GE Vernova Inc. (GEV) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to GE Vernova's second-quarter 2026 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.

各位女士、各位先生，大家好，歡迎參加 GE Vernova 2026 年第二季財報電話會議。(接線員指示) 我是 Liz，今天將擔任本次會議的協調員。(接線員指示) 提醒各位，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.

現在我想把會議交給今天的主持人——投資人關係副總裁 Michael Lapides。請開始。

Thank you. Welcome to GE Vernova's second-quarter 2026 earnings call. I'm joined today by our CEO, Scott Strazik; and CFO, Ken Parks.

謝謝。歡迎參加 GE Vernova 2026 年第二季財報電話會議。今天與我一同出席的有我們的執行長 Scott Strazik，以及財務長 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. Please note that unless otherwise specified, our year-over-year commentary or variances on orders, revenue, adjusted and segment EBITDA and margin discussed during our prepared remarks are on an organic basis, which includes the removal of the impact of our Prolec GE acquisition.

本次電話會議的發言將同時包含 GAAP 與非 GAAP 財務結果。GAAP 與非 GAAP 指標之間的調節表可在今日的 Form 10-Q 新聞稿與簡報投影片中找到，以上資料皆可於我們的網站取得。請注意，除非另有說明，我們在準備稿中討論的訂單、營收、調整後及分部 EBITDA 與利潤率之年對年評論或差異，皆以有機基礎（organic basis）呈現，其中包含剔除 Prolec GE 收購案的影響。

We will make forward-looking statements about our performance. These statements are based on how we see things today. 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.

我們將就公司表現發表前瞻性陳述。這些陳述係基於我們對當前情況的看法。雖然我們未來可能選擇在某個時間點更新這些前瞻性陳述，但我們不承擔任何更新義務。如我們向 SEC 提交的文件所述，由於風險與不確定性，實際結果可能出現重大差異。

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

接下來，我把電話交給 Scott。

Thank you, Michael. Good morning, and welcome to GE Vernova's 2Q '26 earnings call.

謝謝你，Michael。各位早安，歡迎參加 GE Vernova 2026 年第二季（2Q '26）財報電話會議。

Our team is executing well as the demand for our solutions in power and electrification accelerates. In 2Q, our equipment orders more than doubled and service orders grew 15%. Our total backlog has reached $176 billion with improving margins. This is up $13 billion from last quarter and is on track to reach $200 billion in '27. The long-cycle electric power industry is in the early stages of a multi-decade growth opportunity, and we are well positioned to create substantial value.

隨著電力與電氣化領域對我們解決方案的需求加速成長，我們的團隊執行表現良好。在第二季，我們的設備訂單超過倍增，服務訂單成長 15%。我們的總在手訂單（backlog）已達 1,760 億美元，且利潤率持續改善。較上一季增加 130 億美元，並正按計畫於 2027 年達到 2,000 億美元。長週期的電力產業正處於跨數十年的成長機會早期階段，而我們具備良好定位以創造可觀價值。

Let me walk through the demand environment across our three segments. In Power, we continue to see strong global demand for our equipment and services.

我先帶各位看看我們三大事業部門的需求環境。在 Power（電力）方面，我們持續看到全球對我們設備與服務的強勁需求。

In Gas Power, we shipped 3 gigawatts while signing 20 gigawatts of orders and slot reservation agreements in the quarter in countries like the US, Brazil, and Qatar to grow our total gigawatts under contract from 100 to 116 gigawatts sequentially. This includes orders for 52 heavy-duty units and 61 aeroderivatives in the quarter. More than half of the gigawatts that are now under contract are for our largest, most efficient HA turbines, units expected to run baseload and provide substantial services growth for us in the next decade.

在 Gas Power（燃氣發電）方面，本季我們出貨 3 吉瓦，同時在美國、巴西、卡達等國簽下 20 吉瓦的訂單與機位保留協議（SRA），使我們合約下的總吉瓦數（gigawatts under contract）按季由 100 增至 116 吉瓦。其中包含本季 52 台重型機組與 61 台航改型（aeroderivative）機組的訂單。目前合約下的吉瓦數中，超過一半為我們最大、效率最高的 HA 渦輪機；這些機組預期將以基載運轉，並在未來十年為我們帶來可觀的服務成長。

Backlog grew from 44 to 53 gigawatts, and SRAs increased from 56 to 63 gigawatts. For our total gigawatts under contract, demand remains diverse, with approximately 100 customers in 26 different countries, of which approximately 80% are traditional customers and 20% are for data centers. We now expect at least 125 gigawatts under contract by the end of the year.

在手訂單由 44 吉瓦增至 53 吉瓦，SRA 由 56 吉瓦增至 63 吉瓦。就我們合約下的總吉瓦數而言，需求仍相當多元，約有 26 個國家的約 100 家客戶，其中約 80% 為傳統客戶、20% 來自資料中心。我們目前預期年底前合約下的吉瓦數至少可達 125 吉瓦。

We had a strong first half and now have agreements signed into '31. In the second half of the year, we expect to convert many of these SRAs into orders, driving continued growth in our backlog while achieving an important inflection point with gigawatts in backlog greater than SRAs. In '27, we expect our combined gigawatts under contract to continue to grow.

我們上半年表現強勁，且目前已簽署協議延伸至 2031 年。在下半年，我們預期將把許多 SRA 轉換為訂單，推動在手訂單持續成長，同時達成一個重要拐點：在手訂單中的吉瓦數將高於 SRA。在 2027 年，我們預期合約下的合計吉瓦數將持續成長。

We continue to see strong pricing in gas to deliver and service our critical equipment needed to electrify the world. On the equipment side, first-half '26 orders were priced more than 20% above 4Q '25 equipment orders, reflecting the conversion of higher-priced SRAs to backlog.

我們持續看到燃氣領域在交付與維護關鍵設備方面具備強勁定價能力，這些設備對全球電氣化至關重要。在設備端，2026 年上半年訂單的定價較 2025 年第四季設備訂單高出逾 20%，反映較高價格的 SRA 轉入在手訂單。

In 2Q, we booked a higher dollar per kW price and orders given a higher mix of aeroderivatives versus heavy-duty gas turbines and incremental combined cycle equipment as SRAs converted to orders. Given our large SRA balance, we would expect gas equipment orders in the second half to have a dollar per kW that is at the higher end of the range of 10 to 20 points versus 4Q '25 orders.

在第二季，由於航改型相對於重型燃氣渦輪機的組合占比提高，以及隨 SRA 轉為訂單而增加的聯合循環（combined cycle）設備，我們以更高的每千瓦（kW）美元價格與訂單金額入帳。鑑於我們龐大的 SRA 餘額，我們預期下半年燃氣設備訂單的每千瓦美元價格，相較 2025 年第四季訂單將落在高端區間，即高出 10 到 20 個百分點。

For services, we continue to benefit from increased volume and solid pricing. This is happening not only on long-term service agreements, but also on transactional orders. We've seen transactional orders per unit continue to rise by double digits annually as customers invest in upgrades and greater scope and outages, all at higher prices.

在服務方面，我們持續受惠於量的增加與穩健的定價。這不僅發生在長期服務協議上，也同樣出現在交易型（transactional）訂單。我們看到每台機組的交易型訂單持續以每年雙位數成長，因客戶投入升級、擴大工作範圍與檢修停機（outages），且價格更高。

In electrification, we continue to see robust demand from unprecedented electricity demand growth, increasing grid stability needs, and national security interests. Our backlog growth at electrification has been driven from both traditional customers and data centers, with equipment backlog rising above $40 billion. In 2Q, we booked $2.7 billion of data center orders in electrification, bringing total segment data center orders to over $5 billion in the first half of '26, more than double full year '25.

在 Electrification（電氣化）方面，受前所未有的用電需求成長、電網穩定性需求提升，以及國家安全利益驅動，我們持續看到強勁需求。電氣化業務的在手訂單成長同時來自傳統客戶與資料中心，設備在手訂單已升至 400 億美元以上。在第二季，我們在電氣化業務入帳 27 億美元的資料中心訂單，使該事業部門上半年資料中心訂單總額超過 50 億美元，較 2025 年全年增加逾一倍。

Prolec is also performing well, and we like the early traction we are seeing in this business's integration and how it equips us to better serve our customers, especially in North America. In the first half of the year, we have booked $800 million in orders for transformers in the US that will be fulfilled by our global factories, something we could not do when we did not fully own Prolec.

Prolec 的表現也很出色，我們對其整合進展的早期動能感到滿意，並認為這能讓我們更好地服務客戶，特別是在北美。今年上半年，我們已在美國取得 8 億美元的變壓器訂單，將由我們的全球工廠履約；在我們尚未完全持有 Prolec 時，這是無法做到的。

In Wind, the team is executing with discipline and focused on the factors within our control. In Onshore, we continue to drive a more profitable service business with significant margin expansion versus the prior year for the third quarter in a row. While the US market for new onshore equipment remains soft, we are monitoring the outcome of 232 tariffs that impact wind development, which could lead to more orders clarity in the second half of the year.

在 Wind（風電）方面，團隊以紀律執行，並聚焦於我們可控的因素。在陸上風電（Onshore），我們持續推動更具獲利性的服務業務，且利潤率相較去年顯著擴張，已連續第三季如此。雖然美國新陸上設備市場仍偏疲弱，我們正關注影響風電開發的 232 條款關稅結果，這可能在下半年帶來更明確的訂單能見度。

We are also making progress in how we integrate solutions as one GE Vernova to bring incremental value to our customers. For example, our electrification team sees up to $500 million in incremental orders each year as they partner with the Gas Power Aeroderivative team to align turbine, electrical, and control interfaces together as one. The opportunity to create value for our customers with integrated solutions across GEV is meaningful, but there's still so much more we can and will do.

