GE Vernova Inc (GEV) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to GE Vernova's conference call to discuss the acquisition of Prolec GE as well as GE Vernova's third-quarter financial results and outlook. (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 電話會議，討論對 Prolec GE 的收購以及 GE Vernova 第三季度的財務業績和展望。（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，我想將節目單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 conference call today, where we will start by discussing the planned acquisition of the remaining 50% of Prolec GE and then cover our third-quarter 2025 earnings results. I'm joined today by our CEO, Scott Strazik and our CFO, Ken Parks.

歡迎參加 GE Vernova 今天的電話會議，我們將首先討論收購 Prolec GE 剩餘 50% 股份的計劃，然後介紹我們 2025 年第三季的盈利結果。今天與我一起出席的還有我們的執行長 Scott Strazik 和財務長 Ken Parks。

Today's remarks include GAAP and non-GAAP measures; including stand-alone forecast of the Prolec GE joint venture. Reconciliations of GAAP to non-GAAP measures and related information are in our Form 10-Q press releases and presentation slides available on our website. Our Prolec GE comments reflect expectations for the transaction and the joint venture's business cost and revenue synergies from the transaction and capital allocation plans. Unless otherwise noted, year-over-year changes in orders revenue, adjusted and segment EBITDA and margin or on an organic basis.

今天的評論包括 GAAP 和非 GAAP 指標；包括對 Prolec GE 合資企業的獨立預測。我們網站上提供的 10-Q 表新聞稿和簡報幻燈片中包含了 GAAP 與非 GAAP 指標的對帳以及相關資訊。我們對 Prolec GE 的評論反映了對交易的預期以及交易和資本配置計劃對合資企業的業務成本和收入的協同效應。除非另有說明，訂單收入、調整後和分部 EBITDA 和利潤率的同比變化或基於有機基礎。

We will make forward-looking statements based on how we see things today. We may update these statements in the future but undertake no obligation to do so. Actual results may differ materially due to risks and uncertainties described in our SEC filings.

我們將根據目前對事物的看法做出前瞻性的陳述。我們可能會在未來更新這些聲明，但不承擔這樣做的義務。由於我們向美國證券交易委員會提交的文件中所述的風險和不確定性，實際結果可能存在重大差異。

With that, let me turn the call over to Scott.

說完這些，讓我把電話轉給史考特。

Thank you, Michael. We are excited to update you on our announced acquisition of the remaining 50% of the Prolec GE joint venture from our partner, (inaudible). We partnered with Signus for 30 years to build a world-class transformer business. This is a business we know well and is an attractive acquisition for GE Vernova consolidating a leading grid equipment provider that produces transformers to serve North American utilities, industrials and data centers. Ken will go into the details.

謝謝你，麥可。我們很高興地向您通報，我們已宣布從合作夥伴手中收購 Prolec GE 合資公司剩餘的 50% 股份，（聽不清楚）。我們與 Signus 合作了 30 年，致力於打造世界一流的變壓器業務。這是我們非常了解的業務，對於 GE Vernova 來說，這是一次頗具吸引力的收購，因為它整合了一家領先的電網設備供應商，該供應商生產變壓器，為北美公用事業、工業和數據中心提供服務。Ken 將詳細介紹。

We're paying $5.275 billion planned to be funded 50% with cash and 50% with debt. We expect the transaction will close by mid-'26. This acquisition fully aligns with our strategic and financial objectives. Prolec will further strengthen our capabilities in the grid equipment market, primarily for transformers in North America, but also over time, beyond North America, accelerating the growth trajectory of our fastest-growing segment, electrification.

我們計劃支付 52.75 億美元，其中 50% 以現金支付，50% 以債務支付。我們預計交易將於 2026 年中期完成。此次收購完全符合我們的策略和財務目標。Prolec 將進一步加強我們在電網設備市場的能力，主要針對北美的變壓器，但隨著時間的推移，也將擴展到北美以外的地區，加速我們成長最快的領域——電氣化的成長軌跡。

The acquisition is immediately accretive to EBITDA before synergies. We are confident in the cost synergies and expect to drive revenue synergies over the medium to long term after bringing Prolec fully into GE Vernova. This transaction is also consistent with the disciplined capital allocation strategy discussed at our December '24 investor update, where we highlighted our commitment to fund organic growth, return at least one-third of cash generated to shareholders and execute on targeted M&A like this transaction, which aligns with our core and adds to the electrification product solution we can deliver to customers.

此次收購在產生綜效之前將立即增加 EBITDA。我們對成本協同效應充滿信心，並預計在將 Prolec 完全納入 GE Vernova 後，將在中長期內推動收入協同效應。此次交易也符合我們在 2024 年 12 月投資者更新中討論的嚴謹的資本配置策略，我們在該策略中強調了我們致力於資助有機增長、將至少三分之一的現金返還給股東以及執行類似此次交易的有針對性的併購，這符合我們的核心，並增加了我們可以為客戶提供的電氣化產品解決方案。

Turning to slide 5, we expect Prolec to generate $3 billion in revenue this year at strong EBITDA margins of 25%, making this a margin-accretive business to GE Vernova overall. Prolec is focused on producing transformers across most high, medium and low voltages with approximately 10,000 employees across 7 sites, including 5 in the US and 1 in Mexico, which is USMCA compliant. Prolec's largest product offerings is power transformers, which many energy-intensive customers rely upon, including data centers.

轉到投影片 5，我們預計 Prolec 今年的營收將達到 30 億美元，EBITDA 利潤率將達到 25%，這將使其成為 GE Vernova 整體的利潤增值業務。Prolec 專注於生產大多數高、中、低壓變壓器，在 7 個工廠擁有約 10,000 名員工，其中 5 個在美國，1 個在墨西哥，符合 USMCA 標準。Prolec 最大的產品是電力變壓器，許多能源密集型客戶（包括資料中心）都依賴它。

While GE Vernova sells transforms internationally, this joint venture sells almost all of its volume to US customers and is the exclusive way we've delivered transformers into North America. We value our relationship with Cygnus, our partner and the Prolec GE Venture and the management team at Prolec and are excited to build on the 30-year foundation built to date.

雖然 GE Vernova 在國際上銷售變壓器，但該合資企業幾乎將所有的變壓器都賣給了美國客戶，也是我們向北美運送變壓器的唯一途徑。我們重視與 Cygnus、我們的合作夥伴、Prolec GE Venture 和 Prolec 管理團隊的關係，並很高興能夠在迄今為止建立的 30 年基礎上繼續發展。

Turning to the next slide, customers should clearly benefit from our full ownership of Prolec GE. We anticipate being able to streamline the customer experience by fully integrating Prolec into GE Vernova's commercial activities and product development. This transaction removes existing contractual limitations and creates an opportunity to better serve customers in North America and across the world. Krolik is investing in its factories to meet the increasing need for transformers.

翻到下一張投影片，客戶顯然會從我們對 Prolec GE 的完全所有權中受益。我們期望透過將 Prolec 完全整合到 GE Vernova 的商業活動和產品開發中來簡化客戶體驗。此次交易消除了現有的合約限制，並創造了更好地服務北美和世界各地客戶的機會。Krolik 正在投資其工廠以滿足日益增長的變壓器需求。

For example, in North Carolina, our recently announced expansion is already underway, and Prolec has also completed expansions in Louisiana and in Mexico. Not only are there further opportunities to expand capacity at Prolec's sites, we also expect to incorporate our lean culture into how we operate these facilities. Lean has helped GE Vernova expand capabilities in places like Charleroi, which makes circuit breakers outside of Pittsburgh, a facility where we are doubling output and adding jobs.

例如，在北卡羅來納州，我們最近宣布的擴張計劃已在進行中，而 Prolec 也已在路易斯安那州和墨西哥完成了擴張計劃。我們不但有進一步擴大 Prolec 工廠產能的機會，還希望將精益文化融入這些工廠的運作方式。精實幫助 GE Vernova 擴大了在沙勒羅瓦等地的產能，沙勒羅瓦是匹茲堡郊外生產斷路器的工廠，我們在該工廠的產量翻了一番，就業崗位也增加了。

We expect to drive attractive outcomes over time at the Prolec facilities. Longer term, we see a real potential to increase volume and improve lead times from executing on disciplined capacity additions and leveraging our global footprint. We also expect to integrate parts of Prolec with GE Vernova's existing businesses. And not just with our growing Switchgear and Transformer businesses within Grid Solutions, but also Grid Automation, which will help customers in the monitoring and performance management of their assets. Prolec also expands our product offerings within distribution transformers to customers outside of North America.

我們期望隨著時間的推移，Prolec 工廠能夠取得令人滿意的成果。從長遠來看，我們看到透過執行嚴格的產能增加和利用我們的全球影響力來增加產量和縮短交貨時間的真正潛力。我們也希望將 Prolec 的部分業務與 GE Vernova 的現有業務整合在一起。不僅我們電網解決方案中不斷成長的開關設備和變壓器業務，還有電網自動化，這將有助於客戶監控和效能管理他們的資產。Prolec 也將配電變壓器產品範圍擴大到北美以外的客戶。

We have talked recently about our expected higher R&D next year to develop and deliver more product to data centers and going beyond the transmission substations we provide today. Prolec will help deliver an even more robust range of product offerings. Today, GE Vernova's Electrification segment focuses primarily on transmission technologies and Prolec's North American factories could provide an opportunity to produce HVDC transformers locally.

我們最近談到了明年預計增加的研發投入，以開發並向資料中心提供更多產品，並超越我們今天提供的輸電變電站。Prolec 將協助提供更豐富的產品系列。如今，GE Vernova 的電氣化部門主要專注於輸電技術，而 Prolec 的北美工廠可以提供在當地生產高壓直流變壓器的機會。

Moving to slide 7, we've discussed the attractiveness of the Electrification equipment market. In North America alone, we're seeing significant investment in Electrification, where we expect our combined serviceable addressable market to grow at approximately 10% compounded growth rate, doubling in size by 2030. There are three primary drivers increasing demand for grid investment. First, electricity demand is increasing from expanded electrification needs, data center growth and rising digitization levels.

轉到幻燈片 7，我們討論了電氣化設備市場的吸引力。光是在北美，我們就看到電氣化領域的巨大投資，我們預計，我們的綜合服務目標市場將以約 10% 的複合成長率成長，到 2030 年規模將翻倍。有三個主要驅動因素增加電網投資的需求。首先，由於電氣化需求的擴大、資料中心的成長和數位化水準的提高，電力需求正在增加。

There is also a need for increased grid stability and flexibility, especially as more distributed resources come online and as voltage or frequency support becomes even more critical. Reliability is paramount and maintaining reliability requires modernizing aging infrastructure. Finally, we see growing demand from the energy transition and increased national security interests.

還需要提高電網的穩定性和靈活性，特別是隨著越來越多的分散式資源上線以及電壓或頻率支援變得更加重要。可靠性至關重要，保持可靠性需要對老化的基礎設施進行現代化改造。最後，我們看到能源轉型的需求不斷成長，國家安全利益也日益增強。

Now I'll hand it over to Ken to walk through the financial details.

現在我將把時間交給肯恩來介紹財務細節。

Thanks, Scott. On slide 8, let me highlight for you the financials of Prolec GE and our expectations for the next few years before synergies or integration costs. The business has strong fundamentals and a sizable backlog. Prolec had an equipment backlog of approximately $4 billion at the end of the second quarter. In addition, they maintained frame agreements with their key customers, which are not in backlog, representing strong relationships that will continue to drive growth going forward.

謝謝，斯科特。在第 8 張投影片上，讓我為您重點介紹 Prolec GE 的財務狀況以及我們對未來幾年協同效應或整合成本之前的預期。該業務具有強勁的基本面和大量積壓訂單。截至第二季末，Prolec 的設備積壓訂單價值約為 40 億美元。此外，他們與主要客戶保持著框架協議，這些協議沒有積壓，這代表著牢固的關係，將繼續推動未來的成長。

We expect low double-digit revenue growth driven by volume and pricing with revenue increasing from $3 billion this year to over $4 billion in 2028. During the same time frame, Prolec should see robust EBITDA growth to over $1 billion in 2028 before incorporating anticipated cost and revenue synergies.

