GE Vernova Inc (GEV) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to GE Vernova's second-quarter 2025 earnings conference call. (Operator Instructions) My name is Liz, and I will be your conference coordinator today. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 GE Vernova 2025 年第二季財報電話會議。（操作員指示）我叫 Liz，今天我將擔任您的會議協調員。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the program over to your host for today's conference, Michael Lapides, Vice President of Investor Relations. Please proceed.

現在，我想將節目交給今天會議的主持人、投資者關係副總裁 Michael Lapides。請繼續。

Welcome to GE Vernova's second-quarter 2025 earnings call. I'm joined today by our CEO, Scott Strazik; and our CFO, Ken Parks. Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's Form 10-Q, press release and the presentation slides, all of which are available on our website.

歡迎參加 GE Vernova 2025 年第二季財報電話會議。今天與我一同出席的還有我們的執行長 Scott Strazik 和財務長 Ken Parks。我們的電話會議評論將包括 GAAP 和非 GAAP 財務結果。您可以在今天的 10-Q 表、新聞稿和簡報幻燈片中找到 GAAP 和非 GAAP 指標之間的對賬，所有這些內容均可在我們的網站上找到。

Please note that year-over-year commentary or variances on orders, revenue, adjusted and segment EBITDA margin discussed during our prepared remarks are on an organic basis unless otherwise specified. We will make forward-looking statements about our performance. These statements are based on how we see things today.

請注意，除非另有說明，我們在準備好的評論中討論的訂單、收入、調整後和分部 EBITDA 利潤率的同比評論或差異都是基於有機基礎的。我們將對我們的業績做出前瞻性的陳述。這些陳述是基於我們今天對事物的看法。

While we may elect to update these forward-looking statements at some point in the future, we do not undertake any obligation to do so. As described in our SEC filings, actual results may differ materially due to risks and uncertainties.

雖然我們可能選擇在未來某個時間點更新這些前瞻性陳述，但我們不承擔任何義務。正如我們提交給美國證券交易委員會的文件中所述，由於風險和不確定性，實際結果可能存在重大差異。

With that, I'll hand the call over to Scott.

說完這些，我就把電話交給史考特。

Thanks, Michael, and good morning, everyone. We had a productive second quarter, positioning us well to continue to accelerate our growth and margin expansion. This era of accelerated electrification is driving unprecedented investments in reliable power grid infrastructure and decarbonization solutions. We see attractive end markets converging with better run businesses, giving us a substantial opportunity to create value from here.

謝謝，邁克爾，大家早安。我們第二季取得了豐碩的成果，這為我們繼續加速成長和利潤率擴大做好了準備。這個電氣化加速的時代正在推動對可靠電網基礎設施和脫碳解決方案的空前投資。我們看到有吸引力的終端市場與營運更佳的企業融合，這為我們提供了在此創造價值的巨大機會。

At the start, I just want to share some market context as I see it today. Continued strength in gas power demand as we signed 9 gigawatts of new gas equipment contracts in 2Q, of which seven went into slot reservation agreements and two went directly into orders. During the quarter, we also converted 3 gigawatts of SRAs from previous quarters into orders, while shipping 5-gigawatts of equipment.

首先，我只想分享一些我今天看到的市場背景。天然氣電力需求持續強勁，我們在第二季度簽署了 9 吉瓦的新天然氣設備合同，其中 7 份進入時段預訂協議，2 份直接進入訂單。本季度，我們也將前幾季的 3 千兆瓦 SRA 轉換為訂單，同時運送了 5 千兆瓦的設備。

This resulted in backlog remaining at 29 gigawatts, while growing slot reservation agreements from 21 to 25 gigawatts, building our total backlog and slot reservation agreements to 55 gigawatts from the 50 we talked about at April earnings. We continue to see higher turbine prices and strong demand and still expect to have at least 60 gigawatts between backlog and reservation agreements by the end of the year at better margins with significant momentum into '26.

這導致積壓訂單仍為 29 千兆瓦，而時段預訂協議從 21 千兆瓦增加到 25 千兆瓦，使我們的總積壓訂單和時段預訂協議從 4 月份收益中談到的 50 千兆瓦增加到 55 千兆瓦。我們繼續看到渦輪機價格上漲和需求強勁，並且預計到今年年底積壓訂單和預訂協議之間至少有 60 吉瓦的容量，利潤率更高，並且到 26 年將有顯著增長勢頭。

But the power demand isn't limited to gas new units. We also see solid services demand growth as customers look to invest in their existing fleets. Not only are we seeing strength in gas services. Steam services orders were up 30% in Q2, and in support of nuclear extensions and upgrades, and we booked significantly higher uprates in hydro, which increased 61%. We continue to work hard to ramp our production capacity at gas power and to meet this rising demand for services across our fleet.

但電力需求並不限於天然氣新機組。隨著客戶尋求對現有車隊進行投資，我們也看到服務需求穩定成長。我們不僅看到了天然氣服務領域的強勁成長。第二季度，蒸汽服務訂單增加了 30%，以支持核電的擴建和升級，而水力發電的增幅也顯著提高，增加了 61%。我們將繼續努力提高燃氣發電的生產能力，以滿足我們整個船隊日益增長的服務需求。

We also are pleased with the progress in our 300-megawatt small modular reactor which is part of our higher R&D for this year. We are starting to see the initial proof points of our investment. We are in construction in Ontario on the first project. The NRC has now formally accepted TVA's application, a constructed Clinch River site, which means the formal process has started, and I expect more customer announcements with our SMR technology in the second half of the year.

我們也對 300 兆瓦小型模組化反應器的進展感到滿意，這是我們今年更高研發專案的一部分。我們開始看到我們投資的初步證明點。我們正在安大略省進行第一個專案的建設。NRC 現在正式接受 TVA 的申請，即建造 Clinch River 核電廠，這意味著正式流程已經開始，我預計今年下半年將有更多客戶宣布採用我們的 SMR 技術。

Continued progress in electrification. We grew our equipment backlog an incremental $2 billion in 2Q '25 led by Europe with North America and Asia backlogs both sequentially increasing almost 10%. Demand in the Middle East is accelerating as evidenced with our announcement on the Saudi grid stabilization equipment, synchronous condensers.

電氣化進程持續推進。2025 年第二季度，我們的設備積壓訂單增加了 20 億美元，其中歐洲的積壓訂單最多，而北美和亞洲的積壓訂單均環比增長了近 10%。我們宣布向沙烏地阿拉伯提供電網穩定設備同步電容器，證明中東地區的需求正在加速成長。

We expect at least $1.5 billion of this agreement to become an order in the third quarter. Synchronous condensers provide voltage support and frequency regulation to help balance the grid when generation levels are volatile, especially in areas with significant renewable intermittency.

我們預計該協議中至少有15億美元將在第三季成為訂單。同步調相機提供電壓支援和頻率調節，以幫助在發電水平不穩定時平衡電網，特別是在再生能源間歇性嚴重的地區。

This is a technology we have manufactured for years, and now the market is starting to catch up. Investments in the reliability and resiliency of the grid are clearly growing globally. Technologies like synchronous condensers have been a small market over the last decade, but we see this as a credible $5 billion market opportunity a year going forward and are investing in positioning our businesses to serve this opportunity.

這是我們多年來一直致力於開發的技術，現在市場也開始迎頭趕上。全球對電網可靠性和彈性的投資顯然正在成長。過去十年，同步電容器等技術的市場規模一直較小，但我們認為未來這是一個每年 50 億美元的可靠市場機會，並且正在投資定位我們的業務以抓住這個機會。

Demand for data centers also remain strong in electrification. We've already received almost $500 million in orders in the first half '25 versus $600 million in full-year '24. So this growth market continues to accelerate. We do see weaker European HVDC orders in '25 as we sit here today with some projects canceled or moving to the right as affordability challenges in EU becomes even more real.

資料中心在電氣化方面的需求也依然強勁。2025 年上半年我們已經收到近 5 億美元的訂單，而 2024 年全年的訂單金額為 6 億美元。因此，這個成長市場將持續加速發展。我們確實看到 25 年歐洲高壓直流輸電訂單減少，因為今天我們在這裡看到一些項目被取消或向右移動，因為歐盟的負擔能力挑戰變得更加現實。

But the momentum we are seeing elsewhere in this segment is more than offsetting it, and we continue to see a clear pathway to grow our electrification equipment backlog at least as much in '25 as we did in '23 and '24.

但我們在該領域其他領域看到的勢頭足以抵消這一影響，而且我們繼續看到一條清晰的道路，使我們的電氣化設備積壓訂單在 2025 年至少能像 2023 年和 2024 年一樣多。

On wind. Since the tax bill was signed on July 4, we've experienced an increase in customer engagement in the US. So the potential certainly exists for an inflection towards growth, although permitting and managing through the inter-connect queue are also key. It is early, and we'll see how the rest of the year materializes.

在風中。自 7 月 4 日稅收法案簽署以來，我們在美國的客戶參與度有所提高。因此，雖然透過互連隊列進行許可和管理也是關鍵，但向成長轉變的潛力肯定存在。現在還為時過早，我們拭目以待今年剩餘時間的情況如何。

I'm also encouraged with some wins we've had recently in international markets. Romania, Australia, Japan, Spain, Germany, markets where we expect to see orders in second half '25. The markets continue to come our way while we continue to work hard every day to run our businesses better. Ken will walk through the detailed performance by business, but I was pleased to see Power deliver EBITDA margins north of 16%, with electrification approaching 15% in 2Q, but I would emphasize that as our teams continue to get their feet under them, we see real opportunity to continue to accrete margins higher from here.