我們也在推進以「一個 GE Vernova」的方式整合解決方案，為客戶帶來額外價值。例如，我們的電氣化團隊在與 Gas Power 航改型團隊合作時，透過將渦輪機、電氣與控制介面整合對齊為一體，每年可望帶來最高達 5 億美元的增量訂單。在 GEV 範圍內以整合式解決方案為客戶創造價值的機會相當可觀，但我們仍有更多工作要做，而且我們也將持續推進。

We're also delivering continued significant margin expansion. In the first half of '26, we have grown margins to 10.5%, up 360 basis points from the first half of '25, even as equipment revenue grows faster than services and becomes a larger percentage of total revenue.

我們也持續實現顯著的利潤率擴張。在26年上半年，即使設備營收成長快於服務並在總營收中占比提高，我們的利潤率仍提升至10.5%，較25年上半年增加360個基點。

We are benefiting from strong volume and price in power and electrification while driving productivity. And operational improvements across the company.

我們受惠於電力與電氣化業務強勁的出貨量與價格，同時推動生產力提升。以及全公司範圍的營運改善。

GE Vernova is operating from a position of financial strength, and we are executing our capital allocation strategy with discipline.

GE Vernova 目前在財務實力穩健的基礎上營運，我們也以紀律執行資本配置策略。

Year-to-date, we have generated approximately $10 billion in free cash flow, more than 2.5 times our 25 results, as well as realizing $1.5 billion from dispositions as we further simplify our businesses.

年初至今，我們已產生約100億美元的自由現金流，超過25年成果的2.5倍；同時，隨著我們進一步簡化業務，也透過資產處分實現了15億美元收益。

In early July, we completed an acquisition of Robotech Automation, a specialized team of engineers that can accelerate deployment of robotics and automation across GED.

7月初，我們完成對 Robotech Automation 的收購；該公司是一支專業工程師團隊，可加速在 GED 全面部署機器人與自動化。

This is a small transaction, but one that can help us improve our productivity and deliver more for our customers.

這是一筆小型交易，但能協助我們提升生產力，並為客戶創造更多價值。

We've grown our cash balance to $13 billion while investing $1.4 billion in R&D and CapEx combined.

我們將現金餘額提高至130億美元，同時合計投入14億美元於研發與資本支出（CapEx）。

All while returning approximately $4 billion to shareholders this year through share repurchases and the dividend, already more than the full year of '25.

同時，我們今年透過股票回購與股利向股東回饋約40億美元，已超過25年全年的回饋水準。

We are in the early stages of this electricity investment supercycle, and we continue to see significant opportunity ahead, given the strength of first-half performance and confidence in our full-year trajectory, and as Ken will go into further detail.

我們正處於這波電力投資超級循環的早期階段；鑑於上半年表現強勁、對全年走勢具信心，且如 Ken 稍後將進一步說明，我們仍看到前方有顯著機會。

We are raising our revenue and free cash flow guidance for '26.

我們上調26年的營收與自由現金流指引。

Turning to Page 4, I will discuss multiple catalysts we see for long-term growth and how we are investing to meet this moment.

接著看第4頁，我將說明我們看到的多項長期成長催化劑，以及我們如何投資以把握此一時刻。

First, to serve this accelerating demand, we are expanding our production capacity in power and electrification through lean and capital-efficient investments in gas power.

首先，為了滿足加速成長的需求，我們正透過精實且資本效率高的燃氣發電投資，擴充電力與電氣化的產能。

Given that we've now reached our 20-gigawatt annualized run rate and are on track for 24 gigawatts in '28, we now see further opportunity to serve this growing demand with 30 gigawatts of annual output in 30 in a capital-efficient manner, utilizing lean and incremental machinery in our existing factory footprint and have already secured significant supply chain capacity.

鑑於我們目前已達到年化20吉瓦的運行水準，並正朝28年24吉瓦的目標邁進，我們現在看到進一步機會：以資本效率高的方式在30年達到每年30吉瓦的產出，透過在既有廠區導入精實與增量設備，且我們已取得顯著的供應鏈產能。

All funded by customer down payments.

全部由客戶預付款資助。

As I mentioned earlier, we expect to end the year with at least 125 gigawatts under contract, making us mostly sold out through 30, and it has sold more than half of the 30 gigawatts of 31 production slots by the end of this year.

如我先前提到，我們預期年底至少會有125吉瓦的合約在手，使我們到30年基本上已接近售罄；並且在今年底前，已售出31年30吉瓦產能檔期的一半以上。

Customers face growing electricity demand and see real economic value in deploying new gas turbines to serve this demand.

客戶面臨日益成長的用電需求，並看見部署新燃氣渦輪以滿足此需求所帶來的實質經濟價值。

In electrification, we are increasing our output across multiple product lines. To highlight one example, air-insulated switchgears comprise approximately $5 billion of electrification's equipment backlog that will drive revenue growth for multiple years.

在電氣化方面，我們正提升多條產品線的產出。舉一個例子，氣體絕緣開關設備約占電氣化設備訂單積壓50億美元，將在未來多年推動營收成長。

We shipped approximately 9,000 units last year, plan to do approximately 10,500 this year, and expect growth to accelerate in '27 from our existing factories, including our Pennsylvania facility.

我們去年出貨約9,000台，今年計畫約10,500台，並預期27年起在既有工廠（包括賓夕法尼亞廠）帶動下，成長將加速。

We've done this utilizing lean, adding shifts, and incorporating more automation and robotics into the factory.

我們透過精實改善、增加班次，並在工廠導入更多自動化與機器人來達成。

Our large and growing install base is positioning us well to continue generating growth at healthy margins, both on equipment and services. We reached 4 million operating hours for HA this quarter, up 1 million hours in just over a year, a significant milestone since its launch nearly 10 years ago.

我們龐大且持續成長的裝機基礎，使我們在設備與服務兩端都能以健康的利潤率持續帶動成長。本季 HA 的累計運轉時數達到400萬小時，僅一年多就增加了100萬小時；自近10年前推出以來，這是一個重要里程碑。

This growth in HA provides us with a strong foundation. For service agreements and lifecycle support.

HA 的這項成長為我們奠定了堅實基礎。用於服務協議與全生命週期支援。

We expect the HA fleet size to double in the years to come based on units under contract today.

基於目前已簽約的機組，我們預期未來幾年 HA 機隊規模將倍增。

We are also investing in aero-derivative services, increasing and further industrializing our in-house capabilities to significantly expand our shop visit capacity by the end of the decade.

我們也在投資航改型（aero-derivative）服務，提升並進一步工業化我們的內部能力，以在本十年末前大幅擴增檢修入廠（shop visit）產能。

Both HA and Arrow will lead to growth in high-margin services revenue well into the 2030s.

HA 與 Arrow 都將帶動高毛利服務營收的成長，並延續至2030年代。

In onshore wind, we see opportunity as customers repower their existing projects. In our installed base in the U.S., there are approximately 10 gigawatts of units with repowering potential, projects that have already qualified for the new production tax credits.

在陸上風電方面，隨著客戶對既有專案進行汰舊換新（repower），我們看到機會。在我們美國的裝機基礎中，約有10吉瓦的機組具備汰舊換新潛力，且這些專案已符合新的生產稅額抵免資格。

Finally. We are investing for the long-term.

最後。我們正為長期進行投資。

On nuclear, we continue advancing the SMR for industrialization at scale, as evidenced by our progress on the existing project underway in Ontario.

在核能方面，我們持續推進小型模組化反應爐（SMR）的規模化工業化，從安大略省現有進行中的專案進展即可見一斑。

In 2Q, we secured two more textilex and early work agreements for SMR in the U.S.

在第二季，我們在美國又取得兩項 textilex 與前期工作協議，用於 SMR。

In electrification, we're making progress on solid-state transformers. Last week, I saw the complete build-out of our 5-megawatt SST prototype for indoor application that will be delivered to our first hyperscaler later this year, and in parallel, have started development of a 6-megawatt SST for outdoor applications.

在電氣化方面，我們在固態變壓器上取得進展。上週我看到了我們5兆瓦室內用 SST 原型的完整建置，將於今年稍晚交付給我們的第一家超大規模客戶（hyperscaler）；同時，我們也已開始開發6兆瓦的戶外用 SST。

We're also developing solutions like medium-voltage uninterruptible power supply blocks that would improve the electrical efficiency. And resiliency of data centers.

我們也在開發例如中壓不斷電系統（UPS）模組等解決方案，以提升電力效率。以及資料中心的韌性。

In summary, we are improving how we operate, generating better returns while expanding the platform of solutions we provide customers as their need for infrastructure accelerates.

總結而言，我們正在改善營運方式，在擴大為客戶提供的解決方案平台之際，創造更佳報酬，因為其基礎設施需求正在加速。

We are allocating capital in a disciplined manner that will create substantial value going forward. With that, I'll turn the call over to Kent for more details on our 2Q Performance. As well as our financial outlook.

我們以有紀律的方式配置資本，將在未來創造可觀價值。接下來我把電話會議交給 Kent，請他更詳細說明我們第二季表現。以及我們的財務展望。

Thanks, Scott.

謝謝，Scott。

Turning to Slide 5, we delivered strong results in 2Q 2026 with robust orders, growing backlog in revenues, margin expansion and significant free cash flow generation.