我們預計，在銷售和定價的推動下，營收將實現低兩位數成長，到 2028 年，營收將從今年的 30 億美元增至 40 億美元以上。在同一時間段內，Prolec 的 EBITDA 應該會在 2028 年強勁增長至 10 億美元以上，然後再考慮預期的成本和收入協同效應。

We include our 50% share of equity income in GE Vernova's adjusted EBITDA. Consolidating Prolec will add an incremental $800 million for GE Vernova in 2028. The business also generates positive and growing free cash flow. Additionally, the numbers provided today include the estimated impact of tariffs as currently outlined. We plan to fund the acquisition of Prolec using an equal mix of debt and cash on hand for the just under $5.3 billion payment.

我們將 50% 的股權收入份額納入 GE Vernova 的調整後 EBITDA 中。合併 Prolec 將在 2028 年為 GE Vernova 增加 8 億美元。該業務還產生了積極且不斷增長的自由現金流。此外，今天提供的數據還包括目前概述的關稅的預期影響。我們計劃以債務和現金各佔一半的方式為收購 Prolec 提供近 53 億美元的資金。

We remain committed to maintaining an investment-grade balance sheet. Even after issuing roughly $2.6 billion in debt resulting from the acquisition, we expect to remain below 1x on a debt to adjusted EBITDA basis. Again, this is an immediately accretive transaction to EBITDA before synergies.

我們仍致力於維持投資等級資產負債表。即使在因收購而發行了約 26 億美元的債務之後，我們預計債務與調整後 EBITDA 比率仍將低於 1 倍。再一次，這是一項在產生協同效應之前立即增加 EBITDA 的交易。

On this next slide, I'll walk through some of the expected synergies, starting with cost. We expect to apply proven practices that have helped GE Vernova across all 3 segments improved margins. For Prolec, we plan to implement common design practices in terms of how we develop and manufacture transformers helping drive down cost and become even more efficient. We'll also leverage our sourcing practices and expand Lean to drive process improvements that will lead to increased productivity.

在下一張投影片中，我將介紹一些預期的協同效應，從成本開始。我們希望應用已幫助 GE Vernova 在所有三個部門提高利潤率的成熟做法。對於 Prolec，我們計劃在開發和製造變壓器方面實施通用的設計實踐，以幫助降低成本並提高效率。我們還將利用我們的採購實踐並擴展精益來推動流程改進，從而提高生產力。

Many of you have heard us talk about the work we've done to improve output from our Electrification facilities. We expect to take those learnings and best practices and incorporate them at the Prolec sites. Opportunities clearly exist to optimize R&D, especially as we integrate Prolec's processes with the work our Electrification team undertakes to design and deliver new technologies and product offerings. We also expect to realize G&A-related savings both from process leveraging and the use of technology and systems.

你們中的許多人都聽過我們談論為提高電氣化設施產量所做的工作。我們希望將這些經驗和最佳實踐融入 Prolec 網站。優化研發的機會顯然存在，特別是當我們將 Prolec 的流程與電氣化團隊為設計和提供新技術和新產品而承擔的工作相結合時。我們也希望透過流程槓桿以及技術和系統的使用來實現與 G&A 相關的節省。

On the right-hand side of the page, we highlight the opportunities to drive revenue-related synergies which provides upside to our financial outlook. For example, full ownership of Prolec enables GE Vernova to leverage our combined global factory footprint to provide even more transformers into North America.

在頁面的右側，我們重點介紹了推動與收入相關的協同效應的機會，這為我們的財務前景帶來了好處。例如，完全擁有 Prolec 使 GE Vernova 能夠利用我們合併後的全球工廠足跡向北美提供更多的變壓器。

We also see opportunities to harmonize our go-to-market strategy and expand our services offerings in North America. There are further investments that can drive future growth such as opportunity to eventually market and sell Prolec's transformers, including low to medium transformers outside of North America. We also anticipate expanding and improving our grid automation offerings with products Prolec provides today.

我們也看到了協調我們的市場進入策略和擴大我們在北美的服務範圍的機會。還有進一步的投資可以推動未來的成長，例如最終在北美以外行銷和銷售 Prolec 變壓器的機會，包括中低端變壓器。我們也期待利用 Prolec 目前提供的產品來擴展和改進我們的電網自動化產品。

In summary, we expect to realize $60 million to $120 million of annualized cost synergies by 2028. And as we integrate Prolec, we see real opportunities to drive additional revenue synergies ahead. We're working hard to execute a smooth integration, which includes retaining talent and ensuring continuity while also evaluating systems integrations and the sharing of best practices across engineering and operations to increase productivity, reduce costs and leverage our scale, all to deliver value after the deal closes.

總之，我們預計到 2028 年將達到 6,000 萬至 1.2 億美元的年化成本綜效。隨著我們整合 Prolec，我們看到了推動額外收入綜效的真正機會。我們正在努力實現順利整合，包括留住人才和確保連續性，同時評估系統整合以及在工程和營運領域分享最佳實踐，以提高生產力、降低成本並利用我們的規模，所有這些都是為了在交易結束後創造價值。

With that, let me turn it back to Scott.

說完這些，讓我把話題轉回史考特身上。

Thanks, Ken. A few closing thoughts on the transaction. We are excited to acquire the remaining 50% of Prolec GE, which will help us gain scale and strategic flexibility in North America, our largest market, while providing customers with benefits as well. We will focus in the near term on streamlining the customer experience and on improving performance across safety, quality, delivery and cost, by applying our Lean playbook.

謝謝，肯。關於這筆交易的幾點最後想法。我們很高興收購 Prolec GE 剩餘的 50% 股份，這將有助於我們在北美（我們最大的市場）獲得規模和策略彈性，同時也為客戶帶來利益。短期內，我們將透過應用精實策略，專注於簡化客戶體驗，並提高安全、品質、交付和成本的績效。

We expect to deliver on the cost synergies outlined today and to drive revenue synergies as well, and we are excited to grow our low to medium voltage technology offerings to serve select industries in global markets over time. This is an immediately accretive acquisition before synergies, and we are highly confident in our ability to deliver Prolec's financial outlook. We're already seeing attractive organic growth in our Electrification segment, and this transaction will add to our growth runway and to expanding margins ahead.

我們希望實現今天概述的成本協同效應並推動收入協同效應，並且我們很高興能夠擴大我們的低壓到中壓技術產品，以便隨著時間的推移為全球市場上的特定行業提供服務。這是一項在產生綜效之前立即產生增值的收購，我們對實現 Prolec 財務前景的能力充滿信心。我們已經看到電氣化部門出現了可觀的有機成長，此次交易將進一步擴大我們的成長空間並提高未來的利潤率。

Now, with that, let's shift to our 3Q results on page 12. Put simply, 3Q was another productive quarter. We are running the company from a position of financial strength, focused on long-term growth and returns and 3Q is another affirmation of the potential ahead. Based upon our execution, combined with this era of increased electricity investment, our growth trajectory is accelerating.

現在，讓我們轉到第 12 頁的第三季結果。簡而言之，第三季又是一個富有成效的季度。我們以財務實力為依賴來經營公司，專注於長期成長和回報，第三季業績再次證明了公司未來的潛力。根據我們的執行力，再加上這個電力投資增加的時代，我們的成長軌跡正在加速。

Customers are relying more on our equipment and services and we've grown our backlog $16 billion in '25 with $7 billion increase in our backlog in 3Q alone. We see continued strength in gas power demand and pricing, having signed 12 gigawatts of new contracts in 3Q, after securing 9 gigawatts of new contracts in 2Q.

客戶越來越依賴我們的設備和服務，25 年我們的積壓訂單增加了 160 億美元，光是第三季積壓訂單就增加了 70 億美元。我們看到天然氣電力需求和定價持續強勁，繼第二季簽訂 9 吉瓦新合約後，第三季又簽訂了 12 吉瓦新合約。

Our gas turbine backlog grew this quarter from 29 to 33 gigawatts and our slot reservation agreements increased from 25 to 29 gigawatts, building our total gigawatt of backlog and slot reservation agreements to 62 gigawatts from 55, when we talked about -- that we talked about at 2Q earnings.

本季度，我們的燃氣渦輪機積壓訂單從 29 千兆瓦增加到 33 千兆瓦，我們的時段預訂協議從 25 千兆瓦增加到 29 千兆瓦，使我們積壓訂單和時段預訂協議的總千兆瓦數從 55 千兆瓦增加到 62 千瓦兆瓦，這是我們在第二季度收益中談到的。

As expected, we are seeing significant strength in the US, but also signed contracts for our HA gas turbines, our largest and most efficient baseload units this quarter in Mexico, Kuwait, Poland, and Malaysia. We now expect to approach 70 gigawatts of contractual gas power commitments by the end of '25, with significant momentum into '26. We are seeing customers invest in both new units and their existing assets, driving services growth with solid pricing. Year to date, our Power Services backlog has increased $4 billion with growth in gas and steam.

正如預期的那樣，我們在美國看到了顯著的實力，而且本季度我們還在墨西哥、科威特、波蘭和馬來西亞簽署了 HA 燃氣渦輪機合同，這是我們最大、最高效的基載機組。我們目前預計，到 2025 年底，合約天然氣發電承諾將達到 70 吉瓦，到 2026 年將呈現強勁成長動能。我們看到客戶既投資新單位，也投資現有資產，以穩健的價格推動服務成長。今年迄今為止，隨著天然氣和蒸汽業務的成長，我們的電力服務積壓訂單增加了 40 億美元。

On Electrification, the breadth of market strength and increasing margins continues to reinforce our conviction in investing in this business. We're seeing demand strength across the globe, in the Middle East, North America and Europe. Equipment orders more than doubled year-over-year with healthy growth and positive orders price across multiple product lines and good solutions and power conversion and storage, where we sell products that help stabilize the grid, like inverters and synchronous condensers.

在電氣化方面，市場實力的廣度和利潤率的提高繼續增強我們投資該業務的信心。我們看到中東、北美和歐洲等全球各地的需求強勁。設備訂單年增一倍以上，多個產品線均實現健康增長，訂單價格為正，並提供良好的解決方案和電力轉換與存儲，我們銷售有助於穩定電網的產品，如逆變器和同步電容器。

This quarter, we secured $1.6 billion of orders for synchronous condensers in Saudi Arabia with more to come. Hyperscalers increasingly are turning to us for their electrification needs with $400 million of orders in 3Q alone. So far this year, we've booked roughly $900 million in Electrification orders with hyperscalers, compared to $600 million in all of '24.

本季度，我們獲得了沙烏地阿拉伯價值 16 億美元的同步電容器訂單，未來還將獲得更多訂單。超大規模企業越來越多地向我們尋求電氣化需求，光是第三季的訂單就達到 4 億美元。今年到目前為止，我們已經向超大規模企業訂購了約 9 億美元的電氣化訂單，而 24 年全年的訂單總額為 6 億美元。

In Wind, the onshore volume trajectory remains too difficult to call. In the US Onshore equipment orders remained soft as we shared in September. Customers still face permitting delays and tariff uncertainty that will likely weigh on our '26 Onshore revenue. We are closing deals with growing opportunities for services, repowering in the US and new units in attractive international markets.

在風能方面，陸上發電量軌跡仍難以預測。正如我們在 9 月所分享的，美國陸上設備訂單依然疲軟。客戶仍然面臨許可延遲和關稅不確定性，這可能會對我們 26 年的陸上收入造成壓力。我們正在達成交易，為美國提供服務、進行改造以及在有吸引力的國際市場建立新單位提供越來越多的機會。

If we shift towards our ability to fulfill on the strong growth across our businesses, we had a very productive last 100 days. I had the ability to spend time in our two largest gas power facilities in both Greenville, South Carolina, and in Budapest, and I'm very pleased with the progress. We've installed almost 200 new machines in our gas power factories this year and added approximately 800 production workers and remain on track to meet the run rate of 20 gigawatts annualized production by 3Q '26. My visit Stafford in the UK this month reinforced my confidence and our Grid business's ability to meet the ramp in HVDC.

如果我們轉向實現各項業務強勁成長的能力，那麼過去的 100 天我們就取得了非常豐碩的成果。我有幸在我們位於南卡羅來納州格林維爾和布達佩斯的兩個最大的天然氣發電廠參觀，我對進展感到非常滿意。今年，我們在天然氣發電廠安裝了近 200 台新機器，增加了約 800 名生產工人，並預計在 2026 年第三季實現 20 吉瓦的年產量運行率。我本月對英國斯塔福德的訪問增強了我的信心，也增強了我們電網業務滿足高壓直流輸電需求的能力。

I also visited critical suppliers in 3Q, we are relying upon and the supply chain is keeping pace. Visiting our offshore Marshalling Harbor in the UK this month, continue to give me conviction. We will be materially complete with Dogger Bank A and Vineyard this year. All that said, we are running the company to simply sell and fulfill on the business in front of us.

