GE Vernova Inc. (GEV) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to GE Vernova's third-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、先生，大家好，歡迎參加 GE Vernova 2026 年第三季財報電話會議。(接線員指示) 我叫 Liz，今天將擔任本次會議的協調人。(接線員指示) 提醒各位，本次會議將被錄音。

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 the conference call on GE Vernova's third-quarter 2026 earnings and the planned acquisition of Trench Group. I'm joined today by our CEO, Scott Strazik; and CFO, Ken Parks.

謝謝。歡迎參加 GE Vernova 2026 年第三季財報以及擬收購 Trench Group 的電話會議。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, including the standalone forecast of Trench Group. Reconciliations between GAAP and non-GAAP measures can be found in today's press release and presentation slides, both of which are available on our website.

我們在本次電話會議中的發言將同時包含 GAAP 與非 GAAP 的財務結果，包括 Trench Group 的獨立預測。GAAP 與非 GAAP 指標之間的調節表可在今日新聞稿與簡報投影片中找到，兩者皆可於我們的網站取得。

Our Trench Group comments reflect expectations for the transaction, the cost and revenue synergies from the transaction, and capital allocation plans. The Trench Group acquisition price and financial information are expressed in US dollar equivalents based on a euro-to-US-dollar exchange rate of 1.12. Actual US dollar equivalent amounts may differ based on the prevailing exchange rate at the applicable times.

我們對 Trench Group 的評論反映了對該交易的預期、交易帶來的成本與營收綜效，以及資本配置計畫。Trench Group 的收購價格與財務資訊係以歐元兌美元匯率 1.12 換算為美元等值表示。實際美元等值金額可能會因適用時點的即期匯率而有所不同。

The Trench Group financial information was prepared by GE Vernova based on data provided by Trench Group and reflect Trench Group's accounting policies, which may differ from GE Vernova's. 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.

Trench Group 的財務資訊由 GE Vernova 依據 Trench Group 提供的資料編製，並反映 Trench Group 的會計政策，該等政策可能與 GE Vernova 不同。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，均以有機基礎計算。

We will make forward-looking statements about our performance in the Trench Group business. 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.

我們將就 Trench Group 業務的表現發表前瞻性陳述。這些陳述係基於我們今日所見的情況。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。

As described in our SEC filings, today's press release, and presentation slides, all of which are available on our website, actual results may differ materially due to risks and uncertainties. The acquisition is subject to regulatory approvals and standard closing conditions, including information and employee consultation where required.

如同我們的 SEC 申報文件、今日新聞稿與簡報投影片（皆可於我們網站取得）所述，實際結果可能因風險與不確定性而出現重大差異。本次收購仍須取得監管機關核准並滿足一般交割條件，包括在需要時進行資訊提供與員工諮詢。

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

接下來，我把電話交給 Scott。

Thanks, Michael. We have a lot to cover today, but I wanted to start with three main messages.

謝謝你，Michael。今天要談的內容很多，但我想先從三個主要訊息開始。

First, our growth continues to accelerate with both our core business and new products. With almost $30 billion in new orders and an expansion of our backlog from $176 billion to approximately $200 billion in 3Q, we continue to see demand from customers for the solutions we offer. This demand is not only for our existing equipment, but also for services, where we saw 10% orders growth in the quarter. We also see growing interest in our new offerings, including in both power with a nuclear SMR and multiple products in electrification, including MVUPS and solid-state transformers.

第一，我們的成長持續加速，涵蓋核心業務與新產品。第三季新增訂單接近 300 億美元，積壓訂單由 1,760 億美元擴大至約 2,000 億美元，我們持續看到客戶對我們所提供解決方案的需求。這項需求不僅來自既有設備，也來自服務業務——本季服務訂單成長 10%。我們也看到市場對新產品的興趣日增，包括電力領域的核能 SMR，以及電氣化領域的多項產品，包括 MVUPS 與固態變壓器。

Second.

第二。

Our margin expansion is encouraging, but no one inside GEV is satisfied with where we are. This is just the beginning with significant opportunity in all three business segments. Power reached 21% EBITDA margins in what is historically our weakest margin quarter as 3Q is typically our lowest quarter for services activity.

我們的利潤率擴張令人鼓舞，但在 GEV 內部沒有人對目前的水準感到滿意。這只是開始，在三大業務分部皆有顯著的機會。電力業務在第三季達到 21% 的 EBITDA 利潤率；而第三季歷來是我們利潤率最弱的季度，因為第三季通常是服務活動最低的季度。

These margins reflect the first quarter of our 5 gigawatts of gas power equipment shipments at better prices. Electrification reached 19% EBITDA margins while growing R&D mid-teens to support strong new product introduction opportunities.

這些利潤率反映了我們以更佳價格出貨的 5 吉瓦燃氣發電設備出貨量之第一季表現。電氣化業務在研發費用以中十位數成長、以支援強勁的新產品導入機會的同時，達到 19% 的 EBITDA 利潤率。

Wind turned profitable on strong services improvement and we continue improving execution in offshore as our backlog to complete continues to come down.

風電業務在服務改善強勁的帶動下轉為獲利；同時，隨著待完成的積壓訂單持續下降，我們也持續改善離岸風電的執行。

Across all three businesses and corporate, we have investments in automation and AI with strong use cases that will expand margins over the medium term, but in 3Q and isolation remain a net expense. Point being, we are early in our margin expansion acceleration.

在三大業務與公司層面，我們皆投入自動化與 AI，並已有強而有力的應用案例，將在中期擴大利潤率；但就第三季單季而言，這些投入仍為淨費用。重點是：我們仍處於利潤率擴張加速的早期階段。

We have delivered significant year-to-date cash generation to end the quarter with approximately $17 billion in cash, and we've been working hard to position GE Vernova to invest this capital for strong returns. We are pleased to announce the signing of the Trench Group acquisition, which will strengthen our core electrification offerings in high-voltage grid equipment, be accretive on day one and bring us industry-leading technology to innovate into the future and serve this growing market.

我們今年迄今已實現顯著的現金創造，使我們在季末擁有約 170 億美元現金；我們也一直努力讓 GE Vernova 能以此資本進行投資並取得優異報酬。我們很高興宣布已簽署收購 Trench Group 的協議；此舉將強化我們在高壓電網設備的核心電氣化產品組合，自第一天起即具增益效果，並帶來業界領先的技術，以推動未來創新並服務這個成長中的市場。

In parallel with announcing this $9 billion acquisition, we are announcing a doubling of our stock buyback program from $10 billion to $20 billion.

在宣布這筆 90 億美元收購案的同時，我們也宣布將股票回購計畫由 100 億美元加倍至 200 億美元。

After investing $1.6 billion in the buyback in 3Q and over $1.3 billion in October, we have largely completed our $10 billion authorization with excellent returns, having acquired 15.6 million shares at an average price of approximately $635. It is early in our journey. We remain humble, but we have real conviction that we are building a unique company to serve the growing market and deliver for our shareholders for the long-term.

在第三季回購投入 16 億美元、並於 10 月再投入超過 13 億美元後，我們已在很大程度上完成 100 億美元的核准額度，且報酬表現優異——共回購 1,560 萬股，平均價格約為 635 美元。我們的旅程仍在早期。我們保持謙遜，但我們堅信正在打造一家獨特的公司，服務成長中的市場，並為股東帶來長期回報。

With that, I'd like to go to the next page and give an overview of the Trench acquisition.

接下來，我想翻到下一頁，概述 Trench 收購案。

The announcement today of our acquisition of the Trench Group is an important step forward in strengthening and scaling our electrification business in the high and medium-voltage markets globally.

我們今天宣布收購 Trench Group，是強化並擴大我們在全球高壓與中壓市場電氣化業務的重要一步。

I take a step back. The beginning of '25, there were two assets of scale I felt we needed in electrification. The first was Prolec to expand our North American manufacturing footprint and to simplify the front-end commercial experience for our end customers, especially with hyperscalers and the second is Trench for the technology differentiation, management team and the importance of the components Trench provides in solutions we deliver today.

我先退一步說明。在 2025 年初，我認為我們在電氣化領域需要兩項具規模的資產。第一是 Prolec，用以擴大我們在北美的製造版圖，並簡化終端客戶的前端商務體驗，特別是面向超大規模雲端業者（hyperscalers）；第二是 Trench，著眼於其技術差異化、管理團隊，以及 Trench 所提供的關鍵元件在我們今日交付的解決方案中的重要性。

There are many factors driving our conviction in the high-voltage market for the long-term.

有許多因素驅動我們對高壓市場長期前景的信心。

Data centers require large electricity loads, driving the increasing need for more efficient high-voltage equipment.

資料中心需要龐大的用電負載，推動對更高效率高壓設備的需求持續增加。

Trench, as an example, has secured multiple agreements with hyperscalers in the past two years. In addition, global utilities are also building out more high-voltage infrastructure. Today's grid loses as much as 8% from power generation to end use, and the upgrade of the grid to higher voltages dramatically reduces energy losses, making the whole grid more economical.

以 Trench 為例，過去兩年已與多家超大規模雲端業者簽訂多項協議。此外，全球公用事業也正在擴建更多高壓基礎設施。現今電網從發電到終端使用的過程中，損耗高達 8%；將電網升級至更高電壓可大幅降低能量損失，使整體電網更具經濟效益。

In addition, as the existing grid takes on more load with increased building electrification, manufacturing growth, heat pumps and EVs, grid reinforcements to higher voltages will be required and in parts of the world building significant wind and solar, there is a need to transport electrons over long distances at higher voltages to eliminate waste.

此外，隨著既有電網因建築電氣化提升、製造業成長、熱泵與電動車（EV）而承載更多負載，將需要把電網加固並提升至更高電壓；而在世界部分地區大量建置風電與太陽能之際，也需要以更高電壓長距離輸送電力，以消除浪費。

India is a great example of this today and is a market where we are demonstrating real commercial success, including our announced win on the Barmer HVDC project that will be a $1.5 billion order in 4Q.

印度就是當前很好的例子，也是我們展現實質商業成功的市場之一；其中包括我們已宣布在 Barmer HVDC 專案中得標，該案將在第四季形成 15 億美元的訂單。

Trench further positions us to serve this global high-voltage market opportunity we project to be $130 billion by the end of the decade.

Trench 進一步讓我們更有能力把握我們預估在本十年末將達 1,300 億美元的全球高壓市場機會。

As an existing supplier to Vernova, Trench is a business we know well, its complementary and differentiated technology for high-voltage solutions will broaden our grid equipment portfolio and expand our presence across product lines where we have a modest presence today.

作為 Vernova 的既有供應商，Trench 是我們非常熟悉的業務；其在高壓解決方案方面具互補性且差異化的技術，將擴大我們的電網設備產品組合，並提升我們在目前佔比較小的各產品線中的布局。

Vertically integrating Trench will also give us greater capacity and certainty across a key part of the supply chain, strengthening our ability to deliver for customers.

對 Trench 進行垂直整合也將使我們在供應鏈關鍵環節擁有更大的產能與確定性，強化我們為客戶交付的能力。

The foundation of Trench's success is technical excellence and a strong management team. With more than 3,000 highly skilled employees across 11 factories, Trench has established a footprint in many of the world's largest grid markets. These capabilities have enabled Trench to develop deep, trusted relationships with a broad customer base serving utilities, grid operators and increasingly hyperscalers. We expect this transaction to close late '27 and with a $9 billion purchase price, we are paying 13 times '28 EBITDA before synergies, the first full year we expect Trench to be included in our financial results.

