格南登福 (IR) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Ingersoll Rand third-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫雷吉娜，今天我將擔任你們的會議接線生。此時此刻，我謹代表英格索蘭公司歡迎各位參加2025年第三季財報電話會議。（操作說明）

I'd now like to turn the conference over to Matthew Fort, Vice President, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁馬修福特先生。請繼續。

Thank you and welcome to the Ingersoll Rand 2025 third-quarter earnings call. I'm Matthew Fort, Vice President of Investor Relations. And joining me this morning are Vicente Reynal, Chairman and CEO; and Vik Kini, Chief Financial Officer. We issued our earnings release and presentation yesterday afternoon, and we will be referencing these during the call. Both are available on the Investor Relations section of our website.

謝謝大家，歡迎參加英格索蘭2025年第三季財報電話會議。我是馬修福特，投資人關係副總裁。今天早上和我一起出席的有董事長兼執行長 Vicente Reynal 和財務長 Vik Kini。我們昨天下午發布了盈利報告和演示文稿，我們將在電話會議中提及這些內容。這兩份資料都可以在我們網站的投資者關係版塊找到。

In addition, a replay of this conference call will be available later today. Before we start, I want to remind everyone that certain statements on this call are forward-looking in nature and are subject to the risks and uncertainties discussed in our previous SEC filings, which you should read in conjunction with the information provided on this call.

此外，本次電話會議的錄音重播將於今日稍後提供。在開始之前，我想提醒大家，本次電話會議中的某些陳述具有前瞻性，並受到我們之前向美國證券交易委員會提交的文件中討論的風險和不確定性的影響，您應該結合本次電話會議中提供的信息閱讀這些文件。

Please review the forward-looking statementson slide 2 for more details. In addition, today's remarks, we will refer to certain non-GAAP financial measures. You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP in our slide presentation and in our earnings release. Both are available on the investor relations section of our website.

請查看第 2 頁的前瞻性聲明以了解更多詳情。此外，在今天的演講中，我們將提及一些非GAAP財務指標。您可以在我們的投影片簡報和獲利報告中找到這些指標與根據公認會計原則計算和列示的最可比較指標的調節表。這兩份資料都可以在我們網站的投資者關係版塊找到。

On today's call, we will review our company and segment financial highlights and provide an update to our full-year 2025 guidance. For today's Q&A session, we ask that each caller keep to one question and one follow-up to allow for other participants.

在今天的電話會議上，我們將回顧公司和各業務部門的財務亮點，並更新我們對 2025 年全年業績的預期。今天的問答環節，我們要求每位來電者只提出一個問題和一個後續問題，以便其他參與者也能有機會提問。

At this time, I will turn the call over to Vicente.

此時，我將把電話轉給維森特。

Thanks, Matthew, and good morning to all. Beginning on slide 3, in a dynamic macro environment, we continue to deliver durable growth driven by disciplined execution and the strength of IRA. Year-to-date, organic orders are up 2% with a book-to-bill of 1.04 times. Our disciplined approach to M&A continues to be a key driver of our success. Our acquisition pipeline is robust with a strategic focus on targeted bolt-on opportunities that enhance our existing portfolio.

謝謝馬修，大家早安。從第 3 張投影片開始，在動態的宏觀環境下，我們憑藉著嚴謹的執行和 IRA 的強大實力，繼續實現持久成長。今年迄今為止，有機訂單增加了 2%，訂單出貨比為 1.04 倍。我們嚴謹的併購策略仍然是我們成功的關鍵驅動力。我們的收購管道強大，策略重點是尋找能夠增強我們現有投資組合的補充機會。

Finally, our teams are focused on controlling what we can control and leveraging IRA to navigate the dynamic market environment.

最後，我們的團隊專注於控制我們能夠控制的因素，並利用個人退休帳戶來應對瞬息萬變的市場環境。

On slide 4, our value creation flywheel remains a central engine of our performance. Generating strong free cash flow that fuels discipline, high-return capital deployment and strategic flexibility. It is our ownership mindset employees acting and thinking like owners that propels IRX and drives our outperformance. This combination of culture and system delivers durable creation.

在第 4 張投影片中，我們的價值創造飛輪仍然是我們業績的核心引擎。產生強勁的自由現金流，從而促進自律、高回報資本部署和策略靈活性。正是我們員工像老闆一樣思考和行動的主人翁精神，推動了IRX的發展，並促成了我們的卓越業績。文化與制度的結合能夠創造持久的成果。

We remain committed to our capital allocation strategy, using our strong free cash flow and disciplined M&A approach to pursue targeted high-return bolt-on acquisitions that add market-leading products and technologies to our portfolio.

我們將繼續堅持我們的資本配置策略，利用我們強勁的自由現金流和嚴謹的併購方式，進行有針對性的高回報附加收購，為我們的產品組合增加市場領先的產品和技術。

Year to date, we have executed with both PACE and Precision, closing 14 transactions with 9 additional transactions under LOI. These high-return bolt-ons averaging a 9.5 times pre-synergy multiple, expand our technological capabilities. Our disciplined M&A engine continues to compound durable above-market growth. We remain on track towards achieving our annual target of adding 400 to 500 basis points of inorganic revenue acquired on an annual basis.

今年迄今為止，我們已與 PACE 和 Precision 合作完成了 14 筆交易，另有 9 筆交易已簽署意向書。這些高回報的附加項目平均收益倍數為 9.5 倍（不含協同效應），擴展了我們的技術能力。我們嚴謹的併購機制持續推動高於市場平均的持久成長。我們仍有望實現每年新增 400 至 500 個基點非內生性收入的目標。

Our acquisition of the Dave Barry Plastics is the second addition that we have made to our Life Science platform this year. A designer and manufacturer of custom cleaning room solutions, Dave Barry Plastics enhances our capabilities within life science applications in biopharma production and their products are highly complementary to our existing biopharma business.

收購 Dave Barry Plastics 是我們今年對生命科學平台進行的第二次擴充。作為一家客製化無塵室解決方案的設計和製造商，Dave Barry Plastics 增強了我們在生命科學應用（如生物製藥生產）方面的能力，其產品與我們現有的生物製藥業務高度互補。

I will now turn the presentation over to Vik to provide an update on our Q3 financial performance.

現在我將把簡報交給 Vik，讓他介紹一下我們第三季的財務表現。

Thanks, Vicente. Starting on slide 5. Orders showed continued strength in the third quarter, up 8% year-over-year or up 2% organically with a book-to-bill of 0.99 times. Sequentially, from Q2 to Q3, we saw low single-digit growth, both in orders and backlog. It is important to note that since the end of 2024, backlog is up high teens from a percentage perspective.

謝謝你，維森特。從第5張投影片開始。第三季訂單持續強勁成長，年增 8%，有機成長 2%，訂單出貨比為 0.99。從第二季到第三季度，訂單和積壓訂單均實現了個位數低成長。值得注意的是，自 2024 年底以來，積壓案件的百分比增加了十幾個百分點。

Order performance remains positive with both our ITS and PST segments delivering year-to-date organic order growth in the low single digits. The third quarter finished largely in line with expectations for revenue, adjusted EBITDA and adjusted earnings per share, showing strong execution despite the dynamic market environment.

訂單表現依然良好，我們的 ITS 和 PST 業務部門今年迄今的有機訂單成長均達到個位數低水準。第三季營收、調整後 EBITDA 和調整後每股盈餘基本上符合預期，儘管市場環境瞬息萬變，但業績表現強勁。

The company delivered third quarter adjusted EBITDA of $545 million with an adjusted EBITDA margin of 27.9%. We have delivered solid sequential growth in adjusted EBITDA margin over the course of the year. Additionally, we have recently implemented proactive measures to optimize our cost structure.

該公司第三季調整後 EBITDA 為 5.45 億美元，調整後 EBITDA 利潤率為 27.9%。今年以來，我們的調整後 EBITDA 利潤率實現了穩健的環比成長。此外，我們近期也採取了積極措施來優化成本結構。

While these actions will have limited impact in 2025, that position us well heading into 2026. The year-over-year margin decline was primarily driven by tariff-related dilution and targeted investments to support organic growth. Corporate costs were $30 million, largely reflecting incentive compensation adjustments, which are aligned with performance. Our Q3 adjusted tax rate was 23.9% and adjusted earnings per share was $0.86 for the quarter, up 2% year-over-year and up 11% on a two-year stack.

雖然這些措施在 2025 年的影響有限，但這讓我們在進入 2026 年時處於有利地位。年比利潤率下降主要是由於關稅相關的利潤稀釋以及為支持內生成長而進行的定向投資所致。公司成本為 3000 萬美元，主要反映了與業績掛鉤的激勵性薪酬調整。我們第三季的調整後稅率為 23.9%，調整後每股收益為 0.86 美元，年增 2%，兩年累計成長 11%。

On the next slide, free cash flow for the third quarter was $326 million and is approximately flat year-over-year on a year-to-date basis. With $3.8 billion in total liquidity, our balance sheet remains a strategic asset, enabling continued investment in high-return opportunities.