我在第三季也拜訪了我們所依賴的關鍵供應商，供應鏈也在跟進。本月造訪我們位於英國的近海馬歇爾港，繼續給我信心。今年，我們將在 Dogger Bank A 和 Vineyard 方面取得實質進展。儘管如此，我們經營公司只是為了銷售和完成我們面前的業務。

We are investing in the long-term future. We signed our first technology collaboration funding agreement with a hyperscaler for scope inside the data center as an example.

我們正在投資長遠的未來。例如，我們與一家超大規模企業簽署了第一份技術合作融資協議，用於資料中心內部範圍。

We also announced a strategic alliance with Samsung this month to advance our BWRX-300 Nuclear SMR outside North America. Our investments in artificial intelligence are gaining real traction as we gain engineering productivity through AI to meet the unprecedented demand in gas turbine controls engineering requests associated with the surge in both new unit and upgrade order activity. We are using AI in our bidding activity today to ensure we get customer requirements right the first time and for design verification and validation.

本月我們也宣布與三星建立策略聯盟，以在北美以外地區推進我們的 BWRX-300 核 SMR。隨著我們透過人工智慧提高工程生產力，以滿足新機組和升級訂單活動激增帶來的燃氣渦輪控制工程需求的空前需求，我們對人工智慧的投資正在獲得真正的牽引力。我們今天在投標活動中使用人工智慧，以確保我們第一次就正確獲得客戶要求並進行設計驗證和確認。

Physical automation, using machines, robots and mechanical systems to perform physical tasks that would otherwise require human labor is gaining traction across areas such as material handling, inspection, surface treatment and assembly. Our AI and physical automation investments are just starting but will drive substantial value for our customers and owners in the back half of the decade. We make all these investments while further strengthening our balance sheet closing the quarter with approximately $8 billion of cash. This enables us to grow both our R&D and CapEx over 20% this year, while we have also repurchased over 6 million shares for roughly $2.2 billion year-to-date at an average price of $357.

物理自動化，也就是使用機器、機器人和機械系統來執行原本需要人力的實體任務，正在材料處理、檢查、表面處理和組裝等領域獲得越來越大的關注。我們對人工智慧和實體自動化的投資才剛起步，但將在未來五年為我們的客戶和業主帶來巨大的價值。我們進行所有這些投資的同時，進一步加強了我們的資產負債表，本季末我們的現金約為 80 億美元。這使得我們今年的研發和資本支出均成長 20% 以上，同時我們也以平均 357 美元的價格回購了超過 600 萬股股票，總價值約 22 億美元。

We are and will continue operating GE Vernova from a position of financial strength with substantial opportunity ahead of us. Turning to the next slide on our third quarter results. We are building a larger, higher-margin backlog that positions us for future growth and margin expansion. We've grown our total equipment backlog to $54 billion in the third quarter, an increase of $11 billion so far this year.

我們現在並將繼續以雄厚的財力和巨大的發展機會來經營 GE Vernova。翻到下一張投影片，了解我們的第三季業績。我們正在建立更大、利潤率更高的積壓訂單，為未來的成長和利潤率擴張做好準備。第三季度，我們的設備積壓訂單總額已增至 540 億美元，今年迄今增加了 110 億美元。

Within that, Electrification equipment backlog has grown by over $6 billion, roughly the same amount, it increased in each of the last 2 full years. This equipment backlog was $6 billion entering '23 and is now more than $26 billion. We are growing our equipment backlog with improved margins and will highlight the change in equipment margin in our fourth quarter earnings call.

其中，電氣化設備積壓訂單增加了 60 多億美元，與過去兩年每年的成長金額大致相同。進入23年，設備積壓訂單價值為60億美元，現在已超過260億美元。我們的設備積壓訂單正在增加，利潤率也在提高，我們將在第四季度財報電話會議上重點介紹設備利潤率的變化。

Our services backlog also grew $2 billion sequentially and $5 billion for the year, primarily in Power. Power and Electrification are delivering increasingly stronger results while we're executing our win strategy. Electrification revenue increased over 30%, and margins expanded to over 15%, while Power in its traditionally lightest quarter due to the seasonality of outages, expanded margins to north of 13%.

我們的服務積壓訂單也比上一季成長了 20 億美元，全年成長了 50 億美元，主要集中在電力領域。在我們實施致勝策略的同時，電力和電氣化業務正在取得越來越強勁的成果。電氣化收入成長超過 30%，利潤率擴大至 15% 以上，而電力因季節性停電而進入傳統上最淡的季度，利潤率擴大至 13% 以上。

In Onshore Wind, we are encouraged with our services orders up 27% year-to-date, with solid progress in repowering in the US and the availability of our fleet proving while down turbines and cost per job is reducing. In the third quarter, Vernova revenues grew 10% organically with double-digit growth in both equipment and services and EBITDA margins expanded 600 basis points while delivering another quarter of strong positive free cash flow.

在陸上風電領域，我們感到鼓舞的是，我們的服務訂單今年迄今已增長了 27%，美國風電再發電取得了堅實進展，而且我們的風電船隊可用性得到證明，同時渦輪機數量減少，每項工作的成本也在降低。第三季度，Vernova 營收有機成長 10%，設備和服務均實現兩位數成長，EBITDA 利潤率擴大 600 個基點，同時又實現了強勁的正自由現金流。

Finally, we are reaffirming our '25 GE Vernova guidance for revenue, adjusted EBITDA margins and free cash flow. With that, I'm going to hand it over to Ken to provide more details.

最後，我們重申 25 年 GE Vernova 對收入、調整後 EBITDA 利潤率和自由現金流的指導。有了這些，我將把它交給肯來提供更多細節。

Thanks again, Scott. Turning to slide 14, third-quarter results were strong with robust orders, backlog expansion, solid revenue growth, adjusted EBITDA margin expansion and another quarter of strong free cash flow generation. We booked orders of $14.6 billion, a 55% increase year over year, and a book-to-bill ratio of approximately [1.5]. Equipment orders almost doubled with significant growth in both Power and Electrification.

再次感謝你，斯科特。轉到投影片 14，第三季業績表現強勁，訂單強勁、積壓訂單擴大、收入穩健增長、調整後的 EBITDA 利潤率擴大，並且又一個季度實現了強勁的自由現金流生成。我們的訂單總額為 146 億美元，年增 55%，訂單出貨比約為[1.5]。設備訂單幾乎翻了一番，電力和電氣化領域均有顯著成長。

Services orders increased 5% and grew in all three segments. As a result, our backlog expanded to $135 billion, a year-over-year and sequential increase led by both Power and Electrification. As Scott mentioned, equipment backlog grew to $54 billion, up approximately $12 billion year over year, and equipment backlog margin remains healthy reflecting favorable price and our continued focus on disciplined underwriting. Our services backlog grew more than $5 billion year-over-year to approximately $81 billion led by Power.

服務訂單成長了 5%，三個部門都成長。因此，我們的積壓訂單擴大至 1,350 億美元，年比和季比均有成長，主要得益於電力和電氣化業務。正如斯科特所提到的，設備積壓訂單增長至 540 億美元，同比增長約 120 億美元，設備積壓訂單利潤率保持健康，反映了有利的價格和我們對嚴格承保的持續關注。我們的服務積壓訂單年增超過 50 億美元，達到約 810 億美元，其中以電力業務為主導。

Revenue increased 10%, with double-digit growth in both equipment and services. Higher equipment revenue was driven by 37% growth at Electrification and 22% growth at Power, more than offsetting anticipated lower Wind revenues. Services revenue growth was led by Power. Price was positive in all segments. Adjusted EBITDA more than tripled year-over-year to $811 million, with each segment delivering significant growth.

營收成長 10%，設備和服務均達到兩位數成長。設備收入成長得益於電氣化業務 37% 的成長和電力業務 22% 的成長，足以抵消預期的風能收入下降。服務收入成長主要由電力推動。所有細分市場的價格都呈現正面態勢。調整後的 EBITDA 年成長兩倍多，達到 8.11 億美元，每個部門都實現了顯著成長。

Adjusted EBITDA margin expanded 600 basis points with higher price more profitable volume and productivity more than offsetting investments in innovation and capacity.

調整後的 EBITDA 利潤率擴大了 600 個基點，更高的價格、更豐厚的利潤、更強勁的銷量和更高的生產力抵消了創新和產能的投資。

Margin also benefited from lower Offshore Wind contract losses, net of the contract settlement gain recorded in the prior year. The strong adjusted EBITDA and working capital management drove positive free cash flow of approximately $730 million in the third quarter. Working capital was a nearly $300 million cash benefit, driven primarily by down payments on higher orders and slot reservations at Power as well as higher orders at Electrification.

利潤率也受益於離岸風電合約損失的減少，扣除上一年記錄的合約結算收益。強勁的調整後 EBITDA 和營運資本管理推動第三季自由現金流達到約 7.3 億美元。營運資本為近 3 億美元的現金收益，主要得益於 Power 更高訂單的首付和時段預訂以及 Electrification 更高訂單的推動。

Free cash flow was lower than prior year as stronger adjusted EBITDA was offset by lower positive benefits from working capital, given actions we're taking to improve cash flow linearity along with higher CapEx investments supporting capacity expansion. We're also simplifying our portfolio to generate cash and invest in our core businesses. In the third quarter of 2025, we reached an agreement to sell our Manufacturing Software business for approximately $600 million. We expect to complete this transaction during the first half of 2026.

自由現金流低於上年，因為調整後的 EBITDA 增加被營運資本的正收益減少所抵消，這是因為我們正在採取措施改善現金流線性，同時增加資本支出以支持產能擴張。我們也正在簡化投資組合以產生現金並投資於我們的核心業務。2025 年第三季度，我們達成協議，以約 6 億美元的價格出售我們的製造軟體業務。我們預計將於 2026 年上半年完成此交易。

We also sold an additional ownership stake in our China XD Grid business and generated approximately $100 million of pretax proceeds. The proceeds are classified outside of free cash flow and the gain was removed from adjusted EBITDA. We ended the third quarter with a healthy cash balance of nearly $8 billion, giving us confidence to continue investing in our core businesses, such as the targeted M&A we've discussed already today and returning cash to shareholders through dividends and share repurchases while maintaining an investment-grade balance sheet.

我們還出售了中國西電電網業務的額外所有權股份，並獲得了約 1 億美元的稅前收益。該收益被歸類為自由現金流之外，且收益已從調整後的 EBITDA 中剔除。我們在第三季結束時擁有近 80 億美元的健康現金餘額，這使我們有信心繼續投資於我們的核心業務，例如我們今天已經討論過的有針對性的併購，並透過股息和股票回購向股東返還現金，同時保持投資級資產負債表。

During the third quarter, we returned approximately $730 million of cash to our shareholders through share repurchases and dividends. Year-to-date, we've repurchased $2.2 billion of stock and expect to continue to repurchase shares opportunistically as we firmly believe there is incremental value embedded in our stock. We're encouraged by our strong financial performance year to date, delivering 12% organic revenue growth, 290 basis points of adjusted EBITDA margin expansion and nearly $2 billion of free cash flow generation. Our growing backlog with healthy margin provides an excellent foundation for continued improvement in our financial performance moving forward.

第三季度，我們透過股票回購和股利向股東返還了約 7.3 億美元現金。今年迄今為止，我們已經回購了價值 22 億美元的股票，並且預計將繼續適時回購股票，因為我們堅信我們的股票具有增量價值。我們對今年迄今為止強勁的財務業績感到鼓舞，實現了 12% 的有機收入成長、290 個基點的調整後 EBITDA 利潤率擴張和近 20 億美元的自由現金流。我們不斷增長的訂單量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。

Now turning to Slide 15. Power delivered another strong quarter with robust demand, continued revenue growth and further EBITDA margin expansion. Power orders grew 50%, led by gas power equipment, more than doubling year over year on higher volume and pricing. We booked 20 heavy-duty gas turbines, including 13 HA units, a 40% year-over-year increase in both. Revenue increased 14%, led by Gas Power.

現在翻到投影片 15。電力業務再創佳績，需求強勁，營收持續成長，EBITDA 利潤率進一步擴大。電力訂單增加了 50%，其中天然氣發電設備訂單最多，由於數量和價格上漲，訂單比去年同期增加了一倍多。我們預訂了20台重型燃氣渦輪機，其中包括13台HA機組，年比均成長40%。營收成長 14%，主要得益於天然氣發電。

Power equipment revenue increased from higher heavy-duty gas unit deliveries, project commissioning and price. Power Services revenue increased mainly from higher transactional volume and price.

