伊頓 (ETN) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to Eaton's third quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待。歡迎參加伊頓公司2025年第三季財報電話會議。（操作說明）提醒各位，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Yan Jin, Senior Vice President of Investor Relations. Please go ahead, sir.

現在，我謹向大家介紹今天節目的主持人，投資人關係資深副總裁嚴進。請繼續，先生。

Good morning. Thank you all for joining us for Eaton's third quarter 2025 earnings call. With me today are Paulo Ruiz, Chief Executive Officer; and Olivier Leonetti, Executive Vice President and Chief Financial Officer.

早安.感謝各位參加伊頓公司2025年第三季財報電話會議。今天陪同我的是執行長保羅·魯伊斯；以及執行副總裁兼財務長奧利維爾·萊昂內蒂。

Our agenda today include opening remarks by Paulo, then we will turn it over to Olivier who will highlight our company's performance in the third quarter. As we have done on our past calls, we'll be taking questions at the end of Paulo's closing commentary.

今天的議程包括保羅的開幕致辭，然後我們將把發言權交給奧利維爾，他將重點介紹我們公司第三季度的業績。和以往的電話會議一樣，我們將在保羅的總結演講結束後回答問題。

The press release and the presentation we'll go through today have been posted on our website. This presentation includes adjusted earnings per share and other non-GAAP measures. The reconciliation is in the appendix. A webcast of this call is accessible on our website and will be available for replay.

新聞稿和我們今天將要介紹的簡報已經發佈在我們的網站上。本次演示包括調整後的每股盈餘和其他非GAAP指標。和解結果見附錄。本次電話會議的網路直播可在我們的網站上觀看，並可進行回放。

I would like to remind you that our commentary today will include statements related to expected future results of the company and are, therefore, forward-looking statements. Our actual results may differ materially from our forecasted projections due to a wide range of risks and uncertainties as described in our earnings release and presentation.

我想提醒各位，我們今天的評論將包含與公司預期未來業績相關的陳述，因此屬於前瞻性陳述。由於我們在獲利報告和簡報中描述的各種風險和不確定性，我們的實際業績可能與我們的預測有重大差異。

With that, I will turn it over to Paulo.

接下來，我將把麥克風交給保羅。

Thanks, Yan, and thanks, everyone, for joining us. I'm happy to report we delivered solid results. From a demand perspective, we continue to see tremendous strength. On a rolling 12-month basis, our orders accelerated in Electrical Americas, up 7%, from up 2% in Q2. Our Electrical Americas backlog grew 20% year-over-year, hitting an all-time record.

謝謝顏，也謝謝大家的參與。我很高興地報告，我們取得了令人滿意的成果。從需求角度來看，我們持續看到強勁的成長動能。以過去 12 個月的滾動計算，我們在美洲電氣領域的訂單成長加速，從第二季的 2% 成長到 7%。我們的美洲電氣業務積壓訂單年增 20%，創歷史新高。

Demand in Aerospace business remains very strong as well. We posted order growth of 11% on a rolling 12-month basis and backlog expansion of 15% year-over-year. As a result, our book-to-bill for the combined segments was 1.2% on a quarterly basis and 1.1% on a rolling 12-month basis.

航空航太業務的需求依然非常強勁。過去 12 個月，我們的訂單成長了 11%，積壓訂單年增了 15%。因此，我們合併後各業務部門的訂單出貨比按季度計算為 1.2%，以滾動 12 個月計算為 1.1%。

As we continued to deliver robust growth in data center market, our orders accelerated 70% and our sales were up 40% versus Q3 2024. This strong demand picture gives us confidence in our ability to deliver sustained growth and value to shareholders.

隨著我們在資料中心市場持續強勁成長，我們的訂單量成長了 70%，銷售額比 2024 年第三季成長了 40%。強勁的需求情勢讓我們有信心為股東帶來持續成長和價值。

Among the Q3 highlights, our adjusted earnings per share were up 8% versus prior year, and our segment margins of 25% hit a quarterly record up 70 basis points year-over-year. We're also reaffirming our 2025 guidance.

第三季亮點包括：調整後每股盈餘較上年同期成長 8%，部門利潤率達 25%，創季新高，較上年同期成長 70 個基點。我們也重申了2025年的業績指引。

Lastly, yesterday, we were excited to announce the agreement to acquire Boyd's Thermal business, a global leader in liquid cooling, and I will talk through this in much more detail in the following slides. Olivier and I will dive into Q3 and the full year outlook in just a minute. But first, I'd like to share more details on how we are investing and executing for growth in our operations, starting on page 4.

最後，昨天我們很高興地宣布了收購博伊德公司（Boyd）旗下熱能業務的協議，該公司是液冷領域的全球領導者，我將在接下來的幻燈片中更詳細地討論此事。我和奧利維爾馬上將深入探討第三季及全年展望。但首先，我想從第 4 頁開始，分享更多關於我們如何投資和執行業務成長的細節。

So earlier this year, I laid out our both new strategy with three pillars: lead, invest and execute for growth. All three are designed to accelerate our growth and create sustained value for shareholders. These three pillars also enable us to capitalize on key megatrends we've discussed for the last few years. Today, we will focus on invest and execute for growth.

所以今年早些時候，我制定了我們新的策略，該策略包含三大支柱：引領、投資和執行以實現成長。這三項措施旨在加速我們的成長，並為股東創造持續價值。這三大支柱也使我們能夠充分利用過去幾年我們討論過的關鍵大趨勢。今天，我們將重點放在投資和執行以實現成長。

The Boyd acquisition fits squarely into our strategy to invest for growth. Executing for growth involves elevating operations from good to best-in-class. It includes self-help growing the head and fixing the tail and controlling our destiny independent from end market developments. Today I'll walk you through a few examples of what we are doing and the results we are starting to see from this strategy.

收購博伊德完全符合我們投資成長的策略。實現成長需要將營運水準從優秀提升到一流水準。它包括自助式成長、修復缺陷以及掌控自身命運，使其不受終端市場發展的影響。今天我將帶大家了解我們正在採取的一些措施以及我們從這項策略中開始看到的成果。

Turning to page 5. Yesterday, we announced the acquisition of Boyd, the global leader in liquid cooling technologies for critical markets like data centers, aerospace and defense and industrial. This is a high-growth business playing a high-growth market, and we expect it to generate $1.7 billion in sales next year at an adjusted EBITDA margin of 25%. This level of sales represent significant year-over-year growth, demonstrating how the business is benefiting from strong customer demand, especially in data centers.

翻到第5頁。昨天，我們宣布收購了 Boyd 公司，該公司是資料中心、航空航太、國防和工業等關鍵市場液冷技術的全球領導者。這是一個高成長業務，面向一個高成長市場，我們預計它明年將創造 17 億美元的銷售額，調整後的 EBITDA 利潤率為 25%。這一銷售水準代表著顯著的同比成長，顯示公司正受益於強勁的客戶需求，尤其是在資料中心領域。

And the business itself has a large global presence with over 5,200 employees and 16 manufacturing locations. This global presence is critical to Boyd's success as they are able to support customers almost anywhere in the world as they build out their data center infrastructure.

這家企業本身在全球擁有龐大的業務，擁有超過 5,200 名員工和 16 個生產基地。這種全球佈局對博伊德的成功至關重要，因為他們能夠為世界各地正在建立資料中心基礎設施的客戶提供支援。

Of those 5,200 employees, over 500 are engineers, which is another important part of Boyd's success. These engineers work directly with the customer teams, design the next chip platforms to understand the thermal characteristics of this next generation. And then this knowledge gets translated into Boyd's own designs.

在這 5,200 名員工中，有 500 多名是工程師，這也是 Boyd 成功的另一個重要因素。這些工程師直接與客戶團隊合作，設計下一代晶片平台，以了解下一代晶片的熱特性。然後，博伊德將這些知識運用到他自己的設計中。

Boyd's manufacturing engineering teams are also involved in the design of the cooling systems to ensure the highest reliability and the production can be rapidly scaled to meet customer needs anywhere in the world. This deep application engineering expertise, combined with world-class manufacturing and supply chain, creates a powerful flywheel for Boyd to always stay ahead of the competition in terms of technology, reliability and scalability.

博伊德的製造工程團隊也參與冷卻系統的設計，以確保最高的可靠性，並能快速擴大生產規模，以滿足世界各地客戶的需求。這種深厚的應用工程專業知識，加上世界一流的製造和供應鏈，為博伊德創造了強大的動力，使其在技術、可靠性和可擴展性方面始終保持領先於競爭對手。

On slide 6, we show some market data. As we talked about previously, the chip used to power AI models and other high-performance compute applications are getting more and more powerful. If you look at the data, before the advent of GenAI, the power used in a typical rack was in the 10- to 15-kilowatt range. At this level, you can cool the chip using air cooling, which is a pretty mature technology and has been around for many years.

第 6 張投影片展示了一些市場數據。正如我們之前討論過的，用於驅動人工智慧模型和其他高效能運算應用的晶片正變得越來越強大。如果你查看數據，你會發現，在 GenAI 出現之前，一個典型機架的功耗在 10 到 15 千瓦範圍內。在這個級別，你可以使用空氣冷卻來冷卻晶片，這是一項相當成熟的技術，已經存在很多年了。

Now the introduction of more and more powerful AI chips, the power in each one of those racks is just skyrocketing. Take NVIDIA for example. Its GB 200 chip unveiled in 2024 uses 120-kilowatt per rack. Fast forward a year to 2025 and NVIDIA's GB 300 chip now uses 180 kilowatts per rack. And it's only increasing from there. NVIDIA's Rubin chip is expected to use 600 kilowatts per rack, and its Feynman chip, 1,000 kilowatts per rack.

隨著越來越多功能強大的AI晶片的引入，每個機架的運算能力都在快速提升。以英偉達為例。其於 2024 年推出的 GB 200 晶片，每個機架使用 120 千瓦的功率。快進一年到 2025 年，NVIDIA 的 GB 300 晶片現在每個機架消耗 180 千瓦的功率。而且這種情況只會愈演愈烈。NVIDIA 的 Rubin 晶片預計每個機架將消耗 600 千瓦的功率，而其 Feynman 晶片預計每個機架將消耗 1000 千瓦的功率。

Now in addition to these higher power chips requiring more and more electrical equipment, which is a great thing for our business, once you get above roughly 50 kilowatts per rack, traditional air cooling is replaced by liquid cooling. The physics of these power levels require liquid cooling the chip, otherwise performance is degraded, chips don't last as long or the chips might not work at all. So all the demand that you are seeing for GenAI chips will drive commensurate demand for liquid cooling solutions to cool those chips. The growth goes hand in hand.

現在，除了這些功率更高的晶片需要越來越多的電氣設備（這對我們的業務來說是一件好事）之外，一旦每個機架的功率超過大約 50 千瓦，傳統的空氣冷卻就會被液體冷卻所取代。這些功率等級的物理特性要求對晶片進行液冷，否則性能會下降，晶片壽命會縮短，甚至可能完全無法工作。因此，您對 GenAI 晶片的所有需求都將帶動對用於冷卻這些晶片的液冷解決方案的相應需求。兩者相輔相成。

Market estimates vary, but we believe that the global liquid cooling market will grow around 35% annually through 2028: just tremendous growth that is supported by long-term underlying factors. And to go back to my point from the prior slide, Boyd is the global leader in liquid cooling, which is why we are so excited about this business.

市場預測各不相同，但我們認為，到 2028 年，全球液冷市場將以每年約 35% 的速度成長：這是由長期潛在因素支撐的巨大成長。回到我上一張投影片中提到的觀點，博伊德是液冷領域的全球領導者，這也是我們對這項業務如此興奮的原因。

With the acquisition of Boyd, Eaton's data center portfolio will now be even bigger than before, shown in more detail on page 7. We can now provide solutions for all major power and cooling systems from the chip to the grid. This includes all of our traditional power distribution, power quality, and infrastructure products in the data center gray space. And here you can see our other two recent acquisitions of Fiber Bond, modular parts; and Resilient Power, medium-voltage substation transformers.

