格南登福 (IR) 2026 Q1 法說會逐字稿

Hello and welcome to the Ingersoll Rand first-quarter 2026 earnings call. (Operator Instructions)

您好，歡迎參加英格索蘭德（Ingersoll Rand）2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the conference over to Matthew Fort, Vice President, Investor Relations. You may begin.

現在我想把會議交給投資人關係副總裁 Matthew Fort。請開始。

Thank you and welcome to the Ingersoll Rand 2026 first-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 reference these during the call. Both are available on the Investor Relations section of our website. In addition, a replay of this conference will be available later today.

謝謝，歡迎參加英格索蘭德 2026 年第一季財報電話會議。我是投資人關係副總裁 Matthew Fort。今天早上與我一同出席的還有董事長兼執行長 Vicente Reynal，以及財務長 Vik Kini。我們已於昨天下午發布財報新聞稿與簡報，並將在會議中引用。兩者皆可於我們網站的投資人關係專區取得。此外，本次會議的重播將於今日稍晚提供。

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. Please review the forward-looking statements on slide 2 for more details.

在開始之前，我想提醒各位，本次電話會議中的某些陳述屬於前瞻性陳述，並受我們先前向美國證券交易委員會（SEC）申報文件中所討論之風險與不確定性影響；您應將該等文件與本次電話會議所提供之資訊一併閱讀。請參閱投影片第 2 頁的前瞻性陳述以了解更多細節。

In addition, in 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 of which are available on the Investor Relations section of our website. On today's call, we will review our company and segment financial highlights and provide an update to our full-year 2026 guidance. For today's Q&A session, we ask that each caller keep to one question and one follow-up to allow time for other participants.

此外，在今天的發言中，我們將提及若干非 GAAP 財務衡量指標。您可在我們的投影片簡報與財報新聞稿中，找到這些指標與依 GAAP 計算並呈列之最可比較指標之調節表；兩者皆可於我們網站的投資人關係專區取得。今天的電話會議中，我們將回顧公司與各事業部門的財務重點，並更新 2026 全年財測指引。在今天的問答環節中，為了讓其他與會者也有時間提問，我們請每位來電者僅提出一個問題並加上一個追問。

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

此刻，我將把電話會議交給 Vicente。

Thanks, Matthew. Good morning, everyone, and thank you for joining us today. Beginning on slide 3, The first quarter represented a solid start to 2026, especially given the continued complexity of the global operating landscape in the markets where we play. Adjusted EPS grew high single digits, with revenue and adjusted EBITDA finishing in line with expectations.

謝謝你，Matthew。各位早安，感謝今天加入我們。從投影片第 3 頁開始，第一季為 2026 年帶來穩健的開局，特別是在我們所參與市場的全球營運環境仍持續複雜的情況下。調整後每股盈餘（Adjusted EPS）成長高個位數，營收與調整後 EBITDA 皆符合預期。

This performance reflects the durability of our portfolio and the consistency of our execution. Conditions remain mixed. but we're seeing continued improvement across several end markets and in short cycle activity. Our disciplined approach to M&A continues to be a key driver of our success.

這樣的表現反映出我們投資組合的韌性以及執行的一致性。市場狀況仍然分歧，但我們看到多個終端市場以及短週期活動持續改善。我們對併購（M&A）的紀律性做法，仍是推動成功的關鍵動能。

Our acquisition pipeline remains robust, focused on differentiated technology and services that strengthen our portfolio and enhances our organic growth profile. Finally, IRX remains a key differentiator, allowing us to remain agile and stay focused on what we can control, including operational execution, disciplined pricing, and capital allocation.

我們的併購案源管線依然強勁，聚焦於具差異化的技術與服務，以強化我們的投資組合並提升有機成長輪廓。最後，IRX 仍是關鍵差異化因素，使我們能保持敏捷並專注於可控事項，包括營運執行、紀律性定價與資本配置。

On slide 4, our inorganic growth strategy remains a core element of our overall strategy, and the pipeline remains robust. This is supported by our value creation flywheel, which is a core engine of our performance, generating durable free cash flow, which further enables consistent high-return capital deployment.

在投影片第 4 頁，我們的非有機成長策略仍是整體策略的核心要素，而案源管線依舊強勁。這由我們的價值創造飛輪所支撐；該飛輪是我們績效的核心引擎，能產生具持久性的自由現金流，進一步支持我們持續進行高報酬的資本部署。

We're pleased to announce the signing of Fox SRL, which is expected to close at the end of this month. As a leading manufacturer of hydropneumatic accumulators and pulsation dampeners, Fox enhances our pump technology by utilizing dampeners to absorb pressure pulses. This protects downstream pipes and equipment, helping customers reduce downtime and maintenance costs, and thereby increasing the return on investment offered by our solutions.

我們很高興宣布已簽署收購 Fox SRL，預計將於本月底完成交割。Fox 為液壓氣動蓄能器與脈動阻尼器的領先製造商，透過使用阻尼器吸收壓力脈動，強化我們的泵浦技術。這可保護下游管線與設備，協助客戶降低停機時間與維護成本，從而提高我們解決方案所帶來的投資報酬率。

Today, we have over 200 companies in our funnel, with 10 transactions currently at the LOI stage. More than 90% of these opportunities remain internally sourced, which reflect the strength of our operating model and deep industry relationships. We continue to expect 400 to 500 basis points of annualized inorganic revenue to be acquired in 2026, and we have a few additional deals expected to close in the coming months. Our approach to M&A remains unchanged, which is disciplined valuation, strategic fit, and a focus on bolt-on acquisitions that strengthen our core technologies or expand into attractive adjacencies.

目前我們的案源漏斗中有超過 200 家公司，其中 10 筆交易正處於意向書（LOI）階段。這些機會中超過 90% 仍為內部開發，反映出我們營運模式的優勢以及深厚的產業關係。我們仍預期在 2026 年取得年化 400 至 500 個基點的非有機營收貢獻，且未來幾個月預計還會有數筆交易完成交割。我們的併購方法維持不變：估值紀律、策略契合，並聚焦於能強化核心技術或擴展至具吸引力相鄰領域的補強型收購。

Now I will hand it over to Vik, who will share an update on our financial performance for the first quarter.

接下來我把時間交給 Vik，由他分享第一季財務表現的最新進展。

Thanks, Vicente. Starting on slide 5, orders finished up 5% year over year, resulting in a book-to-bill of 1.07, which is consistent with normal seasonality. Worth noting, we did see a delay in orders of approximately $40 million, which was driven by a few long-cycle projects. This delay was primarily driven by the conflict in the Middle East. We believe that the impact is transitory, and we expect these orders to be recovered in the balance of 2026.

謝謝你，Vicente。從投影片第 5 頁開始，訂單年增 5%，使得出貨比（book-to-bill）為 1.07，符合正常季節性。值得注意的是，我們確實看到約 4,000 萬美元的訂單延遲，主要由少數長週期專案所致。此延遲主要受到中東衝突影響。我們認為其影響屬暫時性，並預期這些訂單將在 2026 年剩餘期間回補。

As a matter of fact, we have already recovered approximately a third of these orders in the month of April. Excluding that delay, organic orders would have finished approximately flat year over year. Total revenue grew 8% year over year, finishing in line with expectations. For the first quarter, adjusted EBITDA also finished in line with expectations at $469 million, with an adjusted EBITDA margin of 25.4%.

事實上，我們在 4 月份已回補約三分之一的延遲訂單。若排除該延遲，有機訂單年對年大致持平。總營收年增 8%，符合預期。第一季調整後 EBITDA 亦符合預期，為 4.69 億美元，調整後 EBITDA 利潤率為 25.4%。

The year-over-year margin pressure was primarily driven by the flow-through on organic volume declines, the dilutive impact from tariffs, and continued strategic investments for commercial growth. Corporate costs were $38 million. Our Q1 adjusted tax rate was 19.8%. And adjusted earnings per share was $0.77 for the quarter, up 7% year over year.

年對年利潤率壓力主要來自有機銷量下滑的流量轉換效應、關稅的稀釋影響，以及為商業成長所持續進行的策略性投資。公司層級成本為 3,800 萬美元。我們第一季調整後有效稅率為 19.8%。本季調整後每股盈餘為 0.77 美元，年增 7%。

On the next slide, free cash flow for the first quarter was $163 million, finishing largely in line with expectations and normal working capital seasonality. With nearly $4 billion in total liquidity, our balance sheet remains a strategic asset, enabling continued investment in high-return opportunities.

在下一張投影片，第一季自由現金流為 1.63 億美元，整體符合預期並反映正常的營運資金季節性。憑藉近 40 億美元的總流動性，我們的資產負債表仍是策略性資產，使我們能持續投資於高報酬機會。

Our leverage remains well below 2 times, providing us with flexibility to continue to deploy capital effectively throughout 2026 and beyond. Our capital allocation strategy remains unchanged, which prioritizes M&A while also maintaining our commitment to share repurchases and quarterly dividends.

我們的槓桿比率仍遠低於 2 倍，讓我們在 2026 年及更長期能維持彈性，持續有效部署資本。我們的資本配置策略維持不變：優先考量併購，同時也維持對庫藏股回購與季度股利的承諾。

Now I'll hand the call over to Vicente, who will review our segment results as well as full-year guidance.

現在我把電話會議交回 Vicente，由他回顧各事業部門表現以及全年指引。

Thank you, Vik. On slide 7, ITS orders finished up 5% for the first quarter. book-to-bill for the quarter was 1.08 times. Organic orders for the quarter were down 3%. Excluding the impact of delayed orders, which Vik mentioned, organic orders finished approximately flat.

謝謝你，Vik。在投影片第 7 頁，ITS 第一季訂單年增 5%，本季出貨比為 1.08 倍。本季有機訂單年減 3%。若排除 Vik 提到的延遲訂單影響，有機訂單約為持平。

Important to note that on a two-year stack, organic orders are up 1%. On a total segment basis, revenue grew 7% year over year. Adjusted EBITDA margin finished at 26.7%, which was down year over year, largely driven by the flow-through on organic volume declines, the diluted impact of tariffs, and continued commercial investments for growth.

需要特別指出的是，以兩年堆疊（two-year stack）來看，有機訂單成長 1%。以事業部門整體而言，營收年增 7%。調整後 EBITDA 利潤率為 26.7%，年對年下降，主要由有機銷量下滑的流量轉換效應、關稅的稀釋影響，以及持續投入商業成長投資所致。

On a reported basis, every ITS product line grew orders, except the power tools and lifting. On an organic basis, let me provide some additional color on orders by product line. Compressors were down year over year, driven by the previously noted timing on the large projects.

以申報口徑（reported basis）來看，除電動工具與起重（power tools and lifting）外，ITS 各產品線訂單皆成長。以有機口徑來看，讓我補充各產品線訂單的更多細節。壓縮機年對年下滑，主要受到先前提到的大型專案時點影響。

The blower and vacuum business continues to perform well and was up year over year. Power tools and lifting was down year over year, driven by the lifting business. And we remain encouraged by the core tool business growing organically, mid-single digits, driven by launches in new product technologies, as well as growth in the short cycle momentum that we're seeing.

