漢威聯合 (HON) 2026 Q2 法說會逐字稿

Good morning. Thank you for standing by, and welcome to the Honeywell second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded.

早安。感謝各位耐心等候，歡迎參加霍尼韋爾 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。

I would now like to hand the call over to Mark Macaluso, Senior Vice President of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係資深副總裁 Mark Macaluso。請開始。

Thank you. Good morning, and welcome to Honeywell Technology's second quarter 2026 earnings conference call. Joining me today are Honeywell Technology's Chairman and Chief Executive Officer, Vimal Kapur; and Senior Vice President and Chief Financial Officer, Mike Stepniak.

謝謝。早安，歡迎參加霍尼韋爾科技 2026 年第二季財報電話會議。今天與我一同出席的有霍尼韋爾科技董事長暨執行長 Vimal Kapur，以及資深副總裁兼財務長 Mike Stepniak。

This webcast and the presentation materials, including non-GAAP reconciliations, are available on our Investor Relations website. From time to time, we post new information on the Investor Relations website that may be of interest or material to our investors.

本次網路直播與簡報資料（包含非 GAAP 調節表）可於我們的投資人關係網站取得。我們不時會在投資人關係網站發布可能令投資人感興趣或具重大性的最新資訊。

Our discussion today will include forward-looking statements that are based on our best view of the world and of our businesses as we see them today, and are subject to certain risks and uncertainties, including those described in our recent SEC filings.

我們今天的討論將包含前瞻性陳述，係基於我們對世界及我們業務在當前所見情況下的最佳判斷，並可能受到若干風險與不確定性影響，包括我們近期向美國證券交易委員會（SEC）申報文件中所述者。

This morning, we will review financial results for Honeywell Technologies for the second quarter of 2026 and discuss our updated guidance. And as always, we'll leave time for your questions at the end. I would also like to take a moment to remind our audience that the 2026 results and guidance we will present today exclude results from Honeywell Aerospace following the spin-off on June 29.

今天上午，我們將回顧霍尼韋爾科技 2026 年第二季的財務結果，並討論我們更新後的財測指引。一如往常，我們也會在最後預留時間回答各位的提問。我也想提醒各位，我們今天所呈現的 2026 年業績與指引，已排除霍尼韋爾航太於 6 月 29 日分拆後的業績。

Additionally, our guidance reflects both the completion of the Johnson Matthey's Catalyst Technologies acquisition as of July 17 as well as the anticipated closures of the productivity and warehouse divestitures, which we now expect by early August. Pension income and the results of Quantinuum have also been removed from our adjusted results in all prior and future periods. Finally, adjusted EPS for Honeywell Technologies now reflects the impact of the one-for-two reverse stock split. You'll find a summary of these changes on slide 3.

此外，我們的指引同時反映 Johnson Matthey 催化技術（Catalyst Technologies）收購案已於 7 月 17 日完成，以及生產力與倉儲兩項剝離交易預期完成交割（我們目前預期於 8 月初）。退休金收益與 Quantinuum 的業績也已自我們所有過去及未來期間的調整後結果中移除。最後，霍尼韋爾科技的調整後每股盈餘（adjusted EPS）現已反映 1 換 2 的反向股票分割影響。您可在投影片第 3 頁看到這些變更的摘要。

With that, it's my pleasure to turn the call over to Vimal, who will begin on slide 4.

接下來，我很高興把電話交給 Vimal，他將從投影片第 4 頁開始。

Thank you, Mark, and good morning. The second quarter marked an important milestone for Honeywell Technologies as we began our next chapter as a pure-play automation company. At Investor Day, we laid out our go-forward strategy of growing and monetizing our installed base through outcome-based services, software and new product innovation.

謝謝你，Mark，早安。第二季對霍尼韋爾科技而言是一個重要里程碑，我們以純自動化公司（pure-play automation company）的身分開啟下一個篇章。在投資人日上，我們闡述了未來策略：透過以成果為導向的服務、軟體以及新產品創新，擴大並變現我們的裝機基礎（installed base）。

We also introduced long-term targets for Honeywell Technologies, which will be our road map for the next three-plus years. And as you can see, we are laying the foundation today to deliver on our commitments.

我們也公布了霍尼韋爾科技的長期目標，這將是未來三年以上的路線圖。如各位所見，我們正從今天開始奠定基礎，以兌現我們的承諾。

Our results this quarter have demonstrated the strength of the new Honeywell Technologies portfolio. We delivered 4% organic sales growth driven by continued strength in Building Automation and a better-than-anticipated performance in both Process Automation and Technology and Industrial Automation businesses. Orders grew 16% organically with broad-based demand across all segments, resulting in 9% increase in ending backlog. Notably, short-cycle orders grew double digit across all segments.

本季的結果展現了新霍尼韋爾科技投資組合的實力。在樓宇自動化（Building Automation）持續強勁帶動下，加上流程自動化與技術（PA&T）以及科技與工業自動化業務表現優於預期，我們實現了 4% 的有機銷售成長。訂單有機成長 16%，各事業群需求普遍強勁，使期末在手訂單（backlog）增加 9%。值得注意的是，短週期訂單在所有事業群均呈現雙位數成長。

In PA&T, orders were up 24% organically, led by roughly 5% orders growth in Process Technologies, providing even greater confidence in their expected second half growth inflection. We also expanded segment margin by 100 basis points, overcoming significant cost inflation headwinds and unfavorable mix through a combination of productivity and volume leverage. This drove earnings in the second quarter above our expectation from early June with increased confidence heading into the second half of the year. As a result today, we are raising our full year outlook for organic growth, segment margin and adjusted earnings per share.

在 PA&T 方面，訂單有機成長 24%，其中流程技術（Process Technologies）訂單約成長 5% 居功厥偉，讓我們對其下半年預期的成長拐點更具信心。我們也將事業群利潤率提升 100 個基點，透過生產力提升與規模效益的組合，克服顯著的成本通膨逆風與不利的產品組合影響。因此，第二季獲利高於我們 6 月初的預期，並使我們對下半年更具信心。基於此，我們今天上調全年有機成長、事業群利潤率與調整後每股盈餘的展望。

We continue to expect a sharp growth inflection in Process Automation and Technology and continued momentum in Industrial Automation in the second half of 2026. Combined with the sustained outperformance in Building Automation, we now expect to grow 4% to 6% organically in second half of the year, in line with our long-term targets.

我們仍預期 2026 年下半年流程自動化與技術將出現明顯的成長拐點，工業自動化也將延續動能。再加上樓宇自動化的持續超預期表現，我們目前預期下半年有機成長 4% 至 6%，與我們的長期目標一致。

We're also raising our adjusted EPS outlook by $0.10 at the midpoint, which reflects the second quarter outperformance and improved second half outlook that is more than offsetting the loss of income from the earlier-than-anticipated close of the two divestitures. We also took important action this quarter to strengthen the portfolio to support long-term growth.

我們也將調整後 EPS 的展望中位數上調 0.10 美元，反映第二季優於預期的表現與更佳的下半年展望，足以抵銷兩項剝離交易較預期更早完成所造成的收益減少。本季我們也採取了重要行動，強化投資組合以支持長期成長。

On the portfolio, we closed the acquisition of Johnson Matthey's Catalyst Technologies business on July 17. With this business, we add a differentiated technology portfolio that will expand our installed base and strengthen PA&T's portfolio across refining, petrochemicals and renewable fuels.

在投資組合方面，我們已於 7 月 17 日完成 Johnson Matthey 催化技術業務的收購。透過該業務，我們新增具差異化的技術組合，可擴大我們的裝機基礎，並強化 PA&T 在煉油、石化與再生燃料領域的產品組合。

Ken and his leadership team are already fully engaged with our new colleagues, meeting with over 90% of employees globally at key sites in just the first week. They have been involved in all aspects of the transaction and are prepared to hit the ground running to deliver for our customers and our shareowners. I could not be more excited to welcome the JM Catalyst Technologies team to Honeywell Technologies.

Ken 與其領導團隊已與新同仁全面投入合作，在第一週即於全球主要據點與超過 90% 的員工會面。他們參與了交易的各個面向，並已準備就緒，迅速展開工作，為客戶與股東創造價值。我非常期待歡迎 JM 催化技術團隊加入霍尼韋爾科技。

As part of the final stage of our portfolio transformation, we completed the separation of Honeywell Aerospace and also supported the Quantinuum team in their successful initial public offering in June. On Quantinuum, we expect to provide more color on our plans of our 47% ownership stake by early next year.

作為我們投資組合轉型的最後階段之一，我們完成了霍尼韋爾航太的分拆，並在 6 月支持 Quantinuum 團隊成功完成首次公開募股（IPO）。關於 Quantinuum，我們預期將在明年初前，對我們持有 47% 股權的規劃提供更多說明。

We remain strong supporters of Raj and his team and are excited to be shareholders in such groundbreaking quantum computing company. Thanks to the great work of our team, we also now expect to close the divestitures of both Productivity Solutions and Services and Warehouse and Workflow Solutions business by early August. This is approximately two months ahead of our initial planning assumption, which has reduced our 2026 revenue expectation by approximately $400 million.

我們仍堅定支持 Raj 與其團隊，也很高興能成為這家具突破性的量子運算公司之股東。在團隊的出色努力下，我們目前也預期可於 8 月初完成生產力解決方案與服務（Productivity Solutions and Services）以及倉儲與工作流程解決方案（Warehouse and Workflow Solutions）兩項業務的剝離交易。這比我們最初的規劃假設提前約兩個月，使我們對 2026 年營收的預期減少約 4 億美元。

We're also confident this will drive greater focus and further simplification of Industrial Automation portfolio, which is already beginning to see improved financial performance. We wish both these businesses and their team continued success as they embark upon next chapter. Our transformed and simplified portfolio is well positioned to outperform with momentum in both long-term and short-cycle orders, ramping activity and pipeline and meaningful macro tailwinds for the next several years.

我們也有信心，這將帶來更高的聚焦度，並進一步簡化工業自動化的投資組合，而該組合已開始呈現改善的財務表現。我們祝福這兩項業務及其團隊在邁向下一個篇章時持續成功。我們轉型後且更精簡的投資組合，已具備良好條件在長週期與短週期訂單、活動爬坡與商機管線（pipeline）動能，以及未來數年顯著的總體環境順風（macro tailwinds）下，實現超越同業的表現。

Let's turn to slide 5 to recap our recent Investor Day, where I had the pleasure of spending time with many of you in New York City last month. On June 11, we hosted investors, sell-side analysts, media and others at our Investor Day for the new Honeywell Technologies. We kicked off the day laying out our revamp and focused strategy that will drive value-enhancing solution for customers and drive outperformance in our focus markets.

接著請看投影片第 5 頁，回顧我們近期的投資人日；上個月我很高興在紐約與各位中的許多人相聚。6 月 11 日，我們為全新的霍尼韋爾科技舉辦投資人日，邀請投資人、賣方分析師、媒體及其他來賓參與。我們以闡述經重新調整且更聚焦的策略揭開序幕，該策略將為客戶帶來提升價值的解決方案，並推動我們在聚焦市場中取得超越同業的表現。

Each business leader walked through their differentiated offering, connected strategy, growth framework and three-year targets. Guests also heard directly from our leading customers and partners, including Exxon, Dangote, Google, Equinix, Duke Energy and others about the differentiated outcome we are delivering and the long-standing relationship we have built over many decades.

各事業領導人逐一說明其差異化產品與服務、相互連結的策略、成長架構與三年目標。來賓也直接聽取我們領先客戶與合作夥伴的分享，包括 Exxon、Dangote、Google、Equinix、Duke Energy 等，談及我們所交付的差異化成果，以及我們在數十年間建立的長期合作關係。

My team and I are highly confident in our ability to deliver on our three-year commitments. We have a strong position in key end markets, differentiated technologies, a global footprint and a clear competitive advantage in high-growth verticals.

