ESAB Corp (ESAB) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the ESAB third-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 ESAB 2025 年第三季財報電話會議。（操作說明）

I'd now like to turn the call over to Mark Barbalato, Vice President of Investor Relations. You may begin.

現在我將把電話交給投資者關係副總裁馬克·巴爾巴拉托。你可以開始了。

Thanks, operator. Welcome to ESAB's third-quarter 2025 earnings call. This morning, I'm joined by our President and CEO, Shyam Kambeyanda; and CFO, Kevin Johnson.

謝謝接線生。歡迎參加ESAB 2025年第三季財報電話會議。今天上午，我的嘉賓是我們的總裁兼執行長 Shyam Kambeyanda 和財務長 Kevin Johnson。

Please keep in mind that some of the statements we are making are forward-looking and are subject to risks, including those set forth in today's SEC filings and today's earnings release. Actual results may differ, and we do not assume any obligation or intend to update these forward-looking statements, except as required by law.

請注意，我們所做的一些陳述是前瞻性的，並且存在風險，包括今天提交給美國證券交易委員會的文件和今天的收益報告中列出的風險。實際結果可能有所不同，除法律要求外，我們不承擔任何更新這些前瞻性聲明的義務或意圖。

With respect to any non-GAAP financial measures mentioned during the call today, the accompanying reconciliation information related to those measures can be found in our earnings press release and today's slide presentation.

對於今天電話會議中提到的任何非GAAP財務指標，與這些指標相關的隨附調節資訊可以在我們的獲利新聞稿和今天的幻燈片簡報中找到。

With that, I'd like to turn the call over to our President and CEO, Shyam Kambeyanda.

接下來，我想把電話交給我們的總裁兼執行長沙姆·坎貝揚達。

Thank you, Mark, and good morning, everyone. ESAB delivered another solid quarter and returned to positive organic growth. We executed EBX with discipline in a dynamic environment, closed the acquisition of EWM earlier than anticipated, advancing our shift into equipment and furthering our compounder journey. As a result, we're raising our full-year guidance. Let me take a moment to thank all of our associates as all of this would not have been accomplished without their passion and commitment to achieving our shared vision for ESAB.

謝謝你，馬克，大家早安。ESAB 又一個季度業績穩健，恢復了正向內生成長。我們在動態的環境中以嚴謹的態度執行了 EBX 項目，比預期更早完成了對 EWM 的收購，推進了我們向設備領域的轉型，並進一步深化了我們的複合材料業務。因此，我們上調了全年業績預期。請允許我藉此機會感謝我們所有的同事，如果沒有他們的熱情和對實現我們共同願景的奉獻精神，這一切都不可能實現。

During the third quarter, sales rose 8% to $687 million. More importantly, organic sales increased 2% year over year, reflecting solid sequential improvement in the Americas and continued strength in EMEA and APAC, driven by our high-growth markets. Adjusted EBITDA increased 7% to $133 million, reflecting strong execution on margin, some additional tariff impact in the Americas, as well as continued investment in sales and AI initiatives, all accelerating our mix into equipment and gas control.

第三季度，銷售額成長8%至6.87億美元。更重要的是，有機銷售額年增2%，反映出美洲地區環比穩健成長，以及歐洲、中東和非洲地區以及亞太地區在高成長市場的推動下持續強勁成長。經調整的 EBITDA 成長 7% 至 1.33 億美元，反映出利潤率的強勁成長、美洲地區關稅的進一步影響，以及對銷售和人工智慧計畫的持續投資，所有這些都加速了我們向設備和氣體控制領域的業務組合。

The recently closed EWM acquisition brings high-level talent, unmatched technology, and highly accretive gross margins to ESAB. Our transition team are using our proven EBX integration process, and we're collaborating on growth, cross-selling opportunities as well as margin expansion initiatives. That said, there's more work to be done on our compounded journey, but I'm pleased to say that our pipeline is rich, and I'm confident in our ability to execute on our strategy and deliver long-term shareholder value.

最近完成的對 EWM 的收購為 ESAB 帶來了高水平人才、無與倫比的技術和高增值毛利率。我們的過渡團隊正在使用我們成熟的 EBX 整合流程，並且我們正在合作開展成長、交叉銷售機會以及利潤率提升計劃。儘管如此，我們在複合發展道路上還有更多工作要做，但我很高興地說，我們的產品線非常豐富，我對我們執行策略和為股東創造長期價值的能力充滿信心。

Turning to slide 4. Let me give you a few examples of our team living our purpose and values of shaping the world we imagine. First, let me talk about our Remake This Town initiative that just launched in Chicago with Doorways2Destiny, a citywide installation of 16 steel doors, each stands over 10 feet tall and weighs roughly 3,000 pounds, and doubles as a job connector through the My Chicago and My Future apps, linking youth to apprenticeships, to internships, and jobs in real time.

翻到第4張投影片。讓我舉幾個例子來說明我們的團隊是如何實踐我們的宗旨和價值觀，塑造我們所憧憬的世界的。首先，我想談談我們剛剛在芝加哥啟動的“重塑這座城市”計劃，該計劃名為“通往命運之門”（Doorways2Destiny），在全市範圍內安裝了 16 扇鋼門，每扇門都超過 10 英尺高，重約 3000 磅，並且通過“我的實時”和“我的未來工作”應用程序和就業平台。

In partnership with BUILD Chicago and Chicago YMCA, the doors appeared at YMCAs, schools, galleries and community centers. Welder underground led installations, and local artists transform the doors into public art. Youth engaged through welding demos, hands-on stations, collaborative art making and resource pop ups.