下一張投影片顯示，第三季的自由現金流為 3.26 億美元，與去年同期相比基本持平。我們擁有 38 億美元的流動資金，資產負債表仍然是一項戰略資產，使我們能夠繼續投資於高回報的機會。

Leverage increased modestly to 1.8 times driven by proactive capital deployment, including $249 million in M&A, $193 million in share repurchases and $8 million in dividends within the quarter. The $193 million in share repurchases made during the third quarter represented approximately 2.5 million shares.

受積極的資本部署推動，槓桿率小幅上升至 1.8 倍，其中包括本季 2.49 億美元的併購、1.93 億美元的股票回購和 800 萬美元的股息。第三季進行的1.93億美元股票回購，約250萬股。

Year to date, we have deployed $460 million to M&A at an average pre-synergy adjusted EBITDA purchase multiple of approximately 9.5 times and returned approximately $700 million to shareholders through share repurchases. This performance reinforces our ability to effectively deploy capital while maintaining top-tier balance sheet flexibility.

今年迄今為止，我們已投入 4.6 億美元用於併購，平均協同效應調整前 EBITDA 購買倍數約為 9.5 倍，並透過股票回購向股東返還了約 7 億美元。這項績效鞏固了我們在維持一流資產負債表彈性的同時有效部署資本的能力。

In addition, with our strong balance sheet, we will continue to evaluate more share repurchases without affecting our M&A bolt-on approach. I will now turn the call back to Vicente to discuss our segment results.

此外，憑藉我們強勁的資產負債表，我們將繼續評估更多股票回購的可能性，而不會影響我們的併購補充策略。現在我將把電話轉回給 Vicente，讓他來討論我們各部門的表現。

Thanks, Vik. On slide 7, third-quarter orders for IPS finished up 7%. Book-to-bill for the quarter was 0.99 times, and it is 1.04 times year to date. The segment delivered organic order growth in the low single digits making the third consecutive quarter of positive organic order growth. Revenue declined slightly year-over-year, driven mainly by tough comps in renewable natural gas projects in the US.

謝謝你，維克。投影片 7 顯示，IPS 第三季訂單量成長了 7%。本季訂單出貨比為 0.99 倍，今年迄今為 1.04 倍。該業務板塊實現了個位數低水準的有機訂單成長，連續第三個季度實現有機訂單正成長。受美國再生天然氣計畫年比高企的影響，營收較去年同期略有下降。

The momentum across other end markets remain solid. Adjusted EBITDA margins finished at 29%. It is important to note that we view the current dynamic tariff environment as a temporary impact on our margin expansion.

其他終端市場的成長動能依然強勁。調整後 EBITDA 利潤率為 29%。值得注意的是，我們認為當前動態的關稅環境對我們利潤率擴張的影響是暫時的。

Additionally, we remain committed to delivering our long-term Investor Day targets of 30% adjusted EBITDA margin by 2027, and we see continued opportunities for further expand margins within IPS over the long term.

此外，我們仍然致力於實現投資者日設定的長期目標，即在 2027 年實現 30% 的調整後 EBITDA 利潤率，並且我們看到 IPS 在長期內仍有進一步擴大利潤率的機會。

Moving to the [parallel line] highlights, compressor orders were up high single digits, demonstrating continued momentum. Industrial Vacuum and blower orders were up low single digits, and (inaudible) tools and lift in orders were up also low single digits. On a regional view, we saw orders in Americas and Europe, Middle East, India, Africa, up high single digits and Asia Pacific up mid-single digits.

再來看[平行線]亮點，壓縮機訂單實現了接近兩位數的成長，顯示出持續的成長動能。工業吸塵器和鼓風機的訂單量略有增長（聽不清楚），工具和升降機的訂單量也略有增長（聽不清楚）。從區域來看，美洲、歐洲、中東、印度、非洲的訂單量均實現了接近兩位數的成長，亞太地區的訂單量實現了接近兩位數的成長。

We're very excited to announce a game change in LEAP in our innovation journey. This month, we introduced in Europe, our Meta contact cool compressor, packaged in a remarkably compact design this compressor offers unmatched best-in-class efficiency, thanks to very advanced newly engineered areas, motors and packaging for enhanced performance. The meta 45 produces up to an 11% increase in flow while occupying 40% less space.

我們非常興奮地宣布，LEAP 在我們的創新之旅中迎來了變革。本月，我們在歐洲推出了 Meta 接觸式冷卻壓縮機，該壓縮機採用極其緊湊的設計，憑藉先進的新設計區域、馬達和封裝，實現了無與倫比的同類最佳效率，從而提高了性能。meta 45 的流量最多可增加 11%，而佔用的空間卻減少了 40%。

Additionally, the Meta compressor delivers a 14% reduction in energy consumption, delivering productivity and reducing total cost of ownership for the customer. Originally introduced under the Compare brand, this product reflects Ingersoll multichannel, multi-brand approach as this technology will also be launched in 2026 under other key brands across the world.

此外，Meta壓縮機可降低14%的能耗，進而提高生產效率並降低客戶的整體擁有成本。該產品最初以 Compare 品牌推出，體現了英格索爾的多通路、多品牌策略，因為這項技術也將在 2026 年以其他主要品牌在全球推出。

Turning to slide 8. Q3 orders in PSP were up 11% year over year with a book-to-bill of 1.01 times. Organic orders were up 7%. Year to date, PST has delivered organic order growth of 2% with a book-to-bill of 1.02 times. Third quarter revenues finished up 5% year-over-year, driven by a relatively equal balance of organic growth, FX and M&A. PST delivered adjusted EBITDA of $128 million, which was up 8% year-over-year with a margin of 30.8%.

翻到第8張幻燈片。PSP 第三季訂單年增 11%，訂單出貨比為 1.01。有機食品訂單增加了7%。今年迄今為止，PST 的有機訂單成長率為 2%，訂單出貨比為 1.02 倍。第三季營收年增 5%，主要得益於內生成長、外匯波動和併購三者相對均衡的成長。PST 調整後 EBITDA 為 1.28 億美元，較去年同期成長 8%，利潤率為 30.8%。

Adjusted EBITDA margins improved 130 basis points sequentially and up 80 basis points year over year, demonstrating continued strong execution. We continue to see nice sequential improvements and remain well positioned to meet our long-term Investor Day target of delivering adjusted EBITDA margins in the mid-30s.

經調整的 EBITDA 利潤率較上季提高 130 個基點，較去年同期成長 80 個基點，顯示公司持續強勁的執行力。我們持續看到良好的連續改善，並保持著良好的發展勢頭，預計將實現我們在投資者日設定的長期目標，即調整後的 EBITDA 利潤率達到 30% 左右。

For our PST innovation in action, we're highlighting our [Flex M] product line within the Life Science business. Leveraging its expertise, Flex M successfully transferred the manufacturing of critical Class III implantable silicon-based devices without any disruption to downstream manufacturing or patient care supply chains.

為了展示我們在 PST 創新方面的實際應用，我們將重點放在生命科學業務中的 [Flex M] 產品線。憑藉其專業知識，Flex M 成功地轉移了關鍵的 III 類植入式矽基設備的製造，而沒有對下游製造或患者護理供應鏈造成任何干擾。

As a result of this seamless transition, customer product yield rates saw a substantial improvement, increasing from 55% to over 90%, reinforcing our value proposition in life sciences. As we move to slide 9, our full-year guidance for total revenue and our expectations for organic volume growth remain unchanged. The midpoint of our adjusted EBITDA guidance has been modified to $2.075 billion, largely driven by two main factors.

由於這次無縫過渡，客戶產品良率得到了顯著提高，從 55% 提高到 90% 以上，鞏固了我們在生命科學領域的價值主張。進入第 9 頁，我們對全年總收入的預期以及對有機銷售成長的預期保持不變。我們調整後的 EBITDA 預期中位數已修改為 20.75 億美元，主要受兩個因素影響。

First, the effect of incremental Section 232 tariffs and other tariff increases announced in August. Pricing actions have been executed to offset these incremental tariffs. However, based on the timing of customer notifications and the timing of those pricing actions to convert from orders to revenue, we expect this pricing to be realized in 2026.

首先，考慮 8 月宣布的 232 條款增量關稅和其他關稅成長的影響。已採取價格調整措施來抵銷這些新增關稅。然而，根據客戶通知的時間以及將訂單轉化為收入的定價措施的時間，我們預計這種定價將在 2026 年實現。

And second, our backlog has continued to grow, resulting in a delayed realization of pricing actions previously taken in the second half of the year. These two drivers have been partially offset by lower corporate costs, which largely reflect adjustments to incentive compensation.

其次，我們的積壓訂單持續增加，導致先前在下半年採取的定價措施未能及時落實。這兩個因素的影響部分被企業成本的降低所抵消，而企業成本的降低主要反映了激勵性薪酬的調整。

As a result, the midpoint of our adjusted EPS guidance has been reduced to $3.28 from $3.40. Our revised view of 2025 incorporates a prudent view of Q4 based on both the timing of tariffs and price realization. We expect both segments adjusted EBITDA margin percentage to be approximately flat on a sequential basis compared to the third quarter.