Trench 成功的基礎在於技術卓越與強大的管理團隊。Trench 在 11 座工廠擁有超過 3,000 名高技能員工，已在全球多個最大的電網市場建立據點。這些能力使 Trench 能與廣泛的客戶群建立深厚且受信賴的關係，服務公用事業、電網營運商，以及日益增加的超大規模業者（hyperscalers）。我們預期本交易將於 2027 年底完成；以 90 億美元的收購價格計算，在協同效益前，我們支付的是 2028 年 EBITDA 的 13 倍，而 2028 年將是我們預期 Trench 首次完整納入財務報表的一年。

This is a strategically compelling and attractive acquisition that is directly aligned with our capital allocation priorities. We will add scale to the core of our fast-growing electrification segment to better serve the global electricity supercycle.

這是一項在策略上極具吸引力且具備高度投資價值的收購，並與我們的資本配置優先事項直接一致。我們將為快速成長的電氣化核心業務增加規模，以更好地服務全球電力超級循環。

Turning to the next page, you can see on the left-hand side the estimated 26 revenue of Trench and GE Vernova with the three primary product lines in the Trench portfolio.

翻到下一頁，您可以在左側看到 Trench 與 GE Vernova 於 2026 年的預估營收，以及 Trench 產品組合中的三大主要產品線。

Trench revenue in '26 is estimated at $1.4 billion and, similar to our electrification business, is projected to grow at double-digit levels over the coming years to approach $2 billion of revenue in '28 after the expected close.

Trench 於 2026 年的營收估計為 14 億美元，且與我們的電氣化業務類似，預計未來幾年將以兩位數成長，並在預期交割後於 2028 年接近 20 億美元營收。

I'd like to provide a bit more context and color on each of the product lines.

我想就各產品線提供更多背景與補充說明。

Every medium and high-voltage transformer has a bushing for insulation and mechanical support used for reliable grid connection. Today, we source most of our bushings externally. But tomorrow, we will be able to internalize this key technology within the Trench facilities and better serve our customers with improved cycle time and integrated performance as we continue to invest in this business, just as we are doing with Prolec, which. See very clearly in the growth of our Prolec results.

每一台中壓與高壓變壓器都配有套管（bushing），用於絕緣與機械支撐，以確保可靠的電網連接。目前，我們大多數套管是對外採購。但未來，我們將能在 Trench 的設施內部化這項關鍵技術，並在持續投資此業務的同時，以更短的週期時間與整合式性能更好地服務客戶，就如同我們在 Prolec 所做的一樣，而這一點。在我們 Prolec 業績的成長中看得非常清楚。

In many cases, customers specify the bushing provider for large transformers and we see opportunities where trench bushings are the preferred technology to better integrate our transformer product line to drive commercial synergies.

在許多情況下，客戶會為大型變壓器指定套管供應商；我們看到機會，Trench 套管是偏好的技術，可更好地整合我們的變壓器產品線並推動商業協同效益。

Post-close, we will source a much larger percentage of bushings for our transformers from the Trench factories to deliver better outcomes for our customers.

交割後，我們將從 Trench 工廠為變壓器採購更高比例的套管，以為客戶帶來更佳成果。

Instrument transformers are important high-voltage equipment in electrical substations, typically greater than 35 kV, that are used to measure voltage and provide protection.

儀用變壓器（Instrument transformers）是變電站中重要的高壓設備，通常電壓高於 35 kV，用於量測電壓並提供保護。

This equipment is utilized for new-build high-voltage electrical substations, for instance, with data centers where you see us playing a significant role. But this is also technology to support upgrades as existing infrastructure extends past its useful life.

這些設備用於新建高壓變電站，例如資料中心相關建置，我們在其中扮演重要角色。但這也是支援既有基礎設施在超過使用年限後進行升級的技術。

In the US alone, we project over 55,000 transmission substations will be completely rebuilt.

僅在美國，我們預估將有超過 55,000 座輸電變電站會被完全重建。

Or upgraded to higher voltages in the next decade. Point being, our opportunity is both in expanding and modernizing the existing grid in serving new growth with opportunities like data centers.

或在未來十年升級至更高電壓。重點是，我們的機會同時存在於擴建與現有電網現代化，以及透過資料中心等新成長機會來服務新增需求。

And finally, medium and high-voltage coils. This equipment connects to the substation and stores electrical energy inside a magnetic field to enhance grid reliability and power quality.

最後是中壓與高壓線圈。這些設備連接至變電站，並在磁場中儲存電能，以提升電網可靠性與電力品質。

The innovative high-voltage technology Trench produces is directly aligned with where customers are investing and where we see long-term demand continuing to grow. We are very confident these technologies will allow us to better serve our customers, which I'll go into in more detail on the next page.

Trench 所生產的創新高壓技術，與客戶投資方向以及我們所見長期需求持續成長的趨勢高度一致。我們非常有信心，這些技術將使我們能更好地服務客戶；我將在下一頁更詳細說明。

We talked in the past how our existing addressable market in electrification is projected to reach $300 billion by 2030.

我們過去曾提到，我們在電氣化領域現有的可服務市場（addressable market）預計到 2030 年將達 3,000 億美元。

The high-voltage equipment market is an estimated $130 billion of the $300 billion, and you can see on the left-hand side of this page how each product line inside Trench supports our offerings across the columns.

高壓設備市場約為這 3,000 億美元中的 1,300 億美元；您可以在本頁左側看到 Trench 內各產品線如何在各欄位中支援我們的產品供應。

We see the high-voltage equipment market continue to grow at high single-digits for the long-term, driven by the macro factors I mentioned on the earlier page.

我們認為高壓設備市場長期將持續以高個位數成長，主要由我在前一頁提到的總體因素所驅動。

The real message on this page is we have a great conviction that customers will benefit significantly with our addition of Trench to the product portfolio to deliver to them more optimized, integrated solutions. This will also provide our customers a more seamless experience and increase our capabilities in delivering sustainable solutions. Our customers value today.

本頁真正要傳達的是：我們高度確信，將 Trench 納入產品組合後，客戶將顯著受益，因為我們能為其提供更優化、整合度更高的解決方案。這也將為客戶帶來更無縫的體驗，並提升我們交付永續解決方案的能力。這正是我們客戶目前所重視的。

For instance, Trench is the leader in dry-type bushings and increasingly important technology across power transformers, switchgear, HVDC systems, substations, and stability solutions.

例如，Trench 是乾式套管（dry-type bushings）的領導者，且其技術在電力變壓器、開關設備、HVDC 系統、變電站與穩定性解決方案等領域日益重要。

Dry-type transformers use a resin instead of oil, which reduces maintenance, is better for the environment, and dramatically reduces the risk of fire.

乾式變壓器使用樹脂而非油，能降低維護需求、更環保，並大幅降低火災風險。

Our combined global manufacturing footprint will be a key differentiator, enhancing delivery and lead time management. With Trench, we will strengthen our ability to support the development of higher voltage electrical systems globally, including the build-out of 765 kV transmission in the U.S.

我們合併後的全球製造布局將成為關鍵差異化優勢，提升交付能力與交期管理。透過 Trench，我們將強化在全球支援更高電壓電力系統發展的能力，包括在美國建置 765 kV 輸電網。

As we continue to serve Trench's existing customers, we can also extend Trench's products to regions with significant electrical infrastructure needs for customers that we serve today.

在我們持續服務 Trench 既有客戶的同時，我們也能將 Trench 的產品延伸至電力基礎設施需求顯著的地區，服務我們目前已在服務的客戶。

Finally, Trench's track record in quality and delivery aligns directly with our own and positions us to better serve customers' rising demand for grid equipment.

最後，Trench 在品質與交付方面的良好紀錄與我們自身高度一致，並使我們能更好地滿足客戶對電網設備日益上升的需求。

Turning to the next slide. I want to put in context how this acquisition supports our existing electrification businesses.

翻到下一張投影片。我想說明這項收購如何支援我們既有的電氣化業務。

Today we have a $46 billion backlog, which again, to remind everyone, was $7 billion at the start of 2022.

目前我們的在手訂單（backlog）為 460 億美元；再次提醒大家，2022 年初時為 70 億美元。

Our 2 largest businesses, Grid Systems Integration and power transmission, will be the largest direct beneficiaries on day one of the acquisition. Although longer-term, we also see a positive impact on our power conversion and storage business, especially with the new products we're developing like the MVUPS Stability Block.

我們最大的兩項業務——電網系統整合（Grid Systems Integration）與電力輸電——將在收購完成的第一天成為最大的直接受益者。不過從長期來看，我們也看到對電力轉換與儲能業務的正面影響，特別是我們正在開發的新產品，例如 MVUPS Stability Block。

GSI delivers HVDC projects and AC substations for utilities and data centers, among other high-voltage solutions.

GSI 為公用事業與資料中心等提供 HVDC 專案與 AC 變電站，以及其他高壓解決方案。

Today, we source some of the components for these offerings externally, including from Trench, which supply the majority of HVDC lines globally.

目前，我們對這些產品供應中的部分零組件仍採外部採購，包括向 Trench 採購；Trench 供應全球大多數 HVDC 線路。

Going forward, we will be able to offer better integrated solutions using technologically advanced products that improve system durability and are demanded by customers to grow our GSI business at attractive margins. In power transmission, which produces transformers, switchgear, and capacitors, Trench will provide scale through its bushings and instrument transformers.

展望未來，我們將能以技術先進的產品提供更整合的解決方案，提升系統耐久性，並滿足客戶需求，以具吸引力的利潤率推動我們的 GSI 業務成長。在生產變壓器、開關設備與電容器的電力輸電業務方面，Trench 將透過其套管與儀用變壓器提供規模效益。

Bushings are a key component used in our power transformers and Trench's differentiated technology will help to deliver high-voltage transformers to customers.

套管是我們電力變壓器使用的關鍵零組件，而 Trench 的差異化技術將有助於向客戶交付高壓變壓器。

Lead times across the industry are increasingly important and this transaction will enhance supply chain certainty for both businesses within electrification.

全產業的交期正變得愈來愈重要，而本交易將提升電氣化業務中兩項業務的供應鏈確定性。

By bringing Trench's manufacturing footprint and capabilities inside Vernova, we expect greater visibility into production planning and improved ability to align this component supply with our customers' project schedules.

透過將 Trench 的製造據點與能力納入 Vernova 內部，我們預期可提升對生產規劃的可視性，並強化將此零組件供應與客戶專案時程對齊的能力。

Finally, Trench is adding significant capacity across its 11 factories globally to meet rising demand. This includes Trench's newly opened factory in North Carolina, which will be the first US manufacturer of high-voltage bushings up to 765 kV, expanding Trench's leadership and extra high-voltage technology in giving us an important capability within our US footprint.

最後，Trench 正在其全球 11 座工廠大幅擴增產能，以因應不斷上升的需求。其中包括 Trench 新近於北卡羅來納州啟用的工廠，該廠將成為美國首家可生產最高達 765 kV 高壓套管的製造商，進一步擴大 Trench 在超高壓技術上的領導地位，並在我們美國製造版圖內為我們帶來一項重要能力。

With Trench, we will have additional scale in key geographies and more flexibility to serve customers, complementing our existing and planned capacity across electrification.

透過 Trench，我們將在關鍵地理區域取得更大的規模，並具備更高的彈性以服務客戶，與我們在電氣化領域既有及規劃中的產能相互補強。

Taken together, Trench enhances our electrification segment's ability to deliver.

綜合而言，Trench 強化了我們電氣化事業部的交付能力。

As you will see in our 3Q results on the subsequent pages, our core businesses continue to gain momentum with accelerating growth and margin expansion.

如同您將在後續頁面的第三季（3Q）業績中看到的，我們的核心業務持續累積動能，成長加速且利潤率擴張。

The Prolec acquisition is outperforming our expectations, and Trench is the right next step in creating an industry-leading electrification business at attractive economics, serving our customers with a team and technology we love.

