格南登福 (IR) 2026 Q2 法說會逐字稿

Hello, and welcome to the Ingersoll Rand second-quarter 2026 earnings call. (Operator Instructions) I would now like to turn the conference over to Max Vorcheimer, Director of Investor Relations. You may begin.

各位好，歡迎參加英格索蘭德（Ingersoll Rand）2026 年第二季財報電話會議。（接線員指示）現在我想把會議交給投資人關係總監 Max Vorcheimer。您可以開始了。

Thank you for joining Ingersoll Rand's second-quarter 2026 earnings call. I'm Max Vorcheimer, Director of Investor Relations. And joining me this morning are Vicente Reynal, our Chairman and CEO; and Vik Kini, our Chief Financial Officer. Our earnings release and presentation were issued yesterday afternoon and are available on the Investor Relations section of our website, where a replay of this call will also be posted.

感謝各位參加英格索蘭德 2026 年第二季財報電話會議。我是投資人關係總監 Max Vorcheimer。今天早上與我一同出席的有：董事長兼執行長 Vicente Reynal，以及財務長 Vik Kini。我們的財報新聞稿與簡報已於昨天下午發布，並可在我們網站的投資人關係專區取得；本次電話會議的重播也將於該處上架。

Before we begin, please note that today's discussion will include forward-looking statements subject to the risks and uncertainties described in our SEC filings and on Slide 2 of this presentation, which you should read in conjunction with the information provided on this call. We will also reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are included in our earnings release and this presentation both of which are available on the Investor Relations section of our website.

在開始之前，請注意今天的討論將包含前瞻性陳述，並受我們向美國證券交易委員會（SEC）申報文件以及本簡報第 2 頁所述之風險與不確定性影響；請您在閱讀本次電話會議所提供資訊時一併參閱。我們也將提及若干非 GAAP 財務衡量指標。與最可比 GAAP 指標之調節表已包含於我們的財報新聞稿與本簡報中，兩者皆可於我們網站的投資人關係專區取得。

Today, we will review our second quarter results, discuss segment performance and provide an update to our full year 2026 guidance. During Q&A, please limit yourself to 1 question and 1 follow-up to allow time for other participants.

今天我們將回顧第二季業績、討論各事業部門表現，並更新我們對 2026 全年指引。在問答環節，為了讓其他與會者也有時間提問，請每位僅限 1 個問題與 1 個追問。

With that, I'll turn the call over to Vicente.

接下來，我把電話交給 Vicente。

Good morning, everyone, and thank you for joining. Before we get started, I wanted to take the opportunity to formally introduce Max Vorcheimer, who has added Investor Relations responsibility to his current role on our M&A team. You will be seeing and hearing from him going forward, and I know he looks forward to engaging with many of you.

各位早安，感謝各位參加。在開始之前，我想藉此機會正式介紹 Max Vorcheimer；他在目前併購（M&A）團隊職務之外，也新增負責投資人關係。未來各位將會常看到並聽到他，我也知道他期待與各位中的許多人交流。

Beginning on Slide 3, the second quarter and first half overall reflected continued strong execution and improved demand momentum in our business. In the second quarter, we saw organic order growth of 2%, organic revenue growth of 4% and adjusted EPS growth of 7%, demonstrating the strength and resiliency of our business. Our growth this quarter was broad-based across our diversified end market base. Every main region this quarter delivered positive organic revenue growth, and we continue to focus investments towards durable, structurally growing end markets.

從第 3 頁開始，第二季與上半年整體反映出我們持續強勁的執行力，以及業務需求動能的改善。第二季我們看到有機訂單成長 2%、有機營收成長 4%，以及調整後每股盈餘（EPS）成長 7%，展現我們業務的實力與韌性。本季成長來自我們多元終端市場基礎的廣泛帶動。本季各主要地區皆實現正向的有機營收成長；我們也持續將投資聚焦於具耐久性、結構性成長的終端市場。

Importantly, our first half performance and the healthy demand trends we continue to see across much of the business reinforce our confidence in our outlook for the remainder of the year. As we will walk you through this morning, we are raising our full year revenue guidance and expect adjusted EPS to land towards the higher end of our previously communicated range.

更重要的是，上半年表現以及我們在多數業務中持續看到的健康需求趨勢，強化了我們對今年剩餘期間展望的信心。如同今天早上我們將為各位說明的，我們正在上調全年營收指引，並預期調整後 EPS 將落在先前溝通區間的較高端。

We also remain disciplined in our approach to capital allocation. Our acquisition pipeline continues to be robust, including 2 new announcements to date and remains focused on targeted bolt-on opportunities that strengthen our core technologies, expand our aftermarket presence and enhance our long-term growth profile. Our teams around the world remain focused on controlling what we can control through the use of IRX and our economic growth engine, we continue to drive operational execution, support our customers and outperform in the markets we serve.

我們在資本配置上也持續保持紀律。我們的併購案源管線依然強勁，截至目前已新增 2 項公告，並持續聚焦於具針對性的補強型（bolt-on）機會，以強化核心技術、擴大售後市場（aftermarket）布局，並提升長期成長輪廓。我們全球團隊仍專注於透過 IRX 與我們的經濟成長引擎，掌控可控事項；我們持續推動營運執行、支援客戶，並在所服務的市場中持續超越同業。

Turning to Slide 4. Before moving to our operational and financial results, I would like to briefly acknowledge the continued recognition we have received for our sustainability leadership and employee ownership culture. During the last year, we were recognized across multiple leading ESG, workplace and corporate salienship rankings, including joining the 2026 Fortune 500, a milestone that reflects the scale, discipline and momentum we have built as the Ingersoll we are today. These recognitions further outlined in our recently polished sustainability report reflect the strength of our ownership mindset culture and our commitment to making life better for our employees, our customers, our shareholders and our planet.

接著看第 4 頁。在進入營運與財務成果之前，我想簡要提及我們在永續領導力與員工持股文化方面持續獲得的肯定。過去一年，我們在多項領先的 ESG、職場與企業公民（corporate citizenship）排名中獲得表揚，其中包括入選 2026 年《財富》世界 500 強；這是一項里程碑，反映出我們今日作為英格索蘭德所建立的規模、紀律與動能。這些肯定（在我們近期精進的永續報告中有更完整說明）反映出我們「主人翁心態」的文化力量，以及我們致力於讓員工、客戶、股東與地球生活更美好的承諾。

Turning to Slide 5. I am excited today to announce the closing of one acquisition and signing of another. So this morning, we closed on the acquisition of Lone Star Blowers. The company referenced as a U.S.-based blower manufacturer in the presentation. Lone Star Blowers expands our expertise in key blower technologies and solutions and expands our aftermarket presence through an established service business and rental fleet.

接著看第 5 頁。我很高興今天宣布完成一項收購交割，並簽署另一項收購協議。今天早上，我們已完成對 Lone Star Blowers 的收購交割。在簡報中，該公司被描述為一家美國的鼓風機製造商。Lone Star Blowers 擴大了我們在關鍵鼓風機技術與解決方案方面的專業能力，並透過其成熟的服務業務與租賃機隊，擴大我們的售後市場布局。

This acquisition will add approximately $50 million in annual revenue.

此項收購預計將新增約 5,000 萬美元的年營收。

We're also excited to announce the signing of the acquisition of Filtri, a manufacturer of industrial filters based in Italy. This acquisition will expand our filtration capabilities and also strengthen our aftermarket offerings. We expect this acquisition to close in Q4 and add approximately $30 million in annual revenue. Both of these transactions are highly consistent with our strategy of acquiring market-leading technologies that strengthen our core while maintaining disciplined valuation standards. Notably, both acquisitions strengthened our aftermarket capabilities, a key focus area as we continue to increase the resiliency and recurring revenue characteristics of our portfolio.

我們也很高興宣布已簽署收購 Filtri 的協議；Filtri 是一家位於義大利的工業濾材製造商。此項收購將擴大我們的過濾能力，並同時強化我們的售後市場產品與服務。我們預期此項收購將於第四季完成交割，並新增約 3,000 萬美元的年營收。這兩筆交易都高度符合我們的策略：收購具市場領先地位的技術以強化核心，同時維持嚴謹的估值紀律。值得注意的是，兩項收購皆強化了我們的售後市場能力；這是我們持續提升投資組合韌性與經常性收入特性時的關鍵聚焦領域。

We have 11 additional transactions under LOI and our funnel remains strong, focus on proprietary and internally sourced deals. Our disciplined M&A strategy remains a key differentiator and continues to be an important driver for long-term value creation.

我們另有 11 筆交易正在意向書（LOI）階段，案源漏斗仍然強勁，並聚焦於專有（proprietary）及內部開發的交易機會。我們具紀律的併購策略仍是重要差異化優勢，並持續成為長期價值創造的重要驅動力。

Now I'll hand it over to Vik, who will review our financial performance.

