伊頓 (ETN) 2026 Q2 法說會逐字稿

Thank you for standing by and welcome to Eaton's second-quarter 2026 earnings results conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝各位稍候，歡迎參加伊頓（Eaton）2026 年第二季財報結果電話會議。（接線員指示）提醒各位，今天的節目將被錄音。

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

現在我想介紹今天節目的主持人：投資人關係資深副總裁 Yan Jin。請開始。

Hey, good morning. Thank you all for joining us for Eaton's second-quarter 2026 earnings call. With me today are Paulo Ruiz, Chief Executive Officer; and Dave Foster, Executive Vice President and Chief Financial Officer. Our agenda today includes opening remarks by Paulo, then he will turn it over to Dave, who will highlight the company's performance in the second quarter. As we have done in our past calls, we'll be taking questions at the end of Paulo's closing commentary.

各位早安。感謝大家參加伊頓 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Paulo Ruiz，以及執行副總裁兼財務長 Dave Foster。今天的議程包括 Paulo 的開場致詞，接著他會交給 Dave，說明公司第二季的表現重點。如同以往的電話會議，我們將在 Paulo 的結語之後進行問答。

The press release and the presentation will go through today, including reconciliations to non-GAAP measures, have been posted on our website, and a replay of this webcast will be accessible on our website after the call.

今天將使用的新聞稿與簡報（包含與非 GAAP 指標的調節表）已發布於我們的網站；本次網路直播的重播也將在會後於我們網站上提供。

Before we begin, I would like to remind our comments today will including forward-looking statements with the expected revenue, earnings, and other matters. Our actual results may differ materially from our forecasted projections due to a wide range of risks and uncertainties that are described in our recent SEC filings.

在開始之前，我想提醒各位，我們今天的發言將包含前瞻性陳述，涉及預期營收、獲利及其他事項。由於各種風險與不確定性（已於我們近期的 SEC 申報文件中說明），實際結果可能與我們的預測或推估有重大差異。

With that, I'll turn it over to Paulo.

接下來交給 Paulo。

Thanks, Yan, and thanks, everyone, for joining us. Starting on page three, I'm happy to share the strong second-quarter results driven by improved execution. Adjusted EPS of $3.15 exceeded guidance by $0.10 at the midpoint, reflecting strong operating performance by our teams.

謝謝你，Yan，也謝謝各位參與。從第 3 頁開始，我很高興分享在執行力提升帶動下，我們第二季的強勁成果。調整後每股盈餘（Adjusted EPS）為 3.15 美元，較指引中點高出 0.10 美元，反映我們團隊強勁的營運表現。

We posted record revenue of $8.5 billion with 21% total revenue growth, 14% organic growth, and 23.1% margins, all better than the high end of our guidance. Americas continues to execute well through its capacity ramp, delivering 18% organic growth and 190 basis points of margin expansion over prior quarter, all stronger than expected and very encouraging.

我們創下 85 億美元的營收新高，總營收成長 21%、有機成長 14%，利潤率 23.1%，皆優於我們指引區間的上緣。美洲區在產能爬坡期間持續執行良好，實現 18% 的有機成長，利潤率較前一季擴張 190 個基點，整體表現均強於預期，令人非常振奮。

We also continue to see unprecedented demand. Our total company book-to-bill remains strong at 1.2, with the Americas book-to-bill expanding to 1.3, and Aerospace to 1.2. While demand is broad-based across end markets, you can see here that data center orders and revenue remain robust.

我們也持續看到前所未有的需求。公司整體接單出貨比（book-to-bill）仍維持強勁在 1.2，其中美洲區接單出貨比提升至 1.3，航太業務為 1.2。雖然需求在各終端市場皆相當廣泛，但從這裡可以看到，資料中心的訂單與營收仍然強勁。

Overall, accelerating orders and growing backlogs are clear proof points that our customer-focused end-to-end solutions are winning in the market. This strong first half of the year gave us confidence to raise our guidance again. Organic growth by 200 basis points to a midpoint of 12%, and our adjusted EPS midpoint by $0.22 to $13.50 for the year.

整體而言，加速成長的訂單與持續增加的在手訂單（backlog）清楚證明，我們以客戶為中心的端到端解決方案正在市場上勝出。今年上半年強勁的表現讓我們有信心再次上調指引。將有機成長率上調 200 個基點至中點 12%，並將全年調整後 EPS 中點上調 0.22 美元至 13.50 美元。

Dave and I will dive further into Q2 and the 2026 outlook, but first, let's move to slide four. Okay, a year ago, we began our journey to show what a new focused Eaton could deliver through our bold strategy to Lead, Invest, and Execute for Growth. The progress is real and is gathering pace, and I have strong confidence where we are going.

Dave 和我將進一步深入說明第二季以及 2026 年展望，但首先請看第 4 張投影片。好的，一年前我們開始這段旅程，透過「領導、投資、以執行推動成長（Lead, Invest, and Execute for Growth）」的大膽策略，展現一個更聚焦的新伊頓能夠交出什麼成果。進展是真實的，且正在加速，我對我們前進的方向充滿信心。

We are leading with a stronger team and a sharper enterprise mindset. We're investing with discipline in the portfolio and capabilities that will define our future, and we are executing for growth through operational discipline across every part of this company. Today, we will provide an update on our strong progress and share how our focus on culture is helping us grow faster, serve our customers better, and wait for investors for years to come.

我們以更強的團隊與更敏銳的企業思維來領導。我們以紀律投資於將定義我們未來的產品組合與能力，並透過公司各個部分的營運紀律來以執行推動成長。今天，我們將更新我們的強勁進展，並分享我們對文化的聚焦如何幫助我們更快成長、更好服務客戶，並在未來多年為投資人創造價值。

Moving to slide five, enabling this unprecedented demand is our ability to execute, which rests on the work we are doing to evolve and strengthen our culture. Leading for growth through an evolved way of working is how we deliver results at scale. Together, the combination of our growth strategy, market dynamics, and culture is how we will win.

來到第 5 張投影片，支撐這股前所未有需求的，是我們的執行能力，而這建立在我們持續演進並強化企業文化的工作之上。以更進化的工作方式來領導成長，是我們能夠規模化交付成果的關鍵。我們的成長策略、市場動能與文化三者的結合，將是我們致勝之道。

Thinking big, we are transforming a leadership position we have in great space for data centers into an unparalleled portfolio from grid to chip and leading the conversion to direct current applications. Through thinking big, we've positioned Eaton's portfolio ahead of secular demand, focusing on serving high-margin and high-growth end markets.

著眼大局，我們正把在資料中心領域的領先地位，轉化為從電網到晶片的無與倫比產品組合，並引領向直流（DC）應用的轉換。透過著眼大局，我們已將伊頓的產品組合布局在長期結構性需求之前，聚焦服務高毛利與高成長的終端市場。

By acting boldly, we've prioritized what matters and led decisively, making the bold calls to acquire companies like Fibrebond, Resilient Power, Ultra PCS, and Boyd that are delivering higher growth and accretive margins to their respective segments. And we made the necessary hard calls like separating our mobility business to align our capital to the highest return, highest growth opportunities.

透過大膽行動，我們優先聚焦關鍵事項並果斷領導，做出大膽決策收購 Fibrebond、Resilient Power、Ultra PCS 與 Boyd，為各自事業部帶來更高成長與增益性的利潤率。同時，我們也做出必要但艱難的決定，例如分拆我們的移動事業，以使資本配置對準最高報酬、最高成長的機會。

We also continue to invest organically with conviction, making it a stronger partner to our customers. We win together. As one Eaton, we are pushing decision making and leadership closer to where the action is, to the customer, the engineering and sales teams, the plant and service teams.

我們也持續以堅定信念進行有機投資，使我們成為客戶更強的合作夥伴。我們一起贏。作為「一個伊頓（One Eaton）」，我們將決策與領導權下放到更接近前線的地方——更靠近客戶、工程與銷售團隊，以及工廠與服務團隊。

And we are scaling our advantage by fostering a culture of humility, courage, and learning, putting problems and opportunities on the table fast and solving for them as one unified team. This is not just about our executive leadership; it is about empowering 100,000 people to win together. We are transforming Eaton to win by being leaner, more agile, more customer-centric, more competitive, and more innovative. We see this culture internally every day, and you see this culture reflected in our numbers.

我們也透過培養謙遜、勇氣與學習的文化來擴大優勢，快速把問題與機會攤在桌面上，並以一個統一的團隊共同解決。這不只是關於我們的高階領導團隊；而是賦能 10 萬名員工一起贏。我們正在轉型伊頓，以更精實、更敏捷、更以客戶為中心、更具競爭力、也更具創新力來取勝。我們每天在內部都能看到這種文化，而你們也能在我們的數字中看到這種文化的反映。

Moving to slide six, we are already seeing how this mindset and discipline translates into real results. We've said before that 2026 is Eaton's year of execution, and we are making solid progress in the Electrical Americas. Scaling capacity to turn demand into revenue remains the clear priority in the business. As you know, we are investing more than $1 billion in capacity expansion and bringing online two dozen projects across Electrical Americas.

來到第 6 張投影片，我們已經看到這種思維與紀律如何轉化為實際成果。我們之前說過，2026 年是伊頓的「執行之年」，而我們在電氣美洲（Electrical Americas）正取得扎實進展。擴大產能、將需求轉化為營收，仍是該業務最明確的優先事項。如各位所知，我們正投入超過 10 億美元進行產能擴張，並在電氣美洲推進約兩打（24 個）專案上線。

As these facilities ramp, we see clear momentum in revenues per day. We are delivering roughly 25% growth in revenue per day since the start of 2025, up 16% in the year, and another impressive 8% in Q2 over Q1. Q1 to Q2 represented the largest quarterly ramp in production output in our financial model, and we over-deliver on it. It is behind us. We remain laser focused for the second half of the year.

隨著這些設施逐步爬坡，我們看到每日營收呈現明顯動能。自 2025 年初以來，我們每日營收約成長 25%；今年以來成長 16%，且第二季相較第一季再成長 8%，同樣令人印象深刻。第一季到第二季是我們財務模型中單季產出爬坡幅度最大的階段，而我們的表現超出預期。這一關已經過去了。我們仍對下半年保持高度聚焦。

Demonstrating such strong execution milestone give us even more confidence as we step up in the second half. Importantly, we are realizing margin improvements for our Execute for Growth strategy in Americas. Margins improved 190 basis points quarter over quarter and will improve further in the second half of the year. Meanwhile, even after 18% organic growth, backlog continues to expand due to strong demand and winning projects at record pace.