Prolec 的收購案表現優於我們的預期，而 Trench 是下一個正確步驟，可在具吸引力的經濟效益下打造業界領先的電氣化業務，並以我們喜愛的團隊與技術服務客戶。

With that, I'll hand it over to Ken to walk through the financial details.

接下來我把時間交給 Ken，請他帶大家看財務細節。

On Slide 9, let me highlight the financial profile of Trench Group and our expectations for the next few years before synergies and integration costs.

在第 9 張投影片，我先說明 Trench Group 的財務概況，以及在尚未計入綜效與整合成本前，我們對未來幾年的預期。

Trench has strong fundamentals and approximately $5 billion in combined backlog and framework agreements as of September 2026, which has grown over the past several years.

Trench 基本面強勁，截至 2026 年 9 月，其合併在手訂單（backlog）與框架協議（framework agreements）合計約 50 億美元，且在過去數年持續成長。

Trench has approximately 80 existing framework agreements, some extending into the 2030s, representing volume commitments that account for approximately half of the $5 billion.

Trench 目前約有 80 份既有框架協議，其中部分延伸至 2030 年代，代表的量能承諾約占這 50 億美元的一半。

We expect Trench to generate mid-teens revenue growth annually from 2026 to 2028.

我們預期 Trench 在 2026 至 2028 年期間，年營收成長率可達約中十位數（mid-teens）。

As Scott mentioned, this revenue growth is supported by planned capacity expansions.

如 Scott 所提到，這項營收成長將由規劃中的產能擴張所支撐。

The majority of the capex for these expansions will be completed prior to our anticipated close in late 2027.

這些擴產的大部分資本支出（capex）將在我們預期於 2027 年底完成交割之前完成。

We also expect Trench to deliver strong margins, including an adjusted EBITDA margin of approximately 36% in 2028, even before synergies this is an immediately accretive transaction.

我們也預期 Trench 可交出強勁利潤率，包括 2028 年調整後 EBITDA 利潤率約 36%；即使在尚未計入綜效之前，這也是一筆可立即增厚（accretive）的交易。

As Scott noted, we currently plan to fund the $9 billion acquisition price using an equal mix of debt and cash on hand and remain committed to maintaining an investment grade balance sheet.

如 Scott 所述，我們目前規劃以負債與手上現金各半的方式籌措 90 億美元收購價金，並持續致力維持投資等級的資產負債表。

Even after issuing roughly $4.5 billion in debt resulting from the acquisition, we expect to remain below a 1x debt to adjusted EBITDA ratio.

即使因本次收購新增約 45 億美元的負債，我們預期負債對調整後 EBITDA 比率仍可維持在 1 倍以下。

Turning to Slide 10, I'll walk through the synergy opportunities we see in this transaction, which are reinforced by the proven execution and value creation we've demonstrated in the integration of Prolec that is already well underway and performing ahead of expectations.

接著看第 10 張投影片，我將說明我們在此交易中看到的綜效機會；這些機會也受到我們在 Prolec 整合上已證明的執行力與價值創造所支持，該整合目前進展順利且表現優於預期。

Starting with cost synergies, we plan to apply our combined advanced manufacturing expertise, including robotics and automation across the expanded footprint.

先從成本綜效開始，我們計畫在擴大的製造版圖中，運用雙方合併後的先進製造專長，包括機器人與自動化。

We'll expand Lean to increase volume and capture efficiencies by redesigning and enhancing floor layouts to improve yields and factory flow.

我們將擴大導入精實（Lean），透過重新設計並優化廠房配置以提升良率與工廠動線，來提高產量並取得效率。

We'll also bring together the sourcing operations of Trench and GE Vernova to drive efficiency in the aggregated material spend.

我們也將整合 Trench 與 GE Vernova 的採購運作，以提升合併後材料採購支出的效率。

And finally, we see potential to optimize the production cost of these offerings through the use of best cost locations.

最後，我們也看到透過採用最佳成本據點（best cost locations）來優化這些產品生產成本的潛力。

On revenue, we see growth opportunities across GE Vernova and Trench's combined and highly complementary customer base.

在營收方面，我們在 GE Vernova 與 Trench 合併後高度互補的客戶基礎上，看到了成長機會。

This is especially true for utilities and hyperscalers in North America. In 2026, Trench saw significant growth in its hyperscaler business and our strong track record of partnering with these customers positions us well to continue serving their evolving needs.

這在北美的公用事業與超大規模業者（hyperscalers）尤其明顯。2026 年，Trench 的 hyperscaler 業務顯著成長，而我們與這些客戶合作的強勁實績，使我們具備良好條件持續滿足其不斷演進的需求。

We also plan to use our existing commercial capabilities in markets like India, Southeast Asia and the Middle East to expand Trench's reach and grow revenues.

我們也計畫運用既有的商務能力，在印度、東南亞與中東等市場擴大 Trench 的觸及範圍並帶動營收成長。

For example, India is one of Asia's largest HVDC markets and its electrical system increasingly relies on high and extra high-voltage grid equipment.

例如，印度是亞洲最大的 HVDC 市場之一，其電力系統也日益仰賴高壓與超高壓電網設備。

We'll utilize Trench's offerings combined with our existing capabilities in India to serve this opportunity, especially as we evaluate expanding manufacturing of Trench's products there.

我們將結合 Trench 的產品與我們在印度既有的能力來掌握此機會，特別是在我們評估於當地擴大 Trench 產品製造之際。

In summary, we expect to realize approximately $50 million to $100 million of annualized cost synergies by 2030, and we see additional revenue synergy potential over time.

總結而言，我們預期至 2030 年可實現約 5,000 萬至 1 億美元的年度化成本綜效，並且隨時間推進仍有額外的營收綜效潛力。

As we move forward, we will stay focused on both the disciplined integration and execution to deliver on the opportunities we've outlined today.

展望未來，我們將持續聚焦於嚴謹的整合與執行，以落實我們今天所提出的各項機會。

With that, let me turn it back to Scott.

接下來我把時間交回 Scott。

Thanks Ken.

謝謝你，Ken。

Put simply, Trench strengthens our offerings in high-voltage grid equipment, expands our scale in key product categories, and improves our ability to serve customers as global demand for electrification continues to grow. With approximately $5 billion in combined backlog and framework agreements. Trench has strong visibility into its long-term growth and earnings profile.

簡而言之，Trench 強化了我們在高壓電網設備的產品組合，擴大我們在關鍵產品類別的規模，並在全球電氣化需求持續成長之際，提升我們服務客戶的能力。其合併在手訂單與框架協議約 50 億美元。Trench 對其長期成長與獲利輪廓具備高度能見度。

This is an attractive acquisition that will be immediately accretive after closing.

這是一項具吸引力的收購案，於交割後將可立即增厚（accretive）。

Our electrification team continues to deliver solid results, with 26 representing another year of increasing backlog, growing revenues, and expanding margins. The ProLec integration is performing ahead of expectations, and we are successfully driving both revenue. And cost synergies. We expect Prolec integration to be substantially complete before Trench closes and this experience reinforces our confidence and our ability to integrate Trench with that same discipline and focus.

我們的電氣化團隊持續交出穩健成果，2026 年再度呈現：在手訂單增加、營收成長、利潤率擴張。ProLec 的整合進度優於預期，我們也成功推動營收。以及成本綜效。我們預期在 Trench 交割前，Prolec 的整合將大致完成；這段經驗也強化了我們的信心與能力，能以同樣的紀律與聚焦來整合 Trench。

Finally, this acquisition is fully aligned with our capital allocation priorities, which include investing for organic growth, returning capital to shareholders and pursuing targeted M&A in our core businesses where we can add scale, increase vertical integration and accelerate R&D.

最後，這項收購完全符合我們的資本配置優先順序，包括：投資以推動有機成長、回饋資本給股東，以及在核心業務中進行具針對性的併購（M&A），以擴大規模、提升垂直整合並加速研發（R&D）。

Trench fits that framework very well and we're doing this all while returning significant capital to shareholders and maintaining a strong balance sheet.

Trench 非常符合這一框架；同時，我們也在回饋股東大量資本並維持強健的資產負債表。

Now with that, let's shift to our 3Q results on Page 13.

接下來，讓我們切換到第 13 頁的第三季（3Q）業績。

Throughout '26, demand for our solutions has continued to strengthen and our teams are executing well to meet customers' growing energy needs. So far, we have added $46 billion to our total backlog to reach approximately $200 billion with a margin profile that continues to improve. In '26, we expect the growth in equipment backlog margin to be substantially larger than that of '25, which was approximately $8 billion at improved margin rates, positioning us well to drive further margin expansion and cash generation in the years to come.

在 2026 年全年，我們解決方案的需求持續增強，而我們的團隊也執行到位，以滿足客戶不斷成長的能源需求。截至目前，我們的總在手訂單新增 460 億美元，達到約 2,000 億美元，且利潤率結構持續改善。在 2026 年，我們預期設備在手訂單利潤的成長將顯著高於 2025 年；2025 年約為 80 億美元且利潤率有所提升，這使我們在未來幾年能進一步推動利潤率擴張與現金創造。

As we grow our large install base, we will generate additional services growth at high margins. This year alone, we've seen 17% growth in services orders with services backlog of $7 billion.

隨著我們擴大龐大的裝機基礎（install base），我們將以高利潤率帶動更多服務成長。僅今年，我們已看到服務訂單成長 17%，服務在手訂單為 70 億美元。

We are running the business better today with solid execution across our three segments.

我們目前的營運表現更佳，在三大事業部皆有穩健的執行力。

In Power, we continue to see strong global demand for our equipment and services. In gas power, we've signed 52 gigawatts of new agreements year to date and now expect at least 130 gigawatts under contract by the end of '26, compared to 83 gigawatts when we started the year. In '27, we expect our combined gigawatts under contract and our gas power equipment backlog to continue to grow.

在電力（Power）方面，我們持續看到全球對我們設備與服務的強勁需求。在燃氣發電（gas power）方面，今年迄今我們已簽署 52 吉瓦的新協議，並且目前預期到 2026 年底，合約中的容量至少可達 130 吉瓦，相較於年初的 83 吉瓦。在 2027 年，我們預期合約中的總吉瓦數與燃氣發電設備在手訂單將持續成長。

In 3Q, we shipped 5 gigawatts while signing 11 gigawatts of orders and slot reservation agreements to grow our total gigawatts under contract from 116 to 122 gigawatts sequentially.

在第三季，我們出貨了5吉瓦，同時簽下11吉瓦的訂單與產能時段預留協議（SRA），使我們合約在手的總吉瓦數按季由116吉瓦增至122吉瓦。

This includes orders for 55 heavy-duty units and 57 aeroderivatives. As expected, we've reached an important inflection point where backlog is now greater than our SRA balance. Further reinforcing the certainty that we will ship more gigawatts through the rest of the decade. This quarter, we sold multiple slots for 2032 delivery as the demand environment remains strong and customers secure turbines further into the future.

其中包括55台重型機組與57台航改型機組的訂單。如預期，我們已到達一個重要拐點，目前積壓訂單已高於我們的SRA餘額。這也進一步強化了我們在本十年剩餘期間將出貨更多吉瓦的確定性。本季，在需求環境依然強勁、客戶將渦輪機採購鎖定至更長遠未來之際，我們售出了多個2032年交付的產能時段。

Demand also remains diverse with approximately 100 customers in 25 different countries of which approximately 80% are traditional customers and 20% are for data centers.

需求也仍然多元，約有100家客戶分布於25個不同國家，其中約80%為傳統客戶、20%來自資料中心。

We are seeing strong equipment pricing and total life cycle economics in gas. On the equipment side, 3Q orders were priced more than 20% above 4Q 2025 equipment orders based on higher-priced turbines. And a greater mix of aeroderivatives.