因此，我們調整後的每股盈餘預期中位數已從 3.40 美元下調至 3.28 美元。我們對 2025 年的修訂預期包含了基於關稅實施時間和價格實現情況的對第四季度的審慎預期。我們預計兩個業務部門的調整後 EBITDA 利潤率與第三季相比將基本持平。

It is important to note that our current guidance does not reflect any of the potential tariff reductions, which were announced yesterday. For the rest of the components of our full year guidance, we anticipate our adjusted tax rate to be roughly 23.5% and net interest expense to be about $220 million and CapEx to be around 2% of revenue.

值得注意的是，我們目前的指導意見並未反映昨天宣布的任何潛在關稅下調措施。對於全年業績指引的其他組成部分，我們預計調整後的稅率約為 23.5%，淨利息支出約為 2.2 億美元，資本支出約為收入的 2%。

We have updated our share count assumption to approximately 402 million shares which reflects the impact of the share repurchases made year to date. We remain committed to leverage our Robo balance sheet to strategically deploy capital and drive value for our shareholders.

我們已將股份數量假設更新為約 4.02 億股，這反映了今年迄今進行的股份回購的影響。我們將繼續致力於利用我們Robo的資產負債表，進行策略性資本部署，並為股東創造價值。

Finally, on slide 10, as we conclude this portion of the call, I want to emphasize that we remain nimble and prepared to adapt to a continued dynamic global market environment. Our teams continue to demonstrate resilience and execute at a high level, delivering strong results despite ongoing macro volatility. We remain disciplined in our approach to capital allocation, leveraging our robust balance sheet to generate durable long-term value for our shareholders.

最後，在第 10 張投影片上，在我們結束本次電話會議之際，我想強調，我們依然保持靈活，並已準備好適應持續動態的全球市場環境。儘管宏觀經濟持續波動，但我們的團隊依然展現出強大的韌性，並保持高水準的執行力，取得了優異的成績。我們在資本配置方面始終保持嚴謹的態度，並利用我們穩健的資產負債表為股東創造持久的長期價值。

And to our employees. Thank you for your continued dedication and focus. Your ownership mindset and the use of IRX enable us to stay agile and control what we can control, delivering another solid quarter of performance.

也致我們的員工。感謝您一直以來的奉獻與專注。你們的責任感和對 IRX 的使用使我們能夠保持敏捷，控制我們能夠控制的事情，從而又取得了一個穩健的季度業績。

With that, I'll turn the call back to the operator and operate for Q&A.

這樣，我就把電話轉回給接線生，進行問答環節。

(Operator Instructions)

（操作說明）

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

Maybe just some more color on what you're seeing from an end market perspective and how you see momentum playing out into 2026. If you could do that for both segments as well as maybe geographies thought process you have set you've kind of been floating around from an end market perspective for a little while now with choppy end markets. And so the question here is, do you see anything on the horizon that can break you out of that more systemically, any green shoots and kind of just walk through the regions and some of the categories.

或許可以再詳細說說您從終端市場角度看到的情況，以及您認為這種勢頭會如何延續到 2026 年。如果你能對這兩個細分市場以及你設定的地域思路都這樣做，那麼你已經從終端市場的角度出發，在動蕩的終端市場中徘徊了一段時間了。所以問題是，你是否看到任何跡象表明，你能夠更有系統地擺脫這種困境，任何新的希望，以及能夠讓你逐步了解各個地區和類別的情況？

Yes, Mike, I'll say that, first of all, we're pleased how the organic orders have continued to progress sequentially so far in 2025. Clearly, they're going to translate here into the revenue. But I think from an order perspective, we -- this is the third quarter of positive organic orders. Q3 to put it in perspective, it was positive across all regions, except basically the vacuum and lower business in Europe, which, as you very well know, this tends to be a little bit more lumpy, but we still expect that to be positive on a second half view perspective. So I would say that the trend continues to improve.

是的，麥克，首先我要說的是，我們很高興看到有機訂單在 2025 年至今持續穩定成長。顯然，這些最終都會轉化為收入。但我認為從訂單的角度來看，這是連續第三季有機訂單量為正成長。從整體來看，第三季所有地區都呈現正面態勢，只有歐洲市場基本上停滯不前，業務量下降。如您所知，歐洲市場往往波動較大，但我們仍預期下半年歐洲市場將呈現正面狀況。所以我認為這一趨勢仍在持續改善。

Clearly, you saw how PST has continued to accelerate the orders momentum and I think in the IPS, indeed, we're seeing some better sequential improvement of sequential orders kind of improve Q2 to Q3. Having said this, I think we need to see a bit more clarity on the tariff situation to remove completely the uncertainty in the industrial landscape, which is what I will consider maybe the main drag.

顯然，您已經看到 PST 如何繼續加速訂單成長勢頭，而且我認為在 IPS 中，我們確實看到訂單量在第二季到第三季之間有所改善。話雖如此，我認為我們需要對關稅狀況有更清晰的了解，以徹底消除產業格局中的不確定性，而這正是我認為的主要阻礙。

We think yesterday was definitely a very good step in terms of what the administration said about what the new tariff regime or new tariff policy could turn out to be -- so -- but in the meantime, I think, Mike, we continue to focus on controlling what we can control. I think we're moving into 2026 with a heavy backlog. We expect a full year of 2025 book-to-bill to finish at or slightly above one.

我們認為昨天政府就新關稅制度或新關稅政策的走向所做的表態，無疑是一個非常好的進展——但與此同時，我認為，麥克，我們應該繼續專注於控制我們能夠控制的事情。我認為我們將帶著沉重的積壓工作進入2026年。我們預計 2025 年全年訂單出貨比將達到或略高於 1。

You saw how Q3 also was basically approximately one which here usually Q3 and Q4 tends to be below one in the 0.9% kind of range, but we did better than that.

你可以看到，第三季也基本上接近 1，而通常情況下，第三季和第四季的數值都在 0.9% 左右，低於 1，但我們做得比這更好。

And there is also the benefit we're seeing in terms of the good exposure that we have to some secular trends, whether markets around wastewater or even the life science investments that we have done, whether it could be biopharma, medical device and some of the tools business, just to name a few, that could potentially help us offset some of that slower recovery in the core industrial end markets.

此外，我們也看到了一些長期趨勢的好處，例如我們對廢水處理市場，甚至是我們進行的生命科學投資，包括生物製藥、醫療器材和一些工具業務等等，這些都可能有助於我們抵消核心工業終端市場復甦放緩的影響。

But again, if you think about marketing qualified leads, the loan cycle funnel, all of that continues to move in the right direction, and we see no cancellations whatsoever, which again bodes well for when things will start getting unlock that we see that incremental momentum.

但話說回來，如果你考慮行銷合格線索、貸款週期漏斗，所有這些都在朝著正確的方向發展，而且我們完全沒有看到任何取消，這再次預示著，當情況開始好轉時，我們會看到逐步增長的勢頭。

And then just focusing on the margin commentary you made in the prepared remarks about confidence in the 2027 EBITDA margins for the two segments. Maybe if we put that in context from two perspectives. One, as we get to '26. Are we going to see a little bit of an uptick here as things bounce out more on the price cost side and get back to that normal equation? And then maybe help just bridge what needs to happen for those two segments to get to those targets from here?

然後，我們將重點放在您在準備好的演講稿中對 2027 年這兩個業務部門 EBITDA 利潤率的信心所做的評論。或許我們可以從兩個角度來看這個問題。第一，當我們來到 '26' 時。隨著價格成本方面出現更多反彈並恢復正常平衡，我們是否會看到這裡出現一些回升？然後或許可以幫助彌合這兩個群體從當前情況到實現目標之間需要發生的轉變？

Look, I think as we said, so from an ITS perspective -- well, let me just kind of first step back. I mean we expect margin expansion to -- as we go into 2026, so maybe remain a little bit muted during the first half of the year, we will continue to come to tariffs, which have been put in place throughout 2025. We will continue to offset these costs through pricing as well as leveraging IRX for some of the self-help initiatives like and also the operational tariff mitigation and continued target actions that we just talked about.

你看，我想正如我們所說，從 ITS 的角度來看——好吧，讓我先退一步想想。我的意思是，我們預計利潤率擴張將持續到 2026 年，因此在上半年可能會保持較為溫和的態勢，我們將繼續關注關稅問題，這些關稅已於 2025 年實施。我們將繼續透過定價來抵銷這些成本，並利用 IRX 來推進一​​些自助舉措，例如我們剛才提到的營運關稅緩解措施和持續的目標行動。

I will also remind that gross margins continue to be flat to maybe slightly up. So obviously, that reflects the fact that we'll continue to invest -- that we have continued to invest in SG&A, particularly more on the sales and the commercial initiatives and that you've seen that kind of some of the offsets ITA is roughly 29% EBITDA margin.

我還要提醒大家，毛利率持續保持平穩，可能略有上升。顯然，這反映了我們將繼續投資的事實——我們一直在繼續投資銷售、一般及行政費用，尤其是在銷售和商業舉措方面，而且你已經看到，部分抵消因素導致 ITA 的 EBITDA 利潤率約為 29%。

I mean we're basically right there in terms of what we said we could get by 2027. Clearly, no concern based on all the activities that we're doing. And you're seeing how the PST now at roughly squeezy 31% margin that we achieved here in Q3 and have seen some good sequential improvement throughout every quarter in 2025. We see the momentum still relying there and the changes that the team are doing to continue to accelerate that. So again, that's why we get that level of confidence that by 2027, we'll definitely be able to get into the targets that we set out to be by doing Investor Day.