收購 Boyd 後，伊頓的資料中心業務組合將比以前更大，詳情請見第 7 頁。現在我們可以為從晶片到電網的所有主要電源和冷卻系統提供解決方案。這包括我們在資料中心灰色領域的所有傳統配電、電能品質和基礎設施產品。在這裡您可以看到我們最近收購的另外兩家公司：Fiber Bond（模組化零件）和 Resilient Power（中壓變電站變壓器）。

And in the data center white space, we can provide everything from power distribution units, remote power panels and busway to racks, enclosures, cable tray and, in 2026, liquid cooling. And of course, I need to mention our software and services capabilities, which we historically have been focused on the gray space and the white space power distribution and power quality equipment only, and now we added the same service capabilities for liquid cooling, which we view as a really attractive avenue for growth. Truly an impressive portfolio of solutions for data centers.

在資料中心空白領域，我們可以提供從配電單元、遠端電源面板和母線槽到機架、機櫃、電纜橋架的一切，以及在 2026 年推出的液冷技術。當然，我還要提及我們的軟體和服務能力。我們過去一直專注於灰色地帶和白色地帶的配電和電能品質設備，現在我們又增加了液冷領域的相同服務能力，我們認為這是一個非常有吸引力的成長途徑。確實，這是一套令人印象深刻的資料中心解決方案組合。

Moving to page 8. I already talked about how this acquisition bolsters our data center portfolio. And I also want to mention how it aligns with how our customers are thinking about the future data center architectures.

翻到第8頁。我之前已經說過，這次收購將增強我們的資料中心產品組合。我還想提一下，這與我們的客戶對未來資料中心架構的思考方式非常契合。

Starting from the chip out, there are really five main technology blocks that work outwards toward the utility grid. There is a thermal management system to handle heat loads, primarily from the chip, but also from other heat-generating assets like storage devices and power supplies. There is white space power distribution and infrastructure equipment to get the power to the racks.

從晶片開始，實際上有五個主要技術模組向外延伸到電網。該設備配備了熱管理系統，用於處理熱負荷，主要來自晶片，但也來自其他發熱設備，如儲存設備和電源。預留了配電和基礎設施設備的空間，以便將電力輸送到機架。

There is a great equipment to distribute, transform and condition medium-voltage AC power down to low-voltage AC and then low-voltage DC power. There is Eaton assets to connect the data center to the grid. And finally, there is software and services to monitor and manage all these power and IT assets.

有一個很棒的設備，可以將中壓交流電分配、轉換和調節為低壓交流電，然後再轉換為低壓直流電。伊頓公司擁有將資料中心連接到電網的資產。最後，還有軟體和服務可以監控和管理所有這些電力和IT資產。

So this acquisition of Boyd, Eaton now plays a leading position in each one of those technology blocks. One reason this is important is that we can now offer our data center customers a greater share of wallet. This is important as they seek to consolidate their supply base among a smaller set of stronger, more globally capable players.

因此，透過收購博伊德，伊頓現在在這些技術領域都佔據了領先地位。這樣做之所以重要，其中一個原因是我們現在可以為資料中心客戶提供更大的收益分成。這一點很重要，因為他們正尋求將供應鏈整合到少數實力更強、更俱全球競爭力的企業。

And the other important reason is that customers are increasingly looking to integrate these various systems to drive increased technical performance and more rapid deployments. This is especially true in data center white space, which is exactly where Boyd plays. So overall, a really exciting acquisition for us and one that we know will allow us to continue supporting our customers today and into the future.

另一個重要原因是，客戶越來越希望整合這些不同的系統，以提高技術效能並加快部署速度。這一點在資料中心空白領域尤其突出，而這正是博伊德所擅長的領域。總而言之，這對我們來說是一次非常令人興奮的收購，我們相信這項收購將使我們能夠繼續為現在和未來的客戶提供支援。

Now let's pivot to execute for growth, another exciting important pillar of our strategy. So on slide 9, these are key leading indicators in Electrical Americas. This segment is clearly the head of our portfolio, and we have an execution plan to grow it even stronger and with increased margins. Our lead indicators on this page are proof points of the generational growth opportunity ahead of us. They also show that our team is executing well to capture this growth. The visibility is unprecedented. So let me walk you through what we are seeing.

現在讓我們轉向執行成長策略，這是我們策略的另一個重要支柱。因此，在第 9 張幻燈片中，這些是美洲電氣行業的關鍵領先指標。這一板塊顯然是我們投資組合中的佼佼者，我們制定了執行計劃，以使其發展得更強勁，利潤率更高。本頁所示的​​領先指標證明了我們面前存在著世代成長機會。這也顯示我們的團隊在把握這一成長機會方面做得很好。這種可見度是前所未有的。那麼，就讓我來為大家講解一下我們所看到的情況。

Over the last two years, the mega-project announcements have increased a staggering 185%. In the same time frame, our negotiations pipeline have increased 35%, following into rolling 12-month orders up 23% on a two-year stack and a book-to-bill of 1.1. For data centers specifically, the two-year stack of rolling 12-month orders are up more than 100% and the data center book-to-bill is 1.7.

過去兩年，大型專案公告數量激增了 185%。在同一時期，我們的談判管道增加了 35%，滾動 12 個月的訂單量在兩年內增長了 23%，訂單出貨比為 1.1。具體到資料中心，滾動 12 個月的兩年訂單量增加了 100% 以上，資料中心訂單出貨比為 1.7。

Electrical Americas backlog is up 51% over the last two years, of which data center backlog extends over two years. On a two-year stack, Electrical Americas has grown 23% organically, and we think that data centers have grown 104%.

過去兩年，Electrical Americas 的積壓訂單增加了 51%，其中資料中心的積壓訂單超過兩年。兩年來，Electrical Americas 實現了 23% 的有機成長，我們認為資料中心業務成長了 104%。

So the demand indicators clearly support why we are so bullish for this business. Our position of strength in the Americas keeps resonating across the market. We are proud to have the broadest portfolio electrical products in the market, to cultivate strong and trustworthy relationships and to be the partner of choice to codesign the technologies of the future together with our key customers.

因此，需求指標清楚地顯示了我們為何如此看好這項業務。我們在美洲的強大地位持續在整個市場產生影響。我們為擁有市場上最廣泛的電氣產品組合而感到自豪，致力於培養牢固可靠的合作關係，並成為與我們的主要客戶共同設計未來技術的首選合作夥伴。

Slide 10 showcases Electrical Global organic growth journey. Last year we grew 4%; this year, approximately 7%. We talked about the focus to increase Electrical Global margins, while we continue to make strong progress. Our 2025 guidance reflects year-over-year margin expansion of 100 basis points.

第 10 張幻燈片展示了 Electrical Global 的自然成長歷程。去年我們成長了 4%；今年，大約成長了 7%。我們討論了提高全球電氣業務利潤率的重點，同時我們也持續取得了顯著進展。我們2025年的業績預期反映了利潤率年增100個基點。

And let's talk about the growth rates in Electrical Global now. Our Electrical Global organic growth is accelerating up to about 7% in our 2025 guidance for 4% last year. Our 2030 target of 6% to 9% growth for the portfolio assumes about a middle single-digit growth over the period, and we are off to a great start.

現在我們來談談全球電氣產業的成長率。我們的全球電氣業務有機成長正在加速，預計到 2025 年將達到約 7%，而去年這一數字為 4%。我們 2030 年投資組合成長目標為 6% 至 9%，假設在此期間成長幅度約為中等個位數，而我們目前已取得了良好的開端。

We are seeing order acceleration, building strong backlog, and positioned to win for years to come. We've talked about being in the right markets, targeting fast-growing markets supported by secular megatrends. For example, the data center growth is impacting our business globally as governments and enterprises are prioritizing data localization and resiliency, and we are partnering with our hyperscaler customers in various parts of the world.

我們看到訂單成長加速，積壓訂單量大幅增加，並已做好準備在未來幾年取得成功。我們已經討論過要進入正確的市場，瞄準由長期大趨勢支撐的快速成長市場。例如，隨著各國政府和企業優先考慮資料在地化和彈性，資料中心的成長正在影響我們的全球業務，我們正在與世界各地的超大規模客戶建立合作關係。

And by the way, all these data centers need power, and we are a key beneficiary of our global utility space as well. And we have a broad portfolio with breadth and capabilities leveraged across end markets. All this enable us to win and position us to gain market share on a global front.

順便說一句，所有這些資料中心都需要電力，而我們也是全球公用事業領域的主要受益者。我們擁有廣泛的產品組合，具備涵蓋各個終端市場的廣度與能力。這一切都使我們能夠贏得勝利，並在全球範圍內獲得市場份額。

The strategy is clear, and as you'll hear from Olivier soon, we are booking sizable orders already, which is momentum to position us for strong growth for years to come.

我們的策略很明確，正如您很快就會從奧利維爾那裡聽到的那樣，我們已經接到了相當可觀的訂單，這為我們未來幾年的強勁增長奠定了基礎。

Now I will pass to Olivier to walk through the financials.

現在我將把時間交給奧利維爾，讓他來分析財務狀況。

Thank you, Paulo. I'll start by providing a brief summary of Q3 results. Organic growth for the quarter was 7%, driven by strength in Aerospace, Electrical Americas and Electrical Global, partially offset by weakness in short-cycle markets including Vehicle and eMobility. Otherwise, organic growth would have been almost 10%. We generated a quarterly revenue of $7 billion and expanded margins by 70 basis points to 25%. Adjusted EPS of $3.07 increased by 8%, which is at the high end of our guidance range.

謝謝你，保羅。我先簡單總結一下第三季的業績。本季有機成長率為 7%，主要得益於航空航太、美洲電氣和全球電氣業務的強勁成長，但部分被汽車和電動車等短期週期市場的疲軟所抵消。否則，有機成長率將接近 10%。我們當季營收達到 70 億美元，利潤率提高了 70 個基點，達到 25%。調整後每股收益為 3.07 美元，成長 8%，處於我們預期範圍的高端。

Now let's move to the segment details. On slide 12, we highlight the Electrical Americas segment. The business continues to execute at a high level and delivered another record quarter on operating profit and Q3 record margins. Organic sales growth of 9% was driven primarily by strength in data centers, up about 40%. Operating margin of 30.3% was up 20 basis points versus prior year, benefiting from higher sales and increased operational efficiencies.

現在我們來看分段細節。在第 12 張投影片中，我們重點介紹了美洲電氣業務板塊。公司繼續保持高水準的運營，在營業利潤方面再次創下季度新高，第三季利潤率也創下歷史新高。有機銷售額成長 9%，主要得益於資料中心業務的強勁成長，成長約 40%。營業利潤率為 30.3%，比去年同期成長 20 個基點，這得益於更高的銷售額和更高的營運效率。

Orders accelerated to up 7% on a trailing 12-month basis, from up 2%. This represents a strong acceleration with total quarterly orders up sequentially by more than 11%. We are confident that we will have an all-time record level of orders booked in 2025. Book-to-bill remained at 1.1%, and our backlog grew by $2 billion or 20% to $12 billion, providing strong visibility for our organic growth outlook.

過去 12 個月，訂單增速從 2% 加快至 7%。這代表著強勁的成長勢頭，季度總訂單量較上季成長超過 11%。我們有信心在 2025 年創下訂單量歷史新高。訂單出貨比維持在 1.1%，積壓訂單增加了 20 億美元，增幅達 20%，達到 120 億美元，為我們的有機成長前景提供了強勁的可見性。

Now I'll summarize the results of our Electrical Global segment. Total growth of 10% included organic growth of 8%, for a very strong performance for the quarter. We have strength in data center, residential, commercial and institutional and machine OEM. Regionally, we saw high single-digit growth across all three regions. Operating margin of 19.1% was up 40 basis points over prior year, driven primarily by sales growth, partially offset by higher inflation.