我們看到燃氣領域的設備定價與全生命週期經濟性都很強勁。在設備端，第三季訂單的定價較2025年第四季設備訂單高出逾20%，主要因渦輪機價格更高，且航改型機組占比更高。

Given our view of SRA conversions, we expect gas equipment orders to have a price per kW in 4Q that is lower than 3Q due to fewer aeroderivatives and relatively more 50 Hz units.

基於我們對SRA轉換的看法，我們預期第四季燃氣設備訂單的每kW價格將低於第三季，原因是航改型機組較少且50 Hz機組相對更多。

Full year '26 gas orders pricing per kW will be approximately 50% higher than full year '25 orders.

2026年全年燃氣訂單的每kW定價將較2025年全年訂單約高出50%。

Our large and growing install base will generate services growth at higher margins for years to come, increasing in the 2030s as these units are installed.

我們龐大且持續成長的裝機基礎將在未來多年以更高的利潤率帶動服務成長，並在2030年代隨著這些機組陸續安裝而進一步提升。

Our HA fleet running or on contract will be at least 400 units by the end of '27, and as I mentioned at a recent conference, we expect every gigawatt of HAs to generate half a billion dollars of high-margin services revenue over the first 20 years of its lifetime.

截至2027年底，我們正在運轉或已簽約的HA機隊至少將達400台；正如我在近期一場會議中提到的，我們預期每1吉瓦HA機組在其生命週期前20年可帶來5億美元的高毛利服務營收。

It's not just gas where we're seeing services growth. More customers are coming to our nuclear business for uprates and life extensions as our equipment touches 65 gigawatts of the U.S. Nuclear fleet.

我們看到服務成長的不僅是燃氣。隨著我們的設備覆蓋美國核電機隊的65吉瓦，越來越多客戶來到我們的核能業務尋求增容（uprates）與延壽（life extensions）。

In electrification, backlog growth is being driven by both traditional customers and data centers with equipment backlog rising by $12 billion in '26 so far.

在電氣化方面，積壓訂單的成長同時由傳統客戶與資料中心帶動；截至目前，2026年設備積壓訂單已增加120億美元。

Total segment data center orders are now more than $6 billion year-to-date, including roughly $1.4 billion in 3Q.

分部層級的資料中心訂單年初至今已超過60億美元，其中第三季約14億美元。

As mentioned earlier, Prolec is performing well, and we're encouraged by the continued strong momentum we are seeing in this business's integration and the capabilities it brings to better serve our customers, especially in North America.

如先前所述，Prolec表現良好；我們也對該業務整合持續展現的強勁動能及其帶來的能力感到鼓舞，這將有助於我們更好地服務客戶，特別是在北美。

In '26 so far, we have booked $900 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.

截至目前在2026年，我們已在美國取得9億美元的變壓器訂單，將由我們的全球工廠履約；在我們尚未完全持有Prolec時，這是做不到的。

In wind, the team has remained focused on execution this year to reach profitability in 3Q despite a softer US market for new onshore equipment.

在風電方面，儘管美國陸上新設備市場較疲弱，團隊今年仍專注於執行，並在第三季達成獲利。

This year, we have continuously driven onshore services margin expansion versus a year ago.

今年以來，我們持續推動陸上風電服務的利潤率較去年擴張。

While the US market for new onshore equipment remains soft, we are monitoring the outcome of 232 tariffs that impact wind development, which should lead to more orders clarity. In offshore, we are making good progress on Dogger Bank and are pleased that we closed out the open dispute with Vineyard Wind in 3Q with a very modest negative P&L impact.

雖然美國陸上新設備市場仍偏弱，我們正關注影響風電開發的232條款關稅結果，這應可帶來更清晰的訂單能見度。在離岸風電方面，我們在Dogger Bank專案進展良好，且很高興第三季已結束與Vineyard Wind的未決爭議，對損益表（P&L）的負面影響非常有限。

We are focused on investing to deliver innovative solutions for profitable growth. We have spent $2.4 billion in R&D and capex so far in '26, reinvesting nearly as much back in the business as in all of '25. Let me give you a few examples of where our investments are leading to new business and commercial opportunities. In nuclear, we continue advancing the SMR for industrialization at scale as evidenced by our continued progress on the existing project underway in Ontario.

我們專注於投資，以提供創新解決方案並實現具獲利性的成長。截至目前在2026年，我們已投入24億美元於研發與資本支出（capex），回投業務的金額幾乎與2025年全年相當。我舉幾個例子說明我們的投資如何帶來新業務與商業機會。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，從我們在安大略省既有在建專案的持續進展即可見一斑。

The recent approval by the NRC for the construction permit at Clinch River is a significant milestone for TVA, GE Vernova Hitachi and the US nuclear industry as the country advances toward a new generation of nuclear power deployment with SMRs.

美國核能管制委員會（NRC）近期核准Clinch River的建造許可，對TVA、GE Vernova Hitachi以及美國核能產業而言是重要里程碑，因為美國正朝向以SMR部署新一代核電邁進。

We also won a 1.2-gigawatt technology selection for our SMR in Sweden in 3Q, building momentum in Europe.

我們也在第三季於瑞典贏得1.2吉瓦的SMR技術選型，為歐洲市場動能再添助力。

In electrification, this includes commercializing multiple new solutions like Energy Management System, MVUPS and solid-state transformers. We recently signed our first MVUPS order with a hyperscaler, as well as several EMS orders this year.

在電氣化方面，這包括將多項新解決方案商業化，例如能源管理系統（EMS）、MVUPS以及固態變壓器。我們近期與一家超大規模雲端業者（hyperscaler）簽下首筆MVUPS訂單，今年也簽下數筆EMS訂單。

We are also making good progress developing SSTs with hyperscalers, and we already have our first prototype in testing now in our facility in Malta, New York. Additionally, we have already received notification of a hyperscaler award for our 6 megawatt outdoor SST and will advance contracting in 4Q.

我們也在與超大規模雲端業者共同開發SST方面取得良好進展，目前首個原型機已在紐約州馬爾他（Malta, New York）的廠區進行測試。此外，我們已收到某超大規模雲端業者授予我們6兆瓦戶外型SST的得標通知，並將在第四季推進簽約。

We are operating from a position of financial strength and are well-positioned to serve and transform the global electricity system. We're actively improving how we operate and generating better returns while expanding the platform of solutions we provide customers as their need for infrastructure accelerates. Given the strength of third quarter performance and confidence in our fourth quarter trajectory, we are raising our revenue, margin and free cash flow guidance for '26. With that, I will turn the call over to Ken for more details on our 3Q performance as well as our financial outlook.

我們以穩健的財務實力運營，並具備良好條件來服務並轉型全球電力系統。隨著基礎設施需求加速，我們正積極改善營運方式、提升報酬，同時擴大我們為客戶提供的解決方案平台。鑑於第三季表現強勁以及對第四季走勢的信心，我們上調2026年的營收、利潤率與自由現金流指引。接下來我將把電話會議交給Ken，請他更詳細說明我們第三季表現以及財務展望。

Turning to Slide 14, we delivered strong results in the third quarter with robust orders, growing backlog and revenue, margin expansion and significant free cash flow generation.

請看第14頁投影片，我們在第三季交出強勁成果：訂單表現亮眼、積壓訂單與營收成長、利潤率擴張，以及顯著的自由現金流產生。

In the quarter, we booked orders of $29.3 billion, a 96% increase year-over-year and a book-to-bill ratio of more than 2 times with growth in both equipment and services.

本季我們取得293億美元訂單，年增96%；出貨比（book-to-bill）超過2倍，設備與服務皆有成長。

As Scott mentioned, our backlog expanded to $197 billion, a significant year-over-year and sequential increase.

如Scott所提，我們的積壓訂單擴大至1,970億美元，年增與季增皆顯著。

Equipment backlog increased to $104 billion, up approximately $16 billion sequentially and 92% year-over-year, driven by both power and electrification and incorporates Prolec backlog.

設備積壓訂單增至1,040億美元，按季增加約160億美元、年增92%，成長由電力與電氣化共同帶動，並納入Prolec的積壓訂單。

Equipment backlog margin continues to expand, reflecting favorable price and our continued focus on disciplined underwriting.

設備積壓訂單的利潤率持續擴張，反映有利的價格因素以及我們持續聚焦於嚴謹的承保／接單紀律（disciplined underwriting）。

Our services backlog grew approximately $11 billion or 14% year-over-year to $93 billion led by power.

我們的服務積壓訂單年增約110億美元（或14%）至930億美元，主要由電力業務帶動。

As Scott touched on, the growth in our installed base will continue to generate strong services growth at high margins.

如Scott提到的，我們裝機基礎的成長將持續以高利潤率帶來強勁的服務成長。

Revenue increased 18%. Equipment revenue rose 26% year-over-year as 65% growth at power and 21% growth at electrification was partially offset by anticipated lower wind revenues.

營收成長18%。設備營收年增26%，其中電力成長65%、電氣化成長21%，部分被如預期較低的風電營收所抵銷。

Services revenue increased 6% year-over-year with growth in onshore wind and power.

服務營收年增6%，其中陸上風電與電力業務帶動成長。

Price remained positive.

價格因素仍為正向。

Adjusted EBITDA grew 123% year-over-year to $1.9 billion, led by power and electrification. Adjusted EBITDA margin expanded 690 basis points with higher price, more profitable volume and further productivity more than offsetting inflation.

調整後EBITDA年增123%至19億美元，主要由電力與電氣化帶動。調整後EBITDA利潤率擴張690個基點；更高的價格、更具獲利性的出貨量，以及進一步的生產力提升，均足以抵銷通膨影響。

We completed our exit from transition services agreements with GE Aerospace in the quarter, an important milestone as we successfully concluded a multi-year effort to build the standalone capabilities required to operate independently.

我們在本季完成退出與 GE Aerospace 的過渡服務協議，這是一項重要里程碑，因為我們成功完成了多年來建立獨立營運所需單獨能力的工作。

This work not only completes an important part of the separation, but will also drive approximately $135 million of G&A savings of which approximately $100 million has been realized to date.

這項工作不僅完成了分拆中的重要一環，亦將帶來約 1.35 億美元的 G&A 節省，其中約 1 億美元迄今已實現。

This strong adjusted EBITDA and working capital management drove $5.4 billion of free cash flow in the third quarter.

強勁的調整後 EBITDA 與營運資金管理，推動第三季自由現金流達 54 億美元。

Working capital was a $5.3 billion cash benefit, driven primarily by down payments on increased orders and slot reservations at power as well as down payments at electrification.

營運資金帶來 53 億美元的現金淨收益，主要由電力業務增加訂單與產能時段（slot）預訂的預付款，以及電氣化業務的預付款所驅動。

Year-over-year, free cash flow increased $4.7 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 47 億美元，主要受惠於營運資金帶來更高的正向貢獻及更強勁的調整後 EBITDA，部分被較高的稅負與支持產能擴張的資本支出投資所抵銷。

We also made a voluntary payment of approximately $350 million to fund retiree benefits and transfer the obligation to a third-party insurer.

我們亦自願支付約 3.5 億美元，用於資助退休人員福利並將該義務移轉給第三方保險公司。

The transaction generated an $84 million gain which is removed from our adjusted EBITDA results.

該交易產生 8,400 萬美元收益，已自我們的調整後 EBITDA 結果中剔除。

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

憑藉我們強勁的現金部位，我們將持續尋求在能帶來良好經濟報酬的情況下，主動運用現金的機會。

We ended 3Q with a cash balance of approximately $17 billion, a $4 billion increase from the end of the second quarter after returning $1.8 billion of cash to shareholders through share repurchases and dividends in the quarter.

第三季末我們的現金餘額約 170 億美元，較第二季末增加 40 億美元；本季我們透過庫藏股回購與股利向股東返還 18 億美元現金。

Under our repurchase program, we've repurchased 15.6 million shares at an average price of $635 per share, totaling approximately $9.9 billion through October 23.