重型燃氣機組交付量、專案調試和價格的提高推動了電力設備收入的成長。電力服務收入的成長主要得益於交易量和價格的提高。

EBITDA margins expanded 120 basis points to 13.3%, mainly driven by continued strength at Gas Power. For the segment, higher price and productivity more than offset additional expenses to support capacity investments at Gas and R&D at nuclear along with inflation. The positive impact of volume was offset by mix. For the full-year 2025, we continue to expect organic revenue growth at Power to be between 6% and 7%. We also still expect EBITDA margin to be in the range of 14% and 15%.

EBITDA 利潤率擴大 120 個基點至 13.3%，主要得益於燃氣發電持續強勁成長。對於該領域而言，更高的價格和生產力足以抵消支持天然氣產能投資和核能研發的額外成本以及通貨膨脹。產量的正面影響被混合所抵消。對於 2025 年全年，我們繼續預計 Power 的有機收入成長率將在 6% 至 7% 之間。我們仍預期 EBITDA 利潤率將在 14% 至 15% 之間。

Turning to slide 16, we're executing on our Wind strategy and improving profitability. Onshore Wind margin expanded in the quarter, and we remain focused on executing our challenged Offshore Wind backlog. Wind orders increased 4% year-over-year, higher onshore services were partially offset by lower onshore equipment, which included higher repowering orders. Wind revenue decreased 9% in the quarter due to the absence of a settlement from an offshore contract cancellation of approximately $500 million as well as charges for the impact of blade events, both recorded in the third quarter of 2024, partially offset by higher offshore deliveries and increased onshore services.

翻到第 16 張投影片，我們正在執行風能策略並提高獲利能力。本季陸上風電利潤率有所擴大，我們仍將專注於面臨挑戰的離岸風電訂單。風電訂單年增 4%，陸上服務訂單的增加部分被陸上設備訂單的減少（包括翻新訂單的增加）所抵消。本季風電收入下降 9%，原因是未支付約 5 億美元的海上合約取消賠償金以及葉片事件影響的費用，這兩項費用均記錄在 2024 年第三季度，但海上交付量的增加和陸上服務的增加部分抵消了這一下降。

Excluding the impact of the prior year offshore settlement, Wind revenue grew low double digits. Wind EBITDA losses improved by approximately $250 million year over year. At onshore, margin expanded from productivity, price and favorable mix, partially offset by the impact of tariffs. At offshore, EBITDA losses improved given lower contract losses net of the contract cancellation settlement gain recorded in the third quarter of last year.

排除上年離岸結算的影響，風能收入成長了兩位數。風能 EBITDA 損失年減約 2.5 億美元。在陸上，利潤率因生產力、價格和有利的產品組合而擴大，但被關稅的影響部分抵消。在海上業務方面，由於扣除去年第三季記錄的合約取消結算收益後的合約損失減少，EBITDA 損失有所改善。

For the full-year 2025, we now anticipate Wind revenue to be down high single digits organically compared to our previous expectation of down mid-single digits due to the softness in onshore equipment orders continuing through the year. As a result, we expect Wind EBITDA losses of approximately $400 million.

對於 2025 年全年，由於陸上設備訂單持續疲軟，我們現在預計風電收入將有機下降高個位數，而我們之前預計的下降幅度為中等個位數。因此，我們預計風能的 EBITDA 損失約為 4 億美元。

Turning to Electrification on slide 17, we had another quarter of robust demand with significant revenue growth and EBITDA margin expansion. Orders remained strong at roughly two x revenue, and more than doubled year over year to approximately $5.1 billion, driven by the growing need for grid investment. We saw strong orders growth in the Middle East, primarily due to $1.6 billion of orders for synchronous condensers in Saudi Arabia, as well as growth in both North America and Europe.

談到第 17 張投影片上的電氣化，我們又經歷了一個季度的強勁需求，營收顯著成長，EBITDA 利潤率擴大。訂單量保持強勁，約為收入的兩倍，並且由於電網投資需求不斷增長而同比增長一倍以上，達到約 51 億美元。我們看到中東地區的訂單強勁成長，主要得益於沙烏地阿拉伯 16 億美元的同步電容器訂單，以及北美和歐洲的成長。

Electrification equipment orders continue outpacing revenue, further expanding the equipment backlog to approximately $26 billion, up almost $8 billion compared to the third quarter of 2024. Revenue increased 32% with growth across all regions. We saw strong volume and higher price at grid solutions with meaningful growth in HVDC and switchgear equipment as well as Power conversion and storage. The segment is executing well on its capacity expansion plans, leveraging Lean as we continue to increase output.

電氣化設備訂單持續超過收入，設備積壓訂單進一步擴大至約 260 億美元，與 2024 年第三季相比增加近 80 億美元。營收成長 32%，所有地區均實現成長。我們看到電網解決方案的銷量強勁且價格上漲，其中高壓直流輸電和開關設備以及電力轉換和儲存均有顯著增長。該部門的產能擴張計畫執行良好，並利用精益生產繼續提高產量。

For example, the team at our Stafford UK facility that manufactures HVDC systems executed a series of Kaizens during the third quarter that improved their standard work, further optimized site layout, reduce cycle times and as a result, increased production capacity for valve modules by approximately 40%. EBITDA doubled in the quarter with margin expansion of 550 basis points to 15.1%. Margin expansion was led by more profitable volume, productivity and favorable pricing, primarily grid solutions.

例如，我們位於英國斯塔福德的製造 HVDC 系統的工廠的團隊在第三季度實施了一系列的改善措施，改進了他們的標準工作，進一步優化了現場佈局，縮短了周期時間，從而使閥門模組的生產能力提高了約 40%。本季 EBITDA 翻了一番，利潤率擴大了 550 個基點，達到 15.1%。利潤率的擴大得益於利潤的增加、生產力的提高和優惠的價格，主要是電網解決方案。

For the full year, we now expect Electrification organic revenue growth to trend towards 25%, compared to our previous expectation of approximately 20%, as we're achieving better-than-anticipated output on our capacity expansion. Given the higher revenue growth, we now expect Electrification EBITDA margin to be in the range of 14% to 15%, raising the lower end of the prior guidance.

就全年而言，我們目前預期電氣化有機收入成長率將趨向於 25%，而我們先前的預期約為 20%，因為我們在產能擴張方面取得了好於預期的產出。鑑於更高的收入成長，我們現在預計電氣化 EBITDA 利潤率將在 14% 至 15% 之間，從而提高先前指引的下限。

Moving to guidance on slide 18, based on the full year segment expectations, which I've already outlined, we're reaffirming our GE Vernova financial guidance. For revenue, we continue to trend towards the higher end of our $36 billion to $37 billion guidance range. And we expect adjusted EBITDA margin to be in the range of 8% to 9%. In addition, we anticipate our full year free cash flow guidance to be in the range of $3 billion to $3.5 billion.

轉到第 18 張投影片上的指導，根據我已經概述的全年分部預期，我們重申我們的 GE Vernova 財務指導。就收入而言，我們繼續趨向 360 億美元至 370 億美元的指導範圍的高端。我們預計調整後的 EBITDA 利潤率將在 8% 至 9% 之間。此外，我們預計全年自由現金流預期將在 30 億美元至 35 億美元之間。

Our 2025 guidance also includes the impact of tariffs as currently outlined, which we estimate to be trending towards the lower end of our $300 million to $400 million range, net of mitigating actions. They're expected to be relatively similar across the last 3 quarters of 2025. Corporate costs are typically uneven across quarters due to compensation timing and portfolio activity at our Financial Services business. We expect 2025 corporate costs to increase year over year, driven primarily by higher stock-based compensation and incentives based on performance.

我們的 2025 年指引還包括目前概述的關稅影響，我們估計扣除緩解措施後，關稅影響將趨向於 3 億至 4 億美元範圍的低端。預計 2025 年最後三個季度的情況將相對相似。由於金融服務業務的薪酬時間和投資組合活動，企業成本通常各季度不平衡。我們預計 2025 年企業成本將逐年增加，主要原因是基於股票的薪酬和基於績效的激勵措施增加。

In addition, we've increased our AI, robotics, and automation investments to drive productivity over the medium and long term. For the fourth quarter, we expect growth in adjusted EBITDA, adjusted EBITDA margin expansion and positive free cash flow. 4Q revenue may be slightly lower year over year, primarily due to the improved linearity of gas turbine deliveries through 2025, compared to 2024 as well as continued softness in Onshore Wind, mostly offset by continued strong volume growth at Electrification. We're very encouraged by the rising demand, combined with the consistently stronger execution across the business. Together, they're driving strong results again in 2025 and setting us up nicely for 2026.

此外，我們還增加了對人工智慧、機器人和自動化的投資，以在中長期提高生產力。對於第四季度，我們預計調整後的 EBITDA 將成長，調整後的 EBITDA 利潤率將擴大，自由現金流將為正值。第四季營收可能比去年同期略有下降，主要原因是 2025 年燃氣渦輪機交付量的線性度與 2024 年相比有所提高，以及陸上風電持續疲軟，但電氣化銷量的持續強勁增長抵消了這一影響。我們對不斷增長的需求以及整個業務持續強勁的執行力感到非常鼓舞。他們將在 2025 年再次共同取得強勁業績，並為 2026 年打下良好基礎。

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. Turning to slide 19, at our December investor update last year, we highlighted our strategic principles for capital allocation. These principles remain unchanged. We will use our free cash flow and balance sheet strength to fund organic investments that drive profitable growth while also returning at least one-third of our cash generation to shareholders. After this, we still expect over $10 billion of incremental capital to deploy by '28.

謝謝，肯。翻到第 19 張投影片，在去年 12 月的投資人更新中，我們強調了資本配置的策略原則。這些原則保持不變。我們將利用我們的自由現金流和資產負債表實力來資助推動獲利成長的有機投資，同時將至少三分之一的現金流返還給股東。在此之後，我們仍預計到 28 年將部署超過 100 億美元的增量資本。

Since our spin, we've announced and/or successfully divested assets or businesses to generate roughly $2.5 billion of cash we can opportunistically redeploy for future growth. Through the third quarter this year, we've returned $2.4 billion to shareholders in dividends and buybacks. For M&A, we generally pursue opportunities that can increase scale at attractive returns further integrate our supply chain or accelerate R&D that will benefit us longer term.

自分拆以來，我們已宣布和/或成功剝離資產或業務，以產生約 25 億美元的現金，我們可以適時重新部署這些現金以實現未來成長。截至今年第三季度，我們已透過股利和回購向股東返還了 24 億美元。對於併購，我們通常尋求能夠以有吸引力的回報擴大規模的機會，進一步整合我們的供應鏈或加速研發，這將使我們長期受益。

Prolec fits nicely into this as it's a business we know well. It aligns with our core business, and creates customer and valuation benefits. We are acting on the capital allocation principles we laid out for you last year. We're streamlining the company, generating significant cash returning capital to shareholders, all while executing on M&A opportunities to strengthen our core business.

Prolec 非常適合這個行業，因為我們對它很了解。它與我們的核心業務一致，並創造了客戶和估值效益。我們正在按照去年為您制定的資本配置原則採取行動。我們正在精簡公司，為股東創造大量現金回報資本，同時利用併購機會來加強我們的核心業務。

If we shift to the wrap-up page, you can hear in our voices our excitement about the Prolec GE acquisition. We're also pleased with delivering another productive quarter. But this is about our future potential and the reality is our potential has grown faster than our performance since the spin. We are appreciative of the faith our customers have put in us, pridefull of the work our employees do across the world every day, while remaining focused on getting better today and chasing our potential tomorrow.

如果我們轉到總結頁面，您可以從我們的聲音中聽到我們對 Prolec GE 收購的興奮之情。我們也很高興看到另一個富有成效的季度。但這與我們未來的潛力有關，而事實是，自分拆以來，我們的潛力成長速度比我們的表現更快。我們感謝客戶對我們的信任，為我們員工每天在世界各地所做的工作感到自豪，同時繼續專注於今天的進步和明天的潛力的追逐。

We are still early in the journey to reach this potential. But with the right combination of humility and ambition, I like our chances. We look forward to seeing many of you at our investor event in New York on December 9, when we will discuss our '26 guidance and provide an update to our outlook by '28.

