Fortive Corporation (FTV) 2026 Q2 法說會逐字稿

My name is Darryl, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Fortive Corporation's second quarter 2026 earnings results conference call.

我叫 Darryl，今天下午將擔任本次會議的主持人。此刻，我謹代表 Fortive Corporation 歡迎各位參加 2026 年第二季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Ms. Christina Jones, Vice President of Investor Relations. Ms. Jones, you may begin your conference.

（接線員指示）現在我想把電話交給投資人關係副總裁 Christina Jones 女士。Jones 女士，您可以開始會議。

Thank you, and thank you, everyone, for joining us on today's call. I am joined today by Olumide Soroye, Fortive's President and CEO; and Mark Okerstrom, Fortive's CFO. During today's call, we present certain non-GAAP financial measures.

謝謝，也謝謝各位參加今天的電話會議。今天與我一同出席的有 Fortive 總裁暨執行長 Olumide Soroye，以及 Fortive 財務長 Mark Okerstrom。在今天的電話會議中，我們將呈現若干非 GAAP 財務衡量指標。

Information required by Regulation G is available on the investors section of our website at fortive.com. We will also make forward-looking statements, including statements regarding events or developments that we expect or anticipate will or may occur in the future.

Regulation G 所要求的資訊可於我們網站 fortive.com 的投資人專區取得。我們也將發表前瞻性陳述，包括關於我們預期或預估未來將會或可能發生之事件或發展的陳述。

These forward-looking statements are subject to a number of risks and actual results might differ materially from any forward-looking statements that we make today. Information regarding these risk factors is available in our SEC filing, including our annual report on Form 10-K and the subsequent quarterly reports on Form 10-Q.

這些前瞻性陳述受到多項風險影響，實際結果可能與我們今天所作的任何前瞻性陳述有重大差異。關於這些風險因素的資訊可於我們向 SEC 提交的文件中取得，包括我們的 Form 10-K 年報以及後續的 Form 10-Q 季報。

These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements. Our statements on period-to-period increases or decreases refer to year-over-year comparisons, unless otherwise specified. And our results and outlook discussed today are on a continuing operations basis.

這些前瞻性陳述僅截至其作成之日有效，我們不承擔更新任何前瞻性陳述之義務。除非另有說明，我們所提及的各期間增減係指與去年同期相比。此外，我們今天討論的業績與展望係以持續營運基礎（continuing operations basis）呈現。

With that, I'll turn the call over to Olumide.

接下來我把電話交給 Olumide。

Thank you, Christina, and thank you all for joining our call today. Let me begin on slide 3. Q2 marked another quarter of strong results and execution of the Fortive accelerated strategy by our Fortive team. Four key messages from the quarter. First, our teams delivered strong financial performance across both segments.

謝謝你，Christina，也謝謝各位今天參加我們的電話會議。我先從投影片第 3 頁開始。第二季在 Fortive 團隊推動 Fortive 加速策略的強勁成果與執行力下，再次交出亮眼成績。本季有四個關鍵訊息。第一，我們的團隊在兩大事業部門皆展現強勁的財務表現。

On a consolidated basis, we delivered core revenue growth of 6.7%, adjusted EBITDA growth of 12% and adjusted EPS growth of 28%. Importantly, our results reflect continued progress on our objective of driving faster profitable organic growth, powered by our Fortive business system amplified.

以合併基礎計算，我們達成核心營收成長 6.7%、調整後 EBITDA 成長 12%，以及調整後 EPS 成長 28%。更重要的是，我們的成果反映出在「Fortive Business System amplified」的驅動下，我們在推動更快且具獲利性的有機成長目標上持續取得進展。

Second, we remain disciplined in our capital allocation approach with relentless focus on optimizing shareholder returns over the medium to long term. This quarter, we executed a small bolt-on acquisition and deployed another roughly $200 million to share repurchases, bringing total share repurchases since our launch of new Fortive a year ago to approximately 38 million shares or 11% of shares outstanding.

第二，我們在資本配置上維持紀律，並持續專注於在中長期最佳化股東報酬。本季我們完成一項小型補強式收購，並再投入約 2 億美元進行庫藏股回購；自一年前啟動「新 Fortive」以來，累計回購約 3,800 萬股，約占流通在外股數的 11%。

Third, we continue to execute our Fortive accelerated strategy, and we are pleased to see evidence that our investments in innovation, commercial and recurring customer value, our contribution to accelerating growth margin expansion and earnings performance, reinforcing our confidence in our medium-term financial framework and value creation opportunity.

第三，我們持續推進 Fortive 加速策略，也很高興看到證據顯示：我們在創新、商業化與經常性客戶價值方面的投資，正加速帶動成長、毛利擴張與獲利表現，進一步強化我們對中期財務框架與價值創造機會的信心。

Finally, we are raising our full year 2026 adjusted EPS guidance to $2.95 to $3.05, reflecting our solid first half performance, and our confidence in the trajectory of the business. Moving to slide 4. Let me highlight some of the progress we are making in executing the three pillars of our Fortive accelerated strategy.

最後，我們上調 2026 全年調整後 EPS 指引至 2.95 至 3.05 美元，反映我們上半年穩健的表現，以及對業務發展軌跡的信心。接著看投影片第 4 頁。我將重點說明我們在執行 Fortive 加速策略三大支柱方面所取得的一些進展。

Starting with the first pillar, delivering faster partial organic growth. Overall, we remain encouraged by the progress we are seeing across innovation, commercial and recurring customer value, all of which are building this foundation for durable, faster organic growth.

先從第一支柱：實現更快的有機成長。整體而言，我們對在創新、商業化與經常性客戶價值方面所看到的進展仍感到鼓舞；這些都在為更具韌性、更加速的有機成長奠定基礎。

This quarter, our acceleration innovation velocity again translated into faster growth. At Fluke, our innovation funnel is steadily expanded with new product introductions tightly aligned to strategic growth areas such as data centers, defense and early in career technicians.

本季，我們加速的創新速度再次轉化為更快的成長。在 Fluke，我們的創新管線持續擴大，新產品導入緊密對準資料中心、國防以及職涯早期技術人員等策略性成長領域。

Demand for CertiFiber Max continues to exceed expectations, helping establish Fluke's position in the rapidly growing data center commissioning and maintenance market and driving pull-through of the broader Fluke portfolio into this high-growth area.

CertiFiber Max 的需求持續超出預期，協助鞏固 Fluke 在快速成長的資料中心驗收與維護市場中的地位，並帶動 Fluke 更廣泛產品組合在此高成長領域的連帶銷售。

In facilities and asset life cycle solutions, we are expanding our AI-enabled predictive maintenance portfolio, our ServiceChannel and Accruent including tools that help field service technicians diagnose and fix issues more accurately in the field.

在設施與資產生命週期解決方案方面，我們正擴展 AI 賦能的預測性維護產品組合；我們的 ServiceChannel 與 Accruent 也包含可協助現場服務技術人員在第一線更精準診斷並排除問題的工具。

At Gordian, our Flash AI solution launched in Q1 is now in production across many of our strategic accounts are running well above plan, cutting construction cost estimate in time from days to minutes and creating measurable value for customers and for Gordian.

在 Gordian，我們於第一季推出的 Flash AI 解決方案目前已在多個策略性客戶中正式上線，表現遠優於計畫；它將建築成本估算所需時間從數天縮短至數分鐘，為客戶與 Gordian 創造可衡量的價值。

In health care, ASP received FDA clearance for a 50 pound expanded steroid load capacity, put us strengthening our position in robotic-assisted surgery applications, one of the faster-growing areas within the operating room environment. On the commercial side, we maintained our focus on faster-growing end markets and regions where we've made deliberate targeted investments to capture growth at Fluke investments in data center expertise drove incremental demand for our networks, power quality and battery testing product lines. Additionally, we continue to see strong momentum in India, where our localized service and support investments are strengthening customer relationships and helping drive growth. So this channel is invested in commercial and markets and resources across Europe to capture the meaningful international opportunity in the business. At Gordian, our investment in growing contractor engagement is reinforcing the competitive differentiation of our two-sided procurement marketplace.

在醫療保健方面，ASP 取得 FDA 核准，可支援 50 磅的擴增滅菌負載容量，進一步強化我們在機器人輔助手術應用的地位；這是手術室環境中成長較快的領域之一。在商業化方面，我們持續聚焦於成長較快的終端市場與地區，並在這些領域進行有意識且具針對性的投資以掌握成長機會；在 Fluke，我們對資料中心專業能力的投資帶動網路、電力品質與電池測試產品線的增量需求。此外，我們在印度持續看到強勁動能；在地化服務與支援的投資正強化客戶關係並推動成長。因此，ServiceChannel 正在歐洲各地加大商業與市場資源投入，以掌握該業務具意義的國際機會。在 Gordian，我們對提升承包商參與度的投資，正強化我們雙邊採購市集的競爭差異化。

In health care, we continue to deepen our engagement with enterprise health systems and ambulatory surgical center networks through coordinated commercial efforts across ASP, census and our other advanced health care solutions operating brands. On our recurring customer value initiatives, we made further progress on deepening customer life cycle engagement and improving revenue durability. In Q2, recurring revenue growth was strong at cross-port segments. At Fluke recurring revenue growth was driven by strong performance in services and software offerings. And early customer feedback on AI-enabled capabilities recently introduced within Fluke's main platform has been very encouraging.

在醫療保健方面，我們透過跨 ASP、Censis 以及其他先進醫療解決方案營運品牌的協同商業行動，持續深化與大型醫療體系與門診手術中心（ASC）網路的合作。在經常性客戶價值計畫方面，我們在深化客戶生命週期互動、提升營收韌性上取得進一步進展。第二季，各事業部門的經常性收入成長表現強勁。在 Fluke，經常性收入成長主要來自服務與軟體產品的強勁表現。此外，客戶對近期在 Fluke 主要平台中導入的 AI 賦能功能之早期回饋也非常正面。

ASP Consumables and services had another quarter of strong growth. with solid growth contributions from every major region. Moving to the second pillar, disciplined capital allocation is an internal component of our Fortive accelerated strategy. Consistent with our priorities, we deployed another roughly $200 million to share repurchases in Q2. Since the spin-off, we have deployed nearly $2 billion for share repurchases, representing 38 million shares by approximately 11% of diluted shares outstanding.