現在我將總結我們全球電氣業務板塊的表現。本季總成長率為 10%，其中有機成長率為 8%，業績表現非常強勁。我們在資料中心、住宅、商業和機構以及機器OEM領域擁有強大的實力。從區域來看，三個區域均實現了高個位數成長。營業利益率為 19.1%，比去年同期成長 40 個基點，主要得益於銷售成長，但部分被更高的通貨膨脹所抵銷。

Orders were up 2% on a rolling 12-month basis, with mid-single-digit growth in APAC and EMEA. EMEA orders increased by more than 30%, driven by data center orders, including sizable orders in the Middle East and a large order with a hyperscaler in Scandinavia. This represents strong acceleration with quarterly orders up sequentially 15%. Backlog increased 7% from prior year, while book-to-bill remained above 1 on a rolling 12 months basis.

過去 12 個月的訂單量增加了 2%，其中亞太地區和歐洲、中東及非洲地區的訂單量增加了中等個位數。EMEA 地區的訂單成長超過 30%，主要得益於資料中心訂單的成長，其中包括中東地區的大額訂單以及與斯堪的納維亞一家超大規模資料中心營運商簽訂的大額訂單。這代表著強勁的加速成長，季度訂單較上季成長15%。積壓訂單比上年增長 7%，而過去 12 個月的訂單出貨比一直保持在 1 以上。

Before moving to our industrial businesses, I'd like to briefly recap the combined Electrical segment's performance. For Q3, we posted organic growth of 9% and segment margin of 26.6%, which was up 40 basis points over prior year. On a rolling 12-month basis, orders accelerated to up 5% and our book-to-bill ratio for our Electrical sector increased to 1.1. This represents continued acceleration with quarterly orders up sequentially by 30%. We are very excited to capture growth from the robust demand with strong margins in our overall Electrical business.

在介紹我們的工業業務之前，我想先簡單回顧一下電氣業務板塊的綜合績效。第三季度，我們的有機成長率為 9%，業務部門利潤率為 26.6%，比上年同期成長了 40 個基點。以過去 12 個月的滾動計算，訂單增速加快至 5%，電氣行業的訂單出貨比增至 1.1。這代表著持續加速成長，季度訂單環比增長 30%。我們非常高興能夠從強勁的需求中獲益，並在整體電氣業務中獲得豐厚的利潤。

Page 14 highlights our Aerospace segment. Organic sales growth of 13% remain at the high end and resulted in Q3 record sales, with broad-based strength across all markets and particular strength in defense aftermarket. Operating margin expanded by 150 basis points to 25.9%, driven primarily by sales growth.

第 14 頁重點介紹了我們的航空航太業務板塊。有機銷售成長13%仍處於較高水平，並促成了第三季創紀錄的銷售額，所有市場均表現強勁，尤其是在國防售後市場表現強勁。營業利益率成長150個基點至25.9%，主要得益於銷售成長。

On a rolling 12-month basis, orders increased 11%, driven by defense OEM and aftermarket up 16% and 14%, respectively. On a two-year stack basis, trailing 12-months orders are up 70%. This demonstrates strong momentum with quarterly orders increasing over 9% sequentially. Our book-to-bill for our Aerospace segment remains strong at 1.1 on a rolling 12-month basis, resulting in a backlog increase of 15% year-over-year and 4% sequentially. Overall, Aerospace posted a solid Q3 and remains well positioned going forward.

以過去 12 個月的滾動計算，訂單增長了 11%，其中國防 OEM 和售後市場分別增長了 16% 和 14%。從兩年的累積數據來看，過去 12 個月的訂單量增加了 70%。這表明市場勢頭強勁，季度訂單環比增長超過 9%。我們航空航太業務的訂單出貨比在滾動 12 個月內保持在 1.1 的強勁水平，導致積壓訂單同比增長 15%，環比增長 4%。整體而言，航空航太業務第三季表現穩健，未來發展前景良好。

Moving to our Vehicle segment on page 15. In the quarter, the business declined by 9% on an organic basis, primarily driven by weaknesses in the North America truck and light vehicle markets. Margins are down 160 basis points year-over-year, primarily driven by lower sales and higher inflation.

接下來請翻到第 15 頁，進入我們的車輛板塊。本季度，公司業務以有機成長計算下降了 9%，主要原因是北美卡車和輕型汽車市場的疲軟。利潤率較去年同期下降 160 個基點，主要原因是銷售額下降和通貨膨脹加劇。

On page 16, we show results for our eMobility business. Revenue decreased 90% from 20% lower organic, partially offset by 1% favorable FX. Operating loss was $9 million in the quarter.

第 16 頁展示了我們電動車業務的成果。營收下降 90%，其中有機成長下降 20%，部分被 1% 的有利匯率抵銷。本季營業虧損為900萬美元。

Now I'll pass it back to Paulo to go over the remainder of the presentation.

現在我把麥克風交還給保羅，讓他繼續講解剩餘部分。

Thanks, Olivier. Here on page 17 is our updated guidance for the year for organic growth and operating margins. We are reaffirming our growth guidance range of 8.5% to 9.5%. We'll likely end up at the low end of this range in total, primarily due to market dynamics in our Vehicle and eMobility businesses. We are also reaffirming our margin guidance of 24.1% to 24.5% with minor revisions between Aerospace and eMobility.

謝謝你，奧利維爾。第 17 頁是我們更新後的年度有機成長和營業利潤率預期。我們重申成長預期範圍為 8.5% 至 9.5%。最終，我們的總收入可能會處於這個範圍的低端，這主要是由於我們的汽車和電動出行業務的市場動態所致。我們也重申了 24.1% 至 24.5% 的利潤率預期，其中航空航太和電動車業務的利潤率略有調整。

Moving to page 18, here's the outlook for Q4 and our updated guidance for the year. For the upcoming quarter, we see EPS of $3.23 to $3.43, representing 18% year-over-year growth. We see organic growth at 10% to 12%, which is a reacceleration of growth for the company. And for the year, we are reaffirming our adjusted EPS guidance at $11.97 to $12.17, which includes our near-term investments to position us for sustained long-term growth. And this represents 12% growth in earnings per share at the midpoint, which I promised you in March.

接下來翻到第 18 頁，這裡是第四季的展望以及我們更新後的全年業績指引。對於即將到來的季度，我們預計每股收益為 3.23 美元至 3.43 美元，年增 18%。我們預計有機成長率將達到 10% 至 12%，這標誌著公司成長速度的再次加快。對於全年，我們重申調整後的每股盈餘預期為 11.97 美元至 12.17 美元，其中包括我們為實現持續長期成長而進行的近期投資。這意味著每股盈餘中位數成長了 12%，這正是我在 3 月向你們承諾的。

Shifting our perspective ahead to 2026 on page 19, we provide our view of end market growth assumptions for the year. All in, this equates to about 7% market growth rate and with some outgrowth is consistent with our 2030 organic growth CAGR of 6% to 9%. I won't go line by line here, but this chart shows that we anticipate growth across our end markets with attractive growth for over 70% of our portfolio.

我們將目光轉向 2026 年，在第 19 頁，我們提供了我們對該年度終端市場成長假設的看法。總的來說，這相當於約 7% 的市場成長率，加上一些超額成長，與我們 2030 年 6% 至 9% 的有機成長複合年增長率一致。我不會逐行分析，但這張圖表顯示，我們預計所有終端市場都將實現成長，其中超過 70% 的投資組合將帶來可觀的成長。

In particular, the data center, distributed IT and electrical vehicle markets are expected to be the strongest, up double digits. We also expect solid growth in the utility end market along with both commercial aerospace and defense.

其中，資料中心、分散式 IT 和電動車市場預計將表現最為強勁，實現兩位數成長。我們也預計公用事業終端市場以及商業航空航太和國防領域都將穩健成長。

In summary, we continue to see many paths to our sustained growth, and we are confident in our end market positioning to deliver another differentiated year in 2026 of growth and strong shareholder returns.

總而言之，我們仍然看到實現持續成長的多種途徑，並且我們對自身的終端市場定位充滿信心，相信在 2026 年能夠再次實現差異化成長並為股東帶來強勁回報。

I will close with a quick summary on page 20. We had a strong quarter, Q3 record revenue and an all-time record on segment profit and margins. We are seeing unprecedented demand reflected in continued order acceleration and growing backlogs. Our strategy to lead, invest and execute for growth is positioning us to capture generational demand and deliver lasting value for our shareholders.

最後，我將在第 20 頁做一個簡要總結。我們本季業績強勁，第三季營收創歷史新高，各業務部門獲利及利潤率也均創歷史新高。我們看到前所未有的需求，這體現在訂單持續加速成長和積壓訂單不斷增加。我們透過引領、投資和執行成長策略，來掌握世代需求，並為股東創造持久價值。

We look forward to welcoming and integrating Boyd into our business and satisfying our customers with a complete solution offering. Bottom line, we have confidence in our guidance to close out the remainder of the year, and we are well positioned as we go into 2026 and beyond. And we remain confident that our brightest days are yet to come.

我們期待博伊德加入我們的業務，並為其提供全面的解決方案，以滿足客戶的需求。總之，我們對今年剩餘時間的業績預期充滿信心，並且我們已經為2026年及以後的發展做好了充分準備。我們依然堅信，我們最輝煌的日子尚未到來。

And with that, we are happy to take your questions.

那麼，我們很樂意回答您的問題。

Thanks, Paulo. (Event Instructions)

謝謝你，保羅。（活動須知）

With that, I will turn it over to the operator to give you guys the instruction.

接下來，我將把控制權交給操作員，讓他給你們下達指令。

(Operator Instructions)

（操作說明）

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

So I know orders, maybe you guys don't want to talk about them, but the investors certainly do. Maybe we can talk about Electrical Americas' LTM orders outlook. Electrical Americas orders continue to accelerate on an LTM basis, I think it was 2% in second quarter, 7% in third quarter. So what's your expectation for orders in fourth quarter and the beginning of '26, if you're willing to talk about it?

我知道訂單的事，也許你們不想談論這些，但投資人肯定想談。或許我們可以談談Electrical Americas的過去12個月訂單前景。美洲電氣訂單以過去12個月計算持續加​​速成長，我認為第二季成長了2%，第三季成長了7%。如果您願意談談的話，您對第四季和 2026 年初的訂單量有何預期？

Sure. Thanks for the question, Andrew. Based on the orders momentum we had in Q3 and a very strong October in orders and we also have a growth in our negotiations pipeline, we have a lot of visibility into Q4 orders. So we remain very bullish about our orders growth also in Q4. And I say that because we continue to have specific projects that we track in the pipeline that support this outlook that I'm referring to for strong order acceleration of LTM orders into Q4. So we are bullish about the orders.

當然。謝謝你的提問，安德魯。基於第三季訂單的成長動能和十月份強勁的訂單表現，以及我們談判項目數量的成長，我們對第四季的訂單前景非常樂觀。因此，我們對第四季的訂單成長仍然非常樂觀。我之所以這麼說，是因為我們持續追蹤一些正在籌備中的特定項目，這些項目支持我所說的這種前景，即 LTM 訂單將在第四季度強勁加速成長。因此，我們對訂單前景持樂觀態度。

Excellent. And maybe we can talk about Electrical Americas quarterly orders. You only disclosed orders on an LTM basis. But I think externally, we do estimate your orders on a quarterly base in Electrical Americas. I think it sort of came up like mid-20s to close to 30% year-over-year. Is that in the ballpark? And is it close to 30% or is it close to 25%?