接著看第5頁，我們在2026年第二季交出強勁成果：訂單表現強勁、在手訂單帶動營收成長、利潤率擴張，以及顯著的自由現金流產生。

In the second quarter, we booked orders of $24.2 billion, an 88% increase year-over-year and a book-to-bill ratio of slightly more than 2 times. With growth in both equipment and services.

第二季我們取得242億美元訂單，年增88%，接單出貨比（book-to-bill）略高於2倍。設備與服務皆呈現成長。

As Scott mentioned, our backlog expanded to $176 billion, a significant year-over-year and sequential increase.

如 Scott 所提，我們的在手訂單擴大至1,760億美元，年增與季增皆顯著。

Equipment backlog increased to $88 billion, up approximately $12 billion sequentially and 77% year-over-year driven by both power and electrification, which incorporates Prolex backlog.

設備在手訂單增至880億美元，較前一季增加約120億美元、年增77%，主要由電力與電氣化帶動，其中包含 Prolex 的在手訂單。

Equipment backlog margins remain healthy, reflecting favorable price and our continued focus on disciplined underwriting.

設備在手訂單的利潤率仍維持健康水準，反映有利的價格，以及我們持續聚焦於有紀律的承保／接單審核。

Our services backlog grew approximately $10 billion or 12% year-over-year to $88 billion led by Power.

我們的服務在手訂單年增約100億美元（或12%）至880億美元，主要由電力業務帶動。

Revenue increased 12%, equipment revenue rose 14% year-over-year as 36% growth at electrification and 30% growth at power more than offset anticipated lower wind revenues.

營收成長12%；設備營收年增14%，其中電氣化成長36%、電力成長30%，足以抵銷預期中的風電營收下滑。

Services revenue increased 10% year-over-year with growth in all segments led by power and onshore wind. Price remained positive.

服務營收年增10%，各業務板塊皆成長，其中以電力與陸上風電領軍。價格仍維持正向。

Adjusted EBITDA grew 61% year-over-year to $1.2 billion, led by power and electrification.

調整後EBITDA年增61%至12億美元，主要由電力與電氣化帶動。

Adjusted EBITDA margin expanded 340 basis points with more profitable volume, higher price, and further productivity, more than offsetting inflation.

調整後EBITDA利潤率擴張340個基點，受惠於更高獲利的出貨量、更高價格與進一步的生產力提升，且足以抵銷通膨影響。

We're in the early stages of driving sourcing savings and variable cost productivity using lean tools with more ahead.

我們正處於運用精實工具推動採購節省與變動成本生產力提升的早期階段，後續仍有更多可為。

We're standardizing and evaluating our sourcing spend data in order to leverage our scale.

我們正在標準化並評估採購支出資料，以便發揮規模優勢。

As a result, we've negotiated approximately 20% savings on an additional approximately $300 million of spend.

因此，我們已就額外約3億美元的支出談成約20%的節省。

These savings will flow through in future periods.

這些節省將在未來期間反映出來。

The strong adjusted EBITDA on working capital management drove $5.1 billion of free cash flow in the second quarter.

強勁的調整後EBITDA與營運資金管理，推動第二季自由現金流達51億美元。

Working capital was a $6.4 billion cash benefit, driven primarily by higher down payments on increased orders and slot reservations at Power, as well as higher orders at electrification.

營運資金帶來64億美元的現金效益，主要來自電力業務因訂單增加與產能檔期（slot）預訂而提高的預收款，以及電氣化業務更高的訂單量。

Year-over-year, free cash flow increased $4.9 billion, driven by higher positive benefits from working capital and stronger adjusted EBITDA, partially offset by higher taxes and CapEx investments supporting capacity expansion.

與去年同期相比，自由現金流增加49億美元，主要由營運資金帶來更高的正向效益及更強勁的調整後EBITDA所驅動，但部分被較高稅負與支持產能擴張的資本支出（CapEx）投資所抵銷。

We also made a voluntary contribution of approximately $500 million to our largest pension plan to reduce future funding requirements and annual plan premiums.

我們亦自願向最大的一項退休金計畫提撥約5億美元，以降低未來資金提撥需求與年度計畫保費。

With our strong cash position, we'll continue to seek opportunities to utilize cash proactively when those opportunities generate solid economic returns.

憑藉強勁的現金部位，我們將持續尋求機會，在能帶來穩健經濟報酬時主動運用現金。

We continue to make progress in simplifying our portfolio. This quarter, we completed the disposition of our remaining ownership stake in the China XD grid business for approximately $600 million of pre-tax proceeds.

我們持續在簡化投資組合方面取得進展。本季我們完成出售在中國XD電網業務剩餘持股，稅前處分所得約6億美元。

We ended 2Q with a healthy cash balance of approximately $13 billion, a $3 billion increase from the end of 1Q, after returning $2.5 billion of cash to shareholders through share repurchases and dividends in the quarter.

第二季末我們的現金餘額約130億美元，較第一季末增加30億美元；在本季透過庫藏股回購與股利向股東返還25億美元現金後，仍維持健康水位。

Under our $10 billion share repurchase program, we've returned approximately $7 billion in share repurchases in total, representing 12.4 million shares at an average price of $560 per share.

在100億美元的庫藏股回購計畫下，我們累計已回購約70億美元，合計1,240萬股，平均回購價格為每股560美元。

With $3 billion remaining, we'll continue to be disciplined in returning capital to shareholders.

在尚餘30億美元額度下，我們將持續以審慎紀律向股東返還資本。

Importantly, we remain committed to maintaining a strong investment-grade balance sheet.

重要的是，我們仍致力於維持強健的投資等級資產負債表。

We're encouraged by our strong financial performance in the first half of the year. Our growing backlog with healthy margin continues to provide an excellent foundation for further improvement in our financial performance moving forward.

我們對上半年強勁的財務表現感到振奮。持續成長且具健康利潤率的在手訂單，為未來進一步改善財務表現提供了極佳基礎。

Turning to power on Slide 6, the segment delivered another strong quarter with robust demand, strong revenue growth and solid EBITDA margin expansion.

接著看第6頁的電力業務，本分部再度交出強勁的一季，需求強勁、營收成長亮眼，且EBITDA利潤率穩健擴張。

Power orders more than doubled as gas power equipment increased by approximately four times year-over-year on higher volume and pricing from both HA and aero derivative units.

電力訂單較去年同期增加逾一倍；其中燃氣發電設備在更高出貨量與價格帶動下，年增約四倍，成長來自HA與航改型（aero derivative）機組。

Power services orders increased 12%, driven by nuclear power and gas power.

電力服務訂單增加12%，由核能與燃氣發電帶動。

Revenue increased 14%. Equipment revenue increased primarily from gas power, driven by higher turbine volume and favorable price.

營收增加14%。設備營收主要因燃氣發電成長而增加，受惠於更高的渦輪機出貨量與有利的價格。

We shipped a total of 29 gas turbines in the quarter, a 38% increase year-over-year, including 16 aero derivatives.

本季我們共出貨29台燃氣渦輪機，年增38%，其中包含16台航改型機組。

Services revenue also increased due to growth at nuclear power and gas power.

服務營收亦因核能與燃氣發電的成長而增加。

EBITDA margins expanded 320 basis points to 18.8%, mainly driven by favorable price and higher volume more than offsetting inflation as well as additional expenses to support capacity investments at gas along with R&D.

EBITDA利潤率擴張320個基點至18.8%，主要由有利價格與更高出貨量帶動，足以抵銷通膨，以及為支持燃氣產能投資與研發（R&D）所增加的費用。

Looking to the third quarter of 2026 at Power, we expect continued strong gas equipment orders. We also anticipate 17% to 19% revenue growth driven by higher equipment as we increase our annualized run rate for gas Power equipment shipments and continued higher services.

展望2026年第三季的電力業務，我們預期燃氣設備訂單將持續強勁。我們也預期營收將成長17%至19%，主要由設備成長帶動，因我們提高燃氣發電設備出貨的年化運轉率，並且服務業務持續走高。

We expect an EBITDA margin of approximately 17% to 18%. As volume price and productivity should more than offset inflation as well as additional expenses to support capacity and R&D investments.

我們預期EBITDA利潤率約為17%至18%。因出貨量、價格與生產力提升應可充分抵銷通膨，以及為支持產能與研發投資所增加的費用。

As we've previously discussed, 3Q is our seasonally lowest quarter in services.

如同我們先前所討論，第三季是我們服務業務季節性最低的一季。

Turning to electrification on Slide 7, we had another quarter of significant orders and revenue growth as well as EBITDA margin expansion.

接著看第7頁的電氣化業務，我們再度迎來訂單與營收顯著成長的一季，且EBITDA利潤率擴張。

Orders remained strong at roughly 1.7 times revenue and increased 66% year-over-year to approximately $6.3 billion due to growing grid equipment demand partially to support data center development.

訂單維持強勁，約為營收的1.7倍，年增66%至約63億美元，主因電網設備需求成長，部分用以支援資料中心開發。

We saw significant growth in substations, switchgear and transformers.

我們在變電站、開關設備與變壓器方面看到顯著成長。

Equipment orders growth was particularly strong in North America, up approximately four times year-over-year, with this strong performance in orders, North America, which includes Prolex backlog, is now the largest portion of our electrification equipment backlog, while all regions, including Europe, are still growing.

設備訂單成長在北美尤其強勁，年增約四倍；在此強勁訂單表現下，北美（包含Prolex在手訂單）目前已成為我們電氣化設備在手訂單中占比最大的區域，而包括歐洲在內的所有地區仍持續成長。

Electrification equipment orders continued outpacing revenue and further increased our equipment backlog to $41 billion, up 69% or roughly $17 billion compared to the second quarter of 2025.