我的意思是，就我們之前所說的 2027 年能夠達到的目標而言，我們基本上已經實現了。顯然，根據我們正在進行的所有活動來看，無需擔憂。您可以看到，PST 目前大約在 31% 的利潤率附近，這是我們在第三季度實現的，並且在 2025 年的每個季度都看到了良好的連續改善。我們看到目前的勢頭仍然依賴於此，並且球隊正在做出改變以繼續加速這一進程。所以，正因如此，我們才有信心到 2027 年，透過投資者日活動，我們一定能夠實現我們設定的目標。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Maybe I just wanted to understand, so the -- I suppose the guide midpoint this year suggest that you're running at kind of incremental sort of EBITDA margins, total company is sort of in the mid-teens this year in terms of the kind of drop-through from 5% sales growth into EBITDA. That's clearly well below what you should be doing.

也許我只是想了解一下，所以——我猜今年的指導方針中點表明，你們的 EBITDA 利潤率是逐步提高的，就 5% 的銷售增長轉化為 EBITDA 而言，公司今年的整體利潤率在 15% 左右。這顯然遠低於你應該做到的水平。

So maybe just pars out for us the main headwinds within that, that there's maybe an M&A headwind, the price cost aspect, maybe something in mix and when we're looking at next year, should we assume that EBITDA margins remain muted in the first half kind of flat or down year-on-year as you try to work through the tariff headwind?

所以，或許可以幫我們分析出其中主要的不利因素，例如併購方面的不利因素、價格成本方面，以及一些其他因素。展望明年，我們是否應該假設上半年 EBITDA 利潤率將保持低迷，與去年同期持平或下降，因為要努力克服關稅方面的不利因素？

Yes. Let me start with the first part of that. In terms of kind of the margin profile you've seen and kind of as you said, the incrementals and things of that new year. I think there's probably two kind of probably what I'd say, large drivers of that -- or three drivers of that here in 2025. First, Clearly, the biggest driver is just the impact of tariffs that you've seen in the course of the year.

是的。讓我先從第一部分說起。就你所看到的利潤率情況而言，正如你所說，還有新一年的增量等等。我認為到 2025 年，可能會有兩個或三個主要驅動因素。首先，很明顯，最大的驅動因素就是你在過去一年中看到的關稅影響。

Clearly, that's been probably the single biggest, what I would say, a drag on the margin profile and obviously subduing what are typical incrementals. But that being said, as Vicente just mentioned, gross margins have effectively been flat across the board, which I think does speak to the proactive measures that the teams have taken with regards to pricing actions as well as kind of the general productivity equation.

顯然，這可能是對利潤率造成最大拖累的因素，並且明顯抑制了典型的增量成長。但正如 Vicente 剛才提到的，毛利率總體上基本持平，我認為這確實反映了團隊在定價策略以及整體生產力方面採取的積極措施。

The other piece, Julian, there is what I would say, I wouldn't necessarily describe it as mix, but I would say it's probably the deleverage you're seeing on the organic volume drop. Which is being offset by what I would say, M&A and FX. But clearly, those come in at slightly different margin profiles.

朱利安，還有另一部分，我不會把它描述為混合，但我認為它可能是你看到的自然銷量下降所導致的去槓桿化現象。但這被併購和外匯交易所抵銷。但很顯然，它們的利潤率略有不同。

Particularly on the M&A as we kind of bring it in, in first year. Clearly, that comes in at a lower margin profile than the overall segment or the overall company, but one that we bring to generally fleet average by year three, if not sooner.

尤其是在我們第一年引入的併購方面。顯然，這比整個細分市場或整個公司的利潤率要低，但我們會在第三年，甚至在更短的時間內，將其利潤率提升到一般車隊平均水平。

So those are probably the biggest drivers as well as what Vicente just said on the ongoing commercial investment. This is something we've been hyper focused on across the businesses as well as areas like demand generation to continue to drive ongoing organic growth. And then the second part of your question, yes, I think I'll go back to what Vicente just said.

所以，這些可能就是最大的驅動因素，還有維森特剛才提到的持續商業投資。我們一直高度重視這一點，並將其貫穿各個業務領域以及需求創造等領域，以持續推動內生成長。至於你問題的第二部分，是的，我想我會回到維森特剛才說的話。

More muted impact as we move through the first half of the year, digest the comps on tariffs and things like that and then a little bit better coming out of that to the back half of the year.

隨著我們進入上半年，對關稅等方面的影響會逐漸減弱，然後到下半年情況會略有改善。

That's helpful. And then just my follow-up would be, you called out price and the sort of lag on that working through on slide 9. Just wondered if you could maybe kind of quantify for us that split of price versus volume in the third quarter and how we should think about the pace of price ramping up in the next sort of couple of quarters?

那很有幫助。然後我的後續問題是，您在第 9 張投影片中提到了價格以及這方面的滯後情況。我想請您幫我們量化一下第三季價格與銷售的比例，以及我們該如何看待未來幾季價格上漲的速度？

Julien, in Q3, from an organic growth price was roughly 3% -- 2.7% to be exact for the total company. And as you think about the change in the fourth quarter guide, is largely driven by two factors. I mean two-thirds is the change driven by the incremental effect of the recently enacted tariffs that we just talked about and the remaining one-third is a change driven by what we saw in Q3, which is a delayed realization of the in-year pricing due to the backlog growth.

Julien 在第三季度，有機成長價格約為 3%——確切地說是 2.7%（針對整個公司）。而當你思考第四季業績指引的變化時，你會發現這主要受兩個因素驅動。我的意思是，三分之二的變化是由我們剛才討論的最近實施的關稅的增量影響所驅動的，剩下的三分之一的變化是由我們在第三季度看到的情況所驅動的，即由於積壓訂單增長導致年內定價延遲實現。

And maybe, John, just to add on other point to that. I think in Q4, you should expect to see pricing from a percentage perspective be relatively consistent to what you saw there in Q3, the number Vicente just mentioned.

約翰，或許我還可以補充一點。我認為在第四季度，從百分比的角度來看，價格應該會與第三季的情況相對一致，也就是 Vicente 剛才提到的數字。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Maybe just come back to tariffs. Just a simple question. You just tell us what the gross headwind is and what the incremental impact of the 232s in August were.

或許最終還是得回到關稅問題上來。一個簡單的問題。你只需告訴我們總的不利因素是多少，以及 8 月份 232 型引擎帶來的增量影響是多少。

Yes, Jeff, I'll take that one. So I think as you remember in our last call, we said approximately $80 million in year -- what we'll say here is that, that number is slightly in excess of $100 million at this point in time. And clearly, as Vicente mentioned in the prepared comments, we've taken the requisite price actions. It's just a matter of timing, and we expect that to kind of catch up as we move into 2026.

是的，傑夫，我接受這個任務。所以我想您應該還記得，在我們上次通話中，我們說過一年大約是 8000 萬美元——我們在這裡要說的是，目前這個數字略高於 1 億美元。正如 Vicente 在準備好的評論中提到的那樣，我們已經採取了必要的價格措施。這只是時間問題，我們預計隨著我們進入 2026 年，這種情況會逐漸得到改善。

Yes. And then I understand the comment about the kind of backlog and taking a little while to come through and maybe that impact on the first half. But also, you do have a lot of shorter cycle business where arguably the price should be coming through as soon as maybe even the fourth quarter, but certainly the first half. I mean correct me if I'm wrong, are there some other kind of short cycle versus long cycle backlog conversion dynamic that we should be thinking about?

是的。然後我理解了關於積壓工作需要一段時間才能完成，以及這可能會對上半年造成影響的評論。但同時，也有很多周期較短的業務，可以說價格應該最早在第四季就能反映出來，但肯定會在上半年反映出來。我的意思是，如果我理解有誤請指正，我們是否還應該考慮其他類型的短週期與長週期積壓訂單轉換動態？

No, Jeff, I think the way you're thinking about it is correct. I mean, remember, we've taken pricing actions. It's not just been one pricing action over the course of the year. It's been a multitude of pricing actions just in relation to the tariffs and kind of how we operate as a global business. To your point, the short-cycle business does exist.

不，傑夫，我認為你的想法是對的。我的意思是，別忘了，我們已經採取了價格調整措施。今年以來，這並非只有一次價格調整。僅僅是關稅問題以及我們作為一家全球性企業的運作方式，就引發了一系列定價策略。你說得對，短週期業務確實存在。

It's -- but still, there's typical cadence and lead time on those orders -- so I think the way you framed it up is correct that with backlog having grown, we do expect that pricing to come through. It's just going to come through a little bit later than expected. And that's why we say this will catch up here as we move into 2026.

雖然如此，但這些訂單仍然有其典型的節奏和交貨週期，所以我認為你的說法是正確的，隨著積壓訂單的增加，我們預計價格也會隨之上漲。只是會比預期晚一點到貨而已。所以，我們才說，隨著我們進入 2026 年，這種情況將會得到改善。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Vincente, can you give us a little more color regarding how your end market verticals are doing in IT -- just focusing on clean energy. As you know, Clean Energy was the largest vertical of ITS if we go back to 23. Today, you mentioned renewable natural gas weakness. So -- could you give us some more color on that vertical, how much of a drag it is right now? And would you say comps begin to get a lot easier in '26.

