江森自控 (JCI) 2026 Q2 法說會逐字稿

Hello, everyone, and welcome to the Johnson Controls Q2 2026 earnings conference call. My name is Ryan, and I'll be coordinating the call today. (Operator Instructions)

各位好，歡迎參加江森自控（Johnson Controls）2026 會計年度第二季（Q2）財報電話會議。我是 Ryan，今天將負責協調本次會議。（接線員指示）

I will now hand the call over to Mike Gates, Senior Director of Investor Relations, to begin. Mike, please go ahead.

現在我將把電話交給投資人關係資深總監 Mike Gates，請他開始。Mike，請開始。

Good morning, and thank you for joining our conference call to discuss Johnson Controls' fiscal second quarter 2026 results. Joining me on the call today are Johnson Controls' Chief Executive Officer, Joakim Weidemanis; and Marc Vandiepenbeeck, our Chief Financial Officer.

各位早安，感謝各位參加我們的電話會議，一同討論江森自控 2026 會計年度第二季業績。今天與我一同出席的有江森自控執行長 Joakim Weidemanis，以及我們的財務長 Marc Vandiepenbeeck。

Before we begin, let me remind you that during our presentation today, we will make forward-looking statements that reflect our current views about our future performance and financial results. These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties.

在開始之前，提醒各位：我們今天的簡報將包含前瞻性陳述，反映我們目前對未來營運表現與財務結果的看法。這些陳述係基於若干假設與對未來事件的預期，而未來事件可能受到風險與不確定性影響。

Please refer to our SEC filings for a list of these important risk factors that could cause actual results to differ from our predictions. We will also reference certain non-GAAP measures throughout today's presentation. Reconciliations of these non-GAAP measures are contained in the schedules attached to our press release and in the appendix to this presentation, both of which can be found on the Investor Relations section of Johnson Controls' website.

請參閱我們向美國證券交易委員會（SEC）提交的文件，其中列示可能導致實際結果與我們預測不同的重要風險因素。我們在今天的簡報中也將引用若干非 GAAP 指標。這些非 GAAP 指標的調節表載於我們新聞稿所附的附表，以及本簡報附錄中；兩者皆可於江森自控官網的投資人關係（Investor Relations）專區查閱。

I will now turn the call over to Joakim.

現在我把電話交給 Joakim。

Thanks, Mike. And good morning, everyone. Thank you for joining us on today's call. Before I begin, I want to acknowledge our more than 2,500 colleagues in the Middle East. Against the backdrop of ongoing conflict and an increasingly complex geopolitical environment, they continue to show commitment to our customers and to one another. Our thoughts are with them and their families, and we remain focused on their safety and well-being.

謝謝你，Mike。各位早安。感謝各位參加今天的電話會議。在我開始之前，我想先向我們在中東超過 2,500 位同仁致意。在持續衝突與日益複雜的地緣政治環境下，他們仍持續展現對客戶以及彼此的承諾。我們的心與他們及其家人同在，我們也將持續以他們的安全與福祉為首要關注。

Let's begin with slide 4. We entered the year with strong momentum, and this quarter demonstrates continued progress. Demand for our products, solutions and services remains strong, led by data centers where we're holding a leading position. In these environments, customers need high-performance cooling, delivering precise operating conditions while requiring better energy efficiency. Meeting those requirements depends on how well we execute across the business.

我們先看第 4 頁投影片。我們以強勁動能進入今年，而本季展現了持續的進展。我們的產品、解決方案與服務需求依然強勁，其中以資料中心為主，我們在該領域維持領先地位。在這些環境中，客戶需要高效能冷卻，在提供精準運轉條件的同時，也要求更佳的能源效率。能否滿足這些需求，取決於我們在整個業務中的執行力。

While early in the journey, our proprietary business system is beginning to strengthen how we lead and execute throughout parts of the organization. I continue to be encouraged as leaders spend more time focusing on customers and as teams begin to adopt more common language and approach to problem-solving together at Gemba.

雖然仍在旅程初期，我們的自有營運系統已開始強化我們在組織部分領域的領導與執行方式。我持續感到鼓舞，因為領導團隊把更多時間投入在客戶上，而各團隊也開始在 Gemba 現場採用更一致的語言與方法，共同解決問題。

Against that backdrop, yesterday, we announced the release of our second AI factory reference design guide, focused on air-cooled chiller architectures and providing customers with globally repeatable blueprints for cooling gigawatt scale AI factories. This builds on our water-cooled guide released earlier this year. It's the next step in a comprehensive set of global design guides mapping the full data center thermal chain, providing clear design parameters to enable high-performance, efficient operation as customers plan and scale AI with greater clarity.