展現如此強勁的執行里程碑，讓我們在下半年加速推進時更具信心。重要的是，我們正在美洲區實現「以執行推動成長」策略所帶來的利潤率改善。利潤率季對季提升 190 個基點，並將在下半年進一步改善。同時，即使在 18% 的有機成長之後，由於需求強勁且以創紀錄的速度贏得專案，在手訂單仍持續擴大。

Altogether, higher shipments, improving margins, and backlog driving extended visibility demonstrate that our Execute for Growth strategy is working and give us confidence in the second half and beyond. I want to thank our Electrical Americas and all the supporting teams for the tremendous work they are doing.

總體而言，更高的出貨量、持續改善的利潤率，以及在手訂單推動的更長期能見度，證明我們的「Execute for Growth」成長執行策略正在奏效，並讓我們對下半年及未來更具信心。我要感謝我們的美洲電氣事業部以及所有支援團隊所做的卓越工作。

And now, I'll hand over to Dave, who will cover our financials.

接下來我把時間交給 Dave，由他來說明我們的財務表現。

Thanks, Paulo. I'll start by providing a brief summary of our strong Q2 results on page seven. Total revenue grew by 21% with a strong contribution of 7 points from acquisitions. Each acquisition is at or above our expectations for growth and margins.

謝謝你，Paulo。我先在第七頁簡要總結我們強勁的第二季（Q2）成果。總營收成長 21%，其中併購帶來強勁貢獻 7 個百分點。每一項併購在成長與利潤率方面都達到或優於我們的預期。

Organic growth for the quarter was 14% driven by the strength in Electrical Americas and Electrical Global. Excluding Mobility, our organic growth would have been 16%. Adjusted EPS of $3.15 exceeded our original expectations and was a Q2 record. Adjusted EPS for the first half of $5.96 was also a first-half record.

本季有機成長為 14%，主要由美洲電氣與全球電氣的強勁表現帶動。若排除 Mobility（移動事業），我們的有機成長將為 16%。調整後每股盈餘（Adjusted EPS）為 3.15 美元，超出我們原先預期，並創下第二季新高。上半年調整後每股盈餘 5.96 美元亦創下上半年新高。

We generated a strong $0.25 segment profit beat versus our guidance that was partially offset by $0.15 from a higher tax rate. We also posted Q2 record cash flow with operating cash flow up 23% over prior year.

我們的部門利潤較指引高出 0.25 美元，部分被較高稅率帶來的 0.15 美元影響所抵銷。我們也創下第二季現金流新高，營運現金流較去年同期成長 23%。

Now, let's move to the segment details. On slide eight, we highlight our Electrical Americas Segment. Organic sales growth accelerated 18%, driven primarily by strength in data centers up about 65%, along with strong growth in machine OEM and commercial and institutional. We are pleased with our better-than-expected margins of 27.5%. 190 basis points higher than Q1, again a reflection of our Execute for Growth strategy starting to work.

現在我們來看各部門細節。在第八張投影片，我們重點說明美洲電氣事業部。有機銷售成長加速至 18%，主要由資料中心約 65% 的強勁成長帶動，同時機械 OEM 以及商用與機構市場也有強勁成長。我們對優於預期的 27.5% 利潤率感到滿意，較第一季高出 190 個基點，再次反映我們的「Execute for Growth」策略開始發揮成效。

From a year-over-year perspective, the majority of the margin decline was driven by temporary negative price cost. With the pricing actions taken in Q2 and early Q3, we are confident this will return to a roughly neutral impact in the second half.

從年對年角度來看，利潤率下滑的主要原因是暫時性的價格/成本不利因素。隨著我們在第二季及第三季初採取的定價措施，我們有信心此影響將在下半年回到大致中性的水準。

Meanwhile, demand is accelerating. Our negotiations pipeline was up 60% year-to-date over prior year, translating to record orders up 41% on a rolling 12-month basis and a book-to-bill increasing to 1.3. This is solid progress and gives us even more confidence to execute on our commitments for 2026.

同時，需求正在加速。我們的洽談管線（negotiations pipeline）年初至今較去年同期成長 60%，帶動以過去 12 個月滾動基礎計算的訂單創新高、成長 41%，訂單出貨比（book-to-bill）提升至 1.3。這是扎實的進展，也讓我們更有信心落實對 2026 年的承諾。

Now, I will summarize the strong results for our Electrical Global segment. Total growth of 44% included organic growth of 18% from strength in data center utility and machine OEM, along with 25% attributed to the Boyd acquisition. We are very pleased with Boyd's performance and the strong growth ahead of us in the liquid cooling market.

接下來我將總結全球電氣事業部的強勁表現。總成長 44%，其中有機成長 18% 來自資料中心公用事業與機械 OEM 的強勁需求，另有 25% 歸因於 Boyd 併購案。我們對 Boyd 的表現非常滿意，也看好我們在液冷市場的強勁成長前景。

Operating margin of 19.8% was down 30 basis points over prior year, but about a point higher than we had expected for the quarter. We have also pulled in our planned general price increase from Q4 to Q3, which gives us even more confidence in our full-year guidance.

營業利潤率為 19.8%，較去年同期下降 30 個基點，但較我們對本季的預期高出約 1 個百分點。我們也將原定第四季的全面調價提前至第三季，這讓我們對全年指引更具信心。

As you can see on the chart, demand in Global increased, driven by our accelerating order growth up 33% on a rolling 12-month basis, with broad end-market momentum and exceptional strength in data center demand. This reinforces a powerful growth trajectory ahead in this segment.

如圖表所示，全球業務需求上升，主要由訂單成長加速所帶動；以過去 12 個月滾動基礎計算，訂單成長 33%，終端市場動能廣泛，且資料中心需求特別強勁。這進一步強化了本部門未來強勁的成長軌跡。

Before moving to our industrial businesses, I'd like to briefly recap the combined Electrical segment's performance. For Q2, we posted organic growth of 18% and total growth of 27%, a great second quarter. segment margins were 24.5%, 10 basis points higher than Q1. On a rolling 12-month basis, orders accelerated up 38%, and our book-to-bill ratio for our electrical sector was 1.2. Our backlog for our total electrical business increased 43% over prior year.

在進入我們的工業業務之前，我想先簡要回顧合併後電氣部門的表現。第二季我們的有機成長為 18%，總成長為 27%，是非常出色的第二季；部門利潤率為 24.5%，較第一季高出 10 個基點。以過去 12 個月滾動基礎計算，訂單加速成長 38%，電氣事業的訂單出貨比為 1.2。我們整體電氣業務的在手訂單較去年同期增加 43%。

Page 10 highlights our Aerospace Segment's performance for the quarter. Organic sales growth of 7% remained at a high level and resulted in record quarterly sales and Q2 record segment profit, with particular strength in commercial OEM, along with strength in commercial aftermarket. The Ultra PCS acquisition is performing to our expectations. It added six points of growth and is accretive to Aerospace margins.

第 10 頁重點呈現我們航太事業部本季的表現。有機銷售成長 7% 仍維持高檔，帶動季度銷售創新高，並創下第二季部門利潤新高；其中商用 OEM 表現尤為強勁，商用售後市場亦同樣強勁。Ultra PCS 併購案的表現符合我們預期。該併購帶來 6 個百分點的成長，並對航太利潤率具增益（accretive）。

Total Aerospace operating margin expanded by 60 basis points to 22.8%. Demand remains strong in Aerospace with robust orders driving backlog expansion and book-to-bill increasing to 1.2. While we make progress in our Electrical businesses, aerospace continues to see strong demand now and into the foreseeable future, resulting in higher sales growth with attractive margins.

航太事業總營業利潤率擴張 60 個基點至 22.8%。航太需求仍然強勁，強勁訂單推動在手訂單擴張，訂單出貨比提升至 1.2。當我們在電氣業務持續取得進展之際，航太在當前及可預見的未來仍將維持強勁需求，帶來更高的銷售成長與具吸引力的利潤率。

Moving to our Mobility Segment on page 11, in the quarter, the business declined by 2% organically, which was fully offset by positive foreign exchange impact. Excluding the impact of the intentional exit of the low-margin business that I mentioned in our prior earnings call, organic growth would have been slightly positive. Meanwhile, margins increased 90 basis points year over year.

接著看第 11 頁的 Mobility（移動事業）部門，本季業務有機下滑 2%，但正向匯率影響完全抵銷了該下滑。若排除我在上次法說會提到、我們刻意退出低毛利業務的影響，有機成長將略為正成長。同時，利潤率年對年提升 90 個基點。

Now, I will turn it back to Paulo to discuss our updated guidance and close out the presentation.

現在我把時間交回給 Paulo，請他說明我們更新後的指引並結束本次簡報。

Page 12 includes our end market growth assumptions. We've raised our expectation for the MOEM market to solid growth on the chart. I shared last quarter that demand in the data center and distributed IT market continues to grow even faster than we estimated in our initial guidance, and today it's even stronger than we expected three months ago.

第 12 頁包含我們對終端市場成長的假設。我們已將 MOEM 市場的預期上調為圖表所示的穩健成長。我在上季分享過，資料中心與分散式 IT 市場的需求持續以比我們在初始指引中估計更快的速度成長，而今天其表現甚至比三個月前我們預期的還要強勁。

Total US data center backlog has grown to 307 gigawatts, or 15 years of backlog at 2025 build rates, up from 12 years in our last update. Only roughly 20% of this backlog converts near term. The majority will translate to 2028 and beyond deliveries. A very nice tailwind for Eaton for years to come.

美國資料中心總在手訂單已成長至 307 吉瓦（gigawatts），以 2025 年建置速度計算，相當於 15 年的在手訂單，高於我們上次更新時的 12 年。其中僅約 20% 會在短期內轉換。大多數將轉化為 2028 年及以後的交付。這將在未來多年為 Eaton 帶來非常有利的順風。

We also continue to expect durable strength in many of the remaining Electrical markets and in Aerospace. All in, we estimate our total addressable market will grow about 10% this year. These many paths for sustainable growth give us confidence to deliver continued differentiated growth in 2026 and beyond.

我們也仍預期其餘多個電氣市場以及航太市場將維持持久的強勁表現。整體而言，我們估計今年的整體可服務市場（TAM）將成長約 10%。這些多元且可持續的成長路徑，讓我們有信心在 2026 年及以後持續交付差異化成長。

Now, moving to page 13, we summarize our updated 2026 organic growth and margin guidance. Following another strong quarter, we now expect total organic growth to be between 11% and 13%, up 200 basis points at the midpoint from the prior 9% to 11% range. This increase is driven by strength in Electrical Americas up 200 basis points to a midpoint of 15% growth and Electrical Global up 450 basis points to a midpoint of 12% growth. Our margin progress is encouraging and provides the confidence to reaffirm our segment margin guidance ranges.