Vincente，您能否詳細介紹一下您的終端市場垂直領域在 IT 方面的表現——我們只專注於清潔能源領域。如您所知，如果我們回顧第 23 屆 ITS 大會，清潔能源是當時 ITS 最大的垂直產業。今天，您提到了可再生天然氣的弱點。那麼——您能否再詳細介紹這個垂直領域，目前它造成了多大的阻礙？你認為2026年的比賽會變得容易很多嗎？

Yes. On the -- as I mentioned on the call, it will definitely a drag as you think about the IP, particularly in the America or call it, North America. I'd say, Q3 was, from a revenue perspective, the one that we now comp that out. When you look at the orders, in reality, the ITS America, North America, particularly was up mid-single digits from an organic perspective, orders. So that actually, as you can see, shows very well.

是的。正如我在電話會議上提到的，考慮到智慧財產權問題，尤其是在美洲或北美地區，這肯定會造成阻礙。我認為，從收入角度來看，第三季是我們現在用來進行比較的季度。從訂單量來看，實際上，ITS America 和北美地區的訂單量從自然成長的角度來看，成長幅度達到了個位數中段。所以，正如你所看到的，效果非常好。

from that perspective that despite the industrial market, the Americas teen delivering positive organic orders. And in addition to that, as you compressors being up on a high single-digit basis too as well from orders.

從這個角度來看，儘管工業市場存在問題，但美洲青少年帶來了積極的有機訂單。除此之外，由於訂單增加，壓縮機的銷售量也出現了接近兩位數的成長。

So I'll say that some of the tough comps and clean energy are kind of going. I think clean energy as we said before, continues to be a good market when you think about countries like Brazil or even some countries in Europe and even India that India is now pushing the government is pushing for some major investments in biogas. So it's all still a good end market.

所以我想說，一些棘手的競爭和清潔能源正在逐漸消失。我認為，正如我們之前所說，清潔能源仍然是一個不錯的市場，想想巴西這樣的國家，甚至一些歐洲國家，還有印度，印度政府現在正在推動對沼氣進行一些重大投資。所以，這仍然是一個不錯的終端市場。

I think the large topper comps that we saw due to the acceleration of back last year that did not continue to happen this year is gone at this point in time.

我認為，去年由於背部加速變化而出現的大幅度巔峰對決，今年並沒有繼續出現，這種情況現在已經不存在了。

The PST orders, as you said, were up 7%, which is relatively significant inflection versus last quarter. Was that just ILC Dover becoming organic and having easier comps or did you see more material improvement across the portfolio? And could you comment on your legacy Gardner Denver Medical business and how that's doing?

正如你所說，PST訂單成長了7%，與上一季相比，這是一個相對顯著的成長。這只是ILC Dover的業務自然成長，更容易進行比較，還是您看到整個投資組合都有更實質的改善？您能否談談您之前在丹佛的加德納醫療業務，以及它目前的經營狀況？

Yes. I'll say it was a good combination of all the different businesses within the PSD playing fairly well. I mean, obviously, some better than others. But clearly, the Life Science platform, which includes the legacy current Denver Medical performed very well. But even also on some of the other kind of short-cycle industrial businesses, we saw some good momentum to as well. So it's a very evenly good performance across the entire segment.

是的。我認為這是PSD旗下所有不同業務部門良好配合的結果。我的意思是，很明顯，有些比其他的更好。但很顯然，包括原丹佛醫療集團在內的生命科學平台表現非常出色。但即便在其他一些短週期工業企業中，我們也看到了一些良好的發展動能。因此，整個細分市場的表現都非常均衡優異。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

I don't know if you want to touch this third rail or anything, but any initial thoughts on 2026 based on what you've seen in the backlog, customer conversations momentum. I think if I just unpick what you've kind of talked about in response to the question. Gross margins, I think you said flattish in that imply overall margins flat in '26, but any color would be helpful.

我不知道你是否想觸及這個敏感話題，但根據你目前看到的積壓工作、客戶對話的勢頭，你對 2026 年有什麼初步想法嗎？我覺得如果我把你針對這個問題所談到的內容逐一分析一下。毛利率，我想你說的是“平緩”，這意味著 2026 年的整體利潤率持平，但任何顏色都會有所幫助。

Yes. Nigel, I'll say as I said kind of as we kind of look into again, first of all, we're positive, enthusiastic about continued momentum on the organic orders and particularly here in the third quarter, where we saw organic orders really across all regions, all businesses, except with one, and we call it out as that to be basically a timing perspective.

是的。奈傑爾，正如我剛才所說，當我們再次審視這個問題時，首先，我們對有機訂單的持續增長勢頭持樂觀和熱情，尤其是在第三季度，我們看到有機訂單在所有地區、所有業務中都實現了增長，只有一個例外，我們將其歸結為時間因素。

And so as we move into 2026, yes, I mean we're very pleased with how backlog continues to progress and build. We were expecting that full year book-to-bill is going to finish slightly above 1, which, again, that implies very good momentum here still in the second half, which typically book-to-bill is less than 1 in the second half, but we're seeing. We expect that to be slightly different here in 2025.

所以，展望 2026 年，是的，我的意思是，我們對積壓訂單的持續進展和成長感到非常滿意。我們預計全年訂單出貨比將略高於 1，這再次表明下半年仍保持著非常好的成長勢頭，通常下半年訂單出貨比會低於 1，但我們現在看到的是這種情況。我們預計到 2025 年情況會略有不同。

And so I think at this point in time, too early to call it out. We're going to provide you clearly more detailed commentary as we go into our next call. But so far, it seems to be more positive.

所以我覺得現在下結論還太早。在下次通話中，我們將為您提供更詳細的講解。但就目前來看，情況似乎更樂觀。

Okay. That's great. And you sold $1 million of in-year tariff inflation. Again, how does that look for 2026 when we just annualize and all the inventory turn stuff -- so the full kind of the full sort of impact in 2026. And is it just price and surcharge actions you're taking here? Or are you adjusting supply chains to mitigate some of these 232 tariffs.

好的。那太棒了。你賣出了價值 100 萬美元的年內關稅通膨。那麼，如果我們把所有庫存週轉率都按年計算，那麼 2026 年的情況會如何呢？這樣才能全面了解 2026 年的影響。你們採取的措施僅僅是價格和附加費嗎？或者，你們是否正在調整供應鏈以減輕這 232 項關稅的影響？

Yes, Nigel. So I will start with the kind of the second part of that question first. Clearly, it's a combination of both. I think as we talked about earlier in the year, we kind of took a dual approach surcharges and kind of more list price actions. I would say that's kind of more fading off to now more just everything kind of converting to normal course list prices, kind of which is what we've indicated kind of originally.

是的，奈傑爾。那麼，我將先從這個問題的第二部分開始回答。顯然，這是兩者的結合。我認為正如我們今年早些時候討論的那樣，我們採取了雙管齊下的策略，既包括附加費，也包括更注重標價的措施。我認為這種情況正在逐漸消失，現在一切都在向正常的課程定價轉變，這和我們最初指出的情況差不多。

Absolutely, we are working on, what I will call, operational tariff mitigation efforts and it takes on kind of all the forms you would expect in terms of whether it be resourcing things around small say, supply chain from an intercompany perspective, things like that. And so right now, we expect that to probably have a little bit more of a meaningful impact into 2026 just because it takes time for those to realize and for inventories to bleed down and for those changes to happen.

當然，我們正在進行我稱之為營運關稅緩解措施的工作，它涵蓋了你所期望的所有形式，例如從公司間的角度調整供應鏈等小型資源配置。因此，目前我們預計這可能會在 2026 年產生更顯著的影響，因為這些影響需要時間才能顯現，庫存需要時間才能減少，這些變化也需要時間才能發生。

And clearly, there's been a lot of change over the course of the year. As far as the 2026 impact, I'll just say, clearly, numbers are changing quite considerably. So we're not going to get into trying to size quite frankly, the gross impact into 2026 at this point in time just because even frankly, as of yesterday, things have continue to change.

顯然，這一年中發生了許多變化。至於 2026 年的影響，我只能說，很明顯，數字正在發生相當大的變化。所以，坦白說，我們現在還不打算去估算到 2026 年的整體影響，因為即使坦白說，截至昨天，情況仍在不斷變化。

But I think we feel quite comfortable that with the pricing and the operational mitigation actions we kind of have in place that we are -- we have those covered. I will also go back to kind of what Vicente mentioned during the prepared comments that the way we framed up Q4 and kind of the tariff numbers that have been embedded we do view as, I'll call it, a bit of a worst-case kind of view at the point in time and one that we'll obviously continue to monitor, particularly as the macro environment continues to change quite considerably.

