ESAB Corp (ESAB) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the ESAB Corporation first quarter 2026 earnings release and conference call. (Operator Instructions)

感謝您耐心等候，歡迎參加 ESAB Corporation 2026 年第一季財報發布與電話會議。(接線員指示)

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

謝謝。現在我想把電話交給投資人關係副總裁 Mark Barbalato。Mark，您可以開始了。

Thanks, operator. Welcome to ESAB's first quarter 2026 earnings call. This morning, I'm joined by our President and CEO, Shyam Kambeyanda; and CFO, Brent Jones.

謝謝，接線員。歡迎參加 ESAB 2026 年第一季財報電話會議。今天早上與我一同出席的有我們的總裁暨執行長 Shyam Kambeyanda，以及財務長 Brent Jones。

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 our 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.

請記得，我們今天所做的部分陳述屬於前瞻性陳述，並受風險影響，包括我們向 SEC 提交的文件以及今日財報新聞稿中所列示者。實際結果可能有所不同；除法律要求外，我們不承擔亦無意更新這些前瞻性陳述的任何義務。

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.

就今天電話會議中提及的任何非 GAAP 財務衡量指標而言，與該等指標相關的對帳資訊可在我們的財報新聞稿與今日的簡報投影片中找到。

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暨執行長 Shyam Kambeyanda。

Thank you, Mark. And good morning, everyone. Thank you for joining us today.

謝謝你，Mark。各位早安。感謝各位今天加入我們。

Turning to slide 3 to discuss our first quarter highlights. We're pleased to report a strong start to the year headlined by record first quarter sales. Total core sales grew 10% year-over-year, a result that reflects both the effectiveness of our compounder strategy and the resilience of our diversified global footprint.

請看投影片 3，我們來討論第一季重點。我們很高興回報今年開局強勁，亮點是第一季銷售額創下新高。核心銷售額年增 10%，這反映了我們「compounder」策略的有效性，以及我們多元化全球布局的韌性。

Despite a more challenging environment, which included higher costs as a result of the conflict in Iran, we generated sales of $715 million and adjusted EBITDA of $136 million, an increase of 6% year-over-year. We delivered this performance while continuing to invest in the long-term drivers for the business.

儘管外部環境更具挑戰（包括因伊朗衝突導致成本上升），我們仍創造 7.15 億美元營收與 1.36 億美元調整後 EBITDA，年增 6%。在持續投資於業務長期驅動因素的同時，我們交出了這樣的表現。

I am especially encouraged with the performance of our acquisitions. EWM and Aktiv both grew double digits year-over-year, and our sales synergy funnel across the portfolio improved meaningfully, reinforcing our confidence in the strategic value these businesses bring to ESAB and their potential to drive organic growth in the years to come.

我對我們併購案的表現尤其感到振奮。EWM 與 Aktiv 皆呈現年增雙位數成長，而我們在整體投資組合的銷售協同「漏斗」也有顯著改善，進一步強化我們對這些業務為 ESAB 帶來策略價值的信心，以及其在未來數年推動有機成長的潛力。

Looking ahead, we are accelerating our compounder journey through the previously announced acquisition of Eddyfi, which we expect to close midyear. This transaction strengthens our portfolio and extends our runway into profitable growth.

展望未來，我們將透過先前宣布收購 Eddyfi 來加速我們的 compounder 旅程，預計將於年中完成交割。此交易強化我們的投資組合，並延長我們通往獲利成長的跑道。

Given our first quarter performance and our visibility to the remainder of the year in booked orders and additional price, we are reiterating our previously announced guidance, we are confident in the trajectory of the business while remaining mindful of the dynamic environment in which we operate.

基於第一季表現，以及我們對今年剩餘期間在已接訂單與額外價格調整方面的能見度，我們重申先前公布的財測指引；在保持對業務發展軌跡信心的同時，也持續留意我們所處的動態環境。

Moving to slide 4. Before we turn to the quarter, I want to put the past 1.5 years into context. Throughout 2025 and into the start of '26, we have deliberately been reshaping ESAB, sharpening the portfolio and building new capabilities across the company.

請看投影片 4。在進入本季之前，我想先把過去 1.5 年放在脈絡中說明。在 2025 年以及進入 2026 年初，我們一直有意識地重塑 ESAB，精煉投資組合，並在全公司建立新能力。

The ESAB you see today is meaningfully stronger. Our capital allocation strategy is the clearest place to see it. We have continued to build a premier industrial compounder by adding strength across every layer of the value chain. We have strengthened our position in gas control with DeltaP and Aktiv.

您今天看到的 ESAB 已明顯更強。最清楚的體現就在我們的資本配置策略。我們持續打造一流的工業 compounder，並在價值鏈的每一層面增強實力。我們透過 DeltaP 與 Aktiv 強化了在氣體控制領域的地位。

We've created a best-in-class equipment portfolio with EWM and filled out every gap in our equipment product lineup. We added to our leadership position in proprietary filler metal with Bavaria and Eddyfi, which is expected to close midyear, extends our workflow solution into inspection and monitoring.

我們透過 EWM 打造了同級最佳的設備產品組合，並補齊設備產品線的每一個缺口。我們透過 Bavaria 與 Eddyfi（預計年中完成交割）進一步鞏固在專有填充金屬的領導地位；Eddyfi 也將我們的工作流程解決方案延伸至檢測與監測。

Complementing these acquisitions, we now have more than 40 AI projects actively underway contributing both to near-term productivity and long-term growth. The new acquisitions coupled with AI initiatives will drive growth, reduce cyclicality, expand our gross margin profile making ESAB more durable through the cycle than it has ever been.

配合這些併購，我們目前有超過 40 個 AI 專案正在積極推進，對短期生產力與長期成長皆有貢獻。新併購案結合 AI 計畫將推動成長、降低景氣循環性、擴大我們的毛利率輪廓，使 ESAB 在景氣循環中的韌性較以往任何時候都更強。

Turning to slide 5. This slide brings the story to life. Over the past decade, we have reshaped ESAB into a faster-growing, higher-margin enterprise and the shift is now plainly evident in both our mix and our margins. Three levers have driven the work. First, sustained R&D investment to refresh our product portfolio and fuel growth; second, EBXai, our operating system for productivity and operational excellence, third, a disciplined M&A program that has added growth and margin.