在此背景下，我們昨天宣布發布第二份 AI 工廠參考設計指南，聚焦於氣冷式冰水主機（air-cooled chiller）架構，為客戶提供可在全球重複套用的藍圖，用於冷卻 GW（吉瓦）級 AI 工廠。這是在我們今年稍早發布水冷式指南之後的延伸。這是我們一套完整全球設計指南的下一步，該指南將資料中心的完整熱鏈（thermal chain）加以對應，提供清晰的設計參數，協助客戶在規劃與擴展 AI 時，以更高的明確性實現高效能與高效率運轉。

Turning to the results. Orders increased 30% this quarter, building on the nearly 40% growth we delivered last quarter. That consistency reflects sustained customer demand in the markets where our technology-based innovation and strong field footprint differentiates us. And with our pipeline remaining strong, it gives us confidence as we move forward.

接著看本季業績。本季訂單成長 30%，延續上季近 40% 的成長。這樣的一致性反映出客戶需求在我們具差異化優勢的市場中持續強勁——我們以技術導向的創新與強大的現場服務佈局脫穎而出。而在我們的商機管線仍然強勁之下，也讓我們對後續發展更具信心。

Revenue grew 6%. Adjusted EBIT margin expanded 310 basis points to 15.5%, and adjusted EPS was up 45% and exceeded our guide. Backlog grew 26% to a record $20 billion, providing an improved visibility and confidence in the trajectory of the business. This quarter reinforces our ability to convert demand strength into consistent growth, margin expansion and earnings performance. Given our strong start in the first half and the visibility we have across the business, we are raising our full year guidance. Marc will walk through the details later in the call.

營收成長 6%。調整後 EBIT 利潤率擴張 310 個基點至 15.5%，調整後 EPS 成長 45%，並超越我們的指引。在手訂單（backlog）成長 26% 至創紀錄的 200 億美元，提升了我們對業務走勢的能見度與信心。本季再次印證我們能將強勁需求轉化為穩健的成長、利潤率擴張與獲利表現。鑑於上半年強勁開局以及我們對整體業務的能見度，我們上調全年指引。Marc 稍後將在電話會議中說明細節。

Before that, I want to step back and talk about why we're seeing this consistency. Please turn to slide 5. The breakthroughs our customers are pursuing are advancing society. Take, for example, biologics, semiconductor and advanced battery manufacturing and data centers, where the need for indoor operating conditions within tight tolerances is driving greater reliance on high-capacity, high-precision, application-specific thermal management systems.

在此之前，我想先退一步談談我們為何能看到這樣的一致性。請看第 5 頁投影片。客戶所追求的突破正在推動社會進步。例如生物製劑、半導體與先進電池製造，以及資料中心等領域，對於在嚴格公差範圍內維持室內運轉條件的需求，正驅動市場更依賴高容量、高精度、且針對特定應用的熱管理系統。

At the same time, these industries are much more energy-intense than their previous generation. Biologics are 7 times as energy intense as traditional pharma manufacturing. And in light of material energy cost increases, energy-efficient solutions are essential.

同時，這些產業的能源密集度也遠高於上一代。生物製劑的能源密集度是傳統製藥製造的 7 倍。而在材料與能源成本上升的情況下，節能解決方案至關重要。

Let's take, for example, our high-performance YORK Chillers. To simplify, this is about customers getting rapid high-capacity cooling precisely when it's needed, enabling mission-critical operating conditions that deliver their targeted outcomes.

以我們的高效能 YORK 冰水主機為例。簡單來說，這是讓客戶在需要時能迅速獲得大容量且精準的冷卻，從而支撐關鍵任務的運轉條件，並達成其目標成果。

As you can see on slide 5, our differentiation operates both at the subsystem level and at the overall system level. Our YORK Chillers leverage five core subsystems, enhanced by our Metasys proprietary intelligent controls and further strengthened by our OpenBlue proprietary digital AI capabilities.