出色的。或許我們也可以談談美國電氣公司的季度訂單狀況。您僅揭露了過去12個月的訂單數據。但我認為，從外部來看，我們在美洲電氣公司是按季度估算你們的訂單的。我認為年增幅大概在 20% 到 30% 之間。這個數字差不多嗎？是接近 30% 還是接近 25%？

Another great question. Thanks again. Based on these LTM disclosures we make, we know that people externally estimate quarterly orders as well. I would say this direction, your estimate, is in the ballpark, I would say towards the higher end of your estimation. So we continue to see strong inflection in orders in Q3. And as I just said, we continue to see momentum in Q4.

又是一個很好的問題。再次感謝。根據我們揭露的這些過去 12 個月的數據，我們知道外部人士也會對季度訂單進行估算。我認為這個方向，也就是你的估計，是大致正確的，而且我認為它更接近你估計的上限。因此，我們看到第三季訂單量持續強勁成長。正如我剛才所說，我們在第四季度繼續看到成長勢頭。

But most importantly, I would like to remind you and the whole team why we are winning businesses at this space. I think it's important we talk about it. We have this success because we have the broadest portfolio of electrical products in Electrical Americas. We have all the solutions and services. We count on strong channels. And we also have deep customer intimacy, so we codesign future technologies with our customers.

但最重要的是，我想提醒您和整個團隊，我們為什麼能在這個領域贏得業務。我認為我們有必要談談這件事。我們之所以能取得這樣的成功，是因為我們擁有美洲電氣產業最廣泛的電氣產品組合。我們提供所有解決方案和服務。我們依靠強大的管道。而且我們與客戶關係密切，因此我們會與客戶共同設計未來的技術。

And this allows us to be a leader in several end markets. I'm not talking only about data centers, but we're also leading utilities. We had very strong orders in utilities. C&I, et cetera. So every investment we make into Electrical Americas actually scale across many different end markets.

這使我們能夠在多個終端市場中處於領先地位。我說的不僅是資料中心，我們也是領先的公用事業公司。我們在公用事業領域獲得了非常強勁的訂單。C&I 等。因此，我們對 Electrical Americas 的每項投資實際上都能擴展到許多不同的終端市場。

And as you know, we're expanding our footprint in North America as well to better serve our customers and to continue to capture more than our fair share of the market. And at the same time, I would say this, that we are also in the position of strength that we have today and winning all these orders because of the way we intentionally position our portfolio.

如您所知，我們也在擴大在北美的商業版圖，以便更好地服務我們的客戶，並繼續佔據我們應有的市場份額。同時，我想說的是，我們今天所擁有的強大實力以及贏得所有這些訂單，也是因為我們有意識地調整了我們的投資組合。

So we have proven to be disciplined, proven to be nimble, progressive, and we continue to make the right moves to boost our growth. So we believe the best days and years are ahead of this business yet.

因此，我們已經證明了我們自律、靈活、進取，並且我們將繼續採取正確的措施來促進我們的成長。所以我們相信，這家企業最好的日子和最好的歲月還在後頭。

And Andrew, there was a lot of focus also on data center and hyperscale. The growth on orders in this particular vertical was very strong. In the Americas, close to 70%, same number for Global. And in total for the Electrical sector, close to 70% order growth in the quarter for data center and hyperscalers.

安德魯，我們也非常關注資料中心和超大規模資料中心。該垂直領域的訂單成長非常強勁。美洲接近 70%，全球比例也相同。總體而言，電力產業本季資料中心和超大規模資料中心的訂單成長接近 70%。

Yes. And I'll just conclude by saying that we are beating every competitor in the market in orders. And part of this is attributable to the portfolio and our sales channels and the relationships, but partially is also to the fact we are investing in our footprint and our customers feel comfortable and confident in giving us more orders versus other competitors. So I think that's also a point that I would like to stress.

是的。最後我想說的是，我們在訂單量上擊敗了市場上的所有競爭對手。部分原因在於我們的產品組合、銷售通路和客戶關係，但部分原因也在於我們正在加大對業務佈局的投入，客戶也因此感到安心，並願意向我們下單，而不是向其他競爭對手下單。所以，我想強調的一點也是這一點。

I'll let others to ask how Boyd was going to help you with that.

至於博伊德打算如何幫助你，就讓其他人去問吧。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Paulo, you previously said that AI data centers can get you $1.2 million to $2.9 million in sales per megawatt and that you expect data center growth to be 17% over the next several years. But as you suggested today, Eaton and the market have changed, Eaton since your Investor Day, with the market beginning to evolve toward 800-volt DC power architecture. And you added Fibrebond and now you're obviously adding Boyd.

Paulo，你之前說過，人工智慧資料中心每兆瓦可以帶來 120 萬至 290 萬美元的銷售額，而你預計未來幾年資料中心的成長率為 17%。但正如您今天所指出的，伊頓和市場已經發生了變化，自從您的投資者日以來，市場開始向 800 伏特直流電源架構發展。你們之前加入了Fibrebond，現在顯然又要加入Boyd了。

So can you talk about what total even sales per megawatt within your eventual new portfolio could be? And do you ultimately see the data center market growing considerably faster than that 17% with Eaton outperforming?

那麼，您能否談談您最終的新產品組合中每兆瓦的總銷售額可能是多少？最終您是否認為資料中心市場的成長速度會遠超 17%，而伊頓的表現會優於這個數字？

Yes, great question. Let me lead with this. We mentioned to you before that we have the broadest portfolio of power management solutions for data centers. We had it already even before the announcement we made yesterday. But starting with the white space products, the white space is centered around the chips. And moving to the gray space, we have all this power product distribution, power quality products, and all the way to the front of the middle where we have a utility grid product. So we have a very extensive portfolio. And the recent acquisitions we made, made our position so much stronger.

是的，問得好。讓我先說這個。我們之前提到過，我們擁有最全面的資料中心電源管理解決方案組合。早在昨天宣布之前，我們就已經掌握了相關資訊。但從空白產品說起，空白的核心是晶片。再來看看灰色地帶，我們有各種電力產品分銷、電力品質產品，一直到中間前端的公用電網產品。所以我們擁有非常廣泛的產品組合。我們最近進行的收購，使我們的地位更加穩固。

And as you know, the data centers exist to support the chips ultimately. And as the chips become more and more powerful, especially in support of AI workloads, as you mentioned, data center operators are moving towards direct current. Why is that? Because direct current offers advantages in terms of reduced power losses, fewer conversions with alternate current, and the ability to offer direct integration with other sources of power just like renewables and battery storage.

如你所知，資料中心的存在最終是為了支援晶片。正如您所提到的，隨著晶片性能越來越強大，尤其是在支援人工智慧工作負載方面，資料中心營運商正在轉向直流電。這是為什麼？因為直流電在降低功率損耗、減少與交流電的轉換次數以及能夠像再生能源和電池儲能一樣直接與其他電源整合方面具有優勢。

And Eaton is extremely well positioned for this change, not only because today our products touch every conversion of AC and DC in the data center, but also because we have decade-long experience with dealing with DC power in other segments like machinery, industrial facilities and also e-mobility, we're dealing with DC power for a while. So this is another example that makes Eaton unique in this space.

伊頓公司已經為這項變更做好了極其充分的準備，不僅因為我們的產品如今涵蓋了資料中心中每一次交流電和直流電的轉換，還因為我們在機械、工業設施以及電動車等其他領域擁有長達十年的直流電源處理經驗，我們處理直流電源已經很久了。所以，這又是一個讓伊頓公司在這個領域獨樹一格的例子。

And the Resilient Power acquisition we made a couple of quarters ago actually accelerates our readiness for DC integration right from the utility feed down to the chips. So the question you made is how this can be possible. We are working with a number of customers. We're also working with institutions and governments, and we have a seat on the table to decide on the quotes for the new systems. And we also, as you probably know, we are partnering with NVIDIA. So we designed the data centers from the chip out.

我們幾個季度前收購的 Resilient Power 實際上加快了我們從公用電網到晶片的直流整合準備。所以你提出的問題是，這怎麼可能？我們正在與多家客戶合作。我們也與各機構和政府合作，並且在決定新系統的報價時擁有一席之地。而且，您可能也知道，我們正在與 NVIDIA 合作。所以我們是從晶片層面開始設計資料中心的。

On your specific question on the dollars per megawatt, our range was between $1.2 million to $2.4 million per megawatt, being the lower end cloud and being the higher end AI loads for the portfolio we have today. And with the acquisition of Boyd, we're going to add another $500,000, so it would be close to $3 million per megawatt at the high end of the guide here for construction.

關於您提出的每兆瓦美元的具體問題，我們的價格範圍在每兆瓦 120 萬美元到 240 萬美元之間，這是針對我們目前產品組合中較低端的雲端應用和較高端的 AI 應用而言的價格。收購博伊德後，我們將再增加 50 萬美元，因此按照這裡建造指南的高端標準，每兆瓦的成本將接近 300 萬美元。

Paulo, that's helpful. And then maybe just for Olivier. Your organic revenue growth in Electrical Americas slowed in Q3 versus Q2. I think the comps are pretty similar. I think you also have more capacity coming on. So can you give us more color on what happened in your end markets? What's -- maybe residential is slower. And I know you have a relatively big implied ramp in Q4, easier comps help. But where is that coming from? Is it data center revenue growth? And how does that translate into '26?

保羅，這很有幫助。或許只是為了奧利維​​爾。第三季度，您在美洲電氣業務的有機收入成長速度較第二季度放緩。我認為這兩款競技非常相似。我認為你們未來還會增加產能。那麼，您能否詳細介紹一下您的終端市場發生了什麼事？什麼原因——或許是住宅區速度較慢。我知道你們第四季的隱含成長幅度相對較大，較低的比較基準會有所幫助。但這究竟是從哪裡來的呢？是資料中心收入成長嗎？那麼，這又如何轉化為 2026 年呢？

So if you look at Q3 on organic growth for ESA, we had two factors impacting our sales to the downside. One, residential being slower in September; and two, some small orders, some orders being delayed from Q3 to Q4. We are confident that we'll catch up in Q4. If you look at the implied revenue guide for ESA, that would be in the range of 17% to 18%. We're confident in our ability to deliver this kind of revenue growth as we're adding capacity.

因此，如果你看一下 ESA 第三季的有機成長情況，會發現有兩個因素對我們的銷售額產生了不利影響。第一，9 月住宅銷售放緩；第二，一些小訂單，一些訂單從第三季推遲到第四季。我們有信心在第四季迎頭趕上。如果查看 ESA 的隱含收入指導，那將在 17% 到 18% 的範圍內。我們有信心在增加產能的同時，實現這種營收成長。

I'd like to complement this -- just to complement what Olivier said, which is absolutely right. I'd like you to take this into perspective. This miss of Electrical Americas to the midpoint of the guide, if you calculate the dollars, are $80 million, 8-0. If you think about the future performance of the business and the overall company, it's not comparable. It's not really important, if you compare versus the backlog sequential increase we had for the company. The backlog increase from Q2 to Q3 for the overall company is about $1 billion, being $600 million only in Electrical Americas.

我想補充一點——只是為了補充奧利維爾所說的，他說的完全正確。我希望你能正確看待這件事。如果以美元計算，Electrical Americas 與指南中點的差距為 8000 萬美元，8-0。如果從企業和整個公司的未來表現來看，兩者根本沒有可比性。如果與公司積壓訂單的環比成長相比，這其實並不重要。公司整體積壓訂單從第二季到第三季增加了約 10 億美元，其中光是美洲電氣業務就增加了 6 億美元。

So that's what gives us the confidence we have the right number going forward. And then a reminder, last year, we had also a tough Q4 because we had the impacts of strikes and hurricanes. So the comparable as well helps in this case year-over-year.