我們最近在國際市場上取得的一些勝利也令我感到鼓舞。羅馬尼亞、澳洲、日本、西班牙、德國，我們預計這些市場將在 2025 年下半年收到訂單。市場繼續向我們敞開大門，而我們則繼續每天努力工作，以更好地經營我們的業務。Ken 將詳細介紹各業務的業績，但我很高興看到電力部門的 EBITDA 利潤率超過 16%，而電氣化部門在第二季度的利潤率接近 15%，但我要強調的是，隨著我們的團隊不斷努力，我們看到了繼續提高利潤率的真正機會。

On wind, we continue to ship more profitable onshore equipment, but that was more than offset in 2Q with our investments in our services quality programs in the field, in addition to the impact of tariffs, on our offshore wind business. Year-to-date, we've lost approximately $300 million in the wind segment but expect the business in the second half of '25 to be closer to breakeven.

在風電方面，我們繼續運送更多利潤豐厚的陸上設備，但第二季度，我們在該領域服務品質計劃上的投資以及關稅對離岸風電業務的影響抵消了這一損失。今年迄今為止，我們在風能領域損失了約 3 億美元，但預計 2025 年下半年的業務將更接近收支平衡。

Our onshore fleet performance continues to improve. We've seen the availability of our fleet increased by 1 percentage point since last year, positively impacting our customers with long-term service contracts. We are starting to free up more capacity in 3Q onwards for transactional-related work in the onshore installed base.

我們的陸上船隊表現持續改善。自去年以來，我們的車隊可用性提高了 1 個百分點，這對我們簽訂長期服務合約的客戶產生了積極影響。從第三季開始，我們將釋放更多產能，用於陸上已安裝基地的交易相關工作。

In offshore, we installed 34 units in 2Q and commissioned 33, our most productive quarter to date. Another variable that is giving me real confidence in the future is that we are now getting to a point in many of our larger businesses, certainly in both gas and grid solutions, where we have a solid enough lean foundation to evaluate robotics and automation in a more strategic ways, both in the factories and out in the field.

在海上，我們在第二季度安裝了 34 台裝置，並投入使用 33 台，這是我們迄今為止產量最高的一個季度。另一個讓我對未來充滿信心的變數是，我們在許多較大的業務中，尤其是在天然氣和電網解決方案領域，現在已經達到一定的水平，我們擁有足夠堅實的精益基礎，可以在工廠和現場以更具戰略性的方式評估機器人技術和自動化。

Standard work in our functions is also laying the foundation to even more aggressively invest in AI and drive real productivity improvements at pace. As I see it, robotics and automation are critical but can only be invested into once the business has sufficiently eliminated the waste in their core processes. In a similar vein, a business must get to standard work before investing in AI. We are now ready for both. And these two themes are important parts of our strategy reviews that will take place in 3Q across the company.

我們職能部門的標準化工作也為更積極投資人工智慧和快速推動真正的生產力提高奠定了基礎。在我看來，機器人和自動化至關重要，但只有企業在充分消除核心流程中的浪費後才能進行投資。同樣地，企業在投資人工智慧之前必須完成標準化工作。我們現在已經做好了應對這兩件事的準備。這兩個主題是我們第三季在全公司範圍內進行的策略評估的重要組成部分。

Better market conditions and continued operational improvement in our businesses are both important, as is our focus on leading the industry from a position of financial strength. We were pleased to deliver positive free cash flow again in Q2 and end the quarter with almost $8 billion of cash. So far this year, we've spent $1.6 billion on stock buybacks, repurchasing approximately 5 million shares.

更好的市場條件和我們業務的持續營運改善都很重要，同樣重要的是我們專注於憑藉財務實力引領產業。我們很高興在第二季再次實現了正的自由現金流，並在本季末擁有近 80 億美元的現金。今年到目前為止，我們已經花費 16 億美元用於股票回購，回購了約 500 萬股。

We are continuing to invest in our organic growth. Just last week, I was at our Charleroi factory in Pennsylvania, where we announced an incremental 250 jobs over the next two years with up to $100 million investment that will support a doubling of volume out of that factory from '25 to '28.

我們將繼續投資於我們的有機成長。就在上週，我來到了我們位於賓州沙勒羅瓦的工廠，我們宣布將在未來兩年內增加 250 個工作崗位，投資高達 1 億美元，以支持該工廠的產量在 2025 年至 2028 年間翻一番。

We are also pleased with our progress in our small strategic acquisitions. A great example of this is our acquisition of Woodward's gas turbine parts business, which includes a factory that allows us to redirect work and optimize the layout of our Greenville plant with limited CapEx spending and improved productivity in our gas power supply chain.

我們也對小型策略收購的進展感到滿意。一個很好的例子就是我們收購了伍德沃德的燃氣渦輪機零件業務，其中包括一家工廠，使我們能夠重新安排工作，優化格林維爾工廠的佈局，限制資本支出，提高燃氣動力供應鏈的生產率。

Prior to our acquisition, this site experienced 50,000 labor hours in '24, but after approximately 100 days since close, we now see a clear path to 90,000 hours in the factory by '28, freeing up space in our Greenville factory to drive more productive growth. These are the kinds of transactions we are working hard to add to our pipeline, where we see clear opportunity to complement the growth in markets we serve with our lean discipline to do very attractive, lower risk and accretive deals in our core.

在我們收購之前，該工廠在 24 年經歷了 50,000 個工時，但自收購關閉以來大約 100 天后，我們現在看到一條清晰的道路，到 28 年，工廠的工時將達到 90,000 個工時，從而釋放了我們格林維爾工廠的空間，以推動更高效的增長。我們正在努力將這些交易類型添加到我們的管道中，在這些交易中，我們看到了明顯的機會，可以透過精益紀律來補充我們所服務的市場的成長，從而在我們的核心領域開展非常有吸引力、風險較低且增值的交易。

We were also excited to announce this week our acquisition of Alteia scheduled for an August 1 close. With this acquisition, we are buying an existing partner that uses AI and visualization technologies to help our customers manage and orchestrate the grid. We will be able to immediately integrate this with our grid OS as another important step forward for our electrification software business.

本週我們也很高興地宣布，我們對 Alteia 的收購計劃於 8 月 1 日完成。透過此次收購，我們購買了一位現有的合作夥伴，該合作夥伴使用人工智慧和視覺化技術來幫助我們的客戶管理和協調電網。我們將能夠立即將其與我們的電網作業系統結合，這是我們電氣化軟體業務向前邁出的又一重要一步。

I share all of that to just outline in my words what it means to lead from a position of financial strength, $1.6 billion stock buyback at very attractive valuation, smart vertical integration of supply chain opportunities in our core, where we can rapidly increase productivity to gain substantial operating leverage and strategic additions of complementary new technology to improve growth going forward. In all these cases, it is early, but I expect us to deliver substantially more from here.

我分享所有這些只是為了用我的話概括出從財務實力出發進行領導的意義，以非常有吸引力的估值回購 16 億美元股票，在我們的核心中智能垂直整合供應鏈機會，我們可以迅速提高生產力以獲得可觀的運營槓桿和戰略性地增加互補的新技術，以改善未來的增長。在所有這些情況下，現在還為時過早，但我預計我們將會取得更多成果。

Turning to the next slide on our second-quarter results. We continue to build a stronger backlog supporting the long-term growth potential in our businesses. Our equipment backlog grew from $45 billion to $50 billion in 2Q, up almost $7 billion in first half '25. We are growing this backlog at improved margins and consistent with prior communications, look forward to showing you at fourth-quarter earnings next January the full change in margin in the equipment backlog.

下一張投影片介紹我們的第二季業績。我們將繼續建立更強大的積壓訂單，以支持我們業務的長期成長潛力。我們的設備積壓訂單在第二季從 450 億美元成長到 500 億美元，在 2025 年上半年增加了近 70 億美元。我們正在以提高的利潤率來增加這項積壓訂單，並與先前的溝通保持一致，期待在明年 1 月的第四季度收益中向您展示設備積壓訂單利潤率的全面變化。

Our services backlog also grew approximately $1 billion in the second quarter. We now maintain a total backlog of $129 billion. In light of the strength of our power and electrification results in first half '25 and forecast for the remainder of the year, we've revised up our EBITDA margin expectations for both segments and increased our free cash flow expectations for the year in line with these expanded margins at modestly higher revenue levels.

我們的服務積壓訂單在第二季也增加了約 10 億美元。目前我們的積壓訂單總額為 1290 億美元。鑑於我們 25 年上半年電力和電氣化業務的強勁表現以及今年剩餘時間的預測，我們上調了這兩個部門的 EBITDA 利潤率預期，並提高了今年的自由現金流預期，以符合利潤率的擴大和適度增加的收入水平。

Ken will provide more details, but these updated estimates fully embed the cost of tariffs in '25, which we estimate to be trending towards the lower end of $300 million and $400 million at today's announced tariffs, so almost 1 point of negative EBITDA margin embedded in the guide. The teams are making real progress on a go-forward basis on how we are contracting for this. In addition to new sourcing strategies and more utilization of free trade zones for '25, it is likely the impact remains within this band.

Ken 將提供更多細節，但這些更新後的估計完全包含了 25 年的關稅成本，我們估計，按照今天宣布的關稅，關稅成本將趨向於 3 億美元和 4 億美元的低端，因此指南中幾乎包含了 1 個百分點的負 EBITDA 利潤率。在我們如何簽訂合約方面，各團隊正在取得真正的進展。除了新的採購策略和更多地利用 25 年的自由貿易區之外，影響可能仍會停留在這個範圍內。

The last thing I want to touch on, and which Ken will also give more details to in the later slides, is our announced planned restructuring costs, which we expect to incur over the next 12 months of approximately $250 million to $275 million. It was very important to me that after our first year as a public company, we evaluated how our organization was performing and where we had opportunities to be more efficient and streamlined.