請看投影片 5。這張投影片讓整個故事更具體。在過去十年，我們已將 ESAB 重塑為成長更快、毛利更高的企業，而這項轉變如今在產品組合與毛利率上都清楚可見。有三個槓桿推動了這些工作。第一，持續的研發投資以更新產品組合並帶動成長；第二，EBXai——我們用於提升生產力與營運卓越的作業系統；第三，嚴謹的併購計畫，帶來成長與毛利提升。

Let's start with our mix. In 2016, equipment represented roughly 38% of our sales, a fully refreshed product portfolio and an optimized manufacturing footprint and 18 successful acquisitions have changed that picture. With the recent additions of EWM and Bavaria in Fabrication Technology and DeltaP and Aktiv in gas control equipment now accounts for roughly 44% of revenue. Upon closing Eddyfi midyear, that mix will rise to approximately 52%.

先從產品組合談起。2016 年時，設備約占我們銷售額的 38%；全面更新的產品組合、最佳化的製造布局，以及 18 起成功併購，已改變了這個樣貌。隨著近期在製造技術領域加入 EWM 與 Bavaria，以及在氣體控制領域加入 DeltaP 與 Aktiv，設備目前約占營收的 44%。待年中完成 Eddyfi 交割後，該占比將上升至約 52%。

The margin trajectory tells the same story. Our gross margin has moved from approximately 35% in 2016 to nearly 38% today. Eddyfi accelerates the next step. As I've shared with you before, our equipment product carries gross margins closer to 45%. And Eddyfi, as we shared before, is close to 65%. Together, these dynamics will push our consolidated gross margins to greater than 40% for 2027 and beyond.

毛利率走勢也說明了同樣的故事。我們的毛利率已從 2016 年約 35% 提升至目前接近 38%。Eddyfi 將加速下一步。如我先前分享，我們的設備產品毛利率接近 45%。而 Eddyfi（如先前所述）接近 65%。綜合這些動能，將把我們的合併毛利率推升至 2027 年及之後超過 40%。

Moving to slide 6. Momentum is building globally across our welding equipment portfolio, and two launches are leading the way, the Ruffian 270 engine-powered welder and the Aristo Edge. The Ruffian fills a critical gap in our offering and stands out as the most productive operator-friendly unit in its class. It is the only welder in its category to deliver full power simultaneously. 270 amps of welding output and 11,000 watts of generator power at the same time at a 100% duty cycle, an independent generator arc ensures that running power tools never causes a spike or drop in the welding arc.

請看投影片 6。我們的焊接設備產品組合在全球正累積動能，其中兩項新品上市領軍：Ruffian 270 引擎驅動焊機與 Aristo Edge。Ruffian 補上我們產品供應中的關鍵缺口，並以同級中最高生產力、最友善操作員的特性脫穎而出。它是同類產品中唯一能同時輸出全功率的焊機：在 100% 工作週期下，同步提供 270 安培焊接輸出與 11,000 瓦發電機功率；獨立的發電機電弧可確保使用電動工具時不會造成焊接電弧的尖峰或下滑。

The Aristo Edge sets a new performance benchmark on both the advanced manual and robotic sides. Its ultrafast arc control manages the arc 10 to 20x faster than traditional equipment, clearing short circuits instantly and preventing defects and the advanced waveforms reduce spatter by up to 85%, producing a stable puddle that virtually eliminates post-weld cleanup.

Aristo Edge 在先進手動與機器人兩端都樹立了新的效能標竿。其超高速電弧控制的管理速度比傳統設備快 10 到 20 倍，可即時清除短路並防止缺陷；先進波形可將飛濺最多降低 85%，形成穩定熔池，幾乎免除焊後清理。

With 500 amps at a 60% duty cycle, the plug-and-play compatibility with all major robot and cobot brands, it is built for continuous industrial scale production. Customer response has been strong. We have secured preferred status with the yellow goods OEM on the Aristo Edge, and we're gaining channel share with the Ruffian. Together, these two product families add roughly $250 million to our servable market.

在 60% 工作週期下可達 500 安培，並可即插即用相容所有主要機器人與協作機器人品牌，專為連續性的工業規模生產而打造。客戶反應強勁。我們已在 Aristo Edge 上取得某家黃色工程機械 OEM 的優先供應商地位，且 Ruffian 的通路市占也正在提升。合計而言，這兩個產品家族為我們可服務市場新增約 2.5 億美元。

Turning to slide 7. When we acquired EWM, additive manufacturing was one of the capabilities we were most excited about. It is an advanced 3D metal printing process that uses electric arc as the heat source and metal wire as the feedstock to build large high-strength components layer by layer. And EWM is a clear leader in this space. EWM's React technology is now opening doors for the broader ESAB portfolio. We are gaining real traction with a major US distributor and with defense OEMs.

請看投影片 7。當我們收購 EWM 時，積層製造是我們最期待的能力之一。這是一種先進的 3D 金屬列印製程，以電弧作為熱源、以金屬線材作為原料，逐層建構大型高強度零組件。而 EWM 在此領域是明確的領導者。EWM 的 React 技術如今正為更廣泛的 ESAB 產品組合打開大門。我們已在一家美國大型經銷商以及國防 OEM 客戶上取得實質進展。

We have secured orders with integrators, engineering and construction firms and two German OEMs manufacturing in the US today. In parallel, our teams are building a healthy cross-sell funnel, bringing ESAB filler metal to EWM customers and EWM equipment to ESAB customers. There is still work ahead, but Q1 was an encouraging start.

我們已與系統整合商、工程與建設公司，以及兩家目前在美國製造的德國 OEM 取得訂單。同時，我們的團隊正在建立健康的交叉銷售漏斗，將 ESAB 焊材帶給 EWM 客戶，並將 EWM 設備帶給 ESAB 客戶。仍有工作要做，但第一季是一個令人鼓舞的開始。

The next product, Tetrix 350, adds a second growth lane, it is the best-in-class power source for TIG applications, including precision welding requirements needed for semiconductor wafer manufacturing and it pairs naturally with our AMI product where order activity continues to rise.

下一款產品 Tetrix 350 增添了第二條成長跑道；它是同級最佳的 TIG 應用電源，涵蓋半導體晶圓製造所需的精密焊接要求，並且可與我們的 AMI 產品自然搭配，而 AMI 的訂單活動仍在持續升溫。

Together, these two products give ESAB access to an additional $900 million of servable market across additive manufacturing and TIG and orbital TIG welding. They have our sales teams energized by the new workflow solutions we can now deliver to our most discerning customers.

