Helios Technologies Inc (HLIO) 2026 Q1 法說會逐字稿

Greetings and welcome to the Helios Technologies first quarter fiscal year 2026 financial results conference call. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tania Almond, Vice President of Investor Relations and Corporate Communications. Thank you. You may begin.

各位好，歡迎參加 Helios Technologies 2026 會計年度第一季財務業績電話會議。正式簡報結束後將進行簡短的問答環節。(接線員指示) 提醒各位，本次會議正在錄音。現在我很榮幸介紹今天的主持人：投資人關係與企業傳播副總裁 Tania Almond。謝謝。您可以開始了。

Thank you, operator, and good day, everyone. Welcome to the Helios Technologies first quarter 2026 financial results conference call. We issued a press release announcing our results yesterday afternoon. If you do not have that release, it is available on our website at heliostechnologies.com. You will also find slides there that accompany today's discussion, as well as our prepared remarks. Joining me today are Sean Bagan, President and Chief Executive Officer; and Jeremy Evans, Executive Vice President, Chief Financial Officer. Sean will begin with highlights from the first quarter. Jeremy will then review our financial results in more detail and provide our outlook. Sean will return with some closing remarks, and then we will open the call for questions. Before we get started. Please turn to slide 2 where you will find our Safe Harbor Statement. As you may be aware, we will make some forward-looking statements during this presentation and the Q&A session. These statements apply to future events that are subject to risks and uncertainties. As well as other factors that could cause actual results to differ materially from those presented today.

謝謝接線員，大家好。歡迎參加 Helios Technologies 2026 年第一季財務業績電話會議。我們昨天下午已發布新聞稿公布業績。若您尚未取得該新聞稿，可至我們的網站 heliostechnologies.com 查閱。您也可在網站上找到配合今日討論的簡報投影片，以及我們的預備講稿。今天與我一同出席的有總裁暨執行長 Sean Bagan，以及執行副總裁兼財務長 Jeremy Evans。Sean 將先分享第一季重點。接著 Jeremy 會更詳細地說明財務結果並提供展望。之後 Sean 會回來做一些結語，然後我們將開放提問。在開始之前。請翻到第 2 頁投影片，您會看到我們的安全港聲明。如各位所知，我們在本次簡報及問答環節中將提出一些前瞻性陳述。這些陳述涉及未來事件，並受風險與不確定性影響。以及其他可能導致實際結果與今日所呈現內容出現重大差異的因素。

These risks and uncertainties and other factors can be found in our annual report on Form 10-K for 2025, along with our upcoming 10-Q to be filed with the Securities and Exchange Commission. You can find these documents on our website or at sec.gov. I'll also point out that during today's call we will discuss some non-GAAP financial measures, which we believe are useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of comparable GAAP with non-GAAP measures in the tables that accompany today's slides. Please reference slides 3 through 5 as I now turn the call over to Sean.

這些風險與不確定性及其他因素可在我們 2025 年 Form 10-K 年度報告中查閱，並將載於我們即將向美國證券交易委員會提交的 10-Q。您可在我們的網站或 sec.gov 找到這些文件。我也要指出，今天的電話會議中我們將討論一些非 GAAP 財務衡量指標，我們認為這些指標有助於評估我們的表現。您不應將這些補充資訊的呈現視為獨立資訊，或作為依 GAAP 編製之結果的替代。我們已在今日投影片所附表格中提供可比 GAAP 與非 GAAP 指標的調節表。請參考第 3 至第 5 頁投影片，接下來我把電話交給 Sean。

Thanks, Tania. And welcome, everyone. We appreciate you joining us today. Anyone who watched this year's Kentucky Derby saw more than just a winner. They saw focused execution under pressure at exactly the right moment. Golden Tempo stayed focused, found his stride, and delivered when it mattered most. We believe our first-quarter performance tells a similar story. Helios entered 2026 having done the hard work, sharpening our go-to-market model, strengthening our balance sheet, and building a team and culture aligned around the core 2030 strategy we introduced at our Investor Day. And like that Saturday race, the results for Helios this quarter weren't just a one-headline moment. They were a collection of firsts and records. Highest quarterly sales ever for Innovation Controls, our largest electronics segment business, a record first quarter of cash generation for the company, and our first ever regular dividend increase of 33%. And perhaps one of the most telling measures of how far we've come, we reduced our net leverage by more than a full turn in just one year, bringing us to 1.6 times net debt to adjusted EBITDA, the lowest level since the first quarter of 2018.

謝謝你，Tania。也歡迎各位。感謝大家今天加入我們。任何看過今年肯塔基賽馬大賽（Kentucky Derby）的人，看到的不僅僅是一位冠軍。他們看到的是在壓力下於恰到好處的時刻專注執行。Golden Tempo 保持專注、找到節奏，並在最關鍵的時刻交出成績。我們認為，我們第一季的表現也講述了類似的故事。Helios 進入 2026 年時已完成艱難的準備工作：精進我們的市場進入（go-to-market）模式、強化資產負債表，並打造一支團隊與文化，圍繞我們在投資人日所提出的 2030 核心策略對齊。而就像那場週六的賽事，本季 Helios 的成果不只是單一頭條時刻。而是一連串的首次與紀錄。Innovation Controls（我們最大的電子業務部門）創下歷史最高單季銷售額；公司第一季現金創造創下紀錄；以及我們首次例行性股利調升 33%。也許最能反映我們進步幅度的指標之一是：我們在短短一年內將淨槓桿降低超過整整一個倍數，降至淨負債對調整後 EBITDA 的 1.6 倍，為自 2018 年第一季以來最低水準。

The balance sheet position isn't just a financial milestone. It's a strategic one, opening a meaningful level of optionality in how we deploy capital as we pursue the next leg of our growth. 2025 was our year of repositioning. 2026 is where that work finds its stride. As we came out of the starting gates on the 2030 financial targets, a plan built on 5%-plus organic sales growth annually, our first-quarter performance didn't just meet that bar, it cleared it decisively, giving us early momentum against a five-year roadmap that we intend to run all the way through. The core strategy laid out a clear set of performance priorities to double our sales by. And expand adjusted operating and EBITDA margins to 20%-plus and 25%-plus, respectively. The work we have done over the last 18 months to sharpen our go-to-market model, invest in innovation, and enhance operational excellence across our global footprint is an outcome of our momentum model, the engine behind this performance. Our first-quarter results reflect the effectiveness of the Helios Business System. We are executing our organic sales growth plans and improving our margins year-over-year while we manage through a choppy geopolitical environment and invest for future growth.

資產負債表的狀況不僅是財務里程碑。更是策略性的里程碑，為我們在追求下一階段成長時如何配置資本，開啟了具實質意義的多種選擇。2025 年是我們重新定位的一年。2026 年則是這些工作開始發揮步伐的一年。當我們以 2030 年財務目標起跑——該計畫以每年 5% 以上的有機銷售成長為基礎——我們第一季的表現不僅達標，更是明顯超越，為我們打算一路跑完的五年路線圖帶來早期動能。核心策略清楚列出一套績效優先事項，以實現銷售額倍增。並分別將調整後營業利益率與 EBITDA 利潤率擴大至 20% 以上與 25% 以上。過去 18 個月我們為精進市場進入模式、投資創新，以及在全球據點提升營運卓越所做的工作，正是我們動能模型的成果——也是驅動本次表現的引擎。我們第一季的結果反映 Helios Business System 的有效性。在因應起伏的地緣政治環境並為未來成長投資的同時，我們正執行有機銷售成長計畫，並逐年改善利潤率。

Let me summarize the first quarter. With a more robust demand environment than expected, total sales exceeded the high end of our outlook range, up 17% year-over-year to $228 million. On a pro forma basis, excluding the custom fluid power or CFP divestiture and the impact of foreign exchange, sales grew 23%, with both segments in all regions contributing to the increase. Our profitability measures kept improving as higher sales volume drove significant year-over-year expansion in our margins. We continue to deeply engage with our existing and prospective customers, seeking out opportunities leveraging our enhanced go-to-market model. Our teams from both hydraulics and electronics across our relevant major brands attended the CONEXPO trade show in the first quarter and showcased our latest products with a record level of show attendees present. Based on the level of booth activity and leads we extracted, we are seeing healthy activity across most of the markets we address. On a consolidated pro forma basis, we saw year-over-year growth across all the major end markets that we serve.

我來總結第一季。在需求環境比預期更強勁的情況下，總銷售額超出我們展望區間的上緣，年增 17% 至 2.28 億美元。以備考（pro forma）基礎計算，排除客製化流體動力（custom fluid power，CFP）業務處分以及匯率影響後，銷售額成長 23%，且兩大事業部在各地區皆對增長有所貢獻。隨著較高的銷售量帶動利潤率顯著年增擴張，我們的獲利指標持續改善。我們持續與現有及潛在客戶深度互動，尋找運用我們強化後市場進入模式的機會。第一季期間，我們液壓與電子兩大領域、旗下相關主要品牌的團隊皆參加了 CONEXPO 展會，並在創紀錄的參觀人潮下展示我們最新產品。根據攤位活動量與我們取得的潛在客戶線索水準，我們看到我們所服務的大多數市場呈現健康的活躍度。以合併備考基礎來看，我們在所服務的所有主要終端市場皆呈現年增成長。

With our balance sheet in excellent shape, our Board of Directors approved the aforementioned increase to the quarterly dividend in March, and we continue to return capital to shareholders under our existing $100 million share repurchase authorization. These actions reflect our confidence in the long-term outlook and alignment with the value creation framework we shared as part of the core strategy. With that, I'll turn the call over to Jeremy to review the financial results in more detail. Jeremy?