我最後想談的是我們宣布的重組計畫成本，Ken 也將在後面的幻燈片中提供更多細節，我們預計未來 12 個月將產生約 2.5 億美元至 2.75 億美元的重組成本。對我來說，在公司上市的第一年後，評估我們組織的運作情況以及在哪些方面有機會提高效率和精簡程序，這一點非常重要。

More important than the savings this will yield is that this is an important step forward in the culture of the company I want GE Vernova over to be. Even with the growth ahead of us, it is critical culturally we continue looking in the mirror and finding opportunities to get better with a lower cost structure. This is the first of many ways I expect us to be a more productive while meeting the substantial growth ramp ahead in the early stages of this investment super cycle into the electric power system.

比由此帶來的節省更重要的是，這是我希望 GE Vernova 成為的公司文化向前邁出的重要一步。即使我們面前還有成長空間，從文化角度來看，我們仍然必須繼續自我反省，尋找機會以更低的成本結構取得進步。這是我期望我們在滿足電力系統投資超級週期初期大幅增長需求的同時提高生產力的眾多方法中的第一個。

With that, I'm going to hand it over to Ken to provide details on our second-quarter results and our updated guidance.

接下來，我將把電話交給肯，讓他提供有關我們第二季業績和最新指引的詳細資訊。

Thank you, Scott. Turning to slide 5. We delivered strong results in 2Q 2025 with continued orders and revenue growth and adjusted EBITDA margin expansion. We also generated positive free cash flow again this quarter and returned approximately $450 million to shareholders through share repurchases and dividends while maintaining a healthy cash balance of nearly $8 billion.

謝謝你，斯科特。翻到幻燈片 5。2025 年第二季度，我們取得了強勁的業績，訂單和收入持續成長，調整後的 EBITDA 利潤率擴大。本季我們也再次產生了正的自由現金流，並透過股票回購和股息向股東返還了約 4.5 億美元，同時保持了近 80 億美元的健康現金餘額。

Demand remained robust in the second quarter as we booked $12.4 billion of orders, an increase of 4% year over year and approximately 1.4 times revenue. Equipment orders grew 5%, driven by Power, which more than doubled year over year. Electrification equipment orders remained strong, but decreased year over year given the value of large equipment orders recorded in the second quarter of last year.

第二季需求依然強勁，我們獲得了 124 億美元的訂單，年增 4%，約為營收的 1.4 倍。設備訂單增加了 5%，其中電力訂單比去年同期增長了一倍多。電氣化設備訂單依然強勁，但考慮到去年第二季記錄的大型設備訂單價值，年比有所下降。

Services orders increased 3% with growth in power and onshore wind. As a result of the strong orders, our backlog continued to expand both year over year and sequentially across equipment and services, now reaching $129 billion in total led by both power and electrification. Equipment margin and backlog remains healthy, reflecting higher price as well as our continued focus on disciplined underwriting.

隨著電力和陸上風電的成長，服務訂單增加了 3%。由於訂單強勁，我們的設備和服務積壓訂單逐年擴大，目前總額已達 1,290 億美元，其中電力和電氣化業務的積壓訂單金額最大。設備利潤率和積壓訂單保持健康，反映出更高的價格以及我們對嚴格承保的持續關注。

Revenue increased 12% with higher equipment and services revenues in all three segments. Equipment revenue grew 18%, with double-digit growth in electrification and power, while total services revenue increased 6%. Price was positive in each segment.

由於三個部門的設備和服務收入均增加，收入增加了 12%。設備收入成長 18%，其中電氣化和電力收入達到兩位數成長，總服務收入成長 6%。每個部分的價格都是正數。

Adjusted EBITDA increased just over 25% to $770 million, led by strength in electrification and power. Adjusted EBITDA margin expansion of 80 basis points was driven by more profitable volume, price and productivity, which more than offset investments for innovation and future volume growth as well as tariff impacts, primarily at offshore wind.

調整後的 EBITDA 成長超過 25%，達到 7.7 億美元，主要得益於電氣化和電力領域的強勁成長。調整後的 EBITDA 利潤率擴大 80 個基點，這得益於盈利能力的提升（銷售、價格和生產力），這足以抵消創新和未來銷售成長的投資以及關稅影響（主要是離岸風電）。

We continue to generate positive free cash flow with approximately $200 million in the second quarter, reflecting stronger adjusted EBITDA. Working capital in the quarter was an approximately $600 million cash benefit driven by strong down payments from rising orders and slot reservation agreements at power, which more than offset cash taxes along with CapEx investments supporting capacity expansion.

我們第二季持續產生約 2 億美元的正自由現金流，反映出更強勁的調整後 EBITDA。本季營運資本為約 6 億美元的現金收益，這得益於訂單增加和電力時段預訂協議帶來的大量首付款，超過了現金稅以及支持產能擴張的資本支出投資。

As we've discussed in prior quarters, we continue to utilize lean to improve our billings and collection processes to drive better cash management and linearity. In the second quarter, we reduced days sales outstanding by two days sequentially, resulting in an approximately $200 million of additional free cash flow in the quarter.

正如我們在前幾季所討論的那樣，我們將繼續利用精益來改善我們的帳單和收款流程，以推動更好的現金管理和線性化。在第二季度，我們將應收帳款週轉天數較上季減少了兩天，導致本季增加了約 2 億美元的自由現金流。

As expected, free cash flow decreased year over year due to the absence of a $300 million arbitration refund that we received in the second quarter of 2024 as well as a lower positive benefit from working capital and higher cash taxes on higher adjusted EBITDA. As a result of our improving free cash flow linearity through the year, we continued to return cash to our shareholders in the second quarter with a total of approximately $450 million of share repurchases and dividends.

正如預期的那樣，由於沒有收到 2024 年第二季度收到的 3 億美元仲裁退款，以及營運資本帶來的正收益較低，以及調整後 EBITDA 較高帶來的現金稅較高，自由現金流同比下降。由於我們全年自由現金流線性的提高，我們在第二季度繼續向股東返還現金，總計約 4.5 億美元的股票回購和股息。

So far this year, we've repurchased $1.6 billion of stock, and we'll continue to execute our buyback authorization opportunistically as we firmly believe there is incremental value embedded in our stock. We ended second quarter 2025 with a healthy cash balance of approximately $8 billion and with no debt, which gives us confidence to invest in the business for growth and return cash to shareholders through dividends and share repurchases while maintaining a solid investment-grade balance sheet.

今年到目前為止，我們已經回購了價值 16 億美元的股票，我們將繼續適時執行回購授權，因為我們堅信我們的股票具有增量價值。截至 2025 年第二季度，我們的現金餘額約為 80 億美元，且沒有債務，這使我們有信心投資於業務增長，並透過股息和股票回購向股東返還現金，同時保持穩健的投資級資產負債表。

In the first half of this year, both S&P and Fitch affirmed our investment-grade credit rating and increased their ratings outlook to positive from stable. We're encouraged by our overall financial performance in the first half of 2025, delivering double-digit organic growth, 120 basis points of adjusted EBITDA margin expansion and approximately $1.2 billion of free cash flow generation. Our growing backlog with healthy margin provides an excellent foundation for continuing improvement in our financial performance moving forward.

今年上半年，標準普爾和惠譽都確認了我們的投資等級信用評級，並將其評級展望從穩定上調至正面。我們對 2025 年上半年的整體財務表現感到鼓舞，實現了兩位數的自然成長、調整後 EBITDA 利潤率擴大 120 個基點，並產生了約 12 億美元的自由現金流。我們不斷增長的積壓訂單和健康的利潤率為我們未來財務表現的持續改善奠定了良好的基礎。

Turning to power on slide 6. The segment delivered another strong quarter with robust orders, continued revenue growth, and further EBITDA margin expansion. Power orders grew 44%, led by gas power equipment nearly tripling year over year. We booked 20 heavy-duty gas turbines, including seven HA units, which was six more heavy-duty units compared to the number booked in the second quarter of 2024. We also secured orders for 27 aeroderivative units compared to only 1 unit last year.

開啟幻燈片 6 的電源。該部門又一個季度表現強勁，訂單強勁，收入持續成長，EBITDA 利潤率進一步擴大。電力訂單增加了 44%，其中天然氣發電設備訂單年增近兩倍。我們預訂了 20 台重型燃氣渦輪機，其中包括 7 台 HA 機組，與 2024 年第二季度預訂的數量相比增加了 6 台重型機組。我們也獲得了 27 台航空衍生品的訂單，而去年只有 1 台。

We're seeing incremental demand for our aeroderivative technology, particularly to support data centers. Power services orders remained strong with mid-single-digit growth in the quarter, primarily driven by steam power given more life extension and upgrades for existing nuclear sites. As Scott mentioned, we also saw strong orders growth at hydro, driven by higher demand for upgrades. Revenue increased 9%, led by gas power. Power equipment revenue increased 23% as we delivered seven more HA units than the second quarter of 2024.