接著到第 13 頁，我們總結更新後的 2026 年有機成長與利潤率指引。在又一個強勁季度之後，我們目前預期總有機成長將介於 11% 至 13%，中位數較先前 9% 至 11% 的區間上調 200 個基點。此上調主要由美洲電氣的強勁表現帶動（中位數上調 200 個基點至 15% 成長）以及全球電氣（中位數上調 450 個基點至 12% 成長）。我們在利潤率方面的進展令人鼓舞，並使我們有信心重申部門利潤率指引區間。

On the next page, we have the balance of our guidance for 2026 and Q3. For 2026, we are raising our adjusted EPS guide. Now, we expect full-year EPS to be between $13.40 and $13.60. $13.50 at the midpoint. We are reaffirming our cash flow expectations for the year.

下一頁是 2026 年與第三季（Q3）其餘指引。針對 2026 年，我們上調調整後每股盈餘（Adjusted EPS）指引。目前我們預期全年 EPS 介於 13.40 至 13.60 美元，中位數為 13.50 美元。我們重申今年的現金流預期。

We have also provided guidance for Q3 on this page. As a reminder, we also provide supplemental guidance, which includes raising Boyd's full-year revenues to $1.8 billion of which $1.5 billion will be in Eaton's books for the year.

我們也在本頁提供了第三季（Q3）的指引。提醒一下，我們也提供補充性指引，其中包括將 Boyd 的全年營收上調至 18 億美元，其中 15 億美元將在本年度計入 Eaton 的帳上。

Continued strength across end markets, combined with our record backlog, provides strong visibility into our outlook for the year. With the industry-best positioned portfolio, strong end market demand and significant secular tailwinds, we are confidently entering the back half of 2026, and very well positioned to extend our momentum into 2027.

終端市場的持續強勁表現，加上我們創紀錄的在手訂單，使我們對今年的展望具有高度能見度。憑藉業界最佳定位的產品組合、強勁的終端市場需求以及顯著的長期結構性順風，我們有信心邁入 2026 年下半年，並且非常有利於將動能延續至 2027 年。

To wrap up on page 15, these results reinforce what we've been saying for some time. First, our Lead, Invest, and Execute for Growth strategy is working and is gathering pace. We are transforming our portfolio and evolving our culture. We are positioning the company to capture strong demand, to accelerate growth, and beat our own short- and long-term commitment, so we can deliver meaningful value creation for our shareholders.

在第 15 頁做個總結，這些結果再次印證了我們一段時間以來所說的。第一，我們的「引領、投資並執行以促進成長」（Lead, Invest, and Execute for Growth）策略正在奏效，而且正在加速。我們正在轉型我們的產品組合並推動文化演進。我們正讓公司具備掌握強勁需求、加速成長並超越我們自身短期與長期承諾的能力，從而為股東創造有意義的價值。

Second, execution continues to be a difference maker. Our teams are doing a great job increasing capacity, serving customers, and turning demand into shipments and earnings. We are making real progress, and there is still plenty of runway ahead of us, all while we continue to innovate, scale acquisitions, and reshape the portfolio to achieve higher growth with higher margins for better earnings consistency.

第二，執行力仍然是關鍵差異化因素。我們的團隊在提升產能、服務客戶，以及將需求轉化為出貨與獲利方面做得非常出色。我們正在取得實質進展，而且前方仍有很長的成長跑道；同時我們持續創新、擴大併購規模效益，並重塑產品組合，以更高成長與更高毛利達成更佳的獲利一致性。

Third, we continue to see very strong customer demand. Orders, backlog and our project pipeline all give us confidence that the opportunities in front of us remain significant and we are winning because customers value our technology, our solutions, and our ability to deliver.

第三，我們仍持續看到非常強勁的客戶需求。訂單、在手訂單以及我們的專案管線都讓我們有信心：眼前的機會依然可觀，而我們之所以能勝出，是因為客戶重視我們的技術、解決方案，以及我們的交付能力。

And finally, when you put it all together, strong demand, improving execution, higher shipments, and growing earnings, we feel confident in both the near-term outlook and the long-term commitments we've laid out. That's reflected in the guidance increase we are announcing today, and our confidence in delivering on our 2026 and 2030 commitments.

最後，綜合來看，強勁需求、執行改善、更高出貨量與獲利成長，使我們對短期展望以及我們所提出的長期承諾都充滿信心。這也反映在我們今天宣布上調指引，以及我們對達成 2026 與 2030 年承諾的信心。

We are remaining focused, staying close to customers, innovating with speed, leading and investing in growth, and executing with high discipline. I believe the best is still ahead of us.

我們將持續保持專注、貼近客戶、快速創新、引領並投資成長，並以高度紀律執行。我相信最好的仍在前方。

Now, we'll open the floor to your questions.

現在，我們開放提問。

Hey, thanks, Paulo. Moving to the Q&A, we ask you please limit your opportunity to just one question per person. We appreciate your cooperation so we can accommodate as many participants as possible today. With that, I'll turn it over to the operator for instructions.

嗨，謝謝你，Paulo。進入問答環節，我們請各位每人僅限提一個問題。感謝各位配合，讓我們今天能容納盡可能多的與會者。接下來我把時間交給接線員說明流程。

(Operator Instructions)

（接線員說明）

Deane Dray, RBC.

Deane Dray，RBC。

We're seeing continued strong growth in data center. I mean, really, that's what we were expecting. That's really good execution on the team. But I'd like to put the spotlight, if I could, on your other non-data center Electrical businesses, the end market there. Can you take us through the growth that you're seeing and what that means for the second half? Thanks.

我們看到資料中心持續強勁成長。我的意思是，這確實符合我們的預期。團隊的執行力真的很到位。但如果可以的話，我想把焦點放在你們其他非資料中心的電氣業務，以及那裡的終端市場。你能否帶我們了解一下你們看到的成長情況，以及這對下半年意味著什麼？謝謝。

Sure, Deane. I'll answer your question but let me make a couple of comments first. Thanks for the question, by the way. But I want to make a comment on you for a moment to recognize your strong career. So after 30 years and plus in the industry, 12 years at RBC, you're stepping into a very well-deserved retirement. And we couldn't let this call pass without recognizing that. So our huge congrats from this team on behalf of the complete Eaton team, truly a remarkable career.

當然，Deane。我會回答你的問題，但先讓我補充幾點。也謝謝你的提問。不過我想先花點時間對你做個致意，肯定你傑出的職涯。在產業超過 30 年、在 RBC 12 年之後，你即將迎來實至名歸的退休。我們不能讓這通電話在沒有致意的情況下就結束。因此我代表整個 Eaton 團隊，向你以及你所在的團隊致上最誠摯的祝賀——這真是一段非凡的職涯。

And I hope you turn this next chapter into something fun with your family. Well-deserved rest. And please know that we are very grateful for all the candor, your tough questions, your right questions over the years, and also your support. So thank you very much. It was a pleasure working with you. You cannot see, but the team here is all nodding. So thank you, Deane, and congratulations once again.

也希望你能和家人一起，把人生下一章過得更有趣。這份休息是你應得的。也請你知道，我們非常感謝你多年來的坦率、你提出的尖銳問題、正確的問題，以及你的支持。真的非常感謝。與你共事是我們的榮幸。你看不到，但這裡的團隊都在點頭。所以謝謝你，Deane，再次恭喜。

Now to your question, we expect a lot of questions on data centers. So thanks for asking us a question which allow us to talk about the other parts of the portfolio. So I'm going to just make a comment on data centers because it's important.

回到你的問題，我們預期會有很多關於資料中心的提問。所以謝謝你問了一個讓我們能談談產品組合其他部分的問題。我會先對資料中心做個簡短說明，因為這很重要。

What we have ahead of us in terms of demand is still very incredible. It's enormous growth opportunity. Just think about this 300 gigawatt of announcements versus the 50 gigawatts that was built over decades that's going to be online by the end of this year. Six times what this industry built ever is going to be built in next years to come. So it's an incredible opportunity. I don't want this to go unnoticed.

就需求而言，我們眼前的前景仍然非常驚人。這是巨大的成長機會。想想看：已宣布的 300 吉瓦，相較於過去數十年建成、且到今年底將上線的 50 吉瓦。未來幾年將建成的規模，將是這個產業歷來建設總量的六倍。這是難以置信的機會。我不希望這點被忽略。

But the beauty of our strategy and, frankly, about our portfolio is that we are anchored in deep secular trends that are even broader than data centers, right? So we have other meaningful growth opportunities beyond data centers.

但我們策略的精髓，以及坦白說我們產品組合的優勢，在於我們立足於比資料中心更廣泛的深層長期結構性趨勢，對吧？因此，除了資料中心之外，我們還有其他重要的成長機會。

Your question was around Electrical, so going to answer around Electrical, but we also have a strong Aerospace business. As you look beyond data centers in Electrical, you see that we realized strong growth across most of our electrical end markets in the quarter, including double-digit organic revenue in commercial and institutional, which is still a very important market for us. Machine OEM recovering really strongly, also double-digits, and also distributed IT recovering really nicely, also double-digits. So that was revenues.

你的問題聚焦在電氣業務，所以我會就電氣業務來回答，但我們也有強勁的航太業務。在電氣業務中、撇開資料中心來看，你會看到本季我們在多數電氣終端市場都實現了強勁成長，其中商用與機構市場的有機營收達到雙位數成長，這對我們仍是非常重要的市場。機械 OEM 也強勁復甦，同樣是雙位數；分散式 IT 也回升得很不錯，也是雙位數。以上是營收面。

In terms of orders, it's even more encouraging. Orders are accelerating broadly, again with growth in all of our end markets. I'm going to give you some highlights here. Our total electrical orders increased mid to high teens for commercial, institutional, utility, industrial, and even residential, which is a market that is not as strong as you guys know.

就訂單而言，情況更令人振奮。訂單正在全面加速，同樣在我們所有終端市場都呈現成長。我在這裡提供幾個重點。我們電氣業務的總訂單在商用、機構、公用事業、工業，甚至住宅市場都增加了中到高十位數百分比；如各位所知，住宅市場並沒有那麼強。

And the machine or market rebounded even faster with orders in the mid-30s. So very strong [all 12 months] conclusion. So I just want to say to this team and everyone and our investors that we are anchoring on the cycle of trends beyond data center. We have many paths to growth, and we remain committed to data centers, so our end markets are really strong.

而機械相關市場反彈更快，訂單成長達到 30% 多的中段水準。因此在過去 12 個月的表現非常強勁。我想對團隊、所有人以及投資人說，我們的立足點是資料中心以外的趨勢循環。我們有多條成長路徑，同時也仍然致力於資料中心，因此我們的終端市場確實非常強勁。

Thanks, and congratulations again, Deane.

謝謝，也再次恭喜你，Deane。

Thank you, Paulo.