但我認為，憑藉我們現有的定價和營運緩解措施，我們有信心能夠應對這些問題。我還要回到 Vicente 在準備好的評論中提到的一點，我們對第四季度的規劃以及其中納入的關稅數字，我們認為，就目前而言，這是一種最糟糕的情況估計，我們顯然會繼續關注，尤其是在宏觀環境持續發生相當大的變化的情況下。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

I want to maybe pull on the thread that Jeff started earlier on how pricing kind of builds and how your backlog builds typically through the year. And so typically, the way I think about it is like you've got your backlog build in the first half, then you ship the backlog in the second half in this like interplay between tariffs and pricing and being able to kind of offset the increased tariffs.

我想就 Jeff 之前提出的關於定價機制以及訂單積壓情況如何隨時間推移而展開討論。因此，我通常的思考方式是，在前半年完成積壓訂單的構建，然後在後半年交付積壓訂單，這就像關稅和定價之間的相互作用，並且能夠抵消增加的關稅。

I'm just -- is it because like in the first half, as you're building your backlog, you're not contemplating the type of cost environment that has played out now through the second half of the year. And so you're off side to some degree. I just want to make sure that I understand that correctly.

我只是——是不是因為在上半年，當你累積訂單的時候，你沒有考慮到現在到下半年出現的這種成本環境？所以你在某種程度上越位了。我只是想確認一下我的理解是否正確。

Yes, Joe, so I think a couple of things to think about it. I think the way you're framing it out is the right way to think about it. As just kind of a reminder -- the book-to-bill typically, you typically see above 1 in the first half, you typically say below 1 in the second half. That kind of gets to a rough average of 1 for the year. And I think as a Vicente mentioned here, what is kind of the change at this point in time is we are definitely seeing book-to-bill kind of steady around that 1 times number here in the back half of the year.

是的，喬，所以我覺得有幾件事要考慮。我認為你這種思考方式是正確的。提醒一下－帳面價值與實際支出之比，前半部通常高於 1，後半部通常低於 1。這樣算下來，一年的平均數大約是 1。正如 Vicente 在這裡提到的，我認為目前的變化是，我們確實看到下半年訂單出貨比穩定在 1 倍左右。

So what's happening here is the typical backlog burn that you see in the back half of the year is not as big as it typically is. And so what's happening here is we've done pricing increases over the course of the year, I'd say more of those orders with recent price increases are going into backlog, whereas we would typically have seen those fluster in the second half.

所以現在的情況是，往年下半年積壓訂單的消耗量並沒有往年那麼大。所以現在的情況是，我們今年一直在提價，我認為最近提價的訂單更多地進入了積壓狀態，而通常情況下，我們會看到這些訂單在下半年出現積壓。

And then clearly, with the, I'd say, the Section 232 tariffs and quite frankly, all the other tariff-related actions that happened at that same time with India and Brazil and some of the other kind of components that happened in late August.

然後很明顯，我認為，第 232 條款關稅，以及坦白說，當時與印度和巴西發生的所有其他與關稅相關的行動，以及 8 月下旬發生的一些其他因素。

So as Sanjay mentioned, as we've now taken the measures to counteract those with the normal notifications to customers and then the typical order to revenue conversion, that's just now pending down into 2026. The good news is, obviously, we feel like we've taken those actions, we see those actions coming through when we look at bookings and things of that nature.

正如 Sanjay 所提到的，我們現在已經採取措施來應對這些問題，包括向客戶發送常規通知，以及典型的訂單到收入的轉化，這些都將持續到 2026 年。好消息是，顯然我們感覺到我們已經採取了這些行動，當我們查看預訂情況等類似事項時，我們看到了這些行動的成效。

So we feel pretty confident moving into 2026, that, that equation will kind of get, I'd say, back more than normal.

因此，我們相當有信心進入 2026 年，這種情況將會比以往更加好轉。

Got it. That's helpful, Vik. I guess maybe just then the corollary to this. So what happens in an environment where tariffs go away? like do we see like will we see a meaningful expansion in your profitability and your margins? I know you're using both pricing and surcharges. But in an environment where you have materially lower tariffs going forward? Does that impact your business?

知道了。那很有幫助，維克。我想，或許這就是這個結論的推論。那麼，如果關稅取消，會發生什麼事？我們是否會看到貴公司獲利能力和利潤率顯著成長？我知道你們同時採用了定價和附加費。但如果未來關稅大幅降低呢？這會對您的業務產生影響嗎？

Well, so pricing will be sticky. So pricing will not -- we have never done price reductions based on this. And as we said before, I mean, these -- all -- any surcharges have been translating to price. So the pricing will definitely stay -- what we have always said is that all these kind of tariff pricing that we have been doing is being based on a 1:1 ratio so to just primarily cover the cost. So maybe as stairs will go away, there could be a benefit.

所以價格將保持穩定。所以價格不會因此而改變——我們從未基於此進行過降價。正如我們之前所說，我的意思是，所有這些附加費最終都會轉化為價格。所以價格肯定會保持不變——我們一直說的是，我們所做的所有這些關稅定價都是基於 1:1 的比例，主要目的只是為了彌補成本。所以，隨著樓梯的消失，也許會有好處。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Could you maybe provide some color or just numbers on how organic orders came in by region, just to get a sense for some of the industrial momentum we're seeing across the geographies?

能否提供一些關於各地區有機產品訂單情況的具體數據或數字，以便我們了解不同地區的產業發展動能？

Yes, sure. Actually, from an Americas perspective, organic quarter in IP Americas was up mid-single digits. China or Asia Pacific was also positive with China actually up low single digits. The rest of Asia Pacific up mid-teens than EMEA, Europe, Middle East, India, are basically down, say, high single digits. And as I called out on the -- or mentioned on the call, really driven by timing on our industrial vacuum and blower business, which is heavily project related. But if you look at India, India continues to be very positive and it was just basically solely co-located to one business in Europe that it is a matter of timing.

當然可以。實際上，從美洲的角度來看，IP Americas 的有機季度增長了中等個位數。中國或亞太地區也呈現積極態勢，其中中國經濟實際實現了個位數小幅成長。亞太地區其他地區的增幅比歐洲、中東和非洲地區高出十幾個百分點，而歐洲、中東和印度基本上都下降了，比如說，降幅接近兩位數。正如我在電話會議中提到的那樣，這實際上是由我們工業吸塵器和鼓風機業務的時機決定的，而這又與專案密切相關。但如果你看看印度，印度仍然非常樂觀，這基本上只是與歐洲的一家企業有業務往來，這只是時機問題。

I appreciate that. And then maybe just to follow up on some of the tariff price cost commentary from earlier. I guess it seems like if the tariff headwind this year is going from $80 million to something over $100 million, it seems like there is very significant wrap on that into next year if we isolate that $20 million, $25 million incremental into just Q4. So I guess will -- is the tariff headwind bigger next year than it is this year?

我很感激。然後，或許可以就之前提到的關稅價格成本問題做一些補充說明。我想，如果今年的關稅逆風從 8000 萬美元增加到 1 億美元以上，如果我們把這 2000 萬到 2500 萬美元的增量單獨算作第四季度，那麼明年似乎會有非常大的影響。所以我想問的是──明年的關稅阻力會比今年更大嗎？

And then just kind of related to that, like this does feel very incremental. I mean, is there any reason why the company is deciding to not use surcharges or just kind of quicker price action this time around relative to what we saw in the spring.

然後，與此相關的是，這感覺確實非常循序漸進。我的意思是，與春季的情況相比，該公司這次決定不收取附加費或採取更快的價格調整措施，有什麼原因嗎？

Yes, Chris. So I think to your first part of the question, do we see a wraparound impact into 2026 on the tariffs? Yes. That's why we said we do expect margin expansion in the first half of the year to be relatively muted. But in the same -- at the same time here, we feel like we've taken the requisite pricing actions, and those are coming through.

是的，克里斯。所以，對於你問題的第一部分，我們是否會看到關稅的連鎖反應延續到 2026 年？是的。這就是為什麼我們預計今年上半年利潤率擴張幅度將相對溫和的原因。但同時，我們感覺到我們已經採取了必要的定價措施，而這些措施正在發揮作用。

Those will be in backlog and will continue to come through into the first part of 2026. As far as the list price versus surcharge equation, listen, as we said before, we have done an equitable mix of those, I would say, over the course of this year. I think it's kind of the norm, particularly as things start to stabilize a little bit more.

這些訂單將被積壓，並將持續到 2026 年上半年才能處理。至於標價與附加費之間的關係，聽著，正如我們之前所說，我認為，今年以來，我們已經對這兩者進行了公平的組合。我認為這是一種常態，尤其是在局勢開始逐漸穩定下來之後。

And I do think we're going to start to see a little bit more stabilization at least at this point in time moving forward. It's kind of always been the intent to move those to more list price actions and even surcharges, remember, they don't happen instantaneously, right?

而我認為，至少從目前來看，未來一段時間內，我們將會看到市場趨於穩定一些。一直以來，我們的目標都是將這些措施更多地轉向標價行動，甚至附加費，記住，這些措施不會立即生效，對吧？

There's an appropriate notification and things like that. So in that respect, surcharges kind of mimic list price in the context of the timing and realization. But again, it's always been our intent to kind of migrate to that list price equation, and that's exactly what we're doing at this point in time.

會有相應的通知等等。因此，從這個角度來看，附加費在時間和實現方式上與標價有些類似。但是，我們一直以來的目標都是逐步過渡到標價模式，而這正是我們目前正在做的。

Stephen Volkmann, Jefferies.