我們看到對我們的航空衍生技術的需求不斷增加，特別是對支援資料中心的需求。電力服務訂單保持強勁，本季實現中等個位數成長，主要受蒸汽動力的推動，因為現有核電廠的使用壽命得到了延長和升級。正如史考特所提到的，我們也看到水電訂單強勁成長，這得益於升級需求的增加。營收成長 9%，主要得益於天然氣發電。由於我們交付的 HA 單元比 2024 年第二季多 7 台，電力設備收入成長了 23%。

Power Services revenue increased mainly from higher transactional services volume as well as price. EBITDA margins expanded 40 basis points to 16.4% and driven by strength at gas and steam. Margin benefited from higher price, productivity and volume despite the mix headwind of higher equipment deliveries. This expansion more than offset additional expenses to support R&D at nuclear and expenses to support capacity investments at gas as well as inflation.

電力服務收入的成長主要得益於交易服務量和價格的提高。受天然氣和蒸汽業務強勁推動，EBITDA 利潤率擴大 40 個基點至 16.4%。儘管面臨設備交付量增加等不利因素，利潤率仍受益於價格、生產力和產量的提高。此次擴張不僅抵消了支持核能研發的額外費用，還抵消了支持天然氣產能投資的費用以及通貨膨脹。

Looking to the third quarter of 2025 at power, we expect continued year-over-year growth in gas equipment orders. We also anticipate mid-single-digit organic revenue growth on higher equipment deliveries as well as continued services growth.

展望 2025 年第三季度，我們預期天然氣設備訂單將持續年增。我們也預計，隨著設備交付量的增加以及服務的持續成長，有機收入將實現中等個位數成長。

We expect EBITDA margin of approximately 11% to 13% as productivity, price and volume should more than offset additional expenses to support R&D and capacity investments as well as inflation. Given the typical seasonality of services outages, power revenue and EBITDA margin should be lower sequentially in the third quarter.

我們預計 EBITDA 利潤率約為 11% 至 13%，因為生產力、價格和產量應足以抵消支持研發和產能投資以及通貨膨脹的額外費用。考慮到服務中斷的典型季節性，第三季的電力收入和 EBITDA 利潤率應該會比去年同期下降。

Turning to slide 7. We are executing on our wind strategy. In onshore wind, we delivered double-digit revenue growth, and we invested more to enhance fleet performance. In offshore wind, we remain focused on executing our existing challenged backlog. Wind orders decreased 5% year over year, driven by lower onshore wind equipment orders outside of North America.

翻到幻燈片 7。我們正在實施我們的風能策略。在陸上風電領域，我們的收入實現了兩位數成長，並且我們投入了更多資金來提高風電隊的表現。在離岸風電領域，我們仍然專注於解決現有的挑戰性積壓問題。風電訂單年減 5%，原因是北美以外地區的陸上風電設備訂單減少。

Sequentially, onshore orders improved primarily due to equipment growth in North America. Wind revenue increased 9% in the quarter on higher onshore wind equipment volume in North America partially offset by lower offshore wind revenue as we executed on our current production and delivery schedule.

陸上訂單連續改善，主要由於北美設備的成長。本季風電收入成長了 9%，原因是北美陸上風電設備銷量增加，但由於我們按照目前的生產和交付計畫執行，離岸風電收入下降部分抵消了這一增長。

Wind EBITDA losses increased approximately $50 million versus the prior year. At onshore wind, the benefit of more profitable onshore equipment volume was essentially offset by increased services costs as we're deploying more crews and cranes to accelerate improvement in the installed fleet performance. At offshore, we incurred additional costs primarily due to the impact of tariffs.

風能 EBITDA 損失較上年增加約 5,000 萬美元。在陸上風電方面，由於我們部署了更多的工作人員和起重機以加速已安裝機組性能的提高，因此陸上設備數量增加所帶來的利潤基本上被服務成本的增加所抵消。在離岸方面，我們主要由於關稅的影響而產生了額外成本。

As Scott discussed, there's potential for an increase in onshore wind orders over the coming quarters as developers and utilities work to ensure projects meet tax credit requirements outlined in the recently passed US legislation. We will need to see how this materializes.

正如斯科特所討論的，隨著開發商和公用事業公司努力確保項目滿足最近通過的美國立法中概述的稅收抵免要求，未來幾個季度陸上風電訂單有可能增加。我們需要看看這是如何實現的。

In the third quarter, we expect wind segment revenue to decrease by a mid-teens rate year over year. Absent the approximately $500 million benefit of the onetime settlement from an offshore contract termination in the third quarter of last year, we expect wind revenue to increase low single digits.

我們預計第三季風電部門營收將年減百分之十五左右。如果不考慮去年第三季海上合約終止的一次性和解金（約 5 億美元）收益，我們預計風電收入將實現低個位數成長。

EBITDA losses should improve substantially year over year and approach breakeven driven by further improvement in onshore wind as well as the absence of the offshore contract losses recorded in the third quarter of 2024, net of the previously mentioned onetime termination settlement gain.

受陸上風電進一步改善以及 2024 年第三季度沒有記錄海上合約損失（扣除前面提到的一次性終止結算收益）的推動，EBITDA 損失應同比大幅改善並接近盈虧平衡。

Turning to electrification on slide 8. We had another quarter of robust demand, significant revenue growth and EBITDA margin expansion. Orders remained strong at approximately $3.3 billion, roughly 1.5 times revenue, driven by the growing need for grid equipment.

在第 8 張投影片上討論電氣化。我們又迎來了一個需求強勁、收入大幅成長和 EBITDA 利潤率擴大的季度。受電網設備需求不斷增長的推動，訂單保持強勁，約 33 億美元，約為營收的 1.5 倍。

While we saw strong orders growth for switchgear products in Europe and Asia, total orders decreased 31% year over year due to large equipment orders recorded in the second quarter of last year, where we recorded two orders that were both greater than $1 billion, an HVDC order for Europe and a great equipment order for Algeria. Importantly, equipment orders continue outpacing revenue, further expanding the equipment backlog to approximately $24 billion, up more than $6 billion compared to the second quarter of 2024.

雖然我們看到歐洲和亞洲開關設備產品的訂單強勁增長，但由於去年第二季度記錄的大型設備訂單，總訂單量同比下降了 31%，我們記錄了兩份超過 10 億美元的訂單，一份是歐洲的高壓直流輸電訂單，另一份是阿爾及利亞的大型設備訂單。重要的是，設備訂單繼續超過收入，進一步擴大設備積壓訂單至約 240 億美元，與 2024 年第二季度相比增加了 60 多億美元。

Revenue increased 20%, driven by strong volume and higher price at Grid Solutions where we saw meaningful growth in HVDC, switch gear and transformer equipment volume. The team is executing well on its capacity expansion plans, and we continued to increase output in the second quarter. The segment delivered another quarter of significant EBITDA growth with margin expansion of 740 basis points to 14.6% on more profitable volume, increased productivity and favorable pricing, primarily at Grid Solutions.

營收成長了 20%，這得益於電網解決方案的強勁銷量和更高的價格，其中我們看到高壓直流輸電、開關設備和變壓器設備銷量的顯著增長。團隊正在順利執行產能擴張計劃，我們在第二季繼續提高產量。該部門又一個季度實現了顯著的 EBITDA 增長，利潤率擴大了 740 個基點，達到 14.6%，這主要得益於盈利量的增加、生產率的提高和優惠的價格，主要是在電網解決方案方面。

In the third quarter of 2025, we anticipate significant equipment orders at healthy margins. Electrification revenue growth should be approximately 20%, driven by grid solutions as well as power conversion and storage. We expect significant year-over-year EBITDA margin expansion from higher volume, productivity and favorable price with a margin rate slightly above 2Q '25 levels.

我們預計 2025 年第三季將有大量設備訂單，且利潤率較高。電氣化收入成長率應約為 20%，這主要得益於電網解決方案以及電力轉換和儲存。我們預計，由於銷量增加、生產力提高和價格優惠，EBITDA 利潤率將同比大幅擴大，利潤率將略高於 2025 年第二季的水平。

I'll now turn to slide 9, to discuss GE Vernova guidance. For the third quarter, based on our expectations for the segments, which I've already outlined, we expect continued year-over-year revenue growth and adjusted EBITDA margin expansion in the quarter, which includes our estimated impact of tariffs.

我現在翻到第 9 張投影片來討論 GE Vernova 指導。對於第三季度，基於我們對各部門的預期（我已經概述過），我們預計本季營收將繼續同比增長，調整後的 EBITDA 利潤率將繼續擴大，其中包括我們估計的關稅影響。

We expect to generate positive free cash flow again for the sixth consecutive quarter in 3Q, given our increased adjusted EBITDA as well as our continuing focus on improving cash linearity. We continue to expect to deliver positive free cash flow in all four quarters this year. For the full year, we're raising our financial guidance based on the strong first half results and continued momentum we see in our businesses.

鑑於我們調整後的 EBITDA 增加以及我們持續專注於提高現金線性，我們預計第三季將連續第六個季度再次產生正自由現金流。我們仍然預計今年四個季度的自由現金流都將為正值。對於全年，我們根據上半年的強勁業績和業務持續成長勢頭提高了財務預期。

For revenue, we're trending towards the higher end of our original $36 billion to $37 billion guidance range and we now expect adjusted EBITDA margin to be in the range of 8% to 9% due to the incremental strength at electrification and power.

就收入而言，我們趨向最初 360 億美元至 370 億美元指導範圍的高端，並且由於電氣化和電力方面的增量優勢，我們現在預計調整後的 EBITDA 利潤率將在 8% 至 9% 之間。

In addition, we're raising our full-year free cash flow guidance by approximately $1 billion to be in the range of $3 billion to $3.5 billion due to higher down payments from increased orders and our updated adjusted EBITDA outlook.