這兩款產品合計讓 ESAB 得以切入額外約 9 億美元的可服務市場，涵蓋增材製造以及 TIG 與軌道 TIG 焊接。我們如今能為最挑剔的客戶提供新的工作流程解決方案，這讓我們的銷售團隊備受鼓舞、士氣高昂。

Moving to slide 8. Let me reiterate what I shared when we announced the Eddyfi acquisition. This transaction extends ESAB workflow solutions into faster-growing, higher-margin inspection and monitoring space, a bit more detail on the asset itself, Eddyfi is a clear market leader in electromagnetic testing, ultrasonic testing and automated inspection. It serves mission-critical end markets with attractive secular tailwinds across aerospace, defense, nuclear and energy infrastructure. The business also brings meaningful North American exposure that pairs naturally with ESAB's global footprint, opening immediate geographic expansion opportunities for both companies.

切換到第 8 張投影片。我想重申我們在宣布收購 Eddyfi 時分享的內容。這筆交易將 ESAB 的工作流程解決方案延伸至成長更快、毛利更高的檢測與監測領域；再多補充一些資產本身的細節，Eddyfi 是電磁檢測、超音波檢測與自動化檢測的明確市場領導者。其服務的關鍵任務終端市場具備吸引人的長期結構性順風，涵蓋航太、國防、核能與能源基礎設施。該業務也帶來顯著的北美曝險，與 ESAB 的全球版圖自然互補，為兩家公司開啟立即的地理擴張機會。

Financially, Eddyfi is a premier asset, high single-digit growth, gross margin is about 65%, and EBITDA margins around 30%. Strategically, the deal accelerates our shift towards equipment, strengthens our ability to deliver differentiated workflow solutions, expand margins, reduce cyclicality and ultimately improves the predictability and resilience of our earnings profile. Although the transaction is expected to close midyear, we're already in motion. Our integration team is in place sharpening the combined workflow solutions value proposition and beginning to share Eddyfi's capability with ESAB customers.

就財務面而言，Eddyfi 是一項頂級資產：成長率為高個位數，毛利率約 65%，EBITDA 利潤率約 30%。就策略面而言，這筆交易加速我們向設備端的轉型，強化我們提供差異化工作流程解決方案的能力、擴大利潤率、降低景氣循環性，並最終提升我們獲利結構的可預測性與韌性。雖然預期交易將於年中完成交割，但我們已經開始推進。我們的整合團隊已就位，正精煉合併後工作流程解決方案的價值主張，並開始向 ESAB 客戶分享 Eddyfi 的能力。

Turning to slide 9. What I love about this industry is that we enable extraordinary engineering every day. A few moments capture that better than what is happening right now with NASA's Artemis program. For the first time in more than 50 years, humanity returned to the moon and ESAB technology helped make that possible.

翻到第 9 張投影片。我喜愛這個產業的一點是：我們每天都在促成卓越的工程成果。很少有時刻能比 NASA 的 Artemis 計畫正在發生的事情更能體現這一點。人類在超過 50 年後首次重返月球，而 ESAB 的技術協助促成了這一切。

A decade ago, we would not have been at the table. Today, we are a key contributor and that is a source of enormous pride across our company. You can see one example on this slide. Our friction-stir welding technology delivers the exact combination of strength, precision, reliability and weight optimization that the most demanding aerospace environments require.

十年前，我們不會出現在這個舞台上。今天，我們是關鍵貢獻者，這讓全公司深感自豪。你可以在這張投影片上看到一個例子。我們的摩擦攪拌焊接技術，提供最嚴苛航太環境所需的強度、精度、可靠性與重量最佳化的精準組合。

ESAB's technology enables aluminum alloy structures to be extraordinarily strong and remarkably light. Boeing's selection of our technology for the Space Launch System, fuel tank reinforces the thesis behind our portfolio, differentiated innovation applied to mission-critical manufacturing in the world's most demanding end markets. This is what we mean when we talk about being the fabrication technology provider of choice, and it is what gets our teams out of bed every morning.

ESAB 的技術讓鋁合金結構能夠極其堅固且顯著輕量。波音選用我們的技術用於太空發射系統（Space Launch System）的燃料箱，強化了我們投資組合背後的論點：將差異化創新應用於關鍵任務製造，服務全球要求最嚴苛的終端市場。這就是我們所說「成為首選製造技術供應商」的意涵，也是讓我們團隊每天早上起床投入工作的動力。

Before I go into more detail about the quarter, I'd like to take this opportunity to thank Kevin Johnson for his contributions to ESAB and wish him well in his new role. At the same time, I'm very excited to welcome Brent Jones to the ESAB family. Brent brings diverse and highly valuable expertise as we move into the next phase of our compounder journey.

在我更深入說明本季之前，我想藉此機會感謝 Kevin Johnson 對 ESAB 的貢獻，並祝福他在新職務一切順利。同時，我也非常高興歡迎 Brent Jones 加入 ESAB 大家庭。隨著我們邁入複利成長（compounder）旅程的下一階段，Brent 帶來多元且極具價值的專業能力。

With that, let me hand it over to Brent to say a few words.

接下來，我把時間交給 Brent 說幾句。

Thank you, Shyam. And good morning, everyone. I want to start by thanking Shyam and the entire ESAB team for the warm welcome. I'm thrilled to be joining ESAB and look forward to working closely with the team as we continue to advance ESAB's compounder journey. ESAB has a strong foundation a compelling strategy and a tremendous opportunity ahead, and I'm excited to be part of it.

謝謝你，Shyam。各位早安。我想先感謝 Shyam 以及整個 ESAB 團隊的熱情歡迎。我很高興加入 ESAB，也期待與團隊密切合作，持續推進 ESAB 的複利成長（compounder）旅程。ESAB 擁有堅實的基礎、具吸引力的策略，以及前方巨大的機會，我很期待能成為其中一員。

Let me hand it back to Shyam to go through the financials.

我把時間交還給 Shyam，請他帶大家看財務表現。

Thanks, Brent. Moving to slide 10. Turning to the quarter. We're pleased with how the business has performed overall. Strong execution by our global teams drove record first quarter total sales growth of 10% year-over-year, a clear demonstration of the power of our compounder strategy. Adjusted EBITDA was $136 million, up 6% year-over-year with an adjusted EBITDA margin of 19%.

謝謝你，Brent。切換到第 10 張投影片。回到本季表現。我們對整體業務表現感到滿意。全球團隊的強勁執行力，帶動第一季總銷售額年增 10% 並創下紀錄，清楚展現我們複利成長策略的威力。調整後 EBITDA 為 1.36 億美元，年增 6%，調整後 EBITDA 利潤率為 19%。

Margins in the quarter reflected an expected 40 basis points impact from EWM and an additional 30 basis points of headwind from the conflict in Iran. Important to note, EWM is already contributing strong growth this quarter.