接下來我把時間交給 Vik，由他回顧我們的財務表現。

Thanks, Vicente. Starting on Slide 6. The second quarter represented another solid quarter of execution. Orders finished just over $2 billion, up 5% year-over-year, with organic orders up 2%. Book-to-bill finished at 1.0 turns slightly lower than we typically see in the second quarter, primarily reflecting the delayed timing of several large project orders.

謝謝你，Vicente。從第 6 頁開始。第二季是另一個執行穩健的季度。訂單金額略高於 20 億美元，年增 5%，其中有機訂單成長 2%。出貨比（book-to-bill）為 1.0 倍，略低於我們通常在第二季看到的水準，主要反映數筆大型專案訂單的時點延後。

Important to note that we continue to see solid momentum in our short to medium cycle business, where orders were up mid-single digits.

需要特別指出的是，我們在短至中週期業務仍持續看到穩健動能，該領域訂單成長為中個位數。

In addition, we expect these longer-cycle projects to recover in the back half of the year, and Vicente will provide some color on what we have seen thus far through July.

此外，我們預期這些較長週期的專案將在下半年回升；Vicente 也會就截至 7 月我們目前所看到的情況提供一些補充說明。

Revenue grew 9% year-over-year to approximately $2 billion, with organic revenue growth of 4%. Aftermarket revenue represented 36% of total revenue during the quarter and continues to be an important contributor of the resiliency of our portfolio. Adjusted EBITDA was $520 million, an increase of 2% year-over-year with an adjusted EBITDA margin of 25.4%. Adjusted EBITDA margin was down 160 basis points year-over-year with the decline driven primarily by 3 factors: first, inflationary pressures, particularly in China, where it is more challenging to offset inflation with price; second, continued investment to support growth around new technology and commercial applications; and third, higher corporate costs. The higher corporate costs were largely driven by a year-to-date true-up of management incentive costs reflecting incentive compensation adjustments aligned with performance, which we do not expect to recur at this level in the back half of the year.

營收年增 9% 至約 20 億美元，其中有機營收成長 4%。本季售後市場營收占總營收的 36%，並持續是我們投資組合韌性的重要貢獻來源。調整後 EBITDA 為 5.2 億美元，年增 2%，調整後 EBITDA 利潤率為 25.4%。調整後 EBITDA 利潤率年減 160 個基點，下降主要由三項因素所致：第一，通膨壓力，特別是在中國，較難以提價抵消通膨；第二，為支援新技術與商業應用的成長而持續投入；第三，公司層級成本較高。公司層級成本上升主要來自年初至今對管理層激勵成本的追溯調整（true-up），反映與績效一致的激勵薪酬調整；我們預期下半年不會以同等幅度再度發生。

Unallocated corporate costs were $49 million in the quarter versus $34.6 million PAUSE a year ago, driven largely by the incentive true-up, and we continue to expect approximately $170 million in corporate costs for the full year.

本季未分攤公司成本為 4,900 萬美元，相較去年 PAUSE 同期的 3,460 萬美元增加，主要由激勵追溯調整所致；我們仍預期全年公司成本約為 1.7 億美元。

Despite this quarter's year-over-year margin rate pressures, we remain confident in our ability to deliver within our previously communicated adjusted EBITDA range through continued operational execution and productivity actions. In terms of the sequential margin expansion we expect to see in the second half of the year, the margin ramp in the back half of the year is normal course for us as first half pricing actions and benefits from first half productivity projects are realized.

儘管本季毛利率面臨年對年壓力，我們仍對透過持續的營運執行與生產力提升行動，在先前已溝通的調整後 EBITDA 區間內達成目標充滿信心。就我們預期在下半年看到的連續性毛利率擴張而言，下半年毛利率爬升對我們而言屬於正常節奏，因為上半年採取的定價措施以及上半年生產力專案的效益將逐步反映出來。

We also had the incentive comp true-up here in second quarter that we do not expect to repeat to the same magnitude in the back half of the year. Adjusted EPS was $0.86 for the quarter, up 7% year-over-year.

我們在第二季也進行了激勵性薪酬的調整（true-up），預期下半年不會以同等幅度再度發生。本季調整後 EPS 為 0.86 美元，年增 7%。

Turning to Slide 7. Free cash flow for the quarter was $269 million, up roughly 28% year-over-year. We ended the quarter with approximately $3.8 billion of total available liquidity, including approximately $1.2 billion of cash and $2.6 billion of available revolving credit facility capacity. Leverage remained at 1.7x, providing significant balance sheet flexibility. During the quarter, we deployed $110 million towards acquisitions and returned approximately $248 million to shareholders through share repurchases and dividends.

接著看第 7 頁投影片。本季自由現金流為 2.69 億美元，年增約 28%。本季末我們的可用總流動性約為 38 億美元，其中約 12 億美元為現金，另有 26 億美元為可用循環信用額度。槓桿倍數維持在 1.7 倍，提供顯著的資產負債表彈性。本季我們投入 1.10 億美元用於併購，並透過庫藏股回購與股利向股東返還約 2.48 億美元。

We were also pleased to receive a one-notch upgrade from Moody's to Baa1 during the quarter, further reinforcing the strength of our balance sheet and capital allocation strategy. Overall, our balance sheet remains a strategic asset and positions us well to continue investing in attractive growth opportunities.

我們也很高興在本季獲得穆迪（Moody's）將評等上調一級至 Baa1，進一步強化我們資產負債表與資本配置策略的實力。整體而言，我們的資產負債表仍是策略性資產，使我們能持續投資於具吸引力的成長機會。

One other update I wanted to provide here as you will see disclosed in our 10-Q for the second quarter, we reached an agreement on an initial $187.5 million recovery, which certain insurers on the RWI claim that we filed last year related to the ILC Dover transaction. We collected the first $25 million in the second quarter, and this is reflected in free cash flow for the quarter, with the remaining $162.5 million to be received during 2026. This is a significant and favorable initial recovery, and we continue to actively pursue additional meaningful recoveries related to the ILC Dover transaction beyond the $187.5 million.

另外補充一項更新：如各位將在我們第二季 10-Q 中看到的揭露，我們就去年針對 ILC Dover 交易所提出的 RWI 理賠，已與部分保險公司就初步 1.875 億美元的理賠回收達成協議。我們已於第二季收取首筆 2,500 萬美元，並已反映在本季自由現金流中，其餘 1.625 億美元將於 2026 年收取。這是一筆重大且有利的初步回收，我們也將持續積極追求與 ILC Dover 交易相關、超過 1.875 億美元的其他具實質意義之回收。

Consistent with our focus on earnings quality, these recoveries are excluded from adjusted earnings and the incremental cash that we expect to collect in the second half of 2026 is not reflected in our free cash flow guidance. We, therefore, view it as pure upside that directly strengthens our capital allocation firepower.

基於我們對盈餘品質的重視，這些回收款不納入調整後盈餘，而我們預期於 2026 年下半年收取的增量現金亦未反映在自由現金流指引中。因此，我們將其視為純粹上行空間，可直接強化我們資本配置的火力。

I'll now turn the call back to Vicente to discuss our segment performance.

接下來我把電話交回 Vicente，請他說明各事業部表現。

Thanks, Vik. Turning to Slide 8. IT delivered another solid quarter. Revenue increased nearly 9% year-over-year, including organic revenue growth of 4%. Organic revenue growth was positive across all regions.

謝謝，Vik。接著看第 8 頁投影片。IT 本季再度交出穩健表現。營收年增近 9%，其中有機營收成長 4%。各地區的有機營收成長皆為正。

Orders were approximately flat organically, resulting in a book-to-bill ratio of 1x. Within our compressor business, we continue to see healthy activity particularly in North America, where organic orders were up high single digits. Overall, compressor orders increased by low single digits globally.

訂單在有機基礎上約持平，使得接單出貨比（book-to-bill）為 1 倍。在我們的壓縮機業務中，持續看到健康的活動量，尤其在北美，有機訂單成長達高個位數。整體而言，壓縮機訂單在全球以低個位數成長。

Organic order growth was impacted by the timing of several loan cycle blower and vacuum projects in Europe as well as the continued impact on the Middle East, where specific project activity remains delayed rather than canceled. IT generated adjusted EBITDA of $435 million, with margins of 26.8%. Margin performance was impacted primarily by challenges offsetting inflationary impacts with price primarily in China, and continued commercial investments to support future growth.

有機訂單成長受到歐洲數個中期循環的鼓風機與真空專案時點影響，以及中東地區持續受影響；當地特定專案活動仍是延後而非取消。IT 產生調整後 EBITDA 4.35 億美元，利潤率為 26.8%。利潤率表現主要受到以價格抵銷通膨影響的挑戰（主要在中國），以及為支援未來成長而持續進行的商業投資所影響。

For our innovation in action highlight, we're showcasing a plug-and-play on-site nitrogen generation solution that integrates multiple products from our portfolio into a single factory tested system. The solution enables faster deployment, simplify commissioning and full life cycle support, demonstrating our ability to leverage the breadth of our technology portfolio to solve critical customer needs. This solution also demonstrates the commercial synergies we continue to realize through M&A. The system combines technologies from our Oxy wise, Gardner Denver and York brands into a single integrated solution for customers.