Stephen Volkmann，傑富瑞集團。

I hope you don't mind, I'm not going to ask anything about tariffs. Feel free. Just quickly, Vik, I think you mentioned in your comments some additional cost actions, and I just wanted to make sure, is there something else going on with footprint or head count or anything? Or is it kind of what you've already outlined?

希望您不介意，我不會問任何關於關稅的問題。請隨意。Vik，我快速問一下，我想你在評論中提到了一些額外的成本措施，我只是想確認一下，在佔地面積、人員數量或其他方面是否還有其他變化？或者，它其實和您之前概述的差不多？

Yes, Steve. So I would say we -- if you see the financials, we obviously did record a specific charge with regards to restructuring actions. I think it speaks to -- in the prepared comments, we spoke about what I'll call some proactive cost measures that we're taking as a result kind of of the environment and what you would expect.

是的，史蒂夫。所以我想說，如果你查看財務報表，你會發現我們顯然已經記錄了一筆與重組行動相關的特定費用。我認為這表明——在準備好的評論中，我們談到了由於環境和預期情況，我們正在採取的一些積極的成本控制措施。

So I think the simple way to say it here is -- we are -- we have taken actions, I would call them somewhat normal course in the context stuff prudent cost measures in this environment, I would call them largely head count oriented as opposed to footprint or anything else like that. And the impact of that is, I would say, more pronounced into 2026 just based on the timing of when we have taken set actions, and I'd say the normal course in terms of how kind of some of those restructuring actions typically play themselves out.

所以我覺得最簡單的說法是——我們已經採取了一些行動，在當前環境下，我會稱之為某種程度上的正常做法，也就是審慎的成本控制措施，我會稱之為主要以人員數量為導向，而不是以佔地面積或其他類似因素為導向。我認為，根據我們採取既定行動的時間以及這些重組行動通常會如何展開的正常進程來看，這種影響在 2026 年會更加明顯。

Great. Okay. And then maybe see -- how should we think about -- we've seen some very big announcements relative to pharma and some of the life sciences sort of reshoring that that may be happening here. I'm just curious, are you seeing sort of quoting activity? Have you had any kind of orders that you might ascribe to that trend? And maybe also just comment on kind of your fair share of that kind of end market.

偉大的。好的。然後也許應該看看——我們應該如何看待——我們已經看到一些與製藥和一些生命科學相關的重大公告，這些公告可能正在這裡發生。我只是好奇，你那邊有沒有看到什麼報價活動？您是否曾經接到任何可以歸因於這種趨勢的訂單？或許還可以就您在這類終端市場中所佔的份額發表一些看法。

Yes, Steve, it's definitely real. We're seeing it. We're actually in very close conversations with large companies. Obviously, it doesn't happen immediately, as you can imagine, it takes time. I think you saw maybe one of the larger life science companies say that they expect revenue from those to be more in like '27, '28.

是的，史蒂夫，這絕對是真的。我們看到了。我們實際上正在與一些大公司進行非常密切的洽談。顯然，這不會立即發生，正如你所想，這需要時間。我想你可能已經看過一些大型生命科學公司表示，他們預計這些產品的收入將在 2027 年、2028 年大幅成長。

We'll see. But yes, it's real. I think the exciting piece here is that A lot of the investments are happening in what they call APIs, biopharma APIs. And a lot of it is kind of more what around maybe could be small molecule APIs, which this plays very well to the investments that we have done with IOC.

我們拭目以待。沒錯，這是真的。我認為最令人興奮的是，許多投資都集中在他們所謂的 API，也就是生物製藥 API 領域。很多方面更像是小分子API，這與我們與IOC的投資非常契合。

And so we're leveraging the customer intimacy that, in this case, ILC has to find also ways on how can we expand the portfolio of offerings that we can do to some of those companies, such as vacuum pumps or even oil-free compressors in this case.

因此，我們正在利用與客戶的密切關係，在這種情況下，ILC 還必須找到方法，以擴展我們可以為這些公司提供的產品組合，例如真空泵，甚至是無油壓縮機。

So I think very -- it's exciting to see, and it could be a good growth vector for us here as we move forward.

所以我覺得這非常令人興奮，而且隨著我們不斷前進，這可能是我們發展的良好方向。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

I wanted to start on PST? And it looks like, over time, the sort of coincident correlation of kind of orders and revenue has gone up, meaning a little bit more book and ship within the quarter. And so if, in fact, that is happening within the business and anything about mix that would be driving that. And then tying that into the comment about some delayed realization of price because of backlog growth? If you could just expand on that if that's sort of certain mix within the portfolio that's seeing that.

我想從太平洋標準時間（PST）開始？而且看起來，隨著​​時間的推移，訂單和收入之間的這種同步相關性有所上升，這意味著季度內的預訂和發貨量增加。因此，如果這種情況確實發生在企業內部，那麼任何與產品組合相關的因素都可能導致這種情況的發生。然後，再把這一點與之前提到的由於積壓訂單增加導致價格延遲實現的說法聯繫起來呢？如果您能詳細說明一下，這是否是投資組合中某種特定組合所呈現的現象。

Sure, Joe. So I think your comment around the kind of PST composition and things of that nature, I think is a fair statement. This business, not too dissimilar to ITS has a distinct component that's short -- kind of short to medium cycle and then the projects are typically longer cycle in nature. So I think that's a fair statement. I think particularly in some of the PST or some of the life sciences businesses that tends to be a touch more book and ship or a shorter cycle comparatively speaking.

當然，喬。所以，我認為你關於PST格式之類的評論是合理的。這個產業與 ITS 產業相當相似，它有一個明顯的組成部分，週期較短（屬於中短期），而專案週期通常較長。所以我認為這是個合理的說法。我認為，尤其是在一些太平洋科學技術（PST）或一些生命科學行業，往往更傾向於快速預訂和發貨，或者說週期相對較短。

So I think that's kind of a fair statement. Now as far as the kind of backlog dynamics and pricing that we've mentioned, I would say there's a multiple factors driving this. But I think without question, it's probably a little bit more pronounced on the ITS side, comparatively speaking to PST. I think that's clearly a fair statement in the context of where you're seeing that pricing delay in terms of the realization. So as far as PSD, though, I think the business as we mentioned, has continued to perform quite well.

所以我覺得這個說法還算中肯。至於我們提到的積壓訂單動態和定價問題，我認為是由多種因素所驅動的。但我認為毫無疑問，與 PST 相比，ITS 方面可能更為明顯。我認為，就目前所看到的定價延遲而言，這顯然是一個合理的說法。不過就 PSD 而言，我認為正如我們之前提到的，這項業務的表現一直相當不錯。

I think Vicente and obviously made some remarks about the organic orders of momentum. But clearly, this is a business that's continued to see good, healthy, both year over year and sequential margin expansion, 80 basis points year over year, 130 basis points sequentially. It's playing close to now about 31% EBITDA margins. We would expect Q4 to be in a similar zone. And obviously, the year-over-year will look quite healthy given where Q4 PSD margins were last year.

我認為 Vicente 顯然對動量的有機秩序發表了一些評論。但顯然，這家企業持續保持良好的獲利能力，年比和季比利潤率均有所增長，年增 80 個基點，環比增長 130 個基點。目前其 EBITDA 利潤率接近 31%。我們預計第四季的情況也大致相同。顯然，考慮到去年第四季 PSD 利潤率的水平，年比數據看起來會相當健康。

So we feel continued optimism on where PST is trending. And then I'd say they're doing their requisite work on the tariffs and mitigation as well.

因此，我們對PST的發展趨勢依然保持樂觀。然後我認為，他們在關稅和減免方面也做了必要的工作。

That's great color. And I guess it means this isn't necessarily a persistent shift. It's just a matter of as projects come back, then you could see a little bit more of a return to maybe a one quarter lag. It's just lower project activity right now would be a factor (inaudible) . And then just in terms of appetite on the inorganic side and as we see kind of the broader deal environment up how you're approaching the bolt-on versus larger deal opportunity kind of set? And how you think about something like appetite for size at the ILC or larger level in the next 12 to 18 months versus kind of laser-focused on bolt-on?

顏色真好看。我想這意味著這未必是一種持續性的轉變。隨著專案陸續恢復，你可能會看到滯後時間回落，或許會縮短一個季度。目前項目活動較少可能是一個因素。（聽不清楚）然後，就非有機成長方面的需求而言，以及我們看到的整體交易環境，您是如何看待補充性收購與大型交易機會的？那麼，在未來 12 到 18 個月內，您如何看待 ILC 或更大層面的規模化需求，而不是專注於附加元件？

I think right now, we continue to be very laser focused on the bolt-ons. You saw how many we have done so far this year. We continue to have nine under LOI and we're finding the investment to be excellent. I mean, pre-synergy multiple of average amount of half times that we know can deliver mid-teens ROIC by year three and all these bolt-on.