所以，正是這一點讓我們有信心，我們目前的人數是正確的。另外提醒一下，去年第四季我們也經歷了一段艱難時期，因為我們受到了罷工和颶風的影響。因此，在這種情況下，可比較資料（例如同比資料）也很有幫助。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

I wanted to follow up on some of that Q3 versus Q4 commentary, but specifically more on EPS. So Q3 EPS was up, I guess, 8% year-on-year. You're guiding Q4 at the midpoint up to 18%, above the full year of 12%. So is that just all driven by the Americas seeing stronger organic growth, which you just talked about? Or are there other factors in here that's driving a start pickup in earnings growth?

我想就第三季與第四季的一些評論做進一步探討，特別是關於每股盈餘（EPS）方面。所以第三季每股收益較去年同期成長了8%。您對第四季的預期中位數為 18%，高於全年 12% 的預期。所以，這一切是否只是由美洲地區更強勁的自然成長所推動的，就像你剛才提到的那樣？或者說，還有其他因素推動了獲利成長的開始回升嗎？

Mainly other factors. If you look at, first, the tax rate, last year our tax rate in the quarter for Q4 was 17.4%. We are modeling 15%. The 15% is supported by discrete tax items. This is under our control. So that would be half of the difference between the 18% and the 12% for the full year.

主要還有其他因素。首先來看稅率，去年第四季我們的稅率為 17.4%。我們假設比例為 15%。這15%是由若干獨立的稅收項目支撐的。這在我們掌控之中。所以，這相當於全年18%和12%之間差額的一半。

And the other half is a compare benefit. Paulo mentioned that last year, we had the impact of strike and hurricanes, which impacted EPS and would benefit from the compare as well. So between the 18% and the 12%, 50-50 of the gap between tax and the compare, Chris.

另一半是比較優勢。Paulo提到，去年我們受到了罷工和颶風的影響，這對每股收益產生了影響，因此今年的比較也將帶來益處。所以，在 18% 和 12% 之間，稅收和比較之間的差距是 50-50，克里斯。

And Chris, just to add one element to this -- just to complete the picture here. If you adjust by the two factors that Olivier just mentioned, the EPS growth will be around 13%, which is a little bit higher than the average of the year. So that gives us confidence that we can hit that.

克里斯，我還要補充一點——為了讓事情更完整。如果根據奧利維爾剛才提到的兩個因素進行調整，每股盈餘成長率將約為 13%，略高於年度平均值。這讓我們有信心能夠實現這個目標。

I appreciate that. And maybe if I could follow up with one maybe more thematically around the Boyd acquisition. I imagine that there has always been some benefits if you were able to supply customers power equipment into both the gray and white space within data center. But it does seem like the ability to supply both is getting more important. I don't know, maybe that's on the move to 800 volts, I'm not sure.

我很感激。或許我可以再寫一篇，主題更貼近博伊德收購案。我想，如果能夠向資料中心內的灰色空間和白色空間中的客戶提供電源設備，肯定會有一些好處。但同時提供這兩種服務的能力似乎變得越來越重要。我不知道，也許電壓會升到 800 伏，我不確定。

But I guess, Paulo, from your standpoint, is the ability to sell into both the white and the gray space becoming more important? And was that a big -- and if so, why? And ultimately, is that kind of a big motivation for this acquisition?

但我想，保羅，從你的角度來看，同時向白色市場和灰色市場銷售產品的能力是否變得越來越重要？那件事很重要嗎？如果很重要，為什麼？歸根究底，這是否是此次收購的主要動機？

Yes. No, great question. If you'll allow me, I'd like to give you a big picture rationale on the acquisition, we can deep dive on this particular topic. We are excited about the data center market. We all know it's growing at a very fast pace. But if you look at liquid cooling in particular, it's growing at even faster pace than the average of the data center market. So you saw in your chart, in the low point projection of the market is 35% CAGR. So market will be between $6 billion and $9 billion already in '28. In 2030, we expect the market to be between $15 billion and $18 billion. So it will be a massive market.

是的。不，問得好。如果允許的話，我想就此次收購給出一個宏觀的理由，我們可以深入探討這個具體主題。我們對資料中心市場充滿信心。我們都知道它的發展速度非常快。但如果你特別關注液冷技術，它的成長速度甚至比資料中心市場的平均成長速度還要快。正如您在圖表中看到的，市場低潮預測的複合年增長率為 35%。因此，到 2028 年，市場規模將達到 60 億至 90 億美元。我們預計到 2030 年，市場規模將在 150 億美元至 180 億美元之間。所以這將是一個巨大的市場。

And I told you, I think it's important I get back to that point, I told you last quarter that the white space became much more interesting for Eaton given the power ranges that now also go into the racks, moving from a few kilowatts to a megawatt, which is at sites now. And this makes a remarkable change in the way we design the power solutions, to be more attractive for Eaton having mission-critical solutions here.

我告訴過你，我認為有必要回到這一點。上個季度我告訴過你，鑑於現在機架中也採用了功率範圍從幾千瓦到兆瓦的電源，空白市場對伊頓來說變得更加有趣了，而兆瓦電源現在已經應用到各個站點了。這顯著改變了我們設計電源解決方案的方式，使其對伊頓更具吸引力，因為伊頓在這裡擁有關鍵任務解決方案。

And then if you look at the cooling part of it, there are technical synergies in the way you design the white space from the chip out, and that's what we are interested in, and converting power and cooling technology and knowledge to come up with better designs for our customers.

然後，如果你看看散熱部分，你會發現從晶片到外部，在設計空白區域的方式上存在技術協同效應，而這正是我們感興趣的，我們將電源和散熱技術及知識轉化為更好的設計，為我們的客戶服務。

Then, why Boyd? I would say I would start with this. Firstly, they really have similar DNA that Eaton, which means that they lead with technology and innovation. Second, they are the market leader, so that provides us with a scaled entry into the market, not the suboptimum assets we saw on the market before. This is a market leader. They have a global footprint, which is impressive, in all three continents, and a best-in-class engineering team because they have around 500 engineers and they are the best cooling experts on the market. So we like what we see.

那麼，為什麼是博伊德？我覺得應該從這裡開始。首先，他們的基因確實與伊頓公司非常相似，這意味著他們都以技術和創新為先導。其次，他們是市場領導者，這為我們提供了規模化的市場進入方式，而不是像以前那樣進入市場，獲得次優資產。這是市場領導者。他們的業務遍及全球三大洲，令人印象深刻；他們擁有一支一流的工程團隊，約有 500 名工程師，是市場上最好的冷卻專家。我們很喜歡我們所看到的。

And we also like the way they sell it because they work through technical sales, meaning they work intimately connected with all the chip companies. So think about the merchant chips like NVIDIA, AMD, but they also work on the captive proprietary custom silicon developers which are the hyperscalers. So they are in those development projects for the long run. So they know two- or three generations ahead of what is commercial today, what's going to be delivered, because they are part of those projects.

我們也喜歡他們的銷售方式，因為他們透過技術銷售管道進行銷售，這意味著他們與所有晶片公司都有著密切的聯繫。所以想想像 NVIDIA、AMD 這樣的商用晶片，但他們也與那些擁有專有客製化晶片的開發商（即超大規模資料中心）合作。所以他們會長期參與這些開發案。所以他們比當今的商業產品領先兩到三代，知道會交付什麼，因為他們參與了這些專案。

So talking about synergies here, first of all, Eaton in our power portfolio, we can leverage this connectivity they have with the chip manufacturers and the hyperscalers on their own chips to leverage our power system designs as well. So they have the customer intimacy. On the other end, we believe we can help them grow their co-location, multi-tenant market. We have better access and better relationships than them. And then we also can help them reducing their cost position given our purchasing power at Eaton.

說到協同效應，首先，在我們的電源產品組合中，伊頓公司與晶片製造商和超大規模資料中心營運商建立了這種聯繫，我們可以利用他們自身的晶片來增強我們的電源系統設計。所以他們與客戶建立了密切關係。另一方面，我們相信我們可以幫助他們發展其託管、多租戶市場。我們比他們擁有更好的資源和關係。此外，憑藉伊頓的採購優勢，我們也可以幫助他們降低成本。

So this business is growing really, really fast. And this year, they're going to reach $1 billion in revenue. Next year they're going to reach $1.7 billion in revenue, which is a staggering 70% growth. We double-clicked on that during diligence, and their Q4 exit rate is already $400 million, which gives 1.6, if you multiply it by 4, making this 1.7 plan not only achievable, but there is upside next year.

所以這家公司發展速度真的非常非常快。今年，他們的營收將達到10億美元。明年他們的營收將達到 17 億美元，增幅高達 70%。我們在盡職調查期間仔細研究了這一點，他們第四季度的退出率已經達到 4 億美元，也就是 1.6，如果乘以 4，那麼這個 1.7 的計劃不僅可以實現，而且明年還有上漲空間。

So I mean, everything we saw from that angle made us believe that was the right asset to go after. And we also know that we keep our discipline with the returns between 200 points, 300 points being accretive on year two. So all the good stuff.

所以我的意思是，從那個角度我們看到的一切讓我們相信，那是我們應該追求的正確資產。我們也知道，我們保持紀律，第二年的回報在 200 點到 300 點之間，這將帶來成長。所以，都是好東西。

So the asset is fantastic. I'm really excited about winning this business, especially because we've been working, getting them to know as a supplier first for over a year, getting to know the team, the technology. We hired independent consultants to browse all the cooling players, and all the inputs we got pointed to Boyd as the best option for us.

所以這項資產非常棒。我非常高興能贏得這筆業務，尤其是因為我們已經與他們合作了一年多，首先是作為供應商讓他們了解我們，了解他們的團隊和技術。我們聘請了獨立顧問對所有冷凍設備供應商進行考察，所有回饋都表明博伊德是我們的最佳選擇。

So when the asset came to market, we knew exactly what we wanted to check. We knew what plants we wanted to visit. We had an idea on the talent we wanted to retain. So we were quick. We were fast. And we won by certainty of our proposal, fully vetted by our Board, not necessarily because we were bidding higher than other folks.

所以當這筆資產上市時，我們很清楚自己想檢查什麼。我們知道我們想參觀哪些植物。我們對想要留住的人才已經有了初步的想法。所以我們行動迅速。我們速度很快。我們之所以能勝出，是因為我們提出的方案經過董事會的全面審查，並且極具說服力，而不是因為我們的出價高於其他人。

So a great step for us, a great step for the business. And we believe that combining these two technologies in the future will bring a lot of wins for the company, even though I say we didn't need to put much of the synergies into the model to make the math work because the business is growing so fast that it wins on its own merits.

所以這對我們來說是一大步，對公司來說也是一大步。我們相信，未來將這兩種技術結合起來將為公司帶來很多好處，儘管我說過，我們不需要把太多的協同效應納入模型來使數學上可行，因為業務增長如此之快，它本身就能取得成功。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Paulo, maybe just continuing the conversation on Boyd. I'm just curious, when you think about this asset and how long they've been providing liquid cooling or CDU solutions to data centers, maybe help us provide a little bit of a history on that? And then secondly, I'm trying to level-set the portfolio of their business that you've laid out on slide 5. I'm curious specifically, how much is liquid cooling? How much is cold plate? Just any color you can give us from that would be helpful.

保羅，或許只是繼續聊博伊德的事。我只是好奇，考慮到這項資產以及他們為資料中心提供液冷或CDU解決方案的時間，您能否幫我們簡要介紹一下這方面的歷史？其次，我正在嘗試對你在第 5 張投影片上列出的他們的業務組合進行統一的評估。我特別想知道，液冷系統要多少錢？冷板多少錢？只要你能提供其中任何一種顏色，都會很有幫助。

Great. So the company historically started by designing cooling systems for aerospace, which is a great place to start because it's very stringent, tough requirements, tough engineering in those solutions. And they really got traction there. And then when cooling became a reality in the data center space, they migrated to cooling in data centers.