我和我的團隊對於達成三年承諾的能力充滿信心。我們在關鍵終端市場具備強勢地位、擁有差異化技術、全球布局，並在高成長垂直領域具備明確的競爭優勢。

Our team is comprised of Honeywell veterans, talented new additions and even some folks that rejoined us after successful carriers elsewhere. All of this, coupled with a proven Honeywell Technologies accelerator operating system positions us for a new chapter of growth and profitability as Honeywell Technologies.

我們的團隊由霍尼韋爾資深員工、才華洋溢的新加入成員，甚至包括一些在其他公司成功發展後回鍋加入我們的同仁所組成。上述一切，再加上經驗證的霍尼韋爾科技加速器營運系統，使我們得以以霍尼韋爾科技之姿，開啟成長與獲利的新篇章。

The event concluded with us delivering our new three-year target, which you can see on slide 6. Over the last three years, we transformed our portfolio through acquisitions, spin-offs and divestitures into a pure-play automation company focused on innovating in mission-critical environments where uptime, safety, productivity and efficiency are paramount. This has set us up to deliver on these commitments.

本次活動最後，我們發布了新的三年目標，您可在第6頁投影片看到。過去三年，我們透過併購、分拆與資產剝離，將投資組合轉型為一家純粹的自動化公司，專注於在關鍵任務環境中創新，在這些環境中，正常運行時間（uptime）、安全、產能與效率至關重要。這使我們具備條件來兌現這些承諾。

Our strategy focuses on two key pillars: growing our installed base and then monetizing this vast installed base through innovative software, services and outcome-based solutions. While maintaining our leading position in core verticals, we are also increasing our exposure to higher-growth verticals like data centers, LNG, grid infrastructure and life sciences as examples, which are all linked to compelling megatrends.

我們的策略聚焦兩大關鍵支柱：擴大既有裝機基礎，並透過創新的軟體、服務與以成果為基礎的解決方案，將這龐大的裝機基礎變現。在維持我們於核心垂直領域的領先地位同時，我們也提高在成長較快的垂直領域（例如資料中心、LNG、電網基礎設施與生命科學）的曝險，這些領域皆與具吸引力的巨型趨勢相連結。

Our projected top line growth and margin expansion is also underpinned by a more meaningful shift towards services and software annual recurring revenue. On margin, we have over 200 basis points of margin expansion coming quickly from stranded cost removal, portfolio actions in Industrial Automation and benefit of aerospace trademark agreement. On top of that, we expect to drive 60 basis points a year of operational margin expansion through price, improving mix, new product introduction and productivity.

我們預期的營收成長與利潤率擴張，也由更顯著地轉向服務與軟體的年度經常性收入（ARR）所支撐。在利潤率方面，我們有超過200個基點的利潤率擴張將在短期內快速實現，來源包括閒置成本移除、工業自動化的投資組合行動，以及航太商標協議帶來的效益。此外，我們預期透過定價、組合改善、新產品導入與生產力提升，每年推動60個基點的營運利潤率擴張。

As you heard from our CFO in June, we are confident that the 24% target is achievable and provides meaningful upside as we execute our strategy. Collectively, this will drive approximately $12 of adjusted EPS, representing more than 10% growth annually. The important point here is that we will generate these returns right out of the gate given all the actions we took to prepare the organization ahead of aerospace spin.

正如您在6月聽到我們的財務長所說，我們有信心24%的目標可達成，且在我們執行策略時仍有可觀上行空間。綜合而言，這將帶動約12美元的調整後每股盈餘（EPS），代表每年超過10%的成長。這裡的重點是，鑑於我們在航太分拆前為組織所做的各項準備行動，我們將從一開始就能產生這些報酬。

And finally, on cash, we expect to improve our conversion to over 90% and have line of sight already in the second half of this year to hitting 95%. I want to talk more about the acquisition of Johnson Matthey's Catalyst Technology business, which will become part of our Process Automation and Technology segment. This addition to Process Technology will unlock strategic growth by increasing our existing installed base and creating a more integrated offering across Catalysts and Process Technology.

最後，在現金方面，我們預期將現金轉換率提升至90%以上，且今年下半年我們已可清楚看到達到95%的路徑。我想進一步談談我們收購莊信萬豐（Johnson Matthey）的催化技術（Catalyst Technology）業務，該業務將納入我們的流程自動化與技術（Process Automation and Technology）事業群。這項對流程技術的補強，將透過擴大既有裝機基礎並在催化劑與流程技術之間打造更整合的產品組合，釋放策略性成長。

It also expands Honeywell UOP's capability across refining, petrochemicals and renewable fuels with complementary offerings and capability, which you can see on slide 7. What makes this acquisition specifically attractive is its strategic fit with our existing business. We are already on many of the same customers with complementary process units, and the business perfectly aligns to our core verticals.

它也透過互補的產品與能力，擴展霍尼韋爾UOP在煉油、石化與再生燃料領域的能力，您可在第7頁投影片看到。使這項收購特別具吸引力的是，它與我們既有業務在策略上高度契合。我們已與許多相同客戶合作，且流程單元彼此互補，而該業務也與我們的核心垂直領域完美對齊。

The acquisition also enhances our end-to-end solutions by combining Catalyst process technology and digital capabilities powered by Honeywell Technologies Forge. We have clear visibility to both commercial and cost synergies and our long-term outlook for this business as part of Honeywell Technologies has not changed.

本次收購也透過結合催化劑流程技術與由霍尼韋爾科技Forge驅動的數位能力，強化我們端到端的解決方案。我們對商業與成本綜效皆有清晰可見度，而該業務納入霍尼韋爾科技後的長期展望並未改變。

Let's now turn to slide 8 to discuss our orders trend in each business. As you can see, our orders growth has been accelerating across the company, driven by strong demand generation, NPI and continued share gains. This resulted in 16% organic orders growth in second quarter with broad-based growth across all short-cycle businesses, driving considerable momentum on the LTM basis as a result.

接著請看第8頁投影片，討論我們各業務的訂單趨勢。如您所見，在強勁需求創造、新產品導入（NPI）以及持續市占提升的帶動下，我們全公司訂單成長正在加速。因此第二季有機訂單成長16%，所有短週期業務皆呈現廣泛成長，並在過去十二個月（LTM）基礎上帶來可觀動能。

PA&T had incredibly strong quarters of orders growing nearly 25%, leading to a book-to-bill for PA&T above 1.2. Our refreshed portfolio with the addition of JM's Catalyst Technology business is set up well to benefit from energy up cycle, particularly as customer CapEx forecast support the ongoing transition to LNG and renewable fuel as priority. Strength across both long and short-cycle orders growth, including increased pipeline activity from refurbishment and rebuilds and Middle East will provide meaningful macro tailwinds for the next several years.

PA&T的訂單在本季表現極為強勁，成長近25%，使PA&T的接單出貨比（book-to-bill）高於1.2。隨著加入JM的催化技術業務，我們更新後的投資組合已具備良好條件，可受惠於能源景氣上行，尤其在客戶資本支出（CapEx）預測支持下，LNG與再生燃料的持續轉型仍為優先事項。長週期與短週期訂單成長皆強勁，包括翻新與重建帶來的管線活動增加，以及中東市場的動能，將在未來數年提供顯著的總體順風。

In Industrial Automation, we saw strong demand across Europe, Middle East and China. For the core business that remains after the divestitures, order grew 11% or 7% sequentially with Sensing and Industrial Measurement orders up over 20%. Pete and his team continue to execute the turnaround strategy in IA to win back share and grow the core business. Finally, in Building Automation, the team continues to drive innovative NPI that is driving share gain while growing our position in a high-growth vertical.

在工業自動化方面，我們看到歐洲、中東與中國的需求強勁。就資產剝離後保留下來的核心業務而言，訂單成長11%，或較前一季成長7%，其中感測與工業量測訂單成長超過20%。Pete與其團隊持續執行工業自動化的轉型策略，以奪回市占並成長核心業務。最後，在建築自動化方面，團隊持續推動創新的新產品導入（NPI），帶動市占提升，同時擴大我們在高成長垂直領域的布局。

This quarter, we drove over 50% orders growth and 30% organic sales growth in high-growth verticals while maintaining our strong position in the core with approximately 30% orders growth in our fire business. Orders in Middle East grew over 50% this quarter by our Process Technology business.

本季，我們在高成長垂直領域推動訂單成長超過50%、有機銷售成長30%；同時在核心領域維持強勢地位，我們的消防業務訂單成長約30%。本季中東地區的訂單成長超過50%，主要由我們的流程技術業務所帶動。

Regarding the conflict, we are assuming the situation remains as it is today with no improvement from the current situation, but also no significant escalation in the war or further disruption to the supply chain. This is, of course, a very fluid situation, but our teams in the region have done a tremendous job, minimize impact to our business while ensuring our employees are safe, and we're able to continue to support our customers.

關於衝突情勢，我們假設局勢維持現狀，既不較目前改善，但也不會出現戰事顯著升級或供應鏈進一步中斷。當然，這是非常動態的情況，但我們在當地的團隊表現出色，在確保員工安全的同時，將對業務的影響降至最低，並且能持續支援客戶。

Finally, book-to-bill for the total company was 1.1, and our ending backlog was up 9%. This and continued momentum we see in all segments supports 4% to 6% growth outlook in the second half and over medium term.

最後，全公司接單出貨比（book-to-bill）為1.1，期末在手訂單（backlog）成長9%。這些因素以及我們在各事業群持續看到的動能，支持我們對下半年以及中期4%至6%的成長展望。

It's been our pleasure speaking with you this morning, and let me now turn it over to Mike to discuss our second quarter results and 2026 outlook in more detail.

今天早上很高興與各位交流，接下來我把時間交給Mike，請他更詳細說明我們第二季業績與2026年展望。

Thank you, Vimal, and good morning. In the second quarter, Honeywell Technologies delivered strong results that surpassed our expectations. Sales grew 4% organically, led by continued momentum in building automation and stronger-than-anticipated growth in Industrial Automation. Process Automation Technologies sales decreased 1% organically, but we're still materially ahead of our original outlook for the quarter.

謝謝你，Vimal，大家早安。第二季，霍尼韋爾科技交出強勁成果，表現超出我們預期。銷售額有機成長4%，主要由建築自動化的持續動能，以及工業自動化高於預期的成長所帶動。流程自動化技術（Process Automation Technologies）銷售額有機下滑1%，但我們仍明顯優於本季原先的展望。

On a segment basis, Building Automation delivered 9% organic growth, driven by double-digit growth in products and continued strength in solutions. The teams drove double-digit growth in the fire and Services businesses, respectively, and we saw strength in all regions led by Asia Pacific, Middle East and Americas. All in, another strong quarter from Vimal and the Building Automation team.

以事業群來看，建築自動化有機成長9%，由產品的雙位數成長與解決方案的持續強勁所驅動。團隊分別在消防與服務業務推動雙位數成長，我們也看到各區域皆表現強勁，其中以亞太、中東與美洲領先。整體而言，Vimal與建築自動化團隊再度交出強勁的一季。

Industrial Automation sales were up 4% in the second quarter, exceeding our expectations led by strength in solutions. Products grew slightly with continued momentum in Sensing and Industrial Measurement, partially offset by utilities.

工業自動化第二季銷售額成長4%，在解決方案強勁帶動下超出我們預期。產品小幅成長，感測與工業量測持續有動能，但部分被公用事業相關業務所抵銷。

The core Industrial Automation business, excluding planned divestiture, grew 2% organically in the second quarter. Finally, Process Automation Technologies sales declined just 1% organically in the second quarter, ahead of our prior expectations as the up cycle in energy end markets and activity in global projects begin to materialize.

