Innio NV (INIO) 2026 Q2 法說會逐字稿

Hello, everyone, and welcome to Innio's second quarter 2026 earnings call, our first as a publicly listed company. My name is Tim Furcillo, Vice President of Investor Relations at Innio, and I'm joined by our CEO, Olaf Berlien; and our CFO, Dennis Schulze. With us in the room are also Martin Widner, lead in Global Sales for Data Centers and Power Solutions at Innio; and Andreas Eberharter, responsible for Product Management and Marketing.

各位好，歡迎參加 Innio 2026 年第二季財報電話會議，這也是我們成為公開上市公司後的首次財報電話會議。我是 Innio 投資人關係副總裁 Tim Furcillo，與我一同出席的還有我們的執行長 Olaf Berlien，以及財務長 Dennis Schulze。同時在會議室內的還有 Innio 全球銷售（資料中心與電力解決方案）負責人 Martin Widner，以及負責產品管理與行銷的 Andreas Eberharter。

Let's have a quick look at today's agenda. First, Olaf and Dennis will present the second quarter results, then you'll have approximately 30 minutes for your questions. Please note that this conference call is being recorded today, July 28, 2026.

我們先快速看一下今天的議程。首先，Olaf 與 Dennis 將說明第二季業績，接著約有 30 分鐘供各位提問。請注意，本次電話會議將於今日（2026 年 7 月 28 日）錄音。

Our conference call will include both GAAP and non-GAAP financial results. Reconciliations of our non-GAAP measures to the most directly comparable GAAP measures can be found in our Form 10-Q for the quarter period ended June 30, 2026, our quarterly earnings release, and the corresponding presentation slides, all of which are available on our IR website.

本次電話會議將同時包含 GAAP 與非 GAAP 財務結果。非 GAAP 指標與最直接可比之 GAAP 指標的調節表，可於截至 2026 年 6 月 30 日之季度期間的 Form 10-Q、我們的季度財報新聞稿，以及相對應的簡報投影片中查閱，以上資料皆可於我們的投資人關係網站取得。

We will be making forward-looking statements about our business, market position and future performance. These statements are made only as of today's date. We do not undertake any obligation to update these statements, except as may be required by law.

我們將就本公司的業務、市場地位與未來表現發表前瞻性陳述。這些陳述僅以今日日期為準。除法律可能要求外，我們不承擔更新這些陳述的任何義務。

These statements involve known and unknown risks and uncertainties that may cause our actual results to differ materially from those anticipated or implied today. For additional information on risks and uncertainties, please refer to our SEC filings. Unless otherwise specified, all comparisons refer to Q2 2026 versus Q2 2025. And with that, I'll hand it over to Olaf.

這些陳述涉及已知與未知的風險與不確定性，可能導致我們的實際結果與今日預期或暗示者出現重大差異。關於風險與不確定性的更多資訊，請參閱我們向 SEC 提交的文件。除非另有說明，所有比較均指 2026 年第二季相較於 2025 年第二季。接下來我把時間交給 Olaf。

Thank you, Tim. Hello, everyone, and thank you for joining us today. It's great to have you on the call. Time has flown by since our IPO, and we are very excited to continue our success story, now as a listed company. Since our IPO, Innio has made substantial progress while continuing to build momentum across the business.

謝謝你，Tim。各位好，感謝大家今天加入我們。很高興各位參與本次電話會議。自我們 IPO 以來時間飛逝，我們非常期待以上市公司的身分延續成功故事。自 IPO 以來，Innio 在持續推動整體業務動能的同時，也取得了實質進展。

In Q2, we delivered record Equipment Order Intake of $2.3 billion, up 316% year-over-year. Revenue increased 42% to $938 million. Adjusted EBITDA grew 20% to $172 million. Given this strong performance and our record backlog, we are introducing full year 2026 guidance today. Dennis will provide you further details later.

在第二季，我們的設備訂單接單額（Equipment Order Intake）創下 23 億美元新高，年增 316%。營收成長 42% 至 9.38 億美元。調整後 EBITDA 成長 20% 至 1.72 億美元。鑑於這項強勁表現以及創紀錄的在手訂單，我們今天將提出 2026 全年財測指引。Dennis 稍後會提供更多細節。

Our Order Equipment Backlog reached a record $6.6 billion at quarter end. With capacity expansion progressing as planned, we are well positioned to deliver continued profitable growth. As this is our first earnings call, some of you may not yet be familiar with Innio. I, therefore, begin with a brief introduction of the company before walking you through our key highlights for the quarter.

本季末，我們的設備訂單在手量（Order Equipment Backlog）達到 66 億美元的歷史新高。隨著產能擴張按計畫推進，我們已具備持續實現獲利成長的良好條件。由於這是我們首次財報電話會議，部分與會者可能尚未熟悉 Innio。因此，在帶各位回顧本季重點之前，我先簡要介紹公司。

So let me begin with who we are, what we do and what is driving the growing demand we see from customers. Innio delivers decentralized power solutions for critical infrastructure and the AI industry. In 2025, Innio generated $2.6 billion in revenue, reflecting continued growth across our businesses. With adjusted EBITDA of $549 million, profitability was also attractive.

我先從我們是誰、我們做什麼，以及驅動客戶需求持續成長的因素談起。Innio 為關鍵基礎設施與 AI 產業提供分散式電力解決方案。2025 年，Innio 創造 26 億美元營收，反映我們各項業務持續成長。調整後 EBITDA 為 5.49 億美元，獲利能力同樣亮眼。

Now please look at the top of the slide, where you can see our leading brands. On the left, Jenbacher, a market leader in power generation with long heritage. On the right, Waukesha, a key player in the compression market. On the lower half of the slide, you can see how we operate business through two segments: Equipment and Services.

現在請看投影片上方，您可以看到我們的領先品牌。左側是 Jenbacher，具備悠久歷史、在發電領域居市場領導地位。右側是 Waukesha，是壓縮市場的重要參與者。投影片下半部則顯示我們透過兩個事業部門營運：設備（Equipment）與服務（Services）。

Equipment on the lower left represents 52% of '25, revenue, and it's our growth engine. Across our three business lines, Data Center, Power Solutions and Compression, we serve a diverse range of end customers. Strong Data Center momentum is reflected in 59% of 2025 Equipment Order Intake.

左下方的設備業務在 2025 年營收中占比 52%，也是我們的成長引擎。透過資料中心（Data Center）、電力解決方案（Power Solutions）與壓縮（Compression）三條業務線，我們服務多元的終端客戶。資料中心的強勁動能反映在 2025 年設備接單額中占比達 59%。

Power Solutions, representing 35% of the Equipment Order Intake in '25, has been our core business for decades. We serve critical infrastructure, utilities, industrial customers and municipalities worldwide. As coal-fired generation continues to retire and renewable penetration increases, our Power Solutions business is growing.

電力解決方案在 2025 年設備接單額中占比 35%，數十年來一直是我們的核心業務。我們在全球服務關鍵基礎設施、公用事業、工業客戶與地方政府。隨著燃煤發電持續退役、再生能源滲透率提高，我們的電力解決方案業務正在成長。

It is supported by continued demand for peaker plants that help maintain grid stability. At the same time, we are seeing continued momentum of our biogas solutions, especially in Germany with growing potential in the United States.

其成長亦受益於尖峰電廠（peaker plants）需求持續，這些電廠有助於維持電網穩定。同時，我們也看到沼氣解決方案持續增溫，尤其在德國表現突出，並在美國展現日益成長的潛力。

Services on the lower right accounted for 48% of '25, revenue. It is built on a continuously growing installed base fueled by the equipment business. Each segment has a long track record of strong profitability. With that, let's move to page number 7. Here you can see one of the key strengths of the Innio business model, our service flywheel.

右下方的服務業務在 2025 年營收中占比 48%。其建立在持續成長的裝機基礎之上，而裝機基礎則由設備業務所帶動。兩個部門皆具備長期且強勁的獲利紀錄。接下來我們翻到第 7 頁。這裡您可以看到 Innio 商業模式的一項關鍵優勢：我們的服務飛輪（service flywheel）。

Every engine we sell enters an installed base. That installed base generates high-margin recurring services revenue through long-term service agreements for a large portion of our fleet. As of end of '25, Innio's installed base stood at approximately 44 gigawatts globally.

我們售出的每一台引擎都會進入裝機基礎（installed base）。該裝機基礎透過長期服務合約，為我們的大部分機隊帶來高毛利、可重複的服務營收。截至 2025 年底，Innio 的全球裝機基礎約為 44 吉瓦。

The fleet requires regular maintenance, part replacement, and periodic overhauls within its operational life. This is resulting in a potentially long-duration nondiscretionary revenue stream that we compound at fleet growth. The dynamic acceleration of our flywheel is clearly visible in our numbers.

在其運行壽命期間，機隊需要定期維護、零件更換，以及週期性的翻修（overhauls）。這帶來一條可能具長期間、非可自由裁量（nondiscretionary）的營收來源，並隨著機隊成長而持續複利累積。我們飛輪的動態加速在數據中清楚可見。

On the left side, you can see the significant growth of our Equipment Order Intake, which increased from $3.9 billion in '25, to $6.6 billion for the last 12 months. This impressive order momentum has driven our backlog to a record $6.6 billion. The Equipment Order Backlog is providing excellent visibility into the future revenue growth and supporting continued expansion in our installed fleet.