我們實現這潛力的旅程才剛開始。但只要我們能正確結合謙遜和雄心，我看好我們的機會。我們期待在 12 月 9 日於紐約舉行的投資者活動上見到你們，屆時我們將討論我們的 26 年指導方針，並在 28 年之前提供我們對前景的更新。

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

說完這些，我將把電話會議的問答部分交還給麥可。

Operator, please open the line.

接線員，請接通線路。

(Operator Instructions) Mark Strouse, JPMorgan.

（操作員指示）摩根大通的馬克·斯特勞斯。

Yes, good morning. Thank you very much for taking our questions. Maybe starting with the acquisition, can you just talk about on slide 8, the visibility that you have into those 2028 targets? I appreciate it seems like you're trying to be conservative not baking in any revenue synergies. But just kind of given where the backlog is, can you talk about what gives you the confidence in putting that number out there for that year?

是的，早安。非常感謝您回答我們的問題。也許從收購開始，您能否在第 8 張投影片上談談您對 2028 年目標的預見性？我很欣賞你似乎試圖保持保守，不考慮任何收入協同效應。但考慮到積壓的情況，您能否談談是什麼讓您有信心公佈當年的數字？

You bet, Mark. I'll start, Ken can add perspective. Part of why we put the 28 marker out there now is just to match with the fact that we've got by '28 financial guidance out for the rest of the business that we'll update in December. So we thought it was practical to match today where we see the Prolec JV cutting in and we'll complement that on December 9.

當然，馬克。我先開始，肯可以補充觀點。我們現在把 28 這個標記放在那裡的原因之一隻是為了與這樣一個事實相匹配：到 28 年，我們已經為其餘業務制定了財務指導，我們將在 12 月更新這些指導。因此，我們認為今天進行配對是切實可行的，因為我們看到 Prolec JV 介入，並且我們將在 12 月 9 日對此進行補充。

Now you can see on the pages we've got $4 billion of explicit backlog today with Prolec. So by no means is in our backlog today, the '28 financials. But at the same time, we have a number of framework agreements that are in place with a number of the utilities where they're able to draw upon their framework agreement at set cycle time commitments that through a lot of our interactions with the end customers as we evaluated this acquisition, gave us a lot of confidence in the growth of this business, both with our traditional customers like the utilities, but also frankly, with our new (inaudible) Type of customers like the data centers. I mean that's a part of the customer base that a year ago in 2024 was about 10% of Prolec's business. This year, it will be closer to 20% of Prolec's business.

現在您可以在頁面上看到我們今天與 Prolec 簽訂了 40 億美元的明確積壓訂單。因此，我們今天的積壓工作絕對沒有 28 年的財務報表。但同時，我們與許多公用事業公司簽訂了一系列框架協議，這些公司能夠在規定的周期內利用他們的框架協議，透過我們在評估此次收購時與最終客戶的大量互動，我們對這項業務的成長充滿信心，不僅包括公用事業公司等傳統客戶，而且坦白說，也包括資料中心等新（聽不清楚）類型的客戶。我的意思是，這是客戶群的一部分，一年前（2024 年）約佔 Prolec 業務的 10%。今年，它將佔 Prolec 業務的近 20%。

And as we project forward, as we integrate solutions for that customer set, we see that as a growing part of the business. So we like the trends. We're very confident in the numbers that we put on those pages, but we've got to earn it every day by securing those orders in framework agreements and working new customer sets like the hyperscalers.

隨著我們不斷向前發展，隨著我們為該客戶群整合解決方案，我們將其視為業務不斷增長的一部分。所以我們喜歡這種趨勢。我們對這些頁面上的數字非常有信心，但我們必須每天透過在框架協議中確保這些訂單並與超大規模客戶群等新客戶合作來獲得它。

Yeah. I mean, I think I'd just add one small point as you think about the amount of growth that we have and are projecting on that page is that Prolec, which obviously, we've been a partner in for this last 30 years that we've talked about. Prolec over the last few years has been and continues to invest in capacity. So they've invested about $300 million in existing or active programs to expand capacity to support the growth that Scott outlined.

是的。我的意思是，當你思考我們擁有的增長量以及在該頁面上預測的增長量時，我想我只想補充一點，那就是 Prolec，顯然，在過去 30 年裡，我們一直是它的合作夥伴，我們已經談到過這一點。過去幾年來，Prolec 一直在並將繼續對產能進行投資。因此，他們已向現有或正在進行的項目投資了約 3 億美元，以擴大產能，支持斯科特所概述的成長。

So these are factories we know well, everyone. We've spent a lot of time there. We see the potential just to reinforce another thing that we talked about in our prepared remarks, we're really excited about the medium- and low-voltage technology that comes with this acquisition that for our business, we have not sold internationally.

這些都是我們熟知的工廠。我們在那裡度過了很多時間。我們看到了潛力，這只是為了強化我們在準備好的發言中談到的另一件事，我們對這次收購帶來的中低壓技術感到非常興奮，對於我​​們的業務而言，我們還沒有在國際上銷售過。

Now over the medium to long term, we think that's a real growth opportunity for us is taking some of that medium and low-voltage technology and selling internationally, but none of that is embedded in the financial guide. All we've included from a synergy perspective is the cost synergies that Ken outlined with real opportunity to lean into this business over the long term.

現在從中期到長期來看，我們認為這對我們來說是一個真正的成長機會，即採用一些中低壓技術並在國際上銷售，但這些都沒有包含在財務指南中。從綜效的角度來看，我們所涵蓋的只是肯所概述的成本協同效應，以及長期依賴這項業務的真正機會。

Thanks for the question, Mark.

謝謝你的提問，馬克。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Prolec acquisition seems like a home run. So congratulations on that. Can you maybe just -- Scott, it seems that you're really excited about the potential in the low-voltage, medium voltage and perhaps some of the industrial verticals. Can you just maybe just lay out where the mix is today and where you think that could be over time? And then just maybe talk about the -- where capacity is today for Prolec any investments that are required, that would be really helpful.

Prolec 的收購似乎是一支全壘打。對此我表示祝賀。您是否可以——斯科特，看來您對低壓、中壓以及某些工業垂直領域的潛力感到非常興奮。您能否簡單介紹一下目前的組合情況以及您認為未來組合情況會如何？然後也許可以談談——Prolec 目前的產能以及所需的任何投資，這將非常有幫助。

I'll start again, Ken, please complement. But there are a number of investments that Prolec has made that we have been funding through the joint venture that really cut in over '26 and '27 that are aligned with the financials that are on the pages going out to '28. So largely, that revenue that we project through '28 is our programs that are in the process of being funded or already funded, being we do see Prolec peak CapEx in 2026 to support that '28 revenue stream.

我重新開始吧，Ken，請補充。但是，Prolec 已經透過合資企業進行了多項投資，這些投資在 26 年和 27 年確實有所削減，與 28 年之前的財務狀況一致。因此，在很大程度上，我們預計到 28 年的收入來自我們正在資助或已經資助的項目，我們確實看到 Prolec 在 2026 年達到高峰資本支出，以支持 28 年的收入流。

Now their business in totality, the biggest proportion of their business is with the higher voltage power generation piece, but they do do low and medium voltage today. What I would say on where my excitement sits, Nigel, to be very explicit is probably not that we're going to lean and even more aggressively to residential low-voltage plays.

現在他們的業務總體上來說，最大的一部分是高壓發電部分，但是他們現在也做低壓和中壓。奈傑爾，我想明確地說，我興奮的原因可能不是我們將更積極地傾向於住宅低壓遊戲。

It's really where we see integrated solutions with power gen and the electrical equipment specific to certain industries that are very electro-intensive or data centers that are coming to us and saying, co-create with us the power to rack solution. And in that vein, we are motivated to invest further in lower voltage solutions more than I foresee us playing on the core residential space that I think we're going to continue to leave to others from here.

我們確實看到了整合解決方案，包括發電和特定於某些用電密集型行業或資料中心的電氣設備，他們來找我們，說要與我們共同創造機架電源解決方案。從這個角度來看，我們有動力進一步投資低壓解決方案，而不是在核心住宅領域，我認為我們將繼續把這個領域留給其他人。

Yes. And I think, as Scott mentioned in his comments at the beginning of the call, the ability for us to take and really leverage a global consolidated GEV transformer footprint, right? So this low- to medium-voltage products due to the arrangements around the joint venture, are primarily staying out of Prolec's stay in the North America markets.

是的。我認為，正如斯科特在電話會議開始時的評論中提到的那樣，我們有能力利用並真正利用全球整合的 GEV 變壓器足跡，對嗎？因此，由於合資企業的安排，這些低壓到中壓產品基本上不會影響 Prolec 在北美市場的份額。

And while, again, revenue synergies not built into the case that you're seeing, we see the opportunity to take those products, not only into the areas that Scott just outlined and into data centers and other places like that, not only in North America but also outside of the North America geography. So there's a lot of opportunities in bringing this business together, and we're excited about the opportunity to continue to work with the team there.

雖然，您看到的情況中並沒有反映收入協同效應，但我們看到了將這些產品推廣到以下領域的機會：不僅推廣到 Scott 剛才概述的領域、資料中心和其他類似的地方，不僅在北美，而且在北美地區以外的地區。因此，整合這項業務有很多機會，我們很高興有機會繼續與那裡的團隊合作。

Moses Sutton, BNP Paribas.

法國巴黎銀行的摩西·薩頓。

Thanks for taking my question. Congrats on that, (inaudible) on Prolec. On gas turbines, we're starting to hear pricing for US turbines are perhaps peaking and softening a bit. So really a two-part question here. A, has CCGT build truly served to 2,500 KW in the US, it's the type of number out there with GE capturing 30% of that in the turbine sale typically? And B, is that number softening a bit in new negotiations? And if so, by how much?

感謝您回答我的問題。恭喜 Prolec 取得 (聽不清楚) 成績。關於燃氣渦輪機，我們開始聽說美國渦輪機的價格可能已經達到高峰並略有下降。所以這其實是一個由兩個部分組成的問題。答：在美國，CCGT 的建設是否真的達到了 2,500 千瓦的裝置容量？ GE 通常從渦輪機銷售中佔據 30% 的份額嗎？B，在新的談判中，這個數字是否會有所下降？如果是的話，那麼幅度是多少？

So the directional number of 2,500, I think, is a practical illustration of where the market is today and our directional share, I agree with. So I would say yes to both A and B. What I would not say is that we're experiencing any softening. I can understand how you can look at the orders amount in the gigawatts and any orders booked in the quarter come to that conclusion, but it's more a mix. In the third quarter, as an example, we had substantially more smaller gas turbines, more aero derivatives that are higher priced per megawatt than the baseload units.

因此，我認為 2,500 這個方向性數字可以實際說明當今市場的狀況，我同意我們的方向性份額。因此，我對 A 和 B 的回答都是肯定的。但我不會說我們正在經歷任何軟化。我可以理解您如何透過查看千兆瓦的訂單量以及本季度收到的任何訂單得出這個結論，但這更多的是一種混合。以第三季為例，我們擁有大量小型燃氣渦輪機和更多航空衍生產品，每兆瓦價格高於基載機組。

In totality, we continue to see price accelerating in gas. And as an illustration, when we look at the profitability and price in our slot reservation agreements that 29 gigawatts that's not yet in order relative to the 33 gigawatts that is on order the slot reservation agreements are at higher price and more attractive orders -- more attractive margins, excuse me, that will translate to orders in directionally in the next 12 months.

總體而言，我們繼續看到天然氣價格上漲。舉例來說，當我們查看時段預訂協議中的盈利能力和價格時，我們發現尚未訂購的 29 千兆瓦相對於已訂購的 33 千兆瓦，時段預訂協議的價格更高，訂單也更具吸引力 - 利潤率更具吸引力，這將在未來 12 個月內轉化為訂單。

So we continue to see price accelerating. But in any 190 days, we've got to kind of govern the mix, I understand the question, but the explanation for it in the third quarter with still strong trends ahead.

因此，我們繼續看到價格加速上漲。但在任何 190 天裡，我們都必須對組合進行某種管理，我理解這個問題，但對此的解釋是第三季仍然呈現強勁趨勢。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

I just wanted to maybe stick with the Power equipment point. So maybe flesh out a little bit some of what you just discussed because, yes, if we look at the Power equipment, dollar orders year to date or in the third quarter and that increase versus the gigawatt orders in gas, there is a very large positive delta on that dollar growth versus the gigawatt growth.

