場上多年並且相當成功，但我們確實相信，憑藉Enerpac的全球布局、我們的經銷通路網絡，以及——整體品牌的強勢，我們可以讓這條產品線持續更顯著地成長。所以我們非常興奮能把它敲定。

Tom Hayes, ROTH Capital Markets.

Tom Hayes，ROTH Capital Markets。

Thanks, guys. Good morning. On the service business, I know you guys have taken -- I think you mentioned two restructurings in the past year. Can you maybe just talk about the scope, the payback and kind of where you have the service business position now?

謝謝各位。早安。關於服務業務，我知道你們——我想你們提到過去一年做了兩次重整。能否談談範圍、回收期，以及目前你們把服務業務定位在什麼狀態？

Sure, Tom. We did take two. Our first was in the third quarter of 2025. Now what I would say, that was roughly a $6 million charge, but only about $4 million of that was related to people. That was really global reductions and some of those activities just take time to mature through the business.

當然可以，Tom。我們確實做了兩次。第一次是在2025會計年度第三季。我會說那大約是600萬美元的費用，但其中只有約400萬美元與人員相關。那主要是全球性的縮編，而其中一些措施需要時間才能在業務中逐步發酵。

So as you saw in Q2, our SG&A was rather favorable versus prior year. So we're starting to see some of that come through. Overall, that restructuring had about a 12-month payback, okay?

所以如你在第二季看到的，我們的SG&A相較去年同期相當有利。因此我們開始看到部分效益反映出來。整體而言，那次重整的回收期大約是12個月，好嗎？

Then just in this quarter, we announced another restructuring of just over $3 million. That was primarily tied to our service business. We've seen some pressure there, specifically in Europe and the Middle East. So we did make those adjustments. Now what I will say is that chart, the benefit of that will flow through both direct costs and SG&A just given the nature of our service business.

接著就在本季，我們宣布了另一項略高於300萬美元的重整。那主要與我們的服務業務相關。我們在那裡看到一些壓力，特別是在歐洲與中東。所以我們做了那些調整。我想補充的是，鑑於我們服務業務的性質，其效益將同時反映在直接成本與SG&A上。

So we think from a service perspective, we've got the right footprint now. Obviously, Paul talked about the big deal we've won. So -- and even in our guidance, we think 3Q is going to be tough, but 4Q should be a rebound in our service business. So we think we're in a good spot.

所以從服務的角度來看，我們認為現在已具備合適的布局。當然，Paul也談到我們贏得的一筆大案子。因此——即使在我們的指引中，我們認為第三季會比較艱難，但第四季我們的服務業務應該會反彈。所以我們覺得目前狀況不錯。

Okay. I appreciate the color. And it was a really nice catch up with you guys at ConExpo. The booth was great and seemed busy for the days I was there. But I was just wondering, can you provide a little bit more detail on the pace of the introductions?

好的。謝謝這些補充說明。而且在ConExpo和你們見面交流很棒。展位很不錯，我在那幾天看起來也很忙。但我想問的是，你們能否提供更多關於新品導入節奏的細節？

The new products kind of -- should we expect some impact to the top line this year? Is it more of a next year contribution from the new products?

這些新產品——我們今年是否應該預期對營收（top line）有一些影響？還是說新產品的貢獻會更多落在明年？

Yeah. Thanks, Tom. Yeah, we were extremely pleased with the team's progress on innovation and our ability to launch quite a number of new products at the ConExpo Show, six in total. Those are all really new to market opportunities, not only for Enerpac but in most cases, new to the world in terms of differentiation on the product lines. And we talked about that in our prepared remarks, but some of these are really exciting, extremely differentiated technology that just isn't available to customers today until we launch.

是的。謝謝你，Tom。是的，我們對團隊在創新方面的進展，以及在ConExpo展會上推出相當多新產品的能力感到非常滿意，總共六項。這些都是全新的市場機會，不僅對Enerpac而言是新機會，而且多數情況下就產品線的差異化而言，甚至是世界首創。我們在事先準備的講稿中也提到過，其中有些是非常令人振奮、差異化極高的技術，在我們推出之前，客戶今天其實還無法取得。

So the team has done a great job there. You can see that we're picking up and accelerating the pace of innovation. Last year, we launched five new products in fiscal '25. I think we said last quarter, we hope to come close to doubling that. Obviously, we're well on pace, first half of the year with six already launched.

所以團隊在這方面做得很出色。你可以看到我們正在提升並加速創新的節奏。去年，我們在2025會計年度推出了五項新產品。我想我們上季說過，希望能接近翻倍。很明顯地，我們進度良好，上半年就已經推出六項。

We do have more products planned for launch in the back half of this fiscal year. So stay tuned on that. But I think that is the benefit of our very focused investment that we've been making in innovation, the investments we made behind our innovation lab [through our] headquarters in Milwaukee, our pro type facilities, et cetera, that's really allowing us to dramatically increase the pace of innovation and reduce the time to market, just with the ability to do prototyping kind of on the fly in real time and effectively overnight in many cases on parts.