與 BUILD Chicago 和 Chicago YMCA 合作，這些門出現在 YMCA、學校、畫廊和社區中心。Welder 在地下安裝了照明裝置，當地藝術家將大門改造成公共藝術品。透過焊接演示、動手實作站、合作藝術創作和資源快閃店等活動，讓青少年參與其中。

The mobile welding studio bus turned the streets into open-air classrooms and local welders joined following an online call to action. This tour directly addresses well the shortage, we convert curiosity into careers through paid internship pathways, industry certifications, mentorship from experienced craftsman and craftswomen, young people meet employers start with summer opportunities and progress into long, well-paid careers in skilled trades. We're expanding the pipeline globally with partners such as Vilnius Tech, Riga Tech, and Burnley College, where students learn on ESAB equipment and on credentials that travel. ESAB is committed to building strong skills, strong wages and strong communities. This is a fantastic initiative. I'm really proud of our teams, their creativity and engagement.

移動焊接工作室巴士將街道變成了露天教室，當地的焊工們響應網路上的號召紛紛加入。這次巡迴活動直接有效地解決了人才短缺問題，我們透過帶薪實習途徑、行業認證、經驗豐富的工匠和女工匠的指導，將好奇心轉化為職業，年輕人與雇主見面，從暑期實習機會開始，逐步發展成為技術行業中長期、高薪的職業。我們正在與維爾紐斯理工學院、裡加理工學院和伯恩利學院等合作夥伴在全球擴展人才培養管道，學生將使用 ESAB 設備進行學習，並獲得可全球通用的證書。ESAB致力於培養高技能人才，提高工資水平，並建立強大的社區。這是一個非常棒的舉措。我為我們的團隊、他們的創造力和敬業精神感到非常自豪。

Transitioning back to our numbers and turning to slide 5. In the Americas, total sales increased and organic growth was positive year over year, with a clear sequential improvement from Q2 as expected. The US delivered mid-single-digit growth and equipment and automation grew mid-single digits across the region. This momentum is notable given that Q3 is typically our seasonal trough due to summer shutdowns. Mexico remained stable, and South America performed in line with expectations.

回到我們的資料部分，請翻到第 5 張投影片。在美洲，總銷售額增長，有機增長同比增長，並且如預期那樣，比第二季度有了明顯的環比改善。美國實現了中等個位數的成長，整個地區的設備和自動化也實現了中等個位數的成長。考慮到第三季度通常是由於夏季停工造成的淡季，這一增長勢頭尤為顯著。墨西哥經濟維持穩定，南美洲經濟表現符合預期。

Moving to slide 6 to discuss EMEA and APAC. Our unparalleled global footprint continues to show its strength. EMEA and APAC delivered volume growth of 4%, supported by strong execution in high-growth markets and high single-digit growth in equipment and automation. We're seeing renewed investment and activity in Europe, and we expect developing market GDP over the next five years to outpace developed markets by roughly 2x. ESAB is well positioned to capture that differential.

接下來轉到第 6 張投影片，討論 EMEA 和 APAC 地區。我們無與倫比的全球影響力持續展現其實力。EMEA 和 APAC 的銷量成長了 4%，這得益於高成長市場的強勁執行力以及設備和自動化領域的高個位數成長。我們看到歐洲的投資和活動正在復甦，我們預計未來五年發展中市場的 GDP 將比已開發市場快約 2 倍。ESAB 完全有能力抓住這一差異化優勢。

Turning to slide 7. As mentioned before, we completed the acquisition of EWM, a premier provider of advanced arc welding and robotic solutions. EWM adds React technology that I've mentioned before, an innovation that can deliver 100% faster well speeds and 2x times the deposition rates and roughly 35% lower heat input versus traditional short arc processes. Customers see higher productivity, lower fume and improved quality. The impact is visible on the shop floor. EWM React is changing workflows.

翻到第7張投影片。如前所述，我們已完成對 EWM 的收購，EWM 是一家領先的先進弧焊和機器人解決方案供應商。EWM 增加了我之前提到的 React 技術，這項創新與傳統的短弧製程相比，可以實現 100% 更快的井速、2 倍的沉積速率以及大約 35% 更低的熱輸入。客戶可以看到更高的生產效率、更少的煙霧和更好的產品品質。這種影響在生產車間顯而易見。EWM React正在改變工作流程。

Combined with ESAB consumables, torches and our InduSuite digital overlay, we deliver an end-to-end ecosystem that is hard to match. The teams are executing our EBX playbook for integration and advancing EBX driven margin initiatives that we expect to see positive impact from in 2026.

結合 ESAB 耗材、焊槍和我們的 InduSuite 數位疊加層，我們提供了一個難以匹敵的端對端生態系統。各團隊正在執行我們的 EBX 整合方案，並推進 EBX 驅動的利潤率計劃，我們預計這些計劃將在 2026 年產生積極影響。

On that positive note, let me hand it to Kevin, who will take you through the financial details.

有了這些正面的方面，接下來就交給凱文，他將為大家詳細介紹財務細節。

Thanks, Shyam, and good morning. Let's turn to slide number 8 to discuss our financial performance. We are pleased to have completed the EWM acquisition ahead of schedule, which contributed approximately 2 points of growth and roughly $1 million in adjusted EBITDA within our Q3 results. Our ESAB and EWM teams have begun the integration process as part of our commitment to strengthening our collective equipment and automation portfolios, enabling us to provide our customers with an unparalleled solution.

謝謝，Shyam，早安。讓我們翻到第 8 張投影片，討論一下我們的財務表現。我們很高興提前完成了對 EWM 的收購，這為我們第三季的業績帶來了約 2 個百分點的成長和約 100 萬美元的調整後 EBITDA。作為我們致力於加強整體設備和自動化產品組合的一部分，我們的 ESAB 和 EWM 團隊已經開始整合流程，以便為客戶提供無與倫比的解​​決方案。

Turning to our results. We experienced a return to organic growth as expected, with a 2% increase in organic sales. We continue to benefit from robust market demand in our high-growth markets within EMEA and APAC and delivered mid-single-digit growth in our US business, while our other regions performed as expected. Total sales increased by 800 basis points year over year, supported by organic growth, contributions from acquisitions, including EWM and favorable currency movements. The adjusted EBITDA margin was reduced by [about] 20 basis points due to the impact of EWM, while our (technical difficulty) business delivered expected profitability supported by EBX and our strong global execution.