在資產負債表狀況極佳的情況下，我們董事會於 3 月核准前述季度股利調升，並持續在既有的 1 億美元庫藏股回購授權下回饋股東。這些行動反映我們對長期展望的信心，並與我們作為核心策略一部分所分享的價值創造架構一致。接下來我把電話交給 Jeremy，請他更詳細地說明財務結果。Jeremy？

Thank you, Sean, and good day, everyone. As I review our first quarter results, please refer to Slides 6 through 8. First quarter sales were $228 million, up 17% compared with $195 million in the prior-year period and above the expectations we laid out on our fourth-quarter call. Changes in foreign exchange had nearly a $6 million favorable impact on a year-over-year basis and contributed approximately $2 million to the overachievement of our Q1 outlook. As a reminder, we divested CFP at the end of September, so the first quarter comparison is more meaningful on a pro forma basis. Excluding the CFP sales in last year's first quarter and the foreign exchange impact, sales for the quarter were up 23% year over year. Higher sales and improved absorption drove gross profit up 25% in the quarter to $75 million, and gross margin expanded 220 basis points year-over-year to 32.8%. In addition to higher volumes, margin expansion was driven by favorable segment mix, operational initiatives, and benefits from the CFP divestiture, partially offset by net tariff impacts and higher overhead expenses driven by equipment maintenance and energy costs.

謝謝你，Sean，大家日安。在我回顧我們第一季的業績時，請參閱投影片第6至第8頁。第一季銷售額為2.28億美元，較去年同期的1.95億美元成長17%，並高於我們在第四季電話會議中提出的預期。匯率變動在年對年比較下帶來近600萬美元的有利影響，並為我們第一季展望的超額達成貢獻約200萬美元。提醒一下，我們在9月底處分了CFP，因此第一季的比較以備考（pro forma）基礎來看更具意義。若排除去年第一季的CFP銷售以及匯率影響，本季銷售額年增23%。在銷售提升與吸收率改善的帶動下，本季毛利年增25%至7,500萬美元，毛利率年對年擴張220個基點至32.8%。除更高的出貨量外，毛利率擴張亦受惠於有利的部門組合、營運改善措施，以及CFP處分帶來的效益；但部分被關稅淨影響與因設備維護及能源成本所推升的間接費用增加所抵銷。

First quarter operating income rose 76% year-over-year to $30 million, and operating margin expanded 440 basis points to 13.1%, demonstrating the operating leverage inherent in the business. On a non-GAAP basis, adjusted operating margin in the quarter was 16.7%, up 330 basis points year-over-year. Adjusted EBITDA margin was 20.4% in the first quarter, up 310 basis points over the prior year, and the third consecutive quarter above up 20%. Diluted EPS in the quarter was $0.59, up 168% compared with the prior-year period, and diluted non-GAAP EPS of $0.80 rose 82%, exceeding the high end of our guidance range and a great start toward our expectation to deliver double-digit EPS growth for the second consecutive year. The upside reflects the real-life sales growth, margin expansion, and solid operating performance.

第一季營業利益年增76%至3,000萬美元，營業利益率擴張440個基點至13.1%，展現本業固有的營運槓桿。以非GAAP基礎計算，本季調整後營業利益率為16.7%，年對年提升330個基點。第一季調整後EBITDA利潤率為20.4%，較去年提升310個基點，且連續第三季維持在20%以上。本季稀釋每股盈餘（EPS）為0.59美元，較去年同期成長168%；稀釋非GAAP EPS為0.80美元，成長82%，不僅超越我們指引區間的上緣，也為我們預期連續第二年達成雙位數EPS成長奠定良好開端。這項上修主要反映實際銷售成長、毛利率擴張，以及穩健的營運表現。

Turning to the segments, please refer to slide 9. Growth remained broad-based, driven by both segments in all regions. Hydraulic sales were up 10% and electronics up 29%. On a pro forma basis and normalizing for the impact of foreign exchange, hydraulics grew 19%. Recently, we saw growth across the Americas and EMEA, while APAC declined year-over-year as a result of the divestiture. On a pro forma basis, APAC grew over last year as well. Our business mix has shifted year-over-year to a greater weighting of electronics from not only the CFP divestiture, but also because our electronics segment has been growing faster on a relative basis. By end market, hydraulic sog strength and mobile, especially in the construction category, along with continued signs of recovery in agriculture, while we've seen channel inventories normalize. Our lead times have improved with operational challenges behind us, and we are capitalizing on this to win more business.

接著看各事業部，請參閱投影片第9頁。成長仍相當廣泛，由兩個事業部在各區域共同帶動。液壓產品銷售成長10%，電子產品成長29%。以備考基礎並將匯率影響正常化後，液壓業務成長19%。近期我們在美洲與EMEA（歐洲、中東與非洲）均見到成長；而APAC（亞太）因處分而年對年下滑。但以備考基礎來看，APAC也較去年成長。我們的業務組合年對年已轉向電子比重更高，這不僅來自CFP處分，也因電子事業部相對成長更快。就終端市場而言，液壓在SOG（售後市場）與移動式應用表現強勁，尤其是建築類別；同時在通路庫存正常化之際，農業市場也持續出現復甦跡象。隨著營運挑戰已成過去，我們的交期已改善，並正藉此爭取更多業務。

We have a clear path identified to drive incremental sales across a number of adjacent markets we've not historically participated in. All of this gives us confidence in driving sustainable growth across our hydraulic segment. Hydraulics gross profit in the quarter grew 18% year-over-year, and gross margin expanded 220 basis points to 31.8%, driven by better fixed cost leverage on higher volume, lower material costs, and the impact of the CFP divestiture. Segment SEA expenses in the quarter increased approximately $1 million, or 4% primarily reflecting investments in wages and benefits, as well as research and development, but improved as a percentage of sales. Segment operating income increased 34% to $23.4 million, and operating margin expanded by 300 basis points.

我們已明確辨識出一條路徑，可在多個過去未曾深度參與的相鄰市場推動增量銷售。這些因素都讓我們對於推動液壓事業部的可持續成長更具信心。本季液壓毛利年增18%，毛利率擴張220個基點至31.8%，主要受惠於更高出貨量帶來的固定成本槓桿、材料成本下降，以及CFP處分的影響。本季部門SEA費用約增加100萬美元（約4%），主要反映在薪資與福利，以及研發方面的投資，但占銷售額比重有所改善。部門營業利益增加34%至2,340萬美元，營業利益率擴張300個基點。

In electronics, demand remained robust across recreational markets, including persistent strength with a large OEM customer that has been a key contributor to recent volume outperformance. While there are still pockets of softness in certain consumer-exposed end markets, most notably marine. We are realizing growth with health and wellness, mobile, and industrial. Overall, the electronics segment is performing extremely well on driving profitable sales growth. Electronics gross profit in the quarter was up 36%, and gross margin expanded 170 basis points, primarily driven by higher volumes and lower direct labor costs as a percentage of sales. SEA expenses increased $2 million, reflecting ongoing investment in engineering and research and development improved as a percentage of sales. Segment operating income increased 78% to $14.2 million and operating margin expanded by 430 basis points.

在電子業務方面，休閒相關市場需求仍然強勁，其中對一家大型OEM客戶的持續強勢表現，成為近期出貨量超預期的關鍵貢獻者。儘管在部分面向消費者的終端市場仍有疲弱區塊，最明顯的是船舶（marine）。我們在健康與保健、移動式應用與工業領域正實現成長。整體而言，電子事業部在推動具獲利性的銷售成長方面表現極佳。本季電子毛利成長36%，毛利率擴張170個基點，主要由更高出貨量以及直接人工成本占銷售額比重下降所帶動。SEA費用增加200萬美元，反映持續投入工程與研發，但占銷售額比重有所改善。部門營業利益增加78%至1,420萬美元，營業利益率擴張430個基點。

On slide 10, we generated $24 million of cash from operations and $17 million of free cash flow, both records for our first quarter. It's well worth noting that we've been able to effectively manage our working capital as we've returned to growth, achieving a 25-day year-over-year improvement in our cash conversion cycle. Flipping to slide 11, you'll see we used this cash to further strengthen the balance sheet as we continue to pay down debt, bringing our net debt to adjusted EBITDA leverage ratio down to 1.6 times at quarter end, compared with 2.7 times in the prior year period. The lower debt level, along with a lower spread on our credit facility borrowings due to reduced leverage, resulted in $2 million interest expense savings in the first quarter compared to the prior year. Total liquidity continues to exceed total debt, giving us ample flexibility to fund organic growth investments and return capital to shareholders, while preserving dry powder for strategic M&A consistent with the core strategy we shared during our Investor Day.