依據我們的回購計畫，截至 10 月 23 日，我們已以每股平均 635 美元回購 1,560 萬股，合計約 99 億美元。

Importantly, with the $10 billion increase in our share repurchase authorization, we'll continue to be disciplined in returning capital to shareholders and remain committed to maintaining a strong investment grade balance sheet.

重要的是，隨著我們將股票回購授權額度增加 100 億美元，我們將持續以審慎紀律向股東返還資本，並致力維持強健的投資等級資產負債表。

We're encouraged by our strong financial performance in the third quarter. Our growing backlog with increasing margin continues to provide an excellent foundation for further improvement in our financial performance moving forward.

我們對第三季強勁的財務表現感到鼓舞。我們持續成長且毛利率提升的在手訂單，為未來財務表現的進一步改善提供了極佳基礎。

Now turning to Power on Slide 15, the segment delivered another strong quarter with robust demand, strong revenue growth and solid EBITDA margin expansion.

接著看第 15 頁的電力（Power）業務，本分部再度交出強勁季度表現，需求旺盛、營收強勁成長，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 HA 與航改型（aero-derivative）機組的出貨量與定價提升帶動下，年增約四倍。

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

電力服務訂單增加 12%，主要由燃氣發電與核能發電帶動。

Revenue increased 25%. Equipment revenue increased primarily from gas power, driven by higher turbine volume and favorable price.

營收增加 25%。設備營收增加主要來自燃氣發電，受惠於渦輪機出貨量提升與有利的價格。

We shipped a total of 32 gas turbines in the quarter, a 60% increase year-over-year, including 13 aeroderivatives.

本季我們共出貨 32 台燃氣渦輪機，年增 60%，其中包含 13 台航改型機組。

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

服務營收亦因燃氣發電與核能發電成長而增加。

EBITDA margins expanded 830 basis points to 21.4%, mainly driven by favorable price and higher volume more than offsetting inflation as well as additional expenses to support capacity investments at gas as well as R&D.

EBITDA 利潤率擴張 830 個基點至 21.4%，主要由有利的價格與更高的出貨量所帶動，足以抵銷通膨影響，以及為支持燃氣產能投資與研發（R&D）而增加的費用。

For the full year, we're raising our organic revenue growth expectations from 18% to 20%, to 19% to 21% due to higher volume, including aeroderivatives.

就全年而言，我們將有機營收成長預期由 18% 至 20% 上調至 19% 至 21%，反映出更高的出貨量（包含航改型機組）。

Given the improved volume, we're also raising our Power EBITDA margin range by 2 points from 17% to 19% to 19% to 21%.

鑑於出貨量改善，我們亦將電力業務 EBITDA 利潤率區間上調 2 個百分點，由 17% 至 19% 上調至 19% 至 21%。

Turning to electrification on Slide 16, we have another quarter of significant backlog in revenue growth as well as EBITDA margin expansion.

接著看第 16 頁的電氣化（Electrification）業務，本季同樣呈現顯著的在手訂單帶動營收成長，並伴隨 EBITDA 利潤率擴張。

Orders remained strong, reaching $5.4 billion at roughly 1.4 times revenue.

訂單維持強勁，達 54 億美元，約為營收的 1.4 倍。

While we saw significant growth in substations and switchgear, total orders decreased 9% year-over-year due to a significant order for $1.6 billion of synchronous condensers in Saudi Arabia in the third quarter of 2025.

儘管變電站與開關設備（switchgear）顯著成長，但由於 2025 年第三季在沙烏地阿拉伯取得 16 億美元同步調相機（synchronous condensers）的大型訂單，使得本季總訂單年減 9%。

Equipment orders growth was particularly strong in North America, doubling year over year.

設備訂單成長在北美尤為強勁，年增一倍。

North America, which includes Prolec backlog, continues to be the largest portion of our electrification equipment backlog, while all regions, including Europe, are still growing.

北美（包含 Prolec 在手訂單）仍為我們電氣化設備在手訂單中占比最大者；同時包含歐洲在內的所有地區仍持續成長。

Importantly, electrification equipment orders continued outpacing revenue and further increased our equipment backlog to $42 billion, up 60% or roughly $16 billion compared to the third quarter of 2025.

重要的是，電氣化設備訂單持續高於營收，進一步推升設備在手訂單至 420 億美元，較 2025 年第三季增加 60%（約 160 億美元）。

Revenue increased 51% on a reported basis inclusive of Prolec and 16% organically with growth across all regions.

營收以報表基礎計（包含 Prolec）增加 51%，以有機基礎計增加 16%，各地區皆呈現成長。

We saw increased volume at grid systems integration, primarily from substations and HVDC equipment, and at power transmission, primarily from switchgear and transformers.

我們看到電網系統整合（grid systems integration）出貨量增加，主要來自變電站與 HVDC 設備；在電力輸電（power transmission）方面，則主要由開關設備與變壓器帶動。

Prolec also delivered solid performance with almost $950 million of revenue.

Prolec 亦交出穩健表現，營收接近 9.5 億美元。

Electrification segment EBITDA was $739 million, increasing by 57% year-over-year with margin expansion of 470 basis points to 19.1% led by strong volume, productivity and favorable pricing.

電氣化分部 EBITDA 為 7.39 億美元，年增 57%；利潤率擴張 470 個基點至 19.1%，主要由強勁出貨量、生產力提升與有利定價所帶動。

For the full year, we continue to expect revenue at electrification to be between $14.5 billion to $15 billion in addition, we now expect electrification EBITDA margin to trend toward the higher end of the 18% to 20% range as the team continues to deliver solid execution.

就全年而言，我們仍預期電氣化營收介於 145 億至 150 億美元；此外，隨著團隊持續穩健執行，我們現預期電氣化 EBITDA 利潤率將趨向 18% 至 20% 區間的較高端。

Turning to slide 17 on wind, we delivered a profitable quarter as we make good progress executing our strategy.

接著看第 17 頁的風電（Wind）業務，隨著我們在策略執行上取得良好進展，本季實現獲利。

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

第三季，團隊持續改善陸上風電服務表現，同時在 Dogger Bank B 的安裝與試運轉（commissioning）方面亦取得良好進展。

Wind orders increased 16% with growth in onshore equipment and services, especially for repowering in North.

風電訂單增加 16%，陸上設備與服務皆成長，尤其是北方地區的汰舊換新（repowering）。

It remains difficult to call an inflection point in US orders as customers still face permitting delays and tariff uncertainty.

由於客戶仍面臨許可審批延宕與關稅不確定性，美國訂單的拐點仍難以判斷。

Wind revenue increased 3% in the quarter due to higher onshore services and offshore equipment driven by higher deliveries and installations at Dogger Bank B, partially offset by lower onshore equipment deliveries.

本季風電營收增加 3%，主要因陸上服務增加，以及 Dogger Bank B 交付與安裝提升帶動離岸設備成長；部分被陸上設備交付量下降所抵銷。

Wind delivered EBITDA of $72 million.

風電業務本季 EBITDA 為 7,200 萬美元。

The year-over-year improvement in EBITDA was primarily due to lower offshore project costs and improved onshore wind performance, including recoveries of previously paid tariffs and better services, partially offset by lower onshore equipment volume.

EBITDA 年增改善主要來自離岸專案成本下降與陸上風電表現提升（包含先前已支付關稅的回收，以及更佳的服務表現），部分被陸上設備出貨量下降所抵銷。

For the full year, we now anticipate organic revenue to be down mid-single-digits. Better than our previous expectation of down low double-digits due to additional onshore wind turbine deliveries in the second-half of the year.

就全年而言，我們目前預期有機營收將呈中個位數下滑。較先前預期的低雙位數下滑為佳，原因是下半年將額外交付更多陸上風機。

We now expect EBITDA losses to be between $400 million and $500 million for the year.

我們目前預期全年 EBITDA 虧損介於 4 億至 5 億美元。

Significant performance improvement in onshore services has enabled us to accelerate scheduled maintenance from 2027 into the fourth quarter.

陸上服務的顯著績效改善，使我們得以將原定 2027 年的例行維護提前至第四季執行。

These incremental service costs along with the Vineyard Wind settlement more than offset the impact of additional onshore volume.

這些新增的服務成本，加上 Vineyard Wind 和解案的影響，超過了額外陸上出貨量所帶來的效益。

Moving now to Slide 18 to discuss 2026 GE Vernova guidance.

接著看第 18 頁，討論 2026 年 GE Vernova 財測指引。

Based on our strong year-to-date results and full-year segment expectations, we're raising our GE Vernova financial guidance.

基於我們年初至今的強勁成果與各分部全年預期，我們上調 GE Vernova 的財務指引。

We now expect revenue to be in the range of $46.5 billion to $47.5 billion. And adjusted EBITDA margin to be in the range of 13.5% to 14.5%. In addition, we also anticipate our free cash flow to be in the range of $16 billion to $17 billion.

我們目前預期營收介於 465 億至 475 億美元。調整後 EBITDA 利潤率介於 13.5% 至 14.5%。此外，我們亦預期自由現金流介於 160 億至 170 億美元。

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

我們今年在持續投資業務的同時，正在實現現金流的顯著利潤率擴張。

Our 2026 guidance includes a more than 30% year-over-year combined increase in R&D and capex as we accelerate our work to support innovation and growth.

我們的 2026 年指引包含研發與資本支出合計年增超過 30%，以加速推進支援創新與成長的工作。

At corporate, costs are typically uneven across quarters due to compensation timing and portfolio activity at our financial services business.

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，成本通常在各季度之間並不均衡。

We continue to expect full year 2026 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.

我們仍預期 2026 全年公司層面成本將介於 4.5 億至 5 億美元之間，因為我們持續投資於 AI、機器人與自動化，以在中長期提升生產力。

For the fourth quarter, we expect growth in revenue and adjusted EBITDA margin expansion and positive free cash flow.

對於第四季，我們預期營收成長、調整後 EBITDA 利潤率擴張，並實現正向自由現金流。

We have delivered strong results year-to-date. The combination of rising demand with consistently stronger execution, investments into our business, the completion of the acquisition of Prolec and the announced acquisition of Trench sets us up nicely going forward.

我們今年迄今已交出強勁成果。需求上升與持續更強的執行力、對業務的投資、完成對 Prolec 的收購，以及已宣布收購 Trench 的組合，讓我們未來的布局更加到位。

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

接下來我把時間交還給 Scott。

Thanks, Ken. We delivered another strong quarter, and I'm proud of how our teams continue to execute as demand for electricity infrastructure accelerates around the world.

謝謝，Ken。我們又交出一個強勁的季度，我也為我們的團隊感到自豪，因為在全球電力基礎設施需求加速之際，大家仍持續高效執行。

With a growing backlog and improving margins, our potential continues to grow, and we are deploying capital both organically and through M&A with Prolec and Trench to generate strong returns, all while returning significant capital to our shareholders.

隨著在手訂單增加、利潤率改善，我們的潛力持續提升；我們透過內生成長以及 Prolec 與 Trench 的併購來部署資本以創造強勁回報，同時也向股東回饋可觀資本。

We remain focused on meeting the moment, serving our customers as well as the communities we're in, improving how we operate through lean, AI, robotics and automation and delivering continued profitable growth.

我們仍專注於把握當下、服務客戶以及我們所在的社區，並透過精實管理、AI、機器人與自動化改善營運，持續交付具獲利性的成長。

We are still in the early stages of this electricity investment supercycle and we are working with humility, confidence and conviction to deliver for all stakeholders.

我們仍處於這波電力投資超級循環的早期階段，我們將以謙遜、信心與堅定的信念，為所有利害關係人交付成果。

Finally, I'm also excited to welcome Claire and Hakan as our next CFO and Wind leader respectively. Both start next week and will be in transition with Ken and Vic through the remainder of this year before taking their roles in January '27.