ASP 的耗材與服務本季再度實現強勁成長，各主要地區皆有穩健的成長貢獻。接著談第二支柱：嚴謹的資本配置，是 Fortive 加速策略的重要內部組成。依循我們的優先順序，我們在第二季再投入約 2 億美元進行庫藏股回購。自分拆以來，我們已投入近 20 億美元用於庫藏股回購，累計回購 3,800 萬股，約占稀釋後流通在外股數的 11%。

Our revamped bolt-on M&A engine, our team is now in place. We are continually evaluating opportunities for high-quality accretive bolt-on acquisitions that meet our rigorous strategic and financial criteria. This quarter, we completed the acquisition of the majority stake in UV Smart, an innovative company was complementary UVC high-level disinfection technology, expense ASPs portfolio and enables more efficient disinfection of specialized instruments.

我們重新打造的補強式併購（bolt-on M&A）引擎，團隊現已就位。我們持續評估高品質、具增益效果的補強式收購機會，並須符合我們嚴格的策略與財務標準。本季，我們完成收購 UV Smart 的多數股權；該公司具創新且互補的 UVC 高階消毒技術，可擴充 ASP 的產品組合，並使專用器械的消毒更有效率。

Looking forward, our capital allocation priorities remain clear: Invest in organic growth, pursue bolt-on M&A where risk-adjusted returns exceed other uses of capital, return capital through share repurchases and maintain a modest growing dividend, all with a focus on best relative and maximizing medium- to long-term shareholder value. Moving to our final pillar, building and maintaining investor trust.

展望未來，我們的資本配置優先順序仍然明確：投資有機成長；在風險調整後報酬高於其他資金用途時，推動補強式併購；透過庫藏股回購回饋資本；並維持溫和且逐步成長的股利政策——一切以提升相對表現並最大化中長期股東價值為核心。接著談我們最後一個支柱：建立並維持投資人信任。

We are pleased to deliver strong performance ahead of expectation for a fourth consecutive quarter as New Fortive. We remain laser-focused on executing against our 2026 financial and strategic plan and continue to have strong confidence in our medium-term financial framework that we shared at our last Investor Day. With that, I'll turn it over to Mark to walk through our financial results for the second quarter in more detail. Thanks, Olumide.

我們很高興以新 Fortive 的身分，連續第四個季度交出超越預期的強勁表現。我們仍然高度聚焦於落實 2026 年財務與策略計畫的執行，並持續對我們在上次投資人日所分享的中期財務架構抱持高度信心。接下來我把時間交給 Mark，請他更詳細說明我們第二季的財務結果。謝謝你，Olumide。

I'll begin with slide 5. In the second quarter, we delivered total revenue of nearly $1.1 billion, up almost 8% year-over-year on a reported basis, up 6.7% on a core basis. We were pleased to see price and volume growth again in both exits with results driven by healthy customer demand and strong commercial and operational execution across the portfolio.

我先從第 5 張投影片開始。第二季我們的總營收接近 11 億美元，以報表口徑年增近 8%，以核心口徑年增 6.7%。我們很高興再次看到兩個業務退出端皆出現價格與銷量成長，成果來自健康的客戶需求，以及我們在整體投資組合中強勁的商業與營運執行。

Software-related revenue remained a meaningful contributor to growth in the quarter, reflecting the underlying strength of our businesses and robust customer demand for our increasingly AI-driven new front leases. Regarding core growth by geography, North America saw a modest sequential acceleration in Q2 and continues to be our strongest performing region.

與軟體相關的營收在本季仍是成長的重要貢獻者，反映我們業務的內在韌性，以及客戶對我們日益以 AI 驅動的新前端租賃方案的強勁需求。就各地區核心成長而言，北美在第二季出現溫和的季比加速，並持續是我們表現最強的地區。

Revenue in the Europe and Middle East and Africa region declined modestly due to macroeconomic uncertainty associated with heightened geopolitical tensions and continued economic softness across the region. Pressure in EMEA was more than offset by year-over-year growth and sequential acceleration in APAC and LatAm, driven by strong demand for professional instrumentation and health care consumables. Adjusted gross margin was 63% in the quarter, down approximately 100 basis points year-over-year. Adjusted gross margin performance was primarily driven by product mix dynamics resulting from outsized growth in certain lower-margin products, partially offset by operating leverage. Note that tariffs had a minimal impact this quarter as the prior year Q2 also reflected tariff-related costs for most of the period.

歐洲、中東與非洲（EMEA）地區的營收因地緣政治緊張升高所帶來的總體經濟不確定性，以及區域內持續的經濟疲弱而小幅下滑。EMEA 的壓力被亞太（APAC）與拉丁美洲（LatAm）年增與季比加速所抵銷，主要由專業儀器與醫療耗材的強勁需求所帶動。本季調整後毛利率為 63%，年減約 100 個基點。調整後毛利率表現主要受產品組合動態影響，因部分較低毛利產品出現超常成長；營運槓桿對此提供部分抵銷。請注意，本季關稅影響極小，因去年第二季在大部分期間也反映了與關稅相關的成本。

Q2 adjusted EBITDA was $323 million, up 12% year-over-year. This strong performance was driven by adjusted gross profit growth, operating leverage and discrete structural cost savings, partially offset by growth investments to support our Fortive accelerated strategy. Adjusted EBITDA margin in the quarter expanded by approximately 110 basis points year-over-year to 29.5%. We delivered adjusted earnings per share of $0.74 in Q2, up over 28% year-over-year marking our fourth consecutive quarter of double-digit adjusted EPS growth. Strong adjusted EPS performance in Q2 was driven by growth in adjusted EBITDA and the positive year-over-year impact of share repurchases.

第二季調整後 EBITDA 為 3.23 億美元，年增 12%。此一強勁表現主要由調整後毛利成長、營運槓桿與一次性結構性成本節省所驅動；用於支持我們 Fortive 加速策略的成長投資則部分抵銷。本季調整後 EBITDA 利潤率年增約 110 個基點至 29.5%。第二季我們的調整後每股盈餘（EPS）為 0.74 美元，年增超過 28%，為連續第四個季度達成雙位數的調整後 EPS 成長。第二季調整後 EPS 的強勁表現主要由調整後 EBITDA 成長，以及庫藏股回購帶來的年比正面影響所驅動。

We generated roughly $270 million of free cash flow in the second quarter with our trailing 12 month free cash flow topping $1 billion with conversion on net income well north of 100%. Please note that during the quarter, we recognized a $4.5 million IEEPA tariff refund benefit in GAAP earnings. We expect another roughly $20 million to $25 million of tariff refunds in the coming quarters. To help investors more easily compare results across periods, we exclude the impact of IEEPA tariff refunds from our adjusted metrics and expect to continue doing so going forward, for the cash benefit is very real and will be deployed using our disciplined capital allocation framework. Moving to our segment results, starting with intelligent operating solutions on slide 6.

第二季我們產生約 2.70 億美元自由現金流，過去 12 個月自由現金流超過 10 億美元，且對淨利的轉換率遠高於 100%。請注意，本季我們在 GAAP 盈利中認列了 450 萬美元的 IEEPA 關稅退稅收益。我們預期未來幾季還會有約 2,000 萬至 2,500 萬美元的關稅退稅。為協助投資人更容易跨期間比較結果，我們在調整後指標中排除 IEEPA 關稅退稅的影響，並預期未來將持續如此處理；但其現金收益非常真實，並將依我們嚴謹的資本配置框架加以運用。接著看各事業部門的結果，先從第 6 張投影片的智慧營運解決方案（Intelligent Operating Solutions）開始。

Revenue for this segment grew about 9% on a reported basis with core revenue growth of 7.4%, and we are pleased to see broad momentum continue across the segment. Core growth was driven by both price and volume reflecting solid performance across professional instrumentation, facility and asset life cycle solutions and gas detection products. At Fluke, order volume remained strong with order growth modestly outpacing revenue growth during the quarter. Customer demand continues to be robust across our industry-leading portfolio and across a broad set of geographies. Our Fluke team executed with discipline across the board, while increasing investments into further tapping into key high-growth end markets, including data centers and defense.

此事業部門營收以報表口徑成長約 9%，核心營收成長 7.4%；我們很高興看到該部門的廣泛動能持續。核心成長由價格與銷量共同帶動，反映專業儀器、設施與資產生命週期解決方案，以及氣體偵測產品的穩健表現。在 Fluke，訂單量維持強勁，本季訂單成長略高於營收成長。我們在業界領先的產品組合上、以及廣泛的地理市場中，客戶需求仍然強勁。Fluke 團隊在各方面都以紀律執行，同時加大投資以進一步切入關鍵高成長終端市場，包括資料中心與國防。

North America remained our strongest growth driver with broad-based contributions across product lines. While performance in Europe was affected by macroeconomic uncertainty, this was more than offset by strong growth in APAC and LatAm, where increased commercial investments in strategic growth markets are yielding promising early results. Both in facilities and asset life cycle solutions was strong getting Q2 led by strong performance in multisite facility maintenance and marketplace software in North America. We continue to see evidence that our commercial and innovation investments are driving increased demand for our increasingly AI-enhanced products. Our Gas Detection business is growing nicely buoyed by strong demand for our Hardware as a Service product line in North America, the Middle East and in Latin America.

北美仍是我們最強的成長驅動來源，各產品線皆有廣泛貢獻。雖然歐洲表現受到總體經濟不確定性影響，但亞太與拉丁美洲的強勁成長已充分抵銷；我們在策略性成長市場增加商業投資，正帶來令人鼓舞的早期成果。設施與資產生命週期解決方案在第二季表現強勁，主要由北美多據點設施維護與市集軟體的亮眼表現所帶動。我們持續看到證據顯示，我們在商業與創新上的投資正推動對我們日益 AI 強化產品的需求提升。我們的氣體偵測業務成長良好，受惠於北美、中東與拉丁美洲對我們「硬體即服務」（Hardware as a Service）產品線的強勁需求。

Adjusted gross margin in this segment was just over 65%, down about 100 basis points year-over-year, primarily due to strong growth for some of our lower-margin products serving multisite retail customers, partially offset by operating leverage.