在投影片第10頁，我們營運活動產生現金2,400萬美元，自由現金流1,700萬美元，兩者皆創下我們第一季的歷史新高。值得一提的是，在我們重回成長之際，仍能有效管理營運資金，使現金轉換週期年對年改善25天。翻到投影片第11頁，您會看到我們運用這些現金進一步強化資產負債表，持續償還債務，使期末淨負債對調整後EBITDA槓桿比率降至1.6倍，較去年同期的2.7倍明顯下降。較低的負債水準，加上因槓桿降低而使我們在信用融資額度借款的利差下降，讓第一季利息費用較去年同期節省200萬美元。總流動性仍高於總債務，使我們具備充足彈性，可資助內生成長投資並回饋股東，同時保留資金實力以進行符合我們在投資人日所分享核心策略的策略性併購。

As mentioned, we extended our history of paying cash dividends to 117 consecutive quarters, highlighted by a 33% increase to $0.12 per share. We also deployed nearly $5 million on share repurchases during the quarter, leaving approximately $82 million remaining on our share repurchase authorization. Slide 12 reflects the 2026 financial priorities that we established. We started the year with solid execution against each priority, as confirmed by our first-quarter results. We remain focused on disciplined operational execution and investing in high-return opportunities, positioning Helios for earnings growth and long-term value creation.

如前所述，我們將發放現金股利的紀錄延續至連續117個季度，其中亮點是每股股利提高33%至0.12美元。本季我們也投入近500萬美元進行庫藏股買回，依據授權額度，尚餘約8,200萬美元可用於買回。投影片第12頁反映我們所訂定的2026年財務優先事項。我們在年初即針對各項優先事項展現穩健的執行力，第一季業績亦印證了這一點。我們將持續專注於嚴謹的營運執行並投資於高報酬機會，為Helios的獲利成長與長期價值創造奠定定位。

Turning to slides 13 and 14, based on our strong first-quarter performance and improved visibility into the second quarter, we are raising the full-year sales and earnings per share outlook. We now expect sales to be in the range of $840 million to $870 million for the year, compared with $839 million as reported in 2025 and $792 million on a pro forma basis. This implies 8% growth over 2025 on a pro forma basis at the midpoint, driven primarily by volume growth in our core platforms and the ramping of recent commercial winds. At the segment level for the full year, we expect hydraulic sales in the range of $520 million to $535 million, up approximately 7% at the midpoint on a pro forma basis. For electronics, we expect sales in the range of $320 million to $335 million, up 10% at the midpoint. We continue to expect 2026 adjusted EBITDA margin to be in the range of 19.5% to 21%, reflecting gross margin expansion, operating expense discipline, and the full-year benefit of our portfolio and footprint actions.

接著看投影片第13與第14頁，基於第一季的強勁表現以及對第二季能見度提升，我們上調全年銷售與每股盈餘展望。我們目前預期全年銷售額將介於8.40億至8.70億美元之間；相較之下，2025年報告數為8.39億美元，備考基礎為7.92億美元。以中位數計算，這代表在備考基礎下較2025年成長8%，主要由核心平台的出貨量成長以及近期商業動能的加速放量所帶動。就全年各事業部而言，我們預期液壓銷售額將介於5.20億至5.35億美元之間，以中位數計算在備考基礎下約成長7%。電子方面，我們預期銷售額將介於3.20億至3.35億美元之間，以中位數計算成長10%。我們仍預期2026年調整後EBITDA利潤率將介於19.5%至21%之間，反映毛利率擴張、營業費用紀律，以及我們投資組合與據點調整措施帶來的全年效益。

We now expect diluted non-GAAP EPS in the range of $2.70 to $2.95, or 11% growth at the midpoint. For the second quarter of 2026, we expect sales to be in the range of $227 million to $232 million, up 16% over last year's second quarter at the midpoint when taking the divestiture of CFP into consideration. At the segment level for the second quarter, we expect hydraulic sales in the range of $141 million to $144 million, up approximately 13% at the midpoint on a pro forma basis. For electronics, we expect sales in the range of $86 million to $88 million, up 21% at the midpoint. We expect consolidated adjusted EBITDA margin to be in the range of 20% to 21%, up 190 basis points at the midpoint and diluted non-GAAP EPS of $0.78 to $0.83 per share, up 36% at the midpoint. As we originally guided 2026, we expect first-half growth rates to be stronger year-over-year compared to the second half, driven by the timing of end-market recoveries and the ramp of certain commercial winds in the second half of 2025.

我們目前預期稀釋後非 GAAP 每股盈餘（EPS）將落在 2.70 至 2.95 美元區間，以中位數計算成長 11%。針對 2026 年第二季，我們預期銷售額將落在 2.27 億至 2.32 億美元區間；若將 CFP 的剝離（divestiture）納入考量，以中位數計算較去年第二季成長 16%。以事業部門層級來看，第二季我們預期液壓業務銷售額將落在 1.41 億至 1.44 億美元區間，以備考（pro forma）基礎計算，中位數約成長 13%。電子業務方面，我們預期銷售額將落在 8,600 萬至 8,800 萬美元區間，以中位數計算成長 21%。我們預期合併調整後 EBITDA 利潤率將落在 20% 至 21% 區間，以中位數計算提升 190 個基點；稀釋後非 GAAP EPS 為每股 0.78 至 0.83 美元，以中位數計算成長 36%。如同我們最初對 2026 年的指引，我們預期上半年年對年成長率將較下半年更強，主要受終端市場復甦時點以及 2025 年下半年部分商用風電（commercial winds）放量（ramp）的時程所驅動。

We are also mindful of several second-half considerations to our full-year outlook, including the uncertain tariff landscape, the inflationary pressures on fuel costs, the impact of rising energy prices, chip cost dynamics, ongoing geopolitical tensions, and broader. Recovery of cyclical markets. We remain focused on executing the core strategy, positioning Helios for earnings growth and long-term value creation. With that, please turn to slide 15, and I'll turn the call back to Sean for his closing remarks.

我們也留意到若干影響全年展望的下半年考量因素，包括關稅情勢的不確定性、燃料成本的通膨壓力、能源價格上升的影響、晶片成本變動、持續的地緣政治緊張，以及更廣泛的。週期性市場的復甦。我們仍專注於落實核心策略，讓 Helios 具備獲利成長與長期價值創造的定位。接下來請翻到第 15 頁投影片，我將把電話會議交回 Sean 做結語。

Thanks, Jeremy. As you've heard today, Helios is off to a strong start in 2026. We are delivering double-digit sales growth, expanding margins, and realizing strong cash generation. We are making progress on the initiatives that underpin the core strategy and have a balance sheet that enables us to make strategic organic investments and explore incremental acquisition opportunities. Thank you to the global Helios team for such a strong start out of the gate for the year. Our go-to-market engine is performing. We're converting a healthy funnel of opportunities into wins across both segments and across the regions where we compete. Our innovation roadmap is on track with a robust pipeline of new products, including the all-new state-of-the-art QMEH cartridge valve with proprietary position sensor technology launched by Sun Hydraulics at ConExpo, Faster's launch of a collection of new products designed to support thermal management systems within data centers.

謝謝你，Jeremy。如各位今天所聽到的，Helios 在 2026 年有一個強勁的開局。我們實現了雙位數的銷售成長、擴大利潤率，並帶來強勁的現金創造。我們在支撐核心策略的各項計畫上持續取得進展，同時也擁有一個資產負債表，使我們能進行策略性的有機投資，並探索額外的併購機會。感謝全球 Helios 團隊在今年一開始就交出如此強勁的成績。我們的市場推進（go-to-market）引擎運作良好。我們正將健康的商機漏斗轉化為在兩大事業部門、以及我們競爭的各個區域中的勝出案。我們的創新路線圖按計畫推進，擁有強健的新產品管線，包括 Sun Hydraulics 在 ConExpo 推出的全新、最先進的 QMEH 插裝閥（cartridge valve），搭載專有的位置感測器技術；以及 Faster 推出一系列新產品，旨在支援資料中心內的熱管理系統。

And our next generation of electronics platforms like the OpenView S70 display to provide advanced control and monitoring systems within data centers and other end markets. Our operational excellence efforts from footprint optimization in North America and Europe to productivity improvements across our facilities are all designed to support margin expansion toward the long-term targets we laid out at Investor Day. Most importantly, we have a high-performing global team that is executing with discipline and a customer-centric culture that believes in the path we've laid out. The combination of a clear strategy, a stronger operating model, and a solid financial foundation has Helios positioned well to navigate a dynamic environment and to deliver sustainable growth, enhanced profitability, and compelling long-term value for our shareholders. We will stay focused on running our own race, settling into our accelerated. And keeping our sights set on the long-term targets we have established for ourselves. Thank you for your engagement and support. With that, operator, let's open the lines for Q&A, please.