本季利潤率反映了來自 EWM 的預期影響 40 個基點，以及伊朗衝突帶來的額外 30 個基點逆風。需要強調的是，EWM 在本季已經貢獻強勁成長。

As I've shared before, EWM is accretive to gross margins but dilutive to EBITDA margins for the first three quarters in 2026. Our cost out and sales synergy efforts are running ahead of schedule, and we expect EWM to be EBITDA accretive as we exit the year.

如我先前分享，EWM 對毛利率具增益（accretive），但在 2026 年前三季對 EBITDA 利潤率具稀釋（dilutive）效果。我們的降本與銷售協同工作進度超前，並預期在今年結束時，EWM 將對 EBITDA 轉為具增益。

Turning to slide 11 and talking about the Americas. The Americas delivered a steady first quarter. Total sales were $288 million, up 3% year-over-year and adjusted EBITDA was $56 million, also up 3% year-over-year, with margins flat at 19.4%. Within the segment, North America, excluding Mexico, grew mid-single digits and Mexico held stable.

切換到第 11 張投影片，談美洲地區。美洲在第一季表現穩健。總銷售額為 2.88 億美元，年增 3%；調整後 EBITDA 為 5,600 萬美元，同樣年增 3%，利潤率持平於 19.4%。在該分部內，北美（不含墨西哥）呈現中個位數成長，墨西哥則維持穩定。

We're also seeing meaningful interest in EWM across the US, which is encouraging as we broaden the commercial reach of that business. At the same time, we're reshaping our manufacturing footprint and accelerating our EBXai initiatives, which are designed to strengthen competitiveness and expand margins.

我們也看到 EWM 在美國市場獲得顯著關注，這令人鼓舞，因為我們正在擴大該業務的商業觸及範圍。同時，我們正在重塑製造版圖並加速推進 EBXai 計畫，這些計畫旨在強化競爭力並擴大利潤率。

Moving to slide 12 to talk about EMEA and APAC. We continue to gain share from competition across EMEA and APAC, a clear demonstration of our global footprint. Sales increased 16% to $426 million and adjusted EBITDA rose 9% to $80 million. Margins declined 130 basis points with 50 basis points of that reflecting the conflict in Iran and the additional 70 basis points coming from EWM.

切換到第 12 張投影片，談 EMEA 與 APAC。我們持續在 EMEA 與 APAC 從競爭對手手中取得市占，清楚展現我們的全球版圖優勢。銷售額成長 16% 至 4.26 億美元，調整後 EBITDA 成長 9% 至 8,000 萬美元。利潤率下滑 130 個基點，其中 50 個基點反映伊朗衝突影響，另有 70 個基點來自 EWM。

Europe and India performed in line with expectations, and the Middle East saw limited disruption. EWM and Aktiv both grew double digits with strong sales funnel momentum building across all four acquisitions. EWM integration is progressing ahead of schedule, and we're already seeing early benefits from the combination with ESAB.

歐洲與印度的表現符合預期，中東地區的干擾有限。EWM 與 Aktiv 皆呈現雙位數成長，且在四項收購案上，強勁的銷售漏斗動能正在形成。EWM 的整合進度超前，我們也已看到與 ESAB 結合帶來的初步效益。

Moving to slide 13. We continue to gain share in the Middle East, and that success starts with our local presence in the region. The resilience we have shown this quarter reflects both the local footprint and the way our teams have responded to changing conditions.

切換到第 13 張投影片。我們持續在中東提升市占，而這份成功始於我們在當地的在地化布局。本季我們展現的韌性，反映了在地據點以及團隊對環境變化的應對方式。

The Middle East represents roughly 7% of our sales. And despite the conflict, the region saw limited disruption. Our teams reacted quickly to the disruption by rerouting inventory through ports of Jeddah and Salalah in Oman and implementing surcharges to offset higher costs.

中東約占我們銷售額的 7%。儘管發生衝突，該地區受到的干擾仍然有限。我們的團隊迅速因應干擾，將庫存改道經由吉達港以及阿曼的塞拉萊港（Salalah）轉運，並實施附加費以抵銷較高的成本。

It is a clear example of the agility and discipline that define our operating model. Long-term fundamentals remain attractive. We've made investments on the ground, most notably in Saudi Arabia and that footprint positions us better than any of our peers to win with customers and support the rebuild once conditions stabilize.

這清楚展現了定義我們營運模式的敏捷性與紀律。長期基本面仍具吸引力。我們已在當地進行投資，最顯著的是在沙烏地阿拉伯；這樣的據點使我們比任何同業都更有利於贏得客戶，並在情勢穩定後支援重建。

Turning to slide 14. Our balance sheet and cash flow remain important enablers of our compounder journey, and we've made meaningful progress on both fronts. Adjusted free cash flow was $40 million and cash conversion improved to 49% up from 40% in the prior year quarter. The improvements reflect strong working capital management and continued EBXai-driven process gains in order-to-cash.

接著看第14頁投影片。我們的資產負債表與現金流仍是我們「複利成長者」旅程的重要推動力，而我們在這兩方面都取得了實質進展。調整後自由現金流為4,000萬美元，現金轉換率提升至49%，高於去年同期的40%。這些改善反映了強勁的營運資金管理，以及在應收至收現（order-to-cash）流程中由EBXai驅動的持續流程增益。

We expect strong full year cash generation. We're also focused on deleveraging. We ended the first quarter at net leverage of 1.9. That figure will step up temporarily once the Eddyfi acquisition closes where we expect to be back below 3 by year-end.

我們預期全年將有強勁的現金創造能力。我們也聚焦於去槓桿。第一季結束時，我們的淨槓桿為1.9。Eddyfi收購案完成後該數字將暫時上升，但我們預期年底前會回到3以下。

Moving to slide 15. Given our first quarter performance and our visibility to the remainder of the year in booked orders and additional price, we are reiterating our previously announced guidance. We are confident in the trajectory of the business while remaining mindful of the dynamic environment in which we operate.

接著看第15頁投影片。鑑於第一季表現，以及我們對今年剩餘期間在已接訂單與額外定價方面的能見度，我們重申先前公布的財測指引。我們對業務走勢充滿信心，同時也留意我們所處的動態營運環境。

On a core basis, our outlook assumes total sales growth of 6% to 9%, which consists of organic growth of 2% to 4%, 400 basis points from M&A and FX contributing approximately 1%. Our adjusted EBITDA range remains $575 million to $595 million, and our adjusted EPS range remains $5.70 to $5.90.