如第 5 頁投影片所示，我們的差異化同時體現在子系統層級與整體系統層級。我們的 YORK 冰水主機運用五大核心子系統，並由我們的 Metasys 專有智慧控制加以強化，進一步結合 OpenBlue 專有數位 AI 能力。

Because we own the underlying technology platforms as well as design, develop and manufacture these subsystems, we're positioned to innovate faster and deliver application-specific higher performance with structural cost advantages. That capability has been built over decades and includes more than 1,000 patents, each focused on higher performance, reliability and energy efficiency for our customers.

由於我們擁有底層技術平台，並自行設計、開發與製造這些子系統，因此我們能更快創新，並以結構性成本優勢提供更符合特定應用的高效能。這項能力歷經數十年打造，累積超過 1,000 項專利，每一項都聚焦於為客戶提升效能、可靠性與能源效率。

With that context, let me briefly walk through the five subsystems in our high-performance YORK Chillers, because this is where the differentiation really comes to life. And this is exactly what many of you will see in action during our upcoming in-person investor visit starting at JADEC, our Advanced Development Engineering Center in Pennsylvania.

在此脈絡下，我將簡要說明我們高效能 YORK 冰水主機的五大子系統，因為差異化正是在這裡真正具體呈現。而這也正是各位在即將到來的實地投資人參訪中會看到的重點；參訪將從位於賓夕法尼亞州的 JADEC（先進開發工程中心）開始。

Let me start with the aerodynamic innovation centered on our compressor design. We hold over 270 patents specifically related to the compressor technology. Simply put, the compressor is the heart of the engine of the chiller. It does the heavy lifting, and it's one of the biggest drivers of performance and efficiency. We design our compressors specifically for applications that require high capacity, precision and reliability like data centers, advanced manufacturing, and large health care facilities.

我先從以壓縮機設計為核心的空氣動力學創新談起。我們擁有超過 270 項與壓縮機技術直接相關的專利。簡單來說，壓縮機是冰水主機的「引擎之心」。它承擔最主要的工作，也是影響效能與效率的最大因素之一。我們的壓縮機是專為需要高容量、高精度與高可靠性的應用而設計，例如資料中心、先進製造，以及大型醫療機構。

What differentiates us is our ownership. While much of the industry relies on third-party compressor platforms, we design and manufacture our own application-specific compressor architectures. That gives us greater control over speed of innovation and the ability to optimize performance for our target applications.

我們的差異化在於「自有」。當產業中多數同業仰賴第三方壓縮機平台時，我們自行設計並製造針對特定應用的壓縮機架構。這讓我們能更有效掌控創新速度，並能針對目標應用最佳化效能。

Next is power electronics, our variable speed drives or VSDs, where we hold over 220 patents. Innovative VSDs allow the chiller to precisely adjust output in real time rather than running at a fixed speed. That precision helps customers achieve and sustain tight operating tolerances while reducing energy consumption under real-world operating conditions.

接下來是電力電子，也就是我們的變頻驅動器（VSD），我們在此領域擁有超過 220 項專利。創新的 VSD 讓冰水主機能即時精準調整輸出，而非以固定轉速運轉。這種精準度可協助客戶在真實運轉條件下達成並維持嚴格的運轉公差，同時降低能源消耗。

The third subsystem is oil-free compression or magnetic bearings, where we hold over 65 patents. By eliminating physical contact inside the compressor, we reduce friction, wear and noise while improving reliability and energy efficiency. Because we design and manufacture our own magnetic bearing compressors, we can fully integrate sensing and controls, enabling higher uptime and predictive maintenance.

第三個子系統是無油壓縮或磁浮軸承，我們在此領域擁有超過 65 項專利。透過消除壓縮機內部的物理接觸，我們降低摩擦、磨耗與噪音，同時提升可靠性與能源效率。由於我們自行設計並製造磁浮軸承壓縮機，因此能完整整合感測與控制，提升稼動率並實現預測性維護。

Fourth is thermal transfer, where we hold over 260 patents. Our heat exchanger designs are engineered end-to-end as part of the full system, helping minimize material and refrigerant usage. This allows customers to get consistent, dependable performance in demanding environments.

第四是熱傳技術，我們在此領域擁有超過260項專利。我們的熱交換器設計作為完整系統的一部分，從端到端進行工程化設計，有助於將材料與冷媒用量降至最低。這使客戶能在嚴苛環境中獲得一致且可靠的效能。

And finally, our embedded intelligent chiller controls. We hold over 300 patents in this area. These controls optimize the overall system performance in real time because the controls are designed with proprietary insights through our subsystems, they allow us to clearly understand how each part of the system is performing and turn that into more precise and reliable operation and better service outcomes over the customer life cycle.