在左側，您可以看到我們設備接單額的顯著成長，從 2025 年的 39 億美元提升至過去 12 個月的 66 億美元。這股令人印象深刻的接單動能推動我們的在手訂單達到 66 億美元的歷史新高。設備訂單在手量為未來營收成長提供了極佳的能見度，並支持我們裝機機隊的持續擴張。

At the same time, we are meaningfully expanding our capacity to support future growth. As additional capacity comes online, we expect to release further production slots, providing further runway for the order growth. As a result, we remain confident in our ability to grow backlog through '27, and beyond.

同時，我們也在大幅擴充產能以支援未來成長。隨著新增產能陸續上線，我們預期將釋出更多生產名額（production slots），為訂單成長提供更長的跑道。因此，我們仍對在 2027 年及其後持續擴大在手訂單充滿信心。

On the right side, you see our expanding installed base continues to translate into profitable recurring revenue. Service revenue reached $1.4 billion for the last 12 months ended in Q2 '26, with an adjusted segment EBITDA margin of 30% for the same period. With demand continuing to accelerate, an important question is why are more and more customers choosing gas engine solutions?

在右側，您可以看到我們擴大的裝機基礎持續轉化為具獲利性的經常性收入。截至 2026 年第二季的過去 12 個月，服務營收達到 14 億美元，同期調整後部門 EBITDA 利潤率為 30%。隨著需求持續加速，一個重要問題是：為什麼越來越多客戶選擇燃氣引擎解決方案？

Let's move on to page 8. As electricity demand grows and grid constraints become more acute, customers are increasingly looking for practical ways to secure power and support growth. Behind-the-meter gas engines deliver both. Take a look at the left side on our slide.

我們翻到第 8 頁。隨著用電需求成長、電網限制愈發嚴峻，客戶正愈來愈尋求務實的方法來確保電力供應並支援成長。表後（behind-the-meter）的燃氣引擎兩者皆可提供。請看投影片左側。

An actual BloombergNEF analysis shows gas engines can offer the lowest levelized cost of energy among behind-the-meter technologies. And even when grid access becomes available, the operating cost of an installed gas engine can remain below the cost of the grid power, supporting our belief that behind-the-meter solutions are not a bridge solution, but are here to stay.

BloombergNEF 的一項分析顯示，在表後技術中，燃氣引擎可提供最低的平準化能源成本（levelized cost of energy）。即使日後取得電網接入，已安裝燃氣引擎的運行成本仍可能低於電網電力成本，這也支持我們的觀點：表後解決方案並非過渡方案，而是將長期存在。

As shown on the right side, the business case becomes even more compelling when you consider recent market developments. Last week, the White House announced that nearly all utilities as well as several colocation companies signed the Ratepayer Protection Pledge.

如右側所示，若將近期市場發展納入考量，商業案例將更具吸引力。上週，白宮宣布幾乎所有公用事業公司以及數家機房代管（colocation）公司已簽署「用戶付費者保護承諾」（Ratepayer Protection Pledge）。

We believe this is a sign of growing support for behind-the-meter power. Their participation follows an earlier commitment made by leading global hyperscalers. In many ways, the pledge formalize what we are already seeing in the market. Data center operators and utilities increasingly recognize this.

我們認為這顯示市場對表後電力的支持正在提升。這些參與者的加入，延續了先前由全球領先超大規模雲端業者（hyperscalers）所做出的承諾。從多個面向來看，該承諾只是將我們已在市場中看到的趨勢正式化。資料中心營運商與公用事業公司正愈來愈認同這一點。

Securing dedicated on-site power can be a fast, reliable and cost-effective path to support growing AI demand. This trend is further supported by infrastructure bottlenecks across the power ecosystem. And this is where Innio is uniquely positioned.

確保專用的現場電力供應，能以快速、可靠且具成本效益的方式支援不斷成長的 AI 需求。此趨勢亦受到電力生態系統各環節的基礎設施瓶頸所推動。而這正是 Innio 具備獨特優勢的所在。

Our platform is built around the Jenbacher Type 6 engine family, including the J624. This engine was recently recognized by SemiAnalysis as the industry's most consequential engine. It is combining outstanding performance with highly attractive economics. Our competitive advantage comes down to two factors: performance and modularity.

我們的平台以 Jenbacher Type 6 引擎系列為核心，包括 J624。該引擎近期被 SemiAnalysis 認定為業界最具關鍵影響力的引擎。它結合了卓越的性能與極具吸引力的經濟效益。我們的競爭優勢歸結為兩個因素：性能與模組化。

The Jenbacher Type 6 platform delivers industry-leading power density, fast response times and high rotational inertia. With this, it is easily suited for the demanding and dynamic load profiles of AI-driven data centers. The modular design allows customers to scale rapidly, reduce costs and accelerate time to power. When 1 gigawatt of data center capacity can support more than $10 billion in revenue, every month counts, speed to power becomes a key competitive advantage.

Jenbacher Type 6 平台提供業界領先的功率密度、快速響應時間以及高轉動慣量。因此，它非常適合 AI 驅動資料中心嚴苛且動態的負載曲線。模組化設計讓客戶能快速擴充、降低成本並加速通電時程。當 1 吉瓦的資料中心容量可支撐超過 100 億美元的營收時，每一個月都至關重要，通電速度便成為關鍵競爭優勢。

Let me show you how our strong market position translates into our business performance. Just look at our second quarter highlights on page 10. Overall, it was an excellent quarter for Innio. First, we delivered very strong order intake, supported by a major new customer win and strong demand across our end markets. Equipment Order Intake increased 316% year-over-year to $2.3 billion.

讓我向各位展示我們強勁的市場地位如何轉化為業務表現。請看第 10 頁的第二季重點。整體而言，這對 Innio 來說是非常出色的一季。首先，我們實現了非常強勁的訂單流入，受惠於一個重要的新客戶得標，以及終端市場的強勁需求。設備訂單流入年增 316%，達 23 億美元。

Second, revenue growth continues to accelerate. Group revenue increased 42% year-over-year, reflecting high customer demand and ongoing execution. Third, we continue to grow profitably while investing for the future. We expanded capacity to support increasing demand.

第二，營收成長持續加速。集團營收年增 42%，反映客戶需求旺盛與持續的執行力。第三，我們在為未來投資的同時，仍持續實現獲利成長。我們擴充產能以支援不斷增加的需求。

At the same time, adjusted EBITDA increased 20% year-over-year to $172 million, demonstrating the strength and resilience of our business model. Taken together, these results highlight the strength of our market position and our execution capabilities. Dennis will go into details later.

同時，調整後 EBITDA 年增 20%，達 1.72 億美元，展現我們商業模式的強勁與韌性。綜合來看，這些結果凸顯我們市場地位的優勢以及執行能力。Dennis 稍後會進一步說明細節。

But let me provide some color on the order activity we saw during the quarter on the next page number 11. The key message is that demand remains strong, broad-based and diversified. Starting on the left, order intake in Q2 '26, reached record levels, driven by continued data center demand.

不過，讓我在下一頁第 11 頁補充一些本季訂單活動的背景。關鍵訊息是：需求依然強勁、涵蓋面廣且多元分散。從左側開始，26 年第二季的訂單流入創下紀錄水準，主要由持續的資料中心需求所帶動。

We saw follow-on orders from hyperscaler customers and colocation providers as they continue to execute phased data center build-outs. This is particularly encouraging as repeat orders validate our technology and execution capabilities.

我們看到超大規模（hyperscaler）客戶與機房代管（colocation）供應商的追加訂單，因為他們持續分階段推進資料中心建置。這點尤其令人鼓舞，因為重複下單驗證了我們的技術與執行能力。

Combining with the composition of our backlog, they further support our view, the structural demand outlook for data center power remains highly durable. While data centers continue to be a significant growth driver, demand was not limited to the market. Importantly, our growth remains diversified.

再結合我們在手訂單的構成，進一步支持我們的看法：資料中心用電的結構性需求前景仍然高度穩健。雖然資料中心持續是重要的成長驅動力，但需求並不僅限於此市場。更重要的是，我們的成長仍然多元分散。

As illustrated on the right, no single customer represents an outsized share of our order book. Looking ahead, we see additional customers entering our top customer profile. The pattern is clear. The customer base continues to broaden, providing a healthy balance across the portfolio. Before I hand over to Dennis, please let me show you how Innio is helping power the next generation of AI-driven growth.

如右圖所示，沒有任何單一客戶在我們的訂單簿中占比過高。展望未來，我們看到更多客戶將進入我們的主要客戶輪廓。趨勢很明確：客戶基礎持續擴大，為整體組合帶來健康的平衡。在我把時間交給 Dennis 之前，請讓我展示 Innio 如何協助驅動下一代 AI 驅動的成長。

Please move to page number 12. The highlight deal this quarter was a 1.1-gigawatt order for a mega-scale data center customer, one of the largest orders in Innio's history. As we outlined in today's press release, more than 200 Jenbacher J624 engines are expected to provide resilient, scalable, behind-the-meter prime power.