核心工業自動化業務（不含規劃中的資產剝離）在第二季有機成長2%。最後，流程自動化技術第二季銷售額有機僅下滑1%，優於我們先前預期，因能源終端市場景氣上行與全球專案活動開始逐步顯現。

Projects grew 5%, driven by strength in gas, LNG and petrochemicals. This strength was offset by a 6% decline in aftermarket due primarily to a tough prior year comparison from a large catalyst shipment in the second quarter of 2025. Importantly, consistent with our messaging at the Investor Day, we expect a sharp inflection in growth in Process Automation Technology beginning in the third quarter, led by Process Technology and driven by backlog conversion and much stronger catalyst shipments.

專案業務成長5%，由天然氣、LNG與石化領域的強勁表現所帶動。此一強勢表現被售後市場（aftermarket）下滑6%所抵銷，主要原因是2025年第二季有一筆大型催化劑出貨，造成去年同期比較基期偏高。重要的是，與我們在投資人日的訊息一致，我們預期流程自動化技術的成長將自第三季起出現明顯拐點，主要由流程技術領軍，並由在手訂單轉換以及更強勁的催化劑出貨所驅動。

On profitability, segment profit increased 9%, while segment margin expanded 100 basis points to 19% with strong margin expansion in Building Automation and Industrial Automation. In addition to ongoing volume leverage and productivity actions, stranded cost removal continues to track ahead of plan.

在獲利能力方面，分部利潤成長9%，分部利潤率擴大100個基點至19%，其中樓宇自動化與工業自動化的利潤率擴張表現強勁。除持續的銷量槓桿與生產力改善措施外，閒置成本移除也持續領先計畫進度。

By segment, Building Automation segment margin expanded 90 basis points to 27.1% on volume leverage and price, which was partially offset by inflation. Segment margin in Industrial Automation also expanded 90 basis points to 17.2% as pricing and productivity actions more than offset inflation and unfavorable mix.

按分部來看，樓宇自動化分部利潤率在銷量槓桿與價格帶動下擴大90個基點至27.1%，但部分被通膨所抵銷。工業自動化分部利潤率亦擴大90個基點至17.2%，因定價與生產力措施的效益超過通膨與不利產品組合的影響。

In Process Automation Technologies segment, margin contracted 180 basis points to 22.1%, largely driven by unfavorable mix from lower catalyst volumes as expected. This, however, was also ahead of our original margin outlook for the quarter.

在製程自動化技術分部，利潤率收縮180個基點至22.1%，主要如預期係受催化劑出貨量下降所致的不利產品組合影響。不過，這也優於我們原先對本季利潤率的展望。

Adjusted earnings per share of $1.95 was up 10%, driven primarily by higher segment profit. We drove lower net interest expense stemming from debt paydown, which was partially offset by higher repositioning costs. And as we previewed in the first quarter, a higher adjusted effective tax rate drove a $0.16 headwind, which we overcame with stronger operational performance. You will find additional information on the segment performance in the appendix of our presentation.

調整後每股盈餘為1.95美元，成長10%，主要由較高的分部利潤所帶動。我們因償還債務而降低了淨利息費用，但部分被較高的重整成本所抵銷。此外，如同我們在第一季所預告，較高的調整後有效稅率帶來0.16美元的不利影響，但我們以更強的營運表現加以克服。您可在簡報附錄中找到更多關於分部表現的資訊。

Rounding out the results, free cash flow grew considerably this quarter, both year-over-year and sequentially to roughly $0.5 billion. This was principally driven by higher income as well as improvements in working capital, which more than offset ongoing collection headwinds in the Middle East. This quarter, we deployed $1 billion of capital through roughly $800 million of dividends and roughly $200 million in high-value capital expenditures. Year-to-date, we have deployed over $2.8 billion in capital to repurchase our own shares, pay dividends and invest in future growth.

在其他成果方面，本季自由現金流無論年增或季增皆大幅成長，約達5億美元。這主要由較高的獲利以及營運資金改善所驅動，且其效益超過中東地區持續存在的收款逆風。本季我們透過約8億美元股利與約2億美元高價值資本支出，合計投入10億美元資本。年初至今，我們已投入超過28億美元資本，用於回購自家股票、發放股利並投資未來成長。

Let's now move to slide 10 to quickly discuss the second quarter adjusted EPS bridge. As you can see, we delivered high-quality results in the second quarter. Strong segment profit growth, including elimination of stranded costs, lower below-the-line expenses due to interest expense and lower share count allowed us to overcome the higher tax rate. Excluding the tax headwind, earnings would have been up 20%.

接著請看第10頁，快速說明第二季調整後EPS橋接。如您所見，我們在第二季交出高品質的成果。強勁的分部利潤成長（包含閒置成本的消除）、因利息費用下降與股數減少而降低的線下費用，使我們得以抵消較高稅率的影響。若排除稅負逆風，盈餘本可成長20%。

Let's turn to slide 11 to discuss our updated 2026 guidance. Today, we're increasing our organic sales growth outlook to 3% to 4% for the year, up from previous guidance of 2% to 3% and now expect the second half to grow 4% to 6% versus 3% to 5% previously.

接著請看第11頁，討論我們更新後的2026年指引。今天，我們將全年有機銷售成長展望上調至3%至4%，高於先前的2%至3%；並將下半年成長預期上調至4%至6%，先前為3%至5%。

Building Automation continues to execute well, leading to a mid-single-digit plus organic growth outlook, supported by incredibly strong orders growth in the second quarter, particularly in our focus verticals, including health care, hospitality and data centers. We expect Process Automation technology growth to accelerate to high single digits in the second half as global energy projects resume, backlog conversion ramps and catalyst shipment volumes increase significantly.

樓宇自動化持續執行良好，帶動有機成長展望上看中個位數以上，並受第二季訂單成長極為強勁所支撐，尤其是在我們聚焦的垂直領域，包括醫療保健、旅宿與資料中心。我們預期隨著全球能源專案恢復、在手訂單轉換加速，以及催化劑出貨量顯著增加，製程自動化技術在下半年成長將加速至高個位數。

Finally, Industrial Automation growth will continue in the second half, driven by resilient short-cycle demand for industrial measurement and sensing, continued growth in Europe and China and strengthening Americas demand.

最後，工業自動化在下半年將持續成長，動能來自工業量測與感測的韌性短週期需求、歐洲與中國的持續成長，以及美洲需求轉強。

As a result of the momentum in Process Automation Technology and Industrial Automation, we're increasing our full year organic growth expectations for both businesses from roughly flat to up low single digits for the full year, a meaningful improvement from our original expectations coming into the year. We now expect full year segment margin expansion of 250 to 290 basis points, up 25 basis points at the midpoint from the previous guidance.

由於製程自動化技術與工業自動化的動能，我們將兩項業務的全年有機成長預期由約持平上調至低個位數成長，較我們年初的原始預期有顯著改善。我們目前預期全年分部利潤率擴大250至290個基點，較先前指引的中點上調25個基點。

This reflects the outperformance in the second quarter in Process Automation Technology and Industrial Automation, significant progress on stranded cost elimination and accretion related to the accelerated timing of PSS and WWS divestitures. Importantly, we expect Honeywell Technologies will exit the year above 22% segment margin. We now expect full year adjusted earnings per share of $8.20 at the midpoint or up approximately 27% versus prior year and up from our previous midpoint of $8.10.

這反映了製程自動化技術與工業自動化在第二季的優於預期表現、閒置成本消除的重大進展，以及因PSS與WWS加速剝離時點所帶來的增益。重要的是，我們預期Honeywell Technologies在年底時分部利潤率將高於22%。我們目前預期全年調整後每股盈餘中點為8.20美元，較前一年約成長27%，亦高於先前中點8.10美元。

Finally, we continue to expect free cash flow of roughly $2 billion in 2026, with the majority of this coming in during the second half and approximately 95% conversion rate. You can find additional information on 2026 outlook in the appendix of our presentation, which includes estimates for corporate and other below-the-line items.

最後，我們仍預期2026年自由現金流約為20億美元，其中大部分將在下半年實現，且轉換率約95%。您可在簡報附錄中找到更多2026年展望資訊，其中包含公司層級及其他線下項目的估計。

On page 12, you will find the bridge from our June 8 guidance call to today's update. As you can see, we expect full year adjusted earnings per share will be $8.20 at the midpoint, up from our previous midpoint of $8.10.

在第12頁，您將看到從我們6月8日指引電話會議到今天更新之間的橋接。如您所見，我們預期全年調整後每股盈餘中點為8.20美元，高於先前中點8.10美元。

Let me now turn the call back to Vimal to wrap up before Q&A.

接下來我把電話交回給Vimal，在問答前做個總結。

Thanks, Mike. We are pleased with Honeywell Technologies second quarter results, which enabled us to increase our 2026 outlooks across all key metrics. We successfully navigated an uncertain geopolitical backdrop with the strength of our resilient business model and the rigor of our Honeywell Technologies Accelerator operating system.

謝謝，Mike。我們對Honeywell Technologies第二季的結果感到滿意，這使我們得以上調2026年在所有關鍵指標上的展望。面對不確定的地緣政治背景，我們憑藉具韌性的商業模式，以及嚴謹的Honeywell Technologies Accelerator營運系統，成功應對。

With our portfolio transformation complete, our simplified pure-play automation portfolio is well positioned to benefit from long-term macro tailwinds, including the prolification of AI, increasing global energy demand and an aging population and increased consumption.

隨著我們的投資組合轉型完成，精簡後、專注自動化的純粹型（pure-play）投資組合已具備良好定位，可受惠於長期宏觀順風，包括AI的普及、全球能源需求增加，以及人口老化與消費提升。

This, combined with our focus on increasing exposure on higher-growth verticals, driving annual recurring revenue growth from outcome-based services and software and maintaining our innovation engine will enable us to achieve double-digit annual adjusted EPS growth at greater than 90% free cash flow conversion.

再加上我們聚焦於提高在高成長垂直領域的曝險、透過成果導向服務與軟體推動年度經常性收入成長，以及維持創新引擎，將使我們能在自由現金流轉換率超過90%的情況下，達成每年調整後EPS的雙位數成長。

We laid our three-year targets for new business and I look forward to updating you on our progress to achieving them in coming quarters. Today is only the beginning of that journey, and I'm pleased with how we have started, but we have considerably more work and opportunity ahead of us.

我們已提出三年期的新業務目標，並期待在未來幾季向各位更新我們達成目標的進展。今天只是這段旅程的開始，我對我們的起步感到滿意，但前方仍有相當多的工作與機會。

With that, Mark, let's take the questions.

接下來，Mark，我們開始提問。

Vimal, Mike and I are now available to answer your questions. We ask that in the queue. Operator, please open the line for Q&A.

Vimal、Mike和我現在可以回答各位的問題。我們請各位在隊列中依序提問。接線員，請開放問答線路。

(Operator Instructions) Deane Dray, RBC Capital Markets.

(接線員指示) Deane Dray，RBC資本市場。

I'd just like to say congrats to Vimal and the whole leadership team on the successful spins. You got them all done on time. It was well communicated, and I do like seeing that boost to guidance here right out of the block. So congrats.

我想先恭喜Vimal以及整個領導團隊成功完成分拆。你們都按時完成。溝通也很到位，而且我也很樂見你們在一開始就上調指引。所以恭喜。

Thank you, Deane.

謝謝你，Deane。

Since it is so topical, I'd like to circle back on the Middle East impacts. I mean you still had double-digit orders. So you still have got momentum there. Just I'm interested about the idea that you've got some collection issues. Is there any risk of like force majeure here and any kind of disruptions like that?