最後是我們的嵌入式智慧冷水機控制系統。我們在此領域擁有超過300項專利。這些控制系統可即時最佳化整體系統效能；由於控制系統結合了我們各子系統的專有洞見進行設計，使我們能清楚掌握系統各部分的運作表現，並將其轉化為更精準、更可靠的運轉，以及在客戶全生命週期中帶來更佳的服務成果。

The result of that subsystem ownership and overall system integration starts with thermal performance, delivering precise, reliable operations in the most demanding environments and extends to higher energy efficiency and flexibility across applications. That comes from deep technical expertise across each subsystem and the ability to design them together as one system. This gives us confidence that we can continue to drive further differentiated performance and margin improvement.

這種子系統自主掌控與整體系統整合所帶來的成果，首先體現在熱性能上，能在最嚴苛的環境中提供精準、可靠的運轉，並延伸至更高的能源效率與跨應用的彈性。這源自於我們在各子系統上的深厚技術專長，以及將其作為單一系統共同設計的能力。這讓我們有信心能持續推動更具差異化的效能與毛利率改善。

Now let me connect that system-level technology advantage to how we're ensuring it shows up consistently for our customers. Our technology platforms are a clear strength, and we continue to invest. The opportunity ahead is translating that strength more reliably through both rate and speed of innovation, meaning reductions in speed to market through innovation, manufacturing, delivery and field execution. Our proprietary business system is how we do that.

接下來我將把這項系統層級的技術優勢，連結到我們如何確保它能穩定地為客戶帶來價值。我們的技術平台是明確的強項，我們也持續投資。未來的機會在於，透過創新「頻率」與「速度」，更可靠地把這項強項轉化為成果，也就是透過創新、製造、交付與現場執行，縮短上市時間。我們的專有營運系統就是達成這一點的方法。

Please turn to slide 6 and 7. Our business system is how we win with customers, how we empower our frontline colleagues, including our innovation teams to perform their very best for our customers and how we run the company. It is anchored in a global cross-functional language and methodology for how we communicate, collaborate and drive strong continuous improvement momentum to win.

請翻到第6與第7頁投影片。我們的營運系統是我們如何贏得客戶、如何賦能第一線同仁（包括創新團隊）為客戶發揮最佳表現，以及我們如何經營公司的方式。它以全球跨職能的共同語言與方法論為基礎，用於溝通、協作並推動強而有力的持續改善動能以取得勝利。

As a reminder, our business system is built on three pillars: Simplify, apply 80/20 principles to focus on what matters most. Accelerate, use lean methodologies to remove waste to speed up execution, improving productivity and reducing assets such as working capital tied up in the process. In short, I think of it as helping us accelerate work from weeks to days. Amplify, leverage digital and AI approaches to amplify impact across the enterprise. In short, I think of it as taking that same work and reducing it from days to hours and minutes.

提醒一下，我們的營運系統建立在三大支柱之上：簡化（Simplify），運用80/20原則聚焦最重要的事。加速（Accelerate），採用精實方法去除浪費以加快執行，提升生產力並降低流程中占用的資產，例如營運資金。簡而言之，我把它視為協助我們把工作從數週加速到數天。放大（Amplify），運用數位與AI方法在全企業放大影響力。簡而言之，我把它視為把同樣的工作從數天再縮短到數小時甚至數分鐘。

Real change in culture sustainment doesn't happen over a single quarter's time line. It takes time to put the right practices in place, learn what works and then scale it with discipline.

真正能持續的文化變革，不會在單一季度的時間軸內發生。需要時間建立正確的做法、學習什麼有效，然後以紀律將其擴大推行。

Slide 7\ shows how this journey looks in practice. The starting point is adoption and alignment. Think of it as connecting head, heart and hands, what you know, what you believe and how you show up differently. That begins with leaders, and we're seeing real momentum here.