請翻到第 12 頁。本季的亮點交易是一筆 1.1 吉瓦的訂單，來自一位超大型資料中心客戶，這也是 Innio 歷史上最大的訂單之一。正如我們在今日新聞稿中所述，預計將有超過 200 台 Jenbacher J624 引擎提供具韌性、可擴展的表後（behind-the-meter）主用電力（prime power）。

This order is powerful proof of our technology and our ability to execute at scale. It is further reinforcing Innio's position as a key enabler of AI infrastructure with a diversified and growing customer base. And the momentum is clearly reflected in our results. With that, let me hand over to Dennis to walk through the financials.

這筆訂單有力證明了我們的技術以及我們大規模交付的執行能力。它也進一步鞏固 Innio 作為 AI 基礎設施關鍵推動者的地位，並擁有多元且持續成長的客戶基礎。而這股動能也清楚反映在我們的業績之中。接下來，我把時間交給 Dennis，請他帶大家看財務表現。

Thank you, Olaf, and hello, everybody, from my side as well. It's a great pleasure to present Innio's financial results to you for the first time as a public company. I will take you through our second quarter performance, the visibility we have on the business ahead, our capacity expansion and at the end, our outlook for the full year.

謝謝你，Olaf，也向各位問好。作為一家上市公司，我很高興首次向各位介紹 Innio 的財務結果。我將帶各位回顧我們第二季的表現、我們對未來業務的可見度、我們的產能擴張，並在最後提供全年展望。

Let me start with the four key messages of this quarter. First, demand is accelerating across all of our business lines. Second quarter Equipment Order Intake was up more than 300% year-over-year. Second, we are delivering strong top line growth in Equipment and Services as we execute on our backlog and control our supply chain and operations against a demanding growth plan.

我先從本季四個關鍵訊息開始。第一，需求在我們所有業務線上都在加速。第二季設備訂單流入年增超過 300%。第二，我們在執行在手訂單、並在嚴苛的成長計畫下管控供應鏈與營運的同時，設備與服務均實現強勁的營收成長。

Third, the success of our multiyear capacity expansion plan across the US and Europe is already visible today as we continue to increase our output. The expansion is financed from our own operating cash flows. And fourth, we are initiating full year '26, guidance with adjusted EBITDA of $720 million to $740 million, an increase of 33% versus '25.

第三，我們在美國與歐洲推動的多年期產能擴張計畫已在今日可見成效，因為我們持續提升產出。該擴張由我們自身的營運現金流提供資金。第四，我們啟動 26 年全年指引：調整後 EBITDA 為 7.2 億至 7.4 億美元，較 25 年增加 33%。

In summary, we are pleased with our second quarter performance. Accelerating demand and disciplined execution both reinforce our confidence in our full year guidance and our midterm ambition.

總結而言，我們對第二季表現感到滿意。需求加速與紀律化執行，進一步強化我們對全年指引與中期目標的信心。

Let me now walk you through the details, starting with the financial snapshot on the next slide. One table, five lines, and each line tells the same story of accelerating momentum. Starting at the top with Equipment Order Intake, $2.3 billion in the second quarter, up 316% year-over-year. And I would like to highlight one number in particular. With $3.9 billion of order intake in the first six months, we have already booked more orders in the first half of '26, than in the entire year of '25.

接下來我將說明細節，先從下一張投影片的財務快照開始。一張表、五條線，而每一條線都在講同一個故事：動能加速。先看最上方的設備訂單流入，第二季為 23 億美元，年增 316%。我特別想強調其中一個數字：前六個月訂單流入達 39 億美元，我們在 26 年上半年已入帳的訂單量，已超過 25 年全年。

Our equipment book-to-bill stands at 4.4 times for the first six months. Demand is strong and our growing capacity allows us to convert the demand into firm orders. Second line, Equipment Order Backlog, $6.6 billion, up 279% year-over-year. This backlog provides multiyear visibility for our equipment business. And because of our service flywheel that Olaf described earlier, we believe it can lock in decades of high-margin services revenue on top.

我們前六個月的設備接單出貨比（book-to-bill）為 4.4 倍。需求強勁，而我們不斷提升的產能使我們能將需求轉化為確定訂單。第二條線，設備在手訂單（Equipment Order Backlog）為 66 億美元，年增 279%。這些在手訂單為我們的設備業務提供多年期可見度。而且，基於 Olaf 先前提到的服務飛輪效應，我們相信這能在其上鎖定數十年的高毛利服務營收。

The growth we are seeing in equipment today translates into our services business of tomorrow. Third line, total revenue. $938 million in the quarter, up 42% year-over-year. Equipment revenue growth shows that we are executing successfully against our order book, while Services continue to grow on the back of our expanding installed base and pricing.

我們今天在設備端看到的成長，將轉化為明天的服務業務。第三條線，總營收：本季 9.38 億美元，年增 42%。設備營收成長顯示我們正成功依據訂單簿執行交付；同時，服務則受惠於我們擴大的裝機基礎與定價而持續成長。

Fourth line, adjusted EBITDA, $172 million, up 20% year-over-year. Here, I would like to spend some time on the EBITDA margin, which is notably below prior year. Consistent with our expectations and communication in the past, this is driven by a few deliberate factors.

第四條線，調整後 EBITDA：1.72 億美元，年增 20%。在此我想花點時間談 EBITDA 利潤率，該利潤率明顯低於去年同期。這與我們過去的預期與溝通一致，主要由幾個刻意安排的因素所驅動。

The natural mix shift toward equipment based on our order intake, some changes in product scope with a higher share of containerized solutions and front-loaded investments and ramp-up costs related to our capacity expansion. Margin is in line with Q1 '26, and ahead of our planned path for the year.

包括：基於訂單流入而出現的產品組合自然轉向設備端、產品範疇的一些變化（例如貨櫃化解決方案占比提高），以及與產能擴張相關的前置投資與爬坡成本。利潤率與 26 年第一季一致，且優於我們全年規劃的路徑。

Based on operating leverage and pricing dynamics in our backlog, we are confident to deliver on our full year guidance. Fifth line, free cash flow, $205 million in the quarter, up 352% year-over-year, fueled by strong operating cash flows. As we pointed out in the past, Innio's business model is supported by a production cycle in which customer down payments keep equipment manufacturing cash positive from order to commissioning.

基於營運槓桿以及我們在手訂單中的定價動態，我們有信心達成全年指引。第五條線，自由現金流：本季 2.05 億美元，年增 352%，由強勁的營運現金流所帶動。正如我們過去指出的，Innio 的商業模式受惠於一個生產週期：客戶預付款使設備製造從接單到試運轉（commissioning）期間維持現金流為正。

Since Olaf touched on the Q2 order dynamics before, let me give you some color on the overall backlog and visibility. Combining our Equipment Order Backlog with our slot reservations, we have more than 15 gigawatts of committed business as of Q2 '26.

由於 Olaf 先前已談到第二季的訂單動態，讓我補充一些關於整體在手訂單與可見度的背景。將我們的設備在手訂單與產能時段預留（slot reservations）合併計算，截至 26 年第二季，我們已有超過 15 吉瓦的已承諾業務。

This is more than 4 times the power we delivered over the last 12 months. When we say slot reservations, these are production slot commitments. They are non-tradable and they typically carry a non-refundable down payment.

這相當於我們過去 12 個月交付電力的 4 倍以上。當我們說產能時段預留時，指的是生產時段的承諾。它們不可轉讓，且通常伴隨不可退還的預付款。

We are particularly excited about this metric for three reasons. First, approximately 64% of the more than 15 gigawatts relates to behind-the-meter data center solutions. And within data center, around 94% relates to prime power. The substantial majority of our Data Center business is prime power.

我們對這項指標特別振奮，原因有三。第一，在超過 15 吉瓦中，約 64% 與表後（behind-the-meter）資料中心解決方案相關。而在資料中心之中，約 94% 與主用電力（prime power）相關。我們資料中心業務的絕大多數是主用電力。

We believe Innio engines are solidifying their reputations as the power generation technology of choice when it comes to powering data centers in behind-the-meter setting. Second, the expected service intensity embedded in this backlog is substantially above the average of our existing installed base. Our data center customers rely on our engines as their primary power source and run these assets hard.

我們相信，在表後（behind-the-meter）情境下為資料中心供電時，Innio 引擎正鞏固其作為首選發電技術的聲譽。第二，這筆在手訂單（backlog）所隱含的預期服務強度，顯著高於我們既有已安裝機隊的平均水準。我們的資料中心客戶仰賴我們的引擎作為其主要電力來源，並高強度運轉這些資產。

In other words, we believe every megawatt we install from this backlog carries more service content over its life than our historical fleet average, raising the long-term earnings power of the flywheel. And third, quality. The pricing on our recent order bookings shows a positive margin trend compared to our historical average. So this is not growth at any price. As the backlog grows, we expect the embedded profitability to grow with it.

換言之，我們相信，從這筆在手訂單中所安裝的每一兆瓦，在其全生命週期內所帶來的服務內容將高於我們歷史機隊平均，進而提升這個飛輪的長期獲利能力。第三，品質。我們近期接單的定價顯示，相較於歷史平均呈現正向的毛利趨勢。因此，這不是不計代價的成長。隨著在手訂單增加，我們預期其中所隱含的獲利能力也將同步提升。

The takeaway is simple. More than 15 gigawatts of committed business gives us multiyear revenue visibility and feeds a growing higher-intensity service base and confidence in our long-term ambitions. This demand raises an obvious question. Can we build it? The answer is yes.