謝謝你，Paulo。

Hey, Deane, all the best to you, man. (multiple speakers)

嘿，Deane，祝你一切順利，兄弟。（多位發言者）

Before we go to the second question, go ahead.

在我們進入第二個問題之前，你先請。

No, I'm going to keep to the one question, no follow up. I just appreciate all the support you and your team have provided me, and I wish you all continued success. Thank you.

不，我會維持只問一個問題，不追問。我只是感謝你和你的團隊給予我的所有支持，也祝你們持續成功。謝謝。

Same to you. Take care. All the best.

你也一樣。保重。一切順利。

Before we move to the second question, operator, I just want to recognize that our IR team received a number of inbound calls regarding the IEEPA refund. So in respect to all of you, and in order to make this call a bit more fluid, I'd rather address that upfront and clear the air.

在我們進入第二個問題之前，接線員，我想先提一下，我們的投資人關係（IR）團隊接到不少來電詢問 IEEPA 退款。因此，出於對各位的尊重，也為了讓這通電話更順暢，我寧可先把這件事在一開始就說清楚、釐清疑慮。

So I want to say that our impact in Q2 from the IEEPA refunds is less than $30 million. So it's less than $0.01 of EPS, right? And so it's a clearly operational beat when Dave talked about $0.25 beat. It's truly operational. I just want to make that very clear. And then the impact of the tariffs for the second half is immaterial, the refunds, and is already embedded in the guidance. I just want to clear the air on that because I think we have multiple calls into Yan and his team.

我想說的是，我們在第二季（Q2）受到 IEEPA 退款的影響不到 3,000 萬美元。所以對每股盈餘（EPS）的影響不到 0.01 美元，對吧？因此，Dave 提到的 0.25 美元超預期，明顯是營運面的超預期。這確實是營運表現。我只是想把這點講得非常清楚。另外，下半年關稅的影響（包含退款）並不重大，而且已經反映在財測指引中。我想先釐清這件事，因為我知道有多通電話打到 Yan 和他的團隊。

Andrew Obin, Bank of America.

美國銀行（Bank of America）的 Andrew Obin。

Yeah, thank you for the IEEPA data point. I will go to data centers. So lots of questions on Boyd. You raised your full year guidance for Boyd revenues. The business appears to perform well. Can you remind us how you look at Boyd's competitive advantages compared to competitors? And maybe also talk about Boyd's cadence between 3Q and 4Q? Thank you.

好的，謝謝你提供 IEEPA 的數據點。我想轉到資料中心的話題。大家對 Boyd 有很多問題。你們上調了 Boyd 全年營收指引。這項業務看起來表現很好。你能否提醒我們，你們如何看待 Boyd 相較競爭對手的競爭優勢？也請談談 Boyd 在第三季（3Q）與第四季（4Q）之間的節奏／走勢？謝謝。

So thanks for the question. So I think it's important that I highlight we are very excited to have Boyd as part of our portfolio. We are really happy with the acquisition. They're performing really well. Why are we so happy? Not only I see this business as a winning business with this leadership position in cooling, but also as you're going to see in a minute through my comments, they are also high performance financially.

謝謝你的問題。我認為重要的是要強調，我們非常興奮 Boyd 成為我們投資組合的一部分。我們對這次收購非常滿意。他們的表現非常好。為什麼我們這麼滿意？不僅我認為這是一門在散熱領域具領導地位、能夠勝出的業務，而且你們稍後也會從我的評論中看到，他們在財務表現上同樣是高績效。

And the third thing that I love about this business is that it gives a lot of early strategic read into the chip development that will determine the future of the data center. So it's a very strong business, but also very strategic and performs well financially. So nothing not to like here.

我喜歡這項業務的第三個原因是，它能讓我們更早取得晶片開發的策略性訊號，而這些開發將決定資料中心的未來。所以這是一門非常強的業務，同時也非常具策略性，且財務表現出色。所以沒有什麼不喜歡的。

As I said last quarter, and I want to get back to it, many questions on cooling over time. I truly believe the investor community evolved in their thinking the last month, and most understand its growth potential and how strategic it is. So I don't want to spend much time there.

如同我上季所說，我想再回到這點：大家對散熱的長期發展有很多問題。我確實相信投資人社群在過去一個月的想法有所演進，多數人已理解其成長潛力以及其策略重要性。所以我不想在這裡花太多時間。

Now, looking at the cooling business we have today, we are glad to say Boyd is part of us now. We are very confident they're going to deliver on this raised forecast for the full year, $1.8 billion. It is certainly a huge jump from last year, $1.1 billion. But we believe this team can deliver, and I will be shocked if they cannot overdeliver on this number, to be honest.

現在，看看我們目前的散熱業務，我們很高興 Boyd 現在已是我們的一部分。我們非常有信心他們能達成這次上調的全年預測：18 億美元。這確實相較去年 11 億美元是大幅跳升。但我們相信這個團隊能做到；坦白說，如果他們不能超越這個數字，我會很震驚。

Now, if you look at Q2, they delivered $432 million in revenue, which was 20% above their commitment and our Q2 guidance, so very strong performance. So in the short-term, we know we are in a very good position.

如果看第二季（Q2），他們交出 4.32 億美元營收，比他們的承諾以及我們的 Q2 指引高出 20%，表現非常強勁。所以就短期而言，我們知道自己處在非常有利的位置。

I guess your question, Andy, was more how can we be sure they will continue to win? What is their competitive advantage? That's what I understood from your question at least. So if I'm to address that, I would start by saying that I believe they're going to continue to win because they are the partner -- the design partner for broad-based chip providers. They are always in their roadmaps and gives them a first look and a first chance to bid, which I think is fascinating.

我想你的問題，Andy，更偏向於：我們如何確信他們會持續勝出？他們的競爭優勢是什麼？至少我對你的問題是這樣理解的。如果要回答，我會先說，我相信他們會持續勝出，因為他們是廣泛晶片供應商的合作夥伴——設計合作夥伴。他們總是在客戶的產品路線圖中，能先看到、也能先取得投標機會，我覺得這點非常關鍵。

If you look at their size and scale for liquid cooling, they are the market leaders for liquid cooling, if you think about the cold plates and the CDUs. And this team has proven over time they can scale reliably and with high-quality. So I think this is really important for most data center players.

如果看他們在液冷方面的規模與量能，他們是液冷市場的領導者，無論是冷板（cold plates）或 CDU（冷卻液分配單元）。而且這個團隊長期以來已證明，他們能以可靠且高品質的方式擴產。我認為這對多數資料中心業者非常重要。

If you compare to other companies, they are rather small. So there are question marks of whether they can scale with the same quality and efficiency, and some are actually showing some quality issues from the get-go. So I think they're going to win now some quality and the capacity to ramp.

若與其他公司相比，他們相對較小。因此外界會質疑他們是否能以同樣的品質與效率擴產，有些甚至從一開始就出現一些品質問題。所以我認為 Boyd 會在品質與擴產爬坡能力上勝出。

I must say, you probably remember when we announced the deal, they cut their teeth. They developed their pedigree in aerospace. So it is very stringent conditions technically where failure is not an option. So they bring that DNA to the data center environment. So I think it's a winning formula.

我必須說，你可能還記得我們宣布交易時提到，他們是從航太領域磨練出來的。他們在航太產業建立了深厚的資歷與口碑。那是技術條件極其嚴苛、不能容許失敗的環境。因此他們把那樣的 DNA 帶到資料中心環境。所以我認為這是一個致勝的配方。

And I also believe, they have a deep breath of products and systems. It's a very well-balanced portfolio. And they have, as I said multiple times, the deepest engineering team and experience. So whatever comes next, they're going to be able to lead the market. So that's what I think makes all the difference.

我也相信，他們擁有非常廣泛的產品與系統組合。這是一個非常均衡的產品組合。而且如我多次提到，他們擁有最深厚的工程團隊與經驗。所以不管下一步是什麼，他們都能引領市場。我認為這就是關鍵差異所在。

Now, I start talking about the way we are integrating them to the rest of the portfolio, which is also very important. They provide us this grid-to-chip part. So we can say now we have the full portfolio from grid to chip.

接著我談談我們如何把他們整合到整個投資組合中，這也非常重要。他們為我們提供了從電網到晶片（grid-to-chip）的這一段。因此我們現在可以說，我們擁有從電網到晶片的完整產品組合。

And a couple of words on integration because some of you might be interested in how the integration is going. I would say it's going really well. Our approach to it is that we are accelerating their development. At the same time, we are protecting, we are learning from it, and we are augmenting what made this company great, which is their superior engineering once again, their manufacturing quality at increased scale. So we are really taking good care of it. So I think it's a high-performance team that leads a high successful business and we're just making them better as we continue to invest.

再補充幾句關於整合，因為你們當中有些人可能對整合進展感興趣。我會說進展非常順利。我們的做法是加速他們的開發。同時，我們也在保護、向他們學習，並強化讓這家公司卓越的因素——再次強調，就是他們卓越的工程能力，以及在更大規模下的製造品質。所以我們確實非常用心在照顧這項資產。因此我認為這是一支高績效團隊，帶領一門非常成功的業務；而我們持續投資，只會讓他們更好。

So beyond cooling, the other thing that not many people realize, but it's really important. The strategic importance to have the seat on the table with the chip manufacturers, once again, will bring benefits to our power, but also software business. So in summary, I think our customers validate our strategy. I am extremely happy to have Boyd in our portfolio, and we are all very confident they're going to deliver on the growth plan.

因此，除了散熱之外，還有另一件事，很多人沒有意識到，但它非常重要。與晶片製造商同坐一桌、在策略上占有一席之地的重要性，將再次為我們的電力業務帶來好處，也會惠及軟體業務。總結來說，我認為我們的客戶正在驗證我們的策略。我非常高興 Boyd 納入我們的投資組合，我們也都非常有信心他們會兌現成長計畫。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

I wanted to ask on Electrical Global organic growth, which was the biggest upside surprise in our model, at least. So you guys, I guess, high teens organic versus high singles expectations. So just wondering what drove that level of upside and organic inflection? Is it the legacy business getting better? Like, is data center coming to market?

我想問一下 Electrical Global 的內生成長，至少在我們的模型裡，這是最大的上行驚喜。所以你們，我想，內生成長是高十幾％，而市場原本預期是高個位數。想請教是什麼驅動了這樣幅度的超預期與內生成長的拐點？是既有業務變得更好嗎？例如，資料中心需求正在進入市場嗎？

Are you starting to see maybe revenue synergies or tailwinds from the contribution of Boyd? So just, what are you seeing there and what gives you confidence in -- it seems like the guide is saying it's going to hold double-digits into the back half. So just any color there would be great. Thank you.