此外，由於訂單增加導致首付款增加，以及我們更新了調整後的 EBITDA 前景，我們將全年自由現金流預期上調約 10 億美元，至 30 億美元至 35 億美元之間。

Our increased 2025 guidance also includes the impact of tariffs as currently outlined, which we now estimate trending towards the lower end of our previously stated range of approximately $300 million to $400 million, net of mitigating actions. These costs are expected to be relatively similar in each of the last three quarters of 2025.

我們提高的 2025 年指引還包括目前概述的關稅的影響，我們現在估計，扣除緩解措施後，關稅的影響將趨向於我們之前所述的約 3 億至 4 億美元的低端。預計 2025 年最後三個季度的成本將相對相似。

As Scott mentioned, we're actively navigating this ongoing dynamic environment and taking action, including the acceleration of our $600 million G&A cost reduction road map. In 2024, we reduced our adjusted G&A cost by approximately $170 million, and we expect to decrease our cost by a similar amount in 2025.

正如史考特所提到的，我們正在積極應對這一持續的動態環境並採取行動，包括加速實施 6 億美元的 G&A 成本削減路線圖。2024 年，我們將調整後的 G&A 成本減少了約 1.7 億美元，預計 2025 年也將減少類似金額的成本。

To accelerate the achievement of our $600 million target, we've launched a restructuring program subject to local regulatory information and consultation requirements to be executed over the next 12 months and anticipate approximately $250 million of annualized G&A savings beginning in 2026. We estimate that we will incur approximately $250 million to $275 million in cost to execute the plan.

為了加速實現 6 億美元的目標，我們啟動了一項重組計劃，該計劃將根據當地監管資訊和諮詢要求在未來 12 個月內執行，預計從 2026 年開始每年可節省約 2.5 億美元的一般及行政費用。我們估計執行該計劃將花費約 2.5 億至 2.75 億美元的成本。

By segment, we're increasing our organic revenue growth guidance at Power to be between 6% and 7% and compared to our previous guidance of mid-single digits. We're also raising our EBITDA margin guidance for Power to the range of 14% to 15% compared to our previous range of 13% to 14%, driven by strength at gas and steam. In wind, we expect revenue to be down mid-single digits with EBITDA losses trending towards the bottom of our $200 million to $400 million range, an improvement year over year driven by onshore margin expansion within the high single-digit range and lower losses at offshore.

按部門劃分，我們將 Power 的有機收入成長預期上調至 6% 至 7% 之間，而先前的預期為中等個位數。由於天然氣和蒸汽業務的強勁成長，我們也將電力業務的 EBITDA 利潤率預期從先前的 13% 至 14% 上調至 14% 至 15%。在風能領域，我們預計收入將下降中等個位數，EBITDA 損失將趨向於 2 億至 4 億美元區間的底部，這得益於陸上利潤率在高個位數範圍內擴張以及海上損失減少，從而實現了同比改善。

In electrification, we're increasing our organic revenue growth guidance from mid- to high-teens to approximately 20% as we continue to deliver our growing backlog. Given higher top-line expectations, we now expect electrification EBITDA margin to be in the range of 13% to 15% compared to our previous expectation of 11% to 13% EBITDA margin.

在電氣化領域，隨著我們繼續交付不斷增長的積壓訂單，我們將有機收入成長預期從中高水準提高到約 20%。鑑於更高的營收預期，我們現在預計電氣化 EBITDA 利潤率將在 13% 至 15% 之間，而我們先前預期的 EBITDA 利潤率將在 11% 至 13%。

We expect adjusted EBITDA in the second half of 2025 to be more fourth quarter weighted similar to last year. We anticipate typical gas services seasonality with the highest outage volume of the year in the fourth quarter. As Scott mentioned, we expect wind to be approaching breakeven in the second half of the year, primarily due to the timing of onshore turbine deliveries already in backlog and improved services profitability. We also expect electrification to grow sequentially as is typical.

我們預計 2025 年下半年調整後的 EBITDA 將與去年第四季的加權值相似。我們預計天然氣服務將呈現典型的季節性，第四季的停運量將是全年最高的。正如斯科特所提到的，我們預計風電將在下半年接近收支平衡，這主要是由於陸上渦輪機交付時間已經積壓以及服務盈利能力的提高。我們也預計電氣化將像往常一樣持續成長。

Finally, at corporate, we now anticipate higher costs this year, largely given higher-than-expected stock compensation based upon the mid-point evaluation of our incentive programs. As discussed, corporate costs can be uneven across quarters like 2024 as it includes the portfolio activity at our financial services business, but we expect corporate costs to sequentially improve as we move through the remainder of the year.

最後，在公司方面，我們預計今年的成本將會更高，這主要是因為根據我們的激勵計畫的中期評估，股票薪酬高於預期。如上所述，由於包括我們金融服務業務的投資組合活動，2024 年等各季度的企業成本可能會不均衡，但我們預計，隨著今年剩餘時間的推進，企業成本將逐步改善。

Overall, we delivered strong results in the first half of the year. We're very encouraged by the rising demand and consistently stronger execution we're seeing at power and electrification and as well as the improvements we're making at wind, enabled by our lean culture.

整體而言，我們上半年取得了強勁的業績。我們對電力和電氣化領域不斷增長的需求和持續增強的執行力感到非常鼓舞，而且在我們精益文化的推動下，我們在風能領域也取得了進展。

With that, I'll turn it back to Scott.

說完這些，我就把話題轉回給史考特。

Thanks, Ken. Just to reinforce a few important themes at the close. Productive 2Q. We continue to position GE Vernova to serve the accelerating growth we see in the markets, real strength in power and electrification, but potential for an inflection point forward on wind that we'll monitor in the second half of the year. Margins are improving, but we are just getting started.

謝謝，肯。最後只是為了強調幾個重要的主題。第二季富有成效。我們將繼續定位 GE Vernova，以服務我們在市場上看到的加速成長、電力和電氣化的真正實力，但風能領域也存在著拐點的可能性，我們將在今年下半年對其進行監測。利潤率正在提高，但我們才剛起步。

Our team is seeing more opportunity every day and as lean starts to take hold and spread across the business. I like what I'm seeing in this regard. Good cash performance first half of the year and pleased with our capital allocation, whether it be the stock buyback year-to-date, our organic investments for growth or the small but strategic M&A we are doing, we are creating a unique special company that serves the world in a way like no other.

隨著精益生產開始在整個業務中紮根和傳播，我們的團隊每天都看到更多的機會。我喜歡我在這方面看到的一切。上半年現金錶現良好，對我們的資本配置感到滿意，無論是年初至今的股票回購、為成長而進行的有機投資，還是我們正在進行的規模雖小但具有戰略意義的併購，我們都在創建一家以獨一無二的方式服務世界的獨特公司。

We don't take that for granted. I certainly don't. And wake up each day hungry and ready to serve our customers, our investors and our partners. We are just getting started, but I like our chances.

我們並不認為這是理所當然的。我當然不知道。每天醒來，我們都會充滿熱情，隨時準備為我們的客戶、投資者和合作夥伴提供服務。我們才剛開始，但我喜歡我們的機會。

With that, I hand it back to Michael for the Q&A portion of the call.

說完，我把電話交還給邁克爾，讓他進行電話會議的問答部分。

Before we open the line, I'd ask everyone in the queue to consider your fellow analysts and ask one question so we can get to as many people as possible. Please return to the queue if you have follow-ups. Operator, please open the line.

在我們開始通話之前，我要求排隊中的每個人都考慮一下你的同儕分析師，並提出一個問題，以便我們可以聯繫到盡可能多的人。如果有後續事宜，請返回隊列。接線員，請接通線路。

(Operator Instructions) Julian Mitchell, Barclays.

（操作員指示）巴克萊銀行的朱利安·米切爾。

Maybe I just wanted to start with the electrification segment. So a couple of different things there. One was just on the demand outlook. Maybe give a bit more color on the regional differences. It seems like Europe is maybe losing steam, Asia picking up.

也許我只是想從電氣化部分開始。所以那裡有幾件不同的事情。一個是關於需求前景。也許可以對地區差異給予更多的說明。看起來歐洲可能正在失去動力，而亞洲正在復甦。

And pricing, I think in Europe, you talked about maybe softening the last 6 to 12 months. And then on the margin front at electrification, the updated guide for this year puts you close to touching distance of the medium-term margin goal. So maybe any thoughts around that and how you keep the discipline on big projects there?

至於定價，我認為在歐洲，您談論的可能是過去 6 到 12 個月的疲軟。然後在電氣化的利潤方面，今年更新的指南使您接近中期利潤目標。那麼，您對此有何看法？您如何保持大型專案的紀律？

Thanks, Julian. I'll start. I mean I think to take it in reverse on the margin guide, I think it's fair. I mean, we're pleased with where we are with electrification performance for the first half of the year approaching 15% in the second-quarter EBITDA margins. And we do expect modest incremental improvement sequentially in 3Q and 4Q.

謝謝，朱利安。我先開始。我的意思是，我認為按照保證金指南反過來做，是公平的。我的意思是，我們對上半年電氣化表現的現狀感到滿意，第二季的 EBITDA 利潤率接近 15%。我們確實預期第三季和第四季會出現小幅的逐步改善。

So to your point, I think this is an area that will go through our strategy reviews here in the summer into the fall and likely have an update for you at the end of the year on the by '28 margin expectations in electrification.

所以對於您的觀點，我認為我們將在夏季到秋季對這個領域進行策略評估，並可能在年底為您提供有關 28 年電氣化利潤預期的最新資訊。

Now on the first part of your point, we do continue to see growth regionally, whether it be Europe, North America or Asia. But what I would tell you is the big projects, so call it the long transmission line, HVDC projects that are quite a bit more lumpy, there's a lot more scrutiny in those projects today.