以及我們的新一代電子平台，例如 OpenView S70 顯示器，可在資料中心及其他終端市場提供先進的控制與監測系統。我們在營運卓越方面的努力——從北美與歐洲的據點（footprint）最佳化，到各廠區的生產力提升——皆旨在支持利潤率朝我們在投資人日所提出的長期目標擴張。最重要的是，我們擁有一支高績效的全球團隊，以紀律執行，並具備以客戶為中心、相信我們所規劃路徑的文化。清晰的策略、更強的營運模式與穩健的財務基礎相結合，使 Helios 能夠良好地因應多變的環境，並為股東帶來可持續的成長、更高的獲利能力，以及具吸引力的長期價值。我們將持續專注於跑好自己的賽道，落實我們加速的。並將目光鎖定在我們為自己所建立的長期目標上。感謝各位的參與與支持。接下來，接線員，請開放線路進行問答，謝謝。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Chris Moore, CJS Securities.

謝謝。我們現在將進行問答環節。（接線員指示）Chris Moore，CJS Securities。

Hey, good morning, guys. Congrats on a great quarter. Thanks for taking a couple. Despite continued success, it still doesn't look like you're necessarily operating in an environment where you're seeing exceptional broad strength across a lot of your markets. Maybe can you drill down a little further on how you would characterize demand kind of overall at this point?

嘿，各位早安。恭喜這一季表現很棒。謝謝讓我問幾個問題。儘管持續成功，但看起來你們未必是在一個能在許多市場看到特別廣泛強勁需求的環境中營運。或許你們能再更深入說明一下，現階段你們會如何整體描述需求狀況？

Good morning, Chris. Thanks for the call or the question. Yes. In terms of the demand environment and the market environment, certainly, we've continued to see our order trends pace favorably. A couple of just talking points there in terms of year-over-year order demand, we've seen 12 consecutive months, including April, of double-digit order intake over the prior year. And secondly, when you look at our order backlog, that obviously continues to grow and continues to be up about double-digits year-over-year as well. So our order trends are strong. When we look at the market performance, though, we've characterized it as choppy. We've got our four big, large businesses, and if you go around the horn on those with Sun Hydraulics.

早安，Chris。謝謝你的來電或提問。是的。就需求環境與市場環境而言，我們確實持續看到訂單趨勢的節奏表現良好。就年對年的訂單需求而言，有幾個重點：我們已連續 12 個月（包含 4 月）訂單接單量（order intake）相較前一年維持雙位數成長。第二，當你看我們的訂單積壓（order backlog），顯然也持續成長，年對年同樣約為雙位數增幅。因此，我們的訂單趨勢很強。不過，當我們看市場表現時，我們將其形容為波動不定（choppy）。我們有四個大型核心業務，若逐一檢視，先從 Sun Hydraulics 開始。

Really benefiting from the construction and infrastructure investments that are being made and a lot of the OEM equipment that our products goes into through our distribution channels. We're seeing that very strong. And in addition, we really look at the channel inventory levels of our distribution partners, and they're at very healthy levels down again in levels where we would envision more reordering patterns. On the ag side at Faster, where they're predominantly indexed to, it's really a story of geographic impacts where Europe and Asia are stronger and the U.S. continues to be a challenge market here in the Americas. And so we've done a nice job to diversify that business into more construction and also recently announced our entry into the thermal management for data centers. So we see some nice green shoot opportunities there as well. On the electronic side, the Balboa business for that health and wellness market continues to be.

確實受惠於正在進行的建築與基礎建設投資，以及透過我們的經銷通路、我們產品所導入的許多 OEM 設備。我們看到那部分非常強勁。此外，我們也密切關注經銷夥伴的通路庫存水位，目前處於非常健康的水準，且再次回到我們預期會出現更多補貨（reordering）模式的水位。在 Faster 的農業端（ag），其主要曝險（indexed to）於該領域，這更多是地理區域影響的故事：歐洲與亞洲較強，而美國在美洲地區仍是較具挑戰的市場。因此，我們已成功將該業務多元化，更多切入建築領域，並且近期也宣布進軍資料中心的熱管理。因此我們也看到一些不錯的萌芽機會（green shoots）。在電子端方面，Balboa 這個健康與福祉市場的業務仍持續是。

A low single-digit growth market that has effectively recovered from the gyrations from what COVID happened with the uptick during COVID and then the downturn, where we're back consistently growing that business. And we've seen a shift there as well, where Asia is particularly growing faster than a little bit lighter here in the Americas, and that's just due to where the OEMs are choosing to make the end equipment as us as the lead. Why we're a bit agnostic to where the spas get built because we're going to fulfill that demand and chase that in whichever geography it is. And then finally, with innovation controls, very diversified, but as we highlighted in our prepared remarks, it was a record quarter for innovation. So we're really thrilled about the trajectory there and the marketplace is mixed. So. The biggest part of the innovation business has historically been the recreational, which is also off-road products and marine. Marine still remains very challenged. Recreational is stabilized as the dealer channel inventories have been stable as well there for a period of time and starting to see some growth. And then the off-highway continues to be an increase there. But our business is really indexed to the U.S. there and generally feeling really good about the large growth we're getting out of that.

一個低個位數成長的市場，且已有效從 COVID 期間的劇烈波動中復原——COVID 期間需求上升、之後又下滑——目前我們已回到持續且穩定地成長該業務。我們也看到那裡出現轉變：亞洲的成長特別更快，而美洲這邊相對略為疲弱；這主要是因 OEM 選擇在何處製造終端設備，而我們作為主要供應商（lead）所致。至於水療設備（spas）在哪裡生產，我們相對不帶偏好（agnostic），因為無論在哪個地理區域，我們都會滿足需求並追逐該需求。最後是 Innovation Controls，業務非常多元；但如同我們在事先準備的講稿中所強調的，Innovation 這一季創下歷史新高。因此我們對其發展軌跡感到非常振奮，而市場面則是好壞參半。所以。Innovation 業務歷來最大的一部分是休閒（recreational），也包含越野產品（off-road）與船舶（marine）。船舶市場仍然非常具挑戰。休閒市場已趨於穩定，因為經銷通路庫存也已在一段時間內維持穩定，並開始看到一些成長。而非公路（off-highway）則持續增加。但我們該業務主要曝險於美國市場，整體而言，我們對從中取得的可觀成長感到非常樂觀。

That is really helpful. I appreciate that. And maybe just a follow-up. So coming into the quarter, consensus adjusted EPS roughly was really the same level for Q3 and Q4. Based on the strong Q1 and the Q2 guide and overall '26 guide, obviously, 2H is going to have to come down some. I just wonder, how are you thinking about kind of Q3 versus Q4 at this point in time?

這真的很有幫助。我很感謝。另外也許再追問一下。所以在進入本季時，市場共識的調整後 EPS 大致上在 Q3 和 Q4 是差不多的水準。基於強勁的 Q1、Q2 的指引以及整體 '26 指引，很明顯下半年（2H）必須會下修一些。我只是想請教，你們目前是如何看待此時點的 Q3 相較於 Q4？

Yeah, Chris, this is Jeremy. As you noted, and we said when we did the initial guide for the year that we expect the second half road to be a little bit less than what we see in the first half and part of that is due to the timing of some of those customer wins that we had last year, as well as some of the markets that we saw starting to return. And we get really good visibility into the next 12 weeks or so on the order book, especially on the distribution side, as you start getting out further than that, right, it's a little bit less clear. But definitely based on the good Q1, how we're guiding Q2, which we'd expect to be similar to Q1, we did raise. The outlook, we're expecting to have a little bit stronger year than we did originally. And when we look at the EPS specifically in the second half, yeah, we have it coming down as well, obviously, if we look at the midpoint of our guide at the $288, and we would see it a little bit higher in the third quarter and relatively similar in the fourth quarter as well.

是的，Chris，我是 Jeremy。如你所提到的，我們在年初給出年度初始指引時也說過，我們預期下半年的走勢會比上半年略低一些，其中一部分原因是去年我們拿下的一些客戶案子的時點因素，以及我們看到部分市場開始回溫。我們對接下來大約 12 週的訂單簿（order book）有非常好的能見度，特別是在經銷/通路（distribution）端；但當你把時間拉得更遠時，對吧，就會比較不那麼清楚。不過，基於良好的 Q1 表現，以及我們對 Q2 的指引（我們預期會與 Q1 類似），我們確實上調了。展望，我們預期今年會比原先預期更強一些。而當我們特別看下半年的 EPS 時，是的，我們也預期會下來；很明顯地，如果看我們指引中點的 2.88 美元（$2.88），我們會看到第三季略高一些，而第四季也會相對類似。

And then, Chris, can I just add on to that a little bit as well? Because I think it's important to point out from just not necessarily seasonality perspective, but the pace of our business. And Jeremy's made this point on prior calls that if you consider this year and then you go and you do a five-year period, four of those five years. Our first half has been bigger than the back half, kind of either 53% to 54% in the first half to 46% to 47% in the back half. And last year in '25, Jeremy's point being, the back half was really strong. And so that's the only year out of those five where the back half was larger. And so we're really looking at this on a two-year growth basis. And if you do the math on our implied guidance, we actually, particularly at the high end of. Guide see the back half accelerating on a two-year basis from a growth rate perspective. And so I just want to highlight that, particularly because we have 1/4 of our business that's in...