你們是否開始看到來自 Boyd 貢獻的營收協同或順風？所以，想請你們談談目前看到的情況，以及是什麼讓你們有信心——看起來指引是在說下半年仍能維持雙位數。任何補充說明都會很有幫助。謝謝。

Thanks, Chris. I'll give you two reads. First, talk about individual businesses. Then I'm also going to give you a read into the end market, so you have a complete view on how the segment is behaving and performing.

謝謝你，Chris。我給你兩個角度來看。第一，先談各個業務本身。接著我也會從終端市場的角度給你一個解讀，讓你能完整了解這個事業群的表現與運作情況。

So I would lead by saying that in Q2, and I'm very pleased to say that all businesses, our EMEA, our APAC, and our guide's businesses all performed meaningfully ahead of organic growth expectations, all did really well. So if I go individually, revenues were up 20% in both EMEA and APAC, and they were up high teens in guides. So you see the 18% combined segment organically. So very strong performance by all, and we are very pleased.

我先說，第二季我非常高興地看到，所有業務——我們的 EMEA、我們的 APAC，以及我們的導軌（guides）業務——都明顯優於內生成長的預期，表現都非常好。如果逐一來看，EMEA 與 APAC 的營收都成長 20%，導軌業務則成長高十幾％。因此你會看到合併後該事業群的內生成長為 18%。各項業務都非常強勁，我們也非常滿意。

If you cut this by end market, we are getting a lot of traction in the data center. So organic revenues were up 65%, and much faster than the underlying market that is growing at 23%. So definitely gaining momentum, gaining shares.

如果按終端市場來切分，我們在資料中心獲得了很大的牽引力。因此內生營收成長 65%，遠快於底層市場 23% 的成長速度。所以我們確實正在加速、正在提升市占。

And if you look also, the traditional markets we had for this segment, like Machine OEM, are also up more than 20%. So it's a strong data center storage, but not only a data center storage. So OEMs were up 20%. Utilities were up low teens. And so was commercial institution, also low teens.

另外，如果你也看我們這個事業群的傳統市場，例如機械 OEM，也成長超過 20%。所以這不只是資料中心儲存的強勁而已，但資料中心儲存確實很強。因此 OEM 成長 20%。公用事業成長低十幾％。商業機構也同樣是低十幾％。

So the comment I want to make, and I hope you get this very clearly, growth was broad in terms of different geographies or different businesses. Every business did well. But it's also broad in terms of end markets. And the conclusion, this was a look back view, of course. If you look towards the future, orders were up 33% on a 12-month basis.

我想強調的一點——也希望你能非常清楚地理解——成長在不同地理區域或不同業務之間是廣泛分布的。每一個業務都表現良好。同時，在終端市場面向也同樣是廣泛分布的。當然，這是回顧性的觀察。若看向未來，訂單在 12 個月基礎上成長了 33%。

The total backlog, as you could see in the chart, is up 103%. There is a contribution of Boyd in that, of course. But even if you take the Boyd contribution out, the organic backlog is up 54%. So very strong performance by the team. So that's what gave us this confidence, Chris, to raise our guidance from 7.5% to 12%. We believe this team can deliver.

如你在圖表中所見，總積壓訂單（backlog）成長了 103%。其中當然包含 Boyd 的貢獻。但即使扣除 Boyd 的貢獻，內生的積壓訂單仍成長 54%。所以團隊表現非常強勁。這也是我們有信心把指引從 7.5% 上調到 12% 的原因，Chris。我們相信這個團隊能做到。

And I think I'm also going to talk about execution for a moment here because this is an integral part of our strategy. We sat in multiple events and calls that is well known that the APAC team is a center of excellence for us in terms of operation, high-performance team competing in a very tough market. I think there's no surprise there.

我也想花點時間談談執行力，因為這是我們策略不可或缺的一部分。我們在多個活動與電話會議中都提到、也眾所周知，APAC 團隊在營運方面是我們的卓越中心（center of excellence），是一支在非常艱難的市場中競爭的高績效團隊。我想這並不令人意外。

I would like to shed some light and recognize the EMEA team in this call because their turnaround in the last 18 months is really remarkable. So they're getting a growth of 20% and they keep expanding margins, gaining share and momentum. It's really great performance. So here you see our three pillars of our strategy implemented at speed and at scale as we move forward.

我也想在這通電話會議中特別說明並肯定 EMEA 團隊，因為他們在過去 18 個月的轉型確實非常卓越。他們實現了 20% 的成長，同時持續擴大利潤率、提升市占與動能。這真的是很棒的表現。因此你可以看到，我們策略的三大支柱正以速度與規模被落實並推進。

And just connecting the dots here a little bit to the question before from Andrew Obin on Boyd. Let's not forget that Boyd joined that group now, so it's the new elite player who joined the Electrical Global segment. They keep winning. I talked about their performance, so I'm not going to repeat that. So just think about the moment where they start joining their organic growth rates. It's going to be a great moment for this business as well.

另外，稍微把脈絡連回前面 Andrew Obin 關於 Boyd 的問題。別忘了，Boyd 現在也加入了這個團隊，因此它是加入 Electrical Global 事業群的新菁英玩家。他們持續在贏。我已談過他們的表現，所以不再重複。你只要想像一下，當他們開始把自身的內生成長率也納入合併表現時，對這個業務而言也將會是非常好的時刻。

So we'll continue to deliver good news, I guess, as EMEA, APAC, and keep delivering. And we're looking forward to Boyd to join the organic growth in 2027. It's going to be a good moment for us. Thank you.

所以我想我們會持續帶來好消息，EMEA、APAC 也會持續交出成果。我們也期待 Boyd 在 2027 年加入內生成長的貢獻。那將會是我們的一個好時刻。謝謝。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Congrats on the approved quarter. Hey, Paulo, I think you just crossed a year as CEO. Any reflections, any you can talk through some of the ups and downs and how it makes you think about the business going forward?

恭喜這個獲得認可的季度。嘿，Paulo，我想你擔任 CEO 剛滿一年。有什麼感想嗎？你能否談談一些起伏，以及這如何影響你對未來業務的看法？

Thank you for the question. I appreciate the strategic angle to it. I really appreciate that. The team has accomplished a lot, Scott. So my answer is going to be a bit long because I need to pay justice to what the team has just did, okay?

謝謝你的問題。我很欣賞你從策略角度切入。我真的很感謝。團隊完成了很多事情，Scott。所以我的回答會稍微長一點，因為我需要充分反映團隊剛剛完成的成果，好嗎？

So I had the benefit to be announced months before I took over. So we could think about the strategy a little bit in advance and hit the day one really as one team moving forward, which was great and I give credit to Craig and the Board for allowing me to do so.

我有個優勢是，在我接任之前的幾個月就已宣布任命。因此我們可以提前思考策略，並在第一天就真正以同一個團隊的姿態向前推進，這非常好；我也要把功勞歸於 Craig 與董事會，因為他們讓我能這麼做。

So as we developed this strategy having three pillars and you should ask yourself, why did we include growth into each one of those pillars. We look back as a team, I would say this, even before I started as CEO, a quarter before and we looked at all the things we loved about the company, all the things we wanted to keep that made Eaton great. At the same time, we looked forward at the growth opportunity ahead of us and we concluded that what brought us here would not necessarily be enough for us to double the size of the company moving forward.

因此，當我們制定這個包含三大支柱的策略時，你也應該問自己：為什麼我們在每一個支柱中都納入了成長？我們作為一個團隊回頭檢視——我會說，甚至在我開始擔任 CEO 之前、提前一個季度——我們檢視了所有我們喜愛這家公司之處、所有我們想保留且讓 Eaton 變得卓越的要素。同時，我們也向前看到了眼前的成長機會，並得出結論：帶領我們走到今天的做法，未必足以支撐我們在未來把公司規模翻倍。

So for perspective, if you look at our history here, it took us 100 plus years, 112 years to hit $20 billion in topline when we acquired Cooper. Then the following decade, you guys know as well, we didn't grow much, we just grew $1 billion to the topline. But what we did do as a team, we started reshaping the portfolio, we divested hydraulics, et cetera, and we definitely increased margins in that period. So we became this premium company with premium valuation, and we are proud of it.

為了提供一些背景，如果你回顧我們在這裡的歷史，當我們收購 Cooper 時，我們花了 100 多年、112 年才讓營收規模達到 200 億美元。接下來的十年，各位也都知道，我們成長不多，營收只增加了 10 億美元。但我們團隊確實做到了的是，我們開始重塑投資組合，出售液壓業務等等，而且在那段期間我們確實提升了利潤率。因此我們成為一家高端公司，享有高端估值，我們也以此為榮。

Now, if you start looking at the last three years, including our guidance today, from '24 beyond is when the line actually bends for us, is an inflection point in terms of growth. So if you look at the three years, beginning of '24 to end of '26, including our renewed guidance, we will add $10 billion to the topline. So in three years, we're going to do 10 times what we did in the last decade, so the prior decade. So that's what we are getting the company prepared for.

現在，如果你開始看過去三年，包括我們今天給出的指引，從 2024 年之後才是我們曲線真正轉折的時候，是成長面的一個拐點。所以如果你看這三年，從 2024 年初到 2026 年底，包含我們更新後的指引，我們將為營收增加 100 億美元。也就是說，三年內我們要做到過去十年所做的 10 倍（相較於前一個十年）。這就是我們正在讓公司做好準備去迎接的。

So I believe this is only the beginning. To be honest, the opportunity now we have as a company is actually to add much more to our topline and bottom line, not in 100 years, not in 10, but in the next four until 2030. So that's the spirit. I'm going to give you a bit of a hint on the performance of each one of the pillars.

所以我相信這只是開始。坦白說，我們公司現在擁有的機會，是在接下來四年、直到 2030 年，為營收與獲利（上線與下線）增加更多，而不是用 100 年、也不是用 10 年。這就是那種精神。我會稍微提示一下各個支柱的表現。

First of all, why Lead for Growth, what you're trying to achieve here? It's about culture. It's about strong values we want to keep. And it's also about improving speed and customer centricity. So over time, why this was required?

首先，為什麼是「Lead for Growth（以領導驅動成長）」？你們在這裡想達成什麼？這關乎文化。這關乎我們想要保留的強大價值觀。也關乎提升速度與以客戶為中心。那麼，隨著時間推移，為什麼需要這樣做？

Over time, we moved to more of a hybrid go-to-market model. In the past, we were just primarily a distribution model. Now we have strong distribution and strong direct accounts, and the team needed help in getting there. So we put actually a program together to provide coaching to our leaders, and we involved over 1,000 people in the organization. So four different levels of organization are supported by this program.