偉大的。因此，該公司最初是從為航空航天業設計冷卻系統起家的，這是一個很好的起點，因為航空航天業對冷卻系統的要求非常嚴格，工程設計也非常複雜。他們在那裡確實獲得了不少關注。後來，當冷卻技術在資料中心領域成為現實時，他們便轉向了資料中心冷卻技術。

You should think about Boyd as over 80% of their revenues are in the data center space and the other 20% are divided between aerospace and industrial applications. So the data center part is growing at a much faster pace, as you know. But the aerospace part is also interesting. We were working on our own projects to achieve exactly that. And now with that technology, we don't need to continue with those projects any longer in aerospace. It's also important, but not any close to the growth rates that we see in data centers.

你應該考慮博伊德公司，因為他們超過 80% 的收入來自資料中心領域，其餘 20% 的收入則分佈在航空航太和工業應用領域。如你所知，資料中心領域的成長速度要快得多。但航空航天部分也很有趣。我們當時正在進行自己的項目，就是為了實現這個目標。現在有了這項技術，我們在航空航太領域就不需要再繼續進行那些計畫了。這固然重要，但遠不及資料中心的成長速度。

And as you think about Boyd, they are not a -- don't think of Boyd as a cold plate company. They are the cooling experts on the market. When you have 500 engineers and you are embedded into two- or three generations of chips ahead of what's commercial today, you know what's going to happen in the next five years and you are designed in. And it's almost like the same behavior we have in the aerospace selling. You got to develop something with your customers, you win and you are in the platform.

說到博伊德，不要把博伊德看作是一家冷板公司。他們是市場上的冷凍專家。當你擁有 500 名工程師，並且你的技術比當今商用晶片領先兩到三代時，你就知道未來五年將會發生什麼，並且你的技術已經被納入設計之中。這幾乎和我們在航空航太銷售中的行為如出一轍。你必須和你的客戶一起開發一些東西，你才能成功，你才能進入平台。

The difference here is that the aerospace platforms change every 30 years and the chips change every 18 months. So they are ahead of the curve for the new designs to come to reality, which gives them a lot of advantages. I'm going to explain what I mean by that. When solutions are stable, people will try to copy and do it cheaper. When the design is changing every 18 months, there is no way a company can catch up with them unless you have a seat on the table, you're working with the engineering teams of your customers. That's exactly how they play. So we felt really comfortable with that.

差別在於，航空航天平台每 30 年更新一次，而晶片每 18 個月更新一次。因此，他們在新的設計理念實現方面處於領先地位，這使他們擁有許多優勢。我將解釋一下我的意思。當解決方案穩定後，人們會嘗試模仿並降低成本。當設計每 18 個月就會改變時，除非你參與其中，與客戶的工程團隊合作，否則公司根本無法跟上他們的步伐。他們就是這樣打的。所以我們對此感到非常放心。

And then they have a long range of products in the cooling space, and they also have systems and they have systems capabilities. So the way to think about the future of this business is, whatever makes more sense to the customers, they will develop and they will implement. They will not be fighting for Product A or Product B. They will always be offering the best solution to make the chips work perfectly fine.

此外，他們在冷凍領域擁有廣泛的產品線，他們還有系統和系統功能。所以，思考這個產業未來發展方向的方式是：任何對客戶更有意義的東西，他們都會發展並實施。他們不會爭奪產品A或產品B，他們始終會提供最佳解決方案，確保晶片完美運作。

So that's how they are wired. We love the way they conduct themselves. And we talked a lot about engineering side of it, but they also have a great footprint with plants in Asia, Eastern Europe, North America and top, the edge, lean qualities as well. So it's a well-run business. And we know we can scale. We know we can scale that business, and we will.

原來它們的構造就是這樣的。我們很欣賞他們的為人處事方式。我們談了很多關於工程方面的內容，但他們的業務佈局也很廣泛，在亞洲、東歐、北美都有工廠，而且他們還擁有頂尖的、領先的、精益的品質。所以這是一家運作良好的企業。我們知道我們可以擴大規模。我們知道我們可以擴大這項業務的規模，而且我們一定會這樣做。

Got it. That's super helpful. And then just a quick follow-on question on EA backlog. So you've grown the backlog by about $2 billion year-over-year. It sounds like you have an expectation it will continue to grow through the end of the year. Just how are you thinking about 2026 just given the strong growth that you're seeing and potentially continuing to see backlog growth in EA in '26?

知道了。這太有幫助了。然後，我還有一個關於EA待辦事項清單的後續問題。所以你們的積壓訂單比前一年增加了約 20 億美元。聽起來你預期它會在年底前繼續成長。鑑於目前強勁的成長勢頭，以及EA在2026年可能繼續保持的訂單積壓成長，您對2026年有何看法？

Yes. So particularly on Electrical Americas, through Q3, we saw this backlog growth of 20%, which includes 9% organically. And on LTM basis, our book-to-bill was 1.1, as I said before. We were supported by higher growth in our end markets and also because, as I said before, we are investing and the customers are trusting us. So great results for Q3.

是的。因此，尤其是在美洲電氣業務方面，截至第三季度，我們看到積壓訂單成長了 20%，其中 9% 為有機成長。正如我之前所說，以過去 12 個月計算，我們的訂單出貨比為 1.1。我們得益於終端市場更高的成長，正如我之前所說，我們一直在投資，客戶也信任我們。第三季業績非常出色。

As we look into Q4, and I said before we are bullish about orders growth once again in Q4, we see momentum in negotiations in orders. So it's very possible that our backlog at the end of '25, you'll be up year-over-year at similar growth rates as Q3 was versus last year. So there are indications that could be possible. And the book-to-bill could also improve beyond 1.1 as a consequence.

展望第四季度，正如我之前所說，我們對第四季度的訂單成長再次持樂觀態度，我們看到訂單談判勢頭強勁。因此，到 2025 年底，我們的積壓訂單很可能會年增，成長速度與去年第三季年增率的成長率類似。所以有跡象表明這有可能發生。因此，訂單出貨比也可能提高到 1.1 以上。

For '26, the second part of your question, I would say it's a bit too early to call. We will have more to share when we provide our guidance in February. One thing is for sure, I want to share with you. We will start 2026 with record backlogs and enormous, just enormous visibility into the fiscal year. That's a guarantee.

對於 2026 年，也就是你問題的第二部分，我認為現在下結論還為時過早。我們將在二月發布指導意見時分享更多資訊。有一件事我一定要跟你們分享。2026 年伊始，我們將面臨創紀錄的積壓訂單，並且對本財年的前景將有非常非常清晰的了解。這是絕對保證。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Just want to change gears a little bit here and maybe talk about Aerospace. Perhaps you could just unpack the drivers of the Aero performance and, in particular, the margins and, obviously, very strong leverage there. So just wanted to understand what's driving that.

我想稍微換個話題，聊聊航空航太。或許您可以詳細分析 Aero 性能的驅動因素，特別是其中的差距和顯而易見的強大槓桿作用。所以，我只是想了解背後的驅動因素是什麼。

Okay. Great. Thanks. Well, you probably remember, Nigel, that we shared in March or plan for the Aerospace business to grow to 2030 and to reach 27% margins. John Sapp explained that to the whole team. I will start by saying that we are on the right track to deliver on 2030 commitments. I see great performance by the Aerospace team this year that supports my statement.

好的。偉大的。謝謝。奈傑爾，你可能還記得，我們​​在三月分享過，我們計劃在 2030 年將航空航太業務發展到 27% 的利潤率。約翰·薩普向全隊解釋了這一點。首先我要說的是，我們正朝著實現2030年承諾的目標穩步前進。今年航空航太團隊的出色表現印證了我的觀點。

I'll give you more detail on that. Firstly, I want to say, which is really important for this business, they landed historical wins on new platforms that were available, defense platforms. So those historical wins will give us a lot of revenue decades to come. So the long-term view of this business is fantastic and incredibly strong. For the short term, I'm again proud of the team as they keep ramping volumes consistently and improving customer satisfaction while they do that, which is also great.

我會詳細說明的。首先，我想說，這一點對這項業務來說非常重要，他們在可用的新平台（國防平台）上取得了歷史性的勝利。因此，這些歷史性的勝利將在未來幾十年為我們帶來大量收入。因此，這家企業的長期前景非常光明，發展動能極為強勁。短期來看，我再次為團隊感到驕傲，因為他們持續提高產量，同時提升客戶滿意度，這也很棒。

So if you compare this business last year, we grew 10%, and this year we're yet again raising organic growth guidance, up 100 basis points to the midpoint of 12% this year, which is a great year-over-year performance. And on the margin front, we start to see upside from some of the key strategic levers, which are driving already 70 basis points of margin expansion. So I would say we are on track to reach the 27% margins we promised for 2030.

因此，如果將這項業務與去年進行比較，我們成長了 10%，而今年我們再次上調了有機成長預期，上調 100 個基點至 12% 的中位數，這是一個非常好的同比成長表現。在利潤率方面，我們開始看到一些關鍵策略槓桿帶來的利好，這些槓桿已經推動利潤率擴張了 70 個基點。所以我認為我們有望實現我們承諾在 2030 年達到 27% 的利潤率。

You asked for details where we are working to improve margins. The first thing is no surprise in the industry: supply chain. We invested in AI tools to improve planning and the connectivity between our suppliers and our customers, including our plants. This is growing well. Second, we are investing in manufacturing excellence, improving the way Aerospace runs the show. And it's also going on the right track.

您詢問了我們在哪些方面努力提高利潤率的具體細節。業內人士對此並不感到意外：供應鏈。我們投資了人工智慧工具，以改善規劃以及我們供應商和客戶（包括我們的工廠）之間的聯繫。它長得很好。其次，我們正在投資卓越製造，改善航空航太領域的運作方式。而且它正朝著正確的方向發展。

And third, I would say this, we also -- although there is not the massive investment we had in Electrical Americas. Aerospace is also expanding a couple of plants and they're doing that very well. But that growth is basically getting more product out of the same facilities they have, which is great performance.

第三，我想說的是，雖然我們沒有像在 Electrical Americas 那樣進行大規模投資。航空航太業也在擴建幾家工廠，而且他們做得非常出色。但這種成長基本上是指在現有設施的基礎上生產出更多的產品，這已經是非常出色的業績了。

And fourth, I would say this, we talk about portfolio management, both for the short term and for the long term, I see also green shoots here. You heard me saying before, we treat every GM as a portfolio manager. So John Sapp and his team, they took care of some contracts that we saw as a tale of the portfolio and they renegotiated those contracts, which will give us better margins in the future.

第四，我想說的是，我們談論投資組合管理，無論是短期還是長期，我也看到了這方面的正面跡象。你之前聽我說過，我們把每個總經理都當成投資組合經理。因此，約翰·薩普和他的團隊處理了一些我們認為對投資組合至關重要的合同，他們重新談判了這些合同，這將使我們在未來獲得更高的利潤率。

And the other thing I want to highlight, which the team also landed, I don't want you to forget, is that the Ultra PCS announced deal is a great example of an asset we acquire that would add to the top line in terms of growth acceleration and we'll start adding to the margin, being accretive to margins, right away. So it's a great asset. And we expect now to close this year in Q4 rather than beginning or the first half of next year, which is also great news.

還有一點我想強調，也是團隊的成果，我不想讓你們忘記，那就是 Ultra PCS 的收購就是一個很好的例子，它能幫助我們獲得一項可以加速增長並增加收入的資產，而且我們會立即開始提高利潤率。所以這是一筆巨大的財富。我們現在預計今年第四季就能完成，而不是明年年初或上半年，這也是個好消息。

So I would summarize by saying I'm proud, really proud of this team, and I'm confident that they will deliver on their commitments towards 2030.