此事業部門的調整後毛利率略高於 65%，年減約 100 個基點，主要因服務多據點零售客戶的部分較低毛利產品成長強勁；營運槓桿對此提供部分抵銷。

Q2 adjusted EBITDA in the segment grew 12% to $264 million, driven by adjusted gross profit growth, operating leverage and discrete structural cost savings, partially offset by growth investments. Adjusted EBITDA margin for Q2 expanded by about 100 basis points year-over-year to just under 35%. Moving to our Advanced Healthcare Solutions segment on slide 7. We delivered total revenue of nearly $340 million, revenue grew 6% year-over-year and 5.3% on a core basis.

該部門第二季調整後 EBITDA 成長 12% 至 2.64 億美元，主要由調整後毛利成長、營運槓桿與一次性結構性成本節省所帶動；成長投資則部分抵銷。第二季調整後 EBITDA 利潤率年增約 100 個基點至略低於 35%。接著看第 7 張投影片的先進醫療保健解決方案（Advanced Healthcare Solutions）事業部門。我們的總營收接近 3.40 億美元，營收年增 6%，核心口徑年增 5.3%。

Q2 growth was driven by solid demand for health care consumables, services and software in Latin America, APAC and North America. Our software products in the segment continued to deliver strong growth driven by effective execution and strong provider demand for our gastrointestinal case documentation solution. Low temperature sterilization capital demand improved modestly again in Q2 and contribute to growth. Adjusted gross margin in the segment was roughly 58%, down about 110 basis points year-over-year, reflecting product mix dynamics and strategic growth investments, partially offset by operating leverage. Q2 adjusted EBITDA in the segment was $88 million, up approximately 3% year-over-year, driven by adjusted gross profit growth, operating leverage and discrete structural cost savings, partially offset by growth investments.

第二季成長由拉丁美洲、亞太與北美對醫療耗材、服務與軟體的穩健需求所帶動。該部門的軟體產品持續交出強勁成長，主要來自有效的執行，以及醫療服務提供者對我們胃腸道病例文件解決方案的強勁需求。低溫滅菌設備的資本需求在第二季再次小幅改善，並對成長有所貢獻。該部門調整後毛利率約為 58%，年減約 110 個基點，反映產品組合動態與策略性成長投資；營運槓桿對此提供部分抵銷。該部門第二季調整後 EBITDA 為 8,800 萬美元，年增約 3%，主要由調整後毛利成長、營運槓桿與一次性結構性成本節省所帶動；成長投資則部分抵銷。

Adjusted EBITDA margin contracted by about 80 basis points year-over-year, while remaining a healthy 26%. Turning to slide 8. Our balance sheet remains strong. We finished the quarter at 2.7 times gross debt to adjusted EBITDA, modestly delevering from last quarter. As noted earlier, we deployed roughly $200 million to share repurchases in the second quarter reflecting our continued focus on deploying capital with a laser focus on driving best relative risk adjusted returns and confidence in our ability to deliver on our value creation plan.

調整後 EBITDA 利潤率年減約 80 個基點，但仍維持健康的 26%。接著看第 8 張投影片。我們的資產負債表仍然強健。本季末總負債對調整後 EBITDA 倍數為 2.7 倍，較上季小幅去槓桿。如先前所述，我們在第二季投入約 2.00 億美元進行庫藏股回購，反映我們持續以高度聚焦的方式部署資本，以追求最佳的相對風險調整後報酬，並對我們實現價值創造計畫的能力充滿信心。

As a result, we had approximately 307 million diluted shares outstanding at the end of Q2. In terms of M&A, we completed the acquisition of a majority stake in UV Smart towards the end of Q2, and the execution of our value creation plans for the two small bolt-on acquisitions we completed in Q4 of last year are both going according to plan. We continue to evaluate high-quality accretive bolt-on deals that meet our rigorous strategic and financial criteria and deliver superior returns relative to alternative uses of capital, and we now have the team and processes in place to execute effectively on our M&A strategy. We have a healthy balance sheet and a growing business with high durability, strong margins low capital intensity and very attractive free cash flow generation characteristics. All of this gives us ample capacity to execute on our capital allocation priorities with a relentless focus on optimizing shareholder returns in the medium to long term.

因此，第二季末我們約有 3.07 億股稀釋後流通股數。在併購方面，我們於第二季末完成收購 UV Smart 的多數股權；而我們在去年第四季完成的兩筆小型補強式收購（bolt-on acquisitions），其價值創造計畫的執行也都按計畫推進。我們持續評估符合我們嚴格策略與財務標準、具增益效果（accretive）的高品質補強式交易，並能相較於其他資本用途帶來更優異的報酬；目前我們也已具備團隊與流程，可有效執行我們的併購策略。我們擁有健康的資產負債表，以及一個具高度韌性、強勁利潤率、低資本密集度，且自由現金流創造特性非常吸引人的成長型業務。這些都使我們具備充足能力來執行資本配置優先事項，並以不懈的專注在中長期最佳化股東報酬。

Moving to slide 9. We are raising our full year 2026 adjusted EPS guidance range to $2.95 to $3.05, reflecting solid first half performance and confidence in the trajectory of the business. This outlook assumes a continuation of the market dynamics we experienced in Q2 and reflects current tariff rates. Now let me provide some additional considerations to assist with modeling. Based on current foreign exchange rates, we now expect full year reported revenue of approximately $4.35 billion.

接著看第 9 張投影片。我們將 2026 全年調整後 EPS 指引區間上調至 2.95 美元至 3.05 美元，反映上半年穩健的表現，以及我們對業務發展軌跡的信心。此展望假設延續我們在第二季所經歷的市場動態，並反映目前的關稅稅率。現在我再提供一些額外考量，以協助建模。以目前外匯匯率為基礎，我們目前預期全年列報營收約為 43.5 億美元。

Given solid performance to date, we now expect full year core growth of approximately 4%, up from our prior expectation of 2% to 3%. In terms of the shape of the balance of the year, we expect Q3 reported revenue as a percent of total to be broadly in line with historical patterns, while Q4 will be a smaller than usual percentage due to there being four fewer selling days in the quarter versus prior year. As we mentioned last quarter, it will also drive about a $15 million to $20 million headwind to reported revenue and a 150 basis point headwind to core growth in Q4. We expect FX and M&A combined to be about a 50 basis point tailwind to reported revenue in each of Q3 and Q4. We are affecting Q3 adjusted EBITDA margins to be slightly below Q2 levels, driven by slightly lower revenue on an absolute basis and the impact of modest strategic growth investments.

鑑於迄今為止的穩健表現，我們目前預期全年核心成長約為 4%，高於先前預期的 2% 至 3%。就全年剩餘期間的分布而言，我們預期第三季列報營收占全年總額的比例大致符合歷史型態，而第四季的占比將低於往常，原因是該季較去年同期少了四個銷售日。如同我們上季提到的，這也將在第四季對列報營收造成約 1,500 萬至 2,000 萬美元的不利影響，並對核心成長造成 150 個基點的不利影響。我們預期外匯與併購（M&A）合計在第三季與第四季各自對列報營收帶來約 50 個基點的有利影響。我們預期第三季調整後 EBITDA 利潤率將略低於第二季水準，主要受絕對營收略低以及適度策略性成長投資影響。

On a year-over-year basis, EBITDA margin trends will also be impacted by a more difficult Q3 OpEx comparable. We now expect a Q3 effective tax rate in the mid-teens and Q4 in the low double-digit range. And full year net interest expense of about $140 million. From a bottom line perspective, as we look forward to the balance of the year as has historically been the case, we expect adjusted EPS delivery to be weighted towards the fourth quarter with Q3 EPS up very slightly year-over-year, as we said last quarter, broadly consistent with what we saw in the first quarter of this year. As the balance of the year unfolds, and we continue to execute on our Fortive accelerated strategy, quarterly phasing may evolve.

以年對年來看，EBITDA 利潤率趨勢也將受到第三季營業費用（OpEx）比較基期較為艱難的影響。我們目前預期第三季有效稅率在 10% 中段，第四季在低雙位數區間。以及全年淨利息費用約 1.40 億美元。從獲利端來看，展望全年剩餘期間，依歷史慣例，我們預期調整後 EPS 的實現將偏重於第四季；第三季 EPS 年對年僅小幅成長，正如我們上季所說，與今年第一季所見情況大致一致。隨著全年剩餘期間的推進，以及我們持續執行 Fortive 加速策略，季度節奏可能會有所變化。

As a final note, before turning it back to Olumide for closing remarks and Q&A, our first half results reinforce our confidence in the Fortive Accelerated strategy and the financial framework we outlined at our last Investor Day, and we remain focused on delivering benchmark in returns for our shareholders. I'll now turn it back over to Olumide.

最後補充一點，在把時間交回給 Olumide 進行結語與問答之前，我們上半年的結果強化了我們對 Fortive 加速策略以及在上次投資人日所闡述之財務框架的信心；我們仍專注於為股東帶來具標竿水準的報酬。現在把時間交回給 Olumide。

Thanks, Mark. Let me close with a few observations on the quarter and where we are headed. Q2 represented another strong quarter of performance. We delivered 6.7% core growth, approximately 12% adjusted EBITDA growth and 28% adjusted EPS growth. Our fourth consecutive quarter of delivering double-digit adjusted EPS growth and exceeding expectations.

謝謝，Mark。我用幾點觀察來做結，談談本季表現以及我們的前進方向。第二季再次展現強勁的表現。我們實現 6.7% 的核心成長、約 12% 的調整後 EBITDA 成長，以及 28% 的調整後 EPS 成長。這是我們連續第四個季度交出雙位數的調整後 EPS 成長並超越預期。

One year after our launch of new Fortive, we are generating momentum from our four accelerated strategy. And our confidence in the 2026, 2027 financial framework we outlined at our last Investor Day is fully intact. We are pleased with the progress we have made.

在我們推出全新 Fortive 一年後，我們正從四項加速策略中累積動能。我們在上次投資人日所提出的 2026、2027 財務框架之信心依然完全不變。我們對已取得的進展感到滿意。

We believe we are still in the early stages of realizing Fortive's full potential, and we are excited about the value-creation runway ahead of us. I want to thank our customers for placing their trust in us every day and all our 40 team members around the world for their commitment to our shared purpose of innovating essential technologies to keep our world safe and productive.