隨著時間推移，我們轉向更偏混合式的市場進入（go-to-market）模式。過去我們主要是經銷通路模式。現在我們同時擁有強大的通路與強大的直營大客戶，而團隊需要一些協助才能走到這一步。因此我們實際上建立了一個計畫，為我們的領導者提供教練式輔導，並讓組織內超過 1,000 人參與。這個計畫支援組織中四個不同層級。

And we also recognize, I did recognize it in my own team, my Executive Team, we need to set the tone from the top and lead by example. So we looked at strength in my Executive Team for faster results. So we are building a more focused and integrated team with higher collaboration, not only internally, but also with our customers.

我們也認知到——我在自己的團隊、我的執行團隊中也看到了——我們需要自上而下定調並以身作則。因此我們檢視了我的執行團隊的優勢，以取得更快的成果。所以我們正在打造一個更聚焦、更整合、協作度更高的團隊，不僅在內部，也包括與客戶之間。

Under Invest, another one minute on invest. Here, the idea is to focus on the structured transformation of our portfolio. I still believe that store is now fully appreciated by the market, but every quarter, we're going to be working to prove that we are transforming the company here. So within the first year, we deployed capital to acquire businesses, and the idea was to accelerate both growth and margins.

在「Invest（投資）」之下，再用一分鐘談投資。這裡的想法是聚焦於我們投資組合的結構性轉型。我仍然相信市場現在已充分認可這個故事，但每一季我們都會努力證明，我們正在推動公司的轉型。因此在第一年內，我們投入資本收購業務，目的在於同時加速成長與提升利潤率。

Just a reminder, we acquired Fibrebond on the models for data centers, Resilient Power, which is the medium-voltage solid-state transformers for 800-volt DC. We also acquired Boyd. So now we can actually say we have the complete portfolio going from the utility all the way down to the chip. So that happened really fast, and I'm proud of the team.

提醒一下，我們收購了 Fibrebond（資料中心模組化方案）、Resilient Power（用於 800 伏直流的中壓固態變壓器）。我們也收購了 Boyd。所以現在我們可以說，我們擁有從公用事業端一路到晶片端的完整產品組合。這些進展非常快，我為團隊感到驕傲。

Let's not forget we also acquired Ultra PCS, which is a great leader in technology in defense systems, so we're also proud of it. So we continue to refine our portfolio, including the tough call once again on the reverse Morris Trust to move away from the automotive sector, all those are required measures.

別忘了我們也收購了 Ultra PCS，它是在國防系統技術方面非常出色的領導者，我們也以此為榮。因此我們持續精煉投資組合，包括再次做出艱難決定，透過反向莫里斯信託（reverse Morris Trust）退出汽車領域；這些都是必要的措施。

And let's not forget that part of Invest for Growth is also on organic investments. We are ramping several facilities, as you know, and most of the pain now is behind us, happened in Q4 and Q1. So we start to see the plans delivering better volume, better output.

另外別忘了，「Invest for Growth（為成長而投資）」的一部分也包括內生成長投資。如各位所知，我們正在爬坡（ramp）多座工廠，而目前大部分的陣痛已經過去，主要發生在第四季與第一季。因此我們開始看到這些計畫帶來更好的產量與更高的產出。

Going forward, what to expect here is more productivity out of the plants and the learning curve is getting every time easier as we move forward. So top plants should grow faster with less bottlenecks.

往前看，預期會看到工廠端更高的生產力，而且隨著我們前進，學習曲線會一次比一次更容易。因此，表現最好的工廠應能在瓶頸更少的情況下更快成長。

And just to conclude on execution, we know we have pockets of excellence in the company. I talked about APAC being a center of excellence before. We still have room to improve in operations in all high-margin businesses, Electrical Americas, Europe, and Aerospace. And that gives us hope. We are focusing on that. And that can bring us a lot of self-help for the future.

最後總結一下執行面：我們知道公司內部有一些卓越的亮點。我之前談過亞太（APAC）是卓越中心。我們在所有高毛利業務的營運上仍有改善空間，包括美洲電氣（Electrical Americas）、歐洲以及航太。這讓我們有信心。我們正聚焦在這些方面。而這能在未來帶來很多自助式改善（self-help）。

So all in all, having this new Leadership Team and portfolio in hands, I want to say we are now fully focused on executing for growth. And I want to say that give us this full confidence for the year, but also '27 and our 2030 commitment.

總而言之，擁有這個新的領導團隊與手上的投資組合，我想說我們現在已完全聚焦於為成長而執行。我也想說，這讓我們對今年充滿信心，也對 2027 年以及我們 2030 年的承諾充滿信心。

So I want to stop here. I know it was long, but the team has done a lot. I'm thankful and I'm proud of this team for what we achieved together in the first year. And I would say, I'm very confident that the best years for ETA are still ahead of us. Thanks for allowing me to talk about it.

我就先到這裡。我知道內容很長，但團隊做了很多事。我很感謝，也為這個團隊在第一年一起達成的成果感到驕傲。我會說，我非常有信心，ETA 最好的年份仍在前方。謝謝讓我分享這些。

Best of luck in year two, Paulo. I'll pass it on.

祝你第二年一切順利，Paulo。我把時間交出去。

Nigel Coe, Wolfe Research.

Wolfe Research 的 Nigel Coe。

Great. I think this is going to be a shorter answer. Before I ask my question, can I just clarify, I know you don't want to talk about tariffs, Paulo, but I heard $30 million. The transcript's about $30 million. I think you meant the $3 million, is that correct?

很好。我想這會是一個比較短的回答。在我提問之前，我想先確認一下：我知道你不想談關稅，Paulo，但我聽到的是 3,000 萬美元。逐字稿上也是大約 3,000 萬美元。我想你指的是 300 萬美元，對嗎？

$3 million (multiple speakers) less than $3 million.$2.8 million if you want to be precise.

300 萬美元（多位發言者）不到 300 萬美元。如果要精確一點，是 280 萬美元。

Okay, $2.8million. That's perfect. I just want to double-click on the Electrical America's margin ramp in the back half of the year. And you talked about better price. So I just want to really understand how much is coming from kind of better price versus cost. And then, what benefit you see him from, factory productivity, lead times, et cetera. Thanks.

好的，280 萬美元。很完美。我想再深入追問一下美洲電氣（Electrical Americas）在今年下半年利潤率爬升的情況。你提到了更好的價格。所以我想真正了解，其中有多少來自較好的定價、又有多少來自成本因素。另外，你看到工廠生產力、交期等方面能帶來什麼效益？謝謝。

Thanks for the question. I will kick it off to give the big picture and then I'll not steal Dave's thunder. He's ready to go on the bridge. So I'm not going to steal his thunder.

謝謝你的問題。我會先從宏觀角度開場，然後我不會搶 Dave 的風頭。他已經準備好要講那個橋接（bridge）了。所以我不會搶他的風頭。

I just want to remind everyone that something that is really important. First of all, we know this is top of mind. Rest assured, we spend a lot of time on this as a team that's really focused. We know what we need to do. So I will start with that. And the demand, once again, is fantastic. We cannot talk about margin progress without understanding how much capacity we are adding and how we are growing this business.

我只是想提醒大家一件非常重要的事。首先，我們知道這是大家最關心的議題。請放心，我們作為一個高度專注的團隊，在這上面投入了大量時間。我們知道自己需要做什麼。所以我會先從這點開始。而需求再次證明非常強勁。如果不理解我們正在增加多少產能、以及我們如何擴張這項業務，就無法談論毛利率的改善。

I would say this. I don't need to go back to every detail, but you see the orders keep growing our backlog only the Electrical Americas. We had $5 billion since beginning of last year, and only sequentially, another $700 million. So although the organic growth accelerates to 18%, we keep growing backlog. So that needs to be taken into consideration as we look for the second half and the future of that business.

我會這麼說。我不需要回到每一個細節，但你可以看到訂單持續增加，僅在 Electrical Americas 就不斷推升我們的在手訂單。自去年年初以來我們累計達到 50 億美元，而僅就環比而言，又增加了 7 億美元。所以即便有機成長加速到 18%，我們仍在持續增加在手訂單。因此，當我們展望下半年以及這項業務的未來時，這點需要納入考量。

The other thing I want to say, if you pull all these elements together, the acquisitions we made, how we are reshaping our execution model, our leadership model, I truly believe we are in the precipice of what I call a new growth cycle for the whole company. And especially here for Electrical Americas, and we're getting ready for it.

另外我想說的是，如果把所有這些要素整合起來——我們所做的併購、我們如何重塑執行模式與領導模式——我真心相信，我們正站在我所稱的公司整體「新一輪成長週期」的門檻上。尤其是對 Electrical Americas 而言，我們正在為此做好準備。

I think what was really important for us was to realize that the bulk of the disruption we expected to happen. And we told you so happened in Q4 and Q1, Q4 last year and Q1 this year for the ramp. I would say by now, and I want this before Dave goes to the ramp. The expansions are going well and progressing better than planned. Now in Q2, we start to get speed on this.

我認為對我們來說非常重要的是，我們意識到原本預期會發生的大部分干擾確實發生了。而且我們也告訴過各位，這些干擾主要發生在去年第四季與今年第一季的爬坡期。我會說到目前為止——在 Dave 談到爬坡之前我先說——擴產進展順利，且進度比原先規劃更好。現在在第二季，我們開始在這方面加速。

And I want to say once again, we cleared the biggest hurdle we had in terms of sequential order revenue per day growth, which was the sequential Q1 to Q2. So that was the strongest hurdle we had to clear, and we did that successfully.

我也想再說一次，就「每日訂單收入」的環比成長而言，我們已經跨過了最大的障礙，也就是第一季到第二季的環比。所以那是我們必須跨越的最強阻力，而我們已成功做到。

So I want to say no one is taking a victory lap here. The whole team stays absolutely laser focused to meet the commitments. We meet as a team every week, and my Executive Team is working to support the Ledger of Americas group to achieve that. So Dave is going to give us a sequential walk. I don't want to steal your thunder, Dave.

所以我想說，這裡沒有人在慶功。整個團隊仍然極度專注，以達成承諾。我們每週都以團隊形式開會，而我的執行團隊也在支持 Ledger of Americas 團隊達成目標。接下來 Dave 會帶我們做一個環比的拆解。我不想搶你的風頭，Dave。

All right. So we'll start out with the first quarter to the second quarter sequential. So we're up almost 190 basis points. About 100 points of that was price cost, and the other 90 points was pure output as we got to scale that Paulo just talked about. We talk -- look at H1 versus H2, some of you like to look at it that way, we'll be up 450 basis points to 500 basis points. 300 basis points will come from price-cost relationship.

