伊頓 (ETN) 2025 Q4 法說會逐字稿

Good day, and welcome to the Eaton fourth-quarter 2025 earnings results.

大家好，歡迎收聽伊頓公司2025年第四季財報。

(Operator Instructions)

（操作說明）

As a reminder, this call may be recorded. I would now like to turn the call over to Yan Jin, Senior Vice President of Investor Relations. Please go ahead.

提醒您，本次通話可能會被錄音。現在我將把電話交給投資人關係資深副總裁嚴瑾。請繼續。

Good morning. Thank you all for joining us for Eaton's fourth-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年第四季財報電話會議。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 includes opening remarks by Paulo, then he will turn it over to Olivier, who will highlight the company's performance in the fourth-quarter. As we have done on our past calls, we'll be taking questions at the end of Paulo's closing commentary. The press release and the presentation we'll go through today have been posted on our website. This presentation, including adjusted earnings per share and other non-GAAP measures, they're reconciled in the appendix. A webcast of this call is accessible on our website and will be available for replay.

今天的議程包括保羅的開幕致辭，然後他將把發言權交給奧利維爾，奧利維爾將重點介紹公司第四季度的業績。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。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，在附錄中進行了調整。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 comments today will include statements related to the expected future results of the company and are, therefore, forward-looking statements. Our actual results may differ materially from our forecasted projection due to a wide range of risks and uncertainties that are described in our earnings release and presentation.

我想提醒各位，我們今天的發言將包含與公司未來預期業績相關的陳述，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've 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 16% from up 7% in Q3. Our Electrical Americas backlog grew 31% 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，我們取得了切實的成果。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加速成長，從第三季的 7% 成長到 16%。我們的美洲電氣業務積壓訂單年增 31%，創歷史新高。

In addition, demand in our Aerospace business remains very strong. We posted order growth of 11% on a rolling 12-month basis and backlog expansion of 16% year-over-year. And as a result, our book-to-bill for the combined segments was above 1.2 on a quarterly basis or 1.1 on a rolling 12-month basis.

此外，我們在航空航太業務方面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 16%。因此，我們合併後的業務部門的訂單出貨比按季度計算高於 1.2，以滾動 12 個月計算高於 1.1。

We continue to deliver robust growth in data center market. Our orders accelerated approximately 200% and our sales were up about 40% versus Q4 2024. Our accelerating orders in 2025 demonstrate continued strong demand and our winning value proposition.

我們在數據中心市場持續保持強勁成長。我們的訂單量成長了約 200%，銷售額比 2024 年第四季成長了約 40%。2025 年訂單加速成長，顯示市場需求持續強勁，也證明了我們極具競爭力的價值主張。

Among the Q4 highlights, our adjusted earnings per share were up 18% versus prior year, and our segment margins of 24.9% hit a Q4 quarterly record, up 20 basis points year-over-year. We reaffirmed our commitment to strategic capital allocation with $13 billion in announced investments in 2025, highlighted by the acquisitions of Fibrebond, Resilient Power Systems, Ultra PCS, and the announced addition of Boyd Thermal. In addition to that, we announced our intent to spin off the mobility business into a separate publicly traded company, further strengthening our portfolio and our growth trajectory.

第四季亮點包括：調整後每股盈餘較上年同期成長 18%，部門利潤率達到 24.9%，創下第四季新高，較去年同期成長 20 個基點。我們重申了對策略資本配置的承諾，宣佈在 2025 年投資 130 億美元，其中包括收購 Fibrebond、Resilient Power Systems、Ultra PCS 以及宣布收購 Boyd Thermal。除此之外，我們也宣布了將旅遊業務分拆成獨立上市公司的計劃，這將進一步加強我們的產品組合和成長軌跡。

Lastly, we delivered on our 2025 adjusted earnings commitment, and we are strongly positioned to outperform against 2026 guidance. Olivier and I will deep dive into Q4 and the 2026 outlook. But first, let's move to slide 4. We continue to drive Eaton forward with our bold strategy to lead, invest and execute for growth. All three are designed to accelerate our growth and create sustained value for shareholders.

最後，我們實現了 2025 年調整後獲利承諾，我們有能力超越 2026 年的預期。奧利維爾和我將深入探討第四季以及2026年的展望。但首先，我們先來看第 4 張投影片。我們將繼續秉持大膽的策略，引領、投資和執行，推動伊頓向前發展。這三項措施旨在加速我們的成長，並為股東創造持續價值。

Today, we will focus on invest and execute for growth, including our recent announcement to spin off our mobility business and sharing progress on the actions we've taken to best position us to execute operationally in Electrical Americas, both exciting and meaningful to our strategy. So let's move to slide 5 and our intent to spin mobility.

今天，我們將專注於投資和執行以實現成長，包括我們最近宣布分拆移動業務，並分享我們為更好地在美洲電氣業務中開展運營而採取的行動的進展情況，這既令人興奮，又對我們的戰略意義重大。接下來我們來看第 5 張投影片，以及我們旋轉移動的意圖。

This is an exciting next step, which will unlock greater long-term sustainable value for our teams, our customers, and shareholders for both of these world-class companies. The separation of mobility, including both our Vehicle and eMobility segments, builds on our track record and continues our work to reshape the company's portfolio. So I want to share more today about what this move means for Eaton and Mobility.

這是令人興奮的下一步，將為這兩家世界級公司的團隊、客戶和股東釋放更大的長期永續價值。將旅遊業務（包括我們的車輛和電動旅遊業務）拆分，鞏固了我們過去的成功經驗，並繼續推動我們重塑公司業務組合的工作。今天我想和大家分享一下這項措施對伊頓和行動旅行業務的意義。

Eaton will be even better positioned to capitalize on strong growth trends across electrical and aerospace markets. This will allow us to focus more sharply on these leading businesses that are powering strong revenue growth and margin expansion.

伊頓將更有利於掌握電氣和航空航太市場強勁成長的趨勢。這將使我們能夠更加專注於那些推動強勁營收成長和利潤率擴張的領導企業。

For Mobility, this move will allow the team to build on its strong leadership position in automotive and commercial vehicle markets. As a stand-alone public company, Mobility will be the leading independent provider of engineered solutions to global vehicle, auto and off-highway OEMs with a strong portfolio and compelling organic growth prospects.

對於移動出行業務而言，此舉將使團隊能夠鞏固其在汽車和商用車市場的強大領導地位。作為一家獨立的上市公司，Mobility 將成為全球領先的獨立工程解決方案提供商，服務於汽車、非公路車輛製造商，擁有強大的產品組合和令人矚目的內生成長前景。

Turning to slide 6. As a stand-alone business with approximately $3 billion in revenue, Mobility's leading scale provider engineering solutions that creates, distributes, and optimizes power for all types of vehicles and propulsion systems. It focuses on safety critical components and systems on automotive and commercial vehicles. The Mobility team has built a reputation that is highly valued in the market and recognized as a true innovation partner to its customers.

翻到第6張投影片。作為一家年收入約 30 億美元的獨立企業，移動出行領域領先的規模化供應商提供工程解決方案，為各種類型的車輛和推進系統創造、分配和優化動力。它專注於汽車和商用車上的安全關鍵部件和系統。行動旅遊團隊在市場上建立了高度重視的聲譽，並被公認為客戶真正的創新合作夥伴。

We expect Mobility to benefit from increased strategic focus to drive a more optimized capital allocation strategy, which will allow for more flexibility to pursue additional growth opportunities in the markets where it's best positioned.

我們預計，行動出行業務將受益於策略重點的加強，從而推動更優化的資本配置策略，這將使其在自身優勢市場中擁有更大的靈活性，以尋求更多成長機會。

Now turning to slide 7. The Mobility spin is the right move at the right time. The decision to separate Eaton and Mobility underscores our bold 2030 strategy to lead, invest and execute for growth. This transaction will sharpen our strategic focus and optimize the portfolio. It will provide Eaton with improved agility and flexibility to meet the moment of generational growth. And we'll be able to advance our growth strategy by prioritizing capital on higher growth, higher-margin markets with more earnings consistency. It will enable both companies to unlock greater value through fast decision-making and more tailored capital allocation.

現在請看第7張投影片。行動化策略的調整是適時之舉。將伊頓和行動旅遊業務分拆的決定，凸顯了我們大膽的 2030 年策略，即引領、投資和執行以實現成長。此交易將使我們的策略重點更加明確，投資組合更加優化。這將使伊頓公司擁有更強的敏捷性和靈活性，以應對世代成長的時代挑戰。我們將能夠透過優先將資金投入成長更快、利潤率更高、獲利更穩定的市場來推進我們的成長策略。這將使兩家公司能夠透過快速決策和更有針對性的資本配置來釋放更大的價值。

This separation builds on our strong track record of value creation and portfolio transformation and follows the divestitures of Lightning in 2020 and Hydraulics in 2021. We expect it to be immediately accretive to organic growth rate and operating margin. As we work to integrate Ultra PCS and close Boyd Thermal, I'm confident that separating Mobility will position both companies to sharpen their focus to drive long-term value.

此次分拆建立在我們強大的價值創造和投資組合轉型記錄之上，此前我們分別於 2020 年和 2021 年剝離了 Lightning 和 Hydraulics 業務。我們預計這將立即提升有機成長率和營業利潤率。在我們努力整合 Ultra PCS 並關閉 Boyd Thermal 的同時，我相信拆分 Mobility 將使兩家公司能夠更加專注於推動長期價值。

Moving to Electrical Americas on slide 8. Here is a quick update on mega projects. which we will do annually moving forward. There is a clear correlation between the acceleration of these projects and our future order growth. The mega project secular tailwind is one of the many reasons we are expanding capacity to invest and execute for growth. Trends remain very positive. Mega project backlog is up 30% year-over-year to $3 trillion, and now we are tracking 866 projects.