接下來來看看我們的結果。如預期，我們實現了有機成長，有機銷售額成長了 2%。我們繼續受益於歐洲、中東和非洲以及亞太地區高成長市場的強勁市場需求，並在美國業務中實現了中等個位數的成長，而我們其他地區的業績也符合預期。受內生成長、收購（包括 EWM）的貢獻以及有利的匯率變動支持，總銷售額年增 800 個基點。受 EWM 的影響，調整後的 EBITDA 利潤率下降了約 20 個基點，而我們的（技術困難）業務在 EBX 和我們強大的全球執行力的支持下實現了預期的盈利能力。

Turning to slide number 9 to discuss our Americas segment. Organic sales in the Americas rose mainly from strong US equipment and automation growth as well as price discipline. Acquisitions added 300 basis points, offsetting FX. Adjusted EBITDA margin was 19.6%, which included ongoing investment for long-term growth and a drag driven by price/cost dynamics related to tariffs. We have launched several EBX cost and restructuring initiatives in Q4 and expect strong margin improvement in 2026 as volumes improve.

接下來請翻到第 9 張投影片，討論我們的美洲業務部分。美洲地區的有機銷售成長主要得益於美國設備和自動化產業的強勁成長以及價格紀律。收購增加了 300 個基點，抵消了外匯影響。調整後的 EBITDA 利潤率為 19.6%，其中包括為長期成長而進行的持續投資，以及與關稅相關的價格/成本動態所帶來的拖累。我們在第四季度推出了多項 EBX 成本和重組計劃，預計隨著銷售量的提高，2026 年利潤率將大幅提高。

Moving to slide number 10 to discuss our performance in EMEA and APAC. Sales grew 14% year over year to $395 million, driven by growth in Asia, India, and the Middle East as well as our recent acquisitions, including EWM. Organic sales were up 3%, with volume increasing 4%. Adjusted EBITDA margin expanded to 19.3%, rising 40 basis points year over year. Excluding EWM, it would have been 19.7%, an 80 basis point gain. Our global teams continued to execute strongly with optimism for further strong growth in 2026.

接下來請看第 10 張投影片，討論我們在歐洲、中東和非洲地區以及亞太地區的表現。銷售額年增 14% 至 3.95 億美元，這主要得益於亞洲、印度和中東地區的成長以及我們最近的收購，包括 EWM。有機產品銷售額成長了 3%，銷量成長了 4%。經調整的 EBITDA 利潤率擴大至 19.3%，較去年同期成長 40 個基點。若剔除 EWM，漲幅將達到 19.7%，即 80 個基點。我們的全球團隊持續保持強勁的執行力，並對2026年進一步的強勁成長充滿信心。

Moving to slide number 11 to discuss our cash flow. Free cash flow conversion exceeded 100% this quarter, driven by a strong team performance. We successfully expanded and extended our credit facilities early in Q4, increasing ESAB's long-term financial flexibility. We aim to use our seasonally strong Q4 cash flow to reduce net leverage to 1 to 2 times and position ESAB for accelerated M&A activity in 2026.

接下來請看第 11 張投影片，討論我們的現金流。本季自由現金流轉換率超過 100%，主要得益於團隊的優異表現。我們在第四季度初成功擴大和延長了信貸額度，提高了ESAB的長期財務靈活性。我們計劃利用第四季度強勁的現金流，將淨槓桿率降低至 1 至 2 倍，使 ESAB 能夠在 2026 年加速併購活動。

Turning to slide number 12 to discuss our 2025 guidance. Based on our year-to-date performance and the successful completion of the EWM acquisition, we have raised our full-year guidance. We expect total sales of $2.71 billion to $2.73 billion, reflecting around 1 point of organic growth, a modest FX improvement, and the EWM acquisition. Adjusted EBITDA is $535 million to $540 million, including approximately $3 million from EWM. We will be investing in EWM over the next year to drive synergies for our white paper, and we expect a better than 10% ROIC within three years.

接下來請看第 12 張投影片，討論我們的 2025 年指引。根據我們今年迄今的業績以及成功完成對 EWM 的收購，我們提高了全年業績預期。我們預計總銷售額為 27.1 億美元至 27.3 億美元，其中約 1 個百分點來自內生成長，匯率略有改善，以及對 EWM 的收購。調整後的 EBITDA 為 5.35 億美元至 5.4 億美元，其中包括來自 EWM 的約 300 萬美元。我們將在未來一年內投資 EWM，以推動我們白皮書的協同效應，我們預計三年內投資回報率將超過 10%。

Adjusted EPS has been tightened to between $5.20 and $5.30, reflecting improved profit offset by increased interest expense due to EWM. Additionally, free cash flow has been changed to around 95% because of EWM. ESAB continues to accelerate investments to drive both organic growth and M&A as we focus on delivering long-term shareholder value.

經調整後的每股盈餘已收緊至 5.20 美元至 5.30 美元之間，反映出利潤改善被 EWM 帶來的利息支出增加所抵消。此外，由於 EWM 的實施，自由現金流已調整至 95% 左右。ESAB 將繼續加速投資，以推動內生成長和併購，因為我們專注於為股東創造長期價值。

With that, let me hand back to Shyam on slide 13 to wrap up.

那麼，接下來就交給 Shyam，讓他從第 13 張投影片開始總結。

Thank you, Kevin. Our path is consistent and proven. Our global footprint is an advantage, about 80% of our manufacturing is in region for region, which reduces tariff impact, shortened lead times, and support share gains. EBX discipline continues to drive pricing, supply chain performance, and productivity. We continue to have a robust list of productivity and transformational projects.