關於您提出的觀點的第一部分，我們確實繼續看到區域成長，無論是歐洲、北美還是亞洲。但我想告訴你的是，大型項目，也就是所謂的長輸電線路、高壓直流輸電項目，這些項目更加複雜，如今對這些項目的審查更加嚴格。

So the orders that we're seeing are more core transformers, switchgears. We're encouraged with our grid stabilization equipment solutions like synchronous condensers. We've announced the transaction with Saudi, but we see real opportunities in many markets that have high renewables penetration rates for those solutions.

因此，我們看到的訂單是更多的核心變壓器和開關設備。我們對同步電容器等電網穩定設備解決方案感到鼓舞。我們已經宣布了與沙烏地阿拉伯的交易，但我們在許多再生能源滲透率高的市場中看到了這些解決方案的真正機會。

And we're still seeing price but at a decelerating rate. So this becomes a dynamic where we need to continue to drive variable cost productivity. You're seeing that in our margin performance through the first half, but we're going to have to keep driving that because we don't expect to continue to get price at the same level that we have experienced over the previous 18 months.

我們仍然看到價格上漲，但速度正在放緩。因此，這就成為一種動力，我們需要繼續推動變動成本生產力。您可以從我們上半年的利潤表現中看到這一點，但我們必須繼續推動這一增長，因為我們預計價格不會繼續保持在前 18 個月的水平。

And maybe just always kind of keep in mind as you're thinking about this pricing dynamic that Scott outlined, we gave you an update at the end of the year as we closed out 2024 as to what was going on with our margins and backlog in all of our businesses.

當您思考 Scott 概述的這種定價動態時，也許您會始終記住，我們在 2024 年年末向您提供了最新情況，說明我們所有業務的利潤率和積壓訂單的狀況。

But specifically about your question around electrification over the last two years, we've seen about 9 full points of electrification margin and backlog expansion. I raised that just because as we continue to see things kind of get to the levels where you're not seeing the rate of growth to continue to inflect up as quickly as maybe we saw a couple of years ago, what is really good to look at as you're thinking about the business is much of that backlog is yet to be delivered. So as we think about the future, there is already margin and backlog to be delivered as we move out into the '26, '27, '28 timeframe.

但具體到您關於過去兩年電氣化的問題，我們已經看到電氣化利潤率和積壓訂單擴張了大約 9 個百分點。我提出這一點只是因為我們繼續看到事情發展到這樣的水平，即你看不到增長率像幾年前那樣快速上升，當你考慮業務時，真正值得關注的是，大部分積壓訂單尚未交付。因此，當我們考慮未來時，隨著我們進入 26、27、28 年的時間範圍，我們已經有利潤和積壓需要交付。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯。

I wanted to pivot over to the gas power business. So a lot of investor focus on pricing that gets disclosed and in some of these deals on the equipment side. Curious what you can talk about on the service side, what you're seeing in pricing for your existing installed base, but also what you're seeing on new deals that are being signed? Thank you.

我想轉向天然氣發電業務。因此，許多投資者關注的是披露的定價以及一些設備方面的交易。好奇您能談談服務方面的情況嗎，您對現有安裝基礎的定價有何看法，以及您對正在簽署的新交易有何看法？謝謝。

Thanks, Mark. I'll start. I think this is another good illustration to connect dots with what's happening in the market when you even look at the PJM pricing that was confirmed yesterday with the capacity market. That's driving incremental demand for incremental services and, frankly, justifies incremental pricing into our services book for upgrades that can create incremental capacity for things like those capacity markets.

謝謝，馬克。我先開始。我認為這是另一個很好的例子，當你查看昨天與容量市場確認的 PJM 定價時，可以將其與市場正在發生的事情聯繫起來。這推動了對增量服務的增量需求，坦白說，這證明了將增量定價納入我們的服務手冊中是合理的，因為升級可以為諸如容量市場之類的事物創造增量容量。

So you're right, we talk a lot more about equipment new build pricing, but we are also in a price-up environment in services that will materialize through our income statement in the years ahead. So it's early in that regard, but we've been on that journey for the better part of the last 12 to 18 months, and we'll continue to see that translate into the income statement in the subsequent, let's say, 12 to 24 months because it's shorter cycle conversion than our new units.

所以你說得對，我們更多地談論設備新建定價，但我們也處於服務價格上漲的環境中，這將在未來幾年透過我們的損益表實現。因此，從這個方面來說，現在還為時過早，但在過去的 12 到 18 個月中，我們已經踏上了這條旅程，並且我們將繼續看到它轉化為隨後的損益表，比如說 12 到 24 個月，因為它的周期轉換比我們的新單位更短。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Nice strong quarter again. I want to try to square something actually on your new equipment orders in Power. Saw that you guys booked roughly about a little over 5 gigawatts versus 7 gigawatts last quarter.

又是一個強勁的季度。我想嘗試就您在 Power 的新設備訂單實際解決一些問題。看到你們上個季度的預訂量大約為 5 千兆瓦多一點，而上個季度為 7 千兆瓦。

But then I'm trying to square the revenue. The order dollars were up sequentially, roughly $700 million, and so how much -- I don't know if you can tell me how much of that is pricing versus the equipment that you booked in the other areas of your power business, whether it's hydro, steam, nuclear, et cetera?

但接下來我會嘗試平衡收入。訂單金額較上季成長了約 7 億美元，那麼，我不知道您能否告訴我，其中有多少是與您在電力業務其他領域（水力發電、蒸汽電、核電等）訂購的設備的價格相比呢？

We did see continued growth. So to square up the numbers, we did actually book -- we said we contracted about 9 gigawatts of orders in the quarter, of which 2 went directly into backlog, 7 went into SRAs. Then we had some SRAs convert over into orders, delivered 5 gigawatts out of backlog, keeping the backlog number flat and seeing the SRA number grow from 21 gigawatts to 25 gigawatts. So those are the numbers that we've quoted there.

我們確實看到了持續的成長。因此，為了核對數字，我們確實預訂了 - 我們說我們在本季度簽訂了約 9 千兆瓦的訂單，其中 2 千兆瓦直接進入積壓訂單，7 千兆瓦進入 SRA。然後，我們將一些 SRA 轉化為訂單，從積壓訂單中交付了 5 千兆瓦，使積壓訂單數量保持平穩，並看到 SRA 數量從 21 千兆瓦增長到 25 千兆瓦。這些就是我們在那裡引用的數字。

As far as the pricing on that, much of what we're seeing is a pricing positive dynamic there. We are seeing incremental equipment, but both on the service side as well as on the equipment side. We're seeing positive pricing on the orders themselves.

就定價而言，我們看到的大多是積極的定價動態。我們看到設備不斷增加，既包括服務方面，也包括設備方面。我們看到訂單本身的定價是正面的。

And to triangulate orders and at just think to yourself in the second half of the year, the mix of combined cycle orders that will be booked will be substantially larger. So you're going to see an orders dollar connection to gigawatts that will be larger in the second half of the year.

並且對訂單進行三角測量，想像一下下半年的訂單，聯合週期訂單的組合將會大大增加。因此，您將看到訂單美元與千兆瓦之間的聯繫在下半年會變得更大。

The first half of the year has been more simple cycle orders. So that's where you've got to think about the gigawatt dollar connections and the mix between whether it's a simple cycle or combined cycle deal and we'll have substantially more combined cycle orders in the second half of the year.

上半年的周期訂單比較簡單。因此，你必須考慮千兆瓦的美元連接以及簡單循環或聯合循環交易的組合，我們將在今年下半年獲得更多的聯合循環訂單。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Can we just talk a bit about capacity. So I guess the Pennsylvania plant announcement for electrification, was that kind of already embedded in your thinking, like if we look at the 2028 revenue ramp? Or is this totally incremental? Anything you can give on what that means from a revenue perspective if it is incremental? And then any change to how you guys are thinking about capacity on the gas side relative to what you've already announced? Thank you.

我們能不能稍微談談容量問題？所以我猜想賓州電氣化工廠的公告是否已經融入您的考慮中了，例如我們是否可以看看 2028 年的收入成長？或者這完全是增量的？如果這是增量的話，從收入角度來說這意味著什麼？那麼，相對於你們已經宣布的，你們對天然氣產能的看法有什麼改變嗎？謝謝。

Let's take them in reverse. I think on gas, we're really in the exact same place we've been, which is, first things first, let's get to a 20-gigawatt run rate, which we should get to in the second half of 2026. On top of that, we've talked about wanting to get to four to five years of backlog and that's backlog between slot reservations and explicit RPO. And we've talked about the fact that we'll get to at least 60 gigawatts by the end of the year. So that's directionally three years of backlog.

讓我們反過來看一下。我認為，就天然氣而言，我們實際上處於與過去完全相同的位置，也就是說，首先，讓我們達到 20 千兆瓦的運行率，我們應該在 2026 年下半年達到這一目標。除此之外，我們還談到了希望獲得四到五年的積壓訂單，即時段預訂和明確的 RPO 之間的積壓訂單。我們已經討論過到今年年底我們將達到至少 60 千兆瓦。因此，這實際上是三年的積壓。

So for us to really lean into the incremental capacity, I think we've got more work to do, both in proving out that we can deliver what we've already committed but then seeing that backlog growth more towards the 80 to 100 gigawatts versus where we think we'll be at the end of the year, which is 60.