我只是想堅持電力設備點。因此，也許可以稍微充實一下您剛才討論的內容，因為，是的，如果我們看一下電力設備，年初至今或第三季度的美元訂單，以及與天然氣千兆瓦訂單相比的增長，美元增長與千兆瓦增長之間存在非常大的正向增量。

So maybe shed some light on that sort of price versus mix tailwind there for the dollars versus the gigawatts. And maybe it pertains to it somewhat, but aero derivatives are getting a lot more attention now, strong demand growth, a lot of competition. Maybe help us understand your plans for capacity additions in aero derivatives vis-a-vis the demand outlook?

因此，也許可以闡明美元與千兆瓦之間的價格與混合順風的關係。也許這在某種程度上與此有關，但航空衍生品現在受到了更多的關注，需求增長強勁，競爭激烈。或許可以幫助我們了解您針對需求前景增加航空衍生性商品產能的計畫？

Yes. I would say let's work it backwards. Aero derivatives do continue to experience very strong demand. We do expect to continue to experience and deliver growth in that business line. That's both in orders and ultimately in revenue, as you project out to '26, '27 and beyond.

是的。我想說讓我們反過來想。航空衍生性商品確實繼續受到非常強勁的需求。我們確實期望該業務線能夠持續成長。正如你預測的 26、27 年及以後，這既包括訂單，也包括最終的收入。

As I said in the prepared remarks, I spent a lot of time in our large gas turbine factories over the summer. And our businesses -- our business is very well prepared for that growth. So we're encouraged with where we are there on derivatives.

正如我在準備好的演講中所說，今年夏天我在我們的大型燃氣渦輪機工廠裡度過了很多時間。我們的業務－我們的業務已經為這種成長做好了充分的準備。因此，我們對衍生性商品的現狀感到鼓舞。

On the orders gigawatt triangulation again, the big dynamic is aero versus heavy-duty mix, even within a heavy-duty mix, there's also the dynamic between simple cycle relative to combined cycle because remember, we always talk in just gas turbine terms in simple cycle when we talk about orders, irrespective of whether the bottoming cycle is attached in any one quarter or not. And depending on the quarter, there can be more or less of the combined cycle that gets booked in that quarter, i.e., the steam turbines and generators that can sway the orders to gigawatt interconnection.

再次，在千兆瓦訂單三角測量中，最大的動態是航空與重型混合，即使在重型混合中，也存在簡單循環相對於聯合循環之間的動態，因為請記住，當我們談論訂單時，我們總是只談論簡單循環中的燃氣渦輪機術語，而不管任何一個季度是否附加了底循環。根據季度的不同，該季度預訂的聯合循環發電量可能會有增無減，即可以影響千兆瓦級互聯訂單的蒸汽渦輪機和發電機。

What I can tell you is that we continue to see stronger price and stronger margin trends in the third quarter in the business for gas turbines, both in orders and also in slot reservation agreements that will turn into orders in the subsequent 12 months. I look forward to getting to our next earnings call in January and showing you, as we've committed every year, the change in margin in backlog, equipment backlog across our businesses and we've framed up in the past that the $6 billion margin growth in equipment backlog the prior 2 years will be at least sequentially as large this year on an annualized basis.

我可以告訴大家的是，我們在第三季度繼續看到燃氣渦輪機業務價格和利潤率的強勁趨勢，無論是訂單還是將在接下來的 12 個月內轉化為訂單的機位預訂協議。我期待在明年 1 月召開下一次財報電話會議，並向大家展示我們每年都承諾的待交付訂單、整個業務的設備待交付訂單的利潤變化情況，我們過去曾預計，前兩年設備待交付訂單的 60 億美元利潤增長將至少在今年按年率計算保持同樣的幅度。

We sit here today, probably even more confident that, that is a floor with an opportunity for it to be substantially higher than that.

我們今天坐在這裡，可能更加確信，這是一個底線，並且有機會大幅提高。

And maybe I'll just give you just a couple of points because I know that if you look at the surface of the numbers that we provide you, I'm going to give you a couple of sequential numbers. You look at what happens to total orders in power and you'll see that, obviously, you referenced the growth, and you'll see the gigawatt growth.

也許我只會給你幾點，因為我知道如果你看我們提供給你的數字，我會給你幾個連續的數字。你看一下電力總訂單的變化情況，你會發現，顯然，你提到了成長，你會看到千兆瓦的成長。

So the math at a power level is going to show a slight decline, right? So that's just the math. But as Scott mentioned, if you're looking at the quarter-to-quarter back out enough of non-gas power orders that have really no gigawatts related to it.

因此，從功率等級來看，數學計算結果將會略有下降，對嗎？這只是數學而已。但正如斯科特提到的那樣，如果你看一下季度數據，你會發現有足夠多的非天然氣電力訂單實際上與千兆瓦無關。

So if you're trying to model back to gigawatts and cost and revenue per gigawatt in the orders or order per gigawatt you'll get back to a number that you should see as relatively flat quarter to quarter sequentially. But as Scott mentioned, what's happening is we're still continuing to see good positive growth both on heavy-duty gas turbines in orders per gigawatt dollars, as well as on the Aero side. It's just that it's mixed this quarter a little bit more heavily to the heavy-duty gas turbines versus the orders, which tend to be slightly lower per gigawatt.

因此，如果您嘗試模擬千兆瓦以及訂單中每千兆瓦的成本和收入或每千兆瓦的訂單，您將獲得一個數字，該數字應該與上一季相比相對持平。但正如斯科特所提到的，目前的情況是，我們仍然看到重型燃氣渦輪機每千兆瓦美元的訂單量以及航空方面都呈現良好的正增長。只是本季重型燃氣渦輪機的訂單量比訂單量略大一些，而每千兆瓦的訂單量往往略低。

I know that's a lot of calculations there. But I know that each of you are following it closely. If you kind of take those two or three pieces, you'll kind of substantiate the numbers.

我知道這裡面有很多計算。但我知道你們每個人都在密切關注著它。如果你把這兩三件東西拿出來，你就會證實這些數字。

Amit Mehrotra, UBS.

瑞銀的 Amit Mehrotra。

Thanks, good morning. I wanted to ask about margins. I know we'll get more on this on December 9. But maybe just from like a structural or conceptual perspective, Scott, when I look at the last cycle, I think power margins peaked maybe approaching 25%, if I remember correctly. I know we're all fixated on this 2028 number, but I assume the runway is kind of long and wide beyond '28 just given the service stream. Is there any reason we can't exceed kind of the peak of the last cycle just structurally, given all the pricing that you've been talking about. Just talk to us about the structural opportunity relative to previous cycle.

謝謝，早安。我想問一下利潤率。我知道我們會在 12 月 9 日獲得更多關於此內容的資訊。但也許只是從結構或概念的角度來看，斯科特，當我回顧上一個週期時，我認為功率裕度峰值可能接近 25%，如果我沒記錯的話。我知道我們都關注著 2028 這個數字，但考慮到服務流，我認為 28 年後跑道會更長更寬。考慮到您一直在談論的所有定價，從結構上講，我們有什麼理由不能超過上一個週期的峰值嗎？只需與我們談談相對於前一個週期的結構性機會。

Thanks, Amit. I would say the answer to that is no. We're not sitting here today trying to rationalize any reason we can't meet or exceed previous peak margin levels in this business. When you think about any prior cycles, the reality is that the revenue on the services side would have been substantially smaller than because our installed base is substantially smaller. And we have a much larger installed base today with a much larger, more profitable services business while our equipment revenue is growing into becoming a very attractive economic driver for us as we start to get into the second half of '26 and beyond when really the new price parade orders start to come into revenue.

謝謝，阿米特。我想說答案是否定的。我們今天坐在這裡並不是試圖找出任何我們無法達到或超過該行業先前利潤峰值水平的理由。當你考慮任何先前的周期時，現實情況是，服務方面的收入會比現在少得多，因為我們的安裝基數要小得多。如今，我們擁有更大的安裝基礎，以及更大、更有利可圖的服務業務，而隨著我們開始進入 26 年下半年及以後，我們的設備收入正在增長，成為我們非常有吸引力的經濟驅動力，屆時新的價格遊行訂單將真正開始為我們帶來收入。

Now I think a lot of the December 9 update, is, yes, as we outlined, Ken and I will frame up our '26 commitments are updated by '28 guide. But we're also going to spend more time with you on why we're so excited and have so much confidence on the trajectory of this business beyond 2028.

現在我認為 12 月 9 日的許多更新是，是的，正如我們所概述的，肯和我將製定我們的 26 年承諾，並通過 28 年指南進行更新。但我們也將花更多時間與您一起解釋為什麼我們如此興奮並對 2028 年以後該業務的發展軌跡如此充滿信心。

Now we're not going to put financial numbers out beyond '28 this year, but we are going to try to help you understand why we have so much confidence and conviction on how exciting this business is going to be through the next decade. And these are some of the dynamics that we'll hit on more then but I don't want any of you believing that we're running this business trying to rationalize anything other than a better performance than previous peak cycles. We just have to go earn that every day, and that's what we're intending to do.

現在我們不會公佈今年 28 年以後的財務數據，但我們會盡力幫助您理解為什麼我們如此有信心和信念，相信這項業務在未來十年將會多麼令人興奮。這些是我們將進一步討論的一些動態，但我不希望你們任何人相信，我們在經營這項業務時，除了試圖比以前的高峰週期表現更好之外，還在試圖合理化任何事情。我們只需要每天去努力賺取這些，這就是我們打算做的。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yeah, thanks. Good morning, guys. So congrats on the Prolect deal. I just wanted to come back and had a couple of tie-ups on that. I guess first on the cost synergy realization, any help on the cadence of realizing those savings? Like what can be done faster, what takes more time? And then you talked a lot about capacity expansion that you guys have done in Prolec and that, that remains a focus. What have you seen from the industry as a whole? And what has that meant for pricing within the Prolec business?

是的，謝謝。大家早安。恭喜您與 Prolect 達成交易。我只是想回來並就此達成一些協議。我想先在成本綜效的實現上，對於實現這些節約的節奏有什麼幫助嗎？例如什麼事情可以做得更快，什麼事情需要更多時間？然後你們談了很多關於你們在 Prolec 所做的產能擴張，這仍然是一個重點。您從整個產業看到了什麼？這對 Prolec 業務的定價意味著什麼？

I'll start out and cover the synergies I think we said by 2028, we haven't put a real timing around it. We'll come back to you a little bit in December 9 because we've still got a lot of work to do to hammer out kind of working through synergy road map. So we said $60 million to $120 million. The types of things that we're talking about are not large investments to drive synergies on the cost side. It's leveraging things on the G&A side of the equation. It's doing things as far as leveraging what we're doing in the design space, which obviously, both businesses know well.

我將首先介紹我認為我們所說的 2028 年的協同效應，但我們還沒有確定具體的時間。我們將在 12 月 9 日再與您聯繫，因為我們還有很多工作要做，以建立協同路線圖。所以我們說是 6 到 1.2 億美元。我們所談論的事情並不是為了推動成本方面的協同效應而進行的大規模投資。它利用了等式中 G&A 方面的東西。它正在利用我們在設計領域所做的事情，顯然，兩家公司對此都很了解。

So as soon as we can kind of start to get the teams to really be active in discussions on those synergies, I think they'll start to flow relatively soon. So I don't think you'll see a huge hockey stick I'm not sure I could commit to you today that it's going to be ratable, but you will begin to see synergies pretty soon after we complete the acquisition.

因此，一旦我們能夠開始讓各個團隊真正積極地討論這些協同效應，我認為它們很快就會開始發揮作用。所以我不認為你會看到一個巨大的曲棍球棒，我不確定今天我是否可以向你承諾它將是可評估的，但在我們完成收購後你很快就會開始看到協同效應。

And just to complement that, Nicole, I mean, we like this team a lot. We are very drawn towards how they've been running the JV. I mean, 25% EBITDA margins today. We're not acquiring a business where there's a huge swath of cost that comes out the next day. At the same time, frankly, the Prolec business is larger than our Transformer business.

妮可，補充一下，我的意思是，我們非常喜歡這支球隊。我們對他們經營合資企業的方式非常感興趣。我的意思是，今天的 EBITDA 利潤率為 25%。我們不會收購第二天就會產生巨額成本的企業。同時，坦白說，Prolec 業務比我們的 Transformer 業務規模更大。

I mean, we are larger with switch gears and circuit breakers. Prolec has the larger transformer piece of the equation. So some of the synergies, they are going to be reverse synergies based on what we learn from the JV and where we can leverage a lot of their best practices.