既然這是當前熱門議題，我想回到中東影響再問一下。我的意思是，你們的訂單仍是雙位數成長。所以那邊仍有動能。我只是對你們提到有一些收款問題很感興趣。這裡是否有任何不可抗力（force majeure）的風險，或任何類似的中斷情況？

I would say, Deane, the Middle East is the way we have guided the second half, it is a normal which exists today, as we said in our prepared remarks, how things have shaped up over the last four, five months, we have understood the dynamics on the ground. We did lose some revenue in Q1 and Q2 as we had guided. But now we are assuming our future state is built upon how the conditions prevail today unless things change dramatically.

Deane，我會說，中東的情況就如我們對下半年的指引所述，這是目前存在的「常態」。正如我們在事先準備的發言中提到，過去四、五個月的發展讓我們已理解當地的動態。如同我們先前指引，我們在第一季與第二季確實少了一些營收。但現在我們對未來狀態的假設，是建立在目前條件持續存在的基礎上，除非情勢出現劇烈變化。

To your question, we observed some collection issues in pockets. They are modest. They are not material, but we have taken a prudent decision to address the customer set where we have limited risk. But we don't have any risk to your point of any major disputes and things of that nature. We think business is in good shape.

針對您的問題，我們觀察到在某些區塊出現一些收款問題。幅度不大。這些並不重大，但我們已審慎決定針對我們風險有限的那一組客戶加以處理。但就您提到的重大全面性爭議或類似情況而言，我們沒有任何風險。我們認為業務狀況良好。

As an example, 50% orders growth in Q2 primarily driven by a few big deals in our Process Technology business, refurbishment, which are occurring there, that certainly is providing us some tailwinds. But overall, we believe that we are well positioned. And as this region invests more, as the things settle, mostly in transportation and logistics-related investments and some resiliency will benefit from that.

舉例來說，第二季訂單成長50%，主要由我們製程技術（Process Technology）業務中的幾筆大型交易所帶動，包含正在進行的翻修案，確實為我們帶來一些順風。但整體而言，我們相信我們的定位良好。而隨著本區域加大投資、情勢逐步穩定，主要在運輸與物流相關投資方面，以及部分韌性建設，我們將從中受益。

And Deane, I might just add that majority of our collection issues happened in March and April in Middle East. That started to normalize. We still expect the revenue in Middle East to be about high single digits this year and orders should be about 40%. So we look really forward to seeing Middle East perform in the second half and next year.

Deane，我補充一下，我們大多數的收款問題發生在中東的3月與4月。之後已開始正常化。我們仍預期今年中東營收約為高個位數成長，而訂單應約成長40%。因此我們非常期待中東在下半年以及明年的表現。

Good to hear. And then just as a follow-up, and congrats on getting the Johnson Matthey deal closed. Can you talk about the implications because you did renegotiate a lower price. Just what were the circumstances there and the conditions that you got the lower price? And what are the plans, near-term plans for integration?

很高興聽到。接著追問一下，也恭喜你們完成 Johnson Matthey 交易的交割。你們確實重新談判並取得較低的價格，能否談談其影響？當時的情況是什麼，以及在什麼條件下你們拿到較低的價格？另外，短期的整合計畫是什麼？

Yes. We are excited about having this business, and it's -- the business is really built upon our fundamental belief that the world needs more energy and energy mix will change. Those are the fundamental principles that was the reason behind doing two acquisitions in LNG and that the reason behind doing the JM acquisition, primarily, we believe that the world will need more investment in petrochemicals and renewable fuels and the JM acquisition strengthens our portfolio around that. We also get more installed base and our ability to serve it.

是的。我們很高興擁有這項業務；而這項業務的核心建立在我們的基本信念之上：世界需要更多能源，而能源組合將會改變。這些基本原則是我們進行兩項 LNG 併購的原因，也是我們進行 JM 併購的主要原因；我們相信全球將需要在石化與再生燃料方面投入更多資本，而 JM 併購強化了我們在這方面的產品組合。我們也獲得更大的已裝機基礎（installed base），以及服務該基礎的能力。

The negotiations are just part of the normal course in my view, as any deal transaction occurs. There are a few milestones. And depending on how the business was trended, we work with our counterparty to look at how we should value the business. So I don't want to dwell a lot upon that. But we remain excited about how we got the deal done at about 13 times EBITDA with cost synergies, no sales synergies.

在我看來，談判只是任何交易過程中的正常一環。其中有幾個里程碑。而依據業務走勢，我們會與交易對手方一起檢視應如何為該業務估值。所以我不想在這點上多做著墨。但我們仍對以約 13 倍 EBITDA（含成本綜效、不含銷售綜效）完成交易感到振奮。

And you will agree with me that we have acquired this business for commercial synergies at the heart of it. But we're not going to count on that in our early innings, but we'll build upon it.

而且你會同意，我們收購這項業務的核心在於商業綜效。但在初期階段我們不會把它納入預期，而是會在後續逐步建立。

And then I would just add that just -- I think we got the business at the bottom. And I would say that the second half looks good. Even in our own catalyst business, the second half is sequentially versus first half up 25%, 30%. So we look forward to getting our hands on this business.

另外我再補充一點——我認為我們是在谷底買到這項業務。我會說下半年看起來不錯。即使在我們自己的觸媒（catalyst）業務，下半年相較上半年也將按序成長25%到30%。因此我們很期待接手並經營這項業務。

And Deane, congratulations on the retirement, and you should have good next innings, and we will stay connected.

Deane，也恭喜你退休，祝你下一段旅程一切順利，我們會保持聯繫。

Appreciate it. I wish you all the best.

感謝。也祝你們一切順利。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

So Mike, it's obviously good news to see the guidance increasing. You did indicate that in June that there was scope for upside. But I'm curious if there's anything you saw in June, July to give you more confidence? Just any color in terms of how we exited 2Q entered 3Q on your markets? And then within that discussion, maybe just touch on IA. It sounds like the upside came outside the US. So I'd be curious if you're seeing any momentum in the US.

Mike，很明顯看到你們上調指引是個好消息。你在6月曾提到仍有上行空間。但我想了解的是，你在6月、7月看到什麼讓你更有信心？能否就你們市場在第二季結束、第三季開始時的狀況提供一些說明？另外在這個討論中，也請談談 IA。聽起來上行主要來自美國以外。因此我也想知道你們是否在美國看到任何動能。

Sure. Look, I would say is just launching the new company here today, what we saw in the second quarter, we feel extremely, I would say, confident in the second half. As you can -- as you saw, orders across the board were strong. Every business printed double-digit short-cycle orders in the second quarter, which gives us a lot of confidence in the third quarter and the fourth quarter. And for IA, I would say that the growth and the strength is broad-based, including in China and Europe.

當然。我會說，今天在這裡推出新公司之際，從我們在第二季看到的情況來看，我們對下半年非常、我會說，充滿信心。如你所見，各業務的訂單全面強勁。第二季每個業務的短週期訂單都呈現兩位數成長，這讓我們對第三季與第四季非常有信心。至於 IA，我會說成長與強勁是廣泛性的，包括中國與歐洲。

And US is recovering nicely as well and the business benefiting from onshoring. So I would say across the board, we see a really good outlook for the second half. We raised the guidance, as you saw, but I also think there is more room as we're going to go into the third quarter and fourth quarter to beat even the raised guidance.

美國也在良好復甦，且業務受惠於回流生產（onshoring）。因此我會說整體而言，我們對下半年的展望非常好。如你所見我們上調了指引，但我也認為，進入第三季與第四季後，仍有空間超越即便是上調後的指引。

Yes. Only thing I'll add, Nigel, is that I think Pete and his team are executing quicker than we anticipated how the business recovery will occur. And as we reported, the orders growth for Industrial Automation business is about 10%, which signals our performance in the second half. We are -- we have the right momentum, and that was the reason behind raising the guide of the business to low single digit in the second half.

是的。Nigel，我唯一要補充的是，我認為 Pete 和他的團隊在執行上比我們原先預期的復甦速度更快。如我們所報告，工業自動化（Industrial Automation）業務的訂單成長約10%，這也預示了我們下半年的表現。我們——我們具備正確的動能，這也是我們將該業務下半年指引上調至低個位數成長的原因。

And I'm confident that Pete will deliver a 22% margin rate in the fourth quarter. So the team has worked on it for a long time, and we have a really good line of sight here.

我也有信心 Pete 會在第四季交出22%的利潤率。團隊為此投入很長時間，我們對此有非常清晰的能見度。

Mike, that's a great segue to my follow-up, which is the 2 points of sequential acceleration -- 2 points of expansion in segment margin from 3Q to 4Q. There's a lot going on here with portfolio, the sale of the warehouse PSS businesses and then stranded costs tapering off in the back half of the year. But I'm just wondering if you maybe just unpack that 2 points of expansion from 3Q to 4Q for us.

Mike，這正好銜接到我的追問：從第三季到第四季，部門利潤率按序加速——擴張2個百分點。這裡有很多因素，包括投資組合調整、出售倉儲 PSS 業務，以及下半年擱置成本（stranded costs）逐步下降。但我想請你們幫我們拆解一下，第三季到第四季這2個百分點的擴張主要來自哪些項目？

Yes, sure. Nigel, it's Mark. Just a couple of things. I think it's pretty broad-based. I mean BA continues to drive strong volume leverage and productivity.

好的，當然。Nigel，我是 Mark。幾點說明。我認為這是相當廣泛的。也就是說，BA 持續帶動強勁的量增槓桿與生產力提升。

So they'll, 3Q to 4Q, they'll be up. As Mike mentioned, IA continues to take a considerable step up, including in 4Q. And then PA&T will continue to get better, particularly as the growth resumes and then also we start to see a little bit more mix towards catalyst. So I would say, broadly speaking, it's really in all segments, but just quarter-to-quarter, probably the largest increase in IA.

因此從第三季到第四季，他們會上升。如 Mike 提到，IA 也會持續顯著上台階，包括在第四季。而 PA&T 也會持續改善，特別是在成長恢復之際，同時我們也開始看到產品組合稍微更多偏向觸媒。所以我會說，廣義來看，確實是所有部門都在改善；但就季度對季度而言，最大增幅可能在 IA。

Yes. And I would just add that we talked about it, I think, at the initial of the year and then the Investor Day, about half of the margin expansion is operational and half of it is, I would say, structural given the portfolio actions. As we stand today, I see the team is driving operationally 100, 120 bps of margin expansion.

是的。我再補充一下：我們在年初以及投資人日曾談到，約一半的利潤率擴張來自營運面，另一半我會說是由於投資組合行動所帶來的結構性因素。以目前來看，我看到團隊在營運面推動約100到120個基點（bps）的利潤率擴張。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

I was on mute. My apologies. Anyways, I'll start over again. I will also echo congrats to Deane. We'll miss having Deane around. He's been a great colleague for a lot of years. So we'll miss him, too. Guys, a couple just smaller things here. One, when you look at your M&A pipeline, is it kind of evenly split between your segments? Are there particular segments where you think you're more likely to over-index?

我剛剛在靜音。抱歉。總之，我重新開始。我也要再次恭喜 Deane。我們會想念 Deane 不在身邊。他多年來一直是很棒的同事。所以我們也會想念他。各位，這裡有幾個比較小的問題。第一，當你們看你們的併購（M&A）案源管線時，是否在各個事業部門之間大致平均分布？是否有特定部門你們覺得更可能加大比重（over-index）？

Just a little bit color there, please.