在「創新落地」亮點方面，我們展示一套即插即用（plug-and-play）的現場製氮解決方案，將我們產品組合中的多項產品整合為單一、經工廠測試的系統。該方案可加速部署、簡化試車（commissioning）並提供全生命週期支援，展現我們運用廣泛技術組合解決客戶關鍵需求的能力。此方案也展現我們透過併購持續實現的商業協同效益。該系統將我們 Oxy wise、Gardner Denver 與 York 品牌的技術整合為單一整合式解決方案提供給客戶。

Turning to Slide 9. PST delivered an excellent quarter and continues to demonstrate the strength of the platform we have built. Orders increased 11% year-over-year, including 7% organic growth. Life Sciences delivered low double-digit organic order growth, while Precision Technologies grew mid-single digits organically. Revenue increased by 8% year-over-year, including 4% organic growth.

接著看第 9 頁投影片。PST 本季表現極佳，並持續展現我們所打造平台的強勁實力。訂單年增 11%，其中有機成長 7%。生命科學（Life Sciences）有機訂單成長達低雙位數，而精密技術（Precision Technologies）有機成長為中個位數。營收年增 8%，其中有機成長 4%。

Importantly, both Life Sciences and Precision Technologies delivered positive organic revenue growth in the quarter. Adjusted EBITDA increased 15% year-over-year to $135 million. Adjusted EBITDA margin expanded 200 basis points year-over-year to 31.5%, reflecting strong execution across the portfolio and the continued benefits of IRX.

重要的是，生命科學與精密技術在本季皆實現正向的有機營收成長。調整後 EBITDA 年增 15% 至 1.35 億美元。調整後 EBITDA 利潤率年增 200 個基點至 31.5%，反映產品組合的強勁執行力以及 IRX 持續帶來的效益。

We're encouraged by the breadth of growth we're seeing across the segment and remain excited about the long-term opportunities within both Life Science and Precision Technologies. For our innovation in action, we're showcasing Dosatron's installation-ready dosing systems. This standardized solution simplify deployment, improve reliability and reduce installation complexity for customers while supporting strong commercial momentum across the business.

我們對該事業部所呈現的廣泛成長動能感到鼓舞，並持續看好生命科學與精密技術兩大領域的長期機會。在「創新落地」方面，我們展示 Dosatron 的即裝即用加藥系統。此一標準化解決方案可簡化部署、提升可靠性並降低客戶的安裝複雜度，同時支撐業務強勁的商業動能。

I'm also proud to share that following the significant earthquake that recently struck the Philippines, Ingersoll Rand partnered with Planet Water Foundation to deploy safe drinking water stations across the hardest hit areas. Planet Water Foundation is not only a partner, but also valued Dosatron customers as our pumps are a key component of the Aqua block kiosks that deliver safe drinking water in these situations without the need for electricity. It serves a good reminder of the mission-critical nature of our portfolio and an example of our purpose of making life better in action.

我也很自豪地分享，菲律賓近期發生強烈地震後，Ingersoll Rand 與 Planet Water Foundation 合作，在受災最嚴重地區部署安全飲用水站。Planet Water Foundation 不僅是合作夥伴，也是 Dosatron 的重要客戶，因為我們的幫浦是 Aqua block 供水亭的關鍵組件，可在無需用電的情況下於此類情境提供安全飲用水。這也再次提醒我們產品組合具備任務關鍵（mission-critical）的特性，並展現我們「讓生活更美好」的宗旨如何落實於行動。

Turning to Slide 10. Given our momentum through the first half of the year, today, we are updating our full year guidance. Starting with revenue. We now expect revenue growth of 4.5% to 6.5%, 200 basis points higher at the midpoint, driven primarily by organic volume, reflecting a strong first half and healthy demand, particularly in the short to medium cycle side of the business. This outlook assumes approximately 1% to 3% organic growth, approximately 2.5% growth from M&A and approximately 1% growth from FX.

接著看第 10 頁投影片。鑑於我們上半年延續的動能，今天我們更新全年指引。先從營收開始。我們目前預期營收成長 4.5% 至 6.5%，中位數上調 200 個基點，主要由有機量帶動，反映上半年強勁表現與健康需求，尤其是在業務中短至中週期的部分。此展望假設約 1% 至 3% 的有機成長、約 2.5% 的併購（M&A）成長，以及約 1% 的匯率（FX）成長。

We're maintaining our adjusted EBITDA guidance range of $2.13 billion to $2.19 billion. As Vik mentioned, the margin ramp we see in the second half is largely driven by first half pricing actions taking effect, the nonrecurrence of the incentive compensation true-up in Q2 and benefit from stronger productivity in the back half of the year from projects executed in the first half, all of which is normal course and consistent with prior years.

我們維持調整後 EBITDA 指引區間為 21.3 億至 21.9 億美元。如 Vik 所提，下半年我們看到的利潤率爬升主要由上半年定價措施開始生效、第二季激勵性薪酬調整不再重複，以及上半年執行之專案在下半年帶來更強的生產力效益所驅動；這些皆屬正常節奏，並與過往年度一致。

Adjusted EPS remains projected at $3.45 to $3.55, and based on our current expectations, we expect results to finish near the high end of the range. Free cash flow conversion is currently expected to remain approximately 95%. The phasing of revenue, adjusted EBITDA and adjusted EPS remains consistent with prior years.

調整後 EPS 仍預估為 3.45 至 3.55 美元，依我們目前預期，結果可望落在區間高端附近。自由現金流轉換率目前預期仍約為 95%。營收、調整後 EBITDA 與調整後 EPS 的時序分布仍與過往年度一致。

One additional clarification on our guidance is that our adjusted EBITDA and adjusted EPS ranges exclude any benefit from [AEPA] refunds we expect in the second half of the year, which we will view as upside. We will update guidance once those amounts are materially received.

關於我們的指引再補充一點說明：我們的調整後 EBITDA 與調整後 EPS 區間，未包含我們預期在下半年收到的任何 [AEPA] 退稅所帶來的利益，我們會將其視為上行空間。一旦這些金額實質入帳，我們將更新指引。

And to give a bit of color on our start to Q3, while we don't guide on orders, I am happy to share that we have had a great start to July, where we have seen double-digit order growth through the first 4 weeks of the month. We have seen strong realization of several long cycle orders, which were delayed in the first half across all of our main regions, along with continuation of the short- to medium cycle strength that Vik mentioned earlier. We're encouraged in what we're seeing, and we're confident in achieving our updated guidance for the remainder of the year.

另外，為了讓大家更了解我們第三季的開局情況，雖然我們不對訂單提供指引，但我很樂意分享：7 月開局非常強勁，在本月前 4 週我們看到訂單呈現雙位數成長。我們看到多筆長週期訂單強勁落地，這些訂單在上半年於我們所有主要區域都有延遲，同時也延續了 Vik 先前提到的短至中週期的強勢。我們對目前所見感到鼓舞，並有信心在今年剩餘期間達成我們更新後的指引。

Finally, on Slide 11. As we conclude this portion of the call, I am encouraged by the momentum we continue to see across the business. Demand remains healthy across the portfolio. Our teams continue to execute at a high level, and our M&A pipeline remains robust. We remain well positioned with a strong balance sheet, ample liquidity and significant flexibility to continue investing in growth.

最後，看第 11 頁投影片。在結束本段電話會議之際，我對我們在整體業務上持續看到的動能感到振奮。整體產品組合的需求仍然健康。我們的團隊持續以高水準執行，而我們的併購（M&A）案源管線依然強勁。憑藉強健的資產負債表、充裕的流動性與高度的彈性，我們仍處於有利位置，得以持續投資成長。

IRX remains the backbone of our organization and continues to enable execution and outperformance across the company. As we look ahead in the second half of the year, we believe we're well positioned to continue to deliver durable growth, strong cash flow generation and long-term value creation for our shareholders.

IRX 仍是我們組織的骨幹，並持續促進全公司執行力與超越目標的表現。展望下半年，我們相信自己已做好充分準備，能持續為股東帶來穩健的成長、強勁的現金流創造能力，以及長期價值創造。

Finally, I'm more important, I want to thank our employees around the world for their continued commitment, dedication and ownership mindset. Your efforts continue to drive our success and help us deliver strong results for all the stakeholders.

最後，更重要的是，我要感謝全球員工持續的承諾、投入與主人翁精神。你們的努力持續推動我們的成功，並協助我們為所有利害關係人交出強勁成果。

With that, I'll turn the call back to the operator and open the line for questions.

接下來，我把電話交回給接線員，並開放提問。

(Operator Instructions) Michael Halloran, Baird.