轉到第 8 張投影片，進入「美洲電氣」部分。以下是關於大型專案的簡要最新進展，我們將今後每年都進行此類進展匯報。這些項目的加速推進與我們未來的訂單成長之間存在明顯的關聯性。大型專案帶來的長期利好是我們擴大投資和執行能力以實現成長的眾多原因之一。趨勢依然非常正面。大型專案積壓額年增 30%，達到 3 兆美元，目前我們正在追蹤 866 個專案。

Data centers continue to drive most of the growth, representing 54% of the year-to-date announcements. The rest is largely US reshoring. Additionally, the US Dodge data center construction backlog is now up to 11 years at the 2025 build rates, and the US backlog stands at 206 gigawatts. The start rate for these projects increased slightly to approximately 16%. And our mega project revenue grew more than 30% in 2025 over 2024. These large, long-cycle projects typically convert to revenue over three to five years and provide a durable long-term growth tailwind, a market that will be stronger for longer.

資料中心仍然是成長的主要驅動力，佔今年迄今公告總數的 54%。其餘部分主要是美國本土的生產回流。此外，以 2025 年的建造速度，美國道奇資料中心的建設積壓目前已達 11 年，美國的積壓容量為 206 吉瓦。這些項目的啟動率略有上升，達到約 16%。我們的大型專案收入在 2025 年比 2024 年增長了 30% 以上。這些大型、長週期專案通常會在三到五年內轉化為收入，並提供持久的長期成長動力，使市場在更長時間內保持強勁。

Now for page 9, you'll see that not only does the mega project data support continued strength, but so does a robust negotiation pipeline and backlog. Negotiations in Electrical Americas are up to nearly $10 billion in 2025. In fact, the pipeline has increased over four times since 2019 with a multiyear CAGR of 26%.

現在來看第 9 頁，你會發現，不僅大型專案數據支持持續強勁的成長勢頭，而且強大的談判管道和積壓訂單也支持這一成長勢頭。2025 年，美洲電氣產業的談判金額將接近 100 億美元。事實上，自 2019 年以來，管道建設量增加了四倍多，多年複合年增長率達到 26%。

On the right, backlog also continues to set records with Electrical at $15.3 billion and Aerospace at $4.3 billion for a total backlog of $19.6 billion. Versus prior year, our backlogs grew 29% in Electrical and 16% in Aerospace. They also increased compared to Q3 by 9% in Electrical and 3% in Aerospace. We are clearly experiencing extraordinary growth. And as a result, we have high level of confidence in our future demand and structurally higher organic growth rates through 2030.

右側，積壓訂單也持續創下紀錄，其中電機工程積壓訂單達 153 億美元，航空工程積壓訂單達 43 億美元，總積壓訂單達 196 億美元。與前一年相比，我們的電氣工程積壓訂單增加了 29%，航空工程積壓訂單增加了 16%。與第三季相比，電氣產業成長了 9%，航空航太產業成長了 3%。我們顯然正在經歷非凡的成長。因此，我們對未來的需求以及到 2030 年結構性更高的有機成長率充滿信心。

Turning to slide 10. Let me share how we're accelerating our Execute for Growth strategy in Electrical Americas. Electrical Americas is seeing unprecedented demand with all-time high backlog and record order intake. It's a good challenge to have. And we are well positioned to meet it with our broad portfolio and strong engineering expertise.

翻到第10張投影片。讓我來分享一下我們在美洲電氣業務中如何加速推動「執行成長策略」。美洲電氣市場需求空前高漲，積壓訂單和訂單量都創下歷史新高。這是個不錯的挑戰。憑藉我們廣泛的產品組合和強大的工程技術實力，我們完全有能力應對這項挑戰。

In response to this incredible demand environment, we've already announced investments around $1.5 billion to strategically expand capacity. At the same time, we are adapting quickly to our evolving customer landscape. We are partnering very closely with our customers to tailor solutions to their needs and deliver fast responses, including increasing our engineering velocity, scaling of the network of partners in our supply chain to ensure timely, reliable material availability across our operations.

為了因應這種令人難以置信的需求環境，我們已經宣布投資約 15 億美元，以策略性地擴大產能。同時，我們也在快速適應不斷變化的客戶環境。我們與客戶緊密合作，根據他們的需求量身定制解決方案，並提供快速響應，包括提高工程速度，擴大供應鏈合作夥伴網絡，以確保我們運營中及時、可靠的材料供應。

To meet this moment, we are ramping up quickly at never before seen pace. We are laser-focused on the critical sites that are driving the majority of our growth. We've assembled tiger teams with deep specialized expertise and deploy into our operations to accelerate focus.

為了迎接這一刻，我們正以前所未有的速度迅速提升產能。我們專注於那些推動我們大部分成長的關鍵站點。我們組建了擁有深厚專業知識的精銳團隊，並將其部署到我們的營運中，以加快專注速度。

At Eaton, we have a strong operational track record of operational excellence across our businesses. We did this recently in our Electrical Global business to help us win larger power distribution projects and to grow margins. We also did in Aerospace to post considerable gains both in our growth rates and margins.

伊頓公司在各個業務領域都擁有卓越的營運績效。我們最近在電氣全球業務中採取了這種做法，以幫助我們贏得更大的配電項目並提高利潤率。我們在航空航太領域也取得了顯著進展，成長率和利潤率均大幅提升。

So as we turn to optimizing our largest business, the Electrical Americas, we are highly confident in our ability to do it again. While there's clearly complexity while we ramp, I'm confident that Eaton has the right actions in place to execute for growth in the Americas and meet our 2026 margin guidance of 30% at the midpoint in 2026 and 32% margin target by 2030.

因此，當我們著手優化我們最大的業務——美洲電氣業務時，我們對再次做到這一點充滿信心。儘管在產能提升過程中顯然存在一些複雜性，但我相信伊頓已經採取了正確的措施，以實現美洲地區的成長，並達到我們2026年利潤率中位數30%和2030年利潤率32%的目標。

Now I will turn it over to Olivier to walk through our financials.

現在我將把發言權交給奧利維爾，讓他來介紹一下我們的財務狀況。

Thanks, Paulo. I'll start by providing a brief summary of Q4 results on page 11. Organic growth for the quarter was 9%, driven by strength in Aerospace, Electrical Americas and Electrical Global, partially offset by weaknesses in Vehicle and eMobility. Otherwise, organic growth would have been almost 12%. We generated quarterly revenue of $7.1 billion and expanded margins by 20 basis points to 24.9%. Adjusted EPS of $3.33 increased by 18%, which is in line with the midpoint of our guidance range.

謝謝你，保羅。首先，我將在第 11 頁簡要總結一下第四季業績。本季有機成長率為 9%，主要得益於航空航太、美洲電氣和全球電氣業務的強勁表現，但部分被車輛和電動車業務的疲軟所抵消。否則，有機成長率將接近 12%。我們本季創造了 71 億美元的收入，利潤率提高了 20 個基點，達到 24.9%。調整後每股收益為 3.33 美元，成長 18%，與我們預期範圍的中點一致。

Now let's move to the segment details. On slide 12, we highlight the Electrical Americas segment. The business maintained strong operational momentum, delivering another record quarter on operating profit and strong margins. Organic sales growth of 15% was driven primarily by strength in data centers, up about 40%, along with strong growth in commercial and institutional. Operating margin of 29.8% was down 180 basis points versus prior year, largely driven by capacity ramp cost.

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。公司保持了強勁的營運勢頭，營業利潤和利潤率再次創下季度新高。有機銷售額成長 15%，主要得益於資料中心業務的強勁成長（成長約 40%），以及商業和機構業務的強勁成長。營業利益率為 29.8%，較上年下降 180 個基點，主要原因是產能爬坡成本。

Orders accelerated by up 16% on a trailing 12-month basis from up 7%. This reflects a powerful acceleration with total quarterly orders increasing sequentially by more than 18%. Building on that momentum, we achieved an all-time record level of orders booked in 2025 and orders in the quarter were up more than 50%. Book-to-bill increased to 1.2, and our backlog year-on-year grew by over $3 billion or 31% to $13.2 billion, providing strong visibility for our organic growth outlook. Data center demand is accelerating faster than ever, setting us up for an exceptional growth runway in the years ahead.

訂單增速較前 12 個月增長 16%，而前一年同期增長 7%。這反映出強勁的成長勢頭，季度總訂單量較上季成長超過 18%。憑藉這一勢頭，我們在 2025 年的訂單量創下歷史新高，本季訂單量增長超過 50%。訂單出貨比提高至 1.2，積壓訂單年增超過 30 億美元或 31%，達到 132 億美元，為我們的有機成長前景提供了強勁的可見性。資料中心的需求正以前所未有的速度成長，這將為我們未來幾年帶來巨大的成長空間。

Now I'll summarize the results for our Electrical Global segment. Total growth of 10% included organic growth of 6%, a very strong performance for the quarter. We had strength in data center, residential and machine OEM. Operating margin of 19.7% was up 200 basis points over prior year, driven primarily by sales growth and EMEA continued operational improvement, partially offset by higher inflation. Orders climbed 6% on a rolling 12-month basis, driven by broad end market momentum and exceptional strength in data center demand, reinforcing a powerful growth trajectory ahead.