另外，Chris，我也可以再補充一點嗎？因為我認為從不一定是季節性，而是從我們業務節奏的角度來看，這點很重要。Jeremy 在先前的電話會議也提過：如果你看今年，然後回頭看五年期間，其中有四年。我們上半年都比下半年大，大概是上半年 53% 到 54%，下半年 46% 到 47%。而去年 '25，Jeremy 的重點是，下半年非常強。因此在那五年中，只有那一年是下半年更大。所以我們其實是用兩年成長的基礎來看這件事。如果你用我們隱含的指引去算，實際上我們，特別是在。指引高端，會看到下半年在兩年基礎的成長率角度是加速的。所以我想特別強調這點，尤其因為我們有 1/4 的業務是在……

The EMEA region roughly, and that July-August time period is generally seasonality just a little bit lower. So that's one of the things at play. So we've been mindful. I would say we want to be cautious to see further growth develop in the back half, but we couldn't be more thrilled out of the gate here, getting ahead of our plan and the ability to raise our Q2 expectation. And then Q2 will be -- it's typically a large quarter for order. So as we pace throughout the quarter, we'll get better visibility into that back half because we are a fairly short cycle in terms of our order trends, but we feel really good about the momentum. And as I highlighted, 12 consecutive quarters of double-digit order intake, including the month of April, if that continues, we will continue to chase our numbers up.

大約在 EMEA 區域，而 7-8 月那段期間一般在季節性上會稍微偏低一些。所以這是其中一個影響因素。因此我們一直很留意。我會說，我們希望保持謹慎，觀察下半年是否會出現進一步成長，但我們對於一開始就能超前計畫、並且能夠上調 Q2 預期，感到非常振奮。另外 Q2 會是——通常是訂單。相對大的季度。所以隨著本季推進，我們會對下半年有更好的能見度，因為就訂單趨勢而言，我們的週期相當短，但我們對這股動能感覺非常好。而且如我所強調的，連續 12 個季度的訂單接單（order intake）都達到雙位數成長，包含 4 月；如果這樣的趨勢延續，我們會持續把我們的數字往上追。

That makes perfect sense. Thanks, guys. I really appreciate it. I'll jump back in line.

這完全說得通。謝謝各位。我真的很感謝。我回到隊列後面。

Thanks, Chris.

謝謝你，Chris。

Jeff Hammond, KeyBank.

Jeff Hammond，KeyBank。

Hey, good morning, everyone. This is David Tarantino on for Jeff.

嗨，各位早安。我是代替 Jeff 的 David Tarantino。

Hey, David.

嗨，David。

I just want to follow-up on that last point, Sean, acknowledging the choppy backdrop you were describing and the back half comps are tougher, but could you give us some perspective on what the implied second half outlook embeds relative to the underlying demand trends you're seeing today and what the customers are telling you? Is the second half moderation more around being conservative given that it's still relatively limited visibility or should we be thinking about something from an end market perspective?

我想就你剛才最後一點再追問一下，Sean。你提到你所描述的波動環境，而且下半年的比較基期更具挑戰，但你能否提供一些觀點：隱含的下半年展望，相對於你們今天看到的底層需求趨勢，以及客戶告訴你們的情況，裡面反映了什麼？下半年的放緩更多是因為在能見度仍相對有限的情況下採取保守態度，還是我們應該從終端市場的角度去思考某些因素？

So, I would say. First again, I just want to anchor back to the prior year when we look at the prior year and I'm going to take CFP out of those numbers because I think it's important to strip that out knowing that was a roughly a $60 million run rate business had about $45 million of revenue in the 2025 period. But when you look at that last year in the back half, excluding that, we reported a plus 21% in the back half and so. As we carry that forward into this year, we think at the low end, there could be some contraction over that. However. At the high end, for sure, we could see growth as well. And again, that's just taking Q1 actuals with our Q2 implied guide and the back half. But then when you look at it on the two-year trend, again, it actually would accelerate on the back half. It would be a plus 15, the first half, plus 20 on the back half at the high end of the 870 full-year guide. I think some of the variability and the factors we're looking at is ag is a big part of that and what does. That recovery look like.

所以，我會說。首先，再次我想先回到前一年：當我們看前一年時，我會把 CFP 從這些數字中剔除，因為我認為把它剝離出來很重要；要知道那是一個年化約 6,000 萬美元（$60 million）規模的業務，在 2025 期間約有 4,500 萬美元（$45 million）的營收。但當你看去年下半年，排除那部分後，我們下半年報告的是 +21%，所以。當我們把這個帶入今年時，我們認為在低端，可能會相較之下出現一些收縮。然而。在高端，當然我們也可能看到成長。而且再次強調，這只是把 Q1 實績、我們 Q2 隱含指引，以及下半年加總來看。但如果你從兩年趨勢來看，它其實會在下半年加速。在全年指引 8.70 億（870）的高端情境下，上半年會是 +15%，下半年會是 +20%。我認為我們正在看的部分變動性與因素之一是農業（ag）占比很大，以及。那個復甦會長什麼樣子。

We are encouraged by the most recent releases from some of the Ag OEMs, the large three, AgCo, C&H, Deer. Obviously, Deer is not reporting for another nine days, but given what's expected of their sales, the AgCo growth was nice to see in the quarter, knowing that we're a supplier, and we're going to feel that a little bit earlier, and that's what we've seen in our order book. We look at our faster order trends, and our orders are. Consistently outpacing our sales, and so that could be that could be a mover. The other one is our announced entry into this thermal management business with Faster. We're pretty confident that that will start ramping in the back half of the year. We have not had any revenue yet. And so when we look at whether it's Faster or the rest of our products that have been launched like the QMEH bell, like some of the displays that we talked about for innovation, these are incremental. These aren't cannibalizing existing sales. And so it really starts with that closeness to the customer, understanding their needs and building our product pipeline around that. So those are some of the things that we see, but our own execution. Internally is at a high level right now, and we need to continue that with our product launches, which will be robust here in the back half of the year, and we expect to have some successful launches.

我們受到一些農業 OEM（Ag OEMs）近期發布資訊的鼓舞，三大廠：AGCO、C&H、Deere。當然，Deere 還要再九天才會公布，但就其銷售預期而言，這一季看到 AGCO 的成長是件好事；考量到我們是供應商，我們會更早感受到一些，而這也正是我們在訂單簿中看到的。我們觀察較快的訂單趨勢，我們的訂單。持續跑贏我們的銷售，因此那可能會是——可能會是推動因素。另一個因素是我們宣布與 Faster 進入這個熱管理（thermal management）業務。我們相當有信心，這會在今年下半年開始放量。我們目前尚未有任何營收。因此當我們看不論是 Faster，或是我們其他已推出的產品，例如我們提到的創新產品中的 QMEH bell、以及一些顯示器（displays），這些都是增量。這些並不是在侵蝕既有銷售。所以一切都從貼近客戶開始，理解他們的需求，並圍繞這些需求建立我們的產品管線。所以這些是我們看到的一些事情，但我們自身的執行。目前在內部處於很高水準，我們需要在產品上市方面持續保持，因為今年下半年會有相當強勁的產品上市節奏，我們也預期會有一些成功的上市。

Yeah, I would just add to the new product piece. We did talk about the new wins that we had in 2025, and some of those started in 2025. We projected that around $60 million in new business win to be phased in over time. And a lot of maybe second-half potential is in some of those new products and timing of getting orders for those, some of those Sean mentioned, and we continue to put out press releases on new products, and we're pretty excited about the product roadmap that we have.

是的，我只想再補充一下新產品這一塊。我們確實談到過在 2025 年拿下的新案子，其中有些是在 2025 年開始的。我們預估約 6,000 萬美元的新業務得標會隨時間逐步導入。而下半年一些潛在機會，很大一部分來自部分新產品，以及取得這些產品訂單的時點；其中一些 Sean 也提到過。我們也持續針對新產品發布新聞稿，對我們的產品路線圖感到相當振奮。

Okay, great, that's helpful. And maybe turning to margins, you highlighted a number of cost headwinds in the prepared remarks, which don't seem apparent in the margins yet, I guess. Can you walk us through the puts and takes on the margin guide, particularly around price costs, and if there's any incremental tariff impacts and what you're doing to offset these headwinds you laid out?

好的，很好，這很有幫助。接著談到毛利率，你們在事先準備的發言中提到多項成本逆風，但我想目前在毛利率上似乎還不太明顯。你們能否帶我們梳理一下毛利率指引的增減因素，特別是價格與成本之間的影響？另外是否有任何額外的關稅衝擊，以及你們如何抵銷你們提到的這些逆風？

Yeah, absolutely. This is Jeremy. As we said at our Investor Day, and as you can see in our results, one of the biggest movers on our margin is just the volumes. And as we get the leverage going through our footprint, you can see that ramp as we saw here in Q1 with the year-over-year improvement. In the guide at the midpoint for the second half, right, sales would be a bit lower. However, we're still committed to improving our margins. Our intent is to improve margins roughly 100 basis points per year as we go forward towards our long-term 2030 targets that we communicated. When we look at some of the inflationary pressures, you mentioned tariffs.