最後，我也很高興歡迎 Claire 與 Hakan 分別擔任我們下一任 CFO 與風電事業領導人。兩位將於下週到任，並在今年剩餘時間與 Ken 與 Vic 進行交接，之後於 2027 年 1 月正式就任。

Both Ken and Vic will be with us for a period of time in '27 during which we'll have multiple opportunities to celebrate and recognize their contributions to the foundations of GEV.

Ken 與 Vic 也將在 2027 年的一段時間內繼續與我們同在，期間我們將有多次機會慶祝並表彰他們對 GEV 基礎建設所做出的貢獻。

With that, Michael, let's open it up for questions.

那麼，Michael，我們開始進入提問環節。

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，讓我們能盡量讓更多人提問。若有追問，請回到隊列。接線員，請開放電話線。

(Operator Instructions) Joe Ritchie, Goldman Sachs.

(接線員指示) Joe Ritchie，高盛。

Good morning, guys. Well, congrats on a nice quarter and then obviously the Trench acquisition. I'm sure many people asked about that, but I really want to focus my question on power margins. So the margins this quarter were exceptional, especially given the fact that from a seasonality standpoint, 3Q is always a little bit lower from the service revenue perspective. I think you were down $300 million quarter-over-quarter.

各位早安。首先恭喜本季表現亮眼，當然也包括 Trench 的收購。我相信很多人都問過那件事，但我想把問題聚焦在電力業務的利潤率。本季利潤率非常出色，尤其考量到季節性因素，第三季從服務營收角度通常都會略低一些。我認為你們的服務營收季減約 3 億美元。

I guess the question is, from a pricing standpoint, are you still largely shipping orders from the second-half of 2024? And then as I look at the high end of your 4Q power margin guide, it implies about mid-20s margins exiting the year. Is it fair to use this like second-half of the year power margins as the jump-off point for margins in 2027?

我的問題是，從定價角度來看，你們目前出貨的訂單是否仍主要來自 2024 年下半年？另外，若我看你們第四季電力業務利潤率指引的高端，代表年底退出時大約是 20% 中段的利潤率。是否可以合理地把今年下半年電力業務利潤率，作為 2027 年利潤率的起點？

Yeah, Joe, I mean I'll start kind of compliment certainly.

是的，Joe，我先從稱讚的部分開始。

The second-half of this year is the beginning of us starting to ship our better-priced equipment shipments. And yes, it started with orders in the second-half of '24, but there are orders that were shorter cycle than that that are contributing to the 3Q, 4Q shipment profile that's helping. But there's no reason to think that the second-half of this year isn't the right way to start to think about our projection into '27. We've been pretty open for a while that. We needed to get to this 5-gigawatt quarterly run rate and that this is going to be the first quarter with better margin shipments. And that's what you're seeing in the margins in the third quarter, even with it being the lightest services quarter that we'll in the year.

今年下半年是我們開始出貨定價更佳設備的起點。沒錯，這從 2024 年下半年的訂單開始，但也有一些週期更短的訂單，正在貢獻第三季、第四季的出貨組合，並帶來助益。不過，沒有理由認為今年下半年不是我們思考 2027 年展望的正確基礎。我們一段時間以來都相當坦率地表示，我們需要達到每季 5GW 的運行率，而這將是第一個開始出貨更高利潤率產品的季度。即使第三季是全年服務最淡的季度，你也能在第三季的利潤率中看到這一點。

Yeah, and Joe, I think.

是的，Joe，我想。

Scott obviously covered it well. I think the thing I would say is one of the things we're excited about is just how the factory has ramped as we brought on this new capacity. So running at the 5 gigawatts a quarter, we were not overly cautious about our ability to do that, but that always is a big move for the factory. So getting that productivity and the ability to kind of deliver that to the bottom line is also a positive contribution as we move out of '26 into '27.

Scott 已經講得很完整了。我想補充的是，我們感到興奮的一點在於，隨著新增產能到位，工廠的爬坡表現非常好。以每季 5GW 的節奏運行，我們對達成能力並非過度保守，但對工廠而言這始終是一個很大的跨越。因此，取得這樣的生產力並能將其反映到獲利端，當我們從 2026 年走向 2027 年時，也會帶來正向貢獻。

Nigel Coe, Wolfe.

Nigel Coe，Wolfe。

Good morning, guys. Thanks for the question.

各位早安。謝謝讓我提問。

So since Joe passed over the Trench acquisition, I think I'll dive into that. Can you maybe talk about how much of Trench is supplying GEV versus external.

既然 Joe 略過了 Trench 的收購，我想我就深入問一下。你們能否談談 Trench 的供應有多少是提供給 GEV、多少是對外部客戶？

And you touched on the US international sort of opportunity, but maybe talk about is there opportunities to do even more supply chain deals recognizing that $9 billion is a big deployment?

你們提到美國與國際市場的機會，但是否也有機會進一步進行更多供應鏈交易？畢竟 90 億美元是一筆很大的資本部署。

Yeah, you bet, Nigel. I'll start. I mean, today of their $1.4 billion of revenue, we're a very small part of the $1.4 billion of revenue that you'll see on the page, although we are buying from them across those product lines that we showed on the page. What I would just share to provide context is bushings, generally speaking, are 5% to 8% of the bill of materials of every transformer.

當然可以，Nigel。我先開始。我的意思是，目前他們 14 億美元的營收中，我們只占非常小的一部分；雖然我們確實在我們展示的那些產品線上向他們採購。我想提供一些背景：一般而言，套管（bushings）約占每台變壓器物料清單（BOM）的 5% 到 8%。

The Barmer HVDC order that will come in the fourth quarter, what Trench provides across both bushings, instrument transformers and coils, it's about 10% of the bill of materials of that $1.5 billion HVDC order. We talked about the MVUPS order that we had in the third quarter, which is an NPI. The coils that Trench provides about 5% of the bill of materials of an MVUPS on a go-forward basis. So my point is just. This gives us a lot more control over the critical technology in the supply chain to meet the growing backlog that we see with differentiated technology. I mean, I talked about it earlier in the prepared remarks, but the fact that many customers select their bushings specifically for a transformer as we are going through diligence on this project, we see a lot of opportunities where there is strong customer loyalty to Trench for the bushings. That we think is going to pull forward more of our transformer volumes. So we aren't in a position now as we did with Prolec that on day one, we wanted to quantify revenue synergies as an example, but we also see opportunities there because of the customer connectedness that Trench has with many customers, including hyperscalers relative to where we have it. But foundationally, it's a very attractive vertical integration of critical components that we need to meet this growing backlog and I know we talk about this a lot, but beginning of '22, this is a $7 billion electrification backlog, the fact it's $40 billion higher as we go into the fourth quarter. Controlling this part of the supply chain will help us meet this moment.

第四季將進來的 Barmer HVDC 訂單中，Trench 在套管、儀用變壓器與線圈等方面的供應，約占該筆 15 億美元 HVDC 訂單物料清單的 10%。我們也談到第三季的 MVUPS 訂單，那是一個 NPI。Trench 提供的線圈，在未來基礎上約占 MVUPS 物料清單的 5%。所以我的重點是：這讓我們能更好地掌控供應鏈中的關鍵技術，以差異化技術來滿足我們看到的、持續成長的在手訂單。我在先前的準備稿中也提到，當我們對這個專案進行盡職調查時，我們看到許多客戶在為變壓器選型時會特別指定套管；而客戶對 Trench 套管有很強的忠誠度。我們認為這將帶動我們更多的變壓器出貨量提前釋放。因此，我們目前不像收購 Prolec 時那樣，在第一天就希望量化例如營收協同效益；但我們也看到機會，因為 Trench 與許多客戶（包括超大規模雲端業者 hyperscalers）的連結度，相較於我們目前的覆蓋更強。但從根本上來說，這是一項非常具吸引力的關鍵零組件垂直整合，有助於我們滿足不斷成長的在手訂單；我知道我們常談這點，但在 2022 年初，電氣化在手訂單是 70 億美元，而當我們進入第四季時已增加了 400 億美元。掌控供應鏈的這一環將幫助我們把握當下。

Now, on the other part of your question on are there more, we'll keep looking, right? We're always going to be looking for opportunities to invest in businesses that are within our core that give our teams more control to meet this moment. But as I said in the prepared remarks, our two priorities with M&A, we're really getting trench done for the technology and all. Reasons I mentioned and Prolec for the North America footprint. And we'll move forward from here.

現在，關於你問題的另一部分——是否還會有更多——我們會持續尋找，對吧？我們會一直尋找投資機會，投資於符合我們核心業務、並能讓團隊在當下更有掌控力以把握機會的企業。但正如我在事先準備的發言中提到的，我們在併購（M&A）上的兩個優先事項，是把 Trench 的技術等相關事項真正落實到位。以及我提到的原因，還有 Prolec 用於強化北美版圖。我們會在此基礎上繼續往前推進。

Julian Mitchell, JPMorgan.

Julian Mitchell，摩根大通（JPMorgan）。

Hi, good morning.

嗨，早安。

Maybe I just wanted to.

也許我只是想要……

Ask about the power segment and specifically that SRA and orders backlog figure. So I think you have raised that 5 gigawatts plus for the end of the year, that expectation to over 130.

問一下電力（Power）部門，特別是那個 SRA 以及訂單積壓（orders backlog）的數字。所以我想你們已把年底「5 吉瓦以上」的預期上調到超過 130。

Just wondered, as you look at that figure, the probability that that continues. To expand given you just had such an exceptional year-to-date of SRAs and just wondered how that customer conversation around SRAs kind of is progressing and that conversion rate to orders please?

只是想請教，當你們看這個數字時，這種趨勢持續的可能性如何。在你們今年迄今 SRA 表現非常亮眼的情況下，想了解一下客戶端對 SRA 的對話進展如何，以及轉換成訂單的轉換率，謝謝？

Very healthy conversations, Julian, across the board. What we're really guiding you to here is that we see the fourth quarter gigawatts that we'll get an agreement to be modestly larger than the third quarter. We did 11 gigawatts in the third quarter by saying we're going to end up at 130. That's saying probably 13 gigawatts plus in the fourth quarter, so modestly higher.

Julian，我們與各方的對話都非常健康。我們真正要引導你理解的是：我們預期第四季能達成協議的吉瓦數，會比第三季小幅增加。第三季我們做了 11 吉瓦，而我們說全年會到 130。這代表第四季大概是 13 吉瓦以上，所以是溫和上升。

As we look into '27, although it's hard to call the quarters per se at this point, we certainly continue to see real growth in our gigawatts on contract throughout 2027.

展望到 2027 年，雖然此刻要逐季精準預測確實不容易，但我們確實持續看到：到 2027 年，我們的合約在手吉瓦數（gigawatts on contract）會有實質成長。

But maybe the quarterly profiles in 2027 are more likely to feel like 3Q and 4Q than they may have felt in 1Q and 2Q, but with an ability for us to materially continue to grow both our backlog and our gigawatts on contract throughout next year.

不過，2027 年的季度輪廓更可能會像第三季和第四季，而不一定像第一季和第二季；但我們仍有能力在明年全年，實質性地持續擴大我們的積壓訂單（backlog）以及合約在手吉瓦數。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行（Bank of America）。

I guess, good morning. Congratulations on the quarter. I don't say it often, but very impressive margins and power.

我想，早安。恭喜這一季的表現。我不常這麼說，但電力業務的利潤率非常令人印象深刻。

Good morning, Andrew.

早安，Andrew。

Thanks, Andrew.

謝謝你，Andrew。

Just shifting to wind a little bit, as you are pivoting strategically, more focus on data centers, clearly deploying cash in supply chain, building out vertically.