因此，為了真正依靠增量容量，我認為我們還有很多工作要做，既要證明我們可以實現我們已經承諾的目標，又要看到積壓增長更多地朝著 80 到 100 千兆瓦的方向發展，而不是我們認為到年底將達到的 60 千兆瓦。

Now on electrification, we do continue to gain conviction that we can ramp up in these businesses within our existing factories with incremental investments into more both machining, but also more labor. That's the 250 incremental jobs we announced in Pennsylvania.

現在，關於電氣化，我們確實繼續堅信，我們可以在現有工廠內透過對機械加工和勞動力的增量投資來擴大這些業務。這就是我們宣布的在賓州新增的250個就業機會。

Some of that's simply more shifts. The reality is that's a plant that if you go back a few years ago, it was one shift five days a week. We're very quickly six days a week, three shifts. And as we leverage lean, we're finding capacity and finding opportunities to do things better.

其中一些只是更多的轉變。事實是，如果你回顧幾年前的情況，那是一個每週工作五天、只進行一次輪班的工廠。我們很快就實現了每週工作六天，三班倒。當我們利用精實時，我們正在尋找能力並找到機會來做得更好。

And that's in Pennsylvania, but that is extrapolated across a number of our electrification factories and will be all part of what we need to work through in our strategy cycle here. And come back to you at the end of the year with an updated view on revenue trajectory for electrification through 2028.

這是在賓夕法尼亞州，但這可以推廣到我們的許多電氣化工廠，並將成為我們在這裡的戰略週期中需要解決的一部分。並在年底前向您提供 2028 年電氣化收入軌跡的最新看法。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Scott, just wanted to put it back to services. Maybe a bit more color in terms of what you're seeing transactional CSA and upgrades. And in particular, any updated view on the potential for upgrades in the fleet?

斯科特，我只是想把它放回服務中。就您所看到的交易 CSA 和升級而言，可能會更加詳細一些。特別是，對於機隊升級的潛力有什麼最新的看法嗎？

But I know it's one question, but I'd really like you to address the aero opportunity because big quarter for orders. You got the Crusoe deal hitting the tape, I think, yesterday. Where do you see the opportunity for aeros? And what is the ability to scale up this business in the sort of next one or two years?

但我知道這是一個問題，但我真的希望你能解決航空機會，因為這是一個訂單量很大的季度。我認為，昨天你已經在錄音帶上看到了克魯索交易的消息。您認為航空業的機會在哪裡？未來一兩年內擴大這項業務的能力如何？

Well, there's a need for incremental bridge power.And the beauty of aeroderivatives is they can be commissioned faster and that's needed in the environment today, and our customers are able to price at a premium for expedited power. So aerperivatives are a very attractive solution right now.

嗯，需要增量橋樑電力。航空衍生產品的優點在於它們可以更快地投入使用，這是當今環境所需要的，我們的客戶能夠以溢價獲得快速電力。因此，空氣清淨劑目前是一個非常有吸引力的解決方案。

They may, in the end, lead to customers having strategy where they become back up over time because maybe the plant will get connected to the grid in three to five to six years once the system hurdles the interconnect queue at large. But in the near term, demand for aeroderivatives is very strong, and that's in the US, but it's also in global markets. At the end of the day, the need for incremental electrons right now is driving continued strength and upgrades.

最終，它們可能會導致客戶制定策略，隨著時間的推移，他們會重新開始使用電力，因為一旦系統跨越了整個互連隊列，工廠可能會在三到五到六年內連接到電網。但在短期內，對航空衍生產品的需求非常強勁，這不僅在美國，而且在全球市場也是如此。歸根結底，目前對增量電子產品的需求正在推動持續的實力和升級。

We will continue to see strength in our services book. We grew our services backlog in the second quarter by approximately $1 billion. And a lot of that incremental backlog and services is new incremental orders that go into our CSA book. And when we get incremental demand into the CSA book, it goes directly into backlog and then the orders convert when the revenue converts. So that's why you're seeing that $1 billion of growth, and we expect that trend to continue.

我們將繼續看到我們的服務實力。我們第二季的服務積壓訂單增加了約 10 億美元。很多增量積壓訂單和服務都是計入我們 CSA 帳簿的新增量訂單。當我們將增量需求納入 CSA 帳簿時，它會直接進入積壓訂單，然後當收入轉換時訂單也會轉換。這就是為什麼你會看到 10 億美元的成長，我們預計這種趨勢將會持續下去。

So we're, I'd still say, early in this process here. We said probably directionally late last year that we saw at least a 50% growth in upgrades by the end of the decade. And today, I'd say that's likely a floor on what we see. But let us get through our strategy processes here in the third quarter and come back and give you another update there on what entitlement really becomes with power services in the next few years, but it's very encouraging.

因此，我仍然要說，我們正處於這個過程的早期階段。我們在去年年底曾表示，到本世紀末，升級量將至少成長 50%。今天，我想說，這很可能是我們所見的底線。但是，讓我們在第三季度完成我們的策略流程，然後回來再向您提供關於未來幾年電力服務真正權利的最新情況，但這非常令人鼓舞。

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

I wanted to focus a little bit on the robotics and automation opportunity that you highlighted. And I recognize it's probably early here, but can you maybe highlight where you see the greatest opportunity to leverage that technology across the business lines?

我想稍微關心一下您強調的機器人和自動化機會。我知道現在可能還為時過早，但您能否強調一下，您認為在哪些業務領域利用該技術的最大機會是什麼？

Yeah. We have a number of -- we call them lighthouse projects right now that we're working in some of our factories in both gas, power, and our power transmission set of businesses and grid. And the reason we're starting there is because they are factories that we've made the most progress on lean. And once you've really eliminated a lot of the manual waste in the processes, you're most ready to apply that automation.

是的。我們目前有許多稱之為燈塔的項目，我們正在一些天然氣、電力、電力傳輸業務和電網工廠中開展這些項目。我們從那裡開始的原因是因為它們是我們在精實生產方面取得最大進展的工廠。一旦您真正消除了流程中的大量手動浪費，您就可以應用自動化了。

But it's not going to be limited to there. We're doing very interesting work right now and wind to look at automation opportunities in the installed base. When you think about servicing wind turbines in very remote locations in the world, you could very easily make a declaration, and I could very well have already done this internally to say, we really shouldn't have humans out there servicing blades and wind farms at high altitudes; robots can do that.

但它不會僅限於此。我們現在正在做非常有趣的工作，並致力於尋找已安裝基礎中的自動化機會。當你考慮在世界上非常偏遠的地方維修風力渦輪機時，你可以很容易地做出聲明，而且我很可能已經在內部這樣做了，說我們真的不應該讓人類在高海拔地區維修葉片和風力發電場；機器人可以做到這一點。

Now that takes time to kind of get to that end outcome, but this is an important part of our future. I mean, we see a growing backlog. We have a lot more certainty on the demand outlook. Our both supply chain and services teams are performing better leveraging lean, and this is the natural next extension. So I do think in a similar vein, that we're talking about a lot of updates we owe you by the end of the year, this is an example of an incremental investment.

現在需要時間來達到最終結果，但這是我們未來的重要組成部分。我的意思是，我們看到積壓的訂單越來越多。我們對需求前景更有信心。我們的供應鏈和服務團隊在精實生產方面表現得更好，這是自然的下一個延伸。因此，我確實以類似的方式認為，我們正在談論到今年年底我們欠你們的許多更新，這是增量投資的一個例子。

I would project into 2026 on the strength of the backlog that we have that will yield return in the out years. So as you said, it's early. But with the strength of our visibility in the future right now, these are very attractive investment return equations and ones that we will be leaning into more in the financial year 2026 for returns that will come in the years that follow.

我預測，到 2026 年，我們的積壓訂單量將在未來幾年產生回報。正如你所說，現在還早。但憑藉我們目前對未來的強大預見性，這些都是非常有吸引力的投資回報方程式，我們將在 2026 財年更依賴這些方程式來獲取未來幾年的回報。

Amit Mehrotra, UBS.

瑞銀的阿米特·梅赫羅特拉 (Amit Mehrotra)。

Wanted to maybe just ask about any implications to the power business from the recent tax bill, if you're seeing any filing of EPC or permitting bottlenecks. Demand is obviously very strong. So I'm just trying to assess if there's an opportunity for SRAs to accelerate, conversions to increase, and if data centers are becoming a bigger piece of the growth relative to kind of that third of the book that you talked about last quarter? Thank you.

可能只是想問一下最近的稅收法案對電力業務有何影響，您是否看到任何 EPC 備案或許可瓶頸。需求顯然非常強勁。因此，我只是想評估 SRA 是否有機會加速發展、轉換率是否有所提高，以及資料中心是否正在成為成長中更重要的一塊，相對於您上個季度談到的三分之一？謝謝。

Amit, it's early, right, since the bill was signed on July 4, but I would give a few elements of context. I mean, in our wind business and our inverter business for solar farms, with our grid equipment that supports wind and solar, I would say, in all three of those categories, we've seen an acceleration of activity, not necessarily orders yet, but an acceleration of activity that we're going to need to monitor through the second half of this year and give you better transparency on as it materializes.

阿米特，現在還為時過早，因為該法案是在 7 月 4 日簽署的，但我可以介紹一些背景資訊。我的意思是，在我們的風能業務和太陽能發電場的逆變器業務中，以及支援風能和太陽能的電網設備中，我想說，在這三個類別中，我們都看到了活動的加速，不一定是訂單，但活動的加速是我們需要在今年下半年進行監控的，並在其實現時為您提供更好的透明度。

In relation to that, though, as that activity increases for wind and solar for, call it, the near to medium term, there also is very clear market sentiment that on the back half of the decade into the next decade, there's going to be a need for more gas. So this theme of more gas longer, and this is a US-centric comment related to the tax bill, I would say our pipeline of activity for gas demand is only growing, but it's growing at even more healthy levels for '29 deliveries, '30, '31.