所以我想總結一下，我為這支團隊感到驕傲，真的非常驕傲，我相信他們能夠實現 2030 年的目標。

One additional statistic, Nigel, if I may. The 12% revenue guide for the year will also assume a backlog growth. So we're not flushing the backlog. We are growing faster than prior year and adding to the backlog. As a reminder, the backlog in Q3 was 15%, 1-5, higher than it was a year ago.

奈傑爾，如果可以的話，我再補充一個統計數據。今年12%的營收成長預期也基於訂單積壓成長的假設。所以我們不會清除積壓的工作。我們今年的成長速度比去年更快，積壓訂單也越來越多。提醒一下，第三季的積壓訂單比去年同期高出 15%（1-5）。

Yes, that's great color. And then second was margins. There's a lot going on in the Americas margins, price, tariffs, investment spending, et cetera, obviously, a lot of volume leverage as well. So just wondering how we should think about incremental margins in 2026 and how that all plays out.

是的，這顏色真好看。其次是利潤率。美洲的利潤率、價格、關稅、投資支出等等方面都發生了許多變化，顯然，銷售槓桿作用也很大。所以我想知道我們應該如何看待 2026 年的增量利潤率，以及這一切最終會如何發展。

Yes. I will start and then I'll allow Olivier to provide more color. It's too early to talk about 2026 margins, but I think Q3 was a good proxy where the top line didn't come to the levels expected and the business could produce very good margins. And why was this possible? First, because we had a backlog we could deliver on. Second, because the team now covers for all the tariff costs and is not a drag on the margins. So it's not only recovering on the dollar-by-dollar basis by the end of the year now, but also it's not dilutive to margins, which is great news.

是的。我先開始，然後讓奧利維爾補充更多細節。現在談論 2026 年的利潤率還為時過早，但我認為第三季是一個很好的參考指標，當時營收沒有達到預期水平，但業務利潤率可能非常高。為什麼會發生這種情況？首先，因為我們有積壓的訂單可以交付。其次，因為團隊現在承擔了所有關稅成本，不會拖累利潤率。因此，到年底不僅每美元的收益都在回升，而且利潤率也沒有被稀釋，這真是個好消息。

Where are we now in Electrical Americas? That's exactly the discussion we should be having. Think about a business that has been growing consistently with the same portfolio of plants, and all of the sudden, now they're expanding 12 facilities at the same time. So six are built and they start to ramp. Other six are in building phase. So it's a lot of activity in that business, preparing us to start a new S curve, a new chapter of growth for the business. That's the way to think about Electrical Americas. Our customers trust that, and it's proven by the amount of orders that are giving us, which is it's just fascinating to see that quarter after quarter.

目前我們在美洲電氣產業處於什麼位置？這正是我們應該討論的問題。想像一下，一家企業一直保持著相同的工廠組合併穩定成長，突然之間，他們同時擴建了 12 個工廠。於是六棟建築建成，開始增產。其餘六處正在興建中。所以，該業務領域非常活躍，為我們開啟新的 S 型曲線、新的成長篇章做好準備。這就是看待美國電氣公司的方式。我們的客戶信任這一點，訂單數量也證明了這一點，每個季度都如此增長，這真是令人著迷。

So that business is exactly getting ready for all this demand that we announced the expansion of the right time, and we realized that all this order momentum we have, we need to accelerate investments, get the people ready so, we can produce on this backlog that we count on today. And with all that, we have over 100 basis points of inefficiencies, minimum, that we have by dealing with those inefficiencies. And all this turmoil are ramping six facilities at the same time.

因此，我們宣布擴張的時機恰到好處，公司也正好為所有這些需求做好了準備。我們意識到，鑑於我們擁有的訂單勢頭，我們需要加快投資，讓員工做好準備，以便我們能夠生產出我們目前所依賴的積壓訂單。即便如此，我們仍然至少有 100 個基點以上的效率損失，而這些損失都是因為我們應對這些效率損失所造成的。而且所有這些動盪都導致六個設施同時加速運作。

So we're going to give you full guidance in February for 2026. But in '26, you should expect that we continue to ramp, so some of those inefficiencies are still going to be there. But they're going to disappear over time, and then we can print even better margins for Electrical Americas.

因此，我們將在2月份為您提供2026年的完整指導。但到了 2026 年，你應該預料到我們會繼續擴大規模，所以其中一些效率低下的問題仍然存在。但隨著時間的推移，它們將會消失，然後我們就可以為 Electrical Americas 帶來更高的利潤。

Jeffrey Sprague, Vertical Research Partners.

Jeffrey Sprague，Vertical Research Partners。

A lot of ground covered. I just want to come back to Boyd one more time, at least for me. Just a little more color sort of on some of the deal assumptions. Paulo, that was very helpful, giving us the $1 billion to $1.7 billion. That was part of my question. But this 25% margin that you're pointing to, is that their organic margin? Is that kind of comparable to Eaton accounting? Or do you have some synergies baked into that number?

覆蓋範圍很廣。我只想再回博伊德一次，至少對我來說是這樣。再補充一些關於交易假設的細節。保羅，這對我們幫助很大，給了我們 10 億到 17 億美元。那是我問題的一部分。但你提到的這 25% 的利潤率，是他們的自然利潤率嗎？這和伊頓會計法有點像嗎？或者說，這個數字中是否包含一些協同效應？

No. This is their margin.

不。這是他們的利潤空間。

This is their margin, yes.

是的，這就是他們的利潤率。

Today.

今天。

And then so if you think about synergies, you alluded to revenue synergies working together. I would assume you're maybe not ready to totally kind of give us a number on that, although the $500,000 of content certainly is a starting point. But how about on the cost side, is there a cost story here too? Or coming out of private equity, maybe these guys have a lot of capacity they need to add or something to kind of keep up with this demand. Should we just think about kind of investment for growth as opposed to kind of cost-related synergies as part of the earnings algorithm?

所以，如果你考慮綜效，你提到了所得綜效，也就是共同發揮作用。我猜你可能還沒準備好給我們一個確切的數字，儘管 50 萬美元的內容肯定是一個起點。但從成本方面來看，這裡也存在成本問題嗎？或者，這些從私募股權領域走出來的公司，可能有很多產能需要增加，或者需要採取其他措施來滿足這種需求。我們是否應該將成長型投資與成本相關的協同效應作為獲利演算法的一部分來考慮？

Yes. We have both. I would say this. I'll go back to the deal criteria. So it's clear that we remain disciplined. This year is delivering between 200 basis points, 300 basis points over cost of capital, is going to be accretive on year two. And I said before, we didn't need to use the synergies to make the business case work given all the growth that they have in the pipe.

是的。我們兩者都有。我會這麼說。我將回到交易標準上來。所以很明顯，我們依然保持著自律。今年的收益將比資本成本高出 200 到 300 個基點，第二年將實現增值。我之前說過，鑑於他們未來所有的成長計劃，我們不需要利用綜效來實現商業目標。

But if you look at the synergy, the multiple after the synergies, the multiple goes down to high single digit. So there are synergies that we can play here. The most -- the quickest and the easiest to implement is, on the cost side, we look at what they buy and we compare to our purchasing volumes and our purchasing power, we believe we can help them a great deal.

但如果你看看綜效，看看綜效後的倍數，倍數就會降到個位數高點。所以我們可以在這裡發揮協同效應。最有效、最快捷、最容易實施的方法是，在成本方面，我們觀察他們的購買情況，並與我們的採購量和購買力進行比較，我們相信我們可以為他們提供很大的幫助。

And then again, the other part of synergies about sales that we see as a great opportunity, and we work towards that, but once again, we could even take this out of the model and the math still works fine. Olivier can give you more details on how we're going to run the financing, et cetera.

此外，我們認為銷售綜效的另一部分是一個絕佳的機會，我們也正朝著這個方向努力，但即便我們把這部分從模型中去掉，數學計算仍然有效。奧利維爾可以向你詳細介紹我們將如何進行融資等等。

We also checked our leverage point. And we believe that after the deal, we're going to still be at the same credit rating as today, so that would not be affected. Do you want to add anything, Olivier, to it?

我們還檢查了我們的槓桿點。我們相信，交易完成後，我們的信用評級仍將與現在相同，因此不會受到影響。奧利維爾，你還有什麼要補充的嗎？

Nothing more to add. No.

沒什麼要補充的了。不。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

So just to kind of clarify in the fourth quarter here, so I guess what you're saying with the EA revenue is that the resi stuff remains weak and some of these other nits and gnats that were one-time issues ship. And so I think the midpoint of the prior range was higher than 18%, revenue growth. Is that basically the resi impact in 4Q?

所以，為了澄清一下第四季的情況，我想說的是，你對EA收入的理解是，生化危機系列遊戲依然疲軟，而其他一些一次性的小問題也已經解決了。所以我認為之前區間的中點高於 18%（營收成長率）。這就是第四季住宅市場受到的影響嗎？

Yes. So you got this correctly, Steve. I'll go back. So we -- if you look at the sequential revenue growth for Electrical Americas, around $200 million. We are confident we check plant by plant what needs to happen, and this is around 5% to 6% sequential growth. And this is possible because new capacity came online in Q3 and we are ramping up as we speak.

是的。史蒂夫，你答對了。我會回去。所以，如果你看美洲電氣業務的連續營收成長，大約是 2 億美元。我們有信心逐株檢查需要進行的操作，這大約是 5% 到 6% 的連續增長。這是因為第三季新增產能投入使用，我們正在加緊產能。

In terms of the miss you mentioned, which was half of the miss to the middle of the guidance on growth, you should think about this as being less than one day of sales, right? So think about whole quarter and they missed less than one day of sales. And this is going to be a carryover for us in Q4. So that product is on the pipe. It was on the shop floor and now becomes a tailwind for Q4. So this is one element for you to consider. That's why we believe the strong double-digit growth is possible, having this carryover from Q3, that we were working on, we couldn't deliver.

關於你提到的未達標情況，也就是未達標幅度達到成長預期中位數的一半，你應該把它看作是不到一天的銷售額，對吧？想想整個季度，他們只損失了不到一天的銷售額。這將延續到第四季。所以產品已經在管道上了。它原本在生產車間，現在卻成為了第四季的利多因素。所以這是你需要考慮的一個因素。這就是為什麼我們相信強勁的兩位數成長是可能的，這得益於第三季的延續，我們一直在努力實現，但未能實現。

And then the second thing was that last year is the easiest comp of 2024, which the growth was only 9%. So we believe it's possible to achieve that.

其次，去年是 2024 年最容易比較的一年，成長率只有 9%。所以我們相信這是可以實現的。

Yes. That makes sense. I like only 9% growth, that's not exactly the easiest comp in the grand scheme of the economy, but I understand for you guys, it's kind of a different scale.

是的。這很有道理。我只喜歡 9% 的成長率，這在整體經濟狀況下並不是一個容易比較的數字，但我理解對你們來說，這是一個不同的尺度。

And then just lastly, following up on Nigel's question on the margins. I think your margins are guided this year down 50 bps, and you have this 100 basis points of inefficiencies, but you're also absorbing tariffs and maybe like a deal here and there this year. Like why wouldn't it be better than down modestly next year? Like does 100 bps get worse next year or does that get a little bit better? You should be able to kind of, in my view, engineer to something that's at least up a little bit for next year for EA.

最後，我想就奈傑爾在邊緣提出的問題做個補充說明。我認為你們今年的利潤率預計會下降 50 個基點，而且你們還有 100 個基點的效率損失，但你們也在吸收關稅，而且今年可能還會達成一些協議。為什麼明年稍微下降反而不好呢？例如，明年100個基點的降幅會更糟，還是會稍微好轉一些？依我之見，你應該可以設計出一些至少能讓EA明年業績有所提升的東西。

Yes. So on the first part of your question, of course, we are dealing with those four different deals and we are investing. And we don't regret doing that because that makes our position so much stronger. We cannot continue acquiring companies at that pace. You shouldn't expect that next year, right? We need to digest those deals. They were the right deals in the right time, the right place, but we cannot continue to make acquisitions at that pace for per year, is not what we're going to do. So that addresses the first part of your question.