電氣化設備訂單持續超越營收，並進一步將設備在手訂單推升至410億美元，較2025年第二季增加69%（約170億美元）。

Revenue increased 68% on a reported basis, inclusive of ProLec and 29% organically with growth across all regions.

營收以報表基礎計年增68%（包含ProLec），若以有機口徑則成長29%，且各區域皆有成長。

We saw increased volume at power transmission, primarily from switchgear and transformers.

我們在電力輸電的出貨量增加，主要來自開關設備與變壓器。

Prolec also delivered solid performance with nearly $900 million of revenue.

Prolec亦交出穩健表現，營收接近9億美元。

Grid systems integration revenue increased due to higher substation and HVDC equipment volumes.

電網系統整合營收因變電站與高壓直流（HVDC）設備出貨量增加而上升。

Electrification segment EBITDA more than doubled year-over-year with margin expansion of 700 basis points to 18.4%, led by strong volume, productivity and favorable pricing.

電氣化分部EBITDA較去年同期增加逾一倍，利潤率擴張700個基點至18.4%，主要由強勁出貨量、生產力提升與有利定價帶動。

Looking to the third quarter of 2026, we anticipate continued solid equipment orders with healthy margins.

展望2026年第三季，我們預期設備訂單將持續穩健，且利潤率維持健康水準。

Third quarter electrification revenues should be between $3.8 billion and $4 billion, a significant year-over-year increase.

第三季電氣化營收預計介於38億至40億美元，較去年同期大幅增加。

We also expect strong year-over-year EBITDA margin expansion from higher volume, productivity and favorable price, with a margin rate continuing to expand modestly above 2Q 2026 levels.

我們也預期EBITDA利潤率將因更高出貨量、生產力提升與有利價格而呈現強勁的年增擴張，利潤率水準將在2026年第二季基礎上持續小幅上升。

Turning to slide 8 on wind, we remain focused on what we can control.

接著看第8頁的風電業務，我們仍專注於我們可控的事項。

In the second quarter, the team continued to deliver improving performance in onshore wind services while making good progress on Dogger Bank B installations and commissioning.

在第二季，團隊持續在陸上風電服務交付改善的表現，同時在Dogger Bank B的安裝與試運轉（commissioning）方面取得良好進展。

Wind orders declined 40%, mainly due to lower onshore equipment orders, primarily in North America, partially offset by higher services.

風電訂單下滑40%，主要因陸上設備訂單較低，主要發生在北美；部分被較高的服務訂單所抵銷。

It remains difficult to call an inflection point in U.S. Orders as customers still face permitting delays and tariff uncertainty.

由於客戶仍面臨許可延宕與關稅不確定性，美國訂單的轉折點仍難以判斷。

Wind revenue decreased 11% in the quarter given lower onshore equipment deliveries as a result of soft orders in the first half of 2025, partially offset by higher onshore services as well as offshore revenues driven by higher deliveries and installations at Dogger Bank B.

由於2025年上半年訂單疲弱導致陸上設備交付量下降，本季風電營收下滑11%；陸上服務營收增加以及受Dogger Bank B較高交付與安裝帶動的離岸營收上升，部分抵銷了上述影響。

Wind EBITDA losses were $275 million in the quarter, in line with our expectations.

本季風電EBITDA虧損為2.75億美元，符合我們的預期。

The anticipated year-over-year increase in losses was primarily the result of lower equipment deliveries at onshore wind and higher projects cost at offshore wind, partially offset by improved onshore services.

預期的年對年虧損增加，主要是陸上風電設備交付量下降以及離岸風電專案成本上升所致；陸上服務改善部分抵銷了影響。

For third quarter '26, we anticipate wind revenue to decline at a low double-digits rate year-over-year due to lower onshore equipment deliveries.

對於2026年第三季，我們預期風電營收將因陸上設備交付量下降而年對年以低雙位數幅度下滑。

We expect EBITDA to be approximately breakeven due to continued improvement in onshore services, profitability, and lower project costs for offshore, partially offset by lower onshore equipment deliveries.

我們預期EBITDA約為損益兩平，原因是陸上服務持續改善、獲利能力提升，以及離岸專案成本下降；但陸上設備交付量下降將部分抵銷。

We expect improvement in wind revenue and EBITDA in the second-half of the year, given 70% of 2025 equipment orders were in the second-half and will be delivered in the second-half of 2026.

我們預期下半年風電營收與EBITDA將改善，因為2025年設備訂單有70%集中在下半年，並將於2026年下半年交付。

Also, the volume we've shipped in this first half had fewer contractual protections for tariffs since we signed these orders before their implementation.

此外，我們在上半年出貨的量，因為這些訂單是在關稅實施前簽訂，合約中對關稅的保障較少。

Now moving to Slide 9 to discuss 2026 GE Vernova guidance.

接著請看投影片9，討論GE Vernova 2026年指引。

For the third quarter, we expect continued year-over-year revenue growth and adjusted EBITDA margin expansion based on our expectations for the segments as we just outlined.

第三季，我們預期營收將持續年對年成長，且調整後EBITDA利潤率擴張，基於我們對各事業部門的預期，如同剛才所述。

We also expect to deliver positive free cash flow given our ongoing focus on aligning the timing of inflows and outflows, along with the impact of down payments, which correlate with the timing of orders.

我們也預期將實現正向自由現金流，因為我們持續聚焦於使現金流入與流出的時點更一致，並受訂金影響（訂金與接單時點相關）。

For the full year, we're raising our guidance based on the strong first half results and the continued momentum we see in our business.

就全年而言，我們基於上半年強勁的成果以及我們在業務中看到的持續動能，上調指引。

For revenue, we now expect to be in the range of $45.5 billion to $46.5 billion, up $1 billion compared to our previous expectation due to additional growth at electrification and power.

在營收方面，我們目前預期介於455億至465億美元，較先前預期上調10億美元，主要來自電氣化與電力業務的額外成長。

We're maintaining our EBITDA margin guidance of 12% to 14%.

我們維持EBITDA利潤率指引為12%至14%。

Given the strength we've seen in orders and resulting down payments, in addition to the higher adjusted EBITDA, we're increasing our 2026 free cash flow guidance to between $11.5 billion and $12.5 billion, up from $6.5 billion to $7.5 billion.

鑑於我們在訂單與由此帶來的訂金方面所見的強勁表現，加上較高的調整後EBITDA，我們將2026年自由現金流指引上調至115億至125億美元，先前為65億至75億美元。

We're generating significant margin expansion in cash flow this year while still investing in the business.

今年我們在持續投資業務的同時，正帶來顯著的現金流利潤率擴張。

Our 2026 guidance includes an approximately 30% year-over-year combined increase in R&D and CapEx to support innovation and growth.

我們的2026年指引包含研發與資本支出合計約30%的年對年增幅，以支持創新與成長。

In addition, we've substantially completed previously announced restructuring actions expected to generate approximately $250 million in annual savings, the majority of which will impact G&A.

此外，我們已大致完成先前公布的重組行動，預計每年可節省約2.5億美元，其中大部分將反映在一般及行政（G&A）費用。

We remain on track to achieve our $600 million G&A cost reduction target by 2028.

我們仍按計畫在2028年前達成6億美元的G&A成本削減目標。

By segment for 2026, we now expect 18% to 20% of organic revenue growth in power, largely driven by higher volume and price in both equipment and services.

以2026年各事業部門來看，我們目前預期電力業務有機營收成長18%至20%，主要由設備與服務兩端的更高銷量與價格所驅動。

We continue to anticipate power EBITDA margins to be between 17% to 19%. As we see the benefits of our productivity efforts.

我們仍預期電力業務EBITDA利潤率介於17%至19%。因為我們正看到生產力提升措施帶來的效益。

In electrification, we're raising our revenue expectations by $0.5 billion to $14.5 billion to $15 billion due to accelerated output on our capacity plans and better ProLec revenue.

在電氣化方面，由於產能規劃的產出加速以及ProLec營收表現更佳，我們將營收預期上調5億美元至145億至150億美元。

We continue to expect electrification EBITDA margin to be 18% to 20%. In wind, we continue to anticipate organic revenue to be down low double-digits due to decreased onshore equipment revenues given the softness in orders.

我們仍預期電氣化EBITDA利潤率為18%至20%。在風電方面，由於訂單疲弱導致陸上設備營收下降，我們仍預期有機營收將以低雙位數幅度下滑。

We still expect EBITDA losses to be approximately $400 million in 2026 as improvement in onshore wind services and offshore wind offset the lower onshore equipment volume.

我們仍預期2026年EBITDA虧損約為4億美元，因陸上風電服務與離岸風電的改善將抵銷陸上設備量下降的影響。

We continue to expect 2026 GE Vernova adjusted EBITDA to be more second-half weighted than 2025, with the highest revenue and EBITDA in 4Q '26.

我們仍預期2026年GE Vernova調整後EBITDA相較2025年將更偏向下半年，且2026年第四季的營收與EBITDA最高。

We expect higher second-half gas power revenue as we ship more gas turbines in the second-half of the year as we increase annual production capacity to 20 gigawatts starting this quarter.

我們預期下半年燃氣發電營收更高，因為我們將在下半年出貨更多燃氣渦輪機，並自本季起把年度產能提升至20吉瓦。

We also anticipate typical gas services seasonality with the highest outage volume in the fourth quarter.

我們也預期燃氣服務呈現典型季節性，第四季停機檢修量最高。

We continue to expect electrification EBITDA to increase sequentially through the year even while we invest in our ongoing capacity expansions and new products.