現在我將總結我們電氣全球業務板塊的表現。本季總成長率為 10%，其中有機成長率為 6%，表現非常強勁。我們在資料中心、住宅和機器OEM領域擁有強大的實力。營業利益率為 19.7%，比上年增長 200 個基點，主要得益於銷售成長和 EMEA 地區持續的營運改善，但部分被更高的通貨膨脹所抵消。在過去 12 個月中，訂單量成長了 6%，這主要得益於終端市場的強勁勢頭和資料中心需求的顯著增長，從而鞏固了未來強勁的成長勢頭。

Backlog increased 19% from prior year, while book-to-bill remained above 1 on a rolling 12-month basis. Before to move to our industrial businesses, I'd like to briefly recap the combined Electrical segment's performance. For Q4, we posted organic growth of 12% and segment margin of 26.5%. On a rolling 12-month basis, orders accelerated to up 13%, and our book-to-bill ratio for our electrical sector remains over 1. This represents continued acceleration with quarterly orders up sequentially by 10%. In the quarter, electrical sector orders were up by more than 40%. As a result, total electrical backlog increased 29% over prior year. With demand surging, we are energized by the significant growth opportunity ahead.

積壓訂單比去年增加了 19%，而過去 12 個月的訂單出貨比一直維持在 1 以上。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。第四季度，我們的有機成長率為 12%，業務部門利潤率為 26.5%。以滾動 12 個月計算，訂單增速加快至 13%，我們電氣行業的訂單出貨比仍保持在 1 以上。這代表著持續加速成長，季度訂單較上季成長10%。本季度，電氣產業訂單成長超過 40%。因此，電氣積壓訂單總量比前一年增加了 29%。隨著需求激增，我們對未來巨大的成長機會感到振奮。

Page 14 highlights our Aerospace segment. Organic sales growth of 10% remained at a high level and resulted in quarterly record sales with broad-based strength across all markets and particular strength in commercial OEM and defense aftermarket. Operating margin expanded by 120 basis points to 24.1%, driven primarily by sales growth. On a rolling 12-month basis, orders increased 11%, driven by defense OEM and aftermarket up 11% and 13%, respectively.

第 14 頁重點介紹了我們的航空航太業務板塊。有機銷售成長維持在 10% 的高水平，季度銷售額創歷史新高，所有市場均呈現全面強勁的成長勢頭，尤其是在商業 OEM 和國防售後​​市場表現強勁。營業利益率成長120個基點至24.1%，主要得益於銷售成長。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 11% 和 13%。

On a two-year stack basis, trailing 12 months orders were up 21%. Our book-to-bill for our Aerospace segment remained strong at 1.1 on a rolling 12-month basis, resulting in backlog increase of 16% year-over-year and 3% sequentially. We are excited to welcome the Ultra PCS team with the closing of the deal in January. Overall, Aerospace delivered a strong Q4 and is poised for continued strength.

以兩年的累積數據計算，過去 12 個月的訂單量增加了 21%。在航空航太領域，我們的訂單出貨比在過去 12 個月中保持強勁，達到 1.1，導致積壓訂單年增 16%，季增 3%。我們很高興地歡迎 Ultra PCS 團隊加入，交易已於 1 月完成。整體而言，航空航太業務第四季表現強勁，並有望繼續保持強勁勢頭。

Moving to our Vehicle segment on page 15. In the quarter, the business declined by 13% on an organic basis, primarily driven by weaknesses in the North America truck and light vehicle markets. Margins are down 230 basis points year-over-year, primarily driven by lower sales.

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 13%，主要原因是北美卡車和輕型汽車市場疲軟。利潤率較去年同期下降 230 個基點，主要原因是銷售額下降。

On page 16, we show results for our eMobility business. Revenue decreased 15% from 17% lower organic, partially offset by 2% favorable FX. Operating profit was $10 million.

第 16 頁展示了我們電動車業務的成果。營收下降 15%，有機成長下降 17%，部分被 2% 的有利匯率抵銷。營業利潤為1000萬美元。

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

現在我將把簡報交還給保羅，讓他繼續講解剩餘部分。

Thanks, Olivier. I want to take this opportunity to recognize Olivier's significant contributions to our company ahead of his leaving on April 1, 26 as part of a planned transition. He has been a Board Director for five years and a valued member of the management team for two years, and he continues to help ensure a smooth transition. We wish him the best of luck when the time comes to leave Eaton. Mercy, Olivier.

謝謝你，奧利維爾。我想藉此機會表彰奧利維爾對我們公司做出的重大貢獻，他將於 4 月 1 日（26 日）離開公司，這是公司計劃過渡的一部分。他擔任董事已有五年，擔任管理團隊的重要成員已有兩年，他將繼續幫助確保平穩過渡。我們祝福他離開伊頓時一切順利。憐憫，奧利維爾。

Thank you. Shifting our attention ahead to 2026 on page 17. Here's an update to our end market growth assumptions for the year. All in, this continues to equate to about 7% growth and with some outgrowth is consistent with our 2030 organic growth CAGR of 6% to 9%. We've increased our expectation for commercial aerospace to strong double-digit growth from solid growth. We now expect residential market to be flat from slight growth. We continue to see many paths to sustainable growth, and we are confident in our end market positioning to deliver another differentiated year of growth.

謝謝。我們將目光轉向2026年，詳見第17頁。以下是我們對今年終端市場成長假設的最新數據。總的來說，這仍然相當於約 7% 的成長，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。我們已將商業航空航太領域的預期從穩健成長提高到強勁的兩位數成長。我們現在預計住宅市場將保持平穩，此前曾略有成長。我們仍然看到許多實現永續成長的途徑，並且我們對自身的終端市場定位充滿信心，相信能夠再創佳績，實現又一個差異化增長年。

Moving to page 18. We summarize our 2026 revenue and margin guidance. Following a strong 2025 in which we posted 8% organic growth for the year, we expect the total company to be between 7% to 9% in 2026, with strength in Electrical Americas at 10% at the midpoint. For segment margins, our guidance range is 24.6% to 25%. That's up 30 basis points over 2025 at the midpoint, driven by improvements in each of our businesses.

翻到第18頁。讓我們總結一下我們對 2026 年營收和利潤率的預期。繼 2025 年強勁成長（當年有機成長率為 8%）之後，我們預計 2026 年公司整體成長率將在 7% 至 9% 之間，其中美洲電氣業務的成長率預計在 10% 的中間值。對於分部利潤率，我們的預期範圍為 24.6% 至 25%。比 2025 年的中點高出 30 個基點，這主要得益於我們各項業務的改善。

On the next page, we have the balance of our guidance for 2026 and Q1. For 2026, our adjusted EPS is expected to be between $13 and $13.50, $13.25 at the midpoint and up 10% from 2025. And for cash flow, our guidance is $3.9 billion to $4.3 billion, up 14% at the midpoint. As previously communicated, we do not plan to buy back shares in 2026 due to the pending Boyd deal. So we expect the share count to remain relatively flat to prior year.

下一頁是我們對 2026 年和第一季的業績指引的剩餘部分。2026 年，我們調整後的每股盈餘預計在 13 美元至 13.50 美元之間，中位數為 13.25 美元，比 2025 年成長 10%。至於現金流，我們的預期為 39 億美元至 43 億美元，中位數成長 14%。正如之前所溝通的，由於博伊德交易尚未完成，我們不打算在 2026 年回購股份。因此，我們預計股份數將與上年基本持平。

We also provided guidance on this page for Q1, including organic growth of 5% to 7% and operating margins of 22.2% to 22.6%. As we scale capacity in our largest business, we're incurring higher than typical ramp-up costs to start the year with improvement anticipated in each quarter. We have great confidence in the acceleration in both revenue and margins from this starting point. The healthy end markets, combined with our record backlog provides tremendous visibility for our forecast for the year. We have the best positioned portfolio, enabling us to be laser-focused on execution in 2026.

我們也在本頁提供了第一季的業績指引，包括5%至7%的自然成長和22.2%至22.6%的營業利潤率。隨著我們最大業務產能的擴大，年初的產能提升成本高於往年，預計每季都會有所改善。我們對以此為起點，營收和利潤率都將加速成長充滿信心。健康的終端市場，加上我們創紀錄的積壓訂單，為我們今年的預測提供了極大的可見性。我們擁有最佳的投資組合，使我們能夠在 2026 年集中精力執行各項計劃。

I will close with a quick summary on page 20. We had a strong quarter where we delivered on our adjusted EPS commitment. It also included record revenue, record segment profit and Q4 record for segment margins. The demand we are seeing is unprecedented and is reflected in the 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。本季業績表現強勁，實現了調整後每股收益的承諾。此外，營收、分部利潤和第四季分部利潤率均創歷史新高。我們看到的需求是前所未有的，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 are leaning into a higher growth, higher-margin businesses for better earnings consistency, and we see this as an inflection point for a new growth story. Bottom line, as we head into 2026 and beyond, we are moving forward with strong demand momentum, and we have exceptional confidence in the setup and our capabilities for sustainable growth. We see an exciting runway in front of us with our strongest days still ahead.

我們正轉向成長更快、利潤更高的業務，以獲得更穩定的收益，我們認為這是開啟新成長篇章的轉捩點。總而言之，展望 2026 年及以後，我們將以強勁的需求勢頭向前邁進，我們對自身的發展架構和永續成長能力充滿信心。我們看到眼前一片光明，我們最輝煌的時期還在後頭。

And with that, I'm happy to take your questions.