鼓風機與真空業務持續表現良好，年對年成長。電動工具與起重年對年下滑，主要由起重業務所致。我們仍對核心工具業務的有機成長感到鼓舞，其有機成長達中個位數，主要受新產品技術上市帶動，同時也受我們所觀察到的短週期動能成長所推動。

From a regional perspective, here are a few highlights on organic orders. We saw a stabilized compressor activity in the US, and we continue to see encouraging order trends across many of our compressor categories. Additionally, China continues to outperform the underlying market, delivering another quarter of positive organic order growth.

從區域角度來看，以下是有機訂單的幾項重點。我們看到美國壓縮機活動趨於穩定，且在多個壓縮機品類中持續出現令人鼓舞的訂單趨勢。此外，中國持續優於整體市場，再度繳出一季正向的有機訂單成長。

In our Innovation in Action section, were excited to share a large win in carbon capture, where Ingersoll Rand was selected to provide a combined vacuum and blower application for an innovative carbon capture technology, which utilizes a proprietary gas separation process. This technology is applicable across a wide range of applications, including transportation like rail, power generation for data centers, as well as industrial engines. Although this innovation is still in its early stages, we're encouraged by the positive outcome demonstrated through the integration of our connected technologies.

在「Innovation in Action」單元中，我們很興奮分享在碳捕捉領域的一項重大勝利：英格索蘭德獲選為一項創新的碳捕捉技術提供真空與鼓風機的整合應用；該技術採用專有的氣體分離製程。此技術可應用於廣泛場景，包括鐵路等運輸、資料中心的發電，以及工業引擎。雖然這項創新仍處於早期階段，但我們對透過整合我們的互聯技術所展現的正向成果感到鼓舞。

Turning to slide 8, Q1 orders in PST were up 6% year over year with a book-to-bill of 1.04 times. Organic orders saw a modest increase of 1%. Our life science business maintained robust growth with a double-digit increase in orders. while the remainder of PST business was impacted by the timing of some large projects.

接著看投影片第 8 頁，PST 第一季訂單年增 6%，出貨比為 1.04 倍。有機訂單小幅成長 1%。我們的生命科學業務維持強勁成長，訂單呈現雙位數增幅；而 PST 其餘業務則受到部分大型專案時點影響。

In precision technology business, the short cycle book and ship business continue to see organic order growth. First-quarter organic revenue finished up 4%, with both precision technologies and life science technologies businesses delivering positive organic revenue growth in the quarter. PST delivered adjusted EBITDA of $122 million, which was up 15% year over year. Adjusted EBITDA margins improved 120 basis points year over year, reflecting continued strong operational execution.

在精密技術業務方面，短週期的接單與出貨（book and ship）業務持續呈現有機訂單成長。第一季有機營收成長 4%，其中精密技術與生命科學技術兩項業務在本季皆實現正向的有機營收成長。PST 的調整後 EBITDA 為 1.22 億美元，年增 15%。調整後 EBITDA 利潤率年增 120 個基點，反映持續強勁的營運執行。

For our PST Innovation in Action, we are highlighting a great win for our life science business, which integrates core ITS product technologies into ILC Dover's end-to-end bulk powder system solution. ILC Dover developed a comprehensive, fully integrated bulk powder system which includes hardware, containment, and mixing in collaboration with our own vacuum technology for a leading pharmaceutical manufacturer. This end-to-end design, assembly, and installation utilize both ILC Dover powder solution as well as our Ingersoll Rand Elmo Rietschle vacuum pumps or powder conveyance.

在我們的 PST「創新落地」（Innovation in Action）中，我們要重點分享生命科學業務的一項重大勝利：將 ITS 的核心產品技術整合進 ILC Dover 的端到端散裝粉體系統解決方案。ILC Dover 與我們自有的真空技術合作，為一家領先的製藥製造商開發了一套全面、完全整合的散裝粉體系統，涵蓋硬體、密閉/隔離（containment）與混合。這套端到端的設計、組裝與安裝，同時採用 ILC Dover 的粉體解決方案，以及我們的 Ingersoll Rand Elmo Rietschle 真空幫浦或粉體輸送設備。

As we move to slide 9, we are reaffirming our full-year guidance for 2026. Total company revenue is expected to grow between 2.5% and 4.5%, driven by organic growth of 1% at the midpoint, growth from M&A of approximately 2%, which includes the carryover impact from all transactions completed, as well as the recently announced signed transaction of Fox. And finally, we expect FX to be a tailwind of approximately 0.5%.

接著來到第 9 頁，我們重申 2026 全年指引。公司總營收預期成長 2.5% 至 4.5%，主要由以下因素帶動：以中位數計算的 1% 有機成長、約 2% 的併購（M&A）成長（包含所有已完成交易的延續影響），以及近期公告已簽署的 Fox 交易。最後，我們預期匯率（FX）將帶來約 0.5% 的正面助力。

Total adjusted EBITDA for the company is expected to be in the range of $2.13 billion and $2.19 billion. Corporate costs are planned at $170 million and are expected to be incurred evenly per quarter throughout the remainder of the year. Adjusted EPS is projected to fall within the range of $3.45 and $3.57, which is approximately 5% growth at the midpoint. We anticipate our adjusted tax rate to be roughly 23%, net interest expense to be about $230 million, and share count to be approximately $394 million.

公司調整後 EBITDA 總額預期介於 21.3 億美元至 21.9 億美元。公司層級成本規劃為 1.7 億美元，預期在今年剩餘期間按季度平均發生。調整後每股盈餘（Adjusted EPS）預估落在 3.45 美元至 3.57 美元區間，以中位數計算約為 5% 成長。我們預期調整後稅率約 23%，淨利息費用約 2.3 億美元，股數約 3.94 億股。

Free cash flow to adjusted net income conversion is expected to be approximately 95%. The facing of revenue, adjusted EBITDA, and adjusted EPS is expected to be consistent with what we have seen in prior years as outlined on the table. We continue to monitor the changes in tariffs carefully, including the recent changes in Section 232 tariffs. We remain nimble and continue to pivot adjusting our mitigation actions to best minimize the effect of tariffs as well as inflation. And as a result, we do not currently expect any net tariffs and inflation impact for our full-year guidance.

自由現金流對調整後淨利的轉換率預期約為 95%。營收、調整後 EBITDA 與調整後 EPS 的季節性分布，預期將與表格所示的過往年度一致。我們持續密切關注關稅變化，包括近期第 232 條關稅（Section 232 tariffs）的調整。我們保持靈活，並持續調整因應措施，以盡可能降低關稅與通膨的影響。因此，就目前而言，我們預期關稅與通膨對全年指引不會造成任何淨影響。

Additionally, as I mentioned earlier in the call, most deferred orders from the Middle East are tied to long-cycle projects. We anticipate order recovery throughout the year and with strong execution from the team expect no impact on full-year revenue or adjusted EBITDA at this time.

此外，如我先前在電話會議中提到，多數來自中東的遞延訂單與長週期專案相關。我們預期訂單將在全年逐步回升，並在團隊強勁執行下，目前預期不會對全年營收或調整後 EBITDA 造成影響。

Finally, on slide 10, as we conclude this segment of the call, I believe our performance in 2025, our solid start in 2026 with a book-to-build above 1, and the improvement in the short cycle business sets us up well for continued success throughout the remainder of 2026. We remain agile to effectively navigate the complex global environment. Through disciplined execution, ample liquidity, and a strong balance sheet, we continue to differentiate Ingersoll Rand as an investment.

最後，在第 10 頁，當我們結束本段電話會議時，我認為 2025 年的表現、2026 年以訂單出貨比（book-to-build）高於 1 的穩健開局，以及短週期業務的改善，使我們在 2026 年剩餘期間具備持續成功的良好基礎。我們將保持敏捷，以有效因應複雜的全球環境。透過嚴謹的執行、充足的流動性與強健的資產負債表，我們持續讓 Ingersoll Rand 在投資面上展現差異化。

Our approach to capital allocation remains unchanged, leveraging our strong free cash flow to drive durable earnings growth and create long-term shareholder value. IRX remains the backbone of the organization, enabling operational execution. Finally, and most important, I would like to thank our employees for the ongoing dedication and commitment to embracing our ownership mindset. Thank you for your help in delivering another strong quarter.

我們的資本配置方針維持不變，運用強勁的自由現金流推動可持續的獲利成長，並創造長期股東價值。IRX 仍是組織的骨幹，支撐營運執行。最後，也是最重要的，我要感謝我們的員工持續投入與承諾，擁抱我們的主人翁心態。謝謝大家協助我們再度交出一個強勁的季度表現。

And with that, I will hand the call back to the operator and open it for Q&A.

接下來，我把電話交回給接線員，並開放問答（Q&A）。

(Operator Instructions) Mike Halloran, Baird.

（接線員指示）Baird 的 Mike Halloran。

Hi, good morning, everyone. Maybe we could just start on what you're seeing on short-cycle versus long-cycle side of the business. On the short-cycle side, are you seeing sequential acceleration? Are you seeing signs of improvement and demand normalizing? And then on the long-cycle side, maybe just talk about what you're seeing outside of the Middle East, where you talked about the project delays, and if you're seeing delays more systemically, or what the customers are saying, or if there's any signs that that side of the business might be improving.

大家早安。或許我們可以先從你們在短週期與長週期業務上看到的情況談起。短週期方面，你們是否看到環比加速？是否看到改善跡象與需求回歸常態？長週期方面，除了你們提到中東的專案延遲之外，也請談談你們在其他地區看到的情況：是否看到更系統性的延遲、客戶怎麼說，或是否有任何跡象顯示那一端的業務正在改善。

Yes, sure, Michael. So Mike, on the short cycle, looking specifically at the US, we're seeing signs of stabilization and improvement, which is definitely consistent with the ISM moving back to above 50 now for the past few quarters. I'll say that compressor activity in the US stabilized during the quarter as well, and we're seeing encouraging order trend across several compressor categories.

好的，當然可以，Michael。Mike，就短週期而言，特別看美國市場，我們看到穩定與改善的跡象，這也與 ISM 在過去幾個季度回到 50 以上的走勢一致。我會說，美國的壓縮機活動在本季度也趨於穩定，而且我們在多個壓縮機品類看到令人鼓舞的訂單趨勢。

In addition, the short-cycle businesses continue to improve. We mentioned on the prepared remarks the core tool business is growing organically at mid-single-digit rate. That's a good indicator for us to see on that short cycle. And then within the PST side, in the precision technology, we saw book and turn or short-cycle business grow organically, which also lines up really well with what we're seeing and actually continue improvement as we went through the quarter and here into April.

此外，短週期業務持續改善。我們在事先準備的講稿中提到，核心工具業務以中個位數的有機成長率成長，這對我們來說是短週期的良好指標。接著在 PST 方面、也就是精密技術（precision technology）領域，我們看到 book-and-turn 或短週期業務出現有機成長，這也與我們所觀察到的情況高度一致，而且在整個季度進行期間、以及進入四月後仍持續改善。

In terms of the long cycle, we categorize the longer-cycle funnel activity as remaining stable as well. And as we think about continued rising energy prices in Europe, we see these as a potential longer-term tailwind given the nature of our products and the value that we create for our customers in terms of delivering energy efficiency products and services.