以核心口徑來看，我們的展望假設總銷售成長6%至9%，其中包含2%至4%的有機成長、併購帶來400個基點，以及匯率約貢獻1%。我們的調整後EBITDA區間仍為5.75億至5.95億美元，調整後EPS區間仍為5.70至5.90美元。

Turning to slide 16. In summary, our recent initiatives have fundamentally reshaped ESAB, accelerating our transformation into a premier industrial compounder. The four acquisitions we made last year, EWM, Bavaria, DeltaP and Aktiv and Eddyfi now to start 2026, have moved the company decisively towards higher growth, higher-margin, lower-cyclicality and a more predictable earnings profile.

接著看第16頁投影片。總結而言，我們近期的各項舉措已從根本上重塑ESAB，加速我們轉型為頂尖的工業複利成長者。我們去年完成的四項收購——EWM、Bavaria、DeltaP與Aktiv——以及預計自2026年初開始納入的Eddyfi，已明確推動公司朝向更高成長、更高毛利、更低循環性與更可預測的獲利結構。

We have meaningfully increased our exposure to defense, nuclear and the fast-growing additive manufacturing space while positioning ourselves opportunistically to benefit from rising semiconductor capital spending. We are thrilled with these acquisitions and the way they have shaped our portfolio, strengthening our ability to compound value and generate stronger cash flow over the long term.

我們已大幅提高在國防、核能以及快速成長的積層製造領域的曝險，同時也以機會主義方式布局，以受惠於半導體資本支出上升。我們對這些收購及其對投資組合的塑造感到非常振奮；它們強化了我們長期複利增值與創造更強現金流的能力。

Operationally, we're winning in the market, our acquisitions are performing. EBXai continues to power productivity across the company. The second quarter is tracking to plan with stable sales and orders, supporting our decision to reiterate full year guidance. Taken together, these actions position ESAB to compound long-term shareholder value at an accelerating pace.

在營運面，我們正在市場上取勝，我們的收購案也表現良好。EBXai持續推動全公司生產力提升。第二季進度符合計畫，銷售與訂單保持穩定，支持我們重申全年指引的決定。綜合而言，這些行動使ESAB能以更快的速度長期複利提升股東價值。

Our teams are energized, our strategy is working. The path ahead for ESAB is full of opportunity and our finest moments are still in front of us. With that, operator, let's open the line for questions.

我們的團隊士氣高昂，我們的策略正在奏效。ESAB前方道路充滿機會，而我們最精彩的時刻仍在前方。接下來，接線員，請開放提問。

(Operator Instructions) Nathan Jones, Stifel.

(接線員指示) Nathan Jones，Stifel。

Again, at a fairly high level, volume in the first quarter was minus 3% and I would have thought that price should be fading from the plus two that we had in the first quarter, maybe not with all the renewed inflation. It does imply an inflection on volume to get to the 2% to 4% organic growth for the full year. So can you maybe talk about where you see the inflection in volumes as we go through the year from that negative 3% to something that's positive.

再從較高層次來看，第一季的量為-3%，而我原本以為價格應該會從第一季的+2開始走弱，或許在通膨再起的情況下不一定。這意味著要達到全年2%到4%的有機成長，量必須出現拐點。所以你能否談談，你們如何看待今年量的拐點，從-3%一路走到轉為正成長？

Yes. I think, Nathan, we obviously were going against the comparable last year, if you remember, with the pull ahead with tariffs. So comparably, we knew Q1 would be just a bit softer as a result of the pull ahead that happened last year when the tariffs went into play. So we sort of landed in Q1 even a little stronger than what we thought based on when the conflict started. So very pleased with the top line number and how the teams performed. And as you go through the year, a couple of things happen. One, obviously, we go in with some additional price into Q2.

是的。Nathan，我想我們顯然是在對比去年同期；如果你還記得，去年因關稅而出現提前拉貨。因此在可比基期上，我們知道第一季會因去年關稅生效時的提前拉貨而稍微偏弱一些。所以第一季的落點其實甚至比我們原先預期的還要強一些，這也取決於衝突開始的時間點。因此我們對營收表現以及團隊的執行非常滿意。而隨著年度推進，會有幾件事發生。第一，顯然我們在第二季會帶入一些額外的價格。

Second, in the back half of the year, as you know, some of the acquisitions that today show up, the acquisitions that show up today on a different line become organic as we go into the third and the fourth quarter driving up organic sales as we finish out the year. So the thoughtful way to look at it is down slightly neutral, a little bit more positive in Q3.

第二，在下半年，如你所知，部分收購案目前在報表上列在不同的項目中，但當我們進入第三與第四季時，這些收購案將轉為有機，進而在年底前推升有機銷售。因此較周全的看法是：先略為下滑到接近持平，第三季會更偏正向一些。

And then when the acquisitions become part of the base, you really see that organic driver kick in. Clearly, for us, the teams have done, in my view, a phenomenal job navigating through the first quarter even though the war came upon us as we finished out February, the team sort of really rallied, figured things out quickly in terms of supply chain, handled the quarter strong and we finished well, and we set us up nicely for Q2 and beyond.

接著當收購案成為基期的一部分時，你會真正看到有機成長動能開始發力。很明顯地，就我們而言，我認為團隊在第一季的應對表現非常出色；即便戰事在2月底我們即將結束該月時爆發，團隊仍迅速凝聚、很快在供應鏈方面找出解法，強勢完成該季並以良好態勢收尾，也讓我們為第二季及之後打下很好的基礎。

I guess I'll ask my follow-up about the Middle East. We have heard from companies about lack of side access and things like that, that are impeding, I guess, work being done in the Middle East, can you talk about the impact that's having on your business? We were only at it for one month out of the quarter in the first quarter. Should we expect a little bit more impact than I think you called out 50 basis points of margin in EMEA and APAC. Does that get a little bit worse in the second quarter? Or maybe talk about the mitigation activities that you've deployed to help offset that?

我想追問一下中東。我們聽到一些公司提到缺乏側向通行（side access）等問題，正在阻礙中東地區的工作進行；你能談談這對你們業務的影響嗎？第一季我們只受到其中一個月的影響。我們是否應該預期影響會比你提到的在EMEA與APAC約50個基點的毛利影響更大一些？第二季會不會更糟？或者請談談你們已部署哪些緩解措施來協助抵銷影響？

Yes. So the way to think about it, at least in the first quarter was when it came upon us, I think we drove to get supplies into the Middle East so that we had the right inventory in place for the business. And so think of it as some additional costs that came at us in Q1 that we thoughtfully engaged with to make sure that the business was in a good spot. We've gone out for price as the month went on. And so think about that margin gap actually reducing.