那麼，我很樂意回答你們的問題。

Thanks, Paulo. For the Q&A today. (Event Instructions). With that, I will turn it over to the operator to give you guys the instruction.

謝謝你，保羅。今天的問答環節。（活動說明）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。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Olivier, thank you for all the help over the years. My first question would be just to give obviously, very strong order number, but maybe give us more context as to what gives you confidence in double-digit growth in data center markets in '26 and beyond.

奧利維爾，感謝你這些年來給我的所有幫助。我的第一個問題當然是想給出非常強勁的訂單數字，但或許可以給我們提供更多背景信息，說明是什麼讓您對 2026 年及以後數據中心市場兩位數的增長充滿信心。

Yes. Thanks, Andrew. I think this is top of mind for everyone. So let me elaborate on this. I will start with the market because that's what drives our optimism here. We're extremely confident when we look at the indicators from the market, announcements on the industry were up over 200% year-over-year in 2025. Similar rate, almost -- the backlog is also over 200% up and it equates to 11 years of what was built in 2025.

是的。謝謝你，安德魯。我認為這是大家最關心的問題。讓我詳細解釋一下。我先從市場說起，因為市場才是我們樂觀情緒的驅動力。從市場指標來看，我們非常有信心，2025 年產業公告數量較去年同期成長超過 200%。速度差不多——積壓工程也增加了 200% 以上，相當於 2025 年建造的工程量 11 年。

So although the industry continues to find ways to build data centers faster, the backlog keeps growing. So it still represents 11 years, which is incredible. And the kick-off of the project starts were also up almost 100% year-over-year. So the market is very, very strong.

因此，儘管業界不斷尋找加快資料中心建置速度的方法，但積壓專案卻持續增加。所以它仍然代表著11年，這真是不可思議。專案啟動數量也年增了近 100%。所以市場非常非常強勁。

You probably noticed on recent news from the hyperscalers that they reconfirmed their CapEx plans for 2026. This is also great news that supports these projects. Multi-tenant and new cloud players, they are so active, never seen them so active as they are today. If I'm to summarize the market picture here, lots of strength, and these projects will take years to complete. So that's what gives us the optimism in the future.

您可能已經注意到，超大規模資料中心營運商最近發布的消息稱，他們再次確認了 2026 年的資本支出計劃。這對支持這些項目也是個好消息。多租戶和新興雲端服務供應商非常活躍，我從未見過他們像今天這樣活躍。如果讓我總結一下目前的市場狀況，那就是市場非常強勁，而且這些專案需要數年時間才能完成。這就是我們對未來充滿樂觀的原因。

And then I'd like to turn to Eaton a little bit because you saw in our order numbers, we are winning. And as I mentioned to you before, I consider Eaton to have the broadest portfolio in power management solutions today already in data centers. As you think about what's happening with AI, our solutions start with the white space products centered around the chip, moving to the grey space where we traditionally won with our core power distribution, power quality products, moving all the way up in front of the meter with our utility grid products.

然後我想稍微談談伊頓公司，因為從我們的訂單數量來看，我們正在取得勝利。正如我之前提到的，我認為伊頓目前在資料中心領域擁有最廣泛的電源管理解決方案產品組合。當你思考人工智慧的發展趨勢時，我們的解決方案從以晶片為中心的空白領域產品開始，逐步擴展到我們傳統上憑藉核心配電、電能品質產品贏得的灰色領域，最終憑藉我們的電網產品，一路推進到電錶前。

So as you know, we offer hardware, we offer service, we offer services and software and hardware. So we are very well positioned already. But we didn't stop there as a team. We decided to invest both organically and inorganically in this very growing market. So examples of organic investments are our capacity plans to ramp up our factories as we're going to discuss surely later as well. We also invest in front-end resources, and we also invest in innovative technologies. Those are the innovative investments we have. We also have deployed capital, as you know, and we deployed capital to grow inorganically as well.

如您所知，我們提供硬件，我們提供服務，我們提供軟硬體結合的服務。所以我們已經處於非常有利的地位。但作為一支團隊，我們並沒有就此止步。我們決定在這個快速成長的市場中進行有機成長和無機成長相結合的投資。因此，有機投資的例子包括我們擴大工廠產能的計劃，我們稍後肯定會討論這個問題。我們也投資於前端資源，也投資於創新技術。這些都是我們進行的創新投資。如您所知，我們也投入了資金，我們也投入了資金來實現非內生性成長。

So Resilient Power accelerates our future towards this direct current technology. The acquisition of Fibrebond has been very successful with models built out for the data centers and the announced acquisition of Boyd, which is, it's even faster-growing part of the market, which is the liquid cooling.

因此，Resilient Power加速了我們邁向直流電技術的未來。收購 Fibrebond 非常成功，其產品已為資料中心量身打造；此外，也宣布收購 Boyd，進軍成長速度更快的市場領域－液冷領域。

So with all that in mind and using the Q4 data as a proof point, our Electrical Americas orders grew 200% and our orders in Europe grew almost 80% year-over-year. So that proves that not only, Andrew, the market is strong, but our strategy is working. The value proposition we have is resonating with customers and also indicates that we're going to be ready for the future of this industry to lead the future as a company. So we are very bullish about the data center market.

綜上所述，並以第四季度數據為佐證，我們在美洲的電氣訂單同比增長了 200%，在歐洲的訂單同比增長了近 80%。安德魯，這不僅證明市場強勁，也證明我們的策略奏效了。我們的價值主張引起了客戶的共鳴，也顯示我們將為這個產業的未來做好準備，引領未來發展。因此，我們非常看好數據中心市場。

And maybe a follow-up question. As you alluded to, there has been a lot of chatter on liquid cooling and technology trends over the last few months. Paulo, what do you think about recent market developments?

或許還有一個後續問題。正如你所提到的，過去幾個月來，關於液冷技術及其發展趨勢的討論很多。保羅，你如何看待最近的市場發展？

Thanks, Andrew. I would say this to everyone. I think news on cooling will be out every month. We just need to get used to it, right? People talk about new technology developments, new wins. And it's a fast-growing market, which is rather fascinating. So that justifies the excitement. I will only get started by pointing out, I just talked about how important the data center market is for us and the industry and remind that the liquid cooling portion of this market is growing at even faster pace than the average of the business, which is already fascinating.

謝謝你，安德魯。我會對每個人都這麼說。我認為每個月都會有關於製冷方面的新聞發布。我們只需要習慣一下，對吧？人們談論新技術發展，談論新的勝利。而且這是一個快速成長的市場，這相當令人著迷。所以，這就能解釋大家的興奮之情了。我只想先指出，我剛才談到了數據中心市場對我們和整個行業的重要性，並提醒大家，該市場中的液冷部分增長速度甚至比行業平均水平還要快，這已經非常令人著迷了。

And I also said last quarter to everyone that with AI loads increasing, the white space become much, much more interesting for Eaton, not only with our traditional solutions in terms of power protection and power quality. But also if you look at cooling, which is also very important, we believe in the synergies, commercial and technical synergies of these two technologies in the white space. So this is an exciting development.

上個季度我也跟大家說過，隨著人工智慧負載的增加，空白市場對伊頓來說變得更加有趣，這不僅體現在我們傳統的電源保護和電源品質解決方案上。但如果你看看冷卻，這也非常重要，我們相信這兩種技術在空白領域具有協同效應，包括商業和技術協同效應。這是一個令人振奮的進展。

I'm going to make a short reminder to everyone why we chose Boyd to be the acquisition on this field. I consider they have very similar approach as Eaton. They lead with technology; they lead with innovation. They are a market leader in their space with global footprint and the best engineering team. So whatever happens in this market, when you have a group of engineers, there are 500 of them and 500 of the best in the industry, you can figure out ways to win today in the future.

我來簡單提醒大家，我們為什麼選擇博伊德作為這個領域的收購目標。我認為他們的做法與伊頓公司非常相似。他們以科技引領潮流；他們以創新引領潮流。他們是所在領域的市場領導者，擁有全球業務佈局和一流的工程團隊。所以無論市場發生什麼，當你擁有 500 名工程師，而且是業內最優秀的 500 名工程師時，你就能找到在今天和未來都取得成功的方法。

And to give you a sense of the development of this market for us, I said before that with AI loads, our dollars per megawatt of accessible market are growing. So today, we are already at $2.9 million per megawatt with our current portfolio. And after the Boyd acquisition, when the Boyd acquisition is completed, this accessible market will be increased to $3.4 million per megawatt. So it's really exciting to see that development.

為了讓大家了解這個市場的發展情況，我之前說過，隨著人工智慧負載的增加，我們每兆瓦可接入市場的美元收入正在成長。所以今天，我們目前的投資組合成本已經達到每兆瓦 290 萬美元。博伊德收購完成後，這可進入的市場將擴大到每兆瓦 340 萬美元。看到這樣的發展真的很令人興奮。

Now to your question specifically on what to expect from the latest NVIDIA announcement as a good example for cooling, I'll try to help everyone here to visualize the system in simple terms. So try to think about two types of loops, two types of circuits or fluid circuits.

現在回答你提出的具體問題，即從NVIDIA最新發布的散熱技術中可以期待些什麼，我會盡量用簡單的術語幫助大家理解這個系統。所以試著思考兩種類型的迴路、兩種類型的電路或流體迴路。

The first one, the main one, I call the inner loop, which is close to the white space, is designed to protect the revenue-making assets and the secondary loop, so the outer loop, which is used to connect the white space to the utilities area of the data center, supported by the chillers.