重點很簡單：超過 15 吉瓦的已承諾業務，為我們提供多年期的營收能見度，並帶動更高強度的服務基礎持續擴大，同時強化我們對長期目標的信心。這樣的需求引出一個顯而易見的問題：我們能造得出來嗎？答案是可以。

Our self-funded capacity expansion is well underway, giving us the confidence to continue driving order intake and expanding our backlog. Importantly, we are enabling this expansion through debottlenecking and doubling down on our existing facilities, a brownfield approach, not greenfield, which we believe meaningfully reduces execution risk.

我們以自有資金支持的產能擴張已在順利推進，讓我們有信心持續推動接單並擴大在手訂單。重要的是，我們透過去瓶頸化（debottlenecking）並加碼既有設施來實現擴張，採取棕地（brownfield）而非綠地（greenfield）方式，我們相信這能顯著降低執行風險。

Let me make this more tangible with a few numbers. We are on our way to roughly double our output in the coming years and to approximately triple our total production capacity by 2030 from 3.5 gigawatts per year in '25, to roughly 10 gigawatts per year. We feel very good about our progress today as we are ramping our production output with gigawatts delivered in Q2 already at 1.3 times of prior year.

我用幾個數字讓這件事更具體。我們正朝著在未來幾年將產出大致翻倍邁進，並在 2030 年前把總產能從 2025 年每年 3.5 吉瓦提升至約每年 10 吉瓦，約為三倍。我們對目前進展感到非常滿意，因為我們正在拉升產出，而第二季已交付的吉瓦數已達去年同期的 1.3 倍。

As new capacity comes online, we expect to release incremental production slots and each one of these can convert directly into additional order intake, given demand has recently been exceeding our ability to take orders.

隨著新產能上線，我們預期將釋出額外的生產時段（production slots），而在近期需求已超過我們可承接訂單能力的情況下，這些時段中的每一個都可直接轉化為新增接單。

Where is this happening? First, at our Jenbacher campus in Austria, we are constructing a new state-of-the-art assembly line, which assists with debottlenecking the existing lines and can significantly increase throughput for our data center products. In parallel, we are investing substantially in additional machining capacity, including our new site in Hall, just a few minutes from Jenbach.

這些擴張發生在哪裡？第一，在奧地利的 Jenbacher 園區，我們正在建置一條全新的最先進組裝產線，可協助既有產線去瓶頸化，並大幅提升我們資料中心產品的產出吞吐量。同時，我們也大幅投資新增加工（machining）產能，包括位於 Hall 的新據點，距離 Jenbach 僅數分鐘車程。

Second, in the US. Our new sites in Trenton, New Jersey and Waller, Texas are dedicated to containerization and packaging. In addition to increasing capacity, these sites offer proximity to key suppliers and customers, thereby shortening lead times and reducing logistics costs. And third, in Waukesha, Wisconsin; and Welland, Ontario. We continue to expand machining and assembly capabilities, driving another step change in capacity.

第二，在美國。我們位於新澤西州 Trenton 與德州 Waller 的新據點，專注於貨櫃化（containerization）與包裝。除了提升產能外，這些據點也更貼近關鍵供應商與客戶，從而縮短交期並降低物流成本。第三，在威斯康辛州 Waukesha 與安大略省 Welland。我們持續擴充加工與組裝能力，推動產能再上一个台階。

Two aspects about our growth plan are important to understand. The expansion is financed from our own operating cash flows, supported by a production cycle in which customers' down payments keep equipment manufacturing cash positive from order to commissioning. Secondly, our investments yield attractive ROIs and paybacks, which means that our substantial backlog and slot reservations visibility can substantially derisk our growth investments.

我們的成長計畫有兩個面向需要理解。第一，擴張由我們自身的營運現金流支應，並受惠於一個生產週期：客戶的預付款使設備製造從接單到試運轉（commissioning）期間維持正向現金流。第二，我們的投資帶來具吸引力的投資報酬率（ROI）與回收期，這意味著我們龐大的在手訂單與產能時段預留（slot reservations）能見度，可大幅降低成長投資的風險。

Now let's take a deeper look into our Q2 Equipment Order Intake, two charts, one message. On the left, the composition of our order intake. The growth is broad-based. In the second quarter, Data Center contributed close to $1.5 billion, Power Solutions, $546 million and Compression $281 million.

現在讓我們更深入看看第二季設備接單（Q2 Equipment Order Intake）：兩張圖，一個訊息。左邊是接單的組成，成長是廣泛的。第二季，資料中心貢獻接近 15 億美元，電力解決方案（Power Solutions）為 5.46 億美元，壓縮（Compression）為 2.81 億美元。

Each business line growing strongly year-over-year. And all of them well aligned with the market trends Olaf outlined earlier. So while data centers are the largest driver, this order momentum is more than a data center story. Our equipment book-to-bill stands at 4.4 times for the first six months.

各業務線皆呈現強勁的年增成長，且都與 Olaf 先前概述的市場趨勢高度一致。因此，雖然資料中心是最大的驅動力，但這波接單動能不僅僅是資料中心的故事。我們設備的接單出貨比（book-to-bill）在前六個月達到 4.4 倍。

On the right, our Equipment Order Backlog, growing from $3.6 billion end of '25, to $6.6 billion as of June 30, '26, representing an 83% increase just in H1 '26. Compared to prior year's quarter, the increase is even significantly higher at 279% with sequential growth in every single quarter.

右邊是我們的設備在手訂單（Equipment Order Backlog），從 2025 年底的 36 億美元成長至 2026 年 6 月 30 日的 66 億美元，僅 2026 年上半年就增加 83%。相較去年同季，增幅更顯著，達 279%，且每一季皆呈現連續成長。

As mentioned before, we generally observe that new orders carry accretive pricing and higher service intensity compared to our average past business. Our growing backlog and book-to-bill ratio show the continuing acceleration of our business with increasing visibility for the years ahead. Our proactive investments and flexible supply chain are already delivering strong top line growth against this demand. At the same time, and as we communicated in the past, we continue to invest, which is temporarily reflected in our relative margins.

如先前所述，我們通常觀察到新訂單相較於過往平均業務，具備更具增益的定價與更高的服務強度。我們持續成長的在手訂單與接單出貨比，顯示業務仍在加速，且未來數年的能見度提升。面對這樣的需求，我們的前瞻投資與彈性的供應鏈已帶動強勁的營收成長。同時，正如我們過去所溝通的，我們仍在持續投資，這也暫時反映在我們的相對利潤率上。

On the left, total revenue, $938 million in the quarter, up 42% year-over-year with attractive growth on both Equipment, up 61% and Services, up 21%. For the first half, revenues reached $1.6 billion, up 39%. On the right, adjusted segment EBITDA, $188 million, up 24% year-over-year at a 20% segment margin.

左邊是總營收：本季 9.38 億美元，年增 42%，其中設備年增 61%、服務年增 21%，兩者皆有亮眼成長。上半年營收達 16 億美元，年增 39%。右邊是調整後分部 EBITDA：1.88 億美元，年增 24%，分部利潤率為 20%。

I commented on the drivers of the temporary margin compression earlier in this presentation. As mentioned, this development is in line with our expectations and supports our full year guidance and continued margin improvement.

我在本簡報前面已說明造成利潤率暫時性壓縮的驅動因素。如前所述，這樣的發展符合我們的預期，並支持我們的全年指引以及利潤率持續改善。

I'm now going to step through the segments on this and the following page. Equipment revenue reached $569 million in the quarter, up 61% year-over-year. We are delivering against our order book, which includes large-scale data center projects. In Q2 '26, Data Center revenue nearly doubled to $232 million. Power Solutions grew to $274 million.

接下來我將在本頁與下一頁逐一說明各分部。設備營收本季達 5.69 億美元，年增 61%。我們正依據訂單簿交付，其中包含大型資料中心專案。2026 年第二季，資料中心營收幾乎翻倍至 2.32 億美元。電力解決方案成長至 2.74 億美元。

And Compression contributed $63 million. This growth across all business lines demonstrates the execution strength of our teams, our production sites and our supply chain. On profitability, the segment margin came in at 14% compared to 19% in the prior year quarter. This reflects the self-funded growth investments that are enabling the substantial increase in order intake you saw earlier as well as the increase in order scope.

壓縮業務貢獻 6,300 萬美元。所有業務線的成長展現了我們團隊、製造據點與供應鏈的執行力。在獲利方面，分部利潤率為 14%，相較去年同季的 19% 下滑。這反映了以自有資金支持的成長投資（使您先前看到的接單大幅提升成為可能），以及訂單範疇（order scope）的擴大。

This expanded scope for the early Data Center products was priced with a lower average margin than our core business. Two points that are important here. First, the Equipment segment margin already recovered meaningfully from the first quarter. And secondly, we are expecting to continue to grow Equipment segment margins to high teens in Q4 based on operating leverage and backlog pricing dynamics.