至於長週期方面，我們將較長週期的商機漏斗活動（funnel activity）歸類為同樣維持穩定。當我們考量歐洲能源價格持續上升時，鑑於我們產品的特性，以及我們透過提供節能效率產品與服務為客戶創造的價值，我們認為這可能成為較長期的正面助力。

As we indicated before, what we're seeing right now is customers and APCs taking a little bit of time more to decision making and finalizing POs, which is consistent to what we have said before in terms of the elongation of the funnel and the overall decision-making. However, projects are not canceled or anything of that nature. So we feel this is just a bit of a timing side in terms of the elongation of the decision that has not decreased.

如同我們先前所指出的，我們目前看到的是客戶與 APCs 在做決策與最終敲定採購訂單（POs）時多花了一些時間，這與我們之前提到的商機漏斗拉長與整體決策流程延長一致。不過，專案並沒有被取消或出現類似情況。因此我們認為這只是時點上的因素：決策時間拉長，但需求並未下降。

And as we have mentioned previously, specific to the Middle East, we have seen some of these longer-cycle projects being delayed, but we expect that to come back over the course of 2026. And as Vik mentioned on the prepared remarks, already a third of those projects have come in and booked here in the month of April.

另外，如我們先前提到，針對中東地區，我們確實看到部分長週期專案出現延後，但我們預期在 2026 年期間會逐步回來。正如 Vik 在事先準備的講稿中提到的，這些專案中已有三分之一在四月份已進來並完成接單入帳。

Thanks for that. And then maybe the follow up is just put that in the context of how you're thinking about the guidance for this year. How much of that is embedded sequentially? Are you embedding some level of improvement as we work through the year? And as we think about how the orders are going to cadence out, I know you guys don't give specific guidance here, but how should that work out through the year when you consider comps, the timings of the projects, some sequential improvement as we're thinking about the short cycle side of things?

謝謝說明。接著追問一下，能否把這些情況放到你們對今年指引的思考脈絡中？其中有多少是按季度順序（sequentially）已內含在指引裡？你們是否在全年推進過程中內含某種程度的改善？另外，關於訂單的節奏，我知道你們不會在這裡提供具體指引，但當你們考量比較基期（comps）、專案時點，以及短週期業務可能出現的環比改善時，全年節奏大致應該如何展開？

Yes, Michael, as we think about delivering the full-year organic revenue guide, our expectations for organic growth and the cadence through the year has not changed from the original guidance. As you have seen at the midpoint of our guide, we're expecting about 1% full-year organic growth. And when we provided our original guidance, we indicated slightly negative organic growth in Q, and then low single-digit growth for Q2 to Q4.

好的，Michael。就達成全年有機營收指引而言，我們對有機成長以及全年節奏的預期，與最初提供的指引相比並沒有改變。如你所見，以指引中位數計算，我們預期全年有機成長約 1%。在我們最初提供指引時，我們表示第一季有機成長會略為負值，接著第二季到第四季為低個位數成長。

Q1 kind of came in as we expected, and even -- actually, if you were to exclude the Middle East pushouts, it kind of came even better than what we expected. So as we think about our second-half guide that implies low single-digit organic growth, which is supported by a very good solid backlog growth from 2025, where a four-year book-to-bill was above 1. Q1 here in 2026, again, book-to-bill above 1, 1.07.

第一季的結果大致符合我們預期；而且實際上，如果排除中東訂單遞延的影響，表現甚至比我們預期更好。因此，當我們看下半年指引所隱含的低個位數有機成長時，這是由 2025 年非常扎實的在手訂單（backlog）成長所支撐，當時四個季度的接單出貨比（book-to-bill）高於 1。2026 年第一季同樣 book-to-bill 高於 1，為 1.07。

As we mentioned here before, the ongoing momentum in the short-cycle activity, which we have seen in both segments, provides a good setup as we go into the second half. Ongoing commercial investments for growth, including a very focused on under-penetrated markets. And then as we all know, the prior year comes, we'll continue to moderate, particularly in IPS, as we kind of move into the second half.

如我們先前提到，短週期活動的持續動能——我們在兩個事業部門都看到了——為我們進入下半年提供了良好基礎。同時，我們也持續進行以成長為導向的商業投資，包括非常聚焦於滲透率仍偏低的市場。再者，大家都知道，前一年的比較基期影響將持續趨緩，特別是在 IPS，當我們進入下半年時會更為明顯。

Thank you. Appreciate it.

謝謝。很感激。

Thank you.

謝謝。

Julian Mitchell, Barclays.

Barclays 的 Julian Mitchell。

Hi, good morning. I know you've given the color on sort of first half, second half splits on revenue and earnings and so forth in the deck, but just wondered if you could perhaps home in a little bit on what you're anticipating for the second quarter.

嗨，早安。我知道你們在簡報中已提供了關於上半年、下半年在營收與獲利等方面的拆分說明，但想請你們能否更聚焦談一下對第二季的預期。

Just backing the numbers out, it looks like kind of organic sales, company-wide, maybe flattish year on year in Q2. Ad then the EBITDA margin is down, I don't know, 50 to 100 bps year on year in the quarter. I just wondered if those are roughly accurate. And any kind of segment color for what you're seeing in the current quarter?

把數字倒推回去看，感覺公司整體第二季的有機銷售可能年增大致持平。另外 EBITDA 利潤率在該季度看起來年減大概 50 到 100 個基點。我想確認這樣的理解是否大致正確？以及就目前這一季你們看到的情況，能否提供一些事業部門層面的補充說明？

Yes, Julian, I'll take that one here. So first of all, your read is pretty directionally correct. I think Vicente kind of outlined kind of the full year and kind of the expectations. But maybe to give a touch more color specifically in terms of the phasing, first half, second half, as well as second quarter, first and foremost, just to reiterate, our expectations and assumptions for phasing for EBITDA delivery in the year haven't changed. First half of the year being in that 45.5% to 46% range, the balance in the second half.

是的，Julian，我來回答這題。首先，你的判讀在方向上相當正確。我想 Vicente 已經大致勾勒了全年以及相關預期。不過，為了在節奏（phasing）上提供更多細節，特別是上半年、下半年，以及第二季，首先重申，我們對今年 EBITDA 實現節奏的預期與假設並沒有改變：上半年約落在 45.5% 到 46% 的區間，其餘則在下半年。

As far as Q2, one, we do expect sequential improvement on margins from Q1 to Q2. But in Q2 margins, we do still expect to be slightly down year over year, kind of in that 50 to 100 basis point kind of range. It's primarily driven by ITS. We do still expect to see continued margin expansion year over year on the PST side.

至於第二季（Q2），第一，我們確實預期毛利率/利潤率會從第一季到第二季呈現季比改善。不過在 Q2 的利潤率上，我們仍預期會較去年同期略為下滑，大約在 50 到 100 個基點的範圍。這主要是由 ITS 所驅動。我們仍預期 PST 端的利潤率會持續呈現年比擴張。

And then just to fill in the color there on the organic revenue side of the equation, as Vicente just mentioned, Q1 was expected to be slightly down, and that's exactly what we saw. From an overall perspective, Q2 is expected to be flattish to slightly up. And then the low single-digit growth on the organic side is what we're expecting the second half based on the kind of the drivers that Vicente just walked through.

另外再補充一下有機營收這一端的情況，如 Vicente 剛提到的，第一季原本就預期會小幅下滑，而實際結果也確實如此。從整體角度看，第二季預期大致持平到小幅成長。至於下半年，我們預期有機面將呈現低個位數成長，主要基於 Vicente 剛剛說明的那些驅動因素。

That's very helpful. Thank you. And then just my follow up would be around the ITS business. As you said, sort of margins, I think, are down there for five quarters in a row year on year, down again second quarter. Maybe help us understand kind of the confidence on those being up in the second half, and anything you could flesh out in terms of price-cost impacts, anything changing competitively with what's happening on tariffs and inflation in ITS, please.

這很有幫助，謝謝。接著我想追問 ITS 業務。正如你所說，利潤率我記得已經連續五個季度年比下滑，第二季也會再度下滑。能否協助我們理解一下，為什麼你們對下半年利潤率回升有信心？另外也請多談一些價格—成本（price-cost）影響、以及在 ITS 這邊關稅與通膨的情況下，競爭態勢是否有任何變化。

Sure. I'll start on that one there, Julian. So obviously, fair comment from your side. I'll note that, obviously, the last five quarters, the majority of those have been impacted by the tariff dynamics and the underlying impact that's had on some of the demand environment, which is really the driver of what you're seeing on the margin front. I think, from a total year perspective, our expectation on a full-year basis is that ITS will be approximately flat year over year.

當然可以，Julian，我先回答這題。你的評論很合理。我會指出，過去五個季度中，多數季度都受到關稅動態的影響，以及其對需求環境造成的底層衝擊，而這其實就是你在利潤率端看到的主要驅動因素。從全年角度來看，我們對 ITS 的全年預期是年比大致持平。

As we indicated, Q1 was going to be the most challenging quarter, particularly given we hadn't really started comping or lapping the Liberation Day tariffs from prior year, which really started in second quarter. As far as the second half and to your question, we do expect that's where margin expansion kind of comes back, supported by, I would say, the slightly better organic volume outlook that we have kind of expected in the back half of the year, continued improvement in price cost driven by, I'd say, full implementation of all the tariff-related pricing actions that have been taken, as well as some of the targeted in-year actions that we always have executed on.

如同我們先前所說，第一季會是最具挑戰的一季，特別是因為我們尚未真正開始與去年「解放日（Liberation Day）」關稅進行對比/消除基期影響（comping or lapping），而那項關稅其實是從第二季才開始。至於下半年、也回到你的問題，我們預期利潤率擴張會在下半年回來，主要由幾個因素支撐：我會說，首先是我們對下半年有機出貨量/需求展望略為改善；其次是價格—成本的持續改善，這來自於我們已採取的所有關稅相關定價措施的全面落地，以及我們一向會執行的一些年度內（in-year）針對性行動。

And then many of the productivity initiatives, including -- I think you saw us take some pretty meaningful restructuring charges in the back half of last year, which we would expect to continue to bolster margins, particularly as we move into the back half of this year. So I think that's what gets us to that kind of flattish margin expansion on a year-over-year basis. But yes, it is a little bit more back-end weighted as a result of those drivers.

此外，還有多項生產力提升計畫，包括——我想你們也看到我們在去年下半年認列了相當可觀的重整費用（restructuring charges），我們預期這些措施會持續支撐利潤率，尤其是在今年下半年。這些因素綜合起來，使我們在年比基礎上達到大致持平到略為擴張的利潤率表現。不過沒錯，因為上述驅動因素的關係，確實會比較偏向下半年貢獻。

And the only thing I will add is that the exit rate on margin expansion will be consistent with our long-term targets.

我唯一要補充的是，利潤率擴張的退出水準（exit rate）將會與我們的長期目標一致。

Great. Thank you.

很好，謝謝。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

Hey, thank you. Good morning. Just a couple things. First, just the language on tariff here that you don't expect any impact, does that mean you haven't sorted it all yet and you're still kind of working through it? Maybe you could just kind of talk us through the IEEPA change versus the 232 change. I guess you're saying you think you land kind of net neutral, but again, just looking for a little more clarity there.