我們相信，我們仍處於實現 Fortive 全部潛力的早期階段，並對未來的價值創造長跑道感到振奮。我要感謝客戶每天對我們的信任，也感謝全球 40 名團隊成員對我們共同使命的投入——創新關鍵技術，讓世界更安全、更高效。

With that, I'll turn it back to Christina to open the call for questions.

接下來，我把時間交回給 Christina，請她開放提問。

Thanks, Olumide. That concludes our prepared remarks. We are now ready for questions.

謝謝，Olumide。以上為我們事先準備的發言。我們現在開始回答問題。

(Operator Instructions) Scott Davis with Melius Research.

（接線員指示）Melius Research 的 Scott Davis。

I wanted to touch on two things. The first being new products and the second one being bolt-ons, but new products, is it something, when you talk about NPIs and you think about the KPIs around that, that you guys look at internally, are new products having a tangible impact on top line growth or sometimes you see in price or are you seeing margins because it's, you're selling something that's iterative. But is there a tangible sign at least that you think you're getting a return there?

我想談兩件事。第一是新產品，第二是補強型併購（bolt-ons）。先談新產品：當你們談到 NPI（新產品導入）以及相關 KPI（關鍵績效指標）時，你們內部觀察的是，新產品是否對營收成長有實質影響？或者有時你們會在價格上看到影響，或是因為賣的是迭代式產品而在毛利率上看到變化。但至少是否有明確跡象讓你們認為在這方面獲得了回報？

Scott, thanks for the question. I think short answer is yes, absolutely. I mean, we've been really clear in our Fortive Accelerated strategy are the three factors that would drive this company to grow faster, first of those is innovation and new products, second commercial and this recurring cost on value, which means we do more for the 100,000 customers we have that trust us every day. And what we've seen really is from a product innovation point of view, all 10 of our brands have really been introducing products and have a funnel of new products that's deeper and richer than we had, and it's also more pointed at really high growth vectors. So the fact that we're growing 6.7% call this quarter in Q2, and we've been accelerating in the last four quarters.

Scott，謝謝你的問題。我想簡短回答是：是的，絕對是。我們一直很清楚，在 Fortive 加速策略中，有三個因素會推動公司更快成長：第一是創新與新產品；第二是商業化；以及第三是「經常性成本轉為價值」（recurring cost on value），也就是我們為每天信任我們的 10 萬名客戶做得更多。而我們真正看到的是，從產品創新的角度來看，我們 10 個品牌都在推出產品，而且新產品管線比過去更深、更豐富，也更聚焦在真正高成長的向量上。因此，我們在第二季本季成長 6.7%，且過去四個季度持續加速。

That certainly has had the fingerprints of those new products on it. We've talked about some examples of those at Fluke CertiFiber Max at ServiceChannel with some of the exciting AI enabled innovation. We've introduced for work order anomaly detection and conversational work order completion and other things. So the short answer is yes. And as you can imagine, knowing us well, we have extensive instrumentation on how we track the portfolio of new products and each individual product in terms of what we expect and what we're delivering, and we feel quite good about what we're getting out of them.

這當然帶有那些新產品的明顯印記。我們也談過一些例子，例如 Fluke 的 CertiFiber Max，以及 ServiceChannel 一些令人振奮的 AI 賦能創新。我們推出了工單異常偵測、對話式工單結案等功能，以及其他項目。所以簡短答案是：是的。而且如你所想、也很了解我們，我們對於如何追蹤新產品組合以及每一項產品（包含預期與實際交付）都有非常完整的量測機制；我們對目前取得的成果感到相當不錯。

Okay. Fair enough. And then on the bolt-on side, are there, I don't know what proper word to use here, it is my fourth call today, and my brain is starting to fry. But are there limitations meaning particular businesses that you would not want to bolt on to or areas that you have limited interest in expanding?

好的。了解。那再談補強型併購（bolt-on）方面，有沒有——我不知道該用什麼詞比較恰當，我今天已經第四通電話了，腦袋開始有點燒掉。但是否存在限制，也就是說，有些特定業務你們不想用補強型併購去加進來，或是有些領域你們對擴張興趣有限？

Or are you looking at bolt-ons across the entire portfolio, software, not software healthcare health care. I mean just a sense kind of priorities there and where we might expect to see the lion's share of bolt-ons?

或者你們是在整個投資組合範圍內尋找補強型併購，包含軟體、非軟體、醫療保健等。我想了解一下你們的優先順序，以及我們可能在哪些領域看到大部分的補強型併購？

Yes. So I mean, we, first of all, have a much simpler portfolio. It's really quite interesting because if you think about the company today. Fluke is more than 40% of what we do. Business at ASP is a really big chunk of what we do.

是的。所以我的意思是，我們首先擁有一個簡化得多的投資組合。這其實相當有意思，因為如果你看今天的公司。Fluke 占我們業務的比重超過 40%。ASP 的業務也是我們很大的一部分。

And then there's the rest of the company. So if you think about just the softest area we have to look for bolt-ons in, it certainly would skew towards our strongest platforms. I'll use Fluke as an example of those, and ASP is a good example as well.

接著是公司其餘的部分。因此，如果你只思考我們在最「柔軟」的領域（也就是最可能尋找補強式併購的區域）要去找 bolt-on，方向確實會更偏向我們最強的平臺。我以 Fluke 作為例子，ASP 也是一個很好的例子。

So while we don't exclude any area, we're generally building a funnel that's sort of looking at what's available and what strategically and financially interesting for each of our brands. You're going to see us skew towards strongest brands.

所以，雖然我們不排除任何領域，但我們通常會建立一個漏斗，去看有哪些標的可用，以及對我們各個品牌在策略與財務上哪些是有吸引力的。你會看到我們更偏向最強勢的品牌。

On your point about software, I mentioned this, I think, a few calls ago, we like the software brands we have because of the attributes they have around proprietary data and regulatory lock-in and two-sided networks.

關於你提到的軟體，我想我在幾次電話會議前提過：我們喜歡我們現有的軟體品牌，因為它們具備一些特質，例如專有數據、法規鎖定效應，以及雙邊網路。

And so if we're looking to bolt-on anything, that thing has to have those attributes to light as well. It has to be at a financial proposition that fits a criteria in terms of returns. So software bolt-ons are possible, but it's a very narrow path to find something that was in is affordable. So that's the way we think about it.

因此，如果我們要補強併購任何東西，那個標的也必須同樣具備這些特質。而且在財務提案上必須符合我們對報酬率的標準。所以軟體的 bolt-on 併購是可能的，但要找到既符合條件又負擔得起的標的，路徑非常狹窄。這就是我們的思考方式。

We build a funnel, but I think if you think about what's going to come out as executed deals, you see them skewed towards our biggest brands where we're strongest and probably less towards software and more towards differentiated hardware businesses.

我們會建立一個漏斗，但如果你思考最後真正會落地執行的交易，你會看到它們更偏向我們最強、規模最大的品牌；而且相較之下，可能較少是軟體、更多是具差異化的硬體業務。

Coe with Wolfe Redarch.

Coe，Wolfe Redarch。

I know that Christina will do the great job of kind of like sending an e-mail with all the modeling items. Just wanted to clarify, your comments on 3Q, Mark, do we have revenues and margin down modestly sequentially. I think that will be normal seasonality. Just wanted to clarify that. And then it seems like there's some moving pieces on the tax between 3Q and 4Q.

我知道 Christina 會很出色地把所有建模項目用電子郵件整理發送。我只是想釐清一下，Mark，你對 3Q 的評論：我們是否是營收與利潤率（margin）按季小幅下滑？我想那會是正常的季節性。只是想確認一下。另外，看起來 3Q 和 4Q 之間的稅務（tax）有一些變動因素。

I think you said high teens in 3Q is now mid-teens and 4Q looks to be a bit higher. Are we still on the path for a mid-teens tax rate for the full year?

我記得你說 3Q 原本是 high teens，現在是 mid-teens，而 4Q 看起來會高一些。我們全年仍然是在走向 mid-teens 的有效稅率（tax rate）嗎？

I think you've got it entirely right. So I think normal seasonality, as we said, Q3 revenue would track in normal path, and that would be a sequential step down along with the commentary we made on adjusted EBITDA margins. And then absolutely right on the tax rate, we are continuing to expect something in the mid-teens on a full year basis and again, mid-teens in Q3 and low double digits in the fourth quarter.

我想你完全理解正確。所以如我們所說，正常季節性之下，第三季營收會沿著正常軌跡走，按季會下來一些；這也與我們對調整後 EBITDA 利潤率的評論一致。至於稅率，你也說得對：我們仍預期全年在 mid-teens；同樣地，第三季是 mid-teens，第四季是低雙位數（low double digits）。

Okay. That's great, Mark. I just want to do that. And then just maybe just elaborate a little bit more on mix headwinds that you called out, especially within ASP. Just wanted to understand, how persistent that is?

好的。很好，Mark。我只是想確認這點。另外，能否再多談一點你提到的組合（mix）逆風，特別是在 ASP 內部？我想了解這會持續多久？

And then just kind of beyond that, maybe just talk about memory chip inflation. I think you might have touched on this last quarter. Is that weighing on conversion rates in the back half of the year to any degree.

再來，想請你談談記憶體晶片通膨。我想你上季可能有提到。這是否在今年下半年對轉換率（conversion rates）造成任何程度的壓力？

Sure. Happy to take both of those. So gross margin, yes, again, mix shift was a big driver in both segments, specifically in AHS, as you called out, we saw mix shift driven in part by just resumed growth in our, in the capital part of ASP.

當然。很樂意一起回答這兩題。所以毛利率方面，是的，再次強調，組合轉移（mix shift）在兩個部門都是主要驅動因素；特別是在你點名的 AHS，我們看到的組合轉移部分是因為 ASP 的資本（capital）部分恢復成長所帶動。

They also made some strategic investments against some larger accounts that also impacted gross margins in the quarter. And again, overall, just as a reminder, make shift is predominantly impacting gross margins in iOS as a result of strength and high growth in one of our lower-margin products, strategic product in ServiceChannel, particularly.