好的，當然可以。我是 Jeremy。如同我們在投資人日所說、也如你在我們的結果中所看到的，影響毛利率最大的因素之一就是出貨量。當我們在整個製造與營運據點中取得規模槓桿時，你會看到那個爬升，就像我們在第一季看到的年對年改善。以指引中位數來看，下半年銷售額會稍微低一些。不過，我們仍然致力於提升毛利率。我們的目標是在邁向我們已對外溝通的 2030 長期目標過程中，未來每年大約提升 100 個基點的毛利率。當我們看一些通膨壓力時，你提到了關稅。

We've done a fairly good job of mitigating those tariffs. We talked about moving some of the production into following our in the region for the region strategy. We've looked at sourcing products from alternate suppliers been fairly successful with that. We've also had some pricing actions in place too. So from, I'd say, a dollar perspective, we're recovering really well. It does have an impact on the margin percentage because we're not we're essentially passing through tariff. Cost, not trying to make incremental profit on those. And I think we've navigated that fairly well. We communicated last year, tariff impacts in the second half were roughly $8 million. So on a full run rate basis, it'd be a little higher. But in the current tariff situation, that definitely is still fluid, subject to change, right, with the ruling on the IEPA tariffs, it actually would be less than that if things maintained as they are now.

我們在緩解這些關稅方面做得相當不錯。我們談到過把部分生產移轉到「在地供應在地」（in the region for the region）的策略之下。我們也評估從替代供應商採購產品，而且在這方面相當成功。我們也採取了一些調價措施。所以從金額角度來看，我們的回收做得很好。但它確實會影響毛利率百分比，因為我們基本上是在轉嫁關稅成本，並不是想在這些關稅上額外賺取增量利潤。我認為我們在這方面處理得相當好。我們去年曾溝通過，下半年關稅影響約為 800 萬美元。所以若以完整的年化運行率來看，會略高一些。但在目前的關稅情勢下，這仍然是變動的、可能會改變；例如針對 IEPA 關稅的裁定，如果現況維持不變，實際影響會比那個數字更低。

But again, who knows with that situation. Outside of tariffs, the two costs that we do see inflationary pressure on, one is just freight costs with fuel. The fuel surcharges with the freight carriers continue to go up. We're starting to see surcharges, in fact, to 2022 levels, as well as some of the rising energy costs, more specifically there in Europe. And so, we look to offset those, obviously pricing is a component, our pricing strategy over the last 12 months or so has been to recover our cost, and so that is absolutely a lever in things that we're looking at. Definitely some marginal pressure, but I believe we're managing that really well, and we're still looking to expand our margins as we grow and as we get to top-line growth targeting that 100 basis points roughly expansion per year.

但再說一次，這個情況誰也說不準。除了關稅之外，我們看到有通膨壓力的兩項成本：第一是運費成本，與燃油相關。貨運承運商的燃油附加費持續上升。我們開始看到附加費回到 2022 年的水準，同時能源成本也在上升，尤其是在歐洲。因此我們會尋求抵銷這些影響；顯然，定價是其中一個手段。我們過去約 12 個月的定價策略是回收成本，所以這絕對是我們正在運用的槓桿之一。確實有一些毛利率壓力，但我相信我們管理得很好；而且隨著我們成長、並達成營收成長目標，我們仍希望擴大毛利率，目標是每年約 100 個基點的擴張。

And I think 2025 demonstrated that we can contend with a very volatile situation and still control our margins. And as is implied in our guidance. We've held our full-year adjusted EBITDA range from 19.5% to 21%. Yes, we've taken up our top line, but by $10 million on the high end. So effectively saying our margin profile is intact and anchoring back to our commitments to drive over 100 basis points of improvement year on and year out over through cycle to 2030, we feel really good about that. Obviously, we've got way ahead here in the first quarter. From a year-over-year perspective, and again, from a guidance setting perspective, since Jeremy and I have been partnering on this, we try and protect on the bottom end for some unforeseen things, but we're obviously striving to hit the top end of our guidance. And if we can do that year over year, we're going to drive 180 basis points of adjusted EBITDA margin expansion, which would be a great result. And so really, the takeaway here is not a lot has changed since we entered the year, where you just had a strong start to the year. And I think a little bit of the second quarter is fairly well in line with what we saw coming into the year. We think the second quarter is going to look a lot like the first quarter. And I think from a street perspective and consensus, the construct of the year looked a little bit different. But for us, it's progressing slightly better than what we thought. And if this pace continues, we'll feel really good going into the back half of the year.

我認為 2025 年也證明了，我們能在非常波動的環境下仍然控制住毛利率。而這也反映在我們的指引之中。我們維持全年調整後 EBITDA 利潤率區間在 19.5% 到 21%。是的，我們把營收上調了，但高端只增加了 1,000 萬美元。所以等於是在說，我們的利潤率輪廓仍然完好，並且回到我們的承諾：在景氣循環中一路到 2030，每年持續推動超過 100 個基點的改善；我們對此感覺非常好。很明顯地，我們在第一季年對年表現已經大幅超前。再者，從設定指引的角度來看，自從 Jeremy 和我一起合作以來，我們會嘗試在底端保留一些空間，以因應不可預期的事情，但我們當然也努力要達到指引上緣。如果我們能年復一年做到這點，我們將推動 180 個基點的調整後 EBITDA 利潤率擴張，這會是很好的成果。所以重點是：自從我們進入今年以來，整體並沒有太多改變，只是今年開局很強。我認為第二季的情況也大致符合我們年初看到的趨勢。我們認為第二季看起來會很像第一季。而我想從市場與一致預期的角度來看，對全年結構的想像可能有點不同。但對我們而言，進展比我們原先想的稍微更好一些。如果這個節奏能延續，我們對進入下半年會感到非常有信心。

Great. Thanks.

很好。謝謝。

Mircea Dobre, Baird.

Mircea Dobre，Baird。

Hey, good morning, guys. It's Joseph Grabowski on for Mircea. Good morning.

各位早安。我是 Joseph Grabowski，代 Mircea 發言。早安。

Morning, Joe.

早安，Joe。

Hey, good morning. So just kind of building on the last two sets of questions. your sales in the first quarter, $228 million expected to be up a little bit sequentially. Those would be the two strongest quarters in several years, and that's even taken into account the divestiture, which reduced sales by about $15 million or so million a quarter. So, when you think about this kind of current level of sales, how do you kind of parse it out between recovering end markets and what you guys are doing internally as far as new product launches, new customers, new end markets, so forth?

嗨，早安。延續前兩組問題，你們第一季銷售額 2.28 億美元，預期會較前一季小幅成長。這將會是多年來最強的兩個季度，而且這還已經把資產剝離的影響納入考量；該剝離使得每季銷售額大約減少 1,500 萬美元左右。所以，當你們看待目前這個銷售水準時，你們如何在「終端市場復甦」與「公司內部作為」（例如新產品上市、新客戶、新終端市場等）之間，去拆解與判讀這些貢獻？

Thank you for the question, Joe. Yes, and I'm glad you picked up on the relevant comparable there once you take out CFB that the first quarter was one of our highest quarters ever of sales. And again, our Q2 guide would indicate it's going to look very similar in the second quarter. To answer the question in terms of where we see that growth coming from, and you and I, Jeremy, Tanya, enjoyed some time at Con Expo together, you saw it. You saw the activity in the booth. You saw the excitement. You saw all the new products we had on display. We think that is clearly the backdrop for our current environment in terms of our growth. And again, my point earlier of we need to cleanly continue to execute on our product launches to support that. Our refined go-to-market that we really changed significantly over the last 18 months. Is certainly driving a lot of that as well on how we're interfacing with our customers, how we're driving business discussions, how we're targeting new customers in adjacent spaces. The end markets, none of them are, would I call it, on fire or providing a significant year-over-year improvement.

謝謝你的問題，Joe。是的，我也很高興你注意到那個可比基礎：把 CFB 排除後，第一季是我們史上銷售額最高的季度之一。而且，我們對第二季的指引也顯示第二季看起來會非常相似。回到你的問題：就我們認為成長來源在哪裡而言，你和我、Jeremy、Tanya 在 Con Expo 一起待了一段時間，你也看到了。你看到了攤位上的活動。你看到了那股興奮感。你看到了我們展示的所有新產品。我們認為，這些顯然就是我們目前成長環境的背景因素。同樣地，我先前的重點是：我們需要持續、確實地把產品上市執行到位，以支撐這一切。我們在過去 18 個月大幅調整並精煉的市場進入策略（go-to-market），也確實推動了很大一部分成長，包括我們如何與客戶互動、如何推動商務討論、以及如何在相鄰領域鎖定新客戶。至於終端市場，沒有任何一個是——我會說——特別火熱或能帶來顯著的年對年改善。

In pockets, there are some really strong markets as we have, like construction here in the U.S. is doing well. In Asia, it's doing really well. In Europe, it's been pretty steady and good. But from an ag perspective, we all know where that is, and we already talked about that one. Our Balboa health and wellness, very slow growth, and we don't expect that one to grow. Any faster than historical low single-digit levels. However, we do believe we will continue to take share and outpace that with a lot of win-back strategies and our new product pipeline. And finally, innovation has continued to significantly outpace growth of any of our other businesses for multiple quarters, including a record quarter here in the past quarter. And that is 100% aligned to their go-to-market initiatives because those markets they operate in have been challenged. So as those come back. Gives us a lot of excitement. We know that those are very cyclical markets and some of those consumer discretionary. And even Ag, a long-term cyclical market that has to be bottoming here at a point in time, and there are signs in small compact tractors and other geographic regions where it is starting to recover. So we're pretty confident that if we get some market help, we can certainly be in that mid to upper point of our new guidance ranges.