(接線員指示) Michael Halloran，Baird。

Welcome, Max. So can we talk a little bit about the momentum you're seeing on the short and medium side of things now. Maybe just drilling a little bit more on regional dynamics? And then any end markets in particular that you're seeing that momentum. And it seems like you're pretty comfortable that, that momentum can sustain as we're exiting the second quarter through July and onward. But any thoughts on how that momentum phases out?

歡迎，Max。那我們能否談談你們目前在短週期與中週期方面所看到的動能？也許再更深入一點談談各區域的動態？另外，有沒有特別哪些終端市場你們看到這股動能？看起來你們相當有信心，這股動能在第二季結束、進入 7 月以及之後仍可延續。但對於這股動能在時間上的消長節奏，你們有什麼看法？

Yes, Mike, let me first give you by region. So Americas is roughly 50% of our revenue, and it's been the strongest region so far. ITS orders up high single digits, healthy compressor activity. And we're seeing the short-cycle indicators that are the best in the portfolio.

好的，Mike，我先按區域說明。美洲約占我們營收的 50%，目前為止是最強的區域。ITS 訂單成長高個位數，壓縮機活動健康。而且我們看到短週期指標在整個產品組合中表現最佳。

EMEA is about 1/3 of the revenue. Orders were down low double digits organically. And I want to be precise about why it is 2 things, both timing rather than demand is the phasing of some long cycle project orders in our blower and vacuum side of the business in Europe. And it's also the Middle East. Underneath that core compressor orders in the region were up low single digits organically, which is better read on the underlying market.

EMEA 約占營收的三分之一。訂單以有機口徑計算下滑低雙位數。我想精準說明原因：主要是兩件事，且都屬於時點因素而非需求問題——其一是我們在歐洲鼓風機與真空業務中，部分長週期專案訂單的認列時點推移；其二是中東地區的影響。另外也與中東有關。在此之下，該區域的核心壓縮機訂單以有機口徑計算成長低個位數，這更能反映基礎市場狀況。

And then Asia Pacific, which is about 15% with China around 10% of total. China organic revenue was up low double digits in the quarter. The volume story there is very good. But as we indicated in the prepared remarks, this continues to be the most challenged market from a pricing perspective, but we're encouraged by how our original equipment is getting into the market, again, in China, for China in some very kind of unique applications that we expect will generate some very good aftermarket in future years.

再來是亞太地區，約占 15%，其中中國約占總體的 10%。本季中國有機營收成長低雙位數。那裡的量的表現非常好。但如同我們在事先準備的講稿中所提到，從定價角度來看，這仍是挑戰最大的市場；不過我們對原廠設備如何再次切入市場感到鼓舞——同樣是在中國、為中國，且應用情境相當獨特——我們預期未來幾年將帶來非常不錯的售後市場（aftermarket）機會。

From an end market perspective, PST, we mentioned life sciences, obviously, up mid-teens, driven mainly, in this case, here, biopharma. Biopharma we continue to see that low double-digit growth there. I'm very encouraged about the timing of bringing the full Ingersoll's portfolio into Biopharma. So not just what we got in PST, but now the team is driving pull-through of other technology into biopharma.

從終端市場來看，PST 方面，我們提到生命科學，顯然成長中十幾個百分點，主要在此由生物製藥帶動。生物製藥我們持續看到低雙位數成長。我對把 Ingersoll 的完整產品組合導入生物製藥的時點非常有信心。因此不只是 PST 既有的內容，現在團隊也在推動其他技術在生物製藥領域的帶動銷售（pull-through）。

And then in the ITS, it's broad-based. I mean, Americas, we saw momentum in power gen, electricity infrastructure, some air separation for semiconductor, Europe is resiliency, continues in general, industrial, food, beverage, kind of kind of the more normal industrial side. We still expect maybe defense picking up here soon, hopefully. And Asia Pacific is growing in kind of electronic shipbuilding among others. So you can see kind of multiple fairly broad base in many cases.

至於 ITS，則是全面性成長。我的意思是，在美洲，我們看到動能來自發電、電力基礎建設，以及部分用於半導體的空氣分離；歐洲則展現韌性，整體一般工業、食品、飲料等較典型的工業端持續穩健。我們仍預期國防需求可能很快會回升，希望如此。而亞太地區則在電子、造船等領域成長。所以你可以看到，在許多情況下是多元且相當廣泛的成長基礎。

No, that makes sense. And then maybe just on the larger projects. I know you referenced some of the longer-cycle projects. Are you at the point where project pushouts are starting to roll through and people are willing to move forward with projects? Are we still seeing delays on a global basis?

了解，這很合理。那再談談較大型的專案。我知道你提到一些較長週期的專案。你們是否已經看到先前延後的專案開始逐步往後推進，客戶也願意往前推動專案？還是我們在全球範圍內仍看到延遲？

And how do you think that long-cycle activity plays out as we look forward?

你認為展望未來，長週期活動會如何發展？

Yes. I think, Mike, that's where we are getting more and more encouraged. For a while, we were talking about elongation and kind of what we're seeing now is basically customers getting more enthusiastic and project getting kind of moved in a better direction. So we're seeing better momentum on the long cycle projects, yes.

是的。我想，Mike，這正是我們越來越感到鼓舞的地方。有一段時間我們一直在談週期拉長，而我們現在看到的基本上是客戶更有意願、專案也朝更正面的方向推進。所以，是的，我們確實看到長週期專案的動能有所改善。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Just a quick follow-up on the long cycle. First, is there any sort of common thread in what is now being released and previously held up and released, perhaps more energy or some other vertical market? Maybe any comments you'd point to there?

針對長週期我再快速追問一下。首先，現在釋出的、以及先前卡住後又釋出的專案，是否有任何共同主軸？例如更多與能源相關，或其他垂直市場？你是否能就此提供一些評論？

Yes, Jeff, good point. I mean this is actually one of the more encouraging conversations we're having in terms of that energy efficiency. I mean, as we -- you know the compressed air is typically 30% of the industrial electricity consumption in a manufacturing facility, and it could be higher based on applications. So we're seeing more as power prices have moved up the payback on replacing an older, less efficient machine is getting shorter. So definitely, that is definitely one of the key indicators here that we're seeing that is driving some better momentum among other things.

是的，Jeff，說得好。其實這是我們近期最令人振奮的對話之一，與能源效率有關。你知道，壓縮空氣通常占製造工廠工業用電消耗的 30%，依應用不同可能更高。因此，隨著電價上升，更換較舊、效率較差設備的投資回收期正在縮短。所以，這絕對、絕對是我們看到的關鍵指標之一，並在其他因素之外推動了更好的動能。

I think historically, past few earnings calls, we were talking about kind of delays in project just due to engineering capacity or it could be EPC and a lot of that is also kind of freeing up to as well.

我想在過去幾次財報電話會議中，我們談到專案延遲主要是因為工程產能不足，或可能是 EPC（工程、採購與施工）方面的限制，而其中很多也正在逐步釋放。

Great. And maybe then just a quick one for Vik. So just on the organic revenue guide, just primarily a reflection of going after additional price? Or is there actually some improved volume sort of underpinning that bump? And what volume improvement be if there is some?

很好。那再快速問 Vik 一題。關於有機營收指引，這主要是反映你們爭取更多的價格提升嗎？還是其實也有一些量的改善作為這次上修的基礎？如果有的話，量的改善會是什麼樣的情況？

Yes. So Jeff, I think it's more of the latter. So it's the volumes, the organic volumes. So I think as we indicated in the prepared comments here, encouraged by what we saw in Q2, where you saw 4% overall organic growth. I think volume was obviously relatively healthy there, particularly on the short and medium cycle side of the business.

是的。所以 Jeff，我認為比較偏向後者。也就是量，內生成長的量。因此我想如同我們在事先準備的評論中所提到的，受到我們在第二季所看到的情況鼓舞——你看到整體 4% 的內生成長。我認為當季的量顯然相對健康，特別是在業務的短週期與中週期端。

So I think that's where you're really seeing the uptick. So the incremental 1% organic for the full year is really volume driven.

所以我認為你真正看到上升動能的就是那裡。因此，全年額外增加的 1% 內生成長，基本上是由量所驅動。

I think as Vicente said here, encouraged by what we're seeing both in the Americas front. China continues to show good momentum there. And so that's really where we're seeing in price. We have taken certain pricing actions in the first half of the year, which was consistent with our expectations, and those are starting to kind of more materialize into the back half of the year. But I would say that's fairly consistent with what we had expected in previous guidance.

我想如同 Vicente 在這裡所說，受到我們在美洲市場前端所看到的表現鼓舞。中國也持續展現良好動能。因此我們真正看到的是在價格方面的表現。我們在上半年採取了一些定價行動，這與我們的預期一致，而這些行動正開始在下半年更明顯地反映出來。但我會說，這與我們先前指引中的預期相當一致。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

And Max, I look forward to meeting you in due course. But just on the orders in July, obviously, really encouraging to see that the longer cycle orders starting to kick in. Can I just clarify, when you say double digits if we strip out acquisitions, et cetera, we're still seeing double-digit organic orders. Just want to clarify that one first of all.