他們也針對一些較大型客戶做了策略性投資，這也影響了本季毛利率。另外再提醒一次，組合轉移主要影響 iOS 的毛利率，原因是我們某個低毛利產品（同時也是策略性產品）表現強勁且高速成長，尤其是在 ServiceChannel。

With respect to inflation generally and memory chips, I'd say FBS is incredibly good at offsetting these, and we certainly had price cost was positive for us in the quarter. On the margin, there are projects that the teams are working on to make sure that we have multiple sources for things as some things like rare earth and memory chips become harder to come by. It's not a material factor that you would notice in our results at this point in terms of converting orders and backlog to revenue, but it is something that we're actively working to countermeasure.

至於一般通膨與記憶體晶片，我會說 FBS 在抵消這些影響方面做得非常好；而且本季我們的價差/成本（price cost）對我們是正向的。在供應面，團隊也在推進一些專案，確保當某些材料（例如稀土與記憶體晶片）變得更難取得時，我們有多元來源。就目前而言，這不是你會在我們的業績中注意到的重大因素（例如把訂單與積壓訂單轉成營收的能力），但我們確實在積極採取對策。

Deane Dray with RBC Capital Markets.

RBC Capital Markets 的 Deane Dray。

Olumide, I really was interested in your prepared remarks today where you walk through all of the different new AI products in your software offerings. And this is as far as we're concerned, really important proof points on the AI as an asset, not a threat debate.

Olumide，我對你今天的事先準備發言很感興趣，你逐一說明了你們軟體產品中各種新的 AI 產品。就我們看來，這些是「AI 是資產而非威脅」這場辯論中非常重要的驗證點（proof points）。

And could you just step back and kind of give us a sense of where is Fortive in the rollout of these AI features? Is there any way that you can size the event that you've made and then even probably harder how you measure enhanced functionality and benefits and so forth. But just further color on this would be really important to hear.

你能否退一步，讓我們了解 Fortive 在這些 AI 功能的推出進度到哪裡了？你是否能量化你們所做的投入（investment），以及更難的是，你們如何衡量功能增強與效益等？希望你能再多補充一些細節，這對我們很重要。

Yes, Deane, thanks for the question. So just maybe the context on this is for us. We started with an AI center of excellence seven years ago before generative AI made it more fashionable. And so we, at some level for industrial health care technology company, we've been ahead of the curve quite a bit with some of the top companies as partners over several years. So that really gives us a head start.

是的，Deane，謝謝你的問題。先提供一些背景脈絡：對我們而言，早在七年前、生成式 AI 變得更流行之前，我們就成立了 AI 卓越中心（center of excellence）。所以在某種程度上，作為一家工業與醫療科技公司，我們與一些頂尖公司合作多年，在這方面其實領先了不少。這確實讓我們有先發優勢。因此我們起步更早。

And what we've done across six software brands is we've been able to very quickly figure out the best use cases for AI, like real use cases that deliver measurable returns for customers, i.e., we save them millions of dollars. We help them improve output in measurable ways. And our teams have done a terrific job of really deploying us very quickly across our brands. And we've talked about some examples of those. I'll say to you that it's been really terrific to see the adoption of those.

我們在六個軟體品牌上所做的是：能非常快速地找出 AI 的最佳使用情境，也就是能為客戶帶來可衡量報酬的真實用例，例如幫他們節省數百萬美元。我們也能以可衡量的方式協助他們提升產出。而我們的團隊在各品牌上快速部署方面做得非常出色。我們也談過其中一些例子。我想說的是，看到這些功能被採用的情況非常令人振奮。

We refer to the eMaint example in the prepared remarks this time. But every single month, we have another one of those AI-enabled stories on our software platforms that I agree. So we're well into it at this point. We're seeing customers adopting it. We're capturing value in terms of returns to your point in multiple ways.

這次在事先準備發言中，我們提到了 eMaint 的例子。但幾乎每個月，我們的軟體平臺都會再出現一個 AI 賦能（AI-enabled）的案例，我同意你的看法。所以到目前為止，我們已經推進得很深入了。我們看到客戶正在採用。也如你所說，我們正以多種方式捕捉價值、反映在報酬上。

In some cases, it's an explicit additional sale that a customer pays for. And in some cases, those are outcome-based. In some cases, it's a pass-through of taking cost plus a markup. In some cases, it helps our overall NDR on the account and just deepens our presence with the customer. As you can imagine, with FPS, we've got deep instrumentation, and how we track the returns on each of this.

在某些情況下，這是客戶會明確付費的額外銷售。在某些情況下，這些是以成果為基礎（outcome-based）的。在某些情況下，則是把成本加成（cost plus a markup）轉嫁出去。在某些情況下，它有助於提升我們在該客戶的整體 NDR，並加深我們與客戶的合作深度。如你所想像，透過 FPS，我們有很深的量測工具，能追蹤每一項的報酬。

The investment level has not been significant for us, again, because it wasn't a new initiative for us. We've had this COE for a long time. We've been able to scale it by adding capacity in India and making sure that the partnerships we had give us good pricing in terms of any any additional tools that we were using. So overall, it's been a great story for us. The fact that our software business has continued to do really well, is not exactly separate from how well we've been able to leverage AI. We feel good about the setup.

對我們而言，投資水準一直不算顯著，再次強調，因為這對我們不是一項新的倡議。我們這個卓越中心（COE）已經存在很長一段時間了。我們能夠透過在印度增加產能來擴大規模，並確保我們既有的合作夥伴關係，能在我們使用任何額外工具時提供良好的價格條件。所以整體而言，這對我們來說是一個很棒的故事。我們的軟體業務持續表現非常好，這並不完全獨立於我們能夠多有效地運用 AI。我們對這樣的配置感到很有信心。

Great. And then just as a follow-up, and I'll keep this one a bit more direct. Can you give us an update on Fluke. We're always interested in the sell-in versus sell-through inventory in the channel, so forth. Whatever you can share there is helpful.

很好。接著再追問一下，我會把這個問題問得更直接一些。你能否提供一下 Fluke 的最新情況？我們一直很關注通路中的 sell-in 與 sell-through 庫存等狀況。你能分享的任何資訊都會很有幫助。

Yes. Thanks, Deane. And Fluke is a big part of what we do. I mean if you look at another just terrific quarter in terms of performance. And it was broad-based strength really across product lines and across both volume and price, which was great to see.

可以。謝謝你，Deane。Fluke 是我們業務中很重要的一部分。如果你看本季的表現，又是一個非常出色的季度。而且強勁表現相當全面，幾乎涵蓋各產品線，並同時反映在出貨量與價格上，這點很令人欣慰。

So we're gaining share, we're capturing price. From a regional perspective, North America remained our strongest growth driver. With strong POS in terms of sell-through. We've talked about that in several quarters, and the strength continues Europe was affected by some of the macroeconomic uncertainty. But really it was more a China customers that deferred purchases.

所以我們正在提升市占，也成功實現價格。從區域來看，北美仍是我們最強的成長驅動力。在 POS（終端銷售）/sell-through 方面表現強勁。我們已在過去幾個季度談過這點，這股強勢仍在延續。歐洲則受到一些總體經濟不確定性的影響。但其實更多是中國客戶延後採購。

If you look at the POS in Europe, it was actually the best we have seen in 6 quarters. So it really was a China flat, which is from an inventory point of view because we're leaving the quarter with a much better inventory channel inventory position.

如果看歐洲的 POS，其實是我們近 6 個季度以來看到最好的表現。所以真正的問題在於中國持平；從庫存角度來看，因為我們在季度結束時的通路庫存水位明顯更健康。

APAC and Latin America both posted really solid growth at Fluke and really partially reflecting the increased commercial investments that we've referenced that we've been making in these regions for the last few quarters as part of our Fortive Accelerated strategy. And orders grew modestly faster than revenues like we referenced. So book-to-bill was nicely above one.

亞太與拉丁美洲在 Fluke 都繳出相當扎實的成長，部分反映了我們在過去幾個季度所提到、作為 Fortive Accelerated 策略一部分而在這些地區加大商業投資的成果。而如我們所提，訂單成長略快於營收。因此 book-to-bill 明顯高於 1。

And we feel really good about the setup at Fluke. Our team continues to drive just a terrific innovation funnel. We continue to have probably the best commercial intensity whatever had in that business with a full consumer behind good because like data center and defense and early in career professionals that now to be tooled up and want time to start with Fluke and stay with Fluke all through their career. So we really like the performance trajectory and set up for Fluke, which again is well over 40% of our entire company. So we're like that.

我們對 Fluke 的整體態勢感到非常樂觀。我們的團隊持續推動非常出色的創新管線。我們也持續維持該業務可能是史上最強的商業強度，背後有完整的需求動能支撐，例如資料中心、國防，以及職涯早期的專業人士——他們現在需要配備工具，往往會從 Fluke 開始，並在整個職涯都持續使用 Fluke。因此我們非常看好 Fluke 的績效軌跡與整體布局；而 Fluke 佔我們整個公司比重遠超過 40%。所以我們對此很滿意。

Andy Kaplowitz with Citi.

花旗（Citi）的 Andy Kaplowitz。

Olumide or Mark, AHS growth continued to be solid in Q2, but maybe you could talk about what's going on between consumables, where growth seems to be strong and where you said growth has been maybe a little more modest. Are you still being slowed down at all by tight hospital CapEx budgets? Are they starting to get better? What's the outlook there?

Olumide 或 Mark，AHS 在第二季的成長仍然穩健，但也許你們可以談談耗材這一塊的情況——看起來成長很強；以及你們提到成長可能較為溫和的部分。醫院資本支出（CapEx）預算緊縮是否仍在某種程度上拖累你們？情況是否開始改善？那邊的展望如何？

Yes. Thanks for the question. We're really happy with what we saw in the AHS segment overall, frankly, in ASP, especially. And we really see it as an opportunity to reach environment as we dig more into those businesses. They're just a lot of exciting initiatives that can deliver sustainable growth, profitable growth for years to come.

是的。謝謝你的提問。坦白說，我們對 AHS 分部整體在第二季的表現非常滿意，尤其是在 ASP（平均售價）方面。而且隨著我們更深入這些業務，我們確實把它視為一個充滿機會的環境。有很多令人振奮的計畫，能在未來多年帶來可持續的成長與獲利性成長。

So we really like what we're seeing there. In terms of Q2, the strength was broad-based. To your point, in ASP, the consumables and services business grew in every major region with particular strength in APAC and Latin America, which is great to see. But every region grew our consumable and services. To your point on the capital business, we've talked about the hospital budget pressure now for several pressures.