請稍微補充一些背景說明。

Sure. So Scott, I would say, think of M&A in three distinct categories, how we're looking at it. The highest priority is strengthening our industrial automation, sensing and measurement portfolio. I and Pete are looking at a variety of options. So that remains our first priority, our priority number one.

當然。Scott，我會說，我們看待併購（M&A）可分成三個明確類別。最高優先順序是強化我們的工業自動化、感測與量測產品組合。我和 Pete 正在評估各種選項。所以這仍然是我們的第一優先、優先順序第一。

Second bucket is, as we're thinking about accelerating our business in some of the higher-growth verticals, whose impact we can clearly see in our orders growth rate, we are getting more and more convicted that's the right strategy for Honeywell. So how can we add some portfolio additions in some of these end markets to further accelerate our growth. So we have identified those 8 high-growth markets.

第二個籃子是，當我們思考如何在一些高成長垂直領域加速業務，而其影響我們在訂單成長率上看得很清楚時，我們愈來愈確信這是 Honeywell 的正確策略。那麼我們如何在這些終端市場增加一些產品組合的補強，以進一步加速成長。因此我們已識別出這 8 個高成長市場。

So looking at M&A opportunity. In the end, we'll acquire a product line only like we acquired 2 businesses in LNG, for example. So what can we do more on same lines in verticals like hospitality and semiconductor, micro grid, et cetera. So they're broad-based. And finally, tuck-in acquisition on the tech side.

因此在尋找併購機會時，最終我們也可能只收購某一條產品線，就像例如我們在 LNG 收購了 2 家業務一樣。那麼在飯店旅宿、半導體、微電網等垂直領域，我們還能做哪些類似的事情。所以範圍是廣泛的。最後是技術面的補強型收購（tuck-in acquisition）。

We always have looked at frontier technologies, a few in fire detection, a few on cybersecurity. So we'll keep looking at -- keep an eye on those. Those are much smaller, of course, but they do propel our organic growth.

我們一直在關注前沿技術，在火災偵測方面有一些，在資安方面也有一些。所以我們會持續關注——持續留意這些。當然這些規模小得多，但它們確實能推動我們的有機成長。

Okay. That's helpful. And guys, can you just help us kind of size or at least help us understand the opportunity within the data center? I mean it's pretty easy to picture the fire and security stuff, but can you walk us through the longer list of SKUs and opportunity that you have there?

好的。這很有幫助。另外，各位能否幫我們大致量化，或至少幫我們理解資料中心的機會有多大？我的意思是，消防與安防的部分很容易想像，但你們能否帶我們走一遍更長的 SKU 清單，以及你們在那裡的機會？

Yes. So I would say that we are looking at data center in two dimensions. One is the growth beyond US. We can clearly observe the build-out of data center has now grown beyond US, across Europe, across Asia, and we have a better position as a company globally given Honeywell's brand and participation globally. So that certainly is a tailwind for us.

可以。我會說我們從兩個面向看資料中心。第一是美國以外的成長。我們清楚觀察到資料中心的建置已經從美國擴展到歐洲與亞洲；以 Honeywell 的品牌與全球參與度而言，我們在全球的公司定位更有利。因此這對我們確實是順風。

So certainly, that's benefiting us. But we are also observing now more data centers putting on-site power generation, which allows our process automation business to participate in data centers to automate the utilities and energy storage on location, the gas coming in there for pipeline for those power plants. So we can clearly see that as a new business opportunity.

所以這當然正在讓我們受益。但我們也觀察到，現在有更多資料中心開始配置現場發電，這讓我們的流程自動化業務能參與資料中心，去自動化現場的公用設施與儲能，以及供應那些電廠的管線天然氣等。因此我們清楚看到這是一個新的商機。

None of that is into our orders even yet, but we have multiple proposals by process automation team apart from the building automation, which you mentioned very correctly, has benefited a lot from fire detection, security and building management system, which goes into data center.

這些目前甚至還沒有反映在我們的訂單中，但除了你提到、確實受益很大的樓宇自動化（包含火災偵測、安防與樓宇管理系統，會用在資料中心）之外，我們的流程自動化團隊也已提出多個提案。

Finally, I would also say the third leg for the stool for Honeywell emerging longer term is liquid cooling. Sensing required in liquid cooling is a good play for us. Our sensors are required as a critical input for liquid cooling. So all those OEs are actively working with us to develop new strategies on how they're going to execute the liquid cooling.

最後我也想說，從更長期來看，Honeywell 的第三條成長支柱是液冷。液冷所需的感測對我們而言是很好的切入點。我們的感測器是液冷的關鍵投入。因此所有那些 OEM 都正積極與我們合作，制定他們將如何落地執行液冷的新策略。

So all things being equal, we will continue to expand our play in data center from almost nothing three, four years back to -- that's 5% of the building automation business. And I expect that we will be at a higher number across Honeywell as the time progresses.

因此在其他條件相同下，我們會持續擴大在資料中心的布局：從三、四年前幾乎沒有，到現在已占樓宇自動化業務的 5%。而且我預期隨著時間推進，這個占比在 Honeywell 整體層面會更高。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行（Bank of America）。

Congratulations. Just a question. Did I hear right? I apologize. You mentioned 40% order growth. What was that number related? Was that on Process Automation in the second half? Or was it referred to, I apologize?

恭喜。我有個問題。我剛剛聽得對嗎？抱歉。你提到 40% 的訂單成長。那個數字是指什麼？是指下半年流程自動化（Process Automation）嗎？還是指其他？抱歉。

No. What I said that -- I think what I said on the catalyst, the second half versus first half will be -- should be up 25% to 30% on that framework. Our orders for the quarter were up 16%.

不是。我說的是——我想我在談到催化因素時提到，下半年相較上半年，在那個框架下應該會成長 25% 到 30%。我們本季訂單成長 16%。

Okay. Apologies. Can you talk about -- sorry.

好的。抱歉。你能談談——抱歉。

No, I was just going to add the orders in Process Automation Technology were up 24% for the quarter.

不，我只是想補充，流程自動化技術（Process Automation Technology）的訂單本季成長 24%。

Okay. Can you -- you sort of alluded to seeing orders the exposure to the Middle East? And how soon can you see that show up, a, in orders and b, in your actual work?

好的。你剛才有點提到看到訂單對中東的曝險——那你們多快能看到它反映在：a，訂單；以及 b，實際執行的工作量上？

Yes. So Andrew, the strength in orders for second quarter in Process Automation Technology was -- the biggest enabler was LNG demand in globally. US, of course, being the big one, but also outside US. And some of the big deals in LNG is a big driver for orders growth in the Process segment.

是的。Andrew，第二季流程自動化技術訂單的強勁——最大的推動因素是全球 LNG 需求。當然美國是最大的，但也包括美國以外。而且一些大型 LNG 案件是流程事業部訂單成長的重要驅動。

To your question, do we see diversification of investment beyond Middle East due to the conflict? Answer is yes. We absolutely are seeing projects coming in. We have a large project in Africa. We are actively working.

針對你的問題：因為衝突，我們是否看到投資從中東以外分散？答案是肯定的。我們確實看到專案正在進來。我們在非洲有一個大型專案。我們正在積極推進。

Some of it has been booked. Some booking will occur in the technology side of the process business. So we see investments there. And we also see investments happening in Asia for the downstream refining petrochemical side because I think as we all observed, there was a very high price for fuels, 200%, 300% cost up for diesel and jet fuel. So there are customers and countries looking at more domestic production for fuels as well as downstream petrochemical products there.

其中一部分已經入帳。還有一部分將會在流程業務的技術端完成入帳。所以我們看到那裡的投資。我們也看到亞洲在下游煉油與石化端的投資正在發生，因為我想大家都觀察到燃料價格非常高，柴油與航空燃油成本上升了 200%、300%。因此有客戶與國家在尋求更多國內燃料生產，以及下游石化產品的本土供應。

So overall, the process market will see more capital investment to derisk the Middle East conflict situation. That's our forecast.

所以整體而言，流程市場將會看到更多資本投資，以降低中東衝突情勢帶來的風險。這是我們的預測。

And then maybe can you talk about industrial automation, just maybe you can give some KPIs on improving performance, I don't know, sort of on-time delivery. Anything you want to share how you're moving along in improving execution in this segment driving this improvement?

另外也許你能談談工業自動化——也許可以提供一些改善績效的 KPI，我不知道，例如準時交付（on-time delivery）之類。你願意分享任何你們在這個事業部如何推進、改善執行以帶動改善的進展嗎？

Yes. So I would say that the KPIs we are looking at it is, first, of course, how our delivery performance is improving. It's a very channel-driven business. So the sensitivity to the delivery performance is high. We're working towards high 80s percent performance as we progress through the course of the year, and that's our trend line.

可以。我會說我們關注的 KPI，首先當然是交付績效如何改善。這是一個高度由通路驅動的業務。因此對交付績效的敏感度很高。我們正朝著全年進程中把績效提升到接近 80% 高段（high 80s）的目標努力，這就是我們的趨勢線。

Pete mentioned in the call at the start of the year, we were in mid-40s, and we are trending from 40% towards 80% as we speak at this point of time.

Pete 在年初的電話會議中提到，我們當時在 40% 中段，而截至目前此刻，我們正從 40% 朝 80% 的方向推進。

The other critical KPI for us is performance on new products. We have launched several new products end of last year, early this year, and they are becoming an enabler for our growth as evidenced by our orders growth rate of 10% in Q2.

對我們而言，另一個關鍵 KPI 是新產品的表現。我們在去年底、今年初推出了數個新產品，而它們正成為我們成長的推動力，從我們第二季訂單成長率達 10% 可見一斑。

We do expect continued strength in our orders rate in the segment for the second half of the year. So the actions we are taking on innovation, on operational performance is the foundation of how this business is going to turn around. And we expect the improvement trend will continue from no growth to low single-digit growth to, at some point, we'll turn the business into a mid-single-digit grower.

我們確實預期今年下半年該事業部門的訂單率將持續強勁。因此，我們在創新與營運績效上所採取的行動，是這項業務如何扭轉局面的基礎。我們也預期改善趨勢將持續，從零成長到低個位數成長，並在某個時間點把這項業務轉變為中個位數成長的業務。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Just wanted to ask on BA continues to show really nice high single-digit growth and then orders up 13% in 2Q. It just feels to me that, that high single digits should be sustainable into the second half, keeping all of that in mind. Would you disagree with that for any reason? And then why wouldn't this -- if orders continue to hold up, like why couldn't we see high single-digit growth proceed into 2027?

我想問一下，BA 持續展現相當亮眼的高個位數成長，而第二季訂單也成長 13%。在我看來，把這些都納入考量後，高個位數成長應該可以延續到下半年。你會因為任何原因而不同意嗎？另外，如果訂單持續維持強勁，為什麼我們不能看到高個位數成長一路延續到 2027 年？

Yes. Nicole, the evidence suggests you're right, 7 quarters in a row, high single, survive it should become more single. There is no real logic. We are -- as being a new company, we are printing our new forecast. So obviously, our aspiration is meet or beat it.

是的。Nicole，證據顯示你是對的，已經連續 7 個季度維持高個位數；要說它會變成更低的個位數，並沒有真正的邏輯。沒有什麼真正的邏輯。我們——作為一家新公司——正在制定我們新的預測。所以很顯然，我們的目標是達成或超越它。

So there is a level of prudence, which we have used in our guide. But fundamentally, the strategy of the business is pivot towards high-growth verticals. We clearly see tailwinds in data center, hospitality and health care.