在本會計年度下半年，我們還規劃推出更多產品。所以敬請期待。但我認為，這正是我們在創新上非常聚焦投資所帶來的成果：我們在密爾瓦基總部後方的創新實驗室、我們的原型（prototype）設施等方面的投資，讓我們能大幅提升創新速度並縮短上市時間；因為我們具備即時、隨時進行原型製作的能力，許多情況下甚至能在零件層面有效做到隔夜完成。

So in terms of the incremental revenue, as typical for our markets and Enerpac products, most new products we launched, frankly, take multiple years to ramp for a few reasons. One, it's just the nature of our end markets seeding these products and customers taking time to understand them and then to trial them and then ultimately buy them in bigger quantities.

至於增量營收，依我們市場與Enerpac產品的一般情況，坦白說，多數新產品推出後都需要好幾年才能放量，原因有幾個。第一，這就是我們終端市場的特性：需要時間把產品導入市場，客戶也需要時間了解產品、進行試用，最後才會以更大的數量採購。

Secondly, of course, we globalize them over time and commercialize them in different regions where we're operating in. And that does take time for us to be able to, in some cases, get certifications and get inventory levels at the appropriate amounts depending on the country or the region. Even with products that we've launched over the last two or three years, we continue to see those ramp commercially quarter over quarter.

第二，當然，我們會隨時間推進把產品全球化，並在我們營運的不同區域進行商業化。而這需要時間，因為在某些情況下我們必須取得認證，並依不同國家或地區把庫存水位建立到適當的量。即使是我們在過去兩到三年推出的產品，我們仍持續看到它們在商業化上逐季爬坡。

So we will see some revenue benefit, I believe, in the second half of this year from these products launch, but it's not going to be hugely meaningful. Again, we expect to see more significant benefit over the next 12, 24, 36 months.

因此，我們相信這些產品上市將在今年下半年帶來一些營收上的助益，但不會是非常顯著的貢獻。同樣地，我們預期在接下來的 12、24、36 個月會看到更為明顯的效益。

Okay. Great. Appreciate the color. And maybe if I could just throw one more in there. Is there anything you can talk about a little bit about the new UK service contract, maybe timing of when that's going to begin and kind of any expected financial impact?

好的。很好。感謝分享這些細節。另外如果我可以再補問一個問題。關於英國新的服務合約，您是否能再多談一點，例如大概何時開始，以及預期的財務影響？

Yeah. We were, again, very pleased with that, very competitive process, great customer. And as we referenced, this is a five-year award that we were given that is worth several million dollars per year. And we were awarded really on the basis of our technical proficiency and world-class performance. And so that is, I think, extremely exciting. We do expect to start to see revenue flow from that contract in Q4 of this fiscal year. And as I said, that will run for about five years.

是的。我們同樣對此感到非常滿意，這是一個競爭非常激烈的流程，客戶也很優秀。如同我們提到的，這是一個為期五年的合約授予，我們每年價值達數百萬美元。我們獲選主要是基於我們的技術能力與世界級的績效表現。所以我認為這非常令人振奮。我們確實預期在本財政年度第四季開始看到該合約帶來的營收進帳。如我所說，這份合約將執行約五年。

And of course, that's not the only thing, obviously, in that market we've been working on as we referenced in last quarter's call. Although we've had our challenges in the service business in EMEA, particularly, our team commercially has been hard at work and trying to offset that with additional opportunities. And this is just one great example we wanted to highlight that we thought was quite meaningful.

當然，這並不是唯一的一件事；顯然，在該市場我們也一直在推進其他工作，正如我們在上一季電話會議中提到的。儘管我們在 EMEA 的服務業務確實面臨一些挑戰，尤其是如此，但我們的商務團隊一直努力不懈，試圖透過額外機會來抵銷影響。而這就是我們想特別強調的一個很好的例子，我們認為它相當有意義。

(Operator Instructions) Steve Silver, Argus Research.

（接線員指示）Argus Research 的 Steve Silver。

Paul, it was great to hear about the strong leads and the industry response coming out of ConExpo. I'm curious, including the new leads that you've also previously discussed coming out of the DTA acquisition, can you discuss a little bit about the current lead pipeline versus any historical trends there?

Paul，很高興聽到 ConExpo 帶來強勁的潛在客戶線索以及產業的正面回應。我想請教，包含您先前也提到 DTA 併購所帶來的新線索在內，您能否談談目前的線索管線相較於過往的歷史趨勢如何？

Yeah. Good morning, Steve. Thanks for the question. Yes, I would reference back actually to our Enerpac Commercial Excellence or ECX program. And that has really been the foundation that we've set for Commercial Excellence and how we drive kind of lead management, lead cultivation here at Enerpac globally across all our regions. And we've really seen that significantly strengthen, I'd say, over the past year.