所以我們很喜歡目前看到的狀況。就第二季而言，強勁表現是全面性的。如你所說，在 ASP 方面，耗材與服務業務在每個主要地區都成長，尤其亞太與拉丁美洲特別強勁，這點很令人欣慰。但各地區的耗材與服務都在成長。至於你提到的資本設備業務，我們已經談到醫院預算壓力有好幾個季度了。

There's still some of that, but it's continued to improve. And that capital business returned to growth this quarter, which was great to see, and the commercial pipeline remains strong and very healthy. I think the south parts of the segment continue to deliver strong growth, led by probation and our SaaS sales in North America. So it was a great quarter because the strength was really broad based and and across regions and components of what we do for customers.

目前仍有一些壓力，但情況持續改善。而且本季資本設備業務恢復成長，這點很令人高興；同時商業管線依然強勁且非常健康。我認為該分部的部分領域仍持續交出強勁成長，主要由北美的 probation（緩刑）以及我們的 SaaS 銷售所帶動。因此這是一個很棒的季度，因為強勢表現確實是全面性的——跨區域、也跨我們為客戶提供的各項業務組成。

Very helpful. And then I think last quarter, Olumide, you said that FAL-related growth was accretive to this segment. Is that still the case? And then I think you said ServiceChannel has led growth for you in FAL. But could you clarify what seeing between ServiceChannel and Gordian and Accruent?

非常有幫助。另外我記得上季 Olumide 你提到，與 FAL 相關的成長對這個分部是有增益（accretive）的。現在仍然如此嗎？另外我想你也提到 ServiceChannel 在 FAL 中帶動了你們的成長。但你能否釐清一下 ServiceChannel、Gordian 與 Accruent 之間各自的表現？

Yes. So again, great quarter for the file platform overall. It was led by ServiceChannel, which continues to benefit from robust demand in multi-site Facility Management Solutions and marketplace software. But every part of the FDL portfolio performed really well. Gordian, for example, had a solid quarter.

是的。所以再次強調，整體來看，FAL 平台本季表現非常好。其中由 ServiceChannel 領軍，持續受惠於多據點設施管理解決方案與市集（marketplace）軟體的強勁需求。但 FDL 投資組合的每個部分表現都非常出色。例如 Gordian 本季就有穩健表現。

As you know, Q2 is a part one for them for some of the state and local government at year-end. It was a solid quarter for Gordian like that. And Accurent continues on its improvement in trajectory as well, which led us to an outcome where fall delivered really strong growth as did every other piece of the iOS segment. Frankly, we've talked about Fluke and gas detection piece as well. So a good quarter for our team.

如你所知，第二季對他們而言，部分州與地方政府客戶在財年年末會有一些季節性因素。Gordian 本季表現穩健，就是這樣。Accruent 也持續改善其成長軌跡，進而帶來一個結果：FAL 交出非常強勁的成長，而 IOS 分部的其他每一塊也都表現出色。坦白說，我們也談過 Fluke 以及氣體偵測（gas detection）業務。所以對我們團隊而言，這是一個不錯的季度。

Chris Snyder with Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Chris Snyder。

I wanted to ask about back half margins. And I understand that corporate is a headwind to the overall Fortive margin into the back half. But it seemed like if my math is right, it seems like you guys are calling for the segments to be maybe flat to down on margins into the back half. So I guess, is that right, what are the drivers of that? Is that just investment coming through?

我想問一下下半年毛利率/利潤率的問題。我理解公司層面（corporate）在下半年會對 Fortive 整體利潤率形成逆風。但如果我算得沒錯，你們似乎在指引中預期各分部在下半年利潤率可能持平到下滑。所以我想確認一下：是這樣嗎？背後的驅動因素是什麼？這只是投資開始反映出來嗎？

Is there some gross margin? Does that remain down in the back half? Just any kind of color on the segment margins?

是否有一些毛利率因素？下半年毛利率仍會下滑嗎？想請你們就分部利潤率提供一些補充說明。

Yes. Happy to provide a little bit more color, Chris. I think, first of all, we continue to operate the business in accordance with the 50 to 100 basis point EBITDA margin expansion framework on an annualized basis. And I would expect that for this year. And again, it's part of the framework, so we'll run it through next year as well.

是的。很樂意提供更多說明，Chris。我想首先，我們仍會依照「年度化 EBITDA 利潤率擴張 50 到 100 個基點」的框架來經營業務。我也預期今年會符合這個框架。而且這是框架的一部分，所以明年我們也會持續依此推進。

There's a lot of puts and takes in terms of just what's happening quarter by quarter this year. We talked about in Q3, particularly some EBITDA margin pressure. Part of that is driven by a tougher comp from Q3 of last year. And then we also continue to see some of the mix shift dynamics on a gross margin basis across both segments as we look through the third quarter as well. Q3 also is just a smaller quarter from a revenue perspective.

就今年而言，按季度來看，實際發生的情況有很多此消彼長的因素。我們在第三季談到過，特別是 EBITDA 利潤率的一些壓力。其中一部分是由於去年第三季的比較基期更具挑戰性所致。此外，當我們檢視第三季時，也持續看到兩個事業部在毛利率層面都出現一些產品組合轉移的動態。第三季從營收角度來看本來就是較小的一季。

So that's just on an OpEx base when we have, again, small tactical incremental investments like we do, that puts pressure on the margin as well. On a corporate cost basis, I would continue to think about corporate costs in the $26 million to $27 million on per quarter.

因此，在營業費用（OpEx）基礎上，當我們像現在這樣再做一些小型、戰術性的增量投資時，也會對利潤率造成壓力。以公司層級成本來看，我仍會把公司成本視為每季約 2,600 萬到 2,700 萬美元。

There was a little bit of a step-up this quarter just due to some mark-to-market of some incentive compensation matters. And I think as you look through Q4, again, you've got the smaller selling days for less selling days that creates an interesting dynamic but you should see a better actually margin outlook in the fourth quarter compared to the third quarter.

本季略有上升，主要是因為部分激勵薪酬事項的按市價評價（mark-to-market）。而當你展望第四季時，同樣地，銷售天數較少會帶來一些有趣的動態，但相較第三季，你應該會看到第四季的利潤率展望其實更好。

It makes sense. And then I also, I wanted to follow up on Fluke. You guys are trying to talk, I think, for a couple of quarters now about some data center opportunities there. And I guess kind of my question is, is there something new happening in data center because we didn't really kind of associate that vertical that we hear a lot about that opportunity in Fluke going back a year or two. And of course, data center has been strong for a long time.

了解。另外我也想追問一下 Fluke。我想你們已經連續幾個季度在談那邊的一些資料中心機會。我的問題是，資料中心那邊是否有什麼新的變化？因為我們並沒有真的把這個垂直領域，跟 Fluke 的機會在一、兩年前就聯想在一起。當然，資料中心強勁已經很長一段時間了。

So is anything specifically happening? I'm hearing about some maybe Fluke opportunities within fiber specifically as that comes to market. I don't know any, is that new innovation, new product? Why is that seems like it's coming through a little sharper now in the first half of '26?

所以是否有什麼特別正在發生？我聽到一些可能是 Fluke 在光纖方面的機會，尤其是隨著相關產品進入市場。我不太確定，那是新的創新、新產品嗎？為什麼看起來在 26 年上半年這個訊號變得更明顯、更尖銳？

Yes. Thanks for the question. I think the beauty of Fluke is the kind of the durability that comes from the fact that we play in so many different sort of end users. So data center have always been a part of what we did at Fluke, but it's one of many, many good drivers for us within Fluke. So it's not, Fluke is not a data center company.

是的。謝謝你的問題。我認為 Fluke 的優勢在於其耐久性，來自於我們服務非常多不同類型的終端使用者。所以資料中心一直都是 Fluke 業務的一部分，但它只是 Fluke 眾多、眾多良好成長驅動因素之一。因此，Fluke 不是一家資料中心公司。

It's just one of many things that we do. And Fluke already participates in the tool belt for data centers with a wide range of products from power quality monitoring to high-voltage diagnostics and to your point, high-density fiber testing, electric grant fall detection.

那只是我們做的眾多事情之一。而 Fluke 早已在資料中心的「工具腰帶」中占有一席之地，產品範圍很廣，從電力品質監測到高壓診斷，再到你提到的高密度光纖測試、電弧故障偵測。

So we've always done provided a lot of tools that have been used mostly frankly, in the commissioning, but as well as operations and maintenance of data centers. What is new is that as part of all the things that look doing to drive innovation, they've actually pointed some exciting new products towards the data center use case, that's become a pull through for everything else we already do.

所以我們一直以來都提供許多工具，坦白說主要用在資料中心的驗收/啟用（commissioning），同時也用於營運與維護。新的地方在於：在推動創新的各項工作中，他們其實針對資料中心使用情境推出了一些令人振奮的新產品，進而帶動我們原本就有的其他產品一起被拉動（pull-through）。

So we've talked about the CertiFiber Max example, which to your point on fiber testing, that's for testing kind of cables that have new fiber in them.

我們談過 CertiFiber Max 這個例子；如你所說，它是用於光纖測試，主要是測試內含新型光纖的線纜。

And this tool essentially helps the certification process to go a lot faster than the existing tool set that this technicians use. And as you know, one of the key things right now is everyone trying to get their data center off as quickly as they can. So this tool is coming at a time that addresses the really unique meet.

這個工具本質上能讓認證流程比現有技術人員使用的工具組快得多。而你也知道，當下的關鍵之一是每個人都想盡快把資料中心上線。所以這個工具推出的時點，正好切中一個非常獨特的需求。

And so what the team stand done is taking, the demand for CertifFiber Max is way above our plan, and it's now pulling through other things that we've always sat for data centers at Fluke. So it's really a good example of how our team and pivot when there's momentum in a particular market, that's one of many that we play in.

因此，團隊所做的是：CertiFiber Max 的需求遠高於我們的計畫，現在也帶動了我們在 Fluke 一直以來為資料中心提供的其他產品。這是個很好的例子，說明當某個市場出現動能時，我們的團隊如何順勢調整（pivot）；而這只是我們參與的眾多市場之一。

And we've seen just incredible growth in the products at Fluke that are relevant in towards data centers within our overall mix. So that's the way to think about it. It's not, we wouldn't say like data center is a new thing for us at Fluke, but we've certainly been able to leverage our existing strength plus innovation, plus obviously, the momentum in that space to benefit from that. And the growth were seen at Fluke is quite exceptional, and it's not completely unrelated to how we've tapped into that velocity in the end to the data center.