Max，我也期待在適當時候與你見面。不過關於 7 月的訂單，顯然很令人鼓舞，看到較長週期的訂單開始啟動。我想先釐清一下：當你說若剔除併購等因素後仍是雙位數，意思是我們仍看到雙位數的內生訂單成長嗎？我想先確認這一點。

And then are we seeing the backlog building for '27 given that these are longer cycle projects? Or could these hit in the back half of the year? It doesn't feel like you're baking these orders into the back half of the year?

另外，鑑於這些是較長週期的專案，我們是否看到為 2027 年累積的在手訂單（backlog）正在增加？或者這些也可能在下半年入帳？感覺你們並沒有把這些訂單納入下半年的預期？

Yes. Nigel, let me take the first one and I'll let Vik comment about the second one. Yes. I mean organic is low double digit to mid-teens, basically is what we're seeing here in the month of July.

是的。Nigel，我先回答第一個問題，第二個我請 Vik 補充。是的。我的意思是，7 月我們看到的內生成長大致是低雙位數到中十幾（mid-teens）。

Yes. And then just to follow up on that. As far as the long-cycle projects, definitely building the backlog out for 2027, as you would expect, most of these are long-cycle projects are the typical 6- to 18-month type duration in terms of projects difficult to what you've seen. So they're largely building out the backlog for 2027. That's not to say that some won't have some revenue recognition here in the back half of the year.

是的。再補充一下。就長週期專案而言，確實如你所預期，會把 2027 年的在手訂單累積起來；這些長週期專案通常是 6 到 18 個月的專案期間，與你過去看到的類似。因此它們主要是在為 2027 年累積在手訂單。但這不代表其中一些不會在今年下半年有部分營收認列。

But yes, solid backlog build more as we move into 2027 with regards to some of those longer cycle projects.

不過是的，隨著我們邁向 2027 年，針對部分較長週期專案，在手訂單的累積相當扎實。

Okay. That's great. And then just maybe just a bit more details on the ITS margin momentum through the back half of the year. And can you just maybe just clarify was the sort of the margin weakness in the quarter? Was that confined to China and the price pressure in China? Or was it a bit more than that?

好的。很棒。另外，能否再多談一些 ITS 在下半年的毛利率動能？以及能否釐清一下，本季毛利率走弱是僅限於中國、以及中國的價格壓力所致？還是影響範圍更大一些？

No. No, it's really confined to China, basically. And in addition to some of the investments that we're making. I mean you saw we made an announcement about earlier in the quarter about a partnership that we made for some new technology to as well. So it continues to be some good investments that we're doing, I mean, despite what kind of market conditions might be.

不。不，基本上確實是侷限在中國。此外也包含我們正在進行的一些投資。我的意思是，你看到我們在本季稍早宣布了一項合作夥伴關係，用於一些新技術。所以即便市場狀況可能如此，我們仍持續進行一些良好的投資。

And on top of that, has been the pricing on challenge in China.

再加上，中國的定價一直面臨挑戰。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

I wanted to check in on trends in Life Sciences and PST. It seems like you had pretty good orders, comp was a little bit easy. And there were some kind of cross currents around the industry that don't seem to have affected you in the quarter. So I wonder if you could just sort of characterize the market? Is it steadily rolling? Is it accelerating? How do you see it right now?

我想了解一下生命科學與 PST 的趨勢。看起來你們的訂單表現不錯，比較基期也稍微容易一些。而產業裡有一些相互拉扯的因素，似乎在本季並沒有影響到你們。所以我想請你們概括描述一下市場狀況？是穩定推進？還是在加速？你們目前怎麼看？

Yes, Rob, we see good momentum on the Life Science business as we kind of alluded here. We see that it's largely driven by the biopharma. In our case, the exposure that we continue to have to GLP-1 is very strong so that as that market continues to grow and seeing some investments, we're pleased to see that. In addition, we're -- we have made some investments to play in the larger biopharma side and are working on what you also kind of hear in the news on the biopharma expansion. Now a lot of that hasn't come to fruition yet, but we're excited about what the potential of that could be as we move into the second half or even 2027 based on the new facilities that are kind of getting invested now.

是的，Rob，我們看到生命科學業務有不錯的動能，如同我們在這裡稍早提到的。我們看到主要是由生物製藥（biopharma）所驅動。就我們而言，我們對 GLP-1 的曝險仍然非常強，因此隨著該市場持續成長並看到一些投資，我們很高興看到這點。此外，我們也做了一些投資，以切入更大型的生物製藥領域，並且在推進你在新聞中也會聽到的生物製藥擴產。目前其中很多尚未真正落地，但隨著現在正在投資的新設施逐步到位，我們對其在下半年甚至 2027 年的潛力感到興奮。

So again, we see continued stability in that market and good growth based on, I guess, the investments that we're making and the focus that we're putting in to really accelerate our penetration in the biopharma side.

所以再說一次，我們看到該市場持續穩定，並且在我們所做的投資與我們投入的重點之下，帶來良好的成長，真正加速我們在生物製藥端的滲透率。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I guess I asked the same question I asked on most of these calls, just said there about quote to order times. Obviously, you had a few of these longer-cycle projects get delayed in the quarter. But if you kind of exclude those, are you seeing any changes in that quote to order time, maybe in the U.S., you are maybe in Europe or not. But any details you can give us on, I guess, the customers' willingness to accelerate these orders?

我想我問的是我在多數這類電話會議上都會問的同一個問題：剛才提到報價到下單（quote-to-order）的時間。顯然本季有幾個較長週期的專案被延後。但如果把那些排除掉，你們是否看到報價到下單時間有任何變化？例如在美國，或許在歐洲，或沒有？你們能否提供一些細節，關於客戶是否更願意加速下單？

I would say this, nothing dramatically significant. I mean, obviously, you're seeing the short cycle business, and Vik mentioned that, I mean, mid-single-digit organic quarter growth on (inaudible) cycle business. So we continue to see momentum. And when you -- when we about sequentially continue to improve and obviously now here in July as well. But in terms of that quote to order, I don't think anything that customers are trying -- at least not on our products, or the end markets where we play that we have seen that customer quote-to-order cycle get shortened dramatically.

我會這麼說：沒有什麼特別顯著的變化。我的意思是，很明顯你看到短週期業務，而 Vik 也提到，短週期業務本季內生成長約中個位數（mid-single-digit），（聽不清）週期業務也是如此。所以我們持續看到動能。而且就環比而言持續改善，當然 7 月也一樣。但就報價到下單而言，我不認為客戶在嘗試——至少在我們的產品上，或我們所參與的終端市場上——我們看到客戶的報價到下單週期有明顯縮短。

Okay. Fair enough. Maybe just a question on China and the pricing power over there. Ingersoll Rand has always tended to try and play in areas and products where it has significant differentiation in a command price. Are there opportunities for you to consider what you want to sell in China, how you want to sell it and look at the portfolio overall through that kind of lens, where maybe some of these products you're selling in China don't have pricing power and you don't need to be in that business or anything from that perspective?

好的。了解。再問一個關於中國與當地定價能力的問題。Ingersoll Rand 一向傾向於在具高度差異化、能夠掌握定價權並收取溢價的領域與產品中競爭。你們是否有機會重新思考在中國要賣什麼、怎麼賣，並以這樣的角度檢視整體產品組合——也許你們在中國銷售的某些產品並沒有定價能力，而你們其實不需要在那個業務裡，或從這個角度來看有沒有任何想法？

Sure, Nathan. I would say, I mean, we're always going to play a mission-critical products where total cost is low based on the total process in the equation. So, I mean, right now, what you see in China is just basically a timing issue in our view. More broadly, we're spending quite a bit of time localizing newly acquired technologies into China, and typically under an existing brand that we have in China. So I want to say that we're cutting back on our product portfolio, but rather investing in new technologies in the market where we have seen success from acquired businesses elsewhere and kind of have unique technology that we can have.

當然，Nathan。我會說，我的意思是，我們一向會聚焦在那些在整體流程的方程式中、總成本相對較低的關鍵任務型產品。所以，我的意思是，就目前而言，我們看到中國的情況基本上在我們看來只是時點性的問題。更廣泛來說，我們花了相當多時間把新併購的技術在中國進行在地化，通常會放在我們在中國既有的品牌之下。所以我不想說我們是在縮減產品組合，而是我們在這個市場投資新技術；我們已在其他地區的併購業務中看到成功，而且我們也有一些獨特技術可以導入。

The second big piece is that a lot of the growth that we see in China is related to original equipment hold goods, which come in -- comes at a lower margin typically than the aftermarket. And in some cases, what we have done here in China as there have been some very unique applications with specific customers that we never had before, but that we see that can have a great potential in the future for us. We're making some commercial investments to really penetrate those new applications. And again, in China for China. So I'd say we feel good about the product portfolio we have in China, and we continue to invest in China for China.