謝謝你，凱文。我們的道路始終如一，並且已被證明行之有效。我們的全球佈局是一項優勢，我們約 80% 的生產都在區域內進行，這降低了關稅影響，縮短了交貨時間，並有助於提高市場份額。EBX 紀律持續推動定價、供應鏈績效和生產力。我們持續推動一系列旨在提高生產力和實現轉型升級的項目。

And this year, we're integrating AI into EBX to raise the bar. We're shifting our mix towards equipment and gas control, building a higher margin, less cyclical enterprise aimed at 22-plus EBITDA margins by 2028 or sooner. We've have closed four acquisitions this year Bavaria, Delta P, Aktiv, and EWM, expanding proprietary consumables, medical gas, and welding equipment. The funnel remains healthy and discipline.

今年，我們將人工智慧融入 EBX，以提升其標準。我們正在將業務組合轉向設備和天然氣控制，打造利潤率更高、週期性更小的企業，目標是在 2028 年或更早實現 22% 以上的 EBITDA 利潤率。今年我們完成了四項收購，分別是 Bavaria、Delta P、Aktiv 和 EWM，擴大了專有耗材、醫用氣體和焊接設備的業務範圍。管道保持暢通和紀律嚴明。

Our third-quarter performance shows resilience and strength of our enterprise. We returned to organic growth, closed EWM early, raised our guidance, and have had a solid start to Q4. We're accelerating EBX, integrating EWM, and using strong cash flow and a flexible balance sheet to advance our compounder journey. ESAB is built to perform, adapt, and win.

我們第三季的業績展現了公司的韌性和實力。我們恢復了內生成長，提前結束了EWM項目，提高了業績預期，並且第四季度開局穩健。我們正在加速 EBX 的發展，整合 EWM，並利用強勁的現金流和靈活的資產負債表來推進我們的複合成長之旅。ESAB 旨在高效運作、靈活應變並取得成功。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions) Bryan Blair, Oppenheimer.

（操作說明）布萊恩·布萊爾，奧本海默。

Sequential improvement in Americas, this is obviously good to see. There was obviously some consternation last quarter regarding deferred automation shipments and then selling into Mexico. To what extent did your team catch up on that $15 million or so in combined revenue during Q3? And are there any lingering risks or concerns on either front?

美洲地區持續改善，這顯然是件好事。上個季度，自動化產品出貨延遲以及向墨西哥銷售產品的問題顯然引起了一些擔憂。您的團隊在第三季實現了追回約 1500 萬美元總收入的目標，具體進展如何？這兩個方面是否還存在任何潛在的風險或隱憂？

Bryan, the way to think about it is there was a bit of catch-up, but not much. Really, it was good execution from our teams, a lot more focus on some commercial excellence within the teams. Mexico stabilized. We continue to sort of drive some of our sales initiatives, and we talked about equipment and automation doing well. We did catch up to a little bit of that automation pushout, but not all of it.

布萊恩，你可以這樣理解：我們確實有一些追趕的跡象，但不多。確實，我們團隊執行得很好，團隊內部也更重視商業上的卓越表現。墨西哥局勢穩定。我們繼續推進一些銷售計劃，我們討論了設備和自動化方面進展順利的情況。我們確實趕上了一些自動化推廣工作，但還沒有全部趕上。

We think that sort of kind of feeds in into Q4 and a little bit into Q1. So all in all, we felt really good about the print that we had in the Americas. Overall, as you know, South America performed as expected. Mexico performed as expected. We obviously had some momentum in the US market. And so feeling really good about the team, our execution plans and our start to Q4.

我們認為這在某種程度上會影響到第四季度，並對第一季產生一定影響。總而言之，我們對在美洲的印刷效果非常滿意。總的來說，如你所知，南美洲的表現符合預期。墨西哥隊的表現符合預期。我們顯然在美國市場取得了一定的發展動能。因此，我對團隊、我們的執行計劃以及第四季度的開局都感到非常滿意。

I appreciate the color. The strategic fit of EWM seems quite powerful. It's nice that your team can begin integration a little earlier than anticipated. That in mind, how should we think about the year one deal model?

我喜歡這個顏色。EWM的策略契合度似乎相當高。很高興你們團隊能夠比預期更早開始整合工作。考慮到這一點，我們應該如何看待第一年的交易模式？

I suspect cross-selling will be a solid lever at least over time. We know gross profit is very strong. It does seem like there's some relatively heavy-handed work to be done on SG&A structure. Just curious how we should think about those moving parts through the first year and perhaps the first couple of years?

我懷疑交叉銷售至少從長遠來看會是一個有效的槓桿。我們知道毛利非常強勁。看來銷售、一般及行政費用結構方面確實需要進行一些比較徹底的調整。我只是好奇，在第一年甚至前幾年裡，我們該如何看待這些不斷變化的因素？

Yes. I'll let Kevin talk about the modeling piece. But let me just talk about EWM as a business. Really strong gross margins, better than 45%. So really thrilled about the gross margin percentage within the business. Really excited about the reception we received at Essen plus some customers globally. In almost every geographic region, our sales teams are now pulling on the product line, which is excellent to see.

是的。關於建模部分，就讓凱文來談談。但我想先談談EWM這家公司的狀況。毛利率非常高，超過 45%。我對公司的毛利率感到非常興奮。也對我們在埃森車展以及全球部分客戶那裡獲得的正面反應感到非常興奮。在幾乎所有地區，我們的銷售團隊都在積極推廣產品線，這令人欣喜。

The third thing that I would say to you is and a lesson that we have learned over time is that we have to invest in the front end early to drive some of the growth pieces, and that's what we're doing. And you heard in our commentary, we're talking about growth initiatives and growth incentives that we're going to put in place to drive equipment sales and accelerate that mix.

我想說的第三點是，我們隨著時間的推移學到的一個教訓是，我們必須儘早投資於前期，以推動一些成長項目，而這正是我們正在做的。正如你們在我們的評論中聽到的，我們正在討論我們將要實施的成長計劃和激勵措施，以促進設備銷售並加速產品組合的調整。

I'll let Kevin talk about the modeling piece.

關於建模部分，就讓凱文來談談。

Yes, Bryan, as I mentioned on the call, our expectation this year for EWM is around $3 million of profit. And obviously, again, as I mentioned, we are making some investments in that business, and we'll continue to make those investments over the next 12 months as we drive the business to its 10% ROIC target by year three.