我們仍預期電氣化EBITDA將在全年逐季提升，即使我們持續投資於產能擴張與新產品。

And as mentioned earlier in wind, we expect higher second-half onshore turbine shipments and better services profitability.

如先前在風電部分所提，我們預期下半年陸上風機出貨量更高，且服務獲利能力更佳。

At corporate, costs are typically uneven across quarters due to compensation timing and portfolio activity at our financial services business. We continue to expect full year 2022.

在公司層面，由於薪酬發放時點以及我們金融服務業務的投資組合活動，成本通常在各季之間不均衡。我們仍預期2022年全年。

Corporate costs to be between $450 million and $500 million as we continue investing in AI, robotics and automation to drive productivity over the medium and long-term.

公司成本介於4.5億至5億美元，因為我們持續投資AI、機器人與自動化，以在中長期提升生產力。

In terms of our 2026 cash profile, in the first half of the year, we received a significant amount of down payments for the large number of slot reservation agreements signed at Gas Power.

就2026年現金輪廓而言，上半年我們因燃氣發電簽署大量產能時段預留協議而收到可觀的訂金。

As a result, and as our guidance implies, we expect our free cash flow in the first half of the year to be substantially higher than the second-half as many of these slot reservations convert to orders.

因此，且如我們的指引所示，隨著許多時段預留轉為訂單，我們預期上半年自由現金流將顯著高於下半年。

Overall, we delivered strong results in the first half of the year. The combination of rising demand with consistently stronger execution, investments into our business and the completed acquisition of Prolac. Sets us up nicely going forward.

整體而言，我們在上半年交出強勁成果。需求上升與持續更強的執行力、對業務的投資，以及完成收購Prolac的組合。讓我們在未來發展上具備良好基礎。

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

接下來我把時間交回Scott。

Thanks, Ken.

謝謝，Ken。

Around the world, electricity demand is accelerating, driven by economic growth, grid modernization, electrification, data center expansion, and the need for more reliable, resilient power.

全球各地的用電需求正在加速成長，驅動因素包括經濟成長、電網現代化、電氣化、資料中心擴張，以及對更可靠、更具韌性的電力之需求。

As we've seen over the past few quarters. These trends are creating sustained demand for our platform of solutions.

正如我們在過去幾季所見。這些趨勢正在為我們的解決方案平台創造持續性的需求。

With our scale, technology, install base, and backlog, GE Vernova is uniquely positioned to help meet this moment and lead the transformation of the global electricity system.

憑藉我們的規模、技術、裝機基礎與在手訂單，GE Vernova具備獨特優勢，能協助把握此一時刻並引領全球電力系統的轉型。

I want to thank our team of 85,000 people around the world for their ongoing commitment to excellence.

我要感謝我們遍布全球的85,000名團隊成員，持續致力於卓越。

We see significant opportunities ahead and collectively continue to take actions to drive efficiencies on the top and bottom line and create value for all our stakeholders.

我們看到前方有顯著機會，並將共同持續採取行動，推動營收端與成本端的效率提升，為所有利害關係人創造價值。

Our potential continues to grow, and we are investing to make our businesses leaner, more profitable, and a great place for talent.

我們的潛力持續成長，我們也正在投資，使各項業務更精實、更具獲利能力，並成為人才理想的發展場所。

This includes investing in capacity expansions to meet growing demand from our customers.

這包括投資於產能擴充，以滿足客戶日益成長的需求。

Investing in R&D, robotics and AI to work smarter and continue driving financial and operational performance through lean and pursuing opportunistic inorganic growth, especially in electrification.

投資於研發、機器人與 AI，以更聰明地工作，並透過精實化持續推動財務與營運績效，同時追求具機會性的非有機成長，尤其是在電氣化領域。

These initiatives will better our businesses while simultaneously enabling us to continue returning capital to our shareholders through buybacks and dividends.

這些舉措將改善我們的業務，同時也使我們能夠透過庫藏股回購與股利，持續向股東返還資本。

This is an exciting time for us, and I look forward to our Q&A discussion. With that, I'll hand it over to Michael.

這對我們而言是令人振奮的時刻，我也期待接下來的問答討論。接下來我把時間交給 Michael。

Before we open the line, I'd ask everyone in the queue to consider your fellow analysts and ask just 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.

在我們開放電話線之前，我想請排隊中的各位考量其他分析師，每人只問一個問題，讓我們能盡可能讓更多人發問。若有追問，請回到隊列末端。接線員，請開放電話線。

(Operator Instructions) Nicole DeBlase, Deutsche Bank.

(接線員指示) 德意志銀行 Nicole DeBlase。

Yeah, thanks. Good morning, guys. Good morning, Nicole. Good morning, Nicole.

好的，謝謝。各位早安。早安，Nicole。早安，Nicole。

Hi there. If we could just talk a little bit more about the capacity discussion in the slides. I think the 30 gigawatts by 2030 is new, although not surprising. We kind of knew that, lean would be a factor here over time.

你好。想請再多談一點投影片中關於產能的討論。我認為到 2030 年達到 30 吉瓦是新的資訊，雖然並不令人意外。我們大概也知道，精實化會隨時間在這裡成為一個因素。

I guess, Scott, can you talk a little bit more about, like, your view on major capacity ads, confirm that that's still kind of off the table versus what you're seeing now, and update us on Greenville. Sounds like that's kind of on track to come online as expected in 3Q.

我想問，Scott，你能否再多談談你對重大產能新增的看法，確認相較於你們目前看到的情況，這仍然算是不在考慮範圍內，並且更新一下 Greenville 的進度。聽起來它仍按計畫在第三季如預期上線。

You bet, Nicole. I'd start exactly as where you ended. We will make the jump from where we've been, which has been about 3 gigawatts of output a quarter to 5 gigawatts of output a quarter starting in the third quarter. That's very well on track.

當然可以，Nicole。我就從你最後提到的部分開始。我們將從目前每季約 3 吉瓦的產出，於第三季起跳升到每季 5 吉瓦的產出。這項進度非常如期。

We will deliver that in the second-half of the year, both in 3Q and 4Q on the 20 gigawatts annualized that we've talked about. We have 325 machines in our gas factories that have now been installed, and we're on track to have approximately 400 new machines installed in gas power by the end of this year. What we also can see at this point is the progress the supply chain is making to meet. Our next step in the ladder. And what I mean by that is we can see clearly the castings and forgings arriving in '27 for that next step up in output in '28 to 24 gigawatts annualized. So in all these regards, things are on track. And as we continue to reach operationally where we are today, we.

我們將在下半年交付，也就是第三季與第四季，達成我們談到的年化 20 吉瓦。我們在燃氣工廠已有 325 台機器完成安裝，並且預計在今年底前於燃氣電力業務再安裝約 400 台新機器，進度如期。此外，我們也看到供應鏈為滿足需求所取得的進展。我們下一階段的提升。我的意思是，我們已清楚看到為下一階段所需的鑄件與鍛件將於 2027 年到位，以支援 2028 年產出再提升至年化 24 吉瓦。因此在各方面，進度都在軌道上。而隨著我們在營運上持續達到目前的水準，我們也。

Continue to identify opportunities to drive efficiency. We've created more space in our factories by driving lean. We just closed on the Robotech automation acquisition in July, and we're making real progress with automation into our factories that gives us more capacity within our existing footprint.

持續辨識推動效率的機會。我們透過推動精實化，在工廠內騰出了更多空間。我們在 7 月完成 Robotech 自動化的收購交割，並且在將自動化導入工廠方面取得實質進展，使我們能在既有廠區範圍內提升更多產能。

And over the course of the last 90 days, we've continued to make progress for later in the decade to get incremental supply output. That can support this 30 gigawatts. Now, as we said on the call to start, most of that 30 gigawatts for 30 will already be sold this year, and over half of the 31 gigawatts will be on contract by the end of this year. The only other thing that I do think is really important to note here, Nicole, and for everyone, is. We're going to ultimately need some of this capacity as you look over the long-term next decade for the services business. I mean, we only have 130 of our HAs running right now. We have a 325 on contract.

在過去 90 天裡，我們也持續為本十年後期取得增量供應產出而推進。這將能支援這 30 吉瓦。另外，如同我們在電話會議一開始所說，30 之 30（到 2030 年 30 吉瓦）的大部分將在今年就已售出，而到今年底，31 吉瓦中將有超過一半已簽約。我認為另外一點非常重要、Nicole，也想讓大家注意的是。從長期、看向下一個十年，我們最終也會需要部分產能用於服務業務。我的意思是，我們目前只有 130 台 HA 在運轉。我們已有 325 台簽約。

As these run base load and every four years, they go through a major outage. By the time you get to the middle of the next decade.

當這些機組以基載方式運轉時，每四年會進行一次大型停機檢修。到了下一個十年的中期。

The outage profile with the H's and the service revenue we need to fulfill, that's driving some of this investment also that we'll need to utilize. But that's more of a middle of the next decade dynamic once these units are all running by, call it, the beginning of next decade and then four years later, they reach their first outage cycle. So we're very pleased with where we are operationally. We're very pleased with our ability to continue to serve this market with. Growing demand, and we'll continue to look for efficiency and opportunity in our supply chains to serve the market.

H 級機組的停機檢修輪廓，以及我們需要履約的服務營收，也在推動部分我們必須投入並加以運用的投資。但這比較是下一個十年中期的動態：當這些機組在下一個十年初左右全部投入運轉，四年後就會進入第一次停機檢修週期。因此我們對目前的營運狀況非常滿意。我們也非常滿意我們持續服務這個市場的能力。面對成長中的需求，我們將持續在供應鏈中尋找效率與機會，以服務市場。

Andrew Obin, Bank of America.