第二個重要部分是，我們在中國看到的許多成長與原廠設備（OEM）配套出貨有關，而這類業務的毛利率通常低於售後市場。而且在某些情況下，隨著中國這裡出現一些我們以前從未遇過、但針對特定客戶的非常獨特應用，我們看到這些在未來對我們可能有很大的潛力。我們正在進行一些商業投資，以真正滲透這些新應用。而且同樣地，在中國、為中國。所以我會說，我們對在中國的產品組合感到滿意，並且會持續在中國、為中國投資。

Okay. So the pricing is a bit more transient and an issue?

好的。所以定價比較偏短期波動、是一個問題？

It is definitely more transient, yes.

是的，確實比較偏短期波動。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Vicente, it looks like you've continued to have nice acceleration in your Precision Technologies business. Could you talk about the durability of that growth? Like what are the biggest drivers? And I think precision is mostly comprised of shorter cycle markets. So is it fair to expect continued acceleration from that mid-single-digit growth from here?

Vicente，看起來你們的精密技術（Precision Technologies）業務持續有不錯的加速成長。你能談談這種成長的持續性嗎？例如最大的驅動因素是什麼？而且我認為精密業務主要由較短週期的市場構成。所以，是否可以合理預期，從這裡開始仍能延續那種中個位數成長的持續加速？

Yes, Andy. I mean, I think we're very pleased with what we're seeing on the PST side. I mean, as you remember, even going back to our last Investor Day, we said that this segment should be in kind of that mid-30% EBITDA or not just a mid-single-digit grower organically. And we're getting back to that. So again, great progress that we're seeing here on the growth but also on the margin expansion.

是的，Andy。我的意思是，我們對PST這邊看到的情況非常滿意。你也記得，甚至回到上一次投資人日，我們就說過這個事業部應該能達到約30%中段的EBITDA水準，並且有機成長不只是中個位數。而我們正在回到那個狀態。所以，再次強調，我們在成長以及利潤率擴張方面都看到很好的進展。

Yes. And then Andy, on the -- specific to the Precision Technology side, we would agree. You're seeing solid momentum. That business has a comparable look and feel in some respects to ITS. So yes, you have seen good continued momentum on what I'll call some of the shorter cycle kind of core pump businesses.

是的。另外，Andy，針對精密技術這一塊，我們同意你的看法。你看到的是穩健的動能。這個業務在某些方面的樣貌與ITS相當類似。所以是的，你確實看到一些我稱之為較短週期的核心泵浦業務持續有良好動能。

There is longer cycle project activity there as well. And I think we're working through that just like you'd see on the ITS side. So I'd say fairly comparable trends, specifically on the precision technology side as to kind of what you've seen on the ITS side.

那裡也有較長週期的專案活動。我想我們正在推進這部分，就像你在ITS那邊看到的一樣。所以我會說，特別是在精密技術這一側，趨勢與你在ITS那邊看到的相當可比。

Great. And then on M&A, the one that you raised your contribution to 2.5 for '26 from closed deals, which I think puts you right on target for our usual algorithm and you had a couple of nice announcements today. But if I look back at the last few years, you've tended to be a little further along at this point in the year. So how would you characterize the M&A environment in general this year versus past years?

很好。接著談併購，你們把2026年來自已完成交易的貢獻上調到2.5，我認為這讓你們正好符合我們一貫的演算法，而且你們今天也宣布了幾個不錯的案子。但如果我回頭看過去幾年，你們通常在一年中的這個時間點會走得更前面一些。所以你會如何描述今年相較於過去幾年整體的併購環境？

I would say pretty very healthy. I mean, our funnel is very healthy over 200 companies that we have in the funnel. And so no difference. I mean right now, so far, including these transactions that we announced today on a year -- I mean we're kind of halfway point to the commitment of the annualized acquirer. So I think we're making some good progress.

我會說非常健康。我的意思是，我們的案源漏斗非常健康，漏斗裡有超過200家公司。所以沒有差別。我的意思是，就目前而言，包含我們今天宣布的這些交易，以年度來看——我的意思是，我們大概已經走到年度收購承諾的一半左右。所以我認為我們取得了不錯的進展。

And I think it's difficult to compare the cadence of deal activity each year against another. But I mean we're excited where we are. We've got great prospects. We learn transactions under LOI and healthy activity and with a very good disciplined pre-synergy multiple.

而且我認為，很難把每一年的交易節奏彼此直接比較。但我的意思是，我們對目前的狀態感到振奮。我們有很好的機會。我們有在LOI（意向書）之下推進的交易、也有健康的活動量，並且維持非常良好且嚴謹的「協同效益前」估值倍數紀律。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So ITS, I'm curious, would your margins have expanded this quarter absent like the China headwind that you guys described. And then also, as you kind of think about the year is your expectation that you can kind of still hold margins kind of like flattish with where ITS margins were a year ago?

關於ITS，我很好奇，如果沒有你們提到的中國逆風，這一季你們的利潤率是否會擴張？另外，當你們思考今年時，你們是否仍預期能把利潤率大致維持在與去年ITS利潤率差不多、接近持平的水準？

Yes, Joe, I'll take that in 2 pieces here. So the first part here, China was a question the biggest piece, obviously. So I would say it would have been much more comparable is probably the best way to say it. That's not obviously the only moving factor, but that is without question, the single biggest driver for the factors that Vicente indicated with regards to much more the pricing size comparatively speaking to some of the inflationary headwinds.

是的，Joe，我把這個問題分兩部分回答。第一部分，中國顯然是最大的因素。所以我會說，如果沒有中國因素，表現會更可比——這大概是最好的說法。當然那不是唯一的變動因素，但毫無疑問，這是單一最大的驅動因素；就如Vicente所指出的，相較於一些通膨逆風，更多是定價面的影響。

As far as on the full year and kind of what the guide kind of implies into the back half, I think as we exit the year, particularly in the fourth quarter, I think you're much more in line with prior year and actually probably even slightly above the exit rates we had for prior year. But I would say on a full year basis, it's still probably trending a little bit below on a full year basis, comparatively speaking, to where we were in full year '25. But again, I think we view that as Vicente said, a lot more timing oriented here. I think with the momentum we continue to see, particularly on the organic volume front as we exit the year as well as kind of some of the China items that we view as a bit more transient for lack of a better way to say it. We don't see any reason why the ITS business can't continue to have that earnings power approaching that 30% EBITDA margin profile consistent with what we've talked about in our prior Investor Day.

至於全年，以及指引對下半年所隱含的情況，我認為當我們在年底、特別是第四季退出時，你會看到更接近去年，甚至可能略高於去年年底的退出水準。但我會說，以全年來看，與2025全年相比，全年水準可能仍會略低一些。不過同樣地，我們認為這如Vicente所說，更多是時點性的因素。我想，隨著我們持續看到的動能，特別是在有機量的面向、以及我們在年底退出時的表現，再加上我們認為中國的一些項目較偏短期波動——姑且這麼說——我們看不出有任何理由，ITS業務不能持續具備那樣的獲利能力，並朝向接近30% EBITDA利潤率輪廓，這也與我們在先前投資人日所談的一致。

Got it. That's clear. And then Vicente, just touching on those longer cycle orders from July. I'm curious, maybe I didn't hear it, but like from an end market standpoint, does a particular end market stand out to you on what's converting into orders? And then as you kind of think about your pipeline for the rest of the year, how does that large project pipeline look?

了解。很清楚。接著，Vicente，稍微談一下7月那些較長週期的訂單。我好奇，也許我漏聽了，但從終端市場的角度來看，有沒有某個特定終端市場在你看來特別突出、正在轉化為訂單？另外，當你思考今年剩餘時間的管線時，那個大型專案管線看起來如何？

Yes, Joe, I say nothing that I would say one specific end market focus. I mean it was -- it's kind of becoming a bit very nicely broad-based, food, beverage, pharma, power gen, air separation for semiconductors. So it's actually a very good blend on multiple end markets. And as we -- which we like. And as we think about kind of the rest of the year in terms of the pipeline, very consistent with that, consistent with having a good blend of multiple end markets in the loan cycle.

是的，Joe，我會說沒有哪一個特定終端市場特別突出。我的意思是，它正變得相當廣泛而且很不錯：食品、飲料、製藥、發電、以及用於半導體的空氣分離。所以實際上是多個終端市場的非常好的組合。而這正是我們喜歡的。而當我們思考今年剩餘時間的管線時，也非常一致：同樣是多個終端市場的良好組合，涵蓋較長週期。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

At least on my math, it seems like this back half margin ramp off of that Q2 base is a bit stronger, at least on the higher end of what you guys typically deliver. It seems like a lot of that is driven by this price cost catch-up. So I guess, could you just maybe kind of talk about the drivers of that sequential margin expansion off Q2? And then since it seems like it's mostly driven on price, any color on just like how much incremental price is coming into the back half following some of the actions you guys took, I guess, in Q2?