因此，在我們的指引中採取了一定程度的審慎。但從根本上說，這項業務的策略是轉向高成長的垂直領域。我們清楚看到資料中心、旅宿與醫療保健領域的順風因素。

They are certainly driving a lot more orders growth and pivoting towards more and more acceleration of the base business on the strength of new products. In fact, we're going to launch even more new products as we progress in the second half. So yes, fundamentally, there is no logic, but we are always cautious given competition can respond to some of our actions over the last 2 years, and we need to be cautious. But I remain optimistic to surprise everybody on the performance of the business in the second half.

它們確實帶動了更多的訂單成長，並在新產品強勁表現的支撐下，讓基礎業務加速轉向更高的成長動能。事實上，隨著我們在下半年推進，我們還會推出更多新產品。所以是的，從根本上說沒有什麼邏輯可反駁，但我們一向保持謹慎，因為競爭對手可能會對我們過去兩年的一些行動做出回應，我們需要小心。但我仍然樂觀，認為下半年這項業務的表現會讓大家感到驚喜。

Awesome. We all love beats and raises. Okay. And then I guess maybe on stranded costs, you guys referred to making more progress than expected. Can you just put a finer point on that with respect to any changes in the stranded cost reduction time line versus what we got at the Investor Day or in the periods before?

太棒了。我們都喜歡超預期並上調。好的。另外我想問一下擱置成本（stranded costs），你們提到進展比預期更好。能否更具體說明一下，相較於投資人日或先前期間所提供的資訊，擱置成本削減時程是否有任何變化？

Sure. So stranded cost is progressing extremely well. We -- at the Investor Day, I think we said something around $85 million of stranded costs at year-end. This is about $20 million better right now. So we should enter 2027 with about $60 million, $65 million of stranded costs that we'll proceed to eliminate early next year.

當然。擱置成本的進展非常順利。在投資人日，我記得我們提到年底大約有 8,500 萬美元的擱置成本。目前大約又好 2,000 萬美元。因此，我們應可在 2027 年初以約 6,000 萬到 6,500 萬美元的擱置成本進入該年度，並在明年初繼續把它們消除。

So it's a good story. It's incrementally better, about $20 million to what we talked about.

所以這是一個好故事。相較於我們先前談到的數字，額外改善了大約 2,000 萬美元。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

Just coming back to Johnson Matthey, Vimal, maybe two questions. One, as you looked at that business over time, has it sales been relatively synchronous with what goes on at UOP? In other words, I'm wondering if this is more of the same kind of quarter-to-quarter volatility or there's sort of differences in timing and what they do versus what you do that possibly tick some of this quarterly volatility out of your catalyst sales.

回到 Johnson Matthey，Vimal，我有兩個問題。第一，從你長期觀察該業務來看，它的銷售是否與 UOP 的情況相對同步？換句話說，我想了解這是否只是同樣的季度間波動，或是他們的時點與他們做的事情相較於你們有所不同，可能把你們觸媒銷售中的部分季度波動拉平？

Yes, I would say that their licensing technologies are different from UOP. That's the reason we acquired the business because of the complementarity of the technology. So given the differences they have, they are more into spaces like hydrogen, methanol, ammonia, where we don't have capability. It's not one-to-one comparison because the end markets they serve are different from the end markets UOP serve, which is more refining, petrochemicals and LNG. So those comps are not comparable.

是的，我會說他們的授權技術與 UOP 不同。這也是我們收購該業務的原因，因為技術具有互補性。因此，基於他們的差異，他們更聚焦在氫、甲醇、氨等領域，而我們在這些方面沒有能力。這不是一對一的比較，因為他們服務的終端市場與 UOP 服務的終端市場不同；UOP 更偏向煉油、石化與 LNG。所以這些可比性並不成立。

There is a variation between that. But on the catalyst side, I would say trends are very convergent. I mean, each one of us have product lines and customer base. So they are not wide differences in the catalyst performance. But the technology licensing, there are differences.

兩者之間確實存在差異。但在觸媒方面，我會說趨勢非常趨同。我的意思是，我們各自都有產品線與客戶基礎。因此在觸媒表現上並沒有很大的差異。但在技術授權方面，確實存在差異。

And as you've noted, you don't want to include revenue synergies in your outlook, but maybe just a little color on where you get after those, how quickly you might be able to capture some of those?

另外，如你所提到，你們不想在展望中納入營收協同效益，但能否稍微補充一下你們在那方面的進展、以及大概多快能夠取得一些成果？

Yes. I think they are driven by the combined offerings of Johnson Matthey and our process technology business solves customer problems better. And that's the Chart 7, if you see in our deck there. We, for example, can combine our capabilities in area like hydrogen. If you see, there is a capability which Johnson Matthey bring in for production of -- on-purpose production of hydrogen.

是的。我認為這主要來自 Johnson Matthey 與我們製程技術業務的整合式方案，能更好地解決客戶問題。如果你看我們簡報中的第 7 張圖表，就是在講這個。例如，我們可以把在氫能領域的能力結合起來。如你所見，Johnson Matthey 帶來的是用於——定向（on-purpose）製氫的能力。

We have capability on CO2 elimination in that. So that produces low-carbon hydrogen. So that's an example. There are examples in sustainable aviation fuel, complementary technology on what Johnson Matthey brings on table versus what we built. So combining the two technology improves our proposition.

我們則具備其中的 CO2 去除能力。因此可以產出低碳氫。這就是一個例子。在永續航空燃料方面也有例子，Johnson Matthey 帶到桌面上的互補技術與我們所建立的技術相互補強。因此，結合兩者技術能提升我們的價值主張。

And there are similar example on the gas processing side in terms of the core technology, which MCT business brings in versus what bring in. And that's the whole thesis here that one plus one here is equal to four. And because we are able to build a higher proposition, we will be able to get better win rates in the market because so far, we were not able to do it. They are two different companies. Customers can't buy this combined proposition.

在氣體處理方面也有類似的例子，就核心技術而言，MCT 業務帶來的能力與我們帶來的能力相互補足。這就是整個論點：一加一等於四。因為我們能建立更強的價值主張，就能在市場上取得更高的得標率，因為到目前為止我們還做不到。它們是兩家不同的公司。客戶無法購買這種整合後的價值主張。

They have to sign two agreements, which is complicated. But now with a single umbrella and with our reputation in technology licensing business, we expect that to bring synergies. But we also expect synergies through two more create areas, which brings Honeywell value proposition. First is connecting Johnson Matthey's very large installed base and building services and software portfolio. This is our core.

他們必須簽兩份協議，這很複雜。但現在在同一個整體架構下，加上我們在技術授權業務的聲譽，我們預期這將帶來協同效益。此外，我們也預期透過另外兩個更具創造性的領域產生協同，進一步強化 Honeywell 的價值主張。第一，是連結 Johnson Matthey 非常龐大的已安裝基礎，以及我們的樓宇服務與軟體產品組合。這是我們的核心。

We are an automation company. We know how to do it. And the second, our Process Automation business will benefit by installed base of Johnson Matthey and understanding that customer relationship where it may not be present gives us additional door openers by which we can create opportunity for our process automation business. So a variety of opportunities here. We're extremely excited.

我們是一家自動化公司。我們知道怎麼做。第二，我們的製程自動化業務將受益於 Johnson Matthey 的已安裝基礎，並透過理解其客戶關係——在我們可能尚未建立關係之處——為我們帶來更多切入點，從而為製程自動化業務創造機會。因此這裡有各式各樣的機會。我們非常興奮。

And that's why I mentioned, Jeff, that even though right now, the headline number is 13 times EBITDA based on 2027 earnings because that's the first year we'll fully own the business, but that's purely cost synergy based. We haven't acquired the business for cost synergies. We have acquired it to add value through sales synergies. So I'm very, very confident that we are going to print a much better number when we are done with everything in terms of opportunities here.

這也是我為什麼提到，Jeff，儘管目前按 2027 年獲利來看，因為那是我們將首次完整持有該業務的一年，所以頭條數字是 EBITDA 的 13 倍，但那純粹是基於成本協同。我們收購這項業務並不是為了成本協同。我們收購它是為了透過銷售協同來創造價值。因此，我非常、非常有信心，當我們把這裡所有機會都落實完成後，最終呈現的數字會好得多。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So I wanted to double-click a little bit on the Middle East, right? So your orders were up over 50% this quarter. I'm just curious like what you're seeing is some of the disruption over there actually helping? And then maybe conversely, I know that you guys called out the large catalyst shipment a year ago, a tough comp on the aftermarket business, but aftermarket was down. Are you impacted at all from an aftermarket perspective in the region?

我想再更深入追問一下中東，對吧？你們本季訂單成長超過 50%。我只是好奇，你們看到那邊的一些擾動是否反而在幫忙？另外可能相反地，我知道你們提到去年有一筆大型觸媒出貨，使得售後市場業務的比較基期很艱難，但售後市場仍然下滑。從售後市場的角度來看，你們在該區域是否受到任何影響？

Just any color around both would be helpful.

如果能就這兩點提供一些補充說明會很有幫助。

So as I mentioned, Joe, the things are settling. I would say that initial months of the conflict, April, March, April was more where we lost revenue. It's like anything new, we did not know how to ship. A lot of customer sites were closed, and we were not able to perform our service contracts, et cetera. So after losing some revenue in Q1 and Q2, things have normalized, and we don't expect from -- our current revenue forecast does assume some modest loss of revenue, but not material in bigger scheme of things.

如我提到的，Joe，情況正在趨於穩定。我會說衝突初期的幾個月，3 月、4 月，尤其是 4 月，是我們營收流失較多的時候。就像任何新情況一樣，我們一開始不知道該如何出貨。許多客戶場址關閉，我們也無法履行服務合約等。因此在第一季與第二季流失一些營收後，情況已經正常化；我們不預期會有——我們目前的營收預測確實假設會有一些溫和的營收損失，但在整體大局中並不重大。

So as we are observing today, I think the business activity is more resumed to normal. We do see some big orders. That was the reason one of the big deals we got for -- in Process Technology business was in Middle East for LNG facilities. So their investment cycle back.

以我們今天的觀察，我認為商業活動已更接近恢復正常。我們確實看到一些大額訂單。這也是原因之一：我們在製程技術業務拿到的一筆大型案子是在中東、用於 LNG 設施。所以他們的投資週期回來了。

We also see customers looking at ways and means for improving more resiliency, how can they run their operation in spite of this? What can we do in terms of things like remote operations, more digitization and operations so that they can take countermeasures -- and then finally, early days, but we clearly see investments in Middle East pivoting towards logistics infrastructure, so pipeline terminals, different way of shipping product as we all read and observe from the media. So clearly, there is a direction towards that.

我們也看到客戶在尋找提升韌性的方式與手段：他們如何能在這種情況下仍維持營運？在遠端操作、更高程度的數位化與營運方面我們能做些什麼，讓他們能採取因應措施——最後，雖然還在早期，但我們清楚看到中東的投資正轉向物流基礎設施，例如管線終端、不同的產品運輸方式，正如我們從媒體所讀到與觀察到的。所以很明顯方向正在往那裡走。

So all in, I would say the things have settled. Hopefully, no worse happens from where we are today. And we see investment becoming more and more normalized and some large projects coming back into the pipeline.

總體而言，我會說情況已經穩定下來。希望從我們今天的位置來看不會再變得更糟。我們看到投資愈來愈正常化，一些大型專案也重新回到案源管線中。

Got it. That's helpful, Vimal. And then I guess just maybe a broader question on the guidance, the 4% to 6% baked into the second half of the year. Obviously, the trailing 12-month orders up double digits is very supportive of that guide. It does sound like there's probably maybe some conservatism into the second half as well.

了解。這很有幫助，Vimal。接著我想問一個更廣泛的指引問題：你們在下半年內嵌了 4% 到 6% 的成長。顯然，過去 12 個月訂單雙位數成長對這個指引很有支撐。聽起來下半年可能也帶有一些保守性。

But I guess the question I have is how much of what you're seeing from an order perspective today is maybe even like longer cycle and is already starting to help support a pretty good outlook for 2027 as well?