是的，布萊恩，正如我在電話會議上提到的，我們預計 EWM 今年的利潤約為 300 萬美元。顯然，正如我剛才提到的，我們正在對該業務進行一些投資，並且在接下來的 12 個月裡，我們將繼續進行這些投資，以推動該業務在第三年實現 10% 的投資回報率目標。

But what I can say, we've been under the [knife] for about a month, and we're actually seeing some tremendous opportunities, both on the top line and also synergies right across the business, both not only in SG&A, but also within gross profit. So I think when we come to give our guidance in the first quarter, I think we'll be in a better position to build all of those into our model and provide those to you in Q1 next year.

但我可以透露的是，我們已經進行了大約一個月的調整，並且確實看到了巨大的機遇，無論是在營收方面，還是在整個業務範圍內的協同效應方面，不僅體現在銷售、管理及行政費用（SG&A）方面，也體現在毛利潤方面。因此，我認為當我們發布第一季業績指引時，我們將能夠更好地把所有這些因素納入我們的模型，並在明年第一季向大家提供這些資訊。

But a really exciting addition to us, Bryan. I think an appropriate time as well. I think a good inflection point in Europe. So really excited about what that business brings to us, not just in Europe but globally.

但布萊恩的加入對我們來說真的非常令人興奮。我也認為現在正是時候。我認為這是歐洲的重要轉捩點。我真的非常興奮，因為這項業務不僅會為我們帶來歐洲，還會帶給我們全球的機會。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Great results. Question on the Americas segment. EBITDA margin moved down about 100 basis points. Was this according to your expectation. If so, what's driving it? And is there any tariff headwind to call out there?

效果顯著。關於美洲部分的問題。EBITDA利潤率下降了約100個基點。這是否符合您的預期？如果真是如此，背後的驅動因素是什麼？那麼，是否存在任何關稅方面的阻力？

Yes. The short answer is we did expect some of it. The couple of contributors were the first thing that we mentioned in the earlier piece is that we are investing in some sales and growth initiatives in the region that we believe will benefit us as we go into 2026.

是的。簡而言之，我們確實預料到了其中的一些情況。前面提到的幾位貢獻者是，我們正在該地區投資一些銷售和成長計劃，我們相信這些計劃將在 2026 年使我們受益。

And then the second part of it is that we did see some tariff-based impact come at us late in the quarter that we will offset by making sure that we appropriately move the manufacturing to the regions, which happens in late Q1 or possibly early Q1 for us.

第二部分是，我們確實在本季末看到了一些關稅方面的影響，我們將透過確保將生產適當地轉移到各個地區來抵消這些影響，這對我們來說將在第一季末或第一季初發生。

So very confident about setting up the business in the Americas for margin expansion into 2026. And feeling good about the restructuring initiatives also that we have started that will accelerate that margin journey for us in the Americas.

我對在美洲開展業務並實現利潤率成長充滿信心，預計到 2026 年將實現這一目標。同時，我們也對已經啟動的重組計劃感到滿意，這些計劃將加速我們在美洲的利潤成長。

Understood. That's very helpful. And one question on M&A. I think you did Bavaria and then EWM, both seem to be Europe based. Are you consciously expanding footprint, particularly in Europe because you see more growth in the region? Or you remain agnostic, and you don't mind spending in the Americas or Asia?

明白了。那很有幫助。還有一個關於併購的問題。我想你先去了巴伐利亞，然後去了EWM，這兩個地方似乎都位於歐洲。您是否有意擴大業務版圖，尤其是在歐洲，因為您認為該地區有更大的成長空間？還是你仍然持不可知論態度，不介意在美洲或亞洲消費？

Yes, we're agnostic. I think what we're looking for are the best assets at the best financial principles that we have for the business. Both these businesses actually give us extensions into other geographic regions. Bavaria has the ability to supply into the North American market, the Middle East and Asia. EWM actually had made some nice inroads into North America.

是的，我們是不可知論者。我認為我們正在尋找的是以我們擁有的最佳財務原則為企業帶來的最佳資產。這兩家企業實際上都幫助我們拓展了業務範圍，進入了其他地理區域。巴伐利亞有能力向北美市場、中東和亞洲市場供貨。EWM 實際上已經成功打入北美市場。

We're finding some additional opportunities in the Middle East and Asia for the EWM product line. And so these two businesses obviously strengthen our footprint in Europe but create opportunities and avenues for growth in North America, in particular, and also in the other geographic regions.

我們發現 EWM 產品線在中東和亞洲還有一些額外的機會。因此，這兩項業務顯然加強了我們在歐洲的影響力，同時也為北美，特別是其他地區的成長創造了機會和途徑。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

If we can go back to the margin discussion in Americas, I think I heard Kevin or maybe it was you, Shyam, saying that 2026, we should be seeing much, much stronger margins in this segment. I realize you're not providing '26 detail, '26 guidance, but it would be helpful for us to understand why margins get better in '26? What's sort of within your control and maybe some of the restructuring that you're doing as opposed to just kind of a broader call on end market reacceleration?

如果我們回到美洲的利潤率討論，我想我聽到凱文或可能是你，沙姆，說過到 2026 年，我們應該會看到這個領域的利潤率大幅提高。我知道您沒有提供 2026 年的詳細資訊和指導，但如果能讓我們了解為什麼 2026 年的利潤率會提高，那將對我們很有幫助？哪些因素在你的掌控之中？或許你正在進行的一些重組，而不是只呼籲終端市場重新加速發展？

Yes. I think they were sort of twofold. We are not calling out the specific restructuring activities, Mig, as you can imagine. But we are -- some of the projects are already underway, and we expect that to complete sometime in early first quarter. The second aspect, obviously, is that we get to better comparables as we move into 2026. And the third aspect for us is as we sort of shift some of the supply chains to where they need to be appropriately, we feel we get another boost.