針對早期資料中心產品，這個擴大的範疇以低於我們核心業務的平均利潤率定價。這裡有兩點很重要。第一，設備分部利潤率已較第一季明顯回升。第二，基於營運槓桿與在手訂單定價動態，我們預期在第四季將設備分部利潤率持續提升至接近 20%（high teens）。

Turning to Services. Our quarterly trending nicely shows that our flywheel-based business model delivers and our existing installed base generates growth at attractive margins. Services revenue grew 21% year-over-year to $368 million and 21% for the first half of the year. As you will recall, our services are nondiscretionary recurring businesses based on wear parts, overhauls and upgrades.

接著看服務（Services）。我們的季度趨勢表現良好，顯示以飛輪為基礎的商業模式確實奏效，而既有已安裝基礎也以具吸引力的利潤率帶來成長。服務營收年增 21% 至 3.68 億美元，上半年亦年增 21%。如各位所知，我們的服務屬於非選擇性（nondiscretionary）的經常性業務，主要來自耗材零件、翻修（overhauls）與升級。

With a healthy share of long-term service contracts, our installed base gives Innio a stable earnings foundation, which compounds over time. For the quarter, Services adjusted segment EBITDA margin came in at 30%. Similar to equipment, we made temporary growth-related investments in parts capacity and in our service force, which were largely mitigated by margin accretive mix of parts versus labor.

在長期服務合約占比健康的情況下，我們的已安裝基礎為 Innio 提供穩定的獲利基礎，並隨時間累積成長。本季服務調整後分部 EBITDA 利潤率為 30%。與設備類似，我們在零件產能與服務人力上進行了暫時性的成長相關投資，而這些影響大多被零件相對於人力的更高毛利組合所抵銷。

For the first half, the service margin stands at 31%. We showed you earlier how our Equipment adjusted EBITDA generally carries 2.5 times life-cycle Services adjusted EBITDA. Based on everything we see in our backlog and order pipeline, we feel confident to deliver or improve on this relationship for our business.

上半年服務利潤率為 31%。我們先前也向各位展示過，我們的設備調整後 EBITDA 通常在全生命週期內可帶來約 2.5 倍的服務調整後 EBITDA。基於我們在在手訂單與接單管線中所看到的一切，我們有信心能夠達成或優於這個關係。

This brings me to our full year guidance we are initiating today for fiscal year '26. On revenue, we expect $3.8 billion to $3.9 billion for the full year, growth of approximately 46% at the midpoint versus '25. Within that, we expect the mix to continue shifting towards equipment at around 65% of revenue as we deliver our book-to-business in line with available capacity. Revenue growth is expected to further accelerate in the second half.

接著談到我們今天開始提供的 2026 會計年度全年指引。營收方面，我們預期全年為 38 億至 39 億美元，以中位數計較 2025 年約成長 46%。其中，我們預期組合將持續朝設備端移動，設備約占營收 65%，因為我們將在可用產能範圍內，按計畫交付我們的接單與業務。預期下半年營收成長將進一步加速。

On profitability, we expect adjusted EBITDA to be $720 million to $740 million, an increase of roughly one-third versus the $549 million we delivered in '25, at a group margin of approximately 19%. To help you with the quarterly phasing, we expect the fourth quarter to be stronger than the third, driven by shipment cadence against the backlog and the ramp-up of our added capacity.

在獲利能力方面，我們預期調整後 EBITDA 將為 7.20 億至 7.40 億美元，較我們在 '25 年達成的 5.49 億美元約成長三分之一，集團毛利率約為 19%。為了協助您理解季度間的分配節奏，我們預期第四季將強於第三季，主要受惠於針對積壓訂單的出貨節奏，以及新增產能的爬坡。

Adjusted EBITDA margins are expected to increase as the quipment business stands to benefit from improved operating leverage and the conversion of our margin improving backlog, taking Equipment segment adjusted EBITDA margins to an expected exit rate in the high teens by year-end. In summary, accelerating revenue growth, combined with an improving margin profile delivered by a self-funded growth model.

隨著設備業務可望受益於營運槓桿改善，以及我們「提升毛利」的積壓訂單逐步轉換，調整後 EBITDA 利潤率預期將上升，使設備事業部調整後 EBITDA 利潤率在年底的退出水準（exit rate）達到約 10% 後段。總結而言，加速的營收成長，結合由自籌資金成長模式所帶來的利潤率結構改善。

And with that, back to you, Olaf.

那麼，交回給你，Olaf。

Thank you, Dennis. Let me close by summarizing the key takeaways. Please turn to page 24. First, demand is strong and broad-based across our business, driven by the long-term trends of AI, data centers and decentralized power generation, providing high visibility into our revenue growth through 2030 and beyond. Second, every engine we deliver today expand our installed base and fuels our long-term high-margin service business.

謝謝你，Dennis。讓我以重點摘要作結。請翻到第 24 頁。第一，我們業務各領域的需求強勁且廣泛，受 AI、資料中心與分散式發電等長期趨勢驅動，讓我們對 2030 年及以後的營收成長具備高度能見度。第二，我們今天交付的每一台引擎都在擴大我們的裝機基礎，並推動我們長期高毛利的服務業務。

Third, to capture this opportunity, we continue to invest in our people, technology and capacity. We are working towards strengthening our technology leadership. We are expanding capacity in a targeted and returns-focused manner and building the scale of our North American services offering to support future growth.

第三，為了把握這個機會，我們持續投資於人才、技術與產能。我們正致力於強化技術領導地位。我們以聚焦目標與報酬導向的方式擴充產能，並擴大北美服務供給的規模，以支援未來成長。

And finally, none of our success would be possible without the outstanding Innio team. I would like to thank our more than 5,000 employees around the world for their dedication, commitment and hard work. The opportunities ahead of us are significant, and we remain focused on creating long-term value for our stakeholders. And with that, I'll hand over to Tim.

最後，我們的成功離不開傑出的 Innio 團隊。我想感謝全球超過 5,000 名員工的投入、承諾與辛勤付出。未來的機會相當可觀，我們仍專注於為利害關係人創造長期價值。接下來我把時間交給 Tim。

Before we open the line, I ask everyone to ask just one question so we can get as many people as possible. Operator, please open the line for questions.

在我們開放提問之前，我請大家每人只問一個問題，讓我們能讓更多人發問。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

David Arcaro, Morgan Stanley.

Morgan Stanley 的 David Arcaro。

Congratulations on the first quarter here being public. I was wondering if you could comment on, maybe, first on the pricing trends that you're seeing, especially on new slot reservations and just generally pricing trends in the market for engines?

恭喜你們第一季以公開公司身分揭露業績。我想請你們評論一下你們看到的定價趨勢，特別是新的產能時段（slot）預訂，以及整體引擎市場的定價趨勢？

Is this your first question, or would you like to have another question?

這是你的第一個問題嗎？還是你想再問一個？

Let's see, I guess that was my first question. If I were to throw another one in there, I guess I was also curious if -- when you consider the slot reservations that you have, how far out are you reserved at this point? Is there any capacity available in 2028?

我想那算是我的第一個問題。如果再加問一個，我也好奇——當你們考量目前的時段預訂時，你們現在已經被預訂到多遠？2028 年還有任何可用產能嗎？

Thanks, David. Yes, nice to hear you again. Hope to see you in New York. Coming to your first question, the pricing trend is clearly still strong. That means the demand is high. If the demand is high and delivery is limited, you are always in a good position to do something on prices.

謝謝你，David。是的，很高興再次聽到你的聲音。希望在紐約見到你。先回答第一個問題，定價趨勢顯然仍然強勁。這代表需求很高。當需求高、交付能力有限時，你在價格上通常就會處於有利位置。

So I do not see any signals going down on price trend. And on the delivery time, we are talking about today, we deliver on '29, and '30. We are more or less sold out for '26, '27. And if customers are asking us, we have many projects, they are talking about '30, and '31. So, for example, the project that we announced this morning has delivery until '31. Any additional things?

所以我沒有看到任何價格趨勢走弱的訊號。至於交期，我們現在談的是今天下單，交付會落在 '29、'30。我們在 '26、'27 基本上已經差不多售罄。如果客戶來詢問，我們有很多專案，他們談的是 '30、'31。舉例來說，我們今天早上宣布的那個專案，交付會一路到 '31。還有要補充的嗎？

Yes. Maybe just to add on the slot reservations because you asked how long we are sold out and with that one. We use a powerful tool to secure that the customers are buying from us. We don't allow to trade the slot reservations. So they are only dedicated to a single project. And as Olaf mentioned, the slot reservation reaches out now till 2030.

有的。就你問到的時段預訂再補充一下，關於我們售罄到什麼時候。我們使用一個很有力的工具來確保客戶確實向我們採購。我們不允許交易（轉售）時段預訂，所以每個預訂只會專屬於單一專案。如 Olaf 所提到，時段預訂目前已延伸到 2030 年。

Joe Ritchie, Goldman Sachs.

Goldman Sachs 的 Joe Ritchie。

Again, congratulations on your first public company earnings call. So I wanted to ask about the order trajectory. So clearly, the orders were robust this quarter. I know that orders can be lumpy. I'm just curious, as you kind of take a look at your pipeline for the second half of the year, like maybe provide a little bit of color on what the pipeline looks like.

再次恭喜你們首次以公開公司身分召開法說會。我想問訂單走勢。很明顯本季訂單很強勁。我知道訂單可能會有波動。我好奇當你們看今年下半年的商機管線時，能否多提供一些管線狀況的說明？

And then for the one really large order that you booked in data centers this quarter, I was curious like what portion of the $1.5 billion that you booked this quarter from an order standpoint was that one large order?