是的。至少就第一季而言，可以這樣理解：當事件發生時，我們推動把物資運入中東，以確保業務所需的庫存到位。因此可視為第一季出現了一些額外成本，而我們也審慎因應，以確保業務處於良好狀態。隨著月份推進，我們也開始調價。因此可以預期那個毛利缺口其實會縮小。

That being said, we are going out for price to match costs so we don't have any additional price there. So we expect to be price cost neutral. So it's an improving scenario. And as the year goes along, we'll continue to work the price piece to continue our journey forward like we've done in the past. So that's the way to think about it. So a little additional hit in Q1, getting better as we get into Q2 with the additional price that we've gone out with and then getting slightly positive as we finish out the year in the third and fourth quarter.

話雖如此，我們調價是為了匹配成本，因此那裡不會有額外的價格利得。所以我們預期價格與成本大致持平。因此這是一個改善中的情境。隨著年度推進，我們會持續推動價格面工作，延續過去的做法，持續向前推進。大致上就是這樣理解。第一季有一些額外衝擊；進入第二季後，隨著我們已推出的額外調價，情況會改善；而在第三、第四季結束今年時，會略為轉正。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通（JPMorgan）。

Good morning. Thank you so much. I heard you talk about acquisitions growing double-digit percent. Did those acquisitions have unusually easy compares? Or that's a good gauge for the rest of the year. And within that double-digit percent, how much was price versus volume?

早安。非常感謝。我聽到你提到收購案帶來兩位數百分比的成長。那些收購案是否有異常容易的比較基期？或者這可以作為今年其餘時間的良好指標？另外，在這個兩位數百分比中，價格與銷量各占多少？

All right. So let me start with the first piece. The two businesses that I highlighted were EWM and Aktiv. The short answer is, year-over-year, it wasn't about easy comparables. It was the actions that the team were taking, engaging with new customers, getting new orders especially in Europe, the Middle East and some extent also in North America for the EWM business. And so we feel really good one about the acquisition, two, about the funnel that we've created that's now creating momentum in the equipment business.

好的。那我先從第一個部分開始。我剛才強調的兩個業務是EWM和Aktiv。簡短的答案是，從年比年來看，這並不是因為比較基期容易。而是團隊正在採取的行動：與新客戶互動、取得新訂單，特別是在歐洲、中東，以及在某種程度上北美的EWM業務。因此我們對一、這項收購；二、我們建立的漏斗（pipeline）如今正在為設備業務帶來動能，感到非常有信心。

There was some price in it, but most of it was volume, which is what's exciting for us as we go through the year. So I hope that sort of answers that question. The other piece that I think I want to reiterate as we look at the second half of the year as well, we have some automation orders that we booked several of them that stack up quite nicely adding to that organic growth number that we expect to see in the second half of the year in Q3 and Q4.

其中有一些來自價格，但大部分來自銷量，這也是我們在今年推進過程中最感到振奮的部分。所以希望這樣能回答你的問題。另外一點，我想在展望下半年時再重申：我們已經簽下了一些自動化訂單，其中好幾筆疊加起來相當可觀，會為我們預期在下半年、也就是Q3和Q4看到的有機成長數字帶來貢獻。

So additional price, additional orders in automation, these businesses that we've acquired that are really matching the strategic fit that we saw are today outperforming our plan, creating additional tailwind for volume as we finish out the year.

因此，額外的價格、額外的自動化訂單，加上我們所收購、且與我們當初看到的策略契合度高度一致的這些業務，目前都優於我們的計畫，為我們在今年結束前的銷量帶來額外的順風。

That is excellent color. And regarding the 30 basis points headwind you saw in the quarter to EBITDA from the Iran conflict. Do you expect a similar 30 bps headwind in 2Q or that steps down?

這些補充說明非常有幫助。另外，關於本季你們提到伊朗衝突對EBITDA造成30個基點的不利影響。你們預期在第二季也會有類似的30個基點逆風，還是會下降？

I think the way to think about it is, we'll obviously see, but let's start with the positive. The war could settle in a week and maybe we're talking about something different. But on the side, if the war were to continue, we would see two additional months of volume that would then get offset by some additional price that we've gone in. So the way to think about it is that it's not going to get worse, could get slightly better as the quarter goes on.

我認為可以這樣看：我們當然會持續觀察，但先從正面情境開始。戰事可能一週內就平息，那我們談的可能就會是不同的情況。但另一方面，如果戰事持續，我們會看到額外兩個月的銷量影響，而這會被我們已經推進的一些額外價格所部分抵銷。所以可以這樣理解：情況不會變得更糟；隨著季度推進，可能會稍微好轉一些。

Mig Dobre, Baird.

Mig Dobre，Baird。

Thank you, and good morning, everyone. I want to talk a little bit about the Americas segment. And I guess the moving pieces here, I'm trying to think through them. You had the negative one organic in the quarter, but you kind of call out here that excluding Mexico, North America is up mid-single digits. Mexico, it's stable. Obviously, something else acted as a drag here. Can you comment at all on that?

謝謝，各位早安。我想談一下美洲事業部。我在梳理這裡的幾個變動因素。你們本季有機成長是負1，但你們也指出若排除墨西哥，北美是中個位數成長。墨西哥則是穩定。顯然還有其他因素在這裡造成拖累。你們能評論一下嗎？

Yes. We were actually very pleased with our US and Canadian businesses for the quarter, Mig. We felt that both on price and on what I would call created volume, we were very happy with how the business performed. And I would also say that in April, we did better than how we finished out in Q1. So really happy about how that business is performing.

可以。Mig，本季我們其實對美國與加拿大的業務表現非常滿意。無論是價格，或我所稱的「創造出來的銷量」，我們都對業務表現感到很高興。我也想補充，4月的表現比我們在第一季末的收尾還要更好。所以我們對這項業務的表現非常滿意。

The traction that we're getting with customers and the channel. I was actually out with some of the distributors. Our team had an EDAC, our distributor meeting out in Albuquerque. That went really well. I've done some gemba with the North American team down in Texas and also down in Mexico. And we feel really good about the traction, the funnel, the growth bridges that the teams have that are now driving results in US and Canada.