我的意思是，我們的開關設備和斷路器規模更大。Prolec 擁有更大的變壓器零件。因此，一些協同效應將是反向協同效應，基於我們從合資企業學到的知識以及我們可以利用他們的許多最佳實踐。

So we clearly see opportunities to drive more of our learnings on some of the factories with quality that we framed up that we think can accelerate fulfillment even more. And exactly, as Ken said, let's assume we get this deal closed in the first half of '26, we're going to use the rest of '26 to set ourselves up for success, and you should expect to start to see those synergies cut in, in '27 and beyond.

因此，我們清楚地看到了機會，可以將我們更多的學習成果應用到一些我們認為可以進一步加速實現品質的工廠。正如肯所說，假設我們在 26 年上半年完成這筆交易，我們將利用 26 年的剩餘時間為成功做好準備，你應該會在 27 年及以後開始看到這些協同效應。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Hey, good morning guys, and, kudos to congratulations on the on the deal. inJust a two-part question on Prolec. Scott, maybe you can double-click a little bit on the commercial limitations that currently exists under your agreement. And then as you kind of think about getting after that $80 billion addressable opportunity by 2030, I just want to know like you're like how you're going to get after it, like the ability to really kind of accelerate the profitability of the business?

嘿，大家早安，祝賀這筆交易。關於 Prolec 的問題分為兩部分。史考特，也許你可以稍微解釋一下你們協議中目前存在的商業限制。然後，當您考慮在 2030 年之前獲得 800 億美元的可尋址機會時，我只想知道您將如何實現這一目標，例如如何真正加速業務的盈利能力？

Thanks, Joe. So Prolec had exclusivity for transformers in the North America market. So as an example, if customers wanted fast shift short-cycle transformers that the Prolec factories were at capacity on, it wasn't easy for us to fulfill on those opportunities even if, as an example, we had capacity in some of our factories from outside the US because we provided exclusivity to them to serve that market.

謝謝，喬。所以 Prolec 在北美市場擁有變壓器的獨家經營權。舉個例子，如果客戶想要快速轉換短週期變壓器，而 Prolec 工廠的產能已經滿負荷，那麼我們很難滿足這些機會，即使我們在美國以外的一些工廠擁有產能，因為我們為他們提供了服務該市場的獨家經營權。

Now there were times, there were exceptions, we were able to work through that dynamic with Prolec when they were at capacity and that we did leverage our global factories. But I would say it was more the exception than the rule. This eliminates that dynamic. So all of a sudden, we're able to take their North America factories and the capacity, but also our global capacity and especially where cycle time is at a premium leverage that global capacity to improve the profitability of our collective business.

現在有時會有例外，當 Prolec 滿載運轉時，我們能夠透過這種動態與 Prolec 合作，並且我們確實利用了我們的全球工廠。但我想說，這更多的是例外，而不是規則。這就消除了這種動態。因此，我們突然能夠利用他們的北美工廠和產能，以及我們的全球產能，特別是在周期時間非常寶貴的情況下，利用全球產能來提高我們集體業務的盈利能力。

There also are dynamics where although we were a 50% owner of the JV, we weren't in control. And that included on the front end commercially on pricing and commercial strategy and candidly, with the customer experience in totality. This streamlines that customer experience and a lot of where we've yielded real benefit with switch gears and circuit breakers. Now we can bundle together into one more integrated solution that with a more integrated solution, we have confidence we can do that in an even more attractive price and economic way for us and ultimately, an easier customer experience for our market.

還有一種情況是，儘管我們擁有合資企業 50% 的股份，但我們並不擁有控制權。這包括前端商業定價和商業策略，坦白說，還包括整體客戶體驗。這簡化了客戶體驗，並且我們在開關設備和斷路器方面獲得了許多真正的利益。現在，我們可以將這些解決方案捆綁成一個更整合的解決方案，透過更整合的解決方案，我們有信心以更具吸引力的價格和經濟的方式做到這一點，並最終為我們的市場提供更輕鬆的客戶體驗。

There also are a number of customers, as an example, that are either larger Prolec Transformer customers or on the inverse larger GE Vernova circuit breaker and switchgear customers. Well, the reality is, unless it's fixing something that's in the field, both are needed every single time to provide that solution. On a go forward basis, I have a very high degree of expectations that we will converge that scope in both cases, where either Prolec or GE was larger and get the other half, so to speak. So these are all opportunities in, I would say, North America in the medium term, that will yield even more opportunity.

例如，還有許多客戶要么是較大的 Prolec Transformer 客戶，要么是較大的 GE Vernova 斷路器和開關設備客戶。嗯，事實是，除非要修復現場的某些問題，否則每次都需要兩者來提供解決方案。從未來來看，我非常期望我們將在兩種情況下收斂這一範圍，其中 Prolec 或 GE 規模較大，可以佔據另一半。所以我想說，這些都是北美中期的機遇，將帶來更多的機會。

What we've shared with you today is basically our core baseline JV financials as a 50% owner of this business on the as-is business to a large extent. So we haven't embedded these things into the numbers we've shared with you. And as we talked about earlier, we haven't embedded the opportunity to take some of this technology and ultimately export it internationally with medium and low voltage.

今天我們與大家分享的基本上是我們作為該業務 50% 所有者在現有業務上的核心基線合資財務狀況。因此，我們還沒有將這些內容嵌入到與您分享的數字中。正如我們之前所討論的，我們還沒有抓住機會採用部分此類技術並最終以中低壓形式出口到國際市場。

Now I do think that takes longer. The near-term benefits are going to be the North America commercial synergies that I started with. Medium to long term, as you get into later in the decade, we can capacitize some of our existing international factories with incremental technology and get an incremental boost. But I think that's Chapter 2 to Chapter 3. What we're really going to focus on over the next months is to really take advantage of those North America commercial synergies that should give us an opportunity to outperform in '27 and '28, once we get there.

現在我確實認為這需要更長的時間。近期的利益將是我所開始的北美商業綜效。從中期到長期來看，隨著進入2020年後期，我們可以利用增量技術來提高一些現有的國際工廠的產能，並獲得增量提升。但我認為那是第 2 章到第 3 章。在接下來的幾個月裡，我們真正要關注的是真正利用北美的商業協同效應，這將使我們有機會在 27 年和 28 年取得優異成績。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Scott, so you said you're expecting 70 gigawatts at the end of the year between slot reservations and backlog in Gas Power. I know you said in the past that you'd be comfortable capacity when JV gets to 100 gigawatts. And when you get to that 20 gigawatt annual run rate in the second half of '26, but are there any situations where you'd actually begin to ramp capacity get to higher than 20 gigawatts annually before you have that much backlog, especially given you're already getting pretty close by the end of this year?

史考特，您說您預計今年底天然氣發電的預留容量和積壓容量將達到 70 吉瓦。我知道您過去曾說過，當合資企業的產能達到 100 千兆瓦時，您就會感到滿意。當您在 2026 年下半年達到 20 千兆瓦的年運行率時，是否存在在有那麼多積壓訂單之前您實際上會開始將容量提升到每年 20 千兆瓦以上的情況，特別是考慮到您在今年年底已經非常接近這個目標了？

Andy, at the moment, I would say no. I don't see that materializing. And just to be fair, and I don't want to pick on the words, but I wouldn't say that we've been saying we'll be comfortable to add capacity when we get to 80 to 100, we said we'll evaluate it at 80 to 100. Because at the end of the day, what keeps playing out here is we're booking more orders and more specifically, at this point, slot reservation agreements out longer. And we continue to like the economics of what we're booking and don't necessarily see us losing parts of the market that we care about.

安迪，目前來說，我會說不。我不認為這會實​​現。公平地說，我不想挑剔言辭，但我不會說我們一直在說當我們達到 80 到 100 時我們會很樂意增加容量，我們說我們會在 80 到 100 時對其進行評估。因為到最後，我們在這裡持續發生的事情是，我們預訂了更多的訂單，更具體地說，此時，時段預訂協議的時間更長。我們仍然喜歡我們所預訂的經濟效益，並且不一定會失去我們關心的部分市場。

So at the end of the day, as we continue to see growth but that it's for fulfillment later at even more attractive economics, I'm not sure that necessarily justifies increasing capacity today because we're not the only long lead item. At the end of the day, the customers need to secure the EPC buildout. They need to secure the gas pipelines. We're pleased that we're going to end the year closer to 70 gigawatts with momentum into 2026 that does say to you that we do see that 70 gigawatts going higher over the course of 2026.

因此，最終，儘管我們繼續看到成長，但這是為了在以後以更具吸引力的經濟條件實現成長，但我不確定這是否一定能證明今天增加產能是合理的，因為我們不是唯一的長週期產品。最終，客戶需要確保 EPC 建設順利完成。他們需要確保天然氣管道的安全。我們很高興，今年年底我們的發電量將接近 70 吉瓦，並且勢頭將持續到 2026 年，這確實表明我們確實看到 2026 年 70 吉瓦的發電量將會更高。

The good news for us is as we're flirting with that 80-plus gigawatt number as we're projecting out another year or thereabouts, that is the same time that we'll be on this 20 gigawatt run rate. And when we're there, simultaneously as we're pushing our commercial teams to continue to create value every day, rest assured, we're pushing our supply chain to continue to find productivity.

對我們來說，好消息是，我們正朝著 80 多千兆瓦的目標邁進，我們預計再過一年左右，我們的運行率將達到 20 千兆瓦。當我們在那裡時，我們在推動我們的商業團隊每天繼續創造價值的同時，請放心，我們正在推動我們的供應鏈繼續尋找生產力。

And as we do that, and I think we will, because as I mentioned earlier, the 200 machines we've installed already year-to-date in these factories, I don't think our supply chain has fully quantify the productivity benefits of that can give us a modest, modest capacity lift.

當我們這樣做的時候，我認為我們會的，因為正如我之前提到的，我們今年迄今為止已經在這些工廠安裝了 200 台機器，我認為我們的供應鏈還沒有完全量化生產力效益，這可以給我們帶來適度的產能提升。

We'll know a lot more about that -- about this time next year, as I would say it. But we'll keep scrutinizing the right investment return dynamics. But today, I view the likely outcome is our CapEx peak for the gas buildout is 2026. Same answer for Grid. We see the CapEx peaking in 2026, both the organic business and with the Prolec JV and that, that positions us very, very well to serve this market.

我會說，大約在明年這個時候，我們就會對此有更多了解。但我們將繼續審查正確的投資回報動態。但今天，我認為可能的結果是我們的天然氣建設資本支出高峰在 2026 年。對 Grid 來說答案相同。我們預計資本支出將在 2026 年達到頂峰，無論是有機業務還是 Prolec JV，這都使我們能夠很好地服務於這個市場。

But we're committed to continuing to update you on where we are and where we're going, but we actually feel very good on where we are right now, both with the buildout, peak CapEx in '26, but within our ability to serve these markets for the long term.

但我們致力於繼續向您通報我們目前的情況和未來發展方向，但我們對目前的狀況感到非常滿意，無論是擴建，還是 26 年的峰值資本支出，我們都有能力為這些市場提供長期服務。

Chris Dendrinos, RBC Capital Markets.

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

Yeah, good morning and thank you, I wanted to follow up again just on Prolec and looking at that low double-digit revenue CAGR through 2028. And I think in a previous question, you suggested that maybe there was some capacity constraints. So is that growth outlook capacity constrained? And then how does the the growth outlook for Prolec compared to the growth opportunity for the rest of the Electrification portfolio?

是的，早安，謝謝，我想再次跟進 Prolec 的情況，並看看到 2028 年的低兩位數收入複合年增長率。我認為在先前的問題中，您曾提到可能存在一些容量限制。那麼，成長前景是否受到限制？那麼，Prolec 的成長前景與其他電氣化投資組合的成長機會相比如何？

We'll triangulate with the rest of the Electrification portfolio, Chris, on December 9 and the growth outlook we project in Electrification. The reality is that business has continued to outperform our own growth expectations really for 18 months. I mean, that's why Ken framed up, again, raising the revenue expectations of the business for this year. We owe you an update on the revenue expectations of the business by '28 on December 9 and a macro view on what it can mean even beyond that.

克里斯，12 月 9 日，我們將與電氣化投資組合的其他部分進行三角測量，並預測電氣化的成長前景。事實是，18 個月以來，業務表現一直超越我們的成長預期。我的意思是，這就是為什麼肯再次提高今年的業務收入預期。我們將於 12 月 9 日向您提供關於 2028 年業務收入預期的最新消息，以及關於其未來意義的宏觀看法。

But clearly, our core business has been growing at even higher than that the Prolec growth rate as you've seen over the previous 18 months. And there's a lot of momentum there. I mean, you look at the third quarter where the organic book and I mean, our orders grew more than 100%. That is generally stuff that's going to cut in on average, two years from now, depending on products. Some of it's longer, some of it shorter, but directionally two years.