我們也看到，在 Fluke 的整體產品組合中，與資料中心相關的產品出現了驚人的成長。大致上可以這樣理解。我們不會說資料中心對 Fluke 來講是新事物，但我們確實能夠結合既有優勢、創新，以及該領域的動能，從中受益。我們在 Fluke 看到的成長相當卓越，這與我們如何切入並掌握資料中心端市場的速度（velocity）並非毫無關聯。

Andrew Buscaglia with BNP Paribas.

BNP Paribas 的 Andrew Buscaglia。

I just wanted to touch on some of the comments you made in as it pertains to recurring revenue. And as I had is the manufacturing complexity is increasing in some of these areas like semis and aerospace life sciences, you guys kind of discussed those at faster growing.

我想針對你們提到的經常性收入（recurring revenue）的一些評論稍作延伸。我想問的是，隨著製造複雜度在半導體、航太、生命科學等領域提升，你們也提到這些是成長較快的領域。

Are you seeing any changes in how customers calibrate equipment or use the equipment that could provide more wear and tear that would require more upgrades and a higher velocity of repurchases. Just wondering if that is a, I don't know, new dynamic we're seeing out of Fortive days.

你們是否看到客戶在設備校準或設備使用方式上有任何改變，可能帶來更多磨耗，進而需要更多升級以及更高頻率的重複購買？只是想了解，這是否是我們從 Fortive 這邊看到的一個——我不知道——新的動態？

Yes. Look, I think that trend, it's been building for several years in terms of how customers use, especially some of these higher-end tools and what that means for the calibration cycle and they calibrate more frequently, less frequently do it themselves with third parties so they use let that's always been an evolving space for us.

是的。我認為這個趨勢已經累積了好幾年，關於客戶如何使用、特別是一些高階工具，以及這對校準週期意味著什麼——他們是更頻繁校準、較不頻繁校準、自己做、或交由第三方做——這一直都是我們持續演進的領域。

The thing I would say is that we are seeing customers more interested in innovative by ideas from Fluke, both on Fluke both on the calibration side on the service plan side and on the software side to help them get better outcomes and more productivity out of the entire tool fleet.

我想說的是，我們確實看到客戶對 Fluke 的創新想法更感興趣——不論是在校準端、服務方案端，或軟體端——以協助他們在整個工具機隊（tool fleet）上取得更好的成果與更高的生產力。

And again, we've talked about the recurring revenue at Fluke growing double digits now for many quarters. And we're seeing that trend you're kind of referencing a piece of there as the underlying driver of why customers are more interested in, don't just sell me a device, but actually help me with a lifetime experience that includes a calibration pattern and includes software includes services.

而且我們也談過，Fluke 的經常性收入已經連續多個季度維持雙位數成長。我們也看到你所提到的那個趨勢，作為其中一部分的底層驅動因素：客戶更感興趣的不只是「賣我一台設備」，而是協助我獲得包含校準節奏、軟體與服務在內的全生命週期體驗。

And for a business like Fluke, that's as big and broad and global as we are. That's just a great chance to attach recurring revenues to an incredibly loyal customer base that we have. and we like that.

對像 Fluke 這樣規模大、產品線廣且全球化的業務而言，這是個很好的機會：把經常性收入附著在我們極其忠誠的客戶基礎之上。我們很喜歡這一點。

Yes, it's interesting. I guess as a follow-up, I think how does that inform where you go with your, these growth investments you talked about and/or M&A in that like some would argue the hardware and the instruments are becoming more important. But you are kind of, you could arguably see more interest in your software, the software applications you provide and then the ability to help your customers optimize all these assets. I'm wondering, where do you think is the more interesting place to go that sets you up for the next five years of growth?

是的，這很有意思。我想追問的是，這會如何影響你們所談到的成長投資方向和/或 併購（M&A）？因為有人可能會認為硬體與儀器正變得更重要。但你們也可以說，市場對你們的軟體、你們提供的軟體應用，以及協助客戶最佳化這些資產的能力，可能會更感興趣。我想問的是，你認為哪個方向更值得投入，能讓你們在未來五年建立下一波成長？

Yes. Well, the way we think about it is we kind of go where we have the strength and the right to win. So for example, in this question you're asking, we'll think about it as well, if you think about our business at Fluke. It is a business that has an incredible footprint of hardware. And then we have some services and we have some software.

是的。嗯，我們的思考方式是，我們大致會往我們具備優勢、且有勝出權利的地方去。所以例如，就你這個問題而言，我們也會這樣看：如果你看我們在 Fluke 的業務。這是一個在硬體方面擁有極其龐大版圖的業務。然後我們也有一些服務，還有一些軟體。

And so if we see a piece of software back and attach to our extensive footprint of hardware. We think we can deploy it to a half a hardware footprint. That will be interesting because nobody else can do that with our software asset. If we see a piece of hardware that is aimed towards a really attractive market and it's differentiated. We will be really interested in that because it extends our installed base.

因此，如果我們看到一個軟體資產可以回接並附著在我們龐大的硬體版圖上。我們認為我們可以把它部署到我們硬體版圖的一半。那會很有意思，因為沒有人能用我們的軟體資產做到這件事。如果我們看到一個硬體產品，瞄準一個非常有吸引力的市場且具差異化。我們會非常感興趣，因為它能擴大我們的裝機基礎。

And so we really think about it in terms of not just whether it's hardware or software services, but is it something that fits with our strength? And is it something where we have a real commercial plan to scale it in a way nobody else can. I think what you would find is given our footprint is over 70% differentiated hardware and maybe just about 20% real software and a little bit that's a little mix of data and integrated services that we're going to skew towards hardware in the M&A that we do. But any software we do will have that kind of advantage to our natural strengths.

因此，我們真正思考的是，不只是它是硬體或軟體服務，而是它是否符合我們的優勢？以及我們是否有一個真正的商業計畫，能以別人做不到的方式把它規模化。我想你會看到的是，鑑於我們的版圖超過 70% 是差異化硬體，可能大約只有 20% 是真正的軟體，另外還有一小部分是資料與整合式服務的混合，因此我們在進行併購（M&A）時會更偏向硬體。但我們做的任何軟體，都會具備那種能發揮我們天然優勢的特點。

Quinn Fredrickson with Baird.

Baird 的 Quinn Fredrickson。

On ASP, there's some mixed feedback out there regarding the impact of ACA subsidies expiring on elective procedures. I'm curious if you think you're seeing any impact or expect to see an impact on either capital equipment or consumables demand based on your conversations with customers?

關於 ASP，外界對於 ACA 補貼到期對選擇性手術的影響有一些複雜的回饋。我想請教，根據你們與客戶的對話，你們是否認為已經看到任何影響，或預期會看到對資本設備或耗材需求的影響？

Yes. Thanks for the question. Look, as you know, the health care reimbursement space has been a dynamic one for a while. So we feel quite good about proximity to customers and their decision process and their funnel. I guess what I'll say on that specific question is, it is totally comprehended in in kind of the way we think about ASP right now, which is, it's in recovery.

是的。謝謝你的問題。你也知道，醫療給付／報銷的領域一段時間以來一直是動態變化的。所以我們對於貼近客戶、了解他們的決策流程與漏斗狀況感到相當有信心。我想就那個具體問題我會說的是：這完全已經被納入我們目前對 ASP 的思考方式之中，也就是它正在復甦。

Q2 of last year from a capital point of view was the epicenter of the one big beautiful app of the cost in these hospitals to hold back on procurement. That's been opening up as they consider a whole bunch of other things.

從資本支出的角度來看，去年第二季是醫院因為那個「一個又大又漂亮的 app」所帶來的成本壓力而暫緩採購的震央。隨著他們開始考量一大堆其他事情，這個狀況正在鬆動。

They've concluded that they actually have to keep enabling their operating rooms to run. So we think those orders flow through, and we expect that will continue to be the case. A procedural volumes as well have to recover and continue to recover because that's in the hand, what drives the economics of this hospital.

他們已經得出結論：他們其實必須持續讓手術室能夠運作。因此我們認為這些訂單會逐步流入，我們也預期這種情況會持續。手術量也必須復甦並持續復甦，因為這正是驅動醫院經濟效益的核心。

So we see that continue to get better, and we continue to deepen our presence with our key customers, including some of the investments that Mark referred to, that's making us even deeper with them and something like the UV smart bolt-on that we did give something else that we bring to this customer. So we feel good. I think all the ACA subsets is within a broader range of changes, all of which I think would like to with sets us up at ASP.

所以我們看到情況持續改善，我們也持續加深與關鍵客戶的合作關係，包括 Mark 提到的一些投資，讓我們與他們的連結更深；以及我們做的 UV smart 外掛式（bolt-on）收購，也讓我們能為客戶帶來另一項價值。因此我們感覺良好。我認為所有 ACA 補貼相關因素都在更廣泛的一系列變化之中，而我認為這些變化整體上都讓我們在 ASP 的布局更到位。

And on the FDA clearance, you mentioned you received in the quarter. Can you just expand on what that means for you? Is this enabling you to go after new robotic surgery OEMs, or just any color you can share?

另外關於你提到本季取得的 FDA 核准。你能否再多說明一下這對你們意味著什麼？這是否讓你們能去爭取新的機器人手術 OEM 客戶，或你能分享任何補充資訊？

Yes. So this is really for our main sort of low temperature sterilization on capsule equipment that's called STERRAD. And with the approval we got is to be able to run in more than up to 50 through the chamber in these machines.

是的。這主要是針對我們的主力低溫滅菌艙式設備，稱為 STERRAD。我們取得的核准，是讓這些機器的腔體可處理的重量上限提高到 50（以上）。

And so what that does is for a lot of our customers most of the robotic equipment that they need to sterilize generally need something that can handle that weight range. So now we have an addressable market in terms of this equipment for robotic surgery, that's bigger than we had before.