至少按我的計算，看起來你們下半年在第二季基期之上的毛利率爬升幅度偏強，至少接近你們通常能交付區間的高端。看起來其中很大一部分是由價格與成本追趕（price-cost catch-up）所驅動。所以我想請你們談談，從第二季往後的這個連續性毛利率擴張，主要驅動因素是什麼？另外，既然看起來主要是由價格帶動，能否補充一下：在你們第二季採取一些行動之後，下半年大概會有多少額外的增量價格貢獻？

Yes, Chris, I'll kind of bucketize it to keep it simple here maybe into kind of 3 major kind of drivers here. First and foremost, to kind of in line with what you said, there is, I would say, better price realization, just in the context of some of the actions that we took through the first half of the year and executed in the second quarter. So again, I would say that was -- that's kind of 1/3 of the -- 1/3 of it. A third, to kind of repeat on an enterprise-wide basis, obviously, corporate, we expect to be a bit more normalized into the back half of the year. Clearly, we had the incentive compensation true-up that we took in Q2 that we don't expect to repeat at the same level in the back half.

好的，Chris，我把它簡單歸類一下，可能分成三個主要驅動因素。第一也是最重要的，正如你所說，我們的價格實現（price realization）更好，這是在我們上半年採取並在第二季執行的一些行動背景之下。所以我會說那大概占了其中的三分之一。另外三分之一，從全企業層面來看，顯然公司端的費用/表現，我們預期下半年會更趨於正常化。很明顯，我們在第二季做了激勵薪酬的追溯調整（true-up），我們不預期下半年會以同樣水準重複發生。

And then the balance is what I would say is somewhat generally normal course here is the expectation on the productivity. And to some degree, some of the mix you would expect to see coming into the back half of the year. As a reminder, we typically see a lot more of our productivity benefits from actions taken, whether it be on the classical direct material or I2V side as well as to repeat some of the restructuring actions we took towards the end of last year and to the beginning of this year, materialize more into the back half of the year. And remember that direct material productivity generally follows our cost of goods sold, in particular, as you typically have your strongest finish towards the fourth quarter, that's where you tend to see a lot of that come through. So I'd say those are probably the 3 drivers.

剩下的部分，我會說在某種程度上屬於比較正常的情況，也就是對生產力提升的預期。以及某種程度上，你會預期在下半年出現的一些產品/業務組合（mix）變化。提醒一下，我們通常會在下半年看到更多由已採取行動帶來的生產力效益，不論是傳統的直接材料端，或是 I2V 端；同時也包括我們在去年年底到今年年初所採取的一些重組行動，在下半年更明顯地反映出來。另外請記得，直接材料的生產力通常會跟隨我們的銷貨成本（COGS）走，尤其是你們通常在第四季收尾最強，因此很多效益往往會在那時候體現。所以我會說大概就是這三個驅動因素。

Thank you, Vik, I really appreciate that. And then maybe tying that to the July order comment, which was obviously I mean, a really strong inflection for you guys on the long cycle side. I just want to confirm, it seems like this order inflection came after you guys put price in, which is more constructive than seeing the order inflection of course, before the price action. So -- and I'm just -- if you could confirm that.

謝謝你，Vik，我非常感謝。另外把這點跟你們提到的 7 月訂單評論連在一起，那顯然在長週期端對你們來說是一個非常強的拐點。我只是想確認一下：看起來這個訂單拐點是在你們已經把價格調上去之後才出現的，這比起在漲價動作之前就看到訂單拐點要更具建設性。所以——我只是想請你確認一下是否如此。

Yes. I think, Chris, that's a fair point here. So the way I would probably think about it is, remember, a lot of these longer-cycle projects that are booking through here in July, they've been in the funnel for some time. These have been active dialogue negotiations, things of that nature. So yes, I mean it's great to see them kind of now get to the finish line for lack of a better way to say this, but I wouldn't also lose track of the fact that in the midst of July, we're also seeing, I'd say, continued solid short-cycle momentum.

是的。我想，Chris，你這個觀點是合理的。我會這樣看：記得，7 月這些正在入帳的較長週期專案，其實已經在漏斗（funnel）裡一段時間了。這些一直都有在進行對話、談判之類的活動。所以是的，看到它們現在終於到達終點線（換句話說）當然很好，但同時也不要忽略：在 7 月期間，我們也看到短週期動能持續穩健。

So I think your comment is quite fair. Yes, the long cycle is probably the biggest driver of that number you're seeing in July, but that's not coming without some good contribution also from the short cycle side as well.

所以我認為你的評論相當合理。是的，長週期可能是你在 7 月看到那個數字的最大驅動因素，但同時短週期端也有不錯的貢獻。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀。

I guess just following up on the July commentary because I want to make sure that my -- the market's expectations are correct. And it really comes down to the attribution of these long-cycle projects, maybe there were a few of them. But is the positive implication of that disclosure that, hey, this is kind of the trend that we can build on or sustain? Or is it really a data point that's idiosyncratic to maybe a couple of projects that hit in July because I don't want to be here in August, September, saying we're back to low single digits because of that dynamic. So maybe you can give us a little bit of color on that?

我想就 7 月的評論再追問一下，因為我想確保我——以及市場——的預期是正確的。這其實取決於這些長週期專案的歸因，可能只有其中幾個。但這項揭露的正面含意是：嘿，這是一個我們可以在其上建立或維持的趨勢？還是說這其實是一個只屬於 7 月剛好有一兩個專案入帳的特殊數據點（idiosyncratic），因為我不希望到了 8、9 月又因為這個動態而回到低個位數成長。所以你們能否提供一些補充說明？

Yes. Maybe I'll start here. So one -- a couple of comments here. One, I think if you go back over the course of several quarters, we've spoken to the help of the long-cycle funnel, right? And as Vicente has mentioned, we had acknowledged that there have been some elongation and that had been some of the drivers of why you've seen some of the timing on some of the long-cycle comps and things like that, including even in the second quarter.

好的。我先從這裡開始。有一兩點評論。第一，如果你回顧過去幾個季度，我們一直在談長週期漏斗帶來的支撐，對吧？而且如 Vicente 提到的，我們也承認過交期/決策有些拉長（elongation），這也是你看到一些長週期可比（comps）與相關時點變化的原因之一，甚至包括第二季。

So I think first and foremost, encouraged by seeing some of those projects get to the finish line. I do think that's obviously what you're seeing in July.

所以首先，看到其中一些專案走到終點線，我們感到鼓舞。我認為這顯然就是你在 7 月看到的情況。

Now that being said, I think I would couple that to say that obviously, we're continuing to be encouraged by the long cycle funnel, right? Obviously, I don't think we're necessarily implying that at these levels is the level to indicate on a consistent go-forward basis. But I think it speaks to the fact that, that long-cycle funnel continues to remain healthy. As we've indicated, there really weren't cancellations. It was more timing.

話雖如此，我也會把這點和另一個觀察放在一起：我們顯然仍然對長週期漏斗感到鼓舞。當然，我不認為我們是在暗示未來會持續以這些水準前進。但我認為這反映出長週期漏斗仍然保持健康。如我們所指出的，並沒有真正的取消（cancellations），更多是時點問題。所以我認為現在這點正在被驗證。

So I think that's now proving itself out. And that, obviously, the short cycle side continues to be pretty -- short to medium cycle side continues to be relatively strong and constructive. So I'd take that all in totality. But I think the July comment is just speaking inflecting and the fact that we're happy with what we're seeing there, getting those finish line on those projects.

而且很明顯，短週期端——短到中週期端——仍然相對強勁且具建設性。所以我會把這些整體一起看。但我認為 7 月的評論主要是在說出現拐點，以及我們對目前看到的情況感到滿意，這些專案正在跨過終點線。

Okay. Great. That's helpful. And a lot of our conversation talks about sort of the large compressor blower vacuum market, but there's obviously -- you sell stuff through distribution, smaller compressors, power tools, et cetera. Can you just maybe talk about how distributor behavior is, whether it's sell-through or their willingness to hold more inventories as maybe sort of another leading indicator sign of how things are trending?

好的。很好。這很有幫助。我們很多對話都在談大型壓縮機、鼓風機、真空設備市場，但你們顯然也透過經銷通路銷售產品，例如較小型的壓縮機、電動工具等等。你能否談談經銷商的行為如何——不論是終端銷售（sell-through），或是他們是否願意持有更多庫存——作為另一個領先指標，來看趨勢走向？

Yes. I mean I'll say that difficult for -- and we said this historically, our distributors, they don't typically hold inventory. I mean the compressor gets customized for specific applications. And even on the smaller side, I mean we're not on the do-it-yourself kind of compressor type of product that is a very standard product. I mean we tend to configure to order (inaudible) engineered to order.

是的。我的意思是，我會說——而且我們過去也說過——我們的經銷商通常不會持有庫存。因為壓縮機會針對特定應用做客製化。即便在較小型的產品端，我們也不是那種 DIY 類壓縮機產品——那種是非常標準化的產品。我們通常是依訂單配置（configure to order）（聽不清）或依工程設計接單（engineered to order）。

So those are more difficult to kind of keep in inventory. So our distribution is mostly kind of buy and sell pretty quickly.