另外，關於你們本季在資料中心拿下的一筆非常大的訂單，我想了解：從訂單角度來看，你們本季所簽下的 15 億美元訂單中，那一筆大單大約占了多少比例？

Hi, Joe, yes, good question. Look, I think we have really remained very confident to expect our order backlog at the year-end to be higher than it is today. So looking ahead, we continue to expect to see strength in H2, given we see a very high-demand environment, and we expect our order backlog to increase further.

嗨，Joe，是的，好問題。你看，我們仍然非常有信心，預期年底的訂單積壓將高於目前水準。往前看，鑑於我們所見到的需求環境非常強勁，我們仍預期下半年（H2）會維持強勢，並預期訂單積壓會進一步增加。

So there is no decline or weaknesses in the pipeline. So I'm looking now in the eyes of Martin, and he is saying, no, no, no. It really is very, very strong. And we are talking together about so many projects. So I don't see it. And maybe with the 1.1 gigawatt, would you like to add on this order?

所以管線沒有任何下滑或疲弱。我現在看著 Martin 的眼神，他在說，不、不、不，真的非常、非常強。我們一起在談很多專案。所以我沒有看到。至於 1.1GW 的部分，你想補充這筆訂單嗎？

The portion of it is below one-third, definitely below one-third, it's even below 30%. Some of the engines sold to this 1.1 gigawatt is containerized, so with more scope. Some of it is for a powerhouse installation, so with a little bit less scope. But this was just one very big deal. We had as well many, many other deals, bigger deals, smaller deals worldwide.

它的占比低於三分之一，絕對低於三分之一，甚至低於 30%。賣給這個 1.1GW 專案的一部分引擎是貨櫃化（containerized），因此範疇（scope）更大；另一部分是用於電力站（powerhouse）安裝，因此範疇稍微小一些。但這只是其中一筆非常大的交易。我們同時也在全球拿下了很多、很多其他交易，有更大的，也有更小的。

And as Olaf said, the order robustness is fantastic, right? So we still have many requests for projects which we are not able to fulfill because of capacity. So I don't see at all that the market demand is going down for us, right? Really, this is in the past. We are really still in the past.

而且如 Olaf 所說，訂單的強勁程度非常驚人，對吧？我們仍收到很多專案需求，但因為產能限制而無法全部滿足。所以我完全不覺得市場需求對我們在下降，對吧？真的，這種情況是過去式。我們其實仍然在過去——我們真的仍然在過去。

Nicole DeBlase, Deutsche Bank.

Deutsche Bank 的 Nicole DeBlase。

I'll echo my congratulations on the first big quarterly results. So maybe first, just on capacity expansion and an update there, maybe double-click on how much progress you've made towards the plan that you laid out?

我也要附和恭喜你們首次公布亮眼的季度成果。首先，關於產能擴張與最新進度，能否更深入說明你們在你們先前提出的計畫上已經推進了多少？

And then with the orders being much better than expected and the really robust commentary on backlog and pipeline, I'm curious if 10 gigawatts is enough. And then second question on the 1.1-gigawatt data center order. I'm just curious if you see more orders of this magnitude in your pipeline?

另外，鑑於訂單表現遠優於預期，且你們對積壓訂單與管線的評論非常強勁，我好奇 10GW 是否足夠。第二個問題是關於 1.1GW 的資料中心訂單：我想了解你們在管線中是否看到更多同等規模的訂單？

Okay. Nicole, thanks for asking. Dennis speaking. Starting with your question on capacity. I think overall, the capacity expansion is progressing on plan. Our scale-up from 3.5 GW to first 7 GW based on our site in Jenbach and then up to 10 GW based on further ramp-up from '28, onwards in Waukesha is on track. We don't see any stumbling blocks from today's perspective, and we are executing on plan and the project, and both projects are actually fully on track.

好的。Nicole，謝謝提問。我是 Dennis。先從產能的問題開始。我認為整體而言，產能擴張正按計畫推進。我們從 3.5GW 擴至首先 7GW（以 Jenbach 廠區為基礎），接著自 '28 年起在 Waukesha 進一步爬坡至 10GW，進度都在軌道上。以今天的角度來看，我們沒有看到任何絆腳石；我們正按計畫執行，且兩個專案其實都完全如期。

The one is delivering already right now. We are going to be ahead of 3.5 GW, obviously this year and the other project in Waukesha is also on track. On your question regarding 10 gigawatts, this is something that we, as a management team, are reviewing on an ongoing basis on a quarter-by-quarter, month-by-month basis.

其中一個專案現在就已經開始交付。今年我們顯然會高於 3.5GW；另一個在 Waukesha 的專案也在軌道上。至於你問到 10GW 是否足夠，這是我們管理團隊會持續檢視的議題，我們會以逐季、逐月的方式持續評估。

From today's perspective, we are fully focused to execute on the 10 gigawatts, but we'll obviously carefully review this range over time and we'll take respective decisions on that one. On your second question, probably.

以目前來看，我們完全聚焦於把 10GW 的計畫執行到位，但我們也會隨時間審慎檢視這個區間，並就此做出相應決策。至於你的第二個問題，可能……

I can do it. The 1.1 gigawatt that we just announced today. Look, maybe you have seen that we announced the Aggreko one with 1.25 gigawatts. It's a little bit longer-running project. So we have some of them. We just signed, and I think that's in the process as well.

我可以做到。我們今天剛宣布的那個 1.1 吉瓦。你看，也許你已經看到我們宣布了與 Aggreko 的那個 1.25 吉瓦案子。那是一個運行時間稍長的專案。所以我們手上有一些這樣的案子。我們剛簽了，我認為也正在推進中。

That we are working with Aggreko on a long-term contract, delivering engines Type 4, Type 6. So there are many of these coming up. So from my point of view, as there's a strong demand and as Martin said, we don't see any weakness in this space. Size of 1.1 gigawatt is not the exception. It's now, I would say, common size.

我們正在與 Aggreko 合作一份長期合約，交付 Type 4、Type 6 引擎。所以接下來還會有很多這類案子。就我看來，在需求強勁、且如 Martin 所說，我們在這個領域看不到任何疲弱的情況下，1.1 吉瓦的規模並不是例外。我會說，這現在已經是常見的規模。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀（UBS）。

I don't know if you guys disclosed an actual Data Center revenue number for the quarter. I think it was about $100 million last quarter. Can you just give us that number, Dennis? And I assume the margin inflection as we progress through this year to the high teens in Equipment has to do with that revenue scaling.

我不確定你們是否有披露本季資料中心的實際營收數字。我記得上季大約是 1 億美元。Dennis，你能直接給我們這個數字嗎？另外我也假設，隨著今年推進，設備（Equipment）毛利率/利潤率拐點走向十幾個百分點的高位，與該營收規模擴大有關。

So just give us a sense of where we were in Data Center revenue, where we are and where we expect to go and sort of your confidence in executing on that ramp? And then related to that, Martin, there's a lot of questions about sustainability of demand and concerns that people have around any potential cliff in demand for anything related to data centers. Obviously, with your order number today, that is a strong counterpoint against that.

所以請讓我們了解一下：資料中心營收我們之前在哪裡、現在在哪裡、以及預期會到哪裡；並談談你們對於執行這個爬坡（ramp）的信心。然後相關地，Martin，市場上有很多關於需求可持續性的問題，以及大家對任何與資料中心相關需求可能出現「斷崖式下滑」的擔憂。顯然，以你們今天的訂單數字來看，這是一個很強的反證。

But maybe, Martin, talk about when you talk to your data center customers, hyperscaler customers or even the Energy-as-a-Service customers, how confident are they that this level of ordering and spending is sustainable, not just in 2030, but beyond? Just give us a flavor for those types of conversations.

但也許 Martin 你可以談談：當你與資料中心客戶、超大規模（hyperscaler）客戶，甚至是「能源即服務」（Energy-as-a-Service）客戶交流時，他們對於這種下單與支出水準的可持續性有多有信心——不只是到 2030 年，而是更往後？請分享一下這類對話的大致情況。

Hi, Amit. Thanks for your question and good talking again. On your question regarding the Data Center revenue, yes, we are disclosing it and the number for the second quarter stands at $232 million. So first quarter has been $107 million. Second quarter has been $232 million, and that's the trajectory that we are seeing.

嗨，Amit，謝謝你的問題，也很高興再次交流。關於你問的資料中心營收，是的，我們有披露，第二季的數字是 2.32 億美元。第一季是 1.07 億美元，第二季是 2.32 億美元，這就是我們看到的發展軌跡。

Your question also on the connect to margins. And yes, from slightly ahead of 7% margin for all of the Equipment segment in the first quarter, the trajectory has now improved to 14%. I commented that we are seeing a further trend up, as at the end of the year '26, we should see the latest deals getting out on average at high teens. So the trajectory is upwards. This is driven by us working through the backlog.

你也問到與利潤率的連結。是的，設備事業部（Equipment segment）第一季整體利潤率略高於 7%，目前的走勢已改善到 14%。我也提到，我們看到還會進一步上行；到 2026 年底，我們應該會看到最新的交易平均落在十幾個百分點的高位。因此趨勢是向上的。這主要是因為我們正在消化在手訂單（backlog）。

You could see the orders step by step in terms of margins. So there is the upward trajectory. And look at what is driving really the upturn, it is mainly driven by the Data Center revenues now flowing through the funnel. You're absolutely right on that one.