嗨，謝謝，早安。我有兩點。第一，關於你們對關稅的措辭——你們說不預期有任何影響，這是否代表你們還沒完全釐清，仍在處理中？也許你可以帶我們走一遍 IEEPA 的變更相對於 232 的變更。我猜你們的意思是最後大致落在淨中性（net neutral），但我想再多一點清楚度。

Yes, Jeff, happy to provide a little bit more. Obviously, a number of moving pieces. To keep it simple here, we have obviously worked through all those individual moving components, and I think the simple takeaway is kind of what you indicated here, that at this time, those moving factors, whether it be the tariff-related changes, some of the underlying kind of just inflationary movements in the market, as well as a lot of the proactive measures that our internal teams have been working on from a mitigation perspective, those are kind of netting out relatively neutral on a full-year basis.

好的，Jeff，很樂意再多說一些。顯然這裡有很多變動因素。為了簡化說明，我們確實已經把這些個別的變動組件都逐一梳理過；簡單的結論就是如你所說：就目前而言，這些變動因素——不論是關稅相關變更、市場中一些底層的通膨變動，以及我們內部團隊從緩解（mitigation）角度所推動的許多主動措施——在全年基礎上相互抵銷後，整體大致呈現相對中性。

So our rate at this point in time, based on what has been announced, is relatively neutral. And obviously, like everyone else, we're anxious to kind of see how things continue to play themselves out for the balance of the year.

因此，以目前時間點、基於已宣布的內容來看，我們的影響率（rate）相對中性。當然，和其他人一樣，我們也很關注接下來今年剩餘期間事態會如何發展。

And then maybe unrelated, just a little more color on life sciences, if you could, just how the year is unfolding, what you see in the pipeline. It looks like some of the life sciences reshoring announcements of a year or two ago, we're seeing some ground break on some bigger projects. Just wondering what the funnel looks like there, and is the visibility actually improving?

另外可能是不同主題，如果可以的話，想請你再多補充一些生命科學（life sciences）的情況：今年進展如何、你們在案源/管線（pipeline）看到什麼？看起來一兩年前宣布的一些生命科學回流（reshoring）計畫，現在開始在一些較大型專案上動工。我想了解那邊的漏斗（funnel）長什麼樣子，以及能見度是否真的在改善？

Yes, yes, definitely improving. And clearly, we're pleased with what we saw here in the first quarter, double-digit organic quarter growth momentum on the life science side. And a lot of these reshoring and investments that we're seeing, particularly in biopharma, and very specific around API production in the US, it's really a great trend for us in terms of the product that we have, so good visibility.

是的，是的，確實在改善。而且很明顯，我們對第一季看到的表現感到滿意：生命科學端有機成長動能達到雙位數的季度成長。我們看到的許多回流與投資，特別是在生物製藥（biopharma）領域，且非常聚焦於美國的 API（原料藥）生產，對我們而言是非常好的趨勢，因為這與我們的產品組合高度契合，所以能見度不錯。

As a matter of fact, this week, we had a great session with one of the largest biopharma companies here in the US where we kind of collaborate as we look into specific technologies that we can actually put and help them to really accelerate some of the productivity and production that they have to do here in the US. So looking good, and we feel positive about it.

事實上，就在這週，我們與美國一家最大的生物製藥公司進行了一場很好的會議，我們一起合作，探討一些特定技術，我們可以導入並協助他們在美國加速提升生產力與產能。因此看起來很不錯，我們也對此感到正向。

Great. Thanks. I'll leave it there.

很好，謝謝。我就先到這裡。

Thank you.

謝謝。

Joe O'Dea, Wells Fargo.

Joe O'Dea，Wells Fargo。

Hi. Good morning. Just wanted to circle back on the EBITDA margin kind of trajectory with ITS because I expect that will be the biggest area of focus coming out of this quarter. And if we're talking about something like call it 27.5% to 28% in Q2 and moving to something that approximates 30% in the back half, just -- if you could unpack any quantification around that.

嗨，早安。我想再回到 ITS 的 EBITDA 利潤率走勢，因為我預期這會是本季之後市場最關注的焦點。如果我們談的是，例如第二季大約 27.5% 到 28%，然後在下半年走到接近 30%，想請你把這中間的量化拆解一下。

I know you gave some of the items, but any more detail around the pricing that you put in place for tariffs, but the timing of when that starts to flow through the P&L, or the impact from the restructuring? Any other cost mitigation, just to help with a little bit of the quantification around that bridge from Q2 into the back half?

我知道你提到了一些項目，但能否再多一些細節：你們為關稅所做的定價措施、其開始反映到損益表（P&L）的時間點，或是重整（restructuring）的影響？還有其他成本緩解措施嗎？主要是想更量化地理解從 Q2 到下半年的那座橋（bridge）。

Yes, sure, Joe. Obviously, we're not going to necessarily provide the exact specifics on the individual components, but let me give a little bit more color on some of the moving parts. So one, I think, obviously, kind of your read on the directional movement of margins is in line with expectations. As we've indicated, we do expect to see kind of sequential margin improvements here as we move through the year, frankly, both a statement about ITS as well as PST, for that matter.

好的，當然，Joe。顯然我們不一定會提供各個組成項目的精確細節，但我可以就一些變動因素多補充一些顏色。第一，我想你對利潤率方向性變動的判讀，確實符合我們的預期。如同我們所說，我們預期隨著年度推進，利潤率會逐季改善；坦白說，這不僅適用於 ITS，也同樣適用於 PST。

On the ITS front, just to kind of delve into the components, a couple of moving factors. One, obviously, as I indicated here, we do expect to see organic volumes improve in the second half as comparatively to the first-half levels. Clearly, those do come with what I would call a normal flow through, which, clearly, will be a benefit that you haven't really seen in the numbers over the last few quarters, just given some of the volume dynamics.

就 ITS 而言，若深入拆解其組成，有幾個變動因素。第一，如我剛才提到的，我們確實預期下半年的有機量會較上半年水準有所改善。這些量的回升會帶來我所謂的正常流入（flow through），而這項好處在過去幾季的數字中其實不太明顯，主要是因為先前的量的動態所致。

Second piece would be price. So specific to price, all of the, I will call tariff-related pricing actions are in the numbers. They were all largely taken to the back through 2025. And I would say you're seeing those in the numbers as we speak. What you haven't necessarily seen is some of the, I'd say, in-year 2026 actions, which is, I think, a catalyst of some of the margin expansion you would expect to see in the back half of the year.

第二個部分是價格。就價格而言，所有我稱之為關稅相關的定價行動都已經反映在數字裡；這些措施大多是在 2025 年一路往後推進時採取的。我會說你現在就已經在數字中看到它們。你尚未完全看到的，是一些我所說的 2026 年度內（in-year）行動，我認為這會是你在下半年預期看到利潤率擴張的一個催化劑。

The other factors I would probably point to here would be on the productivity side of the equation. So you mentioned one on the restructuring. The restructuring has been taken. As you can expect, that restructuring is global in nature, so it does take some time for some of those actions to be fully executed, which we expect to kind of largely conclude here through the first half of this year and those benefits to start being more visible into the back half of the year.

我在這裡可能還會指出的其他因素，會是在等式中的生產力面向。所以你提到了一個關於重組的部分。重組已經啟動。如你所預期，這項重組在性質上是全球性的，因此其中一些行動要完全落實確實需要一些時間；我們預期大致會在今年上半年內告一段落，而相關效益會在下半年開始更明顯地浮現。

And the other piece would be, I would say, the direct material side. As a reminder, direct material is approximately 70% of our cost of goods sold. And there is a lot of activity going on, whether it be on the I2V front or the classical. I would just call it direct material procurement side of the equation.

另外一塊我會說是直接材料面。提醒一下，直接材料約占我們銷貨成本的 70%。目前有很多活動在進行，不論是在 I2V 方面，或是我稱之為傳統的直接材料採購這一端。

And as you've seen in years past, those benefits tend to be much more visible when you have kind of your seasonally strongest quarter, which is always in the back half of the year and particularly fourth quarter. So again, that's another driver of kind of some of the back-half margin expansion that you're not necessarily seeing manifest right now in the first quarter.

而且如你在過去幾年所看到的，這些效益通常在你季節性最強的季度會更明顯，而那一向是在下半年，尤其是第四季。所以再一次，這也是你現在在第一季不一定看到、但會推動下半年毛利率擴張的另一個因素。

All helpful details. And then just on the demand front, when you talk about some of the order delays, some of that coming back in in the quarter, but trying to understand a little bit of the ripple effect from the conflict. And so if you could just talk about what you're seeing in Europe, overall demand, and then over the course of March and April, if you have seen any impact associated with the conflict or if that order impact is largely contained to the Middle East region.

這些細節都很有幫助。接著在需求面，當你談到一些訂單延遲，其中一部分在本季回流，但我想更了解衝突帶來的連鎖效應。因此如果你能談談你在歐洲看到的情況、整體需求，以及在 3 月與 4 月期間，你是否看到任何與衝突相關的影響，或是這些訂單影響主要仍侷限在中東地區。

Yes, okay, Joe. It is mainly contained right now to the Middle East. And the Middle East, it was really, as we said a handful of this kind of long-cycle large projects that as the conflict started and people had to just stay at home and not being able to leave, I mean, we have -- a lot of our team members they're all safe and sound, but they had to -- they could not leave the house to go and talk to customers.

是的，好的，Joe。目前主要仍侷限在中東。而在中東，正如我們所說，主要是少數幾個這類長週期的大型專案；當衝突開始、人們必須待在家裡、無法外出時——我的意思是，我們有——我們很多團隊成員都平安無事，但他們必須——他們無法離開家去與客戶洽談。

Same thing at the customer side. So that is really what created some of the delay and the impact. And so therefore, as you can see here already in the in the month of April, as we said, already a third of those orders kind of already booked into us. And we don't see any cancellation whatsoever. Yes, so I think it's just -- at this point, I'm mainly due to fairly contained on that.

客戶端也是同樣情況。所以這才是真正造成一些延遲與影響的原因。因此，如你在 4 月已經看到的，正如我們所說，這些訂單中已經有三分之一左右已經回到我們這邊並完成下單。我們完全沒有看到任何取消。是的，所以我認為——就目前而言，主要就是相當侷限在那一塊。

As we think about continual perhaps impact in Europe, the main impact that we see is clearly the increase in energy prices, which we view it as a potential long-term tailwind for us, given the nature of our products, as we said before, and how we can create customer energy efficiency for our products and services.

至於我們思考歐洲可能持續的影響，我們看到的主要影響很明顯是能源價格上升；鑑於我們產品的特性、以及我們先前所說我們如何透過產品與服務為客戶提升能源效率，我們將其視為對我們可能的長期順風。

There was actually -- teams were telling me about a win that they had where they're saving upwards of $15,000 per month on a specific location at a customer, creating a payback of compressor to be anywhere into the one year. Not everyone is going to be like that, but I think that is really part of what we're very focused on. How can we help our customers lower those energy costs with the technologies that we have?