但我想問的是：你們今天從訂單角度看到的情況，有多少可能屬於較長週期，並且已經開始支撐 2027 年也相當不錯的展望？

I would say it's both. And I think versus what we guided at the Investor Day for 2027 and looking where we're entering the second half and all things are progressing given the strength across the board in the short cycle and then the continued orders on the long cycle, you're right, our 2027 incrementally is looking stronger versus when we talked even last month. So we feel really good about the prospects for next year.

我會說兩者都有。我認為相較於我們在投資人日對 2027 年所給的指引，再看我們進入下半年時的狀況——短週期全面走強、長週期訂單也持續——你說得對，與我們甚至上個月談到時相比，我們對 2027 年的增量展望看起來更強。所以我們對明年的前景感覺非常好。

And what I will add, Joe, is that orders growth is on the strength of our strategy of pivoting more and more towards high-growth verticals, which we talked about during our Investor Day. So Building Automation is seeing 13% orders growth in last quarter. A lot of that came from data center, hospitality and health care process got a lot of bit growth from LNG and low-carbon energy or renewable fuels, which we called out as high-growth verticals. And in Industrial Automation, we saw a lot of growth in semiconductor fabs. So exactly the -- it's not only underrated, that narrative is turning into actual reality.

另外我補充一下，Joe，訂單成長的動能來自我們策略的成效：我們愈來愈多地轉向高成長垂直領域，這點我們在投資人日也談過。因此，樓宇自動化在上一季的訂單成長為 13%。其中很大一部分來自資料中心、旅宿與醫療保健；製程業務則從 LNG、低碳能源或再生燃料獲得不少成長，我們也將其列為高成長垂直領域。而在工業自動化方面，我們看到半導體晶圓廠帶來大量成長。所以正如——這不只是被低估，那個敘事正在轉化為實際的現實。

And we expect to maintain this momentum, which then becomes basis for our second half guide and then, of course, continue that in 2027.

我們預期能維持這股動能，這也成為我們下半年指引的基礎，當然也會延續到 2027 年。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Mike, can you comment on price versus cost? As you know, commodity inflation is obviously all over the place, but your margin that you said is trending a little better than expectations. So maybe just talk about what you're seeing and what, if any updated thoughts you have for price versus cost in the second half of '26.

Mike，你能評論一下價格相對成本的情況嗎？如你所知，大宗商品通膨顯然到處波動，但你提到你們的利潤率走勢比預期稍好。所以也許談談你們看到的狀況，以及對 26 年下半年價格相對成本是否有任何更新的看法。

Sure. So I think we talked about it earlier in the year, and we thought that inflation was going to be persistent, and that's what we continue to see going into the second half. Price was about 3.5%, 3.7% for the second quarter. I think looking at the second half, it will be around 4%, and that's where we see inflation to be. So essentially, we're able to cover inflation with price, but inflation is stubborn.

當然。我想我們在今年稍早談過，我們認為通膨會持續，而我們在進入下半年時也持續看到同樣情況。第二季的價格約為 3.5%、3.7%。我想看下半年，大約會在 4% 左右，而這也正是我們認為通膨會落在的水準。所以基本上，我們能用價格覆蓋通膨，但通膨相當頑固。

We see a lot of inflation in electronics, memory, obviously, copper, and we also see inflation in labor. So I think this is the environment we're in. We'll continue to price at that level and continue to manage things with our customers. But yes, I would say, generally, things are very similar to what we assumed going into the end of the second quarter.

我們在電子元件、記憶體、顯然還有銅，以及勞動力方面都看到不少通膨。所以我認為這就是我們所處的環境。我們會持續以那個水準定價，並持續與客戶一起管理相關事項。但我會說，整體而言，情況與我們在第二季末所做的假設非常相近。

I would say a lot of the margin expansion you see here from us is not really driven by price cost, but it's really by our productivity, stranded cost takeout and the teams just being able to get a much better leverage on cost and NPI introductions.

我會說，你們看到我們這裡的許多利潤率擴張，其實不是由價格/成本所驅動，而是來自我們的生產力提升、閒置成本（stranded cost）削減，以及團隊在成本槓桿與 NPI（新產品導入）推出方面做得更好。

That's helpful. And then maybe just going back to core Industrial Automation. You mentioned improvement in the product side of the business would lead to growth in the second half, which I think is a bit different from what you recorded in Q2 were solutions-led growth. So I assume that's just continued recovery in short-cycle demand that you're seeing and maybe NPI self-help tailwind kicking in a little bit more. But maybe you could elaborate on that dynamic.

這很有幫助。接著回到核心工業自動化。你提到產品端業務的改善會帶動下半年成長；我認為這與你們在第二季記錄到的「解決方案帶動的成長」有些不同。所以我猜這只是你們看到短週期需求持續復甦，以及 NPI 自助改善的順風開始更明顯地發揮作用。但也許你可以更詳細說明這個動態。

Yes. So the solutions side of the business is a smaller component, but it's growing very nicely for us. And that's basically aftermarket services on our product installed base. Specifically, if you look at our gas detection side of the house of the business in Industrial Automation, we have a very large installed base, and that service very well through our traditional way of service contracts and others. So that's growing extremely well.

是的。解決方案端的業務占比比較小，但對我們而言成長非常好。那基本上是針對我們產品裝機基礎的售後服務。具體來說，如果你看我們在工業自動化業務中的氣體偵測部門，我們有非常龐大的裝機基礎，並透過傳統的服務合約等方式提供服務。所以那塊成長非常強勁。

And the growth of the business, as I mentioned, is on the basis of our improved operational performance so that customers have more trust in giving us more business. also new products, which are creating more differentiation for us. And certainly, on the top line basis, as Mike mentioned, the pricing is certainly some help, given the high inflation prevailing across all segments in Honeywell.

而業務的成長，如我提到的，是建立在我們營運績效改善的基礎上，讓客戶更信任我們、願意把更多業務交給我們。此外，還有新產品，正在為我們創造更多差異化。當然，就營收端而言，如 Mike 所提到的，鑑於 Honeywell 各個業務板塊普遍存在高通膨，定價確實也提供了一些助力。

And I'll just add also that part of the growth in solutions 2Q was related to Intelligrated. So we have a little bit of that, that obviously won't continue post the divestiture. So you should think about the core IA business growing sort of in the low single-digit range, call it 2% or so exiting as a kind of a start path for post divestiture world.

我再補充一點，第二季解決方案業務的部分成長與 Intelligrated 有關。所以我們有一點這方面的貢獻，但在完成剝離之後，這顯然不會持續。因此，你可以把核心 IA 業務的成長視為大約低個位數區間，約 2% 左右，作為剝離後世界的起始路徑。

Alexander Virgo, Evercore ISI.

Alexander Virgo，Evercore ISI。

I wondered if you could just elaborate a little bit more on the 15% growth in software ARR. Is there anything in particular driving that strength? And then a couple of housekeeping questions, if you could. I think you've raised the guidance on repositioning costs, and they were a little bit higher in the quarter than I had anticipated. So I'm just wondering if you can give us a sense for what's driving that and whether that perhaps brings forward some costs that might otherwise have fallen next year?

我想請你們再多闡述一下軟體 ARR 15% 的成長。是否有任何特定因素在推動這股強勁表現？另外還有幾個例行問題想請教。我認為你們上調了重整成本（repositioning costs）的指引，而且本季該項成本比我預期的略高。所以我想了解是什麼在推動這個變化，以及這是否可能把原本可能落在明年的一些成本提前到今年？

And then I wondered if you could just give us a sense of the magnitude of the impact in the quarter from Catalyst volumes being down on the margin and then the benefit that, that would have commensurately in the second half. Just to give us a sense, that would be great.

另外，我也想請你們說明一下，本季因 Catalyst（催化劑）出貨量下滑對利潤率的影響幅度，以及相對地在下半年會帶來多少好處。如果能讓我們掌握一下量級，那就太好了。

Okay. I'll answer the first portion on software and hand over to Mike. So we do expect our ARR growth to be in the -- about 15% for 2026. Of course, the year is still 6 months to go, so I can't really give you a precise number, but we are working towards that goal and won't be substantially different towards that. What is driving it is your question?

好的。我先回答軟體的第一部分，然後交給 Mike。我們確實預期 2026 年的 ARR 成長大約在 15% 左右。當然，今年還有 6 個月才結束，所以我無法給出精確數字，但我們正朝這個目標努力，最終結果不會與此有重大差異。至於你問的驅動因素是什麼？

Two things. First is our existing offering is penetrating more. So sell existing offer to more new customers. We're seeing a lot of strength that across the board, both on the building and process automation side because our offerings are getting more and more market acceptance. And the second is launching new offerings.

有兩點。第一，我們既有產品的滲透率正在提高。也就是把既有產品賣給更多新客戶。我們在各方面都看到很強的動能，無論是樓宇自動化還是製程自動化，因為我們的產品越來越獲得市場認可。第二是推出新產品。

We continue to have new offerings on our Forge platform aligned with the customer needs. and that continues to create more pipeline so that 2027, we also need to deliver the 15% rubric there. So we just need more products towards that. So fundamentally, we remain bullish on performance of our Forge-based strategy and that becoming an important part of our earnings algorithm moving forward.

我們持續在 Forge 平台上推出符合客戶需求的新產品，而這也持續創造更多銷售管線，因為到 2027 年我們也需要達成 15% 的成長準則。因此，我們需要更多產品來支撐這個目標。總體而言，我們仍然看好以 Forge 為基礎的策略表現，並相信它將在未來成為我們獲利演算法中的重要一環。

And on the repositioning, we decided to consolidate footprint within our process business in the second quarter. So that's why you saw the spike in the repositioning. We're estimating repositioning right now for the year around that $100 million, $110 million. And I think that's what you should see. We -- that repositioning helped us to get some benefits in the second half and next year as far as depreciation and other things as far as how we absorb the footprint from an ISC standpoint.

至於重整（repositioning），我們在第二季決定整併我們製程業務的據點布局。所以你才會看到重整成本的跳升。我們目前估計今年全年的重整成本約在 1 億至 1.1 億美元。我認為你們應該會看到這個水準。這項重整將在下半年與明年帶來一些效益，例如折舊等，以及從 ISC（整合供應鏈）角度來看，我們如何吸收/消化這些據點布局。

So net-net, I think it will be positive. It will be a pretty fairly quick payback for us on this repositioning. Yes.

總之，我認為淨效益會是正面的。這次重整對我們而言回收期會相當快。是的。

And on the question of Catalyst, I think the second half volume of Catalyst is more normalized versus first half. First half, we had said that right at the earnings guide during January time frame. That we will see pressure on the volumes of Catalysts and it occurred that way. But now we see things normalize like a normal year. So the second half volumes are way greater than the first half.

至於 Catalyst 的問題，我認為下半年的 Catalyst 出貨量會較為正常化，相較於上半年。上半年我們在 1 月發布財測指引時就提到，我們會看到催化劑出貨量承壓，而實際情況也確實如此。但現在我們看到情況回到像一般年度那樣的正常狀態。因此，下半年的出貨量會遠高於上半年。

. On the margin side of Catalyst, there are basically two types of catalysts we sell. One in which we compete with rest of our peers, and therefore, pricing is on a market line basis. And the second type of catalyst where we have unique intellectual property. So our ability to get better margins is more superior than that.