美國銀行 Andrew Obin。

Good morning, Andrew.

早安，Andrew。

Good morning. Just to follow-up to Nicole's question, maybe, when we've been marketing, we've been getting questions, I think there's visibility on North American.

早安。延續 Nicole 的問題，或許在我們與投資人溝通時也常被問到：我想大家對北美的能見度。

Demand. But folks are asking what kind of demand are you seeing outside of North America to drive these capacity additions? Because I would imagine in the U.S. We are constrained in terms of grid. So you must be seeing something in terms of long-term outside of the U.S. Can you just talk about international opportunities over the next five years on gas?

需求是有的。但大家在問，北美以外你們看到什麼樣的需求，足以推動這些產能新增？因為我想在美國，我們在電網方面是受限的。所以你們一定在美國以外看到一些長期的動能。你能否談談未來五年在燃氣方面的國際機會？

Thank you.

謝謝。

You bet, Andrew. I mean, we continue to see a very healthy pipeline of opportunities in Taiwan. That's an important. Market for us. We have north of 10 gigawatts of Hs on contract already that are either running or in execution right now. We continue to see real demand in Saudi.

當然可以，Andrew。我們在台灣持續看到非常健康的機會管線。那是對我們而言很重要的。市場。我們已有超過 10 吉瓦的 H 級機組簽約，這些機組不是已在運轉，就是正在執行中。我們在沙烏地也持續看到實質需求。

There's a lot of iteration happening in Mexico right now, as an example, to support that administration as they revitalize their electric grid. There are more discussions happening with end customers today on gas build-out in Southeast Asia. Now, those discussions are less about the grid and more about Southeast Asian EPC capability to utilize gas build-out in other parts of the world. And those discussions, I would say, are a little bit louder today than maybe they were even 90 days ago for Southeast Asia.

以墨西哥為例，為了支持該政府振興其電網，目前正在進行大量反覆調整。目前也有更多與終端客戶的討論，聚焦於東南亞的燃氣建置。而這些討論較少是關於電網，更多是關於東南亞 EPC 能力，如何在世界其他地區承接並運用燃氣建置。我會說，關於東南亞的這些討論，現在比起甚至 90 天前更為熱絡。

We signed contracts in Qatar this quarter as an example. So we continue to see very healthy demand, not just in the U.S., but in a number of our global markets, and we're going to work really hard to serve those global markets.

例如，我們本季在卡達簽下合約。因此我們持續看到非常健康的需求，不僅在美國，也在我們多個全球市場；我們將非常努力服務這些全球市場。

Nigel Coe, Wolfe.

Nigel Coe，Wolfe。

Good morning, guys. How are you?

早安，各位。你們好嗎？

I wanted to go back to the capacity expansion, Scott, and I just want to make sure that you're achieving this with the existing machines installed by your end.

Scott，我想回到產能擴張這個議題，我只是想確認你們是透過你們端已安裝的既有機台來達成的。

I'm assuming there's going to be some labor ramp up associated with this. I just wanted to get a bit more information in terms of how you're achieving a 6 gigawatt increase in capacity on existing infrastructure.

我假設這會伴隨一些人力的爬坡。我只是想多了解一些，你們如何在既有基礎設施上實現產能增加6吉瓦。

But it sounds like it's capital light, but just want to make sure that's the case. And then just maybe just think about, the appetite for project bookings beyond 2031, because it sounds like you're going to be pretty much booked out on 2031 by year end. So I'm just wondering what the appetite is out there right now for 2032, 2033?

不過聽起來資本投入不高，但我想確認確實如此。另外也想請你們談談，2031年之後的專案接單意願，因為聽起來你們到年底在2031年的產能應該幾乎都會被訂滿。所以我想知道，目前市場對2032、2033年的需求意願如何？

I think, as we said, for 31, yes, we'll be more than halfway.

我想，如同我們所說，對於31年，是的，我們會超過一半。

Contracted by the end of the year. There are active discussions for 32 and beyond, but I would say we need more time before we can articulate the timing of contracting 32. I mean, I think we have to remember when you go six years out.

在年底前完成簽約。目前對32年及更遠期有積極的討論，但我會說，在我們能清楚說明32年簽約時點之前，還需要更多時間。我的意思是，我想我們必須記得，當你往外看六年。

We'll learn a lot more the second-half of the year, but what we are highly confident in is more than 50% of '31 will be contracted. And there's healthy discussions for '32 and beyond, but let us do that work with our customers. Now, on the machines, we'll be through about 400 machines installed into our gas factories by the end of this year. That largely supports a lot of the growth next year at 20 gigawatts and the ramp up in castings and forgings for '28. We will invest in incremental machines beyond 400 to ultimately get to the 30 gigawatts, very much the same equipment that we are installing today.

我們在下半年會學到更多，但我們高度有信心的是，31年將有超過50%會完成簽約。而且對32年及更遠期也有健康的討論，但讓我們先和客戶把這些工作做完。至於機台方面，到今年底我們將在燃氣工廠安裝約400台機器。這在很大程度上支撐了明年達到20吉瓦的成長，以及28年鑄件與鍛件的爬坡。我們會在400台之外再投資增量機台，最終達到30吉瓦，設備基本上與我們今天正在安裝的非常相同。

Leveraging the existing industrial footprint we have. So within the same walls, we won't be done at 400 machines, but certainly when we project our continued progress streams relative to the CapEx required, the CapEx to the incremental machines beyond this year relative.

運用我們既有的工業廠房占地。所以在同一個廠房空間內，我們不會止步於400台機器；但當我們評估相對於所需資本支出（CapEx）的持續進度流時，今年之後新增機台的資本支出相對於。

To the backlog and progress streams, the CapEx is modest.

相對於在手訂單與進度流，資本支出是溫和的。

And Nigel, to your question on labor, we've been actually investing in labor to support this transition from the 15 to 20 gigawatts out of Greenville.

Nigel，關於你的人力問題，我們其實一直在投資人力，以支援Greenville從15吉瓦提升到20吉瓦的這個轉換。

Well back a year ago, we started hiring labor ends to make sure that we were training them. And they were sitting alongside our existing workforce. So that way, as that incremental labor came up, as that incremental capacity came on board, we had trained workers ready to help with the productivity ramp as quickly as we could. And we've referenced that just lightly as we've gone through the quarters to talk about the fact that even with that incremental labor, which in the early stages is relatively underutilized because they're in a training mode, the business has continued to see margin expansion through those periods.

早在一年前，我們就開始招募人力，確保我們能訓練他們。他們會與我們既有的員工並肩工作。如此一來，當增量人力到位、增量產能上線時，我們就有受過訓練的員工，能盡快協助提升生產力。而我們在過去幾季也稍微提到，儘管有這些增量人力——在初期因為處於訓練階段而相對未被充分利用——公司在那些期間仍持續看到利潤率擴張。

Andrew Kaplowitz, Citi.

Andrew Kaplowitz，花旗。

Good morning, everyone.

各位早安。

So, Scott, I think you mentioned you now have this year over $5 billion of orders for data center customers. I think that's versus $13.5 billion in total. I know you've been focused on improving your integrated solution capability, particularly to data center customers. But again, this seems like a lot more than that original $200 million or $300 million per megawatt of entitlement that you gave us. And that's before an impact from SSTs in development in the MBUPS, so maybe just help us think about what might be moving forward, maybe what that incitement can mean versus the 20 billion manual electrification revenue you're projecting to reach by twenty-eight.

Scott，我想你提到今年你們來自資料中心客戶的訂單已超過50億美元。我想相較之下總訂單是135億美元。我知道你們一直專注於提升整合式解決方案能力，特別是面向資料中心客戶。但再一次，這看起來遠高於你們先前給我們的、每兆瓦約2億到3億美元的可取得份額（entitlement）。而且這還沒把正在開發中的SST對MBUPS的影響算進去，所以能否請你們協助我們思考，往前看可能會如何變化，以及相較於你們預期到28年可達到200億美元的手冊式電氣化（manual electrification）營收，這個可取得份額可能代表什麼？

Andrew, all your numbers are exactly right. I mean, about $5 billion of our orders to the first half of the year with data centers on about $14 billion of orders in total in the first half. So that gives you the directional amount of the first half, how important this customer set is and the progress we're making with them. We are making real progress within.

Andrew，你的所有數字都完全正確。我的意思是，今年上半年我們總訂單約140億美元，其中約50億美元來自資料中心。所以這讓你看到上半年的方向性規模、這一客群的重要性，以及我們與他們合作所取得的進展。我們正在取得實質進展，在。

Our scope today, we've talked in the past on our EMS solutions, our energy management solution that integrates more, it's really more software and controls between the data center and the power generation equipment. You're right, in our orders still in the first half of the year, the $5 billion.

我們目前的範疇內，我們過去談過我們的EMS解決方案，也就是我們的能源管理解決方案，能更進一步整合——本質上更多是資料中心與發電設備之間的軟體與控制。你說得對，在今年上半年我們的訂單中，這50億美元。

There is an SST order. I cited that I saw the physical build-out of the 5-megawatt SST last week, and we'll deliver it to the customer later this year, but 27 is as early as orders will come.

其中包含一筆SST訂單。我提到我上週看到了5兆瓦SST的實體建置，我們會在今年稍晚交付給客戶，但最早要到27年才會有訂單進來。

The medium voltage uninterruptible power supply block, the stability block, also we're driving real progress with customers, and it's possible orders come for that before the SST. We continue to work our way through that and are having encouraging conversations. But that 300 million directional of scope per gigawatt today.