在某些領域，我們確實看到一些非常強勁的市場，例如在美國這裡，建築業表現良好。在亞洲，表現非常好。在歐洲，則相當穩定且不錯。但從農業（Ag）的角度來看，我們都知道那塊的情況，而且我們也已經談過了。我們的 Balboa 健康與養生業務成長非常緩慢，我們也不預期它會成長。快於歷史上的低個位數成長水準。不過，我們確實相信，透過多項贏回策略以及我們的新產品管線，我們將持續提升市占並跑贏該成長速度。最後，創新業務在多個季度中持續顯著超越我們其他任何業務的成長，包括上一季創下的單季紀錄。而這與他們的上市（go-to-market）推進計畫是 100% 一致的，因為他們所服務的市場一直面臨挑戰。因此，當那些市場回溫時，讓我們非常振奮。我們知道那些都是高度循環性的市場，其中一些屬於可選消費（consumer discretionary）。甚至農業也是一個長期循環市場，必然會在某個時間點觸底，而在小型緊湊型拖拉機以及其他地理區域，我們已看到開始復甦的跡象。因此，我們相當有信心，如果市場能給我們一些助力，我們當然可以達到新版指引區間的中段到上段。

Great. That all sounds terrific. And maybe my just follow-up question, I know you guys just touched upon the tariff landscape, but maybe kind of drill down a little bit. Maybe what has changed as far as your tariff outlook versus maybe at the end of the or when you announce Q4, and I don't know, maybe any strategy you can give as far as the way you're thinking about tariff rebates or just anything around that topic?

很好。聽起來都非常棒。我可能再追問一下，我知道你們剛剛提到關稅環境，但也許可以再深入一點。例如，相較於年末或你們公布第四季（Q4）時，你們對關稅展望有哪些改變？另外，不知道你們在思考關稅退稅（rebates）或任何相關議題上，有沒有什麼策略可以分享？

Yeah, this is Jeremy. I'll take that one. Obviously, the topic of the IEPA refunds is at the forefront of our minds, probably like most other companies. We continue to monitor that situation closely. We will pursue refunds, although it's not extremely clear yet how that process will play out and when or if any of that will actually get collected. So that is. Not included in our guide or our numbers at this point from a how do we manage the tariff standpoint it's it will look a lot like it has done in the past you know we continue to look at our product portfolio and specific to our Tijuana facility making sure that those products are USMCA compliant.

好的，我是 Jeremy。我來回答這題。很明顯地，IEPA 退稅（refunds）這個議題是我們目前最關注的重點之一，可能也和多數其他公司一樣。我們會持續密切監控這個情況。我們會去申請退稅，儘管目前還不太清楚流程會如何進行，以及何時、或是否真的能收回任何款項。所以這部分，目前並未納入我們的指引或數字之中。從關稅管理的角度來看，做法會很像過去：我們會持續檢視產品組合，並特別針對我們的提華納（Tijuana）廠，確保那些產品符合 USMCA 規範。

Looking at the in the region for the region production as a way to avoid tariffs and then constantly working with our suppliers as well, and to the extent tariffs change and we need to, we're working with our customers and as a last resort, we'll take pricing actions. And that's been historical. So we'll continue to manage as we have up to this point and specific to refunds. We will absolutely monitor the situation. We will pursue refunds. But we're not going to factor that in until it comes a little bit more certain and we have a better feel for what would be paid and when. But to put it in perspective, maybe one thing to add. Just to quantify that a little bit, again, if you anchor back on our $8 million second-half impact of last year, a little more than half of that is related to the IEPA refunds. And that would be if everything were paid. And obviously, there is some uncertainty around that. So, it's not a huge number for us either. Just want to highlight that point.

我們也會以「區域內供應、區域內生產」（in the region for the region production）作為避免關稅的一種方式，並持續與供應商合作；若關稅有所變動且我們需要因應，我們也會與客戶協作，而在最後手段下，我們會採取調價行動。這一直是我們過去的做法。因此，我們會延續至今的管理方式；至於退稅部分，我們一定會持續監控情勢。我們會去申請退稅。但在更確定、且我們更能掌握可能支付的金額與時間點之前，我們不會把它納入考量。不過為了讓大家更有概念，我再補充一點。若以去年下半年 800 萬美元的影響作為基準，其中略多於一半與 IEPA 退稅相關。那是指在所有款項都能支付的情況下。而顯然，這部分仍存在一些不確定性。所以對我們而言，金額也不算特別大。只是想強調這一點。

Okay, great. Thank you. Good luck.

好的，很好。謝謝。祝你們順利。

Thanks.

謝謝。

Tomohiko Sano, JP Morgan.

JP Morgan 的 Tomohiko Sano。

Hi, good morning, everyone.

嗨，各位早安。

Morning, Tomo.

早安，Tomo。

Thank you for taking my questions. You highlighted strong recreational demand in electronics supported by a large OEM. For 2Q and fiscal year, it's the base case holds, normalizes, or decelerates, and what's driving that view, please?

謝謝讓我提問。你們提到在某大型 OEM 的支持下，電子業務的休閒需求（recreational demand）很強勁。對於第二季（2Q）與整個會計年度，你們的基本情境是維持、正常化，還是放緩？以及支撐這個看法的因素是什麼？謝謝。

Sorry, tell me, what's driving the view for?

不好意思，你是問支撐哪個看法的因素？

For the recreational demand? Yes, for strong recreational demand in electronics. You talk about the supported by a large OEM. So could you talk about your view into second quarter and the rest of the year, please?

針對休閒需求的看法？是的，針對電子業務強勁的休閒需求。你們提到有一家大型 OEM 的支持。所以能否談談你們對第二季以及今年其餘時間的看法？謝謝。

Yeah. So as Sean mentioned, within that innovation business, they've really been focused on their go-to-market strategy as well as new product. And we're rolling out our next-generation displays. We have an open view platform that's built on the CODESYS programming language, which actually empowers our customers to do some of their own engineering design on those displays and applications. And yes, we have seen some wins with the large OEM customer that you reference, but there are others. We have a very diversified customer base there as well. We've got a funnel of opportunities. And there is absolutely an opportunity to win more business.

好的。如 Sean 所提到，在那個創新業務中，他們確實一直專注於其上市（go-to-market）策略以及新產品。我們正在推出下一代顯示器。我們有一個以 CODESYS 程式語言為基礎的開放式檢視平台（open view platform），這實際上能讓客戶在這些顯示器與應用上，自行進行部分工程設計。是的，我們確實在你提到的那家大型 OEM 客戶上取得了一些勝利（wins），但也還有其他客戶。我們在那裡也有非常多元分散的客戶基礎。我們有一個機會漏斗（funnel of opportunities）。而且絕對有機會贏得更多業務。

Our outlook for the rest of the year includes the impact from expected new wins, as well as changes to both our order trends and our OEM forecast. So with all the OEM customers, we engage with them on a regular basis. We get updates from them. And I would say, at least as of now, those forecasts haven't changed that materially from when we set off the annual guide. The other thing I would just highlight about that innovation business is they continue to diversify as well into the industrial space, mobile space. They actually have a product as well that has been sold into the data center environment. So. It's not just the recreation where we see opportunities there with innovation.

我們對今年其餘時間的展望，已包含預期新增勝利案（new wins）的影響，以及我們的訂單趨勢與 OEM 預測的變化。因此，對所有 OEM 客戶，我們都會定期與他們互動。我們會從他們那裡取得更新。而我會說，至少截至目前，這些預測相較於我們制定年度指引時，並沒有出現非常重大的變化。另外我想強調的是，這個創新業務也持續在多元化，拓展到工業領域、行動領域。他們其實也有一項產品已銷售到資料中心環境。所以，我們在創新業務看到的機會不僅限於休閒領域。

Thank you, Jeremy. And if you could talk, just follow-up on a company-wide level outside of the demand environment, what incremental drivers do you expect from your go-to-market initiatives into second quarter and back half, new wins, program ramps and cross-sell, channel expansions, anything you want to highlight here for the rest of the year? Appreciate it. Thank you.

謝謝你，Jeremy。另外想追問一下：在全公司層面、撇除需求環境之外，你們預期第二季與下半年從上市（go-to-market）推進計畫中會帶來哪些增量驅動因素？例如新增勝利案、新專案放量（program ramps）與交叉銷售、通路擴張等；今年其餘時間有沒有什麼你想特別強調的？感謝。謝謝。

Hey, Tomo, it's Sean. I would first point to the product side, and a lot of the product has been announced last year in terms of our launch of new products and our new NPI processes that we put in place to similarly drive accountability and timing and investment to prioritize products and really put an effort around incremental. Products that are not cannibalizing existing. We believe our product offering is extremely competitive. We have leading positions in the markets we choose to participate in but really looking at where do we want to go from an end market perspective and then how do we become. A better partner for our customers and offer incremental opportunities. So on electronics, for instance, it's offering additional components and things that would naturally pair with a display or a controller.