其實——團隊跟我分享了一個他們贏得的案子：他們在客戶某個特定據點每月節省高達 15,000 美元，讓壓縮機的回收期可能落在一年左右。不是每個案子都會這樣，但我認為這正是我們非常聚焦的一部分：我們如何運用現有技術，幫助客戶降低那些能源成本？

I appreciate it. Thanks.

了解，謝謝。

Amit Mehrotra, UBS.

Amit Mehrotra，UBS。

Thanks. Good morning. I just -- sorry to revisit this, but I just want to sort of revisit the triangulation between organic growth in the quarter, orders both kind of flat to down, and then this 1% full-year organic growth, and then the comps actually get a little bit harder as we progress through the year on organic growth.

謝謝，早安。我只是——抱歉再回到這個問題，但我想重新檢視一下這三者之間的對照：本季的有機成長、訂單大致持平到下滑，以及全年 1% 的有機成長；而且隨著年度推進，有機成長的比較基期其實會變得更具挑戰。

I'm just trying to triangulate those three things and if there's kind of this embedded expectation of demand that we're not seeing yet as we progress through the year. Or maybe that's not -- maybe you can clarify that for me. Thank you.

我只是想把這三件事對起來，看看是否隱含著某種我們尚未看到、但隨著年度推進會出現的需求預期。或者也許不是——也請你幫我釐清。謝謝。

Yes, sure, Amit. I'll start. So I think as Vicente indicated here, first and foremost, the short-cycle side of our business, whether you look at either on the ITS side or the PST side, is the piece that we're definitely seeing, I'd say, stabilization and even, I'd say, improvement on as we think back to the last few quarters.

好的，當然，Amit。我先開始。我想如 Vicente 在這裡所指出的，首先也是最重要的，我們業務中短週期的部分——不論你看 ITS 端或 PST 端——是我們確實看到（我會說）趨於穩定，甚至相較過去幾季還有所改善的部分。

So that's obviously very encouraging. It's kind of the base of the business and obviously what will be a driver of the improvement that we see in the demand environment. As far as the order numbers you saw in Q1, I think as Vicente said here, clearly more impacted by the longer cycle of projects. Those are projects that you typically book in the first half of the year. They go into backlog. And those might be six to 18 months in duration.

所以這顯然非常令人鼓舞。它算是業務的基礎，也很明顯會是我們在需求環境改善時的推動力。至於你在第一季看到的訂單數字，我想如 Vicente 在這裡所說，顯然更多是受到長週期專案的影響。這些專案通常在上半年接單，進入在手訂單（backlog），而其期間可能是 6 到 18 個月。

So yes, obviously, we want to continue to see those get to the finish line. But one, our expectation is a lot of it was just timing and transitory. We do expect those projects to kind of not just stay in the funnel but ultimately get to the finish line. And those will continue to feed the backlog, not just in the back half of this year, but even into 2027.

所以是的，我們當然希望持續看到這些專案走到終點。但第一，我們的預期是其中很大一部分只是時點因素、屬於短暫性的。我們確實預期這些專案不只是留在漏斗中，而是最終會走到終點。這些也會持續挹注在手訂單，不僅是在今年下半年，甚至延伸到 2027 年。

So again, yes, we do want to see that longer cycle -- those projects get to the finish line. But that for us is more of the longer-term side of the equation. We're very encouraged by what we're seeing on the, let's say, shorter cycle in some of the book-ship businesses, as well as some of the momentum we continue to see on the life sciences side as well.

所以再說一次，是的，我們確實希望看到那個長週期——那些專案走到終點。但對我們而言，那更偏向等式中的長期面向。我們對於短週期（例如一些接單即出貨的業務）所看到的情況，以及我們在生命科學端持續看到的動能，也都感到非常鼓舞。

Okay, thank you. And I just wanted to follow up on that point. And maybe, Vicente, the short-cycle stuff seems encouraging underneath the surface. But ultimately, it's not piercing its way through to the organic growth profile of the business. And I'd like to get maybe your perspective on this, because obviously, you know the business better than anybody else.

好的，謝謝。我也想就這點追問一下。也許，Vicente，短週期的部分在檯面下看起來令人鼓舞，但最終它並沒有穿透到公司整體的有機成長輪廓。我想聽聽你的看法，因為顯然你比任何人都更了解這門生意。

And my understanding, my feeling is that you guys took a lot of price over the last several years. I'd love for you to opine on whether there's a demand elasticity. I mean, because energy prices are high and surge during the quarter, which arguably would create a little bit of a cycle for your products.

我的理解、我的感覺是，你們在過去幾年做了不少漲價。我希望你能評論一下是否存在需求彈性。我的意思是，能源價格很高，而且在本季飆升，按理說這會為你們的產品帶來一些週期性需求。

Maybe just opine on whether there's a demand elasticity issue vis-a-vis pricing and market share. Is there something else going on where some of this short cycle momentum that we're seeing across the broader industrial is not really piercing through your organic growth in the moment?

也請你評論一下，是否在定價與市占之間存在需求彈性問題。是不是還有其他事情在發生，導致我們在更廣泛工業領域看到的短週期動能，並沒有在當下真正穿透到你們的有機成長？

Yes, I'll say, I mean, underneath, obviously, all the data that we have, I mean, we're kind of clearly seeing it. I mean, if I think about the PST side, when you think about the two-year stack, organic orders on PST, they're basically all single-digit organic. And when you kind of unpack what we saw in the first quarter, precision technology, which is kind of the more short cycle in nature, we saw the short cycle in nature piece actually continue to do fairly well, offset by some long cycle year-over-year comps.

是的，我會說，從底層來看，基於我們掌握的所有數據——我們其實很清楚地看到了。我是說，如果我想到 PST 端，當你看兩年疊加（two-year stack），PST 的有機訂單基本上都是個位數的有機成長。而當你拆解第一季我們看到的情況，精密技術（precision technology）這一塊本質上更偏短週期，我們看到短週期的部分其實持續表現相當不錯，但被一些長週期的年對年比較所抵銷。

Some of the long cycle, I think we tend to like to look at it better more on a first half and second half comparison versus on a quarter-to-quarter basis. Within the ITS, when you think about the blower and the vacuum side of the business, those tend to be more short cycle. We have always indicated in the past, historically, that we have are vacuum business that is based in Europe as a good leading indicator for upswings in manufacturing demand based on short cycle. And we're seeing that. I mean, we see that clearly.

至於部分長週期，我想我們通常更喜歡用上半年與下半年的比較來看，而不是用逐季比較。在 ITS 內部，當你想到鼓風機與真空這一端的業務，那些通常更偏短週期。我們過去也一直指出，歷史上我們以歐洲為基地的真空業務，是製造業短週期需求回升的良好領先指標。而我們正在看到這點——我的意思是，我們很清楚地看到。

So kind of when we unpack at a high level and you kind of start excluding some of these long cycles, we definitely see that short cycle continues to improve. Keep in mind, I mean, the demand elasticity based on price, I mean, we had a lot of statistics and a lot of analysis. We see that as long as we continue to innovate and we sell based on cost of ownership and payback that remains strong, that's how our sales teams, they sell today. They sell based on that total cost of ownership on the IPS side, but also on the PSD side, too, as well.

所以當我們在高層次拆解、並開始排除一些長週期因素時，我們確實看到短週期持續改善。請記住，關於因價格而產生的需求彈性——我們有很多統計與分析。我們看到，只要我們持續創新，並以持有成本（cost of ownership）與回收期（payback）來銷售，需求就仍然強勁；這就是我們銷售團隊今天的銷售方式。他們在 IPS 端是以總持有成本來銷售，在 PSD 端也是如此。

Got it. Okay, very helpful. Thank you very much.

了解。好的，非常有幫助。非常感謝。

Thank you.

謝謝。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Good morning, everyone. Vicente, I'd like to just ask about the -- you've made a couple comments on the call today about the potential for high oil prices, high energy prices in Europe to be a catalyst. We had a similar circumstance in 2022, and I believe there was a surge in demand for your products then.

各位早安。Vicente，我想問一下——你今天在電話會議中提到幾次，高油價、歐洲高能源價格可能成為催化劑。2022 年我們也有類似情況，我相信當時你們產品的需求曾經出現一波激增。

I'm hoping you can kind of compare where we are today in Europe to where we were maybe in 2022. I know there were some government programs that helped there, but maybe just any color you can give us on the similarities that you see and differences that you see between now and then and how rising energy prices or high energy prices impacted the business back then.

我希望你能大致比較一下我們今天在歐洲所處的位置，和可能在 2022 年時的情況。我知道當時有一些政府方案提供協助，但想請你分享一下你看到的相似之處與不同之處，以及當時能源價格上升或維持高檔對業務造成了哪些影響。

Yes, Nathan, well said. As you can imagine, we're looking at a lot of those indicators to see how comparable it is. Gas prices are not to the same level as what it was back then, but definitely have spiked and increased, and even also gasoline and oil prices. I was just in Europe with the team not too long ago, and diesel prices are actually higher than petrol prices, which in the European market they have not seen in quite some time.

是的，Nathan，你說得很好。如你所想像的，我們正在觀察許多指標來判斷可比性。天然氣價格並沒有回到當時那麼高的水準，但確實出現了飆升與上漲，汽油與原油價格也是如此。我不久前才和團隊一起在歐洲，柴油價格其實高於汽油價格，而在歐洲市場這種情況已經很久沒見到了。

So it's going to take a little bit of time. I mean, I think as you can imagine, I mean, we're still early into what I would say the conflict in the Middle East, and we're still early into that acceleration of the oil and gas prices. But clearly, that is definitely going to help us, and we're leveraging our demand generation tools.

所以這需要一點時間。我的意思是，如你所想像的，我們仍處於我所說的中東衝突的早期階段，也仍處於油氣價格加速上升的早期階段。但很明顯，這確實會對我們有利，而我們也正在運用我們的需求生成工具。

We're leveraging going back into the funnels and reassessing that return on investment and communicating with customers. as to that energy efficiency that we can achieve based on our new technology. So again, staying optimistic in terms of being able to provide better solutions to our customers that will allow them to lower that energy cost.

我們正在回到漏斗中，重新評估投資報酬率，並與客戶溝通，說明基於我們的新技術可以達成的能源效率。因此，我們仍保持樂觀，能為客戶提供更好的解決方案，協助他們降低能源成本。

And I guess my follow-up question, you guys have frequently talked about the time from RFQ to booking as a sign of customer confidence. Can you talk about any changes you've seen there? Has it got any shorter, or are we still waiting for that to come? Thanks.

那我接著追問一下，你們經常談到從 RFQ 到接單（booking）的時間，作為客戶信心的指標。能否談談你們在這方面看到的任何變化？有變短嗎？還是我們仍在等待它改善？謝謝。

Yes, it has improved. It is definitely not to the early days when we said that a marketing-qualified lead will take four to -- I mean, we said historically, before all this elongation, it could take anywhere between six to eight weeks. And clearly, it got elongated. It has improved a little bit, but it's nowhere near back to the levels that it was before.