。在 Catalyst 的利潤率方面，我們基本上銷售兩種類型的催化劑。第一種是我們與同業競爭的產品，因此定價基本上依市場行情而定。第二種是我們擁有獨特智慧財產權的催化劑。因此，我們取得更高利潤率的能力會更強。

So in a given quarter, the mix of that really drives the net margin of catalysts. Sometimes you can sell some of this unique IP catalysts, a lot more. Therefore, our margins are very favorable. Sometimes that happens in the front end of the year, and that is not forecastable easily because that's driven by the actual consumption based upon the plant conditions. You run plant really very hard, you need more catalysts.

所以在某一季中，產品組合其實會驅動催化劑的整體淨利潤率。有時候你可能會賣出更多這類具獨特 IP 的催化劑，因此我們的利潤率就會非常有利。有時這種情況會發生在年初，而這不容易預測，因為它取決於工廠狀況下的實際消耗。如果工廠運轉得非常吃緊，就需要更多催化劑。

If you run at a lower capacity and the catalyst runs longer. So there is a variability on when that occurs, which creates these variations on the margin and process technology on a quarter-on-quarter basis. But on a yearly basis, the margins are very predictable. They are they are more linear on an annualized basis and less linear within a quarter.

如果以較低產能運轉，催化劑的使用壽命就會更長。因此，何時發生會有變動性，這也造成利潤率與製程技術在季度之間的波動。但以全年來看，利潤率是非常可預測的。以年度化基礎來看更為線性，但在單一季度內則較不線性。

Chris Snyder, Morgan Stanley.

Chris Snyder，Morgan Stanley。

I also wanted to ask about the Middle East. I think you guys said the full year up high single digits. I presume the back half is even stronger. And I appreciate that activity has stabilized. But the outlook for you guys seems a lot more constructive relative to broader US industrials in the region.

我也想問一下中東地區。我記得你們說全年成長在高個位數。我推測下半年會更強。也感謝你們提到活動已趨於穩定。但相較於在該地區的更廣泛美國工業公司，你們的展望似乎更為正面。

So I guess my question is, is there something specific about what you guys are doing there to support volumes? Or is there something specific about the products or the markets served that is allowing you guys to show that kind of growth, which is -- and still, which is a tough situation over there?

所以我的問題是，你們在那裡是否有做什麼特別的事情來支撐出貨量？或者是否因為你們的產品或所服務的市場有某些特性，使你們能展現那樣的成長——而且在那邊仍然是艱困局勢的情況下？

I think it's -- I mean, at the heart of it is our portfolio. If you see Honeywell portfolio is big in building automation and process automation. And if you look at Middle East market, that's what the market is all about. It's a big energy market. And we have a leading position with our Process Technology segment and Process Automation segment.

我認為——我的意思是，核心在於我們的產品組合。如果你看 Honeywell 的產品組合，在樓宇自動化與製程自動化方面占比很大。而如果你看中東市場，那正是市場的重點所在。那是一個大型能源市場。而我們在製程技術事業群與製程自動化事業群都具備領先地位。

So clearly, we serve all countries for that. And then it's a big infrastructure market in which there's a built-out of different type of infrastructure, be it hospitality, be it health care systems, airports, et cetera, and building automation business does extremely well in those circumstances.

所以很明顯，我們為所有國家提供相關服務。此外，那也是一個大型基礎建設市場，正在建置各種不同類型的基礎設施，例如旅宿、醫療體系、機場等等，而在這些情境下，樓宇自動化業務表現非常出色。

I think what also separates us out is heavily localized model. We are 1 of the most localized company in Middle East for decades. We did not evacuate even 1 person during this conflict, not even a single person. All our people are on ground because they're all local. So we didn't have to do any big move out.

我認為另一個讓我們脫穎而出的因素，是高度在地化的營運模式。數十年來，我們一直是中東最在地化的公司之一。在這次衝突期間，我們甚至沒有撤離任何一個人，一個都沒有。我們所有人員都在當地，因為他們都是本地員工。所以我們不需要做任何大規模撤離。

So I think a combination of our portfolio and where customers are investing, therefore, and our portfolio is favorable towards that, which will make a distinction between us and other industrials and on heavily localized footprint puts us in a more favorable position probably compared to our peers.

因此我認為，我們的產品組合與客戶投資方向的結合——而我們的產品組合也偏向於那些領域——將使我們與其他工業公司有所區隔；再加上高度在地化的布局，讓我們相較同業可能處於更有利的位置。

Vimal, really appreciate that. And then maybe just following up on M&A. You signaled willingness to do M&A. Do you think the -- is there a balance sheet and maybe bandwidth capacity for deals of material size in the back half of 2016? Or is this more '27 and beyond maybe after monetization of Quantinuum, which just gives you guys even more dry powder?

Vimal，非常感謝。接著可能追問一下併購（M&A）。你們已釋出願意進行併購的訊號。你認為——在2016年下半年，資產負債表以及（執行交易的）帶寬/能力是否足以支撐具一定規模的交易？還是說這更像是『2027年及以後』，也許在Quantinuum變現之後，讓你們有更多可用資金（dry powder）？

So '26, we are very focused to retire our debt. We have committed that, and we will absolutely execute on it. So I would say the M&A activity should be previewed more in the lens of 2027 onwards. These things take time, but we're actively working on pipeline. I would say the Honeywell balance sheet of its own have strength for the deal size, what we mentioned during Investor Day, $1 billion to $5 billion enterprise value.

所以在’26年，我們非常專注於償還債務。我們已做出承諾，也一定會確實執行。因此我會說，併購活動應該更多從2027年之後的角度來看。這些事情需要時間，但我們正積極建立案源管線。我會說，Honeywell自身的資產負債表具備承接我們在投資人日提到的交易規模的實力，即企業價值10億到50億美元。

The continuum demonetization will give us additional tailwind should we need it, and we'll plan it appropriately. But overall, we will continue to upgrade our portfolio should the right opportunity exist. But all our earnings forecast of $12 by 2029 is based upon organic growth. There's not even single M&A assumed in that because we all know that's unpredictable, and we'll see what comes on our way.

Quantinuum的變現將在需要時為我們帶來額外助力，我們也會妥善規劃。但整體而言，只要有合適機會，我們會持續升級我們的產品組合。不過，我們對2029年每股盈餘達到12美元的所有獲利預測，都是基於有機成長。其中完全沒有假設任何一筆併購，因為大家都知道那不可預測，我們就看未來會出現什麼機會。

Andrew Buscaglia, BNP Paribas.

BNP Paribas 的 Andrew Buscaglia。

Just a follow up on some of the process discussion. It's encouraging to see that LNG activity pick up. Can you just reiterate that time line for conversion of the LNG projects, would you say 6 to 12 months? Or is it multiyear?

針對剛才一些流程面的討論再追問一下。看到LNG活動回溫令人鼓舞。你能否再重申一下LNG專案轉換的時間軸——你會說是6到12個月嗎？還是會跨好幾年？

Multiyear, this is -- for us to build our proprietary equipment. In LNG, we have little distinction in our business model. Typically, we license our technology and customers will hire an EPC to build their plant. In case of LNG, we don't license technology. We give a proprietary equipment, heat exchanger.

會跨好幾年，因為——對我們而言——需要建造我們的專有設備。在LNG方面，我們的商業模式有些不同。通常我們是授權技術，客戶會聘請EPC來建造工廠。但在LNG的情況下，我們不授權技術。我們提供的是專有設備——熱交換器。

Typical delivery times are somewhere from two to three years window, depending upon the design. So you're talking about conversion. If we book something in 2024, they are converting today. And what we are booking in 2026 will convert 2028. But also don't forget, a lot of the revenue recognition is on POC basis, percentage completion.

典型交付時間大約落在兩到三年的區間，取決於設計。所以你談到的轉換——如果我們在2024年接到訂單，它們現在正在轉換。而我們在2026年接到的訂單，將在2028年轉換。但也別忘了，很多營收認列是依POC基礎，也就是完工百分比法。

So you will do accrue some revenue. It's not zero, but then large revenue accretion happens mainly on a two-year window.

因此你會先認列一些營收。不是零，但較大幅度的營收增加主要發生在兩年的時間窗內。

I would just maybe add that we're sold out LNG for the next three years.

我可能再補充一下：我們的LNG產能在未來三年都已滿單。

three years, yes, we are totally sold out. So we have a lot of tailwinds in the business.

三年，是的，我們完全滿單。所以我們的業務有很多順風因素。

Yes. Okay. That's about what I figured. AI had not come up in the Q&A yet and everything pretty picked over. I wanted to ask a high-level one that sort of this notion of physical AI driving demand or interest in physical AI.

是。好的。這大致符合我的預期。在問答環節裡AI還沒被提到，而其他問題幾乎都問過了。我想問一個較高層次的問題，關於「實體AI」帶動需求或引發對實體AI的興趣這個概念。

I'm wondering if you're beginning to see that notion of AI driving incremental investments in hardware to get ahead of being able -- customers being able to monetize AI long term. Are you hearing that in your discussions? Are you seeing that maybe potentially in any of your orders across maybe industrial automation? Just maybe if you talk a little bit high level on what you're seeing there.

我想知道，你們是否開始看到AI驅動客戶增加對硬體的投資，以便提前布局——讓客戶長期能夠將AI變現。你們在討論中有聽到這樣的聲音嗎？你們是否可能在某些訂單中看到這種趨勢，例如工業自動化相關？能否從高層次談談你們看到的情況。

As I mentioned, we -- when we sell software on our Forge platform, that's all AI-based offerings. So clearly, 15% revenue growth. The base is small, I agree. We are going to inch from about $900 million to a little over $1 billion of ARR in that segment this year -- in that offering this year. That does pull in products.

如我提到的，我們——當我們在Forge平台上銷售軟體時，那些都是以AI為基礎的產品。因此很明顯有15%的營收成長。我同意基期很小。今年在那個分部——在那項產品上——我們的ARR將從約9億美元提升到略高於10億美元。這也會在一定程度上帶動產品銷售。

to a certain degree. And that's our core strategy. We continue to launch new offerings and drive demand to our products. So to me, AI is an integral part of our offering set. Honeywell believes that it's how the automation industry will move towards autonomy.

在某種程度上。而那就是我們的核心策略。我們持續推出新產品，並帶動對我們產品的需求。所以對我而言，AI是我們產品組合中不可或缺的一部分。Honeywell相信，這將是自動化產業邁向自主化的方式。

Today, we have been selling automation since 1975. Our offerings are becoming more and more autonomous, semiautonomous to autonomous and the best way to measure our progress to see our ARR growth. I cannot give you any other indicator because they are all wrapped up into other products, and that's a direct measure, and that's the reason we are updating you on our ARR growth on the Forge on a periodic basis.

我們自1975年起就一直在銷售自動化產品。我們的產品正變得越來越自主，從半自主走向自主；衡量我們進展的最佳方式，就是看ARR的成長。我無法提供其他指標，因為它們都被包在其他產品之中；而ARR是直接的衡量方式，也因此我們會定期向各位更新Forge的ARR成長。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Kapur for any final comments.

各位女士、先生，問答環節到此結束。我將把會議交回給Kapur先生作最後結語。

Thank you very much, operator. I would like to thank our shareowners, our customers and all the Honeywell Technologies future shapers around the world for the strong second quarter results you delivered. We are confident on our path ahead and look forward to sharing our ongoing progress in the months to come. I hope all of you have a pleasant and restful summer. Thank you very much for joining us today, and we hope you have a great rest of your day.

非常感謝，接線員。我想感謝我們的股東、客戶，以及全球所有Honeywell Technologies的未來塑造者（future shapers），感謝你們交出強勁的第二季成果。我們對前方的道路充滿信心，也期待在未來幾個月與各位分享我們持續的進展。祝各位有個愉快且充分休息的夏天。非常感謝各位今天的參與，也祝各位今天剩餘時間一切順利。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。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。