嗨，Tomo，我是 Sean。我會先從產品面談起。就產品而言，我們去年已宣布了很多內容，包括新產品的推出，以及我們導入的新 NPI 流程；這些流程同樣是為了推動責任歸屬、時程與投資，來優先排序產品，並真正把心力放在增量上。也就是不會侵蝕既有產品的增量產品。我們相信我們的產品組合極具競爭力。在我們選擇參與的市場中，我們擁有領先地位；但我們也在思考，從終端市場（end market）的角度，我們想往哪裡走，以及我們要如何成為。客戶更好的合作夥伴，並提供增量機會。以電子業務為例，就是提供更多能與顯示器或控制器自然搭配的額外元件與相關產品。

On our hydraulic side with Sun Hydraulics, it's really that engagement with our distribution channel, which. In our 55-year history, we've chosen to go to market through really strong distributors that now are being measured, and we're augmenting our targeted account planning with them to close more sales with our engineering capabilities and teams because it is a very technical sale at times. And then really the cross-selling and the ability for us to share customer lists and engage more deeply across all of our brands to drive more wins. And so right now, it starts with the product and the focus there, but we do believe that our end markets provide an opportunity to continue to recover and outpace. The growth we're seeing. And we do believe this year could be a record year for Helios Technologies, particularly when you take out the $60 million of CFP revenue that has now been divested. So, a lot of trajectories. Jeremy, I know you've got a couple of things to add there.

在我們與 Sun Hydraulics 的液壓業務這一端，關鍵其實在於與我們的經銷通路之間的互動與投入。在我們 55 年的歷史中，我們選擇透過非常強大的經銷商來推向市場；如今這些經銷商也正被衡量績效，而我們正與他們一起強化針對性客戶的帳戶規劃，運用我們的工程能力與團隊來促成更多銷售，因為這在某些時候是一筆非常技術性的銷售。接著是真正的交叉銷售，以及我們能夠共享客戶名單、在我們所有品牌之間更深入互動，以帶動更多勝出。因此目前是從產品與其聚焦開始，但我們確實相信，我們的終端市場提供了持續復甦並跑贏的機會。我們所看到的成長。而且我們確實相信，今年可能會是 Helios Technologies 的創紀錄年度，特別是當你把已經剝離的 6,000 萬美元 CFP 營收排除在外時。所以，有很多成長軌跡。Jeremy，我知道你還有幾點要補充。

Yeah, it's almost specific to some of the ramps throughout the year we referenced a genius product which is a casting block, a large coupling connection out of our faster group. We actually shared that at ConExpo. One display had a lot of interest in that we're pretty excited about that within innovation, we've continued to roll out that new next generation of our displays. We see opportunities there. And same thing with Sun, some of the work we're doing there, launching our zero-series counterbalance valve, which is a smaller valve. We also just launched the QMEH valve with a flow sensor in its proprietary design. And so, part of this is just the adoption of those new products and getting new orders for that and what is the ramp time, but we are starting to see some early wins for those that could be upside. And then as Sean said again on the market, specifically in ag, specifically in that rec marine where it's still fairly depressed, I would say industrial still isn't a big tailwind for us. There's still some opportunities there. Those markets return.

是的，這幾乎是針對我們今年提到的一些逐步放量（ramp）節奏。我們提到一個很棒的產品，也就是來自 Faster 集團的一個鑄造塊（casting block），用於大型聯軸器連接。我們其實在 ConExpo 上也分享了這個。其中一個展示引起了很大的興趣，我們對此在創新方面相當興奮；同時，我們也持續推出新一代的顯示器產品。我們在那裡看到機會。Sun 也是一樣，我們在那邊做的一些工作，包括推出我們的 zero-series 反平衡閥（counterbalance valve），這是一款更小型的閥。我們也剛推出 QMEH 閥，採用其專有設計並內建流量感測器。因此，這其中一部分就是這些新產品的導入採用、取得新訂單，以及放量所需的時間；但我們已開始看到一些早期勝出，可能帶來上行空間。另外，如 Sean 再次提到的市場面，特別是在農業（ag）以及休閒船舶（rec marine）領域，仍然相當低迷；我會說工業端目前對我們也還不是很大的順風。那裡仍有一些機會。這些市場回升。

Thank you, Sean. Thank you, Jeremy. Congrats on a quarter.

謝謝你，Sean。謝謝你，Jeremy。恭喜這一季的表現。

Thank you.

謝謝。

Yeah, thanks, Tomo.

是的，謝謝你，Tomo。

(Operator Instructions) Nathan Jones, Stifel.

(接線員指示) Nathan Jones，Stifel。

Morning, everyone. Thanks for taking my question. This is Andres Borreto for Nathan Jones. Maybe switching gears a little bit, during Investor Day, we talked about the $500 million, about $500 million in acquisition revenue. Can you update us on the acquisition pipeline a little bit, what opportunities you're seeing in the market for MCT and FCT?

各位早安。謝謝讓我提問。我是 Andres Borreto，代替 Nathan Jones。也許稍微換個話題，在投資人日（Investor Day）時，我們談到約 5 億美元、約 5 億美元的併購營收。你們能否更新一下併購管線的狀況，以及你們在市場上針對 MCT 和 FCT 看到哪些機會？

Andre, this is Jeremy. First, let me anchor back to that message we said at Investor Day with the goal to double our sales. We know we're going to need to do that through M&A. Obviously, the more we grow on the organic side, the less M&A would be needed, but we put out an estimate of $500 million, which is in line with what we've done historically. We just need to, in terms of volume, repeat what we've done in the past, so we believe the $500 million is achievable. However, going about it in a much more disciplined role, as we explained. In terms of opportunities, we're still fairly early on in that process. When we look at 2026 and our capital allocation priorities, we're investing in ourselves, we've invested in the data center capabilities there with Faster that we just announced. We're going to be investing in some automation and replacement of old equipment. So, we've guided our CapEx expense for 2026 a bit higher. And then actually returning capital to shareholders just announced the first ever increase to the company dividend. So, I think that is kind of our priority. However, we are developing. The M&A framework and absolutely are starting to identify those white spaces and adjacent markets that we want to target and starting to build that pipeline of opportunities. But there's nothing imminent at this point, and I expect to continue to develop that as we go throughout 2026.

Andre，我是 Jeremy。首先，我先回到我們在投資人日所傳達的訊息：目標是讓我們的銷售額翻倍。我們知道要做到這點，需要透過併購（M&A）。當然，有機成長做得越多，所需的併購就越少；但我們提出了 5 億美元的估算，這與我們過去的歷史作法一致。就量體而言，我們只需要重複過去做過的事情，因此我們相信 5 億美元是可達成的。不過，我們會以更具紀律的方式來推進，正如我們所說明的。就機會而言，我們在這個流程上仍算相當早期。當我們看 2026 年以及資本配置的優先順序時，我們會投資在自身；我們已投資於 Faster 的資料中心能力，也就是我們剛宣布的項目。我們也將投資一些自動化，以及汰換老舊設備。因此，我們對 2026 年的資本支出（CapEx）指引略為提高。另外，在回饋股東方面，我們剛宣布公司史上首次調升股利。所以我認為這些是我們的優先事項。不過，我們也正在建立。併購框架，並且確實開始辨識我們想要鎖定的空白領域（white spaces）與相鄰市場，並開始建立機會管線。但目前沒有任何迫在眉睫的案子，我預期會在 2026 年的推進過程中持續完善。

Thank you. That's really helpful. Just a quick one here. Can you also provide a little bit of an update on the supply chain? Are there any supply chain sourcing concerns we should consider or endorsing pressure from electronic chips?

謝謝。這非常有幫助。再快速問一個。你們也能稍微更新一下供應鏈狀況嗎？是否有任何供應鏈採購方面的疑慮需要我們留意，或是電子晶片帶來的成本壓力？

Yeah, not at this time. There was a lot of focus on the chips and constrained demand, I think more forward-looking than the current situation. We did see the pricing on some of those chip's start to increase, but the teams did a really good job getting ahead of that and securing some supply. So, we feel that we're covered and don't see that as a material risk at this point.

是的，目前沒有。先前大家很關注晶片與供應受限，我認為那更多是偏向前瞻性的擔憂，而非當前狀況。我們確實看到部分晶片的價格開始上升，但團隊做得很好，提前因應並確保了一些供應。因此，我們覺得供應有保障，目前不認為這會是重大風險。

Awesome. Thank you, guys. I'll hop back into the queue.

太好了。謝謝各位。我回到隊列裡。

Thank you. We have no further questions at this time. Ms. Almond, I'd like to turn the floor back to you for closing comments.

謝謝。目前沒有其他問題。Almond 女士，我想把時間交還給您做結語。

Great. Thank you, operator, and thank you, everyone, for joining us today. We will be out on the road attending some upcoming investor conferences, so we look forward to seeing many of you in person. Feel free to reach out to me as well if you have any follow-up questions, and we look forward to talking to you soon. Have a great day.

很好。謝謝接線員，也謝謝各位今天加入我們。我們接下來會外出參加幾場即將到來的投資人會議，因此期待能與許多人當面見面。如果你們有任何後續問題，也歡迎與我聯繫，我們也期待很快再與各位交流。祝各位有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。