但顯然，正如您在過去 18 個月中看到的那樣，我們的核心業務的成長速度甚至高於 Prolec 的成長率。那裡的勢頭非常強勁。我的意思是，看看第三季的有機書籍，我們的訂單增加了 100% 以上。一般來說，這些是兩年後平均會削減的部分，具體取決於產品。有些時間較長，有些時間較短，但整體來說有兩年。

And when you think about another quarter where the orders are demonstrating that much growth, what it's kind of telling you is that the revenue growth rate of our core business and Electrification is likely going to be higher for longer. And at least in those numbers higher than what we're showing you at Prolec.

當你想到另一個季度的訂單量顯示出如此大的成長時，這就告訴你，我們的核心業務和電氣化的收入成長率可能會在更長時間內保持在較高水準。至少這些數字比我們在 Prolec 上向您展示的數字還要高。

Now just to repeat again, on Prolec, like we've been managing with our core business, we're often trying to provide floors on day one and then to build off of them. What we're sharing with you today is really the strategy financials over the next three years without embedding us leaning into a lot of the things we talked about in this call, we'll have another conversation on what this can mean when we're into the business and owning and controlling it versus sharing with you what we see every day as a 50% owner.

現在再重複一遍，在 Prolec 上，就像我們管理核心業務一樣，我們經常嘗試在第一天提供地板，然後在此基礎上進行建造。今天我們與你們分享的實際上是未來三年的財務策略，我們不會深入討論我們在這次電話會議中談到的很多事情，我們會再一次討論當我們進入業務並擁有和控制它時這意味著什麼，而不是與你們分享我們作為 50% 所有者每天看到的情況。

And I hope you can hear the excitement in both of our voices that we like our chances on what we can create here to try to converge those growth rates but we need some time before we lean into that.

我希望你們能聽出我們兩人興奮的聲音，我們都喜歡在這裡創造機會，嘗試趨同這些增長率，但我們需要一些時間才能實現這一目標。

And, Chris, I think the only point that I would add just because of your specific question around capacity constraints within the Prolec numbers, I'll repeat again what I said earlier. They've already launched, completed and/or have investments to expand capacity across their call it, most of the facilities, but specifically Mexico and the US, valued at $300 million, which is looking at the projections that they have and ensuring that they have the capacity to get there. A lot of words to say, no, we do not feel like we're capacity constrained. They are not capacity constrained to meet the numbers.

克里斯，我認為我唯一要補充的一點就是因為你具體詢問了 Prolec 數字中的容量限制，我會再次重複我之前說過的話。他們已經啟動、完成和/或投資擴大其大部分設施的產能，特別是墨西哥和美國，價值 3 億美元，他們正在根據自己的預測確保有能力實現這一目標。有很多話要說，不，我們並不覺得我們的能力受到限制。他們不受容量限制來滿足數量要求。

And as a team, just to reinforce, I mean, there is solid lean foundation within the Prolec JV today. I mean, this is a JV that already is very well run with a team we like immensely. Now we see opportunities where we can help those factories. I also am highly confident that there are management practices at the JV that are going to help our core business and that we're going to -- all boats are going to rise as we learn from each other. But having spent time myself in a number of these factories over the last 3 years as a 50% owner, they're well-run factories but we also see opportunities to further invest in them and serve this market, and that's exactly what we're going to do.

作為一個團隊，只是為了加強，我的意思是，今天 Prolec JV 內部擁有堅實的精益基礎。我的意思是，這是一家已經運作得非常好的合資企業，並且擁有我們非常喜歡的團隊。現在我們看到了可以幫助這些工廠的機會。我也非常有信心，合資企業的管理實踐將有助於我們的核心業務，而且隨著我們相互學習，一切都會順利進行。但是，在過去 3 年裡，我作為 50% 的所有者，在多家這樣的工廠工作過，這些工廠都運作良好，但我們也看到了進一步投資和服務這個市場的機會，而這正是我們要做的。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks, sir. Good morning, everyone. I wanted to ask another question on the Gas Turbine business. Can you speak to why most of the backlog increase or slot reservations as opposed to orders? Is that just a function of timing? Are there other dynamics going on there? And then can you just level set us, is '26 to '28 basically sold out and you're more or less selling '29 and beyond at this point?

謝謝，先生。大家早安。我想問另一個有關燃氣渦輪機業務的問題。您能否解釋為什麼大多數積壓訂單或預留時段的增加與訂單的增加相反？這僅僅是時間的功能嗎？那裡還有其他動態發生嗎？然後您能否為我們提供一個基準，26 年至 28 年的庫存是否基本售罄，而您目前銷售的 29 年及以後的庫存是否基本售罄？

Sure. I mean, I think we naturally start the funnel with slot reservation agreements because our customers want to secure their long lead equipment. Now we don't want to put things into backlog until the customers to secure their EPC contracts until we have transparency on their gas availability until the permitting process is progressing. So the orders classification to be candid is more our classification than the customers, right?

當然。我的意思是，我認為我們自然會透過時段預訂協議來啟動管道，因為我們的客戶希望確保他們的長週期設備的安全。現在我們不想把事情積壓起來，直到客戶確保他們的 EPC 合同，直到我們對他們的天然氣供應情況有透明度，直到許可程序取得進展。所以坦白說，訂單分類更多的是我們的分類，而不是客戶的分類，對嗎？

Because in many cases, they're providing us enough financial capital on day one that one could argue we could be booking these things as orders. But we've made the decision as the surge in activity started that we did expect within what we're calling slot reservation agreements still some level of movement on timing because I think it can be hard to build gas plants and secure the things that I just framed up. So there's a level of conservatism on our end to check those boxes before we move them to backlog because we don't want to see much backlog volatility.

因為在很多情況下，他們在第一天就為我們提供足夠的資金，因此有人可能會說我們可以將這些東西作為訂單來預訂。但隨著活動激增，我們做出了決定，我們確實預計在我們所謂的時段預訂協議中，時間上仍會出現一定程度的變動，因為我認為建造天然氣工廠並確保我剛剛制定的事情可能很困難。因此，在將這些箱子移至積壓訂單之前，我們會採取一定程度的保守態度來檢查這些箱子，因為我們不希望看到積壓訂單出現太大的波動。

Now we have not. And frankly, to date, we haven't seen much slot reservation volatility either, but there's just been so much growth we've been wanting to be cautious for that. So I wouldn't be surprised if you continue to see slot reservations growing faster than orders because candidly, it's easier to secure the equipment with us by giving a deposit. It's harder to then to secure that EPC schedule, the gas pipelines are progressed with the air permits and there's a lag factor there. But the benefit of the customer is cutting those checks is they know they've got the equipment while in parallel, they work those other solutions.

現在我們還沒有。坦白說，到目前為止，我們還沒有看到太多的時段預訂波動，但由於成長太快，我們一直希望對此保持謹慎。因此，如果您繼續看到時段預訂量的增長速度快於訂單量，我不會感到驚訝，因為坦白說，透過支付訂金更容易確保獲得設備。因此，確保 EPC 進度更加困難，天然氣管道的建設需要依靠空氣許可證，因此存在滯後因素。但客戶的好處是，他們知道自己已經擁有了設備，同時，他們也可以使用其他解決方案。

And the -- and a point that we made a couple of times maybe in previous calls, I'll add to this because there's usually a follow-on question that says, our slot reservation is a little bit less sure than the orders piece of it. But the reality is, in both slot reservations and in the orders that are going into backlog as Scott mentioned, there's a measurable amount of cash funding upfront and down payments. And in both cases, they're nonrefundable. So the customers are making our commitment, both at the slot reservation point as well as at the order point.

而且 — — 我們在之前的電話會議中可能提到過幾次這一點，我要補充一點，因為通常會有一個後續問題說，我們的時段預訂比訂單部分不太確定。但實際情況是，正如斯科特所提到的，無論是在時段預訂中還是在積壓的訂單中，都有相當數量的預付款和首付款。這兩種情況都是不可退款的。因此，客戶在預訂時段和訂購時段都做出了承諾。

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

接線員，我們還有時間回答最後一個問題。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I was wondering if you could maybe just elaborate a little bit more on how you think about modular power that's behind the meter power that we're seeing, things like your aero derivatives but also smaller-scale gas turbines, engines, even fuel cells? How do you see those, is that a longer-term competitive threat to the larger frame gas turbines? Do you see an opportunity to expand capacity and actually go after more volume in that side of the market? I would be curious to your strategic thoughts on that element -- of the market right now?

我想知道您是否可以更詳細地闡述您對模組化電力的看法，這種電力是我們所看到的電錶電力背後的電力，例如航空衍生產品，還有小型燃氣渦輪機、發動機，甚至燃料電池？您如何看待這些，這是否對大型燃氣渦輪機構成長期競爭威脅？您是否看到了擴大產能並真正追求該市場銷售的機會？我很好奇您對目前市場這一要素的策略性想法是什麼？

David, I think over time, when I talk to the team about all the time economics rule today, not style points. And I would say that the economics of the larger gas turbines are just so much more economically efficient because they consume so much less fuel to produce so much more output that over the medium to long term, heavy-duty gas turbines are going to carry the day. These are customers that are underwriting business cases for 20-year -- 20-plus year economics.

大衛，我認為隨著時間的推移，當我與團隊談論當今始終是經濟規則，而不是風格要點時。我想說的是，大型燃氣渦輪機的經濟效益要高得多，因為它們消耗的燃料少得多，但輸出卻多得多，因此從中長期來看，重型燃氣渦輪機將佔據主導地位。這些客戶正在承保 20 年甚至 20 多年的經濟商業案例。

Now that said, there's a very aggressive surge for near-term power that smaller applications that can provide bridges, even if those bridges are economically less efficient, will get moved in this environment. And then over the medium term, we'll shift towards backup power.

話雖如此，但近期電力需求將大幅成長，能夠提供橋樑的小型應用，即使這些橋樑的經濟效率較低，也將在這種環境下推廣。從中期來看，我們將轉向備用電源。

We see that with some of our smaller applications, some of our aero derivatives for the next five years, we'll likely run closer to base load and then heavy-duty will follow over time, and they'll shift to being the backup power and what's really happening with aero derivatives and some of the other solutions that you're talking about, is they will replace what has been the diesel gen sets of the past that many of the hyperscalers and data centers we're using for backup power and some of these other solutions will become that reliability support.

我們看到，對於我們的一些小型應用，以及未來五年內的一些航空衍生產品，我們可能會更接近基本負載運行，然後隨著時間的推移，重型負載也會隨之而來，它們將轉變為備用電源，而航空衍生產品和您談到的一些其他解決方案的實際情況是，它們將取代過去的柴油發電機組，許多超大規模備用企業和數據中心都將其用作其他解決方案，而其中一些用於可靠性。

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

在我們結束之前，請允許我把發言權交還給斯科特，請他發表結束語。

Michael, I appreciate it, everybody. Thank you for giving us the time. I just want to again thank our customers for their continued faith in us. I continue to have a lot of pride with our employees and our partners that are working with us every day to position ourselves to meet this ramp. Another productive quarter for us, an important step forward on our value creation journey with the announcement of Prolec, both value creation with customers but also with our investors.

邁克爾，我很感謝大家。感謝您抽出時間。我只想再次感謝我們的客戶對我們的持續信任。我對我們的員工和合作夥伴感到非常自豪，他們每天都與我們一起努力，為實現這一目標做好準備。對我們來說，這又是一個富有成效的季度，隨著 Prolec 的發布，我們在價值創造之旅上邁出了重要一步，不僅為客戶創造了價值，也為我們的投資者創造了價值。

We talked a lot about the prior 90 days, but I would just emphasize that this is about where this company is going for the future. The opportunity we have to serve this market and our very high confidence and conviction with the right balance of humility that we're the right company for this moment. So, thank you for giving us this time today, and we look forward to seeing you all on December 9.

我們談了很多關於前 90 天的事情，但我只想強調的是，這是關於這家公司未來的發展方向。我們有機會服務這個市場，我們非常有信心，並且堅信我們是適合這個市場的公司。所以，感謝您今天給我們這個時間，我們期待在 12 月 9 日見到你們。

Thank you, ladies and gentlemen. This concludes today's conference.

謝謝各位，女士們、先生們。今天的會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。