好的。那我們先從第一季到第二季的環比開始。我們上升了將近 190 個基點。其中大約 100 個基點來自售價與成本（price-cost），另外 90 個基點則是純粹的產出提升，因為我們達到了 Paulo 剛才提到的規模化。如果看上半年對比下半年——有些人喜歡用這種方式看——我們將提升 450 到 500 個基點，其中 300 個基點將來自售價與成本關係。

All of our pricing actions have either been implemented in Q2 or early August, and then we'll get about 150 basis points to 200 basis points from output and productivity. So then if you look at Q2 to Q3, which is a 250-basis point improvement, 150 basis points is price cost, and 100 basis points is output and productivity. Again, the difference may be from Q1 to Q2 compared to Q2 to Q3 is not only do we get the scale, but to Paulo's point earlier, we're starting to see productivity in those factories as our workers get more experience.

我們所有的定價行動都已在第二季或 8 月初落地，接著我們將從產出與生產力獲得約 150 到 200 個基點。再看第二季到第三季，改善 250 個基點，其中 150 個基點是售價與成本，100 個基點是產出與生產力。同樣地，第一季到第二季相較於第二季到第三季的差異在於：不僅規模上來了，而且如 Paulo 先前所說，隨著工人經驗增加，我們開始在這些工廠看到生產力提升。

And then if you look at the sequential from Q3 to Q4, again, it's a 200 basis points to 250 basis points improvement, 150 basis points is price cost and 50 basis points to 100 basis points is output and productivity. So we're on the right trajectory. We finished Q2 really strong. I have early reads on July as of this morning. Again, it's an improvement from what we saw in second quarter. So I'm feeling very confident about our exit rate for 2026, and we're still committed to our 32% margin by 2030.

然後如果看第三季到第四季的環比，同樣是改善 200 到 250 個基點，其中 150 個基點是售價與成本，50 到 100 個基點是產出與生產力。所以我們走在正確的軌道上。我們第二季收得非常強。截至今天早上，我已經看到 7 月的初步數據。同樣地，這比我們在第二季看到的還要更好。因此我對 2026 年的退出率（exit rate）非常有信心，我們也仍然承諾在 2030 年達到 32% 的利潤率。

Jeffrey Sprague, Vertical Research Partners.

Jeffrey Sprague，Vertical Research Partners。

I was going to ask about $800, but given that answer, how's it going? I was going to ask about $800, but I think I want to come back to the ramp. I appreciate all that color. It looks like your guide, right, for Electrical Americas actually assumes relatively flat sequential revenues, right, Q2 to Q3 to Q4. So that lift in margins tied the price cost and output, right, sounds like that requires higher revenue, right?

我本來想問 8 億美元的事，但聽了剛才的回答，進展如何？我原本要問 8 億美元，但我想我還是回到爬坡（ramp）這個話題。我很感謝你們提供的所有細節。看起來你們對 Electrical Americas 的指引，實際上假設營收環比相對持平，對吧，從第二季到第三季到第四季。所以毛利率的提升若是來自售價與成本以及產出，對吧，聽起來就需要更高的營收，對吧？

You're going to have more revenue coming through on price and you're going to have more factory output supporting the margin improvement. So is there any mutual exclusivity between revenue and margin here as we think about that bridge, perhaps just still just being a little bit cautious on the ramp in terms of what you gave us today?

你會有更多營收透過價格反映出來，同時也會有更多工廠產出來支撐毛利率改善。所以當我們思考這個橋接（bridge）時，營收與毛利率之間是否存在某種互斥性？或許你們今天給的內容，仍然只是對爬坡進度稍微保守一些？

Some of it, to be quite honest, is when you look at the difference between Q2 and Q3, we're going to be doing it on regular time versus overtime as an example. We're going to have less premium costs involved because we're already ramped. The biggest ramp was from Q1 to Q2. And again, I talked about it, we have more experienced operators, the manufacturing engineers are making costs out improvements.

坦白說，其中一部分是：當你看第二季與第三季的差異時，我們會以正常工時而非加班來完成，這是一個例子。因為我們已經完成爬坡，所以涉及的溢價成本會更少。最大的爬坡是在第一季到第二季。而且我也提過，我們有更有經驗的操作員，製造工程師也在推動降本改善。

And then, if you look from Q3 to Q4, our invest -- we have productivity investments we've made as well in our capital spending that will drive cost out as we move forward. So it's your normal improvements as you go through and get more comfortable with the product you're making at these plans. And we're seeing it in our numbers already in July.

然後，如果你看第三季到第四季，我們也在資本支出中做了生產力投資，這些將在未來推動降本。所以這就是你在逐步熟悉這些工廠所生產的產品時，會看到的正常改善。而我們在 7 月的數字裡已經看到了。

And also, price is going to -- price cost is going to normalize. Yeah.

另外，價格也會——售價與成本（price-cost）會回歸常態。對。

More with price coming up than cost going down, I guess, right? I mean, you're taking cost actions, but you're going to have more actual price going through the system in the back there.

我想應該是價格上來的幅度會大於成本下降的幅度，對吧？我的意思是，你們確實在採取降本行動，但在後端會有更多實際價格在系統中反映出來。

Absolutely. Yes, and it's more than just general price increases. We're also doing discrete price increases as we need to. We commented on that in the prior earnings call.

完全正確。是的，而且不只是一般性的漲價。我們也會在需要時進行特定（離散）的調價。我們在上一通財報電話會議中也提到過。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

I wanted to ask about Electrical Global. Organic growth there was much stronger, I think, than you had expected. Curious what really drove the upside, and then thinking about how you're framing the rest of the year. You've got the full year up 11% to 13%. I know that's up from prior, but it does embed a pretty a material decel n the back half. Was there any sort of pull forward of demand, or could that maybe be a bit of conservatism? Thank you.

我想問一下 Electrical Global。那邊的有機成長我認為比你們預期強很多。想了解究竟是什麼驅動了超預期表現，然後再談談你們如何看待今年剩餘時間。你們給的全年成長是 11% 到 13%。我知道這比之前上調了，但其中隱含下半年相當明顯的放緩。是否有任何需求提前（pull forward），或者這可能只是偏保守的假設？謝謝。

Can you repeat the last part of your commentary? It was a bit (multiple speakers) for me.

你可以重複一下你評論的最後一部分嗎？對我來說有點（多位講者）聽不太清楚。

Sure, yeah. So just the implied second half within EG organics comes down a little bit relative to 2Q. Just curious if that could be some conservatism or if there was any sort of pull forward of demand.

當然，可以。所以，EG 有機業務中隱含的下半年，相較於第二季會稍微下修一些。我只是好奇，這是否可能是出於保守，或是是否有任何需求提前拉貨的情況。

Yeah, we are very prudent here. But we just raised 450 base points. So we are still prudent in our guidance, but it's still a large upside. Not only for Electrical Global, Nicole, but if you look at our trajectory, start with the big picture for the company. We started the year saying, we'll grow 8%, and the last earnings call we said we grow 10%. Now, we said 12%.

是的，我們在這裡非常審慎。但我們剛剛上調了 450 個基點。所以我們在指引上仍然審慎，但上行空間仍然很大。不只是對 Electrical Global 而言，Nicole，如果你看我們的走勢，先從公司整體的大方向來看。我們年初說會成長 8%，上一季法說我們說成長 10%。現在我們說是 12%。

And then the same is true for Americas, right? We started, I think it was 10% and then 13%, and now it's 15%. So we want to continue that trajectory, keep improving and keep proving that we can do more. There's no downside here. We keep pushing as hard as we can.

然後美洲也是一樣，對吧？我們一開始我記得是 10%，接著 13%，現在是 15%。所以我們想要延續這個軌跡，持續改善並持續證明我們可以做得更多。這裡沒有下行風險。我們會盡可能全力推進。

Andy Kaplowitz, Citi.

Andy Kaplowitz，花旗。

Now that Boyd is part of the portfolio and you've had several quarters of very high data center orders, maybe you can update us on what you're thinking for content per megawatt in data centers. Is $3.4 million the right number to think about now? And you gave us last quarter your view on Eaton's positioning for 800 VDC. Has your confidence been improving that when the dust settles on that transition that you feel good about Eaton's ultimate content at least in that $3.4 million range?

現在 Boyd 已經納入投資組合，而且你們已經連續好幾季拿到非常高的資料中心訂單，也許你可以更新一下你們對資料中心每兆瓦內容價值（content per megawatt）的看法。現在用 340 萬美元來思考是正確的數字嗎？另外，你們上季也分享了伊頓在 800VDC 的定位看法。你們的信心是否在提升：當這個轉換塵埃落定後，你們是否仍然看好伊頓最終的內容價值至少能落在約 340 萬美元這個區間？

So I would answer your question directly. The $3.4 million is the right number to think about it. So for your modeling is the right one. You asked about the 800-volt trajectory. Let me make a couple of comments. I think there is a lot as we travel, we talk to investors and analysts around this.

我會直接回答你的問題。340 萬美元是目前可以用來思考的正確數字。所以就你的模型假設而言，這個數字是對的。你問到 800 伏的發展軌跡。我補充幾點看法。我認為我們在出差時，和投資人與分析師談到這件事，市場上有很多討論。

Last quarter, I talked about why this matters to data center operators. I just want to remind everyone. What our customers want to do ultimately is to improve tokens per megawatt, so improve the efficiency of the data centers. And this transition to 800-volt DC helps quite a big deal. 5% is huge for a gigawatt sites. So there's a huge impact, in my opinion. I hear a number of different opinions in the market. I believe this is going to happen, and customers are going to get what they want, right? When there's so much money involved, this is going to happen.

上季我談過為什麼這對資料中心營運商很重要。我只是想提醒大家。我們的客戶最終想做的是提升每兆瓦的 tokens，也就是提升資料中心的效率。而轉向 800 伏直流在這方面幫助很大。對於 1GW 的園區而言，5% 是非常可觀的。所以我認為影響非常大。我在市場上聽到各種不同的看法。我相信這件事會發生，而且客戶會得到他們想要的，對吧？當牽涉到這麼多資金時，這件事一定會發生。

So the core of your question was the dollars per megawatt, and you talked about this transition. Everyone thinks about the solid-state transformer, medium voltage solid-state transformer is a very important element of that transition. And we are clearly ahead in terms of technology after the acquisition of Resilient Power last year, and we are speeding up their development. So we know we are ahead. That's the feedback we get from hyperscalers and multi-tenants and also chip manufacturers.

所以你問題的核心是每兆瓦的美元數，你也提到了這個轉換。大家都認為固態變壓器、中壓固態變壓器，是這個轉換中非常重要的一個要素。而在去年收購 Resilient Power 之後，我們在技術上明顯領先，並且正在加速他們的開發。所以我們知道我們是領先的。這是我們從超大規模業者（hyperscalers）、多租戶業者以及晶片製造商那裡得到的回饋。

But there are more elements to this transition. So it's broader, and we are working every element of this transition. So the first thing I want to say, of course, the medium voltage solid-state transformer is a key element of it. But you also need to have, in order to be a great player in this new world, you need to have core DC breaker technology. You need to know how to break that circuit, right? Otherwise, you're not a reliable partner to the data center operators. So you need to have the transformers. You need to have breaker technology.