是的。我認為它們有點雙重性。米格，如你所想，我們不會點名具體的重組活動。但是，我們確實在進行一些項目——其中一些項目已經在進行中，我們預計將在第一季初完成。顯然，第二個方面是，隨著我們進入 2026 年，我們將獲得更好的可比較數據。第三個方面是，隨著我們將一些供應鏈調整到合適的位置，我們感覺會獲得另一個推動力。

So sort of three things happening. Pricing that will occur as we start the year, the tariff-based movements that we're making to sort of ensure our manufacturing is in the right spot, and then the restructuring that we're doing that all of it, which we feel will sort of come to fruition somewhere in that early first quarter, giving us really solid momentum for margin expansion in 2026.

所以，大概有三件事同時發生。今年年初的定價、我們為確保生產處於正確位置而採取的基於關稅的措施，以及我們正在進行的重組，所有這些，我們認為都將在第一季初取得成果，為我們在 2026 年實現利潤率擴張提供非常強勁的動力。

And we've always said this, Mig. We're very comfortable getting to that 22% plus EBITDA number by 2028. And you've seen in our historical pieces, we sort of have a couple of years where we're settling in and sort of creating momentum and then the following year, we sort of accelerate and build out, this would be no different than that.

我們一直都這麼說，米格。我們非常有信心在 2028 年實現 22% 以上的 EBITDA 目標。從我們以往的文章中可以看出，我們通常會花幾年時間穩定下來，累積勢頭，然後第二年加速發展壯大，這次的情況也是如此。

Okay. Understood. Maybe in your EMEA and APAC segment, as others pointed out, you are increasing your exposure to Europe, maybe with some of the deals that you have done. But as we're looking at 2025, right, it does seem that there's quite a bit of bifurcation between what you've experienced in Middle East and India versus what's been going on in Europe. So I guess it would be helpful maybe delineating the European region versus some of the other ones in this segment.

好的。明白了。正如其他人指出的那樣，也許在您的 EMEA 和 APAC 業務板塊，您正在增加對歐洲的投入，也許透過您達成的一些交易。但展望 2025 年，中東和印度的情況與歐洲的情況似乎有相當大的分歧。所以我覺得，或許應該把歐洲地區與其他一些地區區分開來。

And as a general framework for 2026, how do you think about Europe relative to these other regions? I mean can we count on actual volume acceleration in '26 if Europe picks up? Or are there some other factors that we need to keep in mind here?

那麼，作為2026年的整體框架，您如何看待歐洲相對於其他地區的地位？我的意思是，如果歐洲經濟復甦，我們能否指望2026年實際銷售量會加速成長？或是有其他需要考慮的因素嗎？

Yes, really detailed question, Mig. So let me sort of address all of it. So the first piece is we continue to see strong orders and strength in our high-growth markets. In fact, the entire team was here last week, and we got to interact with two of the regional presidents, especially from the Middle East and Asia and really strong momentum, and we expect that momentum to stay. The second piece of your question around Europe, we've actually done really well in Europe.

是的，米格，你問的問題非常詳細。那麼，就讓我來一一解答這些問題。首先，我們看到高成長市場訂單強勁，發展動能依然強勁。事實上，整個團隊上週都在這裡，我們有機會與兩位區域總裁進行了交流，特別是來自中東和亞洲的總裁，勢頭非常強勁，我們預計這種勢頭會保持下去。關於你提出的第二個問題，即我們在歐洲的業務，我們實際上做得非常好。

And we get some data that's based off the European Welding Association. And I can tell you, our numbers are significantly better than what we think is happening in that industry, which sort of points towards significant share gain in the European market by our teams. And it's on the back of equipment and automation, we talked about high single-digit growth in equipment. And that's really where something that I've spoken to you about in the past, where we're winning over customers in Europe and the rest of the world with our equipment product line, which we believe eventually makes its way to the markets that we're most focused on, which is in the Americas. So we continue to have that particular momentum.

我們也獲得了一些基於歐洲焊接協會的數據。我可以告訴你，我們的業績明顯優於我們認為該行業正在發生的情況，這預示著我們的團隊將在歐洲市場獲得顯著的份額成長。而這一切都歸功於設備和自動化，我們談到了設備的高個位數成長。而這正是我過去曾跟你談過的事情，我們正在憑藉我們的設備產品線贏得歐洲和世界其他地區的客戶的青睞，我們相信，這些產品最終會進入我們最關注的市場，也就是美洲市場。因此，我們繼續保持這種發展勢頭。

The third part of your question, we are seeing orders and momentum increase in Europe based on defense, based on some infrastructure movements and energy investments in Europe. We expect that to accelerate as we go into 2026.

關於您問題的第三部分，我們看到歐洲的訂單和成長勢頭正在增強，這主要得益於國防、一些基礎設施建設以及歐洲的能源投資。我們預計到 2026 年，這一趨勢將會加速。

So the overall picture for us in 2026 is, we still feel very good about this flywheel where Asia, Middle East continues its momentum forward and Europe gives an additional [buoy] to that already strong marketplace that we have, giving us possibly some really good tailwind. Now we'll finish out the quarter and give you guidance as we get into 2026. But as we sit here, we feel that we're very well positioned to sort of take capitalize and win on that acceleration.

因此，對於我們2026年的整體前景而言，我們仍然對這一飛輪效應感到非常樂觀，亞洲和中東將繼續保持前進勢頭，而歐洲則為我們本已強勁的市場提供了額外的推動力，這可能會給我們帶來一些非常好的順風。現在我們將完成本季度的工作，並在進入 2026 年之際為您提供指導。但就目前而言，我們感覺我們已經處於非常有利的位置，可以抓住並贏得這波加速發展的機會。

No, that's super helpful. And if I may squeeze one last one. When we're talking about EWM, can you talk a little bit about their legacy distribution and how that compares to your footprint? And how easy, or maybe not easy, is it to take that product and be able to just kind of put it through your global distribution network?