我認為目前我們仍然非常專注於外掛式配件。你們都看到了，我們今年到目前為止已經完成了多少項目。我們目前仍有九個項目在意向書中，我們發現這些投資非常出色。我的意思是，在協同效應之前，平均半倍數的倍數，我們知道可以在第三年實現十幾分的投資回報率，以及所有這些附加功能。

So I think that for right now, as we always said, every three to five years, we might do a larger, and then we do more bolt-ons. That's exactly what we're doing here with -- we did one like IOC last year, and I were doing bolt-on now, where we have done three bolt-ons into that platform.

所以我覺得，就目前而言，正如我們一直所說，每三到五年，我們可能會進行一次更大規模的改裝，然後再進行更多附加改裝。這正是我們現在正在做的——我們去年做了一個類似 IOC 的項目，而我現在做的是外掛式項目，我們已經在這個平台上做了三個外掛式項目。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I guess first question, you guys had talked over this year and probably late last year as well about elongating quote to order times. Can you talk about any changes that you've seen there in aggregate for the business or any pieces of the business where you may have seen that either getting worse or getting better as a leading indicator for more customer confidence as we head into next year?

我想問的第一個問題是，你們今年以及去年年底可能都討論過延長報價到下單的時間。您能否談談您觀察到的整體業務變化，或者您觀察到的業務中哪些方面有所惡化或好轉，以此作為明年客戶信心增強的先行指標？

Yes, it is definitely not getting worse. And I think maybe I will call it out to be more like stable. A little bit of a few pockets of getting better, but -- but right now, no incremental change that we are seeing. Yes. Good news again is that what we have in the funnel is not getting cancelled.

是的，情況肯定沒有惡化。我覺得或許應該把它描述得更穩定一些。有些地方情況略有好轉，但是——但是目前，我們沒有看到任何實質的變化。是的。好消息是，我們銷售漏斗中的訂單並沒有被取消。

You said that you have in the funnel is not getting canceled.

你說你銷售漏斗中的訂單沒有被取消。

Yes, that's correct.

是的，沒錯。

And I think the other -- one of the other things that you talked about as a headwind when demand was maybe a little bit healthier was a lack of engineering resource, a lack of front-end kind of ability for customers to get these projects designed, get them moving as a bottleneck with a little bit lower demand that we've seen here. Is that alleviated at all? Or do you still see that as a headwind to maybe some reacceleration when customer confidence improves.

我認為另一個——你之前提到的另一個不利因素是，當需求可能稍微健康一些的時候，工程資源不足，客戶缺乏前端能力來設計這些項目，並推動它們向前發展，這在我們目前看到的需求略低的情況下成為了瓶頸。這種情況有緩解嗎？或者您仍然認為這會成為客戶信心增強時阻礙經濟復甦的阻力？

I would say anything has alleviated, but keep in mind that some of these engineering firms, they tend to also work on a lot of the hyperscaler investments that are happening. And so it goes to the same in some cases, areas, but it's not as what we might have seen before. I'll say slightly better.

我認為情況有所緩解，但請記住，這些工程公司中的一些也往往參與了許多正在進行的超大規模資料中心投資專案。因此，在某些地區，情況也是如此，但這與我們以前可能看到的情況有所不同。我覺得會稍微好一點。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Just a couple of tie-ups. You've obviously gotten through a lot here. I guess maybe piggybacking on to Steve's question about the actions that you're taking with respect to costs. Anything on sizing that, Vik, the impact as we kind of roll into 2026. Is it like one for one versus what you've spent? Just trying to get a sense of that?

只是幾次捆綁而已。顯然你在這裡經歷了很多。我想藉史蒂夫關於你們在成本方面所採取的行動的問題來回答一下。Vik，關於尺寸方面的問題，以及我們邁入 2026 年時可能產生的影響。是原價算的，還是照你花的錢算的？只是想了解一下？

Yes. So typically speaking, that's -- that's probably not too far off in terms of what you've seen. So typically speaking, on head count actions, it's a mix across the globe. So roughly speaking, a one-year payback or somewhere in that general ballpark is not that far off. So that's probably a pretty decent proxy to use as you think about moving into next year.

是的。所以總的來說，這——這和你所看到的可能相差不遠。所以總的來說，在人員編制方面，全球各地的情況各不相同。所以粗略地說，一年左右的時間就能回本，這個時間範圍不算太遠。所以，這或許可以作為你考慮明年搬家事宜的一個相當不錯的參考指標。

Okay. Perfect. And then with respect to buybacks, I know if we go back to the second quarter call, you talked about doing up to $250 million additional buybacks in the back half. We're now at $193 million of that as of 3Q. So any thoughts on appetite for continued buybacks during the fourth quarter?

好的。完美的。至於股票回購，我知道如果我們回顧第二季電話會議，您曾談到在下半年進行高達 2.5 億美元的額外回購。截至第三季末，我們已完成其中的 1.93 億美元。那麼，對於第四季繼續回購股票的需求，大家有什麼看法呢？

Nicole, we definitely have the strength in the balance sheet to be able to do more. So as we continue to see more continue this location, yes, I mean, we will be doing more in addition to continue to do the M&A. I mean so we believe we can continue to do both.

妮可，我們的財務狀況絕對允許我們做更多的事情。所以，隨著我們看到更多企業繼續在這個地點開展業務，是的，我的意思是，除了繼續進行併購之外，我們還會做更多的事情。我的意思是，我們相信我們可以繼續做到這兩點。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

I was curious the competitive dynamic with the recent Section 232. If I'm correct, it includes some compressors that maybe weren't involved before. Just curious how that plays into your competitive dynamic and maybe also thinking through your ability to make some of these price increases stick or have maybe further headroom to raise price?

我很好奇最近推出的第 232 條所帶來的競爭動態。如果我沒記錯的話，它包含了一些之前可能沒有用到的壓縮機。我只是好奇這會對你們的競爭格局產生怎樣的影響，以及你們是否有能力讓這些價格上漲持續下去，或者是否還有進一步提價的空間？

Yes. No, David, great question. I mean if you were to look at the details of the 232 that happened here in August, it was basically removing any of all the exclusions that were on air and gas compressors. So obviously, that puts a strain not only on some of our components, but also a lot of the competitors that kind of have to import product from other countries.

是的。不，大衛，問得好。我的意思是，如果你仔細查看8月份發生的232號法令的細節，它基本上取消了空氣和氣體壓縮機的所有豁免條款。顯然，這不僅給我們的一些零件帶來了壓力，也給許多不得不從其他國家進口產品的競爭對手帶來了壓力。

So with our in region, for region, I mean I can offer eventually a bit of a better competitive advantage for us. And it's still too early to see how this will play out. But obviously, we're taking this as a great opportunity for us to accelerate our market share and penetration.

所以，就我們這個地區而言，我的意思是，我最終可以為我們帶來一些更好的競爭優勢。現在判斷此事將如何發展還為時過早。但很顯然，我們把這看成是一個加速擴大市場份額和滲透率的絕佳機會。

And when it comes to the backlog, I appreciate it's not easy to do with customers, but is there any opportunity to reprice some of the longer-dated backlog?

至於積壓訂單，我知道跟客戶溝通並不容易，但有沒有可能對一些積壓較長的訂單重新定價呢？

The very long cycle projects, the project I think to be 12 to 18 months those have some close that as there is changes that we can actually make adjustments based on special alloys and things of that nature. So I would say that from a loan cycle, clearly, we're not worried about that.

週期非常長的項目，我認為是 12 到 18 個月的項目，由於存在一些變化，我們實際上可以根據特殊合金等性質進行調整。所以從貸款週期來看，顯然我們並不擔心。

Also, I would say that on the loan cycle, we have the opportunity to work with the supply chain to find ways on how we can mitigate the cost. But -- so that -- it's mainly on the loan cycle. The short and medium cycle it's difficult to go back and put anything in the contract and have to go back and change. I mean you're reopening the invoice, reopening the purchase orders, and it's just a bit more messy.

另外，我認為在貸款週期中，我們有機會與供應鏈合作，找到降低成本的方法。但是——所以——這主要與貸款週期有關。在短期和中期週期內，很難回頭修改合約中的任何內容。我的意思是，你要重新打開發票，重新打開採購訂單，這有點混亂。

This concludes our question-and-answer session. I'll turn the call back over to Vicente for closing comments.

我們的問答環節到此結束。我將把電話轉回給維森特，請他做總結發言。

Thank you, Regina. I'll just want to say one more time, thank you to our employees. I mean in this very dynamic macro environment that we're claiming we continue to deliver durable growth that we believe is done by a very disciplined execution and strength of IRX combined or compounded with our ownership mindset.

謝謝你，雷吉娜。我只想再次感謝我們的員工。我的意思是，在當前瞬息萬變的宏觀環境下，我們聲稱能夠持續實現可持續增長，而我們相信這是透過 IRX 的嚴謹執行和強大實力，再加上我們的主人翁意識來實現的。

So thank you to our employees, staying focused on controlling what we can control and leveraging IRX to navigate this dynamic market environment. We believe we're making the right investments for the long-term future, and we'll definitely see long-term value creation. Thank you, again.

所以，感謝我們的員工，他們始終專注於控制我們能夠控制的事情，並利用 IRX 來應對這個瞬息萬變的市場環境。我們相信我們正在為長遠未來進行正確的投資，我們一定會看到長期價值的創造。再次感謝。

This will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。