好的。早安，Steve。謝謝你的提問。是的，我會回到我們的 Enerpac Commercial Excellence（ECX）計畫。這一直是我們在 Enerpac 推動商務卓越的基礎，也就是我們如何在全球各區域推動線索管理與線索培育。而我會說，在過去一年我們確實看到它顯著強化。

That's a program that we built proprietary for Enerpac. We first rolled out in the Americas region and then over the last year or so more globally. And we use that to manage our funnel process and drive lead conversion. But with our CRM, we use salesforce.com to track all of our leads globally. We can get real-time dashboards on quantity, quality of leads, conversion rates, days on stage, all sorts of interesting stats that give us kind of some leading indicators around health of our pipeline.

這是一個我們為 Enerpac 自行打造的專有計畫。我們先在美洲地區推行，然後在過去一年左右推廣到更全球的範圍。我們用它來管理我們的漏斗流程並推動線索轉換。此外，在 CRM 方面，我們使用 salesforce.com 來追蹤全球所有線索。我們可以取得即時儀表板，查看線索的數量、品質、轉換率、各階段停留天數等各種有趣的統計數據，這些都能提供我們一些關於管線健康狀況的領先指標。

And what I'd say broadly is that's looking quite favorable. And then, of course, you see that more of a lagging indicator in order rates, which again, we referenced in our prepared remarks, the order rates in the quarter were strong with strong growth in every single region year over year.

整體而言，我會說目前看起來相當有利。當然，你也會在訂單率這類較落後的指標上看到反映；正如我們在事先準備的發言中提到，本季訂單率表現強勁，且各個地區的年增率都呈現強勁成長。

So I'm really encouraged by the progress that our team has made commercially on ECX. I think it is having a real impact for us is driving focus on our commercial team, and it's making sure that we follow up in a timely manner as we generate new leads.

因此，我對我們團隊在 ECX 的商務推進成果感到非常鼓舞。我認為它確實對我們產生了實質影響：讓商務團隊更聚焦，也確保我們在產生新線索後能及時跟進。

We also have some interesting opportunities, by the way, where we're piloting some implementation of AI in our business, specifically on the front end around lead generation. And I think we'll see that continue to bear some additional fruit for us in terms of new lead identification qualification over the next few quarters.

另外順帶一提，我們也有一些很有意思的機會：我們正在業務中試行導入 AI，特別是在前端、也就是線索生成方面。我認為在接下來幾個季度，我們會看到它在新線索辨識與資格判定方面，持續為我們帶來一些額外成果。

Great. Thanks for the color. And one more, if I may, for Darren. The tax rate -- the tax guidance range for fiscal 2026 is pretty fairly wide at this point. While you narrowed the guidance range operationally is there anything you can discuss in terms of jurisdictions or any puts and takes around the tax guidance range at this point of the year?

很好。謝謝分享這些細節。如果可以的話，我還想再問 Darren 一題。目前財政年度 2026 的稅率——稅務指引區間看起來相當寬。在您已經把營運面的指引區間縮窄的情況下，現階段您是否能談談稅務指引區間的因素，例如涉及哪些司法管轄區，或目前這個時間點有哪些拉抬與抵銷的因素？

Yeah. I think from an overall tax guidance perspective, we kept the range. There's obviously tax planning that's underway and it's always difficult to determine when some of those things will happen. So we do keep that range a little bit wider. From One Big Beautiful Bill perspective, we don't see a significant impact on rates, a little bit of benefit on cash there, which we baked in our guidance, but we did hold that rate at 21% to 26%.

是的。我想就整體稅務指引而言，我們維持原本的區間。顯然目前正在進行稅務規劃，而要判斷其中一些事項何時會發生一向不容易。因此我們會把這個區間保留得稍微寬一些。就「One Big Beautiful Bill」的角度來看，我們不認為對稅率會有重大影響；在現金方面會有些微好處，我們已納入指引之中，但我們仍將稅率維持在 21% 到 26%。

Thank you. I'd now like to hand the call over to Paul for final remarks.

謝謝。接下來我想把電話交給 Paul 做最後結語。

Okay. Well, thank you again for joining us this morning. And if you have any follow-up questions, please feel free to reach out directly to Darren, and have a great day.

好的。再次感謝各位今天早上參與。如果你們有任何後續問題，歡迎直接聯繫 Darren，祝各位有美好的一天。

Thank you for attending today's call. You may now disconnect. Good-bye.

感謝參加今天的電話會議。您現在可以掛線。再見。