是的，確實有改善。當然還沒有回到早期我們所說的那種情況——我們當時提到，一個行銷合格線索（marketing-qualified lead）需要四到——我的意思是，我們說過在所有這些拉長之前，歷史上可能需要六到八週。很明顯後來被拉長了。現在有稍微改善，但離回到之前的水準還差得遠。

Thanks for taking the questions.

謝謝讓我提問。

Thank you.

謝謝。

[Joseph] DeBlase, Deutsche Bank.

[Joseph] DeBlase，德意志銀行。

Yes, thanks. It's Nicole DeBlase. I don't know where that came from. So good morning, guys. Thanks for the questions. I guess maybe, first, organic growth for PST, pretty strong. And I think it was better than your expectations for maybe flattish originally for the first quarter. So if you could unpack that a little bit, and do you think that that 4% growth that we saw in 1Q is sustainable throughout the rest of the year, meaning that maybe PST outperforms ITS in 2026? Thank you.

是的，謝謝。我是 Nicole DeBlase。我不知道那是怎麼來的。各位早安，謝謝讓我提問。我想先問一下，PST 的有機成長相當強勁，而且我認為比你們原先對第一季可能持平的預期還要好。如果可以的話，能否稍微拆解一下原因？以及你們認為我們在 1Q 看到的 4% 成長，是否能在今年剩餘時間維持，也就是說 PST 在 2026 年可能會優於 ITS？謝謝。

Yes, Nicole, so we definitely were pleased with what we saw and very pleased with what we saw, as we mentioned, on the life sciences side of the business and kind of the short cycle nature that we saw on the PT. And I think we said, too, as well, that we're pleased with what we're seeing here as we kind of move into the month of April, too, as well.

是的，Nicole，我們對所看到的表現感到滿意，而且非常滿意，正如我們提到的，在生命科學業務那一端，以及我們在 PT 看到的偏短週期特性。我想我們也說過，隨著我們進入四月份，我們對目前看到的情況也感到滿意。

So I think we're encouraged. Encouraged also, I made the statistic that when you think about PST organic two-year stack, I mean, they're in the mid-single digit, which is kind of what we always said that that segment should be operating at that mid-single-digit plus.

所以我認為我們受到鼓舞。也同樣受到鼓舞的是，我提到一個數據：當你看 PST 有機成長的兩年疊加（two-year stack），其實是在中個位數區間，這也符合我們一直以來所說的，該事業群應該運行在中個位數以上的水準。

Okay, got it. Understood. And then just thinking a little bit more about the progression of short cycle, I know this has been asked a lot of times, so I don't want to beat a dead horse. But did you guys actually see improvement in order activity on the short cycle businesses throughout the quarter and then into April? And Vicente, if you could just remind us roughly what percentage of your total sales are short cycle today? Thank you.

好的，了解，明白。接著再多想一下短週期的進展，我知道這題被問過很多次，我不想老調重彈。但你們在本季內、以及進入四月後，是否真的看到短週期業務的訂單活動有所改善？另外，Vicente，你能否提醒我們，目前短週期大約占你們總銷售額的百分之多少？謝謝。

Yes, Nicole, we definitely saw progression improvement, I would say, on the short cycle through the quarter and kind of as we continue, as I said here, moving into the month of April. But order cadence continues to go fairly well in terms of in line with expectations, and so I think we're pleased with that.

是的，Nicole，我會說我們確實在本季期間看到短週期業務逐步改善，而且如我剛才所說，進入四月份後也持續如此。不過訂單節奏整體仍相當不錯，基本符合預期，所以我們對此感到滿意。

Yes, Nicole, on the second part of your question about the kind of short cycle versus long cycle, probably the easiest way to frame it up would be at the enterprise-wide level, roughly 40% of our revenue is aftermarket, which obviously has more of the activity-based kind of book and shift kind of dynamic to it.

是的，Nicole，關於你問題的第二部分，也就是短週期與長週期的占比，最容易的說法是：在全公司層級，我們大約 40% 的營收來自售後市場（aftermarket），而這部分顯然更偏向活動驅動的接單與出貨（book-and-ship）動態。

And then when you kind of peel that apart on the whole goods side or the balance or the original equipment side, It's approximately 75% to 80%. 75% is probably a good proxy. It's more short-recycled in nature. And that leaves about 25%, which is more of the, I would call, a longer-cycle project-type business. And you do see a relatively equitable split between both segments. Both segments have that longer cycle dynamic, as we mentioned before.

然後當你把它拆開來看，在整機（whole goods）或其餘的原始設備（original equipment）那一端，大約是 75% 到 80%；75% 可能是一個不錯的近似值。其本質更偏短週期。剩下約 25% 則是我所說的較長週期、專案型的業務。而且你確實會看到兩個事業群之間的分布相對均衡。兩個事業群都有我們之前提到的那種長週期特性。

Thank you, Vik and Vicente. I'll turn it over.

謝謝你，Vik 和 Vicente。我把時間交回去。

Thank you, Nicole.

謝謝你，Nicole。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

Thank you. I understand that price cost is, I guess, basically a net neutral for you guys throughout the rest of the year when we net out all the tariff changes and any sort of mitigation. But I guess, is the expectation that the company will push more price in 2026 than what you thought coming into the year in response to inflation and just kind of part of that mitigation efforts? I mean, if so, any way to think about how much more price in '26 versus the expectations in January? Thank you.

謝謝。我理解價格與成本（price-cost）在今年剩餘時間，若把所有關稅變動及任何緩解措施相抵後，對你們來說基本上是淨中性。但我想問的是，公司的預期是否是在 2026 年會比你們年初原先想的推動更多漲價，以回應通膨並作為部分緩解措施？如果是的話，有沒有什麼方式可以思考 2026 年的漲價幅度，相較於一月時的預期會多多少？謝謝。

Yes, Chris, let me unpack that and clarify a few things here. So I think the price cost being more neutral, particularly here in the first quarter, as we're continuing to lap some of the tariff dynamics, I think that's more of a fair statement. I think as you move into the back half of the year, we do expect the price-cost dynamic to turn a bit more positive.

是的，Chris，我來拆解一下並澄清幾點。我認為價格與成本更偏中性，特別是在第一季，因為我們仍在消化（lap）一些關稅動態，這樣的說法比較公平。我認為進入下半年後，我們確實預期價格—成本的動態會轉為更偏正向一些。

And what I would point to that is are we taking what I would call incremental tariff-related actions at this point? No, I don't think that's the case anymore. As we indicated even as we came into the year, we expect pricing to kind of revert back to that kind of more normalized 1% to 2% that you've seen in historic times. That does include just some of the, I would say, normal course pricing actions you would expect. Again, not kind of peanut butter and vanilla across the entire enterprise, but targeted pricing where it makes sense.

我想指出的是：我們現在是否還在採取我所謂額外的、與關稅相關的增量行動？不，我認為現在已經不是這樣了。正如我們在年初所說，我們預期定價會回歸到較正常化的 1% 到 2% 區間，也就是你在過去歷史時期看到的水準。這也包含一些我會說是正常例行的定價動作。再次強調，不是把同一套「花生醬加香草」式的一刀切做法套用到整個企業，而是在合理之處進行有針對性的定價。

And so that's the piece that's still, I'd say, in play here, which does drive some of the more second half particularly Q4 price cost being positive. So again, not being necessarily more on the tariff at this point in time just given things have kind of stabilized. It's much more what I would call normal course pricing.

所以這一塊我會說仍在進行中，並推動下半年、特別是第四季的價格—成本轉為正向。因此，再次強調，目前這個時間點不一定是關稅方面的因素，因為情況已經趨於穩定；更多是我所說的正常例行定價。

I thank you for that. I appreciate it. And then maybe if I could just follow up on the Middle East, I understand there was an impact on orders in Q1. But for the full year, you guys are saying no impact on sales or orders, it seems like, for the full year. But I guess, did the Middle East have an impact on Q1 sales? And is there any impact that you expect to come through in Q2 on the Middle East? And again, just on the revenue side. Thank you.

謝謝你的說明，我很感謝。接著我想追問一下中東。我理解第一季訂單受到影響。但就全年而言，你們似乎表示對全年銷售或訂單沒有影響。不過我想問，中東在第一季是否對銷售有影響？以及你們是否預期第二季中東會帶來任何影響？同樣是就營收端來看。謝謝。

Yes, Chris, to keep it fairly simple, I think the teams did an exceptional job here in Q1. So on the shipments or revenue side, no, no meaningful impact one way or the other in Q1. At this point in time, obviously not expecting any material movement here in Q2, but obviously clearly an area that we're watching just like everyone else in terms of how the conflict continues to play itself out.

是的，Chris，簡單說，我認為團隊在第一季做得非常出色。因此在出貨或營收端，第一季沒有任何一個方向上的重大影響。就目前而言，我們當然也不預期第二季會有任何實質性的變動，但顯然這仍是我們密切關注的區域，就像其他人一樣，觀察衝突後續如何發展。

Thank you. I appreciate that.

謝謝。我很感謝。

Stephen Volkmann, Jefferies.

Stephen Volkmann，Jefferies。

Hi. Good morning, guys. Thanks for taking the question. Most of it's been answered, but I guess I'm curious. We're approaching the two-year anniversary of ILC Dover now. Is there anything qualitative you can say around how that asset specifically is performing relative to the segment, maybe in terms of general growth or margin. Just kind of bring us up to speed on how that's doing.

嗨，各位早安。謝謝讓我提問。大部分都已經被回答了，但我想我很好奇。我們現在接近 ILC Dover 併購滿兩週年了。你能否從質性角度談談，這項資產相對於該事業群的表現如何，例如整體成長或毛利率/利潤率方面？請簡單幫我們更新一下目前的進展。

Yes, Steve, we don't tend to go into kind of unpeeling each of the businesses, and particularly across any of the two segments. But I mean, after a two-year anniversary, we're pleased with all the investments that we have done. I mean, we have a full lineup of new team. Team really leveraging the tools that we have around IRX. And really, as you can see, obviously, that -- and investments that we have done in commercial investments to really accelerate and penetrate more. And you're seeing it now here in the numbers.

是的，Steve，我們通常不會把每一個業務逐一拆解來談，尤其是跨兩個事業部門。不過，我的意思是，在兩週年之後，我們對所做的所有投資都感到滿意。我是說，我們已經有一整套新的團隊陣容。團隊確實在善用我們圍繞 IRX 的工具。而且如你所見，很明顯地——我們在商業端所做的投資，確實在加速並提升滲透率。你現在也在數字上看到了。

I mean, obviously, ILC Dover is a good part of the PST segment today. And as we said, and particularly the life sciences and life science technology at a double-digit kind of order run rate, we're pleased with that because we have now created a really good platform for the M&A.

我的意思是，很明顯地，ILC Dover 目前是 PST 事業部門的重要組成部分。而且如我們所說，尤其是生命科學與生命科學技術的訂單運行率達到雙位數，我們對此感到滿意，因為我們現在已經為併購（M&A）打造出一個非常好的平台。

And as you remember, that was kind of what we were looking for with the ILC Dover, too, as well as well. And now, we have embedded quite a few of these now bolt-on acquisitions into the life science business of ILC Dover. So continue to be pleased. I think the team is executing very well, and we see a bright future ahead.