不，這太有幫助了。如果可以的話，我再補充一句。當我們談到 EWM 時，您能否談談他們的傳統分銷模式以及它與您們的分銷模式有何不同？那麼，將該產品透過你的全球分銷網絡進行銷售，究竟有多容易（或者說有多難）呢？

Yes. So I'll start with the conversation in Europe. Very rarely do I get an applause when I'm in a town hall very early in my commentary. And when we announced the EWM acquisition with our team in Europe, I can't tell you the excitement that existed in the team. The second part of it on distribution, it actually is very complementary.

是的。那麼，我就先從歐洲的對話開始吧。我在市政廳會議上發言剛開始就獲得掌聲的情況非常罕見。當我們向歐洲團隊宣布收購 EWM 時，我無法形容球隊當時的興奮之情。第二部分關於分發的內容，實際上與第一部分非常互補。

And as a result, we are actually seeing opportunities for us to move our products, especially consumables and torches, into their distribution channel and sort of pick-up sales for ESAB on that particular front. And in terms of reception of their product lines, when we looked at the acquisition, the product lines were very complementary as well. We had a really strong light industrial line. They complemented the gaps that we had on the heavy industrial line. And as a result, when you look at our lineup today, Mig, it's incredible.

因此，我們實際上看到了將我們的產品，特別是耗材和焊槍，推向他們的分銷管道，並在這一特定領域為 ESAB 贏得銷售額的機會。就產品線的接受度而言，當我們檢視這項收購時，發現兩家公司的產品線也具有強烈的互補性。我們擁有非常強大的輕工業生產線。它們彌補了我們在重工業生產線上的不足。因此，米格，當你看到我們今天的陣容時，你會覺得不可思議。

And I'll also tell you, there is a US customer that's been after us since FABTECH to kind of figure out how we can get that line into North America. And so really excited about the avenues that's opened up and the opportunities that we have in front of us. It's going to come down to execution like anything else, Mig, but that challenge we'll take on as a team.

我還要告訴你們，有一位美國客戶從 FABTECH 展會以來就一直纏著我們，想弄清楚我們如何才能把這條生產線引入北美。因此，我對由此開闢的道路和擺在我們面前的機會感到非常興奮。就像其他事情一樣，最終還是要看執行力，米格，但我們會作為一個團隊來迎接這個挑戰。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I'll start with asking for a bit more color on your comment that you're off to a pretty good start in 4Q. If you could just expand on that and talk about what you're seeing to date in the fourth quarter?

首先，我想請您詳細解釋一下您所說的「第四季開局相當不錯」這句話。您能否進一步闡述一下，談談您目前在第四季觀察到的情況？

Yes. I think, Nathan, the way we look at our fourth quarter is we finished at about a 2% core growth rate in the third quarter. We're expecting that to be a little better in Q4 and October started off on that run rate. And that's really what I'm talking about is that our core growth improves from where we were in Q3, and we feel good about that as we sit here today. All in all, I think as you look at ESAB and you sort of project out, comparables get better.

是的。我認為，內森，我們看待第四季的方式是，我們第三季的核心成長率約為 2%。我們預計第四季情況會好一些，10 月的開局也保持了這種成長速度。我真正想說的是，我們的核心成長比第三季有所改善，我們今天對此感到滿意。總而言之，我認為當你觀察 ESAB 並進行一些預測時，你會發現可比公司的情況越來越好。

Our teams are focused on execution. I talked about the investments that we're making. One of the things that I do want to stress with the entire community that's on the call, we've always said to all of you that we are an [AND] business. We want to go out and do the productivity things for ESAB, but we also want to go ahead and invest in our business in terms of growth in our initiatives, and we're doing both of that.

我們的團隊專注於執行。我談到了我們正在進行的投資。我想向所有參加電話會議的社區成員強調一點，我們一直告訴大家，我們是一家[AND]企業。我們希望為 ESAB 做提高生產力的事情，但我們也希望繼續投資於我們的業務成長計劃，而我們正在同時做這兩件事。

And we feel that, that returns the best -- that's the best return for our shareholders over the long term, and we're committed to that. And we're taking the opportunity here as we finish out 2025 to invest in the business, and take some productivity and cost out, we feel that that sets us up well for '26.

我們認為，這樣做能帶來最好的回報——從長遠來看，這才是我們股東的最佳回報，我們也致力於這樣做。我們正在利用 2025 年底的機會投資業務，提高生產力並降低成本，我們認為這將為 2026 年奠定良好的基礎。

I guess a follow-up on price/cost in Americas. Obviously, it seems that's where the tariff impact is. You talked about getting some costs later in the quarter. Did you get to price/cost neutral on a dollar basis in the third quarter? Is there any color you can give us on what the drag was to margins in the third quarter and then your expectations for the fourth quarter on price cost? And I'll leave it there.

我想就美洲的價格/成本問題做個後續調查。顯然，關稅的影響似乎就反映在這裡。您提到過一些費用會在本季稍後收取。第三季是否實現了以美元計價的價格/成本平衡？您能否透露一下第三季利潤率受到的拖累情況，以及您對第四季價格成本的預期？我就說到這裡吧。

Yes. It was a slight drag in the quarter on price/cost. Really, it came about towards the end when copper tariffs came in. And there were some products that we sort of build in the US and ship out to other regions where we actually have manufacturing capacity.

是的。本季價格/成本略有拖累。實際上，這主要是在銅關稅出台後才出現的。有些產品我們在美國生產，然後運往我們擁有生產能力的其他地區。

Nathan, so what we are going to be doing is moving that manufacturing capacity to the region that the products are sold in and take away that drag that we saw in the third quarter. In addition to that, we talked about doing some additional restructuring, which is actually already underway that we expect to finish out in the early part of Q1, creating that really nice tailwind on margin expansion for '26.

內森，所以我們將要做的就是把生產能力轉移到產品銷售的地區，從而消除我們在第三季度看到的拖累。除此之外，我們還討論了進行一些額外的重組，實際上這些重組已經在進行中，我們預計將在第一季初完成，這將為 2026 年的利潤率擴張創造一個非常好的順風。

And just to clarify, drag on margins or drag on dollars?