第一個迴路，也就是主迴路，我稱之為內迴路，它靠近空白區域，旨在保護創收資產；第二個迴路，也就是外迴路，用於將空白區域連接到資料中心的公用設施區域，由冷卻器提供支援。

So if you think about the inner loops, where we decided to play, they're closer to the white space, and they are there to protect and keep all the revenue makers operating all the assets, think about GPUs, but also think about TPUs, think about CPUs, think about power supplies, network switches, et cetera. They all require cooling. And this is the portion of the cooling market that Eaton decided to play in.

所以，如果你想想我們決定著手的內部循環，它們更接近空白區域，它們的作用是保護和維持所有收入來源的運行，包括 GPU、TPU、CPU、電源、網路交換器等等。它們都需要冷卻。這就是伊頓決定進軍的冷凍市場領域。

And here, just a summary of what is offered in this inner loop. Think about the cold plates, think about the CDUs, so the coolant distribution units, and then you have piping manifolds, controls units, et cetera. So basically, what happens is that the CDU, the coolant distribution unit pumps cool liquid into the loads, again, the chips, the power supplies, et cetera. This cool liquid absorbs heat via the cold plates and the warmer liquid returns to the CDU. So the CDU today has capability, has a heat exchanger, can take care of part of the heat dissipation, but it also communicates with the outer loop with the chillers.

這裡是這個內部循環所提供內容的簡要概述。想想冷板，想想冷卻劑分配單元（CDU），然後還有管道歧管、控制單元等等。基本上，冷卻液分配單元 (CDU) 會將冷卻液泵入負載，例如晶片、電源等。這種冷液體透過冷板吸收熱量，而較熱的液體則回到 CDU。因此，如今的 CDU 具備了散熱能力，配備了熱交換器，可以處理一部分散熱，但它還可以與外部迴路中的冷水機組進行通訊。

So this outer loop separate circuit from the inner loop is where the CDU sends hot water to the chillers and get refrigerated water back. So this is how the system works today in a very, very, very simplistic way.

因此，這個與內迴路分離的外迴路是 CDU 將熱水輸送到冷水機組並接收冷水的地方。這就是目前這個系統運作方式的一個非常、非常、非常簡單的概括。

As I said before, we don't participate in the chillers market directly. We consider a best option for Eaton to collaborate and partner with the specialized market leaders on chillers. And this announcement from NVIDIA, just to conclude the point here, that implies that their chips, the next-generation chips can run hotter, meaning that supposedly, the data center operators will not need as many and/or as powerful chillers as today, but this still needs to be proven.

正如我之前所說，我們不直接參與冷水機市場。我們認為伊頓的最佳選擇是與冷水機組領域的專業市場領導者合作和建立夥伴關係。最後，總結 NVIDIA 的這項聲明，這意味著他們的下一代晶片可以運行在更高的溫度下，這意味著資料中心運營商可能不需要像現在這樣多或強大的冷卻器，但這仍然需要證明。

But I would like to say that there is no negative impact on the inner loop, the part of the cooling that we decided to play. I would say it's quite the opposite because with those systems, those new systems will require began and even more sophisticated elements. It's true for cold plates and also true for CDUs.

但我想說的是，這對內部循環（我們決定採用的冷卻部分）沒有任何負面影響。我認為情況恰恰相反，因為這些系統，也就是那些新系統，需要更複雜、更精確的元素。冷板如此，CDU 也如此。

So all in all, I'm very confident and comfortable with the Boyd's position as they have, as I said before, early technical engagement, effectively participating commercially in all the cheap platforms, the hyperscaler plans, et cetera, current and future. So we feel good about their future position.

總而言之，我對博伊德的立場非常有信心和滿意，因為正如我之前所說，他們很早就參與了技術方面的工作，有效地參與了所有廉價平台、超大規模數據中心計劃等當前和未來的商業活動。因此，我們對他們未來的發展前景感到樂觀。

We confirm that optimism through diligence process by checking incredible breadth of solutions that are about to be launched today and the years to come. And for the shorter term, which I think is also important, after a very solid finish to 2025 and a very strong January, we remain confident in Boyd's strong position to meet or exceed the 2026 revenues of $1.7 billion. I hope that helps, Andrew.

我們透過嚴謹的調查過程來證實這種樂觀情緒，我們檢視了今天和未來幾年即將推出的種類繁多的解決方案。就短期而言（我認為這也很重要），在 2025 年圓滿收官和 1 月份強勁增長之後，我們仍然有信心 Boyd 能夠達到或超過 2026 年 17 億美元的營收目標。希望這對你有幫助，安德魯。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

I wanted to ask about the quarterly cadence of the '26 EPS guide. At the midpoint, Q1 is calling for maybe just low single-digit year-on-year growth, but the full year is at 10%. So obviously calling for a pretty big pickup post Q1. Could you just provide some color on that trajectory as we get past Q1?

我想詢問一下 '26 EPS 指南的季度發布頻率。第一季中期預計年成長可能只有個位數，但全年預計為 10%。所以很明顯，第一季後股價會有相當大的上漲空間。能否請您簡單介紹一下第一季之後的發展趨勢？

Great. Chris. I think it's another top-of-mind question for everyone. So thanks for asking that. Let me start with how we see the guidance for the full year. We believe 2026 guidance represents strong organic growth and it's supported by record backlog. So we feel really good about it.

偉大的。克里斯。我認為這是每個人都非常關心的問題。謝謝你的提問。首先，我想談談我們對全年業績的展望。我們認為，2026 年的業績指引代表著強勁的內生成長，並且得到了創紀錄的積壓訂單的支持。所以我們對此感到非常滿意。

In terms of margins, we continue to expand segment margin while we absorb all these ramp-up costs, and we continue to deliver what I consider industry-leading margins. As you saw, we keep winning orders, and we are preparing ourselves for the next wave of this differentiated growth and margin expansion cycle.

就利潤率而言，我們在吸收所有這些啟動成本的同時，繼續擴大業務利潤率，並繼續提供我認為是業界領先的利潤率。正如你所看到的，我們不斷贏得訂單，我們正在為下一波差異化成長和利潤率擴張週期做好準備。

And if you compare our guidance with our models that I saw from most of you, I think above the line, we are pretty much on dot in terms of segment margin and top line. Below the line, I see some differences with most of the models outside. I see higher interest expense year-over-year, and this is due to the acquisition of Ultra PCS and the finance of Fibrebond.

如果將我們的指導意見與我從你們大多數人那裡看到的模型進行比較，我認為總體而言，我們在細分市場利潤率和營收方面基本上準確無誤。在線條下方，我發現它與大多數外部模型有些差異。我看到利息支出較去年同期增加，這是由於收購 Ultra PCS 和為 Fibrebond 提供融資所致。

And we also -- the second item is that we plan to keep our share count flat as we decided to temporarily suspend the share buyback as we invest in our business. So those are the two differences for the full year.

其次，我們計劃保持股份數量不變，因為我們決定暫時中止股票回購，以便投資我們的業務。所以，這就是全年的兩項不同之處。

In terms of the split to the core of your question, first and second half split, we expect roughly 44% of the EPS coming in the first half and around 56% in the second half. When I look at the historical averages of the business for the last 10 years, first half has been 47% and the second half, 53%. So these three points difference can be easily explained by two main reasons. Tax rate takes care of two of the three points. We see a higher tax rate in the first half of 20% to 21% versus 16% to 17% tax in the second half.

關於您問題的核心，即上半年和下半年的劃分，我們預計上半年每股收益約佔 44%，下半年每股收益約佔 56%。當我查看過去 10 年該業務的歷史平均值時，上半年為 47%，下半年為 53%。因此，這三點差異可以很容易地用兩個主要原因來解釋。稅率解決了這三點中的兩點。我們看到上半年稅率較高，為 20% 至 21%，而下半年稅率為 16% 至 17%。

So that's the biggest difference here. And then the Electrical Americas ramp is the explanation for the other point, given the extensive headcount additions and depreciation costs we're going to have in the first half, especially in Q1.

這就是最大的差別。而美洲電氣業務的成長則解釋了另一點，因為我們將在上半年，特別是第一季度，大幅增加員工人數和折舊成本。

So the way to think about it, our guidance fully absorbs these ramp-up costs. And I believe we have a high degree of confidence, I want to say, in our forecast for the year. The way to think about is that we set realistic expectations, which we aim to beat.

所以從這個角度來看，我們的指導完全涵蓋了這些啟動成本。而且，我想說，我們對今年的預測非常有信心。正確的做法是，我們設定切合實際的目標，並努力超越這些目標。

I really appreciate that. And if I could follow up on some of the capacity expansion plans in the Americas. So obviously, a pretty massive undertaking. And just since this is something that the company really hasn't had to do for a long period of time, I would be interested, has there been any challenges that have come through related to the capacity expansion? And do you have line of sight to that capacity coming online?

我非常感謝。如果可以的話，我想跟進美洲的一些產能擴張計劃。顯然，這是一項非常龐大的工程。鑑於公司已經很久沒有產能擴張了，我很想知道，在產能擴張過程中是否遇到任何挑戰？您是否了解該產能何時能夠投入使用？

And just kind of really trying to figure out when do you think this capacity expansion turns from a headwind for the company to a tailwind for the company?

我只是想弄清楚，你認為這種產能擴張何時會從公司的不利因素轉變為有利因素？

Yes. Another top of mind question. So I would say this is a great challenge to have, Chris. We are not in a position to turn our back to the opportunities we see in the market here. We have strong markets, strong backlogs, record levels of backlogs. We are winning higher share of orders as well. And I believe that those investments we are making are also giving our customers the confidence to place their business with us. So this is really important that we keep in mind.