你可以一步一步看到訂單在利潤率上的提升。所以確實有向上的軌跡。而真正推動這個上行的因素，主要是資料中心營收現在開始透過漏斗（funnel）流入。你這點說得完全正確。

And Amit, Martin and me, we will answer this question. As I said, we have a strong sustainable demand for projects. Look, I think we have this unique technology, the J624. So if we talk to the Energy-as-a-Service company, the rental companies and maybe then, Martin, please, you can talk about every single day you have calls and you have SMS and WhatsApp, what we can deliver. Maybe talk about the rental company and Energy-as-a-Service company what Amit is just asking for that.

Amit，Martin 和我會一起回答這個問題。如我所說，我們對專案有強勁且可持續的需求。你看，我們有這項獨特的技術 J624。所以如果我們與「能源即服務」公司、租賃公司交流——也許接下來 Martin 你可以談談，你每天都有電話、簡訊和 WhatsApp 訊息，大家在問我們能交付什麼。也請談談租賃公司與「能源即服務」公司方面，回應 Amit 剛剛的提問。

Yes, Amit. We hear as well that there is some noise in the market about how sustainable it is. The only thing I can tell you on Innio and on the demand I see for our product, it's huge. It's as high as ever. And talking about a lot of projects in 2029, in 2030, in 2031, a pipeline of projects we together develop with Energy-as-a-Service companies with rental companies for different hyperscalers is huge going into permits already into plans for 2031, 2032.

是的，Amit。我們也聽到市場上有一些雜音在討論這是否可持續。我唯一能告訴你的是，就 Innio 以及我看到的我們產品需求而言，需求非常龐大，甚至是前所未有的高。我們正在談很多 2029、2030、2031 年的專案；我們與「能源即服務」公司、租賃公司一起為不同的 hyperscaler 開發的專案管線非常龐大，已經進入許可（permits）階段，甚至已經進入 2031、2032 年的規劃。

So this proves to me at least that our pipeline is really sustainable and strong. In addition, what I need to say, we always talk about Data Center, but I'm even, to be honest, a bit concerned about the capacity we have because there are so many other markets coming up. There was big auctions in Brazil, auctions coming in Argentina.

所以至少對我來說，這證明我們的管線確實可持續且強勁。另外我也必須說，我們總是在談資料中心，但老實說，我反而有點擔心我們的產能，因為還有很多其他市場正在起來。巴西有大型拍賣（auctions），阿根廷也將有拍賣。

Germany changed the law on their power pledge. So there is demand growing and growing and growing. And as I said, capacity constrained, but not market constrained.

德國也改了他們在電力承諾（power pledge）方面的法律。所以需求在不斷、不斷、不斷地成長。正如我所說，我們是產能受限，而不是市場受限。

And as Martin said, in Germany and for '26, the German government agreed that 9 gigawatts is coming in the market. An auction will be delivered in '29, '30, '31. Auction for '27, you have another 2 gigawatt. So as Martin said, it's not only Data Center. I know we are talking about the Data Center, but our core business is Power Solutions, and this is very strong, bigger business.

而且如 Martin 所說，在德國、針對 2026 年，德國政府已同意有 9 吉瓦將進入市場。拍賣將在 2029、2030、2031 年交付。針對 2027 年的拍賣，還有另外 2 吉瓦。所以如 Martin 所說，不只是資料中心。我知道我們一直在談資料中心，但我們的核心業務是電力解決方案（Power Solutions），而且這非常強勁，是更大的業務。

And maybe one last sentence to this. We talked about our containerized solution, fast to install on site. We don't need a lot of EPC capability on site, which is a very, very strong argument at the moment because, as you know, everybody knows in the States, EPC capacity is constrained. With our solution, we don't have here a big need. So that's the reason I really see a huge demand for ours.

最後也補充一句：我們談到過我們的集裝箱式（containerized）解決方案，現場安裝很快。我們不需要在現場投入大量 EPC 能力，這在當下是一個非常、非常強的論點，因為如你所知、大家也都知道，在美國 EPC 產能是受限的。用我們的方案，這方面的需求就不大。所以這也是我認為我們需求非常龐大的原因。

David Ridley-Lane, Bank of America.

David Ridley-Lane，美國銀行（Bank of America）。

This is David Ridley-Lane on for Andrew Obin. Can you talk about the timing of those expected incremental production slots? So when are you going to release the incremental production slots from those capacity additions? And would you be releasing them? Could there be any 2027 slots in there, 2028 slots? What is the delivery time for those incremental production slots?

我是 David Ridley-Lane，代 Andrew Obin 提問。你能談談那些預期新增的產能名額（incremental production slots）的時間點嗎？也就是說，你們何時會釋出因擴產而增加的生產名額？以及你們會如何釋出？其中是否可能包含 2027 年的名額、2028 年的名額？這些新增生產名額的交付時間是多久？

David, yes, Dennis speaking. Good to talk again. Good question here on that one. And you're completely right, we commit to increase our capacity from 3.5 GW to 10 GW, and this provides for a certain curve. And as we mentioned beforehand, we are not selling everything under this curve already right now because we want to get sufficient visibility that this ramp-up is in time, in spec, so that we can really deliver what we promise to our customers.

David，是的，我是 Dennis。很高興再次交流。這個問題問得很好。你完全正確，我們承諾把產能從 3.5 吉瓦提升到 10 吉瓦，這會形成一條特定的爬坡曲線。而如我們先前提到的，我們目前並沒有把這條曲線下的所有產能都立刻賣出去，因為我們希望獲得足夠的能見度，確保這次擴產爬坡能按時、按規格完成，這樣我們才能真正交付我們對客戶的承諾。

Having said that, we are freeing up slots on the way. This is not a digital decision where we decide at one point to free this up. So we are freeing this up over time. And since we last spoke probably six weeks ago or so or 12 weeks ago, we freed up certain slots already.

話雖如此，我們會在過程中逐步釋出名額。這不是一個「數位式」的決策，不是到了某個時間點才一次性釋出。我們是隨時間逐步釋出。而且自從我們上次通話——大概六週前或十二週前——我們已經釋出了一些名額。

You saw in our statement that we already have 15 gigawatts plus in backlog and slots reservation. And a certain amount of this is linked to this already freed up slots. So this is an ongoing process. '27, is completely sold out. So there are no further slots to be freed up for '27. And when we talk about '28, and the further ramp-up then in Waukesha '29, and 2030. So overall, an ongoing process, we are well on track, as I mentioned beforehand.

你在我們的聲明中也看到，我們的在手訂單與名額預留（backlog and slots reservation）已經超過 15 吉瓦。其中有一部分就與這些已釋出的名額相關。所以這是一個持續進行的流程。2027 年已經完全售罄，所以 2027 年沒有更多名額可以再釋出。至於 2028 年，以及之後在 Waukesha 的進一步爬坡到 2029 年與 2030 年，整體而言這都是一個持續進行的過程；如我先前提到的，我們進度非常順利。

Andrew Kaplowitz, Citi.

Andrew Kaplowitz，花旗（Citi）。

Services was stronger than I expected and had good year-over-year growth. I know a lot of the data center contracts don't kick in higher service levels for several years, five years, but you did mention more demand for spare parts, for instance. Can you give more color on what you're seeing? Do you expect to continue to see a sustained step-up in transactional work? And what could that mean for service revenue in the future?

服務（Services）表現比我預期更強，而且年對年成長不錯。我知道很多資料中心合約要過好幾年（例如五年）才會進入更高等級的服務，但你確實提到例如備品備件（spare parts）需求增加。你能多補充一些你們看到的狀況嗎？你是否預期交易型（transactional）工作量會持續出現一個結構性的抬升？這對未來的服務營收可能意味著什麼？

Sure. Happy to give it a go here. Andrew, Dennis speaking. You're absolutely right. The second quarter came in strong on parts versus labor. And to a certain extent, that's been also driving our pretty nice margin that we delivered in the quarter, 1% up versus the quarter beforehand.

當然。很樂意在這裡試著回答。Andrew，我是Dennis。你說得完全正確。第二季在零件相對於人工的表現很強勁。而在某種程度上，這也推動了我們本季交出的相當不錯的利潤率，較前一季提升了1%。

So as we mentioned before, parts are coming with a pretty nice margin. Right now, I wouldn't read too much into it rather than the ongoing good running hours of our equipment out there in the field and good running hours of our Waukesha business line, and that business line is then, to a certain extent, more transactional and more parts driven actually than labor driven given our position in the value chain.

因此如同我們先前提到的，零件帶來相當不錯的毛利。就目前而言，我不會過度解讀，這更多反映的是我們在外部現場設備的良好運轉時數，以及我們Waukesha業務線的良好運轉時數；而該業務線在價值鏈中的定位，使其在一定程度上更偏向交易型、也更由零件驅動，而非由人工驅動。

So good momentum on that end. I don't see a slowdown on that. We're obviously carefully monitoring that. Cutoff between second and third quarter came in handy for us. So probably a bit of a tailwind in the second quarter. We have to see if this continues in the third and the fourth quarter. So far, we don't see a change there. So that's been the overall framework.