中壓不斷電電源模組（MVUPS）、穩定性模組方面，我們也正與客戶推進實質進展，而且該產品的訂單有可能比SST更早出現。我們會持續推進，並且正在進行令人鼓舞的對話。但就目前每吉瓦約3億美元的方向性範疇而言。

If you include the MVUPS, if you include the SST and some of the other things we're working on, we certainly think entitlement just with the things we're already investing in is two to three times what our scope per gigawatt is today. And none of that is in the $5 billion. Potentially MVUPS starts to come through the second-half of the year, but I think about that incremental scope at two to three times. Being more credibly expected in our '27 orders than in '26, at least based on where our iteration is today with the customers.

如果把MVUPS納入、把SST納入，以及我們正在推進的其他項目，我們確實認為，僅就我們已在投資的這些事情而言，可取得份額（entitlement）會是我們目前每吉瓦範疇的2到3倍。而這些都尚未反映在那50億美元之中。MVUPS可能會在下半年開始貢獻，但我認為那部分增量範疇達到2到3倍。以目前我們與客戶的迭代進度來看，更有可能在27年的訂單中較可信地出現，而不是在26年。

Amit Zakar, BMO Capital Markets.

Amit Zakar，BMO資本市場。

Good morning.

早安。

Thanks for the updates today. I guess kind of moving on from solid-state transformers to one of the other kind of new product developments you highlighted back in December was, I think, solid oxide fuel cells.

謝謝今天的更新。我想從固態變壓器延伸到你們在12月提到的另一項新產品開發，我記得是固態氧化物燃料電池。

It's been kind of eight or nine months. I was just wondering if you had an update there on what you think that product could or could not be. Thanks.

已經大概八、九個月了。我想請問你們是否有最新進展，關於你們認為這個產品可能會是什麼、或可能不會是什麼。謝謝。

Very encouraged with the technical progress. I would say what we had in.

我們對技術進展感到非常鼓舞。我會說，我們當時在。

December was more of a research lab in development. Now we have an automated line that we are building. I visited the line in July.

12月更像是一個研發中的研究實驗室。現在我們正在建置一條自動化產線。我在7月參觀了這條產線。

We have a number of test labs right now that are challenging ourselves on what I think is the fundamental question with fuel cells generally, which is life.

我們目前有多個測試實驗室，正在挑戰我認為燃料電池整體上最根本的問題，也就是壽命。

We talked about in December that we were going to use the better part of '26 into '27 to gain conviction on the life durability of our fuel cells, but we continue to see real CapEx efficiency using the thermal spray efficiency technology that we are for this technology. And as we sit here today, that's something that's more of a '27. Discussion with customers than 26. 26, this continues to be about technology validation, but I'm very pleased with the progress that we've made from a technology perspective in 26. We're going to keep going and start to advance commercial discussions in 27 with the benefit of another full year of testing here right now.

我們在12月談到，我們將把2026年到2027年的大部分時間用來建立對燃料電池壽命耐久性的信心，但我們持續看到，透過我們用於這項技術的熱噴塗效率技術，資本支出（CapEx）效率確實提升。而以我們今天所處的狀況來看，這更像是2027年的議題。與客戶的討論比起2026年更偏向2027年。2026年仍然是以技術驗證為主，但就技術角度而言，我對我們在2026年取得的進展非常滿意。我們會持續推進，並在目前再多一整年的測試成果加持下，於2027年開始推進商業討論。

(Operator Instructions) David Arcaro, Morgan Stanley.

（接線員指示）David Arcaro，摩根士丹利。

Morning, David. Morning, David.

早安，David。早安，David。

Hey, thanks so much. Good morning.

嘿，非常感謝。早安。

I was wondering if you could characterize whether 2026 could be the year of peak orders for gas turbines. Just how you think about that, putting it into context, what does it mean for the growth outlook?

我想請問你是否能描述一下，2026年是否可能是燃氣渦輪機訂單的高峰年。你如何看待這件事、把它放在脈絡中，它對成長展望意味著什麼？

Well, what I would say, David, is we articulated earlier in the discussion that we see a very clear pathway to continue to grow our contracted gigawatts on order beyond this year. So we sit here at 116 gigawatts right now.

David，我會這麼說：我們在先前的討論中已經闡述，我們看到一條非常清晰的路徑，能在今年之後持續成長我們已簽約、在手訂單的GW數。所以我們目前是116GW。

We'll end the year with at least 125 gigawatts. We can look ahead the next year and a half and tell you with confidence with the ramp up to 20 gigawatts annualized for the second-half of this year and next year, i.e., that we're going to ship over the next six quarters at least 30 gigawatts of output, right, now that we're at this annualized rate, that with the pipeline we see, we continue to see very healthy growth above. 125 gigawatts in '27 relative to year-end '26. Now, a lot of this comes down to how many years out are customers ready to contract and also from peak orders perspective, how quickly they can get the commitment with the EPCs. For us to transition things also from slot reservation agreement to orders, because we're not putting things in our order book without a firm pathway to the schedule, which includes the pipelines, it includes the EPCs, and we're going to have to monitor that. So what we are confident of is very clearly continuing to grow the contracted backlog for the better part of the next six quarters that we see in front of us, even with the accelerator or the higher output, and we're going to monitor that from there. And as all of that happens, as I said earlier, what we also have is you take a step back and that $176 billion backlog.

我們今年年底至少會達到125GW。我們可以往前看接下來一年半，並有信心地告訴你，隨著今年下半年與明年年化提升到20GW的爬坡，也就是說，以我們現在的年化速度，未來六個季度我們至少會出貨30GW的產出；再加上我們看到的管線，我們仍然看到非常健康的成長，2027年的125GW以上相較於2026年年底仍會增加。現在，這很大程度取決於客戶願意提前多少年簽約，以及從訂單高峰的角度來看，他們能多快與EPC取得承諾。對我們而言，也要把事項從產能槽位保留協議（SRA）轉為訂單，因為若沒有通往排程的明確路徑（包含專案管線、包含EPC），我們不會把它放進訂單簿，我們也必須持續監控。因此，我們有把握的是：在我們眼前接下來大約六個季度，即使在加速器或更高產出之下，我們仍能非常清楚地持續成長已簽約的在手訂單；之後我們會再從那裡持續觀察。而當這一切發生時，如我先前所說，我們也可以退一步看那1,760億美元的在手訂單。

About 50% equipment, 50% services. We don't spend as much time talking about that 50% of services, but all of this incremental equipment is going to drive a lot more services growth into the next decade.

大約50%是設備、50%是服務。我們沒有花那麼多時間談那50%的服務，但所有這些新增設備都將在未來十年帶動更多服務成長。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Morning, Joe.

早安，Joe。

Hey, guys. Good morning. Hey, guys.

嘿，各位。早安。嘿，各位。

Hey, so clearly, look, the capacity, it's a lot of focus on the capacity of this in here.

嘿，所以很明顯，產能——大家非常關注這裡的產能。

You guys have said in the past when your backlog in SRAs get above kind of like 5x your capacity that you could potentially see some additional capacity increases going forward. I guess my question is really just around like the industry capacity. And Scott, I'd be curious to hear like what level of concern you have based on the plans that are out there today.

你們過去曾說過，當你們在SRA中的在手訂單超過你們產能的大約5倍時，未來可能會看到一些額外的產能提升。我想我的問題主要是關於產業產能。Scott，我也想聽聽你對於目前外界所公布的計畫，抱持多大程度的擔憂。

And obviously, consistent with like the demand environment that you're seeing.

而且顯然也要與你們所看到的需求環境一致。

Certainly, from a heavy-duty equipment capacity that we've got very sound, we call them box charts, Joe, views on available industry capacity for the next six years. We feel very balanced with demand relative to supply. I think where it can get a little bit less clear to us is exactly how much demand or, excuse me, supply can be created with much smaller applications that are. Trying to take advantage of the market where there's only so much heavy-duty output.

當然，就我們的重型設備產能而言，我們有非常扎實的——我們稱之為箱型圖（box charts）——對未來六年產業可用產能的觀點。我們認為需求相對供給非常平衡。我認為對我們來說比較不那麼清楚的是：在更小型的應用上，究竟能創造出多少需求或——抱歉——供給。它們試圖利用市場機會，因為重型機組的產出畢竟有限。

And that's a little harder for me to know exactly how much output there will be here five to six years, but what I'll tell you.

而這對我來說比較難精準判斷五到六年後會有多少產出，但我可以告訴你。

Is I love our economic positioning relative to that part of supply, and it's less of a competition and more complementary, but the efficiency levels on where we are with our heavy-duty gas turbines are incredibly competitive. And when we look at that landscape in totality, we're. Very comfortable looking out over the next five to six years with supply relative demand. And again, we're going to need some of this capacity. Even the 30 gigawatts we'll be able to deliver in 30 and 31 for outages by the time you get to the middle of the next decade. And a lot of the 325 units that are on contract today start to go through their first outage event.

我很喜歡我們相對於那部分供給的經濟定位；那與其說是競爭，不如說是互補。但我們重型燃氣渦輪機的效率水準極具競爭力。而當我們從整體來看那個競爭版圖時，我們。對於未來五到六年供給相對需求的狀況非常放心。而且再次強調，我們也會需要其中一部分產能。即便是到2030與2031年我們能交付的30GW，到了下個十年的中期也會用於停機檢修（outages）。而目前已簽約的325台機組中，有許多將開始進入它們的第一次停機檢修事件。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Morning, Julian.