是的。另一個大家最關心的問題。所以我覺得這對克里斯來說是個很大的挑戰。我們不能對目前市場上的機會視而不見。我們擁有強勁的市場、充足的訂單儲備，訂單儲備更是創下歷史新高。我們的訂單份額也在不斷提高。我相信，我們正在進行的這些投資也讓我們的客戶更有信心與我們開展業務。所以這一點我們一定要牢記在心。

If you think about accelerating ramp-up, our second half orders last year were 41% higher than 2024, 41%. So we had -- we announced those plans to expand capacity. When you start looking at this market and getting those orders, you need to accelerate. So we're accelerating our ramp, and this is what caused some pressure for Q4 last year and especially Q1 this year as well. So it's based on the order successes that we're accelerating our ramp.

如果考慮加快產能爬坡，我們去年下半年的訂單量比 2024 年同期成長了 41%。所以，我們宣布了擴大產能的計畫。當你開始關注這個市場並獲得訂單時，你需要加快速度。所以我們正在加快產能爬坡，這也給去年第四季度，尤其是今年第一季帶來了一些壓力。所以，我們是根據訂單的成功情況來加快產能爬坡的。

Overall, I would say the capacity expansion, the construction goes on plan. We -- it's a multiyear program, as you know. And we are not entirely surprised with the temporary short-term headwinds we have because those we have far too many sizable projects. The company has never done this before at the same time. At the same time, if you look at the Electrical Americas business in the past four years, they grew double digits in the last four years straight.

總的來說，我認為產能擴張和建設都在按計劃進行。如您所知，這是一個多年計劃。對於目前面臨的暫時性短期不利因素，我們並不感到完全意外，因為我們手邊有太多規模較大的專案。該公司此前從未同時進行過這兩項操作。同時，如果你看一下過去四年美洲電氣業務的情況，你會發現它在過去四年裡連續實現了兩位數的成長。

So it was about time for us to invest in that business. And actually, the average growth was 15%. So it's incredible growth that the business experienced. So we needed to invest to cope with the success we are having, and we are very confident in the short, medium and long term of this business.

所以，我們是時候投資這家企業了。實際上，平均成長率為 15%。所以，這家企業經歷了令人難以置信的成長。因此，我們需要投資來應對我們所取得的成功，我們對這項業務的短期、中期和長期發展都非常有信心。

In simple terms, if you think about the capacity adds, when you add manufacturing costs like headcount, depreciation and you do this ahead of your sales ramp, you naturally incur in margin headwinds. This is what happens, right? We are fully absorbing those ramp-up costs. And I would say we continue to deliver industry-leading margins of roughly 30%. So just think about the potential of this business. You put all this pressure on cost on this business, and it keeps running and delivering around 30% margin.

簡單來說，如果你考慮產能擴張，當你在銷售成長之前增加諸如人力、折舊等製造成本時，自然會面臨利潤率下降的問題。事情就是這樣發生的，對吧？我們將完全承擔這些啟動成本。而且我認為，我們繼續保持著行業領先的利潤率，約為 30%。所以想想這家企業的潛力吧。你給這家企業施加了這麼多成本壓力，它仍然能夠繼續運營，並保持大約 30% 的利潤率。

So the potential is there for hen those ramp-ups are over. Specifically, on the cadence of these investments, the $1.5 billion we invested around two dozen projects, so think about 24 projects, 2024 projects. By mid of last year, we finalized the construction of half of them. So half of the projects were over, and we started the ramp in the second half, specifically more into Q4. And we continue to ramp those plants in 2026. For the other half of the projects that are remaining, construction investment, half of this will be largely done by the first half, the construction and the ramp will start in the end of the first half.

所以，當這些成長階段結束後，這種潛力是存在的。具體來說，就這些投資的節奏而言，我們投資的 15 億美元大約用於 24 個項目，所以想想 24 個項目，2024 個項目。到去年年中，我們已經完成了其中一半的建設。所以一半的專案已經完成，我們在下半年，特別是第四季度，開始加速推進。我們將繼續在 2026 年擴大這些工廠的產能。對於剩餘項目的另一半，建設投資的一半將在上半年基本完成，施工和坡道建設將在上半年末開始。

And the last quarter of projects will continue through 2026 with production ramp in '27. So what gives us confidence here is that half of the projects were already online last year, and we continue to ramp them. And we are adding additional projects with ramp-up expected in the first half of this year. So we have high confidence in our plan for the year. And the simple way to think about cadence because that's probably the spirit of your question is think about Q1 as being our guidance for the business, expect progress in Q2, I would say, expect momentum into Q3 and then a stronger pace of backlog liquidation in Q4 and moving to 2027. That's the way to model how the Americas business will behave.

最後一季的專案將持續到 2026 年，並在 2027 年實現量產。讓我們感到有信心的是，去年有一半的專案已經上線，而且我們還在不斷擴大專案規模。我們還增加了其他項目，預計今年上半年開始加速。因此，我們對今年的計劃充滿信心。理解節奏的簡單方法是，因為這可能是你問題的本質：把第一季度看作是我們對業務的指導，預計第二季度會取得進展，預計第三季度會保持勢頭，然後在第四季度加快積壓訂單的清理速度，並持續到 2027 年。這是模擬美洲業務未來發展模式的方法。

And I would just like to conclude, I know it's a lot of information, but possibly the most important discussion point of the whole call, I believe our long-term growth is supported by strong markets, and we're making investments to win. We have a strong portfolio position. So no problem here. It can only get better after these investments. In the short term, in the near term, our growth is in the bag.

最後我想總結一下，我知道資訊量很大，但或許本次電話會議最重要的討論點是，我相信強勁的市場將支撐我們的長期成長，我們正在進行投資以贏得勝利。我們擁有強大的投資組合。所以這裡沒問題。這些投資之後，情況只會越來越好。短期內，我們的成長已成定局。

So it's in our backlog, and we are strong operators, and that's the time to execute and get it done. So I think that's the message.

所以它已經列入我們的待辦事項清單，而且我們執行力很強，現在正是執行並完成它的時候。所以我覺得這就是我想表達的意思。

And Chris, an additional color on your question on the impact, quantifying it. We have said that all along. The impact on ESA margin due to those ramps, and Paulo went through those was about 100 basis points last year. We believe this year is going to be a bit higher, difficult to quantify with precision, but we see an impact of about 130 basis points in the full 2026. And those higher costs would be front-end loaded. And as a reminder, despite those impact, the ESA margin is still clocking at about 30%.

克里斯，關於你提出的影響問題，我還需要補充一點，那就是如何量化這種影響。我們一直都是這麼說的。這些增產措施對 ESA 利潤率的影響，以及保羅去年經歷的這些措施，大約影響了 100 個基點。我們認為今年會略高一些，雖然很難精確量化，但我們預計到 2026 年全年將產生約 130 個基點的影響。而這些更高的成本將集中在前期。需要提醒的是，儘管受到這些影響，ESA 的利潤率仍維持在 30% 左右。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Very detailed question so far, Paulo. Just maybe just a follow up on that last answer. Q1, it'd be great to just fill in some of the gaps on the Q1 guide. And in particular, what you done in for the Electrical Americas organic versus a tougher comp. But more importantly, it sounds like the headwind from investment spending could be maybe 200 basis points in the Americas. Just wondering where you see the margin starting off in that segment.

保羅，你目前提出的問題非常詳細。或許只是想對上次的回答做補充。Q1，如果能補充 Q1 指引中的一些空白就太好了。特別是，你在 Electrical Americas 有機產品方面與更激烈的競爭相比做得如何。但更重要的是，投資支出帶來的不利影響在美洲地區可能達到 200 個基點。我只是想知道你認為該部分的利潤率起始點在哪裡。

So the way -- as I said before, Olivier correctly stated the yearly impact of the ramp for the Electrical Americas business around 130 basis points is not equally distributed across quarters. So it's first half loaded. So we're going to get most of the impact in Q1 and Q2 from those extra costs. So that's the way to think about it. Overall, as I said before, the business continues to win large orders we didn't need to change our plans in terms of what we wanted to build or the capacity plans we wanted to add.

所以，正如我之前所說，Olivier 正確地指出，電氣美洲業務的年度成長影響約為 130 個基點，但這在各個季度之間的分配並不均衡。所以已經加載了一半。因此，這些額外成本將在第一季和第二季對我們造成最大的影響。所以應該這樣思考。總的來說，正如我之前所說，公司繼續贏得大訂單，因此我們不需要改變我們想要建造的產品或想要增加的產能計劃。

What we needed to do and we did was to accelerate the ramp in terms of bringing people and bringing the resources earlier in the process so we can respond to this incredible order intake we are having as a team. And once again, I believe the team is doing a fantastic job in terms of balancing that with still industry-leading margins. And we are confident that when this is behind us, we're going to see those inefficiencies go away, and we're going to print even higher margins in the business.

我們需要做的，也是我們也要做的，就是加快人員和資源的投入，以便我們能夠應付團隊目前收到的驚人訂單量。我再次認為，團隊在平衡成本和保持行業領先的利潤率方面做得非常出色。我們相信，當這一切過去之後，這些低效現象將會消失，我們將在業務中獲得更高的利潤率。

So we remain committed to the 32% margin corridor through the long-term plan that we stated last year. And as you look at this business, right, 15% organic growth in Q4, you look at the total growth of around 20%. The way to think about the business is we are adding integrating companies like Fibrebond, et cetera, and we continue to deliver 30% margins as a business.