因此，對我們許多客戶而言，他們需要滅菌的大多數機器人設備，通常都需要能處理那個重量範圍的設備。所以現在我們在機器人手術相關設備上的可服務市場（addressable market）比以前更大了。

And so what that means is customers that way, maybe saying, well, if you had that, we'll be interested we now have a compelling offer for them. So we're excited about it. Our teams up there. It's going to show up as increased win rate and expansion in our funnel and better growth in the business.

因此，這代表那些可能會說「如果你們具備那個能力，我們就會有興趣」的客戶，現在我們對他們有一個更具吸引力的方案。所以我們很振奮。我們的團隊也很投入。這將體現在更高的得標率、我們漏斗的擴張，以及業務更好的成長。

Jamie Cook with Truist Securities.

Truist Securities 的 Jamie Cook。

I guess just two questions. Just on the guidance, Mark. It looks like just based putting everything together, like the EBITDA margin expansion this year should probably be more like, I think, at the lower end of 50 basis points.

我想問兩個問題。先談指引，Mark。看起來把所有因素加總起來，今年 EBITDA 利潤率擴張應該比較像是在 50 個基點的下緣。

I just want to confirm that. And I guess my longer-term question is understanding we're making some investments, in particular, in HS and sounds like those investments might be going into, it sounds like a lower-margin product lines, et cetera.

我只是想確認一下。另外我較長期的問題是：我理解你們正在做一些投資，特別是在 HS，而且聽起來這些投資可能會投入到、聽起來是較低毛利的產品線等等。

I'm just wondering when we start to see the payoffs of that and just sort of the setup for 2027 on margins. I mean, just given the margins, where margins are coming out this year on, what I would argue probably better than you expected core organic growth.

我想了解我們何時會開始看到這些投資的回報，以及 2027 年利潤率的布局。我的意思是，考量今年利潤率的落點，以及我認為核心有機成長可能比你們原先預期更好。

We're happy to tackle those. I think I'd just start by saying that we're very happy with the margins of the business, gross margin 63%. I think that's a pretty good indicator of the strength of the brands, differentiated products, FBS ability to drive down manufacturing costs. And I think it's a good indication of what we would expect for a full year basis. And I think EBITDA margins in around 30% that we saw in the quarter.

我們很樂意回答這些問題。我想我先說，我們對這項業務的利潤率非常滿意，毛利率 63%。我認為這相當能反映品牌的強度、差異化產品，以及 FBS 推動降低製造成本的能力。我也認為這很好地指示了我們對全年表現的預期。而且我們在本季看到的 EBITDA 利潤率大約在 30% 左右。

Again, did strong cost discipline while reinvesting in the quarter, and I think that's a good range to be in for a full year. We do continue to expect to operate within that 50 to 100 basis point range. And we're going to continue to do that through, for 2026, and we expect to do that in 2027 as well.

同樣地，我們在本季在再投資的同時仍維持強勁的成本紀律，我認為這是全年合理的區間。我們確實仍預期會在 50 到 100 個基點的區間內運作。我們會在 2026 年持續如此，並且也預期 2027 年同樣如此。

The investments that we're making, I wouldn't necessarily assume they're going into lower-margin products. I think we saw in the second quarter, particular strength from lower-margin products due to strong customer demand.

至於我們正在進行的投資，我不會必然假設它們是投入到較低毛利的產品。我認為我們在第二季看到的，是因為客戶需求強勁，使得較低毛利產品表現特別強。

We saw that at ASP. We saw that in iOS segment as well. But a number of the products that we're launching, including the CertiFiber Max, for example, which is a highly differentiated product have very strong margins and margins at or better than the fleet.

我們在 ASP 看到了這點。在 iOS 事業部門也看到了。但我們正在推出的多項產品——例如 CertiFiber Max——是高度差異化的產品，具有非常強勁的利潤率，其利潤率與整體產品組合相當或更好。

And as we look about look around at innovation just generally, we're going to innovate on products that have those similar characteristics, just strong innovation, which is in high demand from our customers and that command premium prices.

而當我們放眼、環顧整體創新時，我們將在具備相似特性的產品上持續創新，也就是強勁的創新能力；這些創新深受客戶高度需求，並且能夠支撐溢價定價。

And then as is the case always with Fortive and FBS, over time, margins just generally improve because we continue to find ways to drive costs out of manufacturing overall.

此外，一如 Fortive 與 FBS 一貫的情況，隨著時間推進，整體毛利率通常會改善，因為我們持續找到方法，從整體製造中推動成本下降。

So we feel good about the margin trajectory of the business, both margins and EBITDA, and we're going to continue to drive price through innovation. We're going to continue to drive commercial acceleration and recurring customer value all in line with the Fortive accelerated strategy.

因此，我們對業務的利潤率走勢感到樂觀，包括利潤率與 EBITDA，我們也將持續透過創新來推動價格。我們將持續推動商業加速與客戶經常性價值，並全面與 Fortive Accelerated 策略保持一致。

Chigusa Katoku with JPMorgan.

摩根大通（JPMorgan）的 Chigusa Katoku。

Just following up on the margins. I also think that, I also see you trending maybe towards the lower end for this year. Just if you could give a little bit more color on why you could do more in the range of 50 to 100 in 2027. I think Roper talked about some margin pressures as they're making investments in AI, but are you seeing any of those?

我想追問一下利潤率。我也認為、我也看到你們今年可能會趨向區間的較低端。想請你們再多補充一些背景，為什麼你們在 2027 年可以做到 50 到 100 個基點的幅度。我知道 Roper 提到他們在投資 AI 時面臨一些利潤率壓力，但你們是否也看到類似情況？

Yes. I would just remind you that the 50 to 100 basis points is something that we have to roll over. We use it as a framework to guide our investment framework. We're investing very tactically against high-return initiatives across the three pillars of the accelerated organic growth pillar and the Fortive Accelerated strategy. We have seen four quarters of sequential growth acceleration.

是的。我先提醒一下，50 到 100 個基點是我們需要逐年延續（roll over）的目標。我們把它作為一個框架，用來指引我們的投資框架。我們正以非常戰術性的方式，針對高報酬的計畫進行投資，聚焦於加速有機成長支柱與 Fortive Accelerated 策略三大支柱之下的各項行動。我們已經看到連續四個季度的逐季成長加速。

And on a normalized basis, I think as we talked about when we gave our updated expectations for core growth of 4% for the year. At least based on what we see today, seem to be trending at least for this year, near the higher end of our core growth framework that we laid out at Investor Day.

而在常態化口徑下，正如我們在更新今年核心成長 4% 的預期時所談到的。至少就我們目前所見，今年的走勢似乎至少接近我們在投資人日所提出核心成長框架的較高端。

So the margin expansion story continues to be in line with the framework. We are driving organic growth, quite frankly, ahead of where we expected. And I think that gives us opportunity for margin expansion and also for increased investment levels.

因此，利潤率擴張的故事仍與該框架一致。坦白說，我們推動有機成長的表現高於原先預期。我認為這也為我們帶來利潤率擴張的機會，同時也能提高投資水準。

And that gives us confidence that our aspiration, which is ultimately to grow faster than our framework and sort of 2027 and beyond is definitely insight for us.

這也讓我們更有信心，我們的願景（aspiration）——最終是要成長速度快於我們的框架，並且在 2027 年及之後——對我們而言是清晰可見的。

Great. And then a little bit on organic growth. Is it directionally correct that third quarter, you expect organic growth around same range as the full year around 4%. I'll leave it there.

很好。再請教一下有機成長。方向上是否可以這樣理解：第三季你們預期有機成長大致與全年相同，約在 4% 左右的區間。我就先問到這裡。

Yes. I think you're in the zone. I think it's, just as a reminder for everyone, there are a number of year-over-year comparable and calendar impacts that are impacting just the year-over-year comparisons this year. As a reminder, in the first quarter, we had four extra days. That was about 150 basis points of tailwind to that 5.3% core growth.

是的。我認為你的判斷在合理範圍內。也提醒大家，今年的年對年比較受到一些可比基期與日曆因素的影響。例如第一季我們多了四天。這對 5.3% 的核心成長帶來約 150 個基點的順風。

This quarter, we had a slightly easier comp relative to last year. If you remember, the impacts that Olumide mentioned in the second quarter of last year. But Q3 does look like a more normalized quarter for us.

本季相較去年有稍微更容易的可比基期。如果你還記得，Olumide 提到去年第二季的一些影響。但第三季看起來會是對我們而言較為常態化的一季。

And then as a reminder, in Q4, you get the opposite impact we have in Q1, which is about 150 basis points headwind to core growth of $15 million to $20 million on a reported basis. But I think the important thing to say is that on a normalized basis, this is a business that is gathering momentum, and we see the broad course and speed of the business as one of accelerating.

另外也提醒一下，第四季會出現與第一季相反的影響，也就是對核心成長約 150 個基點的逆風；以報表口徑計，約為 1,500 萬至 2,000 萬美元。但我認為重要的是要說，在常態化口徑下，這是一個正在累積動能的業務，我們看到業務的整體方向與速度是在加速。

And it's really a testament to the good work the teams have been doing to implement the Fortive Accelerated strategy across all 10 of our iconic operating brands.

這也充分證明各團隊在我們 10 個標誌性營運品牌中，落實 Fortive Accelerated 策略所做的出色工作。

We have reached the end of our question-and-answer session. I would now like to hand the call back over to management for any closing comments.

我們的問答環節到此結束。現在我想把電話交回管理層，請他們做任何結語。

Well, thank you, everyone, for your interest in Fortive. We are excited about the acceleration in our business over the last year. Our entire organization is aligned and energized about Fortive Accelerated strategy and our Fortive Business System that's enabling us to execute that.

好的，感謝各位對 Fortive 的關注。我們對過去一年業務加速的表現感到振奮。我們整個組織都已對 Fortive Accelerated 策略以及支撐我們執行的 Fortive Business System 達成一致並充滿動能。

And we're laser focused on delivering a strong 2026 and setting the foundation for an even stronger performance and shareholder value creation in the years ahead. And thank you for joining us today, and we look forward to speaking with you next quarter. Have a great day.

我們也高度聚焦於交出強勁的 2026 年表現，並為未來幾年更強的業績與股東價值創造奠定基礎。感謝各位今天參與，我們期待在下個季度再與各位交流。祝各位有美好的一天。

Thank you so much, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

非常感謝各位女士、先生。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。祝您今天剩餘時間愉快。