所以這些產品更難以用庫存方式來備貨。因此我們的通路多半是買進後很快就賣出。

(Operator Instructions) Nicole DeBlase, Deutsche Bank.

(接線員指示) Nicole DeBlase，德意志銀行。

Maybe just digging into the pricing environment a little bit more. I understand what's going on in China. There's been plenty of discourse around that. But I guess, what are you guys seeing with respect to pricing and Americas for compressors, any shifts at all in the dynamics or market share dynamics as well?

想再更深入了解一下定價環境。我理解中國那邊的情況。相關討論已經很多了。但我想問的是，你們在美洲地區的壓縮機定價方面看到了什麼？在競爭態勢或市占動態上有任何變化嗎？

No. I mean nothing, I'll say, dramatic. I mean, that we're seeing. I mean typically, we're back to this kind of 1% to 2% price that we see consistent and stable. And even having said that, you saw that we talked about order momentum to be high single digit in the Americas.

沒有。我的意思是，沒有什麼——我會說——劇烈的變化。就我們所看到的而言。一般來說，我們又回到那種穩定一致的 1% 到 2% 的價格變動。即便如此，你也看到我們提到美洲地區的訂單動能是高個位數成長。

So again, very encouraged that a lot of that kind of tends to be more volume related than pricing. So nothing that I will dramatically say that we're seeing changes in the pricing environment besides what the difficulty that happens in China.

所以再次強調，這讓我們很受鼓舞，因為其中很多更偏向是量的因素，而不是價格。因此，除了中國那邊的困難之外，我不會說我們看到定價環境有什麼重大變化。

And again, China, I'll categorize that as transitory due to some of our capacity that has happened over the past prior years of investing, but we're definitely seeing inflecting better momentum in China as well. But again, from a pricing dynamic outside of China, fairly stable.

另外，中國我會把它歸類為暫時性的，原因是過去幾年我們投資所帶來的一些產能因素，但我們也確實看到中國的動能正在轉好、出現更好的拐點。不過再次強調，除中國以外的定價動態相當穩定。

Okay. Understood. And then I just wanted to ask a question on PST margins, definitely a bright spot this quarter once again. Vik, is it possible to get your view on how second half margins look within PST?

好的。了解。接著我想問一下 PST 的利潤率，本季再次成為亮點。Vik，可以請你分享一下 PST 下半年利潤率的看法嗎？

Sure. Yes. I think the simplest way to say here is we would expect to continue to see sequential momentum as the year plays itself out. Really encouraged that we were right around 31.5% EBITDA margin here in Q2. I think our expectations would be that number is slightly better as we move into the back half of the year.

當然。是的。我想最簡單的說法是，隨著今年進展，我們預期會持續看到逐季的動能。我們很受鼓舞，第二季的 EBITDA 利潤率大約在 31.5% 左右。我們的預期是，進入下半年後，這個數字會略為更好。

So the 32% type range, if not slightly better and definitely approaching that kind of mid-30s EBITDA margin target that we've kind of historically laid out is definitely in sight and definitely the goal.

也就是 32% 左右的區間，甚至可能略高，並且確實正在接近我們過去所提出的、約中段 30% 的 EBITDA 利潤率目標；這個目標已經在望，也絕對是我們努力的方向。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行。

You guys indicated you're doing some M&A here and some LOIs for usual kind of like under -- in the background, what is the nature of the size of the deals that you're looking at? Is valuations -- valuations attractive for larger-sized deals. Can you just give us a little more color there?

你們提到正在做一些併購，手上也有一些 LOI（意向書），像是平常那種——在背景中進行的——那麼你們目前在看的交易規模大概是什麼性質、什麼大小？估值——對於較大規模的交易而言，估值是否具有吸引力？能否再多給我們一些說明？

Yes. The (inaudible) we talked about LOI was tend to be in same nature as kind of what you saw announced today. The bolt-on in nature, low double-digit pre-synergy multiple prior quarter we spoke about having a couple of about $1 billion purchase price in the funnel. We actually decided to walk away from one of them due to valuation. So again, we remain pretty disciplined on the transactions that we're going after.

是的。我們提到有 LOI 的那些（聽不清）交易，性質大多與你今天看到公告的非常類似。屬於加掛式（bolt-on）併購，協同效益前的倍數為低雙位數；上一季我們也提到管線中有幾筆約 10 億美元收購價的案子。其中一筆我們因為估值因素決定退出。所以再次強調，我們對於所追求的交易仍然相當自律、嚴謹。

So again, the (inaudible) very similar to what you saw getting announced today.

所以再次說明，（聽不清）與你今天看到公告的內容非常相似。

Got it. And my second question is a little more high level. I think the back half guidance pretty picked over at this point. So I want to ask your take on sort of AI and infrastructure investment and how it pertains to Ingersoll Rand. Just given you obviously have the build-out of the hyperscale data center that's ongoing.

了解。我的第二個問題比較宏觀一些。我想下半年的指引到目前為止已經被問得很透了。所以我想請教你們對 AI 與基礎建設投資的看法，以及這與 Ingersoll Rand 的關聯。畢竟你們顯然正受惠於超大型（hyperscale）資料中心的建置持續進行。

But as like sort of the infrastructure investment bleeds into areas like semis and power equipment, we're reading a lot about and just broader industrial capacity needed. Can you talk about the role of compressors and vacuums the other precision fluid handling equipment you guys using? How you see that helping your song and -- and then where -- whether it's industrial tech or your Precision Tech segment? I go back and forth where we would see this materialize more. But can you talk a little bit more about that, too.

但當這類基礎建設投資延伸到半導體與電力設備等領域——我們也讀到很多相關報導——以及更廣泛所需的工業產能。你能談談壓縮機、真空設備，以及你們其他精密流體處理設備在其中扮演的角色嗎？你怎麼看這會如何幫助你們的業務——以及——這會更多體現在工業科技（Industrial Tech）還是 Precision Tech 事業群？我一直在兩者之間來回思考。也請你多談一些。

Yes. Absolutely, Andrew. I appreciate the question. I mentioned at the beginning of the call that, yes, on some of the Q&A, Power Gen has been one of the end markets or infrastructure we play. I mean, compressors are definitely -- air compressors are definitely needed in the power generation and electricity infrastructure.

好的。當然可以，Andrew。謝謝你的問題。我在電話會議一開始提到，在一些問答中，發電（Power Gen）一直是我們參與的終端市場或基礎建設領域之一。壓縮機——尤其是空氣壓縮機——在發電與電力基礎設施中確實是必需的。

So as those investments kind of take on and pick up, definitely, our compressor systems will definitely have a play.

因此，隨著這些投資逐步展開並加速，我們的壓縮機系統肯定會有用武之地。

Clearly, a lot of conversations around the utilization of water and how to continue -- create closed-loop systems in data centers, and we have pumps that can move water, we have blowers that can actually help with the [areation] in some of the systems. So it's kind of a pretty wide range, but it's very, very broad-based in many multiple different markets, even including a new natural gas power is needed, we're the market leader of authorizing that natural gas. So that is on our precision technology kind of PST segment sort of thing.

另外，市場上也有很多關於用水效率的討論，以及如何在資料中心建立閉環系統；我們有可以輸送水的幫浦，也有鼓風機能在某些系統中協助[曝氣]。所以涵蓋範圍相當廣，而且在許多不同市場都很普遍；甚至包括需要新的天然氣發電時，我們在天然氣加壓（authorizing）（聽不清）方面是市場領導者。因此，這些主要屬於我們精密技術（PST）事業群的範疇。

So as those projects kind of start coming up live. I mean, obviously, those take a long time to get implemented, but we're pleased to see that we can play in that kind of broad base end market application that is driven by a lot of the data center infrastructure investments.

所以當這些專案逐步啟動上線時——當然，這些專案落地需要很長時間——我們很高興看到，我們能在這種由資料中心基礎建設投資所驅動、且涵蓋面很廣的終端市場應用中扮演角色。

This concludes the question-and-answer session. I'll turn the call to Vicente Reynal for closing remarks.

問答環節到此結束。我將把電話交回 Vicente Reynal 作結語。

Thank you, Sara. I just want to say one more time. Thank you all for your time and continued interest in Ingersoll Rand. And I know the special call out and thank you to our employees around the world whose ownership mindset and commitment while executing through IRX helps compound durable long-term value for all of our shareholders, which by the way, our employees are also sure (inaudible) of the company. So again, thanks, again, and we'll talk soon.

謝謝你，Sara。我想再說一次。感謝各位撥冗並持續關注 Ingersoll Rand。我也要特別點名並感謝我們全球的員工；他們以主人翁心態與承諾，在執行 IRX 的同時，協助為所有股東累積可持續的長期價值；順帶一提，我們的員工也同樣是公司的（聽不清）。所以再次感謝，我們很快再聊。

Appreciate it.

感謝。

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。