稍微把話題轉到風電。你們在策略上正在轉向，更聚焦資料中心，顯然也在供應鏈上投入現金、做垂直整合的建置。

The question I have on wind, now that the business has stabilized and I appreciate some moving pieces in the fourth quarter, how are you guys feeling about long-term strategic optionality for the business? We talked about it a couple of years ago. Then you had a lot of North American onshore wind margins, but the business clearly has turned positive.

我對風電的問題是：既然業務已經穩定下來，而且我理解第四季還有一些變動因素，你們對這項業務長期的策略選項（strategic optionality）感受如何？我們幾年前談過這件事。當時你們在北美陸上風電的利潤率很高，但這項業務顯然已轉為正向。

What does the future hold for wind business within GEV?

在 GEV 之內，風電業務的未來會是什麼樣子？

Thank you.

謝謝。

Andrew, I appreciate the question and as you framed in the question, I mean, we're pleased that we've gotten the business back to profitability, we see real improvement in services profitability this year and expect a similar year-over-year improvement in '27 relative to '26. We're pleased that we're largely through our North America offshore project execution. But to be clear, we've got one more year to go in the offshore execution in the North Sea, which is a variable to kind of answer the question as you're framing with our optionality as I see it. And I think it's important for us to see where the US market goes because practically speaking, we have historically been. About 50% of the North America onshore wind market, we expect to continue to perform very well in the North America onshore wind market, but it's a very small market right now. And although our orders grew year over year, that's off of a very small base. So I think we're improving our optionality with this business, but we've got to navigate through '27, execute on the rest of offshore. And for me and leading the company, I'd like to. See where the US market goes over the next year and continue to evaluate how we invest in this business for value and/or continue to evaluate how we create value with this business and whatever is the smartest way possible, but we are making progress, I'm proud of the team and I think 2027 is going to be another very important year for us to continue to create value and optionality for ourselves with our Wind business.

Andrew，謝謝你的提問。正如你在問題中所描述的，我們很高興已讓業務回到獲利狀態；我們看到今年服務業務的獲利能力有明顯改善，並預期 2027 年相較 2026 年也會有類似的年增改善。我們也很高興北美離岸專案的執行大致已經走過最艱難的階段。但要說清楚的是：北海的離岸執行還有一年要走，這是我看待你所提「策略選項」時的一個變數。而且我認為，觀察美國市場的走向很重要，因為實務上我們過去一直是……北美陸上風電市場大約 50% 的份額；我們預期在北美陸上風電市場仍會表現得非常好，但目前那是一個非常小的市場。雖然我們的訂單年增，但那是建立在非常小的基期之上。所以我認為我們正在提升這項業務的策略選項，但我們必須先穿越 2027 年，把剩餘的離岸部分執行好。就我而言，作為公司領導者，我希望……看看美國市場在未來一年會如何發展，並持續評估我們如何為價值而投資這項業務，和／或持續評估我們如何以最聰明的方式在這項業務上創造價值。不過我們確實在進步，我為團隊感到自豪；我也認為 2027 年將是非常關鍵的一年，讓我們能在風電業務上持續為自己創造價值與策略選項。

I think that optionality point is extremely important. As we gave you guidance on how this business would look when we shared with you in December of last year and gave the look through 2028, it's important as you're thinking about the optionality there that we keep saying that we're focused on our strategy, which is getting offshore wind backlog deployed.

我認為「策略選項」這一點極其重要。當我們在去年 12 月與你們分享這項業務的指引、並提供看到 2028 年的展望時，當你思考這些策略選項時，重要的是我們一直在說：我們聚焦於我們的策略，也就是把離岸風電的積壓訂單（backlog）部署落地。

Working on our service margins. But in those expectations, we kind of held the expectations for volume in North America wind to be essentially flat to what we saw in 2025.

並改善我們的服務利潤率。但在那些預期中，我們大致維持對北美風電出貨量的假設：基本上與我們在 2025 年看到的水準持平。

I make that point because as you asked the question about optionality, we're focused on all the things that we can control today and getting them to the best place. And we're very proud. Of the team delivering a profitable quarter this quarter, including settling the matter that we had with Vineyard Wind, which we mentioned in our earlier comments, but it sets us up well. We keep saying it's hard to call the inflection in this US market based upon all the dynamics at play, but we will be ready to actually benefit from that based upon all the work that the team is doing today.

我之所以強調這點，是因為當你問到策略選項時，我們正專注於所有今天我們能掌控的事情，並把它們做到最好。而我們也非常自豪……團隊在本季交出獲利的一季，其中也包括解決了我們與 Vineyard Wind 之間的事項——我們在先前的評論中提到過——這讓我們處於良好位置。我們一直說，基於所有正在發生的動態，要判斷美國市場的拐點很難，但基於團隊今天所做的所有工作，我們會做好準備，實際從中受益。

Alexander Virgo, Evercore ISI.

Alexander Virgo，Evercore ISI。

Morning, Alex.

早安，Alex。

Good morning, gentlemen. Thanks very much for taking the question. I wonder if you could talk a little bit about the opportunity and electrification margins. Given where Trench is coming in, product obviously high 20s was the original target performing very well by the looks of things.

早安，各位先生。非常感謝讓我提問。我想請你們談談機會面以及電氣化（Electrification）的利潤率。考量 Trench 的併入情況，產品利潤率顯然在原先目標的 20% 高段（high 20s），從目前看起來表現非常好。

And I appreciate you might address this in more detail next year with the four year numbers, but can you just give us a sense of why margins and electrification can't be north of 30% given the sort of setup that you're seeing here?

我理解你們可能會在明年、搭配四年期數字更詳細說明，但你們能否讓我們了解一下：在你們看到的這種布局之下，為什麼電氣化的利潤率不能高於 30%？

Listen, I think your framing is appropriate with where the Prolec margins were the day that we acquired the deal and we see real operating leverage that we're going to yield through the acquisition. What you see with the Trench margins and the continued growth in backlog and electrification, our expectations are growing with electrification. I think the next important data point will show you.

聽著，我認為你的切入點是恰當的：以我們收購交易當天 Prolec 的利潤率水準來看，我們確實看到透過這次收購將帶來實質的營運槓桿。你在 Trench 的利潤率、以及電氣化積壓訂單持續成長中所看到的，讓我們對電氣化的預期也在上修。我認為下一個重要的數據點會向你展示……

In the January earnings call is the change in margin and backlog in electrification in 2026, which will further strengthen the thread that says, okay, this is a business that has a jump-off point, so to speak, in the second-half of '26, that's approximately 20%, and with a change in margin and backlog that will continue to be healthy, acquisitions that are very accretive. We see significant opportunity to continue to accrete margins in this business. Now we owe you when we get to our next Capital Markets Day that we'll set that date at the January earnings call on when we're going to have that meeting to create a 2030 financial guide, including margins and electrification that will, like all of our financial estimates, be a floor on what we expect by 2030.

在 1 月的財報電話會議上，我們會說明 2026 年電氣化的利潤率與積壓訂單的變化，這將進一步強化這條脈絡：也就是說，這是一個在 2026 年下半年大約 20% 的「起跳點」的業務；隨著利潤率與積壓訂單的變化持續健康、且收購案高度增厚（accretive），我們看到在這項業務中持續提升利潤率的重大機會。另外，我們也欠各位一個交代：等到下一次資本市場日（Capital Markets Day），我們會在 1 月的財報電話會議上公布日期，屆時我們將提出 2030 年的財務指引，包括電氣化的利潤率；而且如同我們所有的財務估計一樣，這將是我們對 2030 年預期的「底線」（floor）。

But we have high expectations of significant margin expansion every year between now and then. And that's going to take you directionally in the neighborhood of your question.

但我們對於從現在到那時每一年都能實現顯著的利潤率擴張抱持很高的期待。而這在方向上會大致落在你問題所提到的範圍附近。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Yeah, thank you. Good morning, guys. Congrats on a great quarter.

是的，謝謝。各位早安。恭喜本季表現很出色。

Just wanted to ask about gas turbine pricing. I don't think that question has been asked yet.

我想問一下燃氣渦輪的定價。我覺得這個問題好像還沒有人問過。

Scott, you had said that pricing was up over 20%, I think, in the first half. Just curious how that momentum has continued into 3Q and then maybe you could also comment on what you're seeing with respect to electrification pricing as well.

Scott，你之前說上半年定價上漲了超過20%，我記得是這樣。想請教這股動能在第三季是如何延續的；另外也請你評論一下你們在電氣化（electrification）定價方面看到的情況。

Thank you.

謝謝。

You bet, Nicole. I mean, we've been talking throughout the year that off the baseline of the fourth quarter orders last year that we were expecting to see orders up 10 to 20 points relative to the fourth quarter.

當然可以，Nicole。我的意思是，我們今年一路都在談：以去年第四季的訂單作為基準，我們預期訂單相對第四季會增加10到20個百分點。

Third quarter in isolation was north of 20 points, so that just shows you that the pricing environments continue to be strong, but we did call out in the prepared remarks that mix did contribute to that with a very healthy mix of both Aero and 60 Hz.

單看第三季，增幅超過20個百分點，這就顯示定價環境仍然強勁；不過我們也在事先準備的講稿中提到，產品組合（mix）也有貢獻，因為Aero與60 Hz的組合都非常健康。

Gas turbines that drove a very strong comp. We expect to be within the range that we've talked about in the fourth quarter that leads to a result for the year. The year-over-year, our orders in '26 relative to '25, pricing is up directionally 50%. So that kind of with any one quarter mix can move those numbers, but I think that year-over-year marker is important. And we look forward to showing you in the January earnings call the change in margin and backlog in Power that's largely reflective of that price in which we talked about in the call earlier that the margin in backlog for '26 relative to the margin at the end of last year is going to be is is going to grow substantially more this year than last year.

燃氣渦輪的組合帶動了非常強勁的比較基期表現。我們預期第四季會落在我們先前談到的區間內，進而帶出全年結果。以年對年來看，我們在'26相對'25的訂單，定價方向上上升約50%。所以任何單一季度的組合都可能讓這些數字有所波動，但我認為這個年對年的指標很重要。我們也期待在一月的財報電話會議中向各位展示電力（Power）業務利潤率與在手訂單（backlog）的變化，這在很大程度上反映了我們所談到的價格；如同我們先前在電話會議中提到的，'26的在手訂單利潤率相對去年底的利潤率，今年的增幅將會遠大於去年。

And then on electrification.

接著談電氣化。

We are continuing to see positive pricing overall in the electrification business. Now, as we talk about multiple different products and businesses within that.

我們在電氣化業務整體上仍持續看到正向的定價。不過，如同我們談到其中包含多種不同產品與事業。

It's not consistent across in the sense of what the rate of growth is.

各條產品線的成長速度並不一致。

Across each one of the lines. We talked a lot in the last few years about the growth in the HVDC side of the business and we saw good pricing growth in that over 2023, 2024 and it kind of stabilized at a relatively high price. Now what we're seeing is more pricing growth in parts of the business.

在各條產品線之間。過去幾年我們談了很多HVDC（高壓直流）業務的成長，我們在2023、2024年看到那一塊有不錯的定價成長，之後在相對高的價格水準上趨於穩定。而現在我們看到的是，部分業務出現更多的定價成長。

Transmission, switchgear, synchronous condensers, things like that. But when you mix it all together, we continue to see positive pricing and electrification, but more at a slightly less growth rate than what Scott talked about on the power business.

像是輸電（Transmission）、開關設備（switchgear）、同步調相機（synchronous condensers）等。但把所有項目加總起來看，我們在電氣化仍持續看到正向定價，只是成長率略低於Scott在電力業務所提到的水準。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀（UBS）。

Good morning, Amit.

早安，Amit。

Hey, good morning, guys. Thanks for the question.