然而，與此相關，隨著中短期內風能和太陽能活動的增加，市場情緒也非常明確，即在未來十年的後半段到下一個十年，對天然氣的需求將會增加。因此，這個「天然氣供應增加」的主題將持續下去，這是與稅收法案相關的以美國為中心的評論，我想說，我們對天然氣需求的活動管道只會不斷增長，但對於 29 年、30 年和 31 年的交付來說，它的增長水平甚至會更加健康。

In periods of time where maybe prior to the bill being signed, some of our traditional customers may have been intending more wind or solar, but looking to the other side of the tax bill see more incremental gas making sense. And that is at least today what we see. There may very well be more incremental activity for wind and our equipment we serve or sell to serve solar, but then I think in the medium to long term, this is another bull case for gas. And those conversations are accelerating as we speak.

在法案簽署之前的一段時間裡，我們的一些傳統客戶可能打算更多地使用風能或太陽能，但從稅收法案的另一面來看，他們看到更多增加天然氣的可能性。至少今天我們看到的是這樣的。風能和我們為太陽能提供服務或銷售的設備很可能會有更多的增量活動，但我認為從中長期來看，這是天然氣的另一個看漲案例。隨著我們談話的進行，這些對話正在加速。

Operator, I think we have time for one last question, please.

接線員，我想我們還有時間回答最後一個問題。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Yeah, just a question. Why gross margin declining, particularly service gross margins. And I'll take one more in. Why is nuclear revenue declining? I totally appreciate that we have bright outlook here, but just what's the dynamic here? Thank you.

是的，只是一個問題。為什麼毛利率下降，特別是服務毛利率下降。我再收一個。核能收入為何下降？我非常欣賞我們這裡的光明前景，但這裡的動態到底是什麼呢？謝謝。

So the gross margins moved a little bit just in light of the mix of revenues between equipment and services overall. So I don't see that as anything other than setting us up for a very positive future as we continue to deliver those new equipment units that overtime will actually accrete to our service portfolio. So little bit of a mix issue, nothing there at all to be concerned about.

因此，僅從設備和服務的整體收入組合來看，毛利率就會略有變化。因此，我認為這只會為我們創造一個非常積極的未來，因為我們將繼續提供這些新的設備單元，隨著時間的推移，這些設備單元實際上會累積到我們的服務組合中。所以這只是一個混合問題，沒有什麼好擔心的。

On the nuclear side, just the timing of, right now, we are heavily focused on fuel servicing until the new SMR book builds and we begin to deliver more of those units. So it's just the timing of fuel servicing, nothing significant.

在核能方面，就目前的情況而言，我們主要關注燃料服務，直到新的 SMR 手冊建立並且我們開始交付更多此類裝置。所以這只是燃料保養的時間問題，沒有什麼重大意義。

Before we wrap up, let me turn it back to Scott for closing comments.

在我們結束之前，請允許我把話題轉回給斯科特，請他發表結束語。

Michael, I appreciate it. And everybody giving us the time, it is appreciated. I mean, we've had a few questions on the context of our performance year-to-date relative to the outlook. And if I try to wrap this all together in a moment or two to try to help all of us think about the company going forward.

邁克爾，我很感激。我們非常感謝大家給予我們時間。我的意思是，我們對今年迄今為止的業績與前景的關係有一些疑問。如果我嘗試花一兩分鐘的時間把所有這些內容匯總在一起，以幫助我們所有人思考公司的未來發展。

We talked a little bit about electrification at the start, and we are definitely pleased with our progress in electrification to be at almost 15% EBITDA margins today with modest improvements in the second half of the year. So we'll get through our strategy process and electrification and come back to you on a new by 2028 financial outlook.

我們一開始就談了一些關於電氣化的問題，我們對電氣化方面的進展感到非常滿意，今天的 EBITDA 利潤率已接近 15%，下半年還將略有改善。因此，我們將完成我們的策略流程和電氣化，並向您提供 2028 年新的財務展望。

What I would tell you in that regard is we're also gaining real confidence and conviction on our ability to continue to expand our markets in electrification, we're having very productive conversations with the hyperscalers on incremental solutions we can provide them. And I do expect our R&D to continue to ramp up in electrification in 2026, and that's something we'll share with you as we get to the end of the year.

在這方面我想告訴你的是，我們對繼續擴大電氣化市場的能力也越來越有信心和信念，我們正在與超大規模企業就我們可以為他們提供的增量解決方案進行非常富有成效的對話。我確實希望我們的研發能夠在 2026 年繼續加強電氣化，我們將在年底與大家分享這一點。

Similar themes in power. We're pleased to be approaching the 14% to 15% band with power also. And as we've been saying for a period of time, that's primarily the strength of services and core operations. I mean, the better equipment backlog does not cut in power until the second half of '26 and really 2027. So where we are sitting in power today, we also have an opportunity to go through the strategy processes this year and likely update that by '28 financial guide.

類似的主題在權力中。我們很高興能夠將功率範圍逼近 14% 至 15%。正如我們一段時間以來所說的那樣，這主要是服務和核心營運的優勢。我的意思是，更好的設備積壓直到 2026 年下半年甚至 2027 年才會停止供電。因此，在我們今天掌權的情況下，我們也有機會在今年完成策略流程，並可能在 28 年財務指南之前對其進行更新。

On wind, that's probably, of our three business segments, the one that as we look out to 2028, we're still sitting at a very similar expectation as where we were in December '24. That's the business segment that we're probably still sitting at by 2028, 10% EBITDA expectations.

就風能而言，在我們的三大業務部門中，展望 2028 年，我們對它的預期與 2024 年 12 月的預期非常相似。到 2028 年，我們可能仍將停留在這個業務部門，EBITDA 預期為 10%。

But there's also a lot that we owe you over the second half of the year in wind. I mean, in onshore wind with where our orders have been in the first half of the year, we have directionally 45% of next year's revenue in backlog today. So these orders need to convert in the second half of the year to fill our revenue profile for 2026. That's important.

但在今年下半年的風能領域，我們也欠你們很多。我的意思是，就我們上半年的陸上風電訂單而言，我們目前已積壓了明年 45% 的收入。因此，這些訂單需要在下半年轉換，以填補我們 2026 年的收入狀況。這很重要。

In addition to that, with offshore wind, although we had our most productive quarter operationally in 2Q, both installing and commissioning more than 30 wind turbines. Sitting here today, we've talked to you in the past about the fact that we'll have maybe a stub period with offshore to complete Dogger Bank in 2027. The most practical outcome is we're likely completing Dogger Bank through the four quarters of 2027.

除此之外，就離岸風電而言，儘管我們第二季度的營運效率最高，但我們安裝和調試了 30 多颱風力渦輪機。今天坐在這裡，我們過去曾與你們討論過這樣一個事實：我們可能會有一個與離岸公司合作的短暫時期，以便在 2027 年完成 Dogger Bank 的建設。最實際的結果是我們很可能在 2027 年四個季度內完成 Dogger Bank 的建設。

And with the benefit of the summer and our execution through the rest of the year, we'll give you an update on that by the end of 2026. So I thought it was important just to reground on where we are in all three business segments at the wrap and some of the stuff that we're going to be working on here as we look to the future with the business.

借助夏季的成果以及我們在今年剩餘時間的執行，我們將在 2026 年底之前向您提供最新進展。因此，我認為重要的是重新審視我們在所有三個業務部門中所處的位置，以及我們在展望未來業務時將要開展的一些工作。

Practically speaking, I think some of the big questions for us as we go into the end of the year is the strength of the backlog growth we expect in these businesses in 2026 because very quickly, when we start talking about incremental backlog growth in 2026, that's telling us and you the incremental growth we expect in this company in 2029 and '30 and beyond.

實際上，我認為，當我們進入年底時，我們面臨的一些大問題是，我們預計 2026 年這些業務的積壓增長力度如何，因為當我們開始談論 2026 年增量積壓增長時，這很快就會告訴我們和你們我們預計這家公司在 2029 年、30 年及以後的增量增長很快。

And that's going to be an important piece of the equation because the 2028 marker is just that. It's a marker. We are running this business and intend to lead this company with much grander expectations than 2028. And it is early for us, and we're confident with where we're going.

這將是等式中的重要部分，因為 2028 年的標記就是這樣的。這是一個標記。我們正在經營這項業務，並打算以比 2028 年更宏偉的期望來領導這家公司。對我們來說還為時過早，但我們對未來的發展充滿信心。

So with that, at the wrap, I just want to thank all of you for giving us the time. As you always do, we look forward to both Ken, Michael, and I seeing you out in the field for our customers. We appreciate the continued commitment and faith in us for our partners and suppliers.

所以，最後，我只想感謝大家給我們時間。正如您一貫的做法一樣，我們期待肯、邁克爾和我都能在現場為我們的客戶提供優質的服務。我們感謝合作夥伴和供應商對我們的持續承諾和信任。

We need you in this growth ramp and we're going to keep working with you. And for our teams, we're proud of our progress. We're appreciative of everything you're doing. But we also know we have a lot of opportunities to improve, and we are going to focus on that every day. So thanks for the time today, everyone.

我們需要您來幫助我們實現這一成長，我們將繼續與您合作。對於我們的團隊來說，我們為我們的進步感到自豪。我們感謝您所做的一切。但我們也知道我們有很多改進的機會，我們每天都會專注於此。感謝大家今天抽出時間。

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。