而且你也記得，這也是我們當初收購 ILC Dover 時所尋求的目標之一。同時，現在我們已經把不少這類附加式（bolt-on）收購整合進 ILC Dover 的生命科學業務中。所以我們仍然感到滿意。我認為團隊執行得非常好，我們也看到前方有光明的未來。

Okay, thank you. And then just follow on to that, is there anything in the M&A funnel, maybe of the 10 LOIs or something that would be even close to that size of ILC Dover? Or is this all more like what we've seen year to date?

好的，謝謝。接著延伸問一下，在併購管線裡，可能在那 10 份 LOI（意向書）之中，有沒有任何一筆交易的規模會接近 ILC Dover？還是說這些都比較像我們今年迄今看到的那種？

Yes, I think on the LOIs, it's kind of more on the bolt-on in nature. Having said that, I mean, there's definitely a couple of transactions, and particularly one that is not of the size of ILC, but about a little bit more than $1billion purchase price transaction. But that one is not on the LOI. It's in the funnel, and we're having great conversations, but it is not one of the 10 LOIs.

是的，我認為就 LOI 而言，性質上比較偏向附加式（bolt-on）。話雖如此，我的意思是，確實有幾筆交易，尤其有一筆，雖然規模不到 ILC 那麼大，但收購價格大約略高於 10 億美元。不過那一筆不在 LOI 裡。它在管線中，我們也在進行很好的對話，但它不是那 10 份 LOI 之一。

Super. Appreciate it. Thanks.

太好了。感謝分享。謝謝。

Thank you.

謝謝。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Good morning, everyone.

各位早安。

Good morning.

早安。

Vicente, you mentioned, I think, 40% of the business now after market. I think we've talked a lot about recurring revenue. I think it exceeded $450 million last year, and you talked about a backlog of $1.1 billion in future revenue. Has that continued to grow, and what do you see in terms of mix for '26 and sort of moving forward?

Vicente，你提到我想現在大約 40% 的業務是售後市場（aftermarket）。我們談了很多經常性收入（recurring revenue）。我記得去年超過 4.5 億美元，而你也提到未來收入的積壓訂單（backlog）有 11 億美元。這部分是否持續成長？你對 2026 年以及往後的組合（mix）有何看法？

Yes, Andy, I think it continues to be an area of emphasis and focus, and yes, particularly continues to do very well. We have launched new solutions, and we're pleased with making the great progress towards achieving that $1 billion recurring revenue target that we set by kind of run rate at the end of 2027. It's an area of focus. The team is putting a lot of attention. And as you can imagine, it has created incredible customer loyalty and stickiness when we have these solutions to the customer. So it's going to continue to be an area of investment for us.

是的，Andy，我認為這仍然是我們強調與聚焦的領域，而且是的，表現特別好。我們推出了新的解決方案，我們也很高興在朝著我們設定的 10 億美元經常性收入目標取得很大進展——目標是到 2027 年底以運行率（run rate）達成。這是重點領域，團隊投入了大量心力。而且如你所想像，當我們把這些解決方案提供給客戶時，會帶來極高的客戶忠誠度與黏著度。因此，這將持續是我們的投資重點。

That's helpful. And then just one more on the Middle East. You mentioned you got a third of the delayed $40 million of longer cycle orders back in April. Could you give us some more kind of what the nature of these orders are? And do you think you need the Middle East conflict to end to get all of the orders back? Or are your people telling you that it's just a matter of time, even if the conflict lasts, that you get these delays back?

這很有幫助。再問一個關於中東的問題。你提到 4 月份拿回了先前延遲的 4,000 萬美元長週期訂單中的三分之一。你能否再多說一些這些訂單的性質？另外，你認為需要等中東衝突結束才能把所有訂單都拿回來嗎？還是你們的人告訴你，即使衝突持續，也只是時間問題，這些延遲的訂單會回來？

Yes, so these were really kind of plant expansion and production capacity expansion-related kind of long cycle project orders. We don't need -- at least, at this point in time, we don't expect that. It needs the conflict to end. And it was just a matter of kind of putting the final details of these purchase orders.

是的，這些主要是與工廠擴建以及產能擴張相關的長週期專案訂單。至少就目前而言，我們不需要——我們也不預期——必須等衝突結束。這只是把這些採購訂單（purchase orders）的最後細節敲定的問題。

But obviously, as you can imagine, I mean, the teams and the customer were not able to even, in some cases, leave their homes to be able to have that kind of close communication and finalizing things. So I think it's just -- at this point in time, we think it's timing. There's definitely going to be a rebuild in a lot of the petrochemical facilities that have been kind of damaged. So that -- I mean, we clearly have products that participate in that regard. So I think it's going to be good for the long term, we also believe.

但很顯然，如你所想像，我的意思是，團隊與客戶在某些情況下甚至無法離開家門，因而無法進行那種密切溝通並完成定案。所以我認為——就目前而言，我們認為這是時間點的問題。很多已受損的石化設施未來肯定會有重建需求。因此——我的意思是，我們顯然有產品能參與其中。所以我們也相信，長期來看會是正面的。

Appreciate the color.

感謝補充說明。

Thank you.

謝謝。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Thanks. Good morning. It's been a long time since I asked this question, but what percentage of the current portfolio do you think is levered to energy, be it process markets, oil and gas, chems, et cetera?

謝謝。早安。我已經很久沒問這個問題了，但你認為目前投資組合中，有多少比例與能源相關（levered to energy），不論是流程市場、油氣、化工等等？

Yes, good question. A lot of our technologies are very applicable to multiple industries. And they're, in some cases, kind of agnostic. And clearly, we're pivoting and kind of trying to help in some of these cases, situations as we see expansion into production capacities like petrochemical facilities, how our, for example, our Nash liquid-ring vacuum that is widely used in the pulp and paper, it's also and can be very well utilized in the distillation towers of petrochemical facilities to be able to decompose products even further.

是的，好問題。我們很多技術都非常適用於多個產業，而且在某些情況下算是相對中性（agnostic）。而且很明顯地，我們正在調整方向，並在看到像石化設施這類產能擴張的情況時，嘗試在某些案例中提供協助。舉例來說，我們的 Nash 液環真空泵廣泛用於紙漿與造紙業，同時也可以很好地應用在石化設施的蒸餾塔中，以便進一步分解產品。

I think we're putting attention to obviously help our customer where help is needed. And that percentage of total revenue kind of could fluctuate based on the approach that we give to certain customer levels.

我想我們會把重點放在——顯然是——在需要的地方協助客戶。而總營收中與能源相關的占比，可能會隨著我們對不同客戶層級所採取的策略而波動。

Okay. Okay, so what you're saying is that it doesn't matter what it is today. There's opportunities to grow that number. Okay. And then just maybe a follow-on to [Joe] DeBlase's question, the life sciences, do you think that the double-digit life sciences revenue growth can continue? And I guess what I'm asking here is, was there anything unusual on the destocking or restocking activity there? What do you think that life sciences can be sustained? And how does the life sciences margin compare to the average within PST?

好的。好的，所以你的意思是，今天是多少其實不重要；有機會把這個數字做大。好的。那再接著問一下，延續 [Joe] DeBlase 的問題，關於生命科學，你認為生命科學營收的雙位數成長能否延續？我想問的是，那裡是否有任何不尋常的去庫存或補庫存活動？你認為生命科學的成長能否維持？以及生命科學的利潤率相較於 PST 的平均水準如何？

Yes, Nigel, this is Vik. I'll take that. So maybe I'll answer it kind of backwards here. I'd say, on an overall basis, the life sciences margin profile is comparable to the overall segment. Clearly, it's the area where you've had more of the integration with the ILC Dover assets, with the legacy life sciences assets of Ingersoll Rand and things of that nature.

是的，Nigel，我是 Vik，我來回答。也許我倒著回答。我會說，整體而言，生命科學的利潤率結構與整個事業部門大致相當。很明顯地，這是你看到與 ILC Dover 資產整合較多的領域，也包括 Ingersoll Rand 既有的生命科學資產等這類項目。

But it's also probably the area where we see continued opportunity, particularly as some of those life sciences businesses continue to show good growth momentum. It's solid margin profile, particularly areas like biopharma. So again, I would say, relatively in line with the overall segment, but clearly an area for opportunity.

但這也可能是我們看到持續機會的領域，特別是當其中一些生命科學業務持續展現良好的成長動能時。利潤率結構穩健，尤其是在生物製藥（biopharma）等領域。所以再說一次，我會說大致與整體事業部門一致，但顯然是一個有機會的領域。

As far as the growth cadence, things like that, I think, clearly, we're encouraged by what we saw. Obviously, a double-digit growth cadence over the entirety of LST is not necessarily something that we've called for over the entire year or anything of that nature. But clearly, we're encouraged by what we're seeing here. We expect to continue to see good momentum.

至於成長節奏之類的，我想很明顯地，我們對所看到的情況感到鼓舞。當然，生命科學技術（LST）整體維持雙位數成長節奏，並不是我們對全年或類似情況所做的指引。但我們確實對目前看到的表現感到鼓舞。我們預期將持續看到良好動能。

And I think, to Vicente's point earlier, the fact that you have a two-year stack on orders that's in that mid-single-digit realm, I think, definitely is kind of where we have been targeting this segment to operate. And we continue to expect to see continued momentum here as we move forward. So I think we're really encouraged by what we're seeing here. And we definitely see continued margin expansion, particularly as we move sequentially through the course of the year.

而且我想，呼應 Vicente 先前的觀點，兩年疊加（two-year stack）的訂單成長在中個位數區間，我認為這確實是我們一直希望這個事業部門能達到的運作水準。隨著我們往前推進，我們仍預期會持續看到動能。因此，我們對目前看到的情況非常受鼓舞。而且我們確實看到利潤率持續擴張，特別是隨著今年進程按季推進。

Okay. Thanks, Nick.

好的。謝謝，Nick。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Hey, guys. Good morning.

嗨，各位。早安。

Morning, Joe.

早安，Joe。

Yes, so a lot's been covered. Maybe just kind of just parsing out the ITS margins this quarter. I know you've attributed it to volumes, tariffs, and investments. Seems like tariffs probably had the outsized impact this quarter. I don't know, I'm estimating maybe something in that $10 million to $15 million zone.

是的，很多都已經談過了。也許我就拆解一下本季 ITS 的利潤率。我知道你們把原因歸因於銷量、關稅以及投資。看起來關稅可能是本季影響最大的因素。我不確定，我估計大概在 1,000 萬到 1,500 萬美元的區間。

Can you maybe just give us some quantification on the tariff impact this quarter? And then, ultimately, if we're getting back to neutral as the year progresses, I guess we should probably see that come back in the upcoming quarters?

你們能否就本季關稅影響提供一些量化？然後，最終如果我們在今年後續季度回到中性（neutral），我想我們應該會在接下來幾季看到這部分回補？

Yes, Joe, so I think, without question, I think the two drivers you mentioned there, both the tariff-related dynamics as well as just to float through on organic volume, which -- obviously, this is a healthy gross margin business. So clearly, those are the two biggest factors. We haven't necessarily quantified one versus another, but those are the two bigger drivers.