我們在客戶與通路端獲得的進展。我其實也和一些經銷商一起外出拜訪。我們團隊在阿布奎基舉辦了EDAC（經銷商會議）。進行得非常順利。我也和北美團隊在德州以及墨西哥做了一些gemba（現地走訪）。我們對目前的進展、漏斗，以及團隊建立的成長橋樑（growth bridges）感到非常有信心，這些正在推動美國與加拿大的成果。

When it comes to Mexico, as you remember, this was the last quarter in those comparables that we spoke about and so what I meant by stable is that the business continues to be at the levels that it was in Q4. As I visited with the team last week, there are shoots of improvement as we go through the year. So optimistic about how the year sort of shapes up, also with Mexico kind of lapping itself in Q2.

至於墨西哥，如你所記得的，這是我們先前談到的那些可比基期中的最後一季；因此我所說的「穩定」是指，業務持續維持在第四季的水準。我上週與團隊交流時看到，隨著今年推進，已有改善的跡象。所以我對今年的走勢感到樂觀，尤其是墨西哥在第二季也會完成自我對比（lapping itself）。

To give you some additional color on the volume, obviously, the rest is South America where they also had some tariff-related volume bump last year that sort of goes away and neutralizes now and puts us in a better spot for Q2.

再補充一些銷量面的背景：其餘主要是南美，去年他們也因關稅相關因素出現一波銷量墊高（bump），如今那部分消退並趨於中性，讓我們在第二季處於更有利的位置。

I see. And given the way the comparisons are looking here from a volume standpoint for the rest of the year, I mean, we started with negative 4, but then your comps are getting easier. At what point in time do you -- so I guess two questions. At what point in time do you see volume inflection here? When can we expect some growth? And how do you think about the full year from a volume perspective? So what's embedded in the 2026 guide for America's volume specifically?

了解。那就今年剩餘時間的銷量比較基期來看，我的意思是，我們從負4開始，但之後比較基期會變得更容易。我有兩個問題。你們預期銷量在什麼時間點出現拐點？我們何時可以期待看到成長？以及你們如何看待全年銷量的走勢？也就是說，2026年指引中，美洲的銷量具體隱含了什麼？

Well, America's volume, we expect to be -- so let me just sort of thoughtfully walk you through that. When you look at US and Canada, we feel that we're going to be volume positive. And when it comes to Mexico as well, we think as the year goes on, we're going to be volume positive, slightly positive on volume also in Mexico.

嗯，美洲的銷量，我們預期會是——我先有條理地帶你走一遍。看美國與加拿大，我們認為銷量會是正成長。至於墨西哥，我們也認為隨著年度推進，墨西哥的銷量也會轉為正成長，幅度略為正向。

South America, in my view, will stay slightly volume positive. They were a bit volume negative in the first quarter just on the back of year-over-year comparables with the tariff year. They also go positive. So the way to think about the year as it plays out is you saw Q1 be slightly negative. You'll see Q2 be neutral, Q3 getting positive.

南美方面，我的看法是會維持小幅正的銷量成長。第一季他們在銷量上略為負成長，主要是因為與去年「關稅年」的年比可比基期所致。之後也會轉正。所以整體來看，你看到第一季略為負成長。第二季會趨於中性，第三季開始轉為正成長。

And then Q4, in my view, will be nicely positive because some of the acquisitions that today are not considered part of our base, become part of our base. In addition to that, obviously, we're really excited about the Eddyfi acquisition that will close here in midyear. That then allows us additional opportunities for growth for our base business and to be able to pull to Eddyfi with our customers.

而第四季，在我看來會相當不錯地轉正，因為目前尚未被視為我們基礎盤（base）的一些收購案，到了第四季會納入基礎盤。此外，我們也對Eddyfi的收購感到非常興奮，預計會在年中完成交割。這將為我們的基礎業務帶來更多成長機會，也能讓我們與客戶一起把Eddyfi的產品/方案帶進去（pull through）。

Yes. And Mig, the other thing I'd say to you is that in the second half of the year, I made the comment earlier, we've got additional price going in, in Q2. We've also got additional automation orders that we have booked for the third and the fourth quarter. So as you look at it, one, obviously, you're lapping a tariff quarter in Q1, you're getting to a spot where Mexico becomes -- laps itself in Q2.

是的。Mig，我還想補充一點：在下半年，我先前提到過，我們在第二季會再推進額外的價格。我們也已經為第三季與第四季簽下了額外的自動化訂單。所以整體來看，一方面，你在第一季是在對比一個關稅季度；接著到第二季，墨西哥也會完成自我對比（laps itself）。

You've got additional price Q3, you've got these automation orders plus additional price. In Q4, you've got these businesses that today drove double-digit growth in Q1, becoming part of the base in Q4. And so as you sort of look at it, my thoughts here are very realistic and maybe slightly conservative is how you think about the volume numbers as you finish out the year.

第三季有額外的價格，還有這些自動化訂單加上額外的價格。第四季，今天在第一季帶來雙位數成長的這些業務，到了第四季會成為基礎盤的一部分。因此整體來看，我的想法是非常務實的，甚至可能略偏保守——這就是你應該如何看待我們在今年結束前的銷量數字。

Neal Burk, UBS.

Neal Burk，UBS。

I just wanted to go back to the Middle East question. Just to clarify, this 50 basis point drag that was on segment EBITDA margin. Was there any impact on volumes and is there any sense that more broadly, higher commodity prices are in any sense, weighing on overall demand?

我想回到中東的問題。再釐清一下，這個對分部 EBITDA 利潤率造成的 50 個基點拖累。對出貨量是否有任何影響？以及更廣泛來看，較高的大宗商品價格是否在某種程度上正在壓抑整體需求？

Yes. The short answer is we did not see it, and we have not seen it yet. But we have seen cost impact, specifically some like tungsten, we've seen nickel move a little bit. We've seen steel move a little bit. So yes, the war has created a little bit more cost in some of the steel and components that we buy.

是的。簡短的回答是我們沒有看到，而且到目前為止也還沒有看到。但我們確實看到成本影響，特別是像鎢，我們看到鎳有小幅上漲。我們也看到鋼材有些微上漲。所以是的，戰爭讓我們採購的一些鋼材與零組件成本增加了一點。

The other piece that we've really seen is around freight. Freight costs have gone up and partially, that's likely because of fuel costs. And so those are the two aspects. We're moving price to the market to sort of overcome and offset all of it. We expect price/cost to be neutral for at least the second quarter, and then we'll continue to sort of work to be price/cost positive as the year plays on.