但這個轉換還有更多要素。所以它的範圍更廣，而我們正在推進這個轉換的每一個環節。所以我首先要說的是，當然，中壓固態變壓器是其中的關鍵要素。但你也需要——要在這個新世界成為強者——你必須具備核心的直流斷路器（DC breaker）技術。你必須知道如何切斷那個電路，對吧？否則你就不是資料中心營運商可靠的合作夥伴。所以你需要變壓器。你也需要斷路器技術。

The third build block for me is around power electronics and power quality. So think about UPS capabilities that we also are leader in the marketplace. And the fourth big element of this transition, in my opinion, is cooling. You need to have cooling because it becomes even more important. And here I'm talking about both.

對我而言第三個基礎模組是電力電子與電能品質。例如 UPS 能力，我們在市場上也是領導者。而我認為這個轉換的第四個重要要素是冷卻。你需要冷卻，因為它會變得更重要。而我這裡談的是兩者。

So in order to win in this new era, in my opinion, you need to have those four technical blocks very strongly, be a leader, be able to supply that to your customers. And even when you get all of them, you still need to clear another hurdle, which is to have the service available. So having a strong service network that can show up in a site in an hour, not in days, is also required.

所以在我看來，要在這個新時代勝出，你必須在這四個技術模組上都非常強，成為領導者，並能把這些供應給你的客戶。即使你四項都具備，你仍然需要跨過另一個門檻，也就是要有可用的服務能力。因此，擁有強大的服務網路，能在一小時內到達現場，而不是幾天後才到，也同樣是必要條件。

So it is not for everyone, it is not for every company. And again, it's my personal opinion. And my team coincides in this opinion here, is that if you're a company will be missing one or many blocks of these four, they'll have a really hard time convincing their competitors to sell to them so they can package the solution. So that's why I want you to understand, yes, there is dollars per megawatt, but being able to offer the complete spectrum here will be also differentiated performance KPI for the future.

所以這不是人人都能做的，也不是每家公司都能做。再次強調，這是我個人的看法。而我的團隊也同意這個看法：如果一家公司缺少這四個模組中的一個或多個，他們將很難說服競爭對手把產品賣給他們，讓他們能把解決方案打包起來。所以我希望你理解，是的，有每兆瓦的美元數，但未來能提供完整光譜的能力，也會成為差異化的績效 KPI。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

I was hoping we could spend some time on prefab and modularization. Could you talk through what shared RFPs are for prefab and modular? And then how does that change your competitive positioning? And then third, what does it mean for the adoption of this approach as we think towards 800-volt architecture?

我希望我們能花點時間談談預製（prefab）與模組化。你能說明一下，預製與模組化的共同 RFP（招標需求書）是什麼嗎？接著，這會如何改變你們的競爭定位？第三，當我們展望 800 伏架構時，這對這種方法的採用意味著什麼？

Great question. So there is a clear trend if you think about one of the bottlenecks in the industry, which is to have availability of elevations, plumbers, et cetera. There is scarcity of people to work on a stick build. So there is a push towards more modular solutions.

問得很好。如果你想到產業的一個瓶頸——也就是高空作業人員、水電工等人力的可用性——就會看到一個明顯趨勢。能在傳統現場施工（stick build）上作業的人力很稀缺。因此市場正推動更多模組化解決方案。

This is exactly why we last year decided to make the acquisition of Fibrebond. We saw them as a strong market leader in building those models. And their packaging things we know pretty well, which is our equipment, our UPS, our switchgear, et cetera. So there is a very good connection there.

這正是我們去年決定收購 Fibrebond 的原因。我們把他們視為建置這些模組的強勢市場領導者。而他們所做的封裝整合，我們非常熟悉——也就是把我們的設備、我們的 UPS、我們的開關設備等打包在一起。所以兩者之間有非常好的連結。

I just talked -- I loved actually you asked this question after we talked about the 800-volt conversion. When you simplify the architecture, you even increase the opportunities of using modular solutions here.

我剛才提到——我其實很喜歡你在我們談完 800 伏轉換後問這個問題。當你把架構簡化時，你反而會增加在這裡採用模組化解決方案的機會。

I just want to highlight a couple of things because I got many questions recently about this and complexity, et cetera. It is a different skill set than working in a manufacturing site. So that needs to be dealt by professional people, professional engineers, professional project managers. That's exactly why we acquired the competence of Fibrebond, and we are scaling them up. They are very strong already in gray space, as you guys know.

我只想強調幾點，因為我最近收到很多關於這件事以及複雜性等等的問題。這是一套不同於在製造工廠現場工作的技能組合。因此，這需要由專業人士、專業工程師、專業專案經理來處理。這也正是我們收購 Fibrebond 專業能力並擴大其規模的原因。如各位所知，他們在灰色空間方面已經非常強。

And as we migrate into the white space with 800-volt DC, we can also tap on their capability and also cut other partnerships to win in that space. So we're going to do this. We're going to do this responsibly. We're going to do this effectively. And we're going to do what our customers want of us, basically.

而當我們以 800 伏直流電遷移到白色空間時，我們也能運用他們的能力，並且建立其他合作夥伴關係，以在該領域勝出。所以我們會這麼做。我們會負責任地做。我們會有效率地做。而基本上，我們會做客戶希望我們做的事。

Jeff Hammond, KeyBanc.

Jeff Hammond，KeyBanc。

Thanks for the color on the bridge. That was very helpful. Just to ask, as you expand your capacity comes online, you get more productive. I'm just wondering what you're seeing on lead times for some of your longer lead time items. And then, as you get more productive, and your lead times are maybe better in line relative to your competitors, what's your line of sight where you start to get more of your fair share, as these lead times get better and these plans come on? Thanks.

感謝你對 bridge 的補充說明。這非常有幫助。我想請教的是，隨著你們擴充產能陸續上線、效率提升，我想知道你們在一些交期較長的品項上，看到的交期狀況如何。另外，當你們生產力提升、交期可能相對於競爭對手更趨一致或更具優勢時，你們對於何時能開始拿回更多合理市占（fair share）有何能見度，尤其是在交期改善、這些計畫陸續上線之際？謝謝。

Yeah, very great question. So lead time is important for our customers, especially in a fast-moving market like this. We are working on that. We constantly work on that. If you see our growth, especially in data centers where lead times are even more important, we grew 65%. And I asked the team to look back. And I think we completed in total, eight consecutive quarters of growth beyond 35% in data centers, which is fascinating.

是的，這是個很好的問題。交期對我們的客戶很重要，尤其是在像這樣快速變動的市場。我們正在處理這件事。我們一直在持續改善。如果你看我們的成長，特別是在資料中心領域（交期更為重要），我們成長了 65%。我也請團隊回頭檢視。我認為我們在資料中心已連續八個季度的成長都超過 35%，這非常令人驚豔。

And just as a reminder to all of you, when we share the 2030 commitments for growth, we only baked 17% of the data center growth in our model. So we are clearly ahead of that moving towards 2030.

也提醒各位，當我們分享 2030 年的成長承諾時，我們在模型中只納入了 17% 的資料中心成長。因此，我們顯然已經領先於該假設，並正朝 2030 年邁進。

So my point, I'm going to get back to your lead time question in a second. We cannot be winning at that pace with that progress if we're not competitive. So I want to lead with that first. Having said this, we believe we can and should improve. And we know the product lines where our lead times are extended. We are ramping capacity, not only in the factories, but ramping engineering support. And we're going to knock them down, time by time and time again. Thank you.

所以我的重點是，我等一下會回到你關於交期的問題。如果我們不具競爭力，就不可能以那樣的速度、那樣的進展在市場上取勝。所以我想先從這點說起。話雖如此，我們相信我們可以、也應該做得更好。我們也知道哪些產品線的交期較長。我們正在提升產能，不僅是在工廠端，也在擴充工程支援。我們會一次又一次地把交期逐步壓下來。謝謝。

Can I go?

我可以說嗎？

Yeah, go.

可以，說吧。

Okay, just, thanks everyone. It was a very intense and productive call. I just want to conclude with my closing remarks. First of all, once again, Deane, congrats, man, well-deserved retirement. Many thanks to all of you for interest in Eaton, for all your analysis and your questions.

好的，謝謝大家。這是一通非常密集且富有成效的電話會議。我想以結語作個總結。首先，再次恭喜 Deane，老兄，這是實至名歸的退休。也非常感謝各位對伊頓（Eaton）的關注、所有的分析與提問。

I want to say once again, thanks to the Eaton team. I know I've been hard, fair but hard with all of you guys responding exceptionally well. I'm pleased with the progress knowing that we are committed to continue to improve. So this is really important.

我也想再次感謝伊頓團隊。我知道我對各位要求很高——公平但嚴格——而你們的回應都非常出色。看到我們的進展我很滿意，也知道我們承諾會持續改善。所以這點非常重要。

So I would say our strategy is working. I hope you can appreciate that. It's gathering pace. Our markets are strong and durable. We accelerate organic growth, keep moving our backlogs up. And we're going to benefit from the strength of this market for years to come, right, if you think about all the announced projects. We also took the size of portfolio moves to structurally transform the company.

因此我會說，我們的策略正在奏效。我希望各位能認同這一點。它正在加速推進。我們的市場強勁且具韌性。我們加速有機成長，持續推升在手訂單。而且如果你想想所有已宣布的專案，我們將在未來多年受惠於這個市場的強勁動能，對吧。我們也透過一系列投資組合調整的重大動作，從結構上轉型公司。

And I believe -- I truly believe that new Eaton is taking shape as we speak towards higher growth and higher margins. We have this unique grid-to-chip capability, so all in all, a much stronger team and a stronger portfolio. And execution continues to improve, especially with Electrical America's improvements.

我相信——我真心相信——全新的伊頓正如我們所言逐步成形，朝向更高成長與更高毛利率。我們具備獨特的「從電網到晶片」（grid-to-chip）能力，因此整體而言，我們擁有更強的團隊與更強的產品組合。而執行力也持續改善，尤其是北美電氣（Electrical Americas）的改善。

We're going to keep moving margins up as we progress. And consequently, I would just remind you that we could print a very strong operational bid in Q2, which gave us confidence to raise our guidance once again for the year. So thanks for your interest. Great afternoon to all. Thank you.

隨著我們持續推進，我們會繼續提升利潤率。因此，我也想提醒各位，我們在第二季可以交出非常強勁的營運表現，這讓我們有信心再次上調今年的財測指引。感謝各位的關注。祝各位下午愉快。謝謝。

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、先生參與今天的電話會議。本次會議到此結束。您現在可以掛線。祝您有美好的一天。