是的，Joe，所以我想，毫無疑問，你提到的兩個驅動因素——關稅相關的動態，以及有機銷量帶來的流量效應（flow-through）——顯然是最主要的兩項。畢竟這是一個毛利率健康的業務。所以很明顯，這兩項是最大的因素。我們不一定有把兩者各自的影響量化拆開，但它們就是兩個更大的驅動因素。

To your point, yes, clearly, as we move into Q2, remember the tariff-related noise really started in April of last year or kind of in the second quarter of last year. So I think on a year-over-year basis, this is where the comps on the margin side of the equation start to moderate a bit more. And that's why the margin expansion expectation is more back-end weighted here, particularly now with all the pricing actions and mitigation actions and things like that have really gone into place.

就你提到的觀點，是的，很明顯，當我們進入第二季時，請記得與關稅相關的雜音其實是從去年四月、也就是大約去年第二季開始的。所以我認為以年對年來看，這就是毛利端的比較基期開始更為趨緩的地方。因此，我們對毛利擴張的預期會更偏向在後段實現，特別是現在所有的定價措施、緩解措施等等都已經真正到位。

I think it's also worth noting here that even over the course of the last year and even the Q1, we've continued to invest on the cost side of the equation and on the SG&A side, really feet on the street, R&D, the same areas we've talked about quite a bit. And so for us, that's an area that we wanted to be hyper-focused on continuing to invest because that's going to drive the ongoing organic growth moving forward. So I'd say those are the biggest drivers. But yes, your point is valid that as we move sequentially through Q2 and really into the back half of the year, that's where those tariff-related headwinds moderate.

我也認為值得注意的是，即使在過去一年、甚至第一季期間，我們仍持續在成本端以及SG&A端進行投資，真正是前線人員、研發等我們談過很多次的相同領域。對我們而言，這是我們希望高度聚焦、持續投資的領域，因為這將推動未來持續的內生成長。所以我會說這些是最大的驅動因素。不過是的，你的觀點是成立的：當我們依序走過第二季並真正進入下半年時，這些與關稅相關的逆風會趨緩。

Okay, helpful, Vik. And then maybe Vicente, just on the M&A pipeline and the LOIs, I know back in the day, I think you guys had a goal ultimately to get the PST business up to like a $2 billion-ish-type run rate business from a revenue perspective. As you think about your pipeline and whether that's the LOI or maybe the broader company pipeline that you're looking at, how much of that is centered on the PST business versus ITS going forward?

好的，很有幫助，Vik。接著也許請教Vicente，關於併購（M&A）管線與意向書（LOI），我知道以前我記得你們最終的目標是把PST業務從營收角度提升到大約20億美元左右的年化規模。當你看你們的管線，不論是LOI或是你們在看的更廣泛公司管線，未來其中有多少是以PST業務為核心、相對於ITS？

Yes, Joe, so I'll say that on the PST side, back to your commentary about making it larger and bigger, I mean, it's kind of double in size since we started talking about PST. And those standardized, I would say, a good blend between both, ITS and PST. But again, we continue to see a lot of great prospects in the PST side that we're very excited about.

是的，Joe，所以我會說在PST這邊，回到你提到要把它做得更大、更強的評論，我的意思是，自從我們開始談PST以來，它的規模大概已經翻倍了。而那些標準化的（機會），我會說在ITS與PST之間是相當好的組合。但同樣地，我們仍持續在PST端看到很多非常好的標的，我們對此非常興奮。

Okay, great. Thank you.

好的，很棒。謝謝。

Thank you.

謝謝。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Hi, thank you. For the second half of the year, ITS, the margins, can you give us a sense of where do you think that growth will come from organically between compressors, vacuum and blowers, and the lifting power tool segments? And just remind us on the relative margin between those three.

嗨，謝謝。針對今年下半年，ITS的毛利率，你能否讓我們了解一下，你認為在壓縮機、真空與鼓風機，以及起重電動工具這些區塊之間，內生成長會主要來自哪裡？也請提醒我們這三者之間的相對毛利率水準。

Yes, sure, David. I'll kind of give you a quick overview. So obviously, the power tools piece is relatively small. It's kind of the smallest piece of the equation. To keep it very simple, the margin profile between compressors, blowers, and vacuum actually quite comparable. You don't see a dramatic mix impact between them or things of that nature. Clearly, some of those technologies maybe have more aftermarket than others, but in totality, fairly comparable.

好的，當然，David。我先給你一個快速概覽。很明顯，電動工具這一塊相對較小，是整體中最小的一塊。簡單來說，壓縮機、鼓風機與真空的毛利率輪廓其實相當接近，你不會看到它們之間有很戲劇性的組合影響或類似情況。當然，其中某些技術的售後市場可能比其他的更高，但整體而言相當可比。

So I think the simple answer to your question here is, and then clearly with compressors being upwards of 65% of the revenue base, clearly, that's going to be the biggest driver just because it's the biggest piece. But I do think that we expect to see, I'd say, positive contributions from all the underlying technologies.

所以我想你這個問題的簡單答案是——而且很明顯，壓縮機約占營收基礎的65%以上，因此它會是最大的驅動因素，因為它就是最大的一塊。但我也確實認為，我們預期所有底層技術都會帶來正向貢獻。

And as Vicente said here, when you think about the shorter cycle kind of momentum, we've seen it in the blower vacuum side. We've seen it in pieces of the compressor side. So I think we're encouraged, at least by, I'd say, some of the underlying market activity that we're seeing that should kind of lend itself to some of that expansion you see in the back half of the year.

另外如Vicente所說，當你思考較短週期的動能時，我們在鼓風機與真空端看到了，也在壓縮機端的部分領域看到了。所以我想我們受到鼓舞，至少從我們看到的一些底層市場活動來看，這應該會有助於支撐你在下半年看到的部分擴張。

All right, so sort of mixed agnostic. We just need the volume, essentially, regardless of either subsector. In the tariff impact, and you say it gets better as the year goes on, can you just clarify in the first quarter, is that pricing you put in against tariffs and they're dropping revenues at zero margin? Or are we actually getting an EBITDA hit and we need the price to catch up to that in the second half of the year?

好，所以基本上對組合不太敏感。我們本質上只需要量，不管是哪個子領域。在關稅影響方面，你說隨著年度推進會變好，你能否釐清一下：第一季這是你們為了對沖關稅而做的定價，結果在零毛利下增加營收？還是我們其實有EBITDA的衝擊，需要在下半年靠價格追上來？

It's more the former of what you've said. So the pricing actions related to tariffs have largely all been taken to the balance of 2025. You're seeing that come through now, offsetting tariffs. I would say it's dollar neutral but obviously margin dilutive.

比較接近你說的前者。所以與關稅相關的定價措施，基本上都已經針對2025年剩餘期間採取了。你現在看到它開始反映出來，用來抵消關稅。我會說在金額上是中性，但顯然會稀釋毛利率。

And now, obviously, on a year-over-year basis, you move through Q2 to Q4, you're seeing the tariff piece of that start to normalize because you had the tariffs in prior year. And clearly, with the mitigation actually taken, combined with some of the ongoing pricing actions we're taking, that's why we expect to see better momentum, particularly exiting the year and in Q4.

而且很明顯，以年對年來看，當你從第二季走到第四季，你會看到其中的關稅部分開始正常化，因為前一年就已經有關稅。並且很清楚，隨著緩解措施已經落實，再加上我們持續採取的一些定價行動，這就是為什麼我們預期動能會更好，特別是在年底、以及第四季的表現。

All right. That's helpful. I appreciate it. Thank you.

好，這很有幫助。我很感謝。謝謝。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，BNP Paribas。

Hey, good morning, everyone.

各位早安。

Hey, Andrew.

嗨，Andrew。

I still think I got one last question even this far in the queue. I think no one's brought up China yet, and I want to say that your comment there was, as I recall, orders still outperforming underlying markets. Is that a comment around improvement of the stabilization you've been commenting on the past couple of quarters, or what are you seeing in that market?

我想即使排到這麼後面，我還有最後一個問題。我覺得還沒有人提到中國，我想說你們先前的評論是——如果我沒記錯——訂單仍然優於底層市場。這是在說你們過去幾季提到的穩定化正在改善，還是你們在那個市場看到的是什麼？

Yes, Andrew. China, for us, again, we have been able to outperform the market that we're playing in China with basically new technologies, taking technologies from other acquisitions and localizing that in China for China. And the team has done now consistently a pretty good job over the past, I'd say, three quarters of being positive on an organic order basis. And so again, we're pleased with the execution. It's just another form of kind of highlighting the self-help commercial that we continue to push on a global basis, yes.

是的，Andrew。對我們而言，在中國，我們再次能夠在我們所參與的中國市場中跑贏大盤，主要靠新技術，把其他收購案的技術帶過來，並在中國做在地化、服務中國市場。團隊在過去大約三個季度中，在內生訂單的基礎上持續做得相當不錯、呈現正成長。所以我們對執行力感到滿意。這也只是另一種方式來凸顯我們持續在全球推動的自助式商業策略，是的。

What do you see for the China market this year? What's your sense in terms of where that market's going for you guys.

你對今年中國市場的看法是什麼？就你們而言，你對那個市場走向的感覺如何？

I think we still don't see the market itself outgrowing. Now what we see is us outgrowing and taking share in the market itself. We don't see China market shrinking. It is obviously highly competitive, but we still see a lot of good opportunities based on the technologies that we have and how we're approaching the market.

我想我們仍然不認為市場本身會成長得更快。現在我們看到的是我們自己在成長、並在市場中取得市占。我們不認為中國市場在萎縮。它顯然競爭非常激烈，但基於我們擁有的技術以及我們切入市場的方式，我們仍看到很多很好的機會。

I mean -- and we got hundreds of examples. I was in China earlier this year at one of our medical device facilities, And the in China, for China, for that medical device operation, its opportunity is very high. That's an example.

我的意思是——我們有數百個例子。我今年稍早在中國的一家醫療器材工廠；而在中國、為中國的那個醫療器材營運，其機會非常大。這就是一個例子。

Yes. Okay, great. Thanks, Vicente.

是的。好的，很棒。謝謝你，Vicente。

Thank you.

謝謝。

That is all the time we have for questions. I'll turn the call to Vicente for closing remarks.

我們的提問時間到此為止。我將把電話交給Vicente做結語。

Thank you, Sarah. Just finally, I just want to pass one more thank you to our employees for their ongoing dedication and commitment to having that ownership mindset and controlling what we can control and continue to deliver performance for our shareholders, which, by the way, all of our employees are. And they have that rewarding skin in the game to continue to deliver long-term value performance for all of us. So thanks again for the interest, and we'll talk soon.

謝謝你，Sarah。最後，我想再向我們的員工致上一次感謝，感謝他們持續的投入與承諾，秉持主人翁心態，掌控我們能掌控的事情，並持續為股東交付績效——順帶一提，我們所有員工也都是股東。他們以這種與公司同舟共濟的方式，持續為我們所有人創造長期價值與績效。所以再次感謝各位的關注，我們很快再談。

This concludes today's conference call. Thank you for joining. You [may now disconnect].

今天的電話會議到此結束。感謝各位參與。您[現在可以掛線]。