所以那一端的動能不錯。我不認為會出現放緩。我們當然會謹慎監控。第二季與第三季之間的截止點對我們也很有利，所以第二季可能有一點順風。我們得看看第三、第四季是否會延續。到目前為止，我們沒有看到那裡有變化。這就是整體的框架。

As you rightfully mentioned, this is not driven at this point in time by the data center fleet. This is only going to be installed and growing, and the real service category from that is only really kicking in and driving our margin from the early 2030s onwards. What we are seeing right now is a very healthy operating performance of our installed fleet in our traditional business.

如你正確指出的，目前這並不是由資料中心機隊所驅動。那部分才剛要開始安裝並成長，而真正來自那裡的服務類別，要到2030年代初期才會真正啟動並推動我們的利潤率。我們現在看到的是，我們傳統業務的既有裝機機隊有非常健康的營運表現。

But this supports our statement that we have a strong business aside from the data center. So we have in gas compression, we had a strong business in service and service parts and as well as in our Power Solutions. Data center service is coming up in the future, not yet.

但這也支持我們的說法：除了資料中心之外，我們本身就有很強的業務。因此在氣體壓縮方面，我們的服務與服務零件業務很強；在我們的電力解決方案（Power Solutions）方面也是如此。資料中心服務會在未來逐步起來，但還不是現在。

Mark Strouse, JP Morgan.

Mark Strouse，JP Morgan。

Yeah, great. Thanks for taking our questions. And I'll echo my welcome to the public markets here. So I appreciate the disclosure that about 94% of your data center backlog is for prime power. Dennis, you touched on this a bit, but I'm curious if you can just give a bit more color on how to think about the magnitude of the upside in kind of service ASPs and margins over time just given that higher mix towards prime power.

好的，很棒。謝謝讓我們提問。我也呼應一下，歡迎你們來到公開市場。我很感謝你們揭露資料中心在手訂單中約94%是用於主用電（prime power）。Dennis，你剛剛有稍微提到，但我想請你再多補充一些：考量主用電占比更高，長期來看服務端ASP與利潤率上行的幅度大概該怎麼思考？

And then just my quick follow-up, with the greater than 15 gigs that are in backlog and slot reservations, are you able to give us kind of a split of the percentage of what is backlog versus SRAs?

然後我快速追問一下：在手訂單與產能/機位預留（slot reservations）合計超過15GW的部分，你們能否提供一下大概的拆分比例，哪些是backlog、哪些是SRA？

Thanks, Mark, and good to speak. On the second question. No, that's not a number that we are going to talk about now and also going forward. So we have the absolute amounts, obviously, in terms of dollars for the backlog, and we are not going to split down the gigawatts at this point in time.

謝謝你，Mark，也很高興交流。先回答第二個問題：不行，這不是我們現在、以及未來會討論的數字。我們當然有以美元計的在手訂單絕對金額，但目前不會把GW拆分到這個程度。

Regarding your question on the service side, we see some positive momentum in the Service business driven by short term, given by the effects that I just mentioned. You're referring to the positive performance of the data center business in terms of service.

至於你問的服務端，我們看到服務業務有一些正向動能，短期主要是由我剛提到的那些因素所驅動。你指的是資料中心業務在服務面向的正向表現。

As we talked about beforehand, given the way we account for this and given that the real calories on the service side for the bigger data centers are really sitting in the minor and major overhauls that are happening after 30,000 hours and 60,000 hours, we definitely see positive tailwinds and maybe more than we thought about beforehand.

如同我們先前談過的，考量我們的會計認列方式，而且大型資料中心在服務端真正的「重頭戲」其實是在3萬小時與6萬小時後發生的小修與大修（minor/major overhauls），我們確實看到正向順風，甚至可能比我們先前預期的還要多。

This is supporting our story and giving us confidence to deliver or even over-deliver on the service part of the business, but this is going to hit our P&L 30,000 hours from today, which is like four years out. But yes, from that point in time onwards, what we are seeing right now gives us great confidence to even over-deliver to what we believe beforehand to be our plan.

這在支持我們的論述，也讓我們更有信心能達成、甚至超越服務業務的目標；但這要在從今天起累積到3萬小時後才會反映到我們的損益表（P&L），大約是四年之後。不過是的，從那個時間點開始，我們目前看到的情況讓我們非常有信心，甚至能超越我們先前認為的計畫。

Moses Sutton, BNP Paribas.

Moses Sutton，BNP Paribas。

Congrats on the first print here. The note of the 94% of data center backlog relating to prime power. So I just want to clarify, is the 6% therefore, emergency backup for data centers that replaces what we normally would have thought goes to diesel? And any thoughts broadly on your ability to capture share from diesel backup? That would be great.

恭喜你們第一次公布成績。關於資料中心在手訂單中94%與主用電相關這點，我想確認一下：那剩下的6%是否就是資料中心的緊急備援電力，取代了我們原本通常認為會用柴油的部分？另外，你們對於從柴油備援中取得市占的能力，有沒有更廣泛的看法？謝謝。

Yes. So you're fully right. The 94% is prime power and the 6% is backup power where diesel engines were, let's say, replaced with gas engines. And the reason for that is the data center hubs get so big that even the diesel emissions would be too high, the NOx emissions, if you have all these engines, would be too high.

是的。你完全正確。94%是主用電，6%是備援電力，也就是原本使用柴油引擎的地方，某種程度上被燃氣引擎取代。原因是資料中心樞紐規模變得非常大，如果有這麼多引擎，柴油的排放會太高，NOx排放會過高。

That's the reason this customer, one of the hyperscalers, chooses here gas engines. And we are, as a company going in that market, we would have the opportunity to even get more of these orders to translate more from diesel to gas. However, given the capacity we have, we look in very, very fine detail at how much we want to give to prime and to backup power.

這就是該客戶（其中一家超大規模雲端業者，hyperscaler）在此選擇燃氣引擎的原因。而我們公司進入這個市場後，確實有機會拿到更多這類訂單，讓更多需求從柴油轉向燃氣。不過，考量我們的產能，我們會非常、非常仔細地評估要在主用電與備援電力之間分配多少。

And now we're going to take our last question for today.

接下來我們要進行今天最後一個問題。

Ben Kallo, Baird.

Ben Kallo，Baird。

Hey, good day. Thanks, guys, and congrats. My question was just with the order and the backlog, and congratulations on that. Could you just talk about the concentration, not with specifically a customer, but with projects as we've seen project delays, whether permitting or financing and just how you guys think about any kind of risk with projects slipping to the right as they get permitting and financing throughout your order book?

嗨，大家好。謝謝你們，也恭喜。我的問題是關於訂單與在手訂單，先恭喜你們的表現。你們能否談談集中度——不是針對特定客戶，而是針對專案？我們看到有些專案會延遲，不管是許可（permitting）或融資（financing）。你們如何看待在你們的訂單簿中，專案可能往後遞延（slipping to the right）的風險？

Yes. Thanks, Ben. Good question. As I said on our roadshow and testing the water, we are celebrating this year 500 years, and we are doing business in 100 countries. So we have really customers all over the world. Nevertheless, we have now big hyperscalers and they are big customers.

是的。謝謝你，Ben。好問題。正如我在路演以及試水溫（testing the water）時所說，我們今年慶祝成立500週年，並在100個國家做生意，所以我們的客戶遍布全球。不過，我們現在也有大型hyperscaler，他們是大客戶。

Of course, the big difference if you have a smaller customer, or you have one of these six or seven big hyperscalers, and they are all our customers. Nevertheless, we have not one single cancellation. That means we don't have -- and we take really a deep look before we go to a project about the financing of the project, who is the customer. And for this reason, we do not have one single cancellation today in smaller projects as well as in big projects.

當然，如果是小客戶，或是這六、七家大型hyperscaler之一，差異很大，而他們也都是我們的客戶。儘管如此，我們沒有任何一筆取消。也就是說，我們在承接專案之前都會非常深入地檢視：專案的融資狀況、客戶是誰。基於這個原因，無論是小型專案或大型專案，我們今天都沒有任何一筆取消。

And maybe to add to your second part of the question on the permitting. So far, our customer projects are on time, of course, right, the usual a few days or weeks up and down. But so far, we don't see a big delay on construction on site, on permitting on site. Due to our standardized containerized solution as well, the job on site is easier.

另外補充你問題的第二部分、關於許可。到目前為止，我們客戶的專案都按時推進；當然，通常會有幾天或幾週的上下波動。但目前我們沒有看到現場施工或現場許可出現重大延遲。也因為我們的標準化貨櫃式解決方案，現場作業更容易。

And as Olaf said, we are really taking care that the projects we are awarding and we get awarded that we have detailed Know Your Customer. We know that the permits are ongoing or in place, and that's the reason we try to reduce this risk a lot.

而且如同Olaf所說，我們非常重視確保我們所授予、以及我們所獲授的專案，都有做詳細的KYC（Know Your Customer）。我們知道許可正在進行中或已到位，因此我們努力大幅降低這項風險。

Yes. With this, we are finished for today. Thanks for your question. And of course, hope to see you and speak to you soon.

是的。那麼我們今天就到這裡。謝謝各位的提問。當然，也希望很快能再見到各位並與各位交流。