另外，請澄清一下，是指利潤率下滑還是美元下滑？

It was a bid on dollars. So that's really causing the drag as well. So price cost slightly off of neutral.

這是對美元的競標。所以這也是造成阻礙的原因之一。所以價格略偏離中性水準。

Neal Burk, UBS.

Neal Burk，瑞銀集團。

Good to see solid growth in equipment and automation. Can you just talk about what you're seeing in consumables?

很高興看到設備和自動化領域穩健成長。您能談談您在消耗品方面觀察到的情況嗎？

Yes. The way to think about our consumables business, we continue to do well. It's just that we sort of saw our new products, our new product introductions. We've introduced actually an engine-driven welder. Our Edge product line continues to do really well.

是的。就我們的耗材業務而言，我們繼續保持良好的發展勢頭。只是我們看到了我們的新產品，我們的新產品發布。我們引進了一款引擎驅動的焊接機。我們的Edge產品線持續表現優異。

We've introduced a Fabricator line and some new LIPs in other geographies that have sort of really caught the attention in the marketplace. And we've been focused for a while to get our channel to pick up and customers to pick up our equipment, and we're seeing success. In fact, I would submit that in some of the regions, we're really out there taking some significant share from the competition. On the consumable side, we're steady. And we feel that we're still doing better than market on the consumables side, but slightly lower sort of growth performance in that particular front.

我們在其他地區推出了 Fabricator 系列產品和一些新的 LIP 產品，這些產品在市場上引起了廣泛關注。我們一直致力於提升頻道收視率，讓客戶購買我們的設備，現在我們已經看到了成功。事實上，我認為在某些地區，我們確實從競爭對手那裡奪取了相當大的市場份額。消耗品方面，我們保持穩定。我們感覺我們在消費品方面仍然比市場表現更好，但該領域的成長表現略低。

But we're excited about what's coming at us for 2026 and how Q4 has started. So nothing there that causes us any sense of alarm or concern but really excited about the entire portfolio now coming to work. And I mentioned that briefly, we're really working on workflow solutions, and I won't mention the customer, in particular. But we actually went into a large US customer and provided a full workflow solution that had our equipment porches, filler metal and our digital solution set.

但我們對 2026 年即將發生的事情以及第四季的開局感到興奮。所以，目前沒有什麼事情會讓我們感到恐慌或擔憂，但我們對整個投資組合即將投入使用感到非常興奮。我剛才簡要地提到過，我們正在努力開發工作流程解決方案，但我不會特別提及客戶。但實際上，我們為一家美國大客戶提供了一套完整的流程解決方案，其中包括我們的設備平台、填充金屬和我們的數位化解決方案。

And for the first time, we're certified for that customer globally. And so we're picking up a few orders on that particular front. And so really driving the full workflow solution set, which I think is going to benefit both our consumable business and our Equipment business going forward.

我們首次獲得了該客戶的全球認證。因此，我們在這方面接到了一些訂單。因此，真正推動整個工作流程解決方案的實施，我認為這將有利於我們未來的耗材業務和設備業務。

And just a follow up. If my math is right on last quarter on this Mexico and automation headwind. I thought the headwind implied about like a 20% decline in revenues in those businesses in the Americas. And this quarter, it seems like it's more like maybe a mid-single-digit decline. I guess, is that math like roughly, correct?

還有一個後續問題。如果我上個季度對墨西哥和自動化帶來的不利因素的計算沒錯的話。我認為逆風意味著美洲這些企業的收入將下降約 20%。而本季，似乎更像是出現個位數中段的下滑。我猜，這大概就是數學計算的結果吧？

And I guess, like going forward, I mean, it looks like you're going to exit this year growing at around 3% to 4% in aggregate. So I mean, absent anything dramatically changing kind of the absence of the negative in those two businesses in Mexico and automation, is that like a good starting point for next year? Like any kind of like major puts and takes on the growth rate exiting the year and entering 2026?

我猜，展望未來，我的意思是，看起來你們今年的整體成長率將在 3% 到 4% 左右。所以我的意思是，如果沒有任何重大變化，例如墨西哥的這兩家企業以及自動化方面沒有出現負面情況，那麼這是否可以算作明年的良好開端呢？例如，對今年底和2026年初的成長率有哪些重大的買賣交易？

I mean, Mexico, as Shyam mentioned, it's been pretty stable on what we saw in the second quarter. But yes, we are down in terms of volumes, and that's really the countermeasure to the fact that the US grew in that mid-single-digit territory, which was a nice bounce back to what we saw in the second quarter.

我的意思是，正如Shyam所提到的，墨西哥的情況一直相當穩定，與我們在第二季度看到的情況相比，變化不大。但沒錯，我們的銷售量確實下降了，這實際上是對美國經濟實現個位數中段成長的一種應對措施，這比我們在第二季度看到的狀況有了很好的反彈。

I think what you'll see as we step into 2026 is that our comps against Mexico will get significantly easier if that's what you're getting at. So we would expect that there will be some tailwinds on volumes as we step into 2026, particularly from Q2 onwards when the tariffs impacted us.

我認為，如果你指的是這一點的話，那麼隨著我們進入 2026 年，我們與墨西哥的比賽將會變得容易得多。因此，我們預計進入 2026 年後，銷售量將出現一些利多因素，特別是從第二季開始，因為關稅對我們產生了影響。

But we can sort of talk offline, Neal, on some of the numbers. It does look a little off, but we can discuss those numbers on our separate call.

但是尼爾，我們可以私下討論一些數字。看起來確實有點不對勁，但我們可以另行通話討論這些數字。

And that concludes our question-and-answer session. I will now turn the call back over to Mark Barbalato for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給馬克·巴爾巴拉托，請他作總結發言。

Thank you for joining us today, and we look forward to speaking to you next quarter.

感謝您今天參加我們的活動，我們期待下個季度與您再次交流。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。