我們另外真正看到的一塊是在運費方面。運費成本上升了，部分原因很可能是燃料成本。所以這是兩個面向。我們正在把價格調整到市場上，以便克服並抵消這些影響。我們預期至少在第二季，價格/成本將維持中性，之後我們會持續努力，隨著年度推進讓價格/成本轉為正向。

Okay. And then just another question on margins. I think incremental margin in the quarter was about 12% for the total company and the guide seems to embed something around 20%. So can you just kind of walk through the progression through the rest of the year of how incremental margins should improve?

好的。接著再問一個關於利潤率的問題。我想本季全公司增量利潤率大約是 12%，而指引看起來隱含大約 20%。你能否說明一下今年剩餘期間增量利潤率應如何逐步改善？

Yes. I think the first one, obviously, is we expect better price from Q1 to Q2. So that's assumption number one. Things came at us a bit fast in March. We went out with some price. We didn't get all of it in Q1. We get price in Q2.

是的。我想第一點，顯然是我們預期從第一季到第二季會有更好的價格表現。這是第一個假設。三月的情況來得有點快。我們推出了一些漲價。第一季沒有完全反映到。第二季會反映價格。

The second piece is that we are seeing good momentum in the North American market. And those margins for us are also accretive. We see really nice activity in Europe. One of the things that we have not talked about is how well Europe performed for us to offset some of the issues that we had in the Middle East. So those are basically the two aspects of it.

第二點是我們看到北美市場動能良好。而那邊的利潤率對我們也具有增益效果。我們在歐洲也看到非常不錯的活動。有一件我們尚未談到的是，歐洲的表現有多好，足以抵消我們在中東遇到的一些問題。所以基本上就是這兩個面向。

And then we continue to make improvements in the acquisitions. We talked about EWM being ahead of schedule. In terms of its integration plan and the plans that we had to continue to improve EBITDA percentage in that business. So Q1 will be sort of the -- in terms of EBITDA, the lowest quarter for EWM. And every quarter, sequentially, the EBITDA percentage for EWM improves becoming accretive in Q4.

此外，我們也持續在併購案上做改善。我們提到 EWM 的進度超前。就其整合計畫以及我們持續提升該業務 EBITDA 百分比的計畫而言。所以第一季在 EBITDA 方面將會是 EWM 的最低季度。而每一季依序，EWM 的 EBITDA 百分比都會改善，並在第四季轉為具增益效果。

(Operator Instructions) Steve Volkmann, Jefferies.

(接線員指示) Jefferies 的 Steve Volkmann。

Shyam, you mentioned Europe's strength a couple of times. Can you just delve into that a little bit and sort of share versus kind of what you're seeing from an end market perspective? I think you might have mentioned some stimulus benefits over there in past calls or something? Just an update on what's happening there?

Shyam，你提到歐洲的強勁表現好幾次。你能否再深入談一下，並從終端市場的角度分享一下你們看到的情況？我記得你在過去的電話會議中可能提過那邊有一些刺激措施帶來的好處之類的？能否更新一下那邊正在發生什麼？

Yes. There's a couple of pieces playing in our favor. One, obviously, we have a phenomenal footprint and now with the two acquisitions that we've made in the Germanic region, we really have a position of strength in Europe. We are local. We are able to supply and serve our customers locally, giving us a significant advantage in the region.

是的。有幾個因素對我們有利。第一，顯然我們有非常出色的佈局，而現在加上我們在日耳曼地區完成的兩項併購，我們在歐洲確實處於強勢地位。我們是本地化的。我們能在當地供應並服務客戶，這讓我們在該區域具有顯著優勢。

In the moments of conflict and the moments of uncertainty, what we find is customers begin to realize that they can rely on ESAB. The second thing that's driving it to some extent is the defense spending that's happening in Europe, we're seeing quite a bit of orders associated with that come to us. We're also seeing a lot of momentum on the equipment side, especially with EWM that's benefiting our business.

在衝突與不確定的時刻，我們發現客戶開始意識到他們可以依賴 ESAB。第二個在某種程度上推動成長的因素是歐洲正在發生的國防支出，我們看到相當多與此相關的訂單流向我們。我們也看到設備端有很強的動能，特別是 EWM，這正在讓我們的業務受益。

And there's a couple of actions underway in Europe that could also benefit us. One is this carbon tax piece that is expected to land in 2027. That's giving us a little bit of an advantage and then there are some additional tariffs and quotas that the European Union is expected to put in midyear that would advantage local companies in Europe. So those are the aspects that are giving us a benefit, really pleased with how our European business did. Obviously, if the Middle East conflict resolves, there's some additional significant tailwind for us in Europe and Asia Pac.

此外，歐洲也有幾項正在推進的措施，可能同樣會讓我們受益。其中之一是預計在 2027 年落地的碳稅。這讓我們獲得一些優勢；另外，歐盟預計在年中推出一些額外的關稅與配額，將有利於歐洲的本地公司。所以這些因素都在帶來好處，我們對歐洲業務的表現非常滿意。顯然，如果中東衝突得以解決，歐洲與亞太對我們還會有額外且顯著的順風。

Okay. Great. And I think you may have almost segued to my follow-up, which is I know it's early days, but has your team been able to think about what type of sort of rebuilding and upgrades might be required in the Middle East and how that -- you might participate in that?

好的。很好。我想你幾乎已經帶到我接下來的追問：我知道現在還很早，但你們團隊是否已經能思考中東可能需要哪些類型的重建與升級，以及你們可能如何參與其中？

Yes. We actually have -- we met with our leader in the Middle East this week to look through what the opportunities will be once peace finds its way into that conflict. We feel that with the damage that has occurred in the conflict and the repair that would be needed, ESAB could have a position to take advantage of that rebuild because most of our filler metal is specced into most of the damaged sites. As a result, we find ourselves in a position of advantage.

是的。我們其實在本週與我們在中東的負責人會面，檢視一旦和平在那場衝突中出現後，會有哪些機會。我們認為，鑑於衝突造成的破壞以及所需的修復，ESAB 有機會在重建中受益，因為我們的大多數填充金屬在多數受損場址的規格中都有被指定採用。因此，我們發現自己處於有利的位置。

And that concludes our question-and-answer session. I would now like to turn the conference back over to Mark Barbalato for closing comments.

以上結束我們的問答環節。現在我想把電話會議交回給 Mark Barbalato 作結語。

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

感謝各位今天加入我們，我們期待在下個季度再與各位交流。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。