早安，Julian。

Good morning. Good morning, team.

早安。早安，各位團隊。

Thank you guys very much. Appreciate it. Let me break down the peak 26 order question a little bit, if you don't mind. Can you elaborate a little bit more about how you think about the other pieces, the non-serving components into that peak order debate? And then also, can you answer a little bit more about how labor and that duration question is going, in as much as clearly it's been an exceptional year as you layer in '31? And then, obviously, you made your commentary earlier about '29, '30. And then maybe within that, can you elaborate a little bit about the ETC dynamics in '29 specifically in the back half of this year?

非常感謝各位。感激不盡。如果你們不介意，我想把「2026年是否為訂單高峰」這個問題拆解一下。你們能否再多談一點，你們如何看待其他部分——也就是非（serving）組件——在這個訂單高峰討論中的影響？另外，也能否再多回答一些關於勞動力以及交期長度（duration）這個問題的進展？畢竟很明顯，當你把2031年也納入考量時，今年是非常特殊的一年。而且你們先前也對2029、2030年做了評論。此外，在這個脈絡下，你們能否特別談談2029年的ETC動態，尤其是今年下半年？

Yeah, I mean, our customers in partnership with us are making very good progress on operationalizing the slot reservations into projects that are on schedule largely. And that's why we said in the earlier comments that we're going to reach a very important inflection point as I see it. The second-half of this year where orders in backlog will be greater than gigawatts on slot reservation agreement. That is happening because the convergence of customers with slot reservation agreements on long cycle are making progress operationally, and that's what's driving the conversion to orders in the second-half of the year.

是的，我的意思是，我們的客戶與我們合作，正在把槽位保留逐步落實為大致按期推進的專案，在營運落地方面進展非常好。這也是為什麼我們在先前的評論中說，我認為我們將到達一個非常重要的拐點。在今年下半年，在手訂單中的訂單量將大於槽位保留協議中的GW數。之所以會發生，是因為持有長週期槽位保留協議的客戶正在營運上取得進展，這也推動了今年下半年轉換為訂單。

Now, there's that, I think, is going to continue from here. And I would say we've generally been encouraged with that progress.

現在，我認為這個趨勢會從這裡持續下去。而且我會說，我們整體上對這項進展感到鼓舞。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，RBC Capital Markets。

Good morning, Chris.

早安，Chris。

Yeah, thank you. Morning.

是的，謝謝。早安。

I wanted to follow-up just on the orders here for HD turbines and aero derivatives, and this quarter was heavy on the.

我想就這裡 HD 渦輪與航改型（aero derivatives）的訂單再追問一下，而本季在……方面比重很高。

Aero derivatives side. And so can you maybe just speak to the kind of trends or conversations you're having with customers? Is there still a very heavy focus on getting HD turbines? Are you seeing a stronger demand component from the aerospace?

航改型（aero derivatives）這一端。所以你能否談談你們與客戶之間的趨勢或對話大概是什麼樣子？目前是否仍然非常聚焦在取得 HD 渦輪？你們是否看到來自航太端更強的需求動能？

Demand is very strong for the heavy duty. In a number of cases, the aero are complementary to the heavy duty over the longer-term. So think to yourself, customers.

重型燃氣渦輪（heavy duty）的需求非常強勁。在不少情況下，從長期來看，航改型是對重型機組的互補。所以你可以這樣想，客戶……

In earlier periods, leveraging the aero derivatives until the heavy-duty can ultimately be installed and commissioned, because we also need to remember, even if the shipments are 24 months apart between an aero and a heavy-duty, the commissioning of that aero derivative is reasonably quick. It could be six months, whereas the ultimate commissioning of the heavy-duty. Could take another 18 months at site after it's actually shipped from Greenville. So they're, in very real ways, providing another level of integrated solutions for us where the aero derivatives are providing the bridge, they're buying customer time with the first tranche of incremental electrons while they're securing the EPC capacity for.

在較早的階段，先運用航改型，直到重型機組最終能夠安裝並完成試運轉（commissioning），因為我們也要記得，即使航改型與重型機組的出貨時間相隔 24 個月，航改型的試運轉相對很快。可能只要六個月，而重型機組的最終試運轉……在實際從 Greenville 出貨後，於現場可能還要再花 18 個月。因此在非常實際的層面上，這為我們提供了另一層整合式解決方案：航改型扮演橋接角色，為客戶爭取時間，先取得第一批新增的電力（electrons），同時他們也在確保 EPC 產能以便……

The early 2030s on those contracts that we're citing today are already signed for 30 and 31, and that will be largely sold out of 30 and more than half of 31. Part of that dynamic is the complement of arrow that comes first and heavy duty that will be shipped in 30, 31, but then really commissioned in 32 and 33 at site.

我們今天提到的那些合約，涵蓋 2030 年代初期的部分，已經簽到 30 年與 31 年；30 年的產能將大致售罄，而 31 年也已售出超過一半。這種動態的一部分，是先有航改型作為互補，重型機組則會在 30、31 年出貨，但真正會在現場於 32、33 年完成試運轉。

Liz, we have time for about one more question, please.

Liz，我們大概還有時間再問一題，謝謝。

Sunaina Ocalan, Bernstein.

Sunaina Ocalan，Bernstein。

Good morning, Scott.

早安，Scott。

Good morning.

早安。

Morning, Scott and Dean.

早安，Scott 和 Dean。

Thank you for squeezing me in.

謝謝你們把我塞進來提問。

Quick question on, maybe I'll move it back to electrification for just a second.

我有個簡短問題，或許我先把話題拉回電氣化（electrification）一下。

On the solid-state transformers, how should we think about this opportunity once it moves past testing? And since it's first of a kind, is there any shared development cost or risk-sharing agreement that you're thinking about with the customer during the test period? How are you thinking about this?

關於固態變壓器（solid-state transformers），一旦它走過測試階段，我們應該如何看待這個機會？而且既然這是首創（first of a kind），在測試期間你們是否在考慮與客戶共同分攤開發成本或風險分攤協議？你們怎麼思考這件事？

Yes, the first 5-megawatt indoor application SST is R&D shared with a hyperscaler that will receive it later this year and then go through a testing period.

是的，第一台 5 兆瓦室內應用的 SST，是與一家超大規模業者（hyperscaler）共同分攤研發（R&D），我們會在今年稍晚交付，之後進入測試期。

On the other side of that, the orders would be traditional transaction at that point, no different than other business.

在那之後，訂單就會是傳統的交易模式，與其他業務沒有不同。

What I cited in the prepared remarks earlier with a 6-megawatt outdoor application is with a different hyperscaler that also would have R&D sharing attached with the development of the product over the better part of the next 18 months. But then on the other side of the prototype would be, again, very traditional supply and demand business.

我在先前準備好的發言中提到的 6 兆瓦戶外應用，則是與另一家超大規模業者合作，同樣會在未來大約 18 個月的大部分時間裡，伴隨產品開發的研發分攤。但在原型機之後，同樣會回到非常傳統的供需型業務。

We're very motivated with the innovation that we're seeing from our teams there.

我們對團隊在那裡展現的創新非常有動力。

As I said on the earlier comment, the stability block technology, the MVUPS, medium voltage uninterruptible power supply, we're also making real progress with, and that could cut into traditional orders even sooner than SST. I think SST, the open question that.

如我先前提到的，穩定模組（stability block）技術、MVUPS（中壓不斷電系統，medium voltage uninterruptible power supply）我們也正在取得實質進展，而它可能比 SST 更早切入傳統訂單。我認為 SST 仍然存在的開放問題是……

I do think is still remaining is how quickly do the AI factories shift towards 800-volt DC. And as that conviction happens, that will be more of a triggering to go from where we are right now with SST, which is more prototype R&D sharing, to orders at scale. And again, I think for SST.

我確實認為仍待釐清的是：AI 工廠會以多快的速度轉向 800 伏直流（800-volt DC）。而當這個信念形成時，就會更像是一個觸發點，讓我們從目前 SST 的原型研發分攤，轉向規模化下單。而且同樣地，我認為對 SST 而言……

You have to think '27 and beyond. For NVUPS, we're working really hard for that to cut into our orders book as quickly as possible.

你必須把它看作是 2027 年及以後。至於 NVUPS，我們正非常努力，希望它能盡快切入我們的訂單簿。

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

接線員，謝謝。在我們結束之前，讓我把時間交回 Scott 做結語。

Michael, team, everyone, I appreciate everyone giving us the time today. I would just reinforce. For my teams, I appreciate what you're doing every day. For our customers, your faith in us motivates us to help you meet this moment together. For our partners, we can only do this with you and are humbled and appreciative with all the stakeholders along on these early stages of a very exciting journey we're on in GE Vernova. So for all of you that are giving us time today for this hour, thank you, and we look forward to the opportunity to talk further. In the days and weeks ahead. Thanks, everyone.

Michael、團隊、各位，我很感謝大家今天撥冗參與。我只想再次強調。對我的團隊而言，我感謝你們每天所做的一切。對我們的客戶而言，你們對我們的信任激勵我們，與你們一起把握並回應此刻的需求。對我們的合作夥伴而言，沒有你們我們無法做到；對於所有在 GE Vernova 這段令人振奮旅程早期階段一路同行的利害關係人，我們深感謙卑並由衷感謝。因此，感謝各位今天在這一小時裡給我們時間，我們也期待有機會進一步交流。在接下來的幾天與幾週。謝謝大家。

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

謝謝各位女士先生。今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝各位參與。您現在可以掛線。