因此，我們將繼續致力於實現 32% 的利潤率目標，並執行我們去年制定的長期計劃。當你審視這家企業時，你會發現，第四季有機成長率為 15%，而總成長率約為 20%。看待這項業務的方式是，我們正在整合像 Fibrebond 等公司，並且我們作為一家企業繼續保持 30% 的利潤率。

So it is a fantastic business opportunity for us, and we're going to stay very close to this team as we did with Aerospace, as we did with Electrical Global to help this team execute on this large ramp.

所以這對我們來說是一個絕佳的商業機會，我們將像對待航空航天團隊和電氣全球團隊一樣，與這個團隊保持緊密的聯繫，以幫助這個團隊順利完成這項大規模的業務拓展。

Great. I've got a follow-up question on the portfolio and your longer-term growth outlook. But I'm just wondering maybe, Olivier, perhaps if you could just clarify if Electrical Americas margins kicking off the year with, I don't know, it's 28% handle on the margin. Are we exiting with a 31% type handle? Just want to make sure that, that cadence is what you're communicating.

偉大的。我還有一個關於投資組合和您長期成長前景的後續問題。但我只是想問一下，奧利維爾，或許你能澄清一下，Electrical Americas 今年的利潤率是多少嗎？我不知道，大概是 28% 吧。我們打算以 31% 左右的漲幅退出嗎？我只是想確認一下，你表達的就是這種語速。

But Paulo, back to you on the organic kind of like the 6% to 9% framework, just subtracting the lowest growth business from that framework. You're adding a business that you see very strong double digits. How are you thinking about how the framework sort of recast for the portfolio changes you're making? And then, of course, Fibrebond, et cetera, into that mix?

但保羅，回到你剛才說的有機成長框架，例如 6% 到 9% 的框架，只是從這個框架中減去成長最低的業務。你新增的這家企業預計會實現兩位數的強勁成長。您認為如何調整現有框架以適應您正在進行的投資組合調整？當然，還有 Fibrebond 等等，也加入到這個混合物中？

Yes. So I think you're alluding to the commitments we made in March last year for the long-term plan, I suppose, correct?

是的。所以，我想你指的是我們去年三月對長期計畫所做的承諾，對嗎？

Yes, correct.

是的，沒錯。

So okay. Let me comment on that. So of course, we are making -- every move we are making is to make the situation better. It needs to get very clear for the get-go. But let me refresh the targets we committed to the whole group here. We committed last March in our six-year plan, long-term plan, we committed to a growth between 6% and 9% top line growth for the period. Segment margins of 28% in 2030, and we also committed to EPS growth on average of 12% or higher over the period.

好的。我想就此發表一下看法。所以，我們當然正在採取——我們採取的每一個行動都是為了讓情況變得更好。這一點必須從一開始就非常明確。但讓我在這裡重申我們對整個團隊所做的目標。我們在去年三月制定的六年計畫（長期計畫）中承諾，在此期間實現 6% 至 9% 的營收成長。到 2030 年，分部利潤率將達到 28%，同時我們也承諾在此期間每股收益平均成長 12% 或更高。

So what happened since then, since March? Several things happened and to confirm our optimism in the 2030 targets that I would say this, Nigel, and everyone, we are committed to overachieving as a team. There is upside, I'll be honest, there is upside to the plan. At the same time, as a group, we want to be conservative. So we want to beat and raise over time on the expectations.

那麼，從三月到現在發生了什麼事？發生了一些事情，為了證實我們對 2030 年目標的樂觀態度，我想說，奈傑爾，以及各位，我們作為一個團隊致力於超額完成目標。說實話，這個計劃也有好處。同時，作為一個群體，我們希望保持保守。所以我們希望隨著時間的推移，能夠超越並提高預期。

And I would like to give you now a balanced view of where we stand now versus the commitments we made. So first, I will look at the upside. If you look at the upside on this business, the first big upside is not necessarily on the portfolio per se, but it is that I baked only half of the data center forecast growth from the industry into my original plan. So back then, the industry forecasts were around 33% growth on data center for the period. I included only 17% in our numbers. So this is by far the biggest positive we have.

現在，我想向大家客觀地闡述我們目前的處境與我們所做的承諾之間的關係。首先，我先來看它的優點。如果從這個產業的優勢來看，第一個主要優勢不一定在於投資組合本身，而是在於我最初的計畫中只包含了產業預測資料中心成長的一半。所以當時，產業預測資料中心在此期間將成長約 33%。我只將17%的資料計入其中。所以這是我們目前為止最大的優勢。

If you look at how we performed in 2025, we are growing at a much faster pace than that. So we grew at 44% the business being 49% in Americas and 36% in global. So not only we are ahead of the 33% market growth, but we are much ahead of the 17% I consider. So this is one very positive upside to keep in mind.

如果看看我們 2025 年的表現，就會發現我們的成長速度比那快得多。因此，我們的業務成長了 44%，其中美洲地區成長了 49%，全球成長了 36%。因此，我們不僅領先 33% 的市場成長率，而且遠遠領先我所認為的 17%。所以，這是一個非常值得記住的正面優勢。

The second one is the one that you mentioned is around the portfolio because the long-term plan we shared with you transparently, we said did not include any inorganic benefits. So since then, we closed the acquisition of Resilient Power, Fibrebond, Ultra PCS and soon we'll close Boyd. And we also announced last week the spin-off of Mobility. I would say this, none of those measures were part of this long-term plan. And all those moves, no exception, are accretive to top line growth rates and margins. So again, another big, big upside to the long-term plan.

第二個問題就是你提到的投資組合問題，因為我們之前坦誠地與你分享的長期計畫中，我們說過不包含任何非有機收益。所以從那時起，我們完成了對 Resilient Power、Fibrebond 和 Ultra PCS 的收購，很快我們就會完成對 Boyd 的收購。上週我們也宣布了行動業務分拆計畫。我想說的是，這些措施都不屬於這項長期計畫的一部分。所有這些舉措，無一例外，都有助於提高營收成長率和利潤率。所以，長期計畫還有另一個巨大的優勢。

Now I'm going to allude to the other side, which is to be more cautious and prudent, right? It's a six-year plan. We just concluded one year. So I believe we need to be cautious and prudent as a team. And I'm observing -- I'm still observing the short-cycle businesses.

現在我要談談另一方面，那就是要更加謹慎小心，對吧？這是一個為期六年的計劃。我們剛結束了一年的學習。所以我認為我們作為一個團隊需要謹慎行事。我仍在觀察──我仍在觀察那些週期較短的企業。

We believe they have bottomed out right now, which is good, some green shoots here. That includes resi, machine OEM and even mobility markets, hopefully. And it's also true that our exposure to those markets as share of the total company is decreasing over time, but we need to watch these markets closely. So momentary improvement is encouraging, but no clear positive trend yet. We also mastered other things that were not in the plan.

我們認為它們現在已經觸底反彈，這是好事，出現了一些復甦的跡象。希望這能涵蓋住宅、機械OEM甚至移動出行市場。而且，隨著時間的推移，我們公司在這些市場的投資佔比確實在下降，但我們需要密切關注這些市場。因此，暫時的改善令人鼓舞，但尚未出現明顯的正面趨勢。我們也掌握了一些計劃之外的其他技能。

Just think about tariffs in 2025. This was not part of the plan. We mastered that pretty well. So all in all, I would say this, there is clear upside to the plan. We are prudent. We think it's too early to provide new targets for 2030. We plan to refresh those targets as soon as most of these portfolio moves are concluded. And I'll tell you; we want -- we don't plan to have an Investor Day in 2026 because we want to focus to execute on this large ramp on strong backlog we have, and we also want to make progress on our acquisitions and the spin-off. So that's a balanced view on the future, positive for sure, but cautious because of the six-year plan.

想想2025年的關稅吧。這不在計劃之內。我們在這方面掌握得相當不錯。總而言之，我認為這個計劃有明顯的正面意義。我們行事謹慎。我們認為現在設定2030年的新目標還為時過早。我們計劃在大部分投資組合調整完成後儘快更新這些目標。我還要告訴你們，我們不打算在 2026 年舉辦投資者日，因為我們想集中精力執行我們強大的積壓訂單的大規模擴張計劃，我們也想在收購和分拆方面取得進展。所以這是對未來比較平衡的看法，當然是正面的，但因為有六年計劃，所以也保持謹慎。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Just wanted to circle back on margins. Sorry, there's been a lot of questions on this already, but there's a pretty big sequential step down embedded in the first-quarter versus what you did in 4Q. And I think normally, margins are down more like 60 bps sequentially. You obviously have a lot more than that in the guide. Is that all attributable to what's happening with Electrical Americas capacity ramp and just confirm that the investments and the inefficiencies are stepping up that much sequentially relative to 4Q?

想再跟大家說說邊距的問題。抱歉，這個問題已經有很多提問了，但是與第四季度相比，第一季確實出現了相當大的下滑。而且我認為通常情況下，利潤率環比下降幅度會更大，大約是 60 個基點。顯然，指南中的內容遠不止這些。這一切是否都歸因於美國電氣公司產能提升的情況？請確認投資和效率低下問題是否比第四季季增這麼多？

Yes. So you are in the ballpark right, Nicole. So it is mostly related to the Electrical Americas ramp for sure. And as we said before, it's not equally distributed across the year. So we are taking most of that hit in Q4.