是的。所以對於你問題的第一部分，當然，我們正在處理這四筆不同的交易，我們正在進行投資。我們並不後悔這樣做，因為這使我們的地位更加穩固。我們不能再以這樣的速度繼續收購公司了。你不應該指望明年會那樣，對吧？我們需要仔細考慮這些交易。這些交易在正確的時間、正確的地點都是正確的，但我們不能繼續以這樣的速度進行收購，每年收購這麼多家公司，這不是我們要做的事情。這樣就回答了你問題的第一部分。

And of course, the business is making things better as we speak every month, every day. And you should expect that those inefficiencies will go away as more of the plants that we start to ramp up, they become mature. I'll only caution you, it's too early to give you guidance for '26. We're going to talk in February, and then I'm going to give you more detail on the plan. I need to meet with the team to see the bottoms-up plan myself. They're working on that as we speak.

當然，就在我們說話的每一個月、每一天，公司都在不斷進步。隨著我們開始擴大生產規模的更多工廠逐漸成熟，這些效率低下的問題應該會消失。我只想提醒你，現在就給你2026年的指導還為時過早。我們二月會談談，到時候我會給你更詳細的計畫細節。我需要和團隊開會，親自看看由下而上的計畫。他們正在著手處理這件事。

But directionally, think about this, less deals next year. We focus to digest what we acquired this year. And then in terms of efficiencies, should start getting better over time for Electrical Americas as we mature the footprint.

但從趨勢來看，明年的交易量可能會減少。我們專注於消化今年所取得的成就。然後，就效率而言，隨著我們業務佈局的成熟，Electrical Americas 的效率應該會逐漸提高。

Deane Dray, RBC.

迪恩·德雷，RBC。

Just want to follow up on Jeff's question regarding capacity investments, and particularly for Boyd. We talk about the 70% growth expected for '26. How much capacity do they need to add? One of their key competitors announced their doubling capacity, you said Boyd has 16 plants. Just what's in front of them in terms of capacity? And really, what are you solving for? Is there a backlog that you have in mind that you don't want to exceed in terms of how much capacity you'll be adding?

我想就 Jeff 關於產能投資的問題，特別是關於 Boyd 的問題，做個後續說明。我們討論的是預計 2026 年將實現 70% 的成長。他們需要增加多少產能？你說，他們的一個主要競爭對手宣布產能翻番，而博伊德有 16 家工廠。就產能而言，他們面前究竟是什麼狀況？你到底想解決什麼問題？您是否設定了一個待完成訂單的目標，不希望新增產能超過這個目標？

So this was a key part of our diligence, and we double-clicked on that. They are ramping two facilities, large facilities, one in Asia and one in North America. They have ordered, they have equipment in place, they are hiring people at a high pace. And then all the long-term, the long lead items, the long-lead capital goods, machinery, et cetera, are ordered already. So the capital plan is well underway. And so whatever is required for '26 and '27 is already in the pipe.

所以這是我們盡職調查的關鍵部分，我們對此進行了深入研究。他們正在加緊興建兩座大型工廠，一座位於亞洲，一座位於北美。他們已經下單，設備到位，並且正在快速招募人員。然後所有長期、長週期項目、長週期資本貨物、機械設備等等都已經訂購了。所以，資本計畫正在順利進行中。因此，2026 年和 2027 年所需的一切都已經在籌備之中了。

And then we feel really good about their capacity to ramp because we were, we saw those plants. We saw the exit rate now in Q4 already in the ballpark of the revenue numbers for next year. So yes, they are investing. They are growing. The investment is already in their plan. And over time, it could well happen as it's happening with Fibrebond that we can accelerate and augment their wins and then we can come to a decision later on to invest even further. But today it's not required. It's all in.

然後，我們對他們的產能提升能力感到非常樂觀，因為我們親眼目睹了那些工廠。我們看到，第四季的退出率已經與明年的營收數字大致相當。是的，他們確實在投資。它們正在生長。這項投資已經在他們的計劃之中。隨著時間的推移，就像 Fibrebond 的情況一樣，我們很可能會加速並擴大他們的成功，然後我們以後可以決定進一步投資。但如今已不再需要這樣做。全部都投入進去了。

That's really good to hear. And then just a follow-up. I appreciate the update on the mega projects. You all have been really good about providing some data points given your perspective. Can you talk about the number of projects you see today and your win rates?

聽到這個消息真是太好了。然後還有一個後續問題。感謝您提供的關於大型專案的最新進展。大家從各自的角度提供了許多數據點，真的很有幫助。您能談談您目前負責的專案數量和中標率嗎？

Yes. Great. Great question. We didn't have a slide -- we planned to have a slide here before we closed the deal, so we needed to remove. So maybe next quarter I bring it back. So another very strong quarter, record announcements once again. So in Q3, the mega project announcements reached -- sorry, $239 billion, which is up 18% year-over-year. And if you think about the sequential growth from Q2, it's almost 50%. So a very, very, very strong quarter.

是的。偉大的。問得好。我們原本沒有滑梯——在交易完成之前，我們計劃在這裡安裝一個滑梯，所以我們需要把它拆掉。所以也許下個季度我會把它重新推出來。又是表現強勁的季度，再次創下公告數量紀錄。因此，第三季宣布的大型專案總額達到了——抱歉，是 2,390 億美元，年增 18%。如果考慮到第二季以來的環比成長，成長率接近 50%。所以，這是一個非常非常非常強勁的季度。

If you look at the composition of those mega projects, you would expect a big portion of it be data centers, and it's true. It's almost half of the total, but the other half is not data center, which is also great and diversifies the end market.

如果你看一下這些大型專案的組成，你會預料到其中很大一部分是資料中心，事實也的確如此。雖然幾乎佔總數的一半，但另一半並非資料中心，這也很棒，並使終端市場多樣化。

And if you look at what's happening, I gave you data about starts and announcements last quarter, if you look through September and you look back from January to September, average announcements per month are reaching $65 billion, and the starts for all nine months are only $100 billion. So there is a lot of things to still come to the markets, a long runway. And the backlog today is around $2.6 trillion. So it's up 29% from last year.

如果你看看現在的情況，我給你看了上個季度的開工量和公告量數據，如果你看看9月份的情況，再回顧一下1月到9月，你會發現平均每月公告量達到了650億美元，而這九個月的開工量只有1000億美元。所以市場還有很多事情值得關注，還有很長的路要走。目前積壓訂單金額約 2.6 兆美元。所以比去年增長了29%。

So astronomical numbers. And if you translate to us, we won around $2 billion in orders. We have a negotiation pipeline now, we are active on negotiating other $4 billion-ish in products and solutions, and we win around 40% of what we bid on. So that's a very strong win rate.

所以是天文數字。換算成我們這邊，我們贏得了價值約 20 億美元的訂單。我們現在有談判管道，正在積極談判其他價值約 40 億美元的產品和解決方案，而我們投標的訂單中約有 40% 能成功中標。所以這是非常高的勝率。

With all those numbers and you compare the potential to what we booked so far, I hope you're going to get to the same conclusion I got, which is those large projects typically take between three- and five years for announcement to our revenues. So think about this as a great, great tailwind for extended duration of the market growth that we have for even a longer period of time.

綜合所有這些數字，並將潛力與我們目前已預訂的項目進行比較，我希望你能得出和我一樣的結論，那就是這些大型項目通常需要三到五年才能宣佈為我們的收入帶來收益。所以，不妨將此視為市場成長持續更長時間的巨大順風。

You could also triangulate those large projects with what -- with the announcement from the hyperscalers. If you remember, during the earnings season, the top 5 in US, they announced a growth in the CapEx '25 to '24 by 67% year-on-year, and then '26 versus '25, about 45%. And all those numbers are higher than what they had announced the prior quarter. So many triangulation points.

你也可以將這些大型專案與超大規模業者的公告進行三角比較。如果你還記得的話，在財報季期間，美國排名前五的公司宣布，2025 年資本支出比 2024 年同比增長 67%，2026 年資本支出比 2025 年同比增長約 45%。而且這些數字都高於上一季公佈的數字。這麼多三角測量點。

That's a good point. Thanks, Olivier. We are over time, so let's go for the last question please.

說得有道理。謝謝你，奧利維爾。時間已經過了，那我們來回答最後一個問題吧。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

And congrats on the numbers, et cetera, or the outlook, I should say, is very encouraging. Just a couple of cleanup items because I think you've touched on 99% of what matters here. But the CapEx, I think you were guiding to kind of, call it, $1.2 billion this year and next combined. Are you at the point where you may need to upsize that '26 CapEx number given the order book?

恭喜你們取得這樣的成績等等，或者應該說，前景非常令人鼓舞。只剩下幾點補充說明，因為我覺得你已經涵蓋了這裡 99% 的重要內容。但資本支出方面，我認為您之前預計今年和明年的總支出將達到 12 億美元。鑑於目前的訂單情況，您是否需要考慮增加 2026 年的資本支出預算？

So we will be higher in CapEx in '26 versus '25. We have said that constant -- in a consistent manner. We think we're going to have leverage -- you go back to the question from Paulo on the CapEx we had deployed in '25. '26 would be a peak, and then we'll go back to the historical CapEx as a proportion of revenue you had at Eaton.

因此，2026 年的資本支出將高於 2025 年。我們一直都以一致的方式表達這個意思。我們認為我們將擁有優勢——回到保羅提出的問題，關於我們在 2025 年投入的資本支出。 2026 年將是一個高峰，然後我們將回顧伊頓公司歷史上資本支出佔收入的比例。

As of '27, right?

截至 2027 年，對吧？

As of '27, correct.

截至 2027 年，情況正確。

So you should -- we are actually accelerating our hiring and our ramp now on the existing expansions we announced already.

所以你應該這樣做——我們實際上正在加快招聘速度，並擴大我們已經宣布的現有擴張計劃的規模。

Okay. That's helpful. And then, guys, just again another cleanup item. Where do we stand right now with channel inventories? Are they back to kind of more normal levels?

好的。那很有幫助。然後，各位，還有一項清理工作要做。目前通路庫存如何？它們是否已經恢復到比較正常的水平了？

Yes. So we have a closer look with our distributors. I think resi reached bottom, in my opinion. And then we see other markets that are coming back really nicely. Distribution IT, for example, recovered, not only in North America, but also in EMEA, double-digit orders growth.

是的。因此，我們將與分銷商進行更深入的調查。我認為，就我個人而言，Resi已經觸底了。然後我們看到其他一些市場也正在強勁復甦。例如，分銷 IT 不僅在北美，在歐洲、中東和非洲地區也恢復了兩位數的訂單成長。

Our utilities business came back very strongly now as well in terms of orders; strong double-digit growth. So this is coming back. Resi still down, DIT back, and then utilities very, very strong orders, which we didn't have an opportunity to cover, but utility business did really well in orders as well in Q3.

我們的公用事業業務訂單也強勁復甦，實現了兩位數的強勁成長。所以它又回來了。住宅業務仍然低迷，數位投資業務有所回升，而公用事業訂單非常強勁，我們沒有機會報道，但公用事業業務在第三季的訂單表現也非常好。

Thanks, guys. As always, the IR team will be available to address your follow-up questions. Thank you for joining us. Have a nice day, guys.

謝謝各位。與往常一樣，投資者關係團隊將隨時解答您的後續問題。感謝您的參與。祝各位今天愉快。

Thanks, everyone.

謝謝大家。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。