嗨，各位早安。謝謝讓我提問。

Obviously, there's just been so much pricing that's now manifesting itself in the gas equipment margin, and that's great. But I guess the natural question is maybe what the mix impact is when eventually service starts to outgrow equipment. I can't believe I'm asking this question, but I guess it's the sign of the time. I'd just be curious if you think that margins for the service business as a whole.

顯然，現在有大量的定價已經反映在燃氣設備的利潤率上，這很棒。但我想很自然的問題是：當未來服務（service）開始超越設備（equipment）成長時，產品組合的影響會是什麼。我真不敢相信我在問這個問題，但我想這也是時代的徵兆。我想請教你是否認為服務業務整體的利潤率。

And maybe even on an annual basis will be accretive to sort of group margins when this backlog gets delivered and there's a handoff to the service part of the business.

甚至可能以年度來看，當這些在手訂單交付、並且業務重心交接到服務端時，會對集團利潤率帶來增益（accretive）。

Yes, the services growing as a proportion of the equipment would continue to be accretive to margins because as much as the equipment margins are improving, and you can see that in really the beginning of this journey with our first quarter now of the better priced equipment shipments, we also are pricing up the services book and the margins will continue to expand there, not on a nominal basis in points. Growth as steeply as the equipment margin expansion because it's already off of a much higher baseline. But to be clear, as services grow as a proportion of the total, that drives margin expansion for the power business.

是的，服務在設備中的占比提高，將會持續對利潤率帶來增益，因為即便設備利潤率正在改善——你也能從我們旅程的起點看出來：我們現在迎來第一個季度、開始出貨定價更好的設備——同時我們也在提高服務訂單簿（services book）的定價，服務端的利潤率也會持續擴張，只是擴張幅度（以百分點計）不會像設備利潤率擴張那麼陡峭，因為服務本來的基期就高得多。但要說清楚的是：當服務在總體中的占比提高時，會推動電力業務的利潤率擴張。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團（Citigroup）。

Good morning, everyone.

各位早安。

Just a little bit more on services. Scott, I think you mentioned 17% growth in service orders this year. And I know you mentioned again that each HA generates $0.5 billion of revenue over 20 years. I think you've also talked about transactional generally picking up. So how are you thinking about that trajectory in Power Services? I think you originally gave that guidance of going from $12 billion to $22 billion by 2035. In a recent conference, you talked about that maybe being a little conservative.

再多問一點關於服務。Scott，我想你提到今年服務訂單成長17%。我也知道你再次提到，每一台HA在20年內可帶來5億美元營收。我想你也談過交易型（transactional）業務整體正在回升。那你們如何看待電力服務（Power Services）的成長軌跡？我記得你們最初給的指引是到2035年從120億美元成長到220億美元。在最近一場會議上，你提到那可能有點保守。

Yeah. And I think when we get to our next Capital Markets Day, that likely will prove out to be conservative, the $22 billion that we framed up last year. What I would say on the trajectory with services over the next few years is we have a confluence of dynamics where as our supply chain builds up for new units, we're also having a fulfill on services and that's driving. A continued backlog of services fulfillment that if the outages give us the grace of more time before we need to ship parts, frankly, we may be prioritizing at times the equipment shipments to hold schedule. As long as we don't put customers at risk for services. So we're going to continue to see real services growth, but we have a lot of fulfillment ramp to come here in '27 and '28. So clearly our revenue is going to continue to grow at a healthy basis over the next number of years in services through the end of the decade.

是的。我想等到我們下一次資本市場日（Capital Markets Day），去年我們所框定的220億美元目標，很可能會被證明是偏保守的。至於未來幾年服務的成長軌跡，我會說我們正面臨多股動能匯聚：一方面我們的供應鏈為新機組擴產，同時我們也必須履行服務交付，這正在推動。服務交付的在手訂單持續累積；坦白說，如果停機檢修（outages）讓我們在需要出貨零件前有更充裕的時間，我們有時可能會優先確保設備出貨以維持進度。前提是我們不會讓客戶在服務方面承受風險。因此我們會持續看到服務的實質成長，但在'27與'28年我們還有大量交付爬坡要完成。所以很明顯，未來幾年直到本十年末，我們的服務營收都會以健康的基礎持續成長。

Growth is going to be percentage-wise exponentially larger in equipment, but what that's all contributing to is just a larger and larger annuity stream for services that's very high-margin business for a very long time into the next decade.

設備的成長在百分比上會呈現更大幅度的提升，但這一切的貢獻在於：服務將形成愈來愈大的年金式（annuity）收入流，而這是一門高利潤率的業務，並且會在下一個十年很長一段時間內持續。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO資本市場（BMO Capital Markets）。

Good morning. Thanks, guys.

早安。謝謝，各位。

Scott, I think you've booked nearly 120 aeroderivatives over the last two quarters. Is that like a level of demand that you think kind of changing? And how do you think about the size and duration of the aero derivative cycle and given the strength in order, what are the kind of key constraints and kind of maybe increasing output from here?

Scott，我想你們在過去兩個季度已經接了將近120台航改型（aeroderivative）機組的訂單。這是否代表你認為需求水準正在發生變化？你如何看待航改型週期的規模與持續時間？在訂單如此強勁的情況下，目前的主要限制因素是什麼？以及從現在開始提高產出可能有哪些作法？

I mean, the demand is strong, but I wouldn't say that we'll sustain the 2Q, 3Q run rate as an example in 4Q. So that's partly why we framed up that the dollars per kW is going to come down a little bit in the fourth quarter relative to third quarter because the dollars per kW is very high with aero, not because the demand. Is softer, but more because we're now going out so far in the future before we have availability, right? Because we're sold out so far. So that continues to be an attractive market. We continue to have demand, but being very transparent, we're also using the aeroderivatives in strategic.

我的意思是，需求很強，但我不會說我們在第四季能維持第二季、第三季那樣的接單速度。這也是我們之所以提到第四季每kW美元（dollars per kW）相對第三季會稍微下降的部分原因，因為航改型的每kW美元非常高，並不是因為需求。變弱，而是更多因為我們的可供交付時間已經排到很久以後了，對吧？因為我們已經在很長一段時間內都賣到滿了。所以這仍然是一個很有吸引力的市場。我們仍然有需求，但非常坦白地說，我們也在策略性地使用航改型（aeroderivatives）。

Partnerships where we also secure heavy-duty and electrification equipment combined, and we'll continue to do that. So good demand, fourth quarter aeros will be lighter than the 2Q, 3Q run rate, but it's an important part of our business and one that we're very excited about.

我們也會確保重型設備與電氣化設備的組合之合作夥伴關係，我們也會持續這麼做。因此需求良好，第四季的 aero 將會比第二季、第三季的運行率更輕一些，但這是我們業務的重要部分，也是我們非常興奮的一塊。

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

Hey, thanks so much. Good morning.

嘿，非常感謝。早安。

I was wondering, for the projects and customers in your turbine backlog and across your contracts overall, are you seeing any financing challenges leading to disruptions or slowdowns at all or requests to exit slot reservations or any slowing of the conversion of SRAs to backlog?

我想請教一下，針對你們渦輪機在手訂單中的專案與客戶，以及整體合約範圍內，你們是否看到任何融資方面的挑戰，導致中斷或放緩，或是有客戶要求退出產能檔期預留，或是 SRA 轉換為在手訂單的速度有任何放慢？

No, David, we're not, and I mean, I think what you can see is with the orders growth, the gigawatts on contract growth attached with $17 billion of cash in the bank account is that there is no change in our cash terms required to secure the equipment.

沒有，David，我們沒有看到；我的意思是，我想你可以從訂單成長、合約中的吉瓦數成長，以及銀行帳戶裡有 170 億美元現金這些事實看出來：為了確保設備，我們所要求的現金條件沒有任何改變。

And the customer archetype that we're serving have very strong balance sheets and continue to lean in with us. And no is the short answer to the question.

而且我們所服務的客戶類型資產負債表非常強健，並且持續與我們加碼合作。簡短回答就是：沒有。

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

接線員，我們還有時間再問一題，謝謝。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Hey, Rob. Hey, so my question, obviously there's an immense value to getting. Compute online right now. And I was curious, I mean, obviously, in turbines, you're sold out for a number of years.

嘿，Rob。嘿，所以我的問題是，很明顯，讓運算能力現在就上線有極大的價值。讓運算能力上線。我也很好奇，我的意思是，很明顯在渦輪機方面，你們未來好幾年都已經售罄了。

Where do you see bottlenecks in that system now? And is there any opportunity for electrification kind of near term where your products can solve and bring capacity on faster, pricing power, et cetera?

你們現在在這個系統裡看到的瓶頸在哪裡？另外，在電氣化方面，短期內是否有任何機會，你們的產品能夠解決問題並更快帶來產能、帶來定價能力等等？

Yeah, I mean, Rob, our electrification business orders 3Q year-to-date is up 60% or thereabouts, we expect the fourth quarter to, as it normally is, to be our largest quarter orders in the year, while growing our backlog probably more in the fourth quarter than we did in the third quarter as an example, so we continue to see real demand. For electrification, but I don't know if electrification and isolation us or any other provider can provide enough of an unlock for what we're seeing for the need for incremental electricity in the country and in the world today. It's a contributor, but it's not going to replace the need for more. Power generation that gets added to the system, it's a complement, is the way that I would say it. So we're going to continue to invest in our electrification business really to modernize the grid and drive these unlocks. But I would view this to be a medium to long-term, very durable demand, but not an electrification solution for the country or the world that is going to replace the need for more incremental power generation.

是的，我的意思是，Rob，我們電氣化業務今年截至第三季的訂單年初至今成長約 60% 左右；我們預期第四季一如往常會是全年訂單最大的季度，同時我們在第四季的在手訂單增量可能會比第三季更多（舉例而言），所以我們持續看到實質需求。就電氣化而言，但我不確定電氣化以及 isolation us 或任何其他供應商，是否能為我們目前看到的、全國與全球對新增電力的需求提供足夠的「解鎖」。它是貢獻者，但不會取代對更多的需求。需要新增到系統中的發電能力；它是互補的，我會這樣說。因此我們會持續投資電氣化業務，真正去現代化電網並推動這些解鎖。但我會把這視為中長期、非常具韌性的需求；然而，電氣化不會成為一個能取代國家或全球對更多新增發電需求的解決方案。

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

接線員，在我們結束之前，讓我把時間交回給 Scott 做結語。

Everybody, as I always do, I just want to thank our team. I'm proud of how we're performing. I want to thank our customers and partners for being with us. We do this together. And I want to thank all of you for giving us this time today. I know we extend the call by a few minutes today and went a little bit longer with our prepared remarks, but we wanted to provide a lot of transparency and visibility into the Trench acquisition that we're really excited about.

各位，一如往常，我只想感謝我們的團隊。我為我們的表現感到自豪。我也要感謝我們的客戶與合作夥伴一路相伴。這是我們一起完成的。也感謝各位今天撥冗給我們時間。我知道我們今天把電話會議延長了幾分鐘，且準備好的發言也講得稍微久一些，但我們希望就我們非常興奮的 Trench 收購案提供更多透明度與能見度。

Deep into the fourth quarter and looking forward to being out in the field operationally with a lot of our teams the next 90 days. And we look forward to seeing many of you and platforms where it presents itself. And soon enough, we'll be in front of you with our January earnings call for the fourth quarter. So thanks, everybody.

我們已深入第四季，並期待接下來 90 天能在第一線與許多團隊一起進行營運工作。也期待在合適的平台上見到各位中的許多人。不久之後，我們也會在一月的第四季財報電話會議上再與各位見面。所以謝謝大家。

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

謝謝各位女士先生。今天的會議到此結束。感謝各位參與。您現在可以掛線。