是的。妮可，你猜得差不多了。所以這主要肯定與美洲電氣公司的產能提升有關。正如我們之前所說，它並非均勻分佈在一年中的各個時段。因此，我們第四季將承受大部分衝擊。

If you think about the whole program in terms of expanding plants, it doesn't finish with the year-end. So the most pressure we get was Q4 last year, Q1 '26 and starts to ease up in other quarters towards the end of the year. So that's the good way to model the sequence here.

如果從擴大工廠的角度來看待整個項目，它並不會隨著年底而結束。因此，我們面臨的最大壓力出現在去年的第四季和 2026 年的第一季度，之後在年底的其他季度開始逐漸緩解。所以這是對該序列進行建模的好方法。

Okay. Understood. And then just going back to the Electrical Americas order trends. You gave the 200% growth for data centers. Can you just talk through a little bit of what you saw in the non-data center verticals this quarter?

好的。明白了。然後我們再來看看美洲電氣產業的訂單趨勢。你預測資料中心將成長 200%。您能否簡要介紹本季在非資料中心垂直領域觀察到的情況？

Absolutely. So we talked extensively about utilities as well. We believe in this long-term potential for this business, given everything that's happening with electrification, data center build-out and also resilience and grid hardening. So this is a good business. We saw for orders, we had momentum in this utility business. On a 12-month basis, our Electrical Americas orders were up low teens. So also very strong orders for utilities. And our Electrical Global orders were up mid-single digits as well on a 12-month basis. So sales were up in Electrical Americas in the year, mid-single digits and Electrical Global up 10%. So good performance here.

絕對地。所以我們也深入探討了公用事業的問題。鑑於電氣化、資料中心建設以及電網韌性和加固等方面的種種發展，我們相信這項業務具有長期潛力。所以這是一門好生意。我們看到，就訂單而言，我們在公用事業業務方面勢頭強勁。過去 12 個月，我們在美洲的電氣訂單增加了 10% 左右。因此，公用事業的需求也非常強勁。與上月相比，我們的全球電氣訂單也實現了中等個位數的成長。因此，美洲電氣業務的銷售額在這一年中成長了中等個位數，全球電氣業務的銷售額成長了 10%。所以，表現很不錯。

We talk extensively about data centers. I'm not going to repeat. The data here is a fantastic story, not only in Electrical Americas, but also in global. But then I'd like to talk about Aerospace as well because I rarely get a question on aerospace. We are really proud of this team.

我們深入探討了資料中心的問題。我不會重複。這裡的數據非常精彩，不僅在美洲電氣產業，而且在全球範圍內也是如此。不過，我還想談談航空航太領域，因為我很少被問到有關航空航太的問題。我們為這支團隊感到非常自豪。

Not only they landed tremendous wins for programs in 2024 and '25, but at the same time, they're improving execution. So you see their top line accelerating to 12% in the year and margins improving 90 basis points. So it really looks good. We had a good surprise in 2025, which was the aftermarket pickup was really good. We might get that surprise again in 2026, but the market is good as well.

他們不僅為 2024 年和 2025 年的專案取得了巨大的勝利，而且同時，他們還在提高執行力。因此，您可以看到他們的營收在一年內加速成長至 12%，利潤率提高了 90 個基點。看起來真不錯。2025 年我們迎來了一個驚喜，那就是售後市場的皮卡表現非常好。2026年我們或許會再遇到這樣的意外，但市場情勢也不錯。

And my last comment is just we can deep dive in any of those segments you guys feel like. But just a short comment on short cycle, again, I said we are encouraged by the latest view. We consider this to be green shoots on the market. It's inflecting positively in global, and we expect it's going to inflect positively as well in Americas, including for resi in the future. We're just cautious here, right, as we move into the year with guidance we can beat and raise.

最後我想說的是，我們可以深入探討你們感興趣的任何一個面向。但關於短期週期，我只想簡單評論一下，我再次說過，我們對最新的觀點感到鼓舞。我們認為這是市場復甦的跡象。它在全球範圍內產生積極影響，我們預計未來在美洲，包括住宅領域，也將產生積極影響。我們現在只是比較謹慎，對吧？因為在新的一年裡，我們能夠超越並提高業績預期。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

I wanted to circle back on the data center order mix, and you can either give it for 4Q or for the year. Just be interested in directionally, how much is hyperscale as a percent of your orders versus color and enterprise? And are you being asked to do more of these five-year supply agreements as your backlog extends?

我想再談談資料中心訂單組成，你可以給出第四季度的訂單組成，也可以給出全年的訂單組成。我們只需要關注方向性問題，即超大規模訂單佔您訂單的百分比，與彩色訂單和企業訂單相比如何？隨著訂單積壓的增加，您是否被要求簽訂更多此類五年期供應協議？

Okay. Great question. I would say this, I'm very, very happy and proud that the team managed to create an environment where we have multiple customers in data center very important to us. Some years ago, we had a couple of hyperscalers that carried most of the weight.

好的。問得好。我想說的是，我非常非常高興和自豪，團隊成功創造了一個環境，​​在這個環境中，我們擁有眾多資料中心客戶，這對我們來說非常重要。幾年前，我們有幾家超大規模資料中心營運商承擔了大部分業務。

Today, we are very well positioned with all hyperscalers and the key multi-tenant. So much more balanced approach. That's also part of the secret sauce why we are winning larger orders versus other companies because we are exposed, we are servicing them well, and we are investing capacity. So I don't want to give you a breakdown there because we made this very much a much more balanced mix of customers, which I love.

目前，我們與所有超大規模資料中心和關鍵的多租戶平台都建立了非常良好的合作關係。這種做法更加平衡。這也是我們能夠贏得比其他公司更大的訂單的秘訣之一，因為我們擁有廣泛的客戶群體，能夠很好地服務客戶，並且能夠投資於產能。所以我不想在這裡詳細說明，因為我們已經努力使客戶群更加均衡，我很喜歡這一點。

The other part of your question, if I'm getting this correctly, I can give you a data point. In the past, most of our orders and revenues came from cloud versus AI. What we saw in 2025 in terms of our orders to give you some sense of the transition here, we already saw the orders in 2025 were 50-50. So 50% of our orders were cloud-based data center growth. The other half were AI, which is -- actually helps us.

關於你問題的另一部分，如果我理解正確的話，我可以給你一個數據點。過去，我們的大部分訂單和收入都來自雲端運算，而不是人工智慧。為了讓您了解這裡的轉變，我們預測 2025 年的訂單量將達到 50-50。因此，我們50%的訂單都是基於雲端的資料中心成長。另一半是人工智慧，它實際上對我們很有幫助。

If you remember what I said 10, 15 minutes ago, our dollar per megawatt content increases with AI loads. So we welcome that change and that shift. Looking at our revenues for 2025, it still most of the revenues were cloud-based. So 70% were cloud, 30% were AI, but AI is growing, as you can see in the order mix, which is great for Eaton.

如果你還記得我 10 到 15 分鐘前說過的話，我們每兆瓦內容的成本會隨著 AI 負載的增加而增加。因此，我們歡迎這種改變和轉變。展望 2025 年的收入，大部分收入仍來自雲端。所以 70% 是雲端運算，30% 是人工智慧，但人工智慧正在成長，正如你在訂單組合中看到的那樣，這對伊頓來說是件好事。

That's really helpful. Just to clarify, there had been discussion a year ago about Eaton being asked to do more five-year supply agreements with these hyperscale players, and these are very profitable supply links. But just where does that stand? Have you been signing any more to those? And then just my follow-up question was where does Eaton stand on the 800-volt DC transition?

這真的很有幫助。需要澄清的是，一年前曾有討論過要求伊頓與這些超大規模資料中心營運商簽訂更多五年期供應協議，而這些都是利潤非常豐厚的供應管道。但目前情況究竟如何？你還有其他合約嗎？然後我的後續問題是，伊頓公司對 800 伏特直流電過渡持何立場？

Okay. So on the multiyear part, we don't see that dynamic any longer to be very transparent with you. This happened some years ago where customers are buying on a panic to guarantee capacity. We've been investing on capacity. So the orders we are getting now are to be delivered in between 12 and 18 months. That's it. That's the way to think about it. So no one is pre-booking or pre-ordering capacity that they see for the future.

好的。所以就多年期合約而言，坦白說，我們認為這種動態已經不再存在了。幾年前也曾發生類似情況，當時顧客恐慌性搶購以確保產能。我們一直在投資提升產能。因此，我們現在收到的訂單將在 12 到 18 個月內交付。就是這樣。就該這麼想。所以沒有人會提前預訂或預定他們未來能看到的容量。

And the 800 volt?

800伏特的呢？

800-volt, we are leading the technology here with Resilient Power. We are working with authorities to create codes so we can commercialize the technology. And we have a seat on the table to define those codes together with the industry leaders. But we are ready. We are ready to make that shift. And we want to partner not only with the chip manufacturers, but also with the hyperscalers, and we are partnering with them to design their new setups.

在 800 伏特電壓領域，我們憑藉 Resilient Power 技術處於領先地位。我們正在與相關部門合作制定相關法規，以便將這項技術商業化。我們有機會與行業領導者一起參與制定這些規範。但我們已經準備好了。我們已準備好做出這種轉變。我們不僅希望與晶片製造商合作，還希望與超大規模資料中心營運商合作，我們正在與他們合作設計他們的新架構。

Thanks, guys. We have reached to the end of our call. We do appreciate everybody's questions. As always, the IR team will be available to address your follow-up questions. Thanks for joining us and have a great day.

謝謝各位。通話到此結束。我們非常感謝大家的提問。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，祝您有美好的一天。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。