第7頁投影片顯示這段旅程在實務上會是什麼樣子。起點是採用與對齊。你可以把它想成連結頭腦、內心與雙手：你知道什麼、你相信什麼，以及你如何以不同方式展現。這從領導者開始，而我們在這方面正看到實質動能。

Today, approximately 1,400 colleagues are actively engaged in this work and about 1,000 leaders have been trained on the business system. More importantly, we're beginning to see early shifts in how work gets done and prioritize the narrow areas as leaders and teams apply these behaviors and use the business system approaches more consistently.

目前約有1,400位同仁積極投入這項工作，約有1,000位領導者已接受營運系統訓練。更重要的是，隨著領導者與團隊更一致地採用這些行為並運用營運系統的方法，我們開始看到工作完成方式的早期轉變，並更聚焦於少數關鍵領域的優先順序。

While doing that, we start narrow and go deep in a few areas of opportunity. As we've highlighted in the previous quarters, we have early and strong examples of cross-functional teams concentrating on specific priority areas, getting to root causes and implementing countermeasures leading to significant performance improvement. To date, we've completed more than 150 kaizens across roughly 20 priority areas around the world, only after that work is proven that we scale. And this must be done by deliberately replicating what works and standardizing it across the organization.

在此同時，我們會從少數機會領域著手，先聚焦再深入。如同我們在前幾季所強調的，我們已有早期且強而有力的案例：跨職能團隊聚焦特定優先領域，找出根本原因並落實對策，帶來顯著的績效改善。截至目前，我們已在全球約20個優先領域完成超過150次改善活動（kaizen）；只有在這些工作被證實有效之後，我們才會擴大推行。而這必須透過有意識地複製有效做法，並在全組織加以標準化來完成。

Earlier, I commented on the opportunity we have to extend our technology-based strength through the entire customer life cycle by better enabling our people to deliver for our customers. A strong example is our service sales workstream, which helps ensure we establish a service engagement shortly after our new chillers are commissioned. Unnecessary internal processes weigh down our sellers' ability to proactively engage with customers for service needs, assessments and proposals.

先前我提到，我們有機會透過更好地賦能員工為客戶交付成果，將以技術為基礎的優勢延伸到整個客戶生命週期。一個很好的例子是我們的服務銷售工作流，協助確保在新冷水機完成試運轉交付後不久，我們就能建立服務互動。不必要的內部流程拖累了我們的銷售人員主動與客戶就服務需求、評估與提案進行互動的能力。

Starting in West Florida, a cross-functional team used business system approaches like problem-solving, value stream mapping, kaizen and daily management to redesign the process end-to-end, taking the process for an individual customer from weeks and days to a matter of hours.

從西佛羅里達開始，一個跨職能團隊運用營運系統的方法，例如問題解決、價值流程圖（value stream mapping）、改善活動（kaizen）與每日管理，對流程進行端到端重設計，將單一客戶的流程從數週與數天縮短到僅需數小時。

The focus on the customer and the frontline enablement led to tripling service agreements immediately following new chiller start-up commissioning. After proving success in one market, we scaled the same playbook to two additional local markets with strong follow-on progress. This is also what many of you will see at our upcoming investor event in real operating environments at Gemba, where the value is created.

以客戶為中心並賦能第一線的聚焦，使新冷水機啟動試運轉交付後的服務合約數立即提升至三倍。在單一市場驗證成功後，我們將同一套作戰手冊擴展到另外兩個在地市場，後續進展同樣強勁。這也是你們許多人將在即將到來的投資人活動中看到的內容：在價值被創造的現場（Gemba）的真實營運環境中呈現。

At JADEC, we will illustrate how the business system accelerates innovation, both rate and speed from development to new product launch. At our Airside Center of Excellence, or ACE, and in our Baltimore local market office, we will show the same system driving scalable manufacturing, commercial execution and service delivery using common tools, language and leadership behaviors to deliver more consistently and predictable outcomes.

在JADEC，我們將說明營運系統如何加速創新，無論是創新頻率或速度，從研發到新產品上市。在我們的Airside卓越中心（ACE）以及巴爾的摩在地市場辦公室，我們將展示同一套系統如何透過共通的工具、語言與領導行為，推動可擴展的製造、商務執行與服務交付，以更一致且可預期的方式交付成果。

With that, Marc will walk you through the details.

接下來，Marc將帶各位了解細節。

Thanks, Joakim, and good morning, everyone. We delivered another quarter of solid execution, building on the momentum from a strong first quarter with healthy demand across our core markets. Performance this quarter reflects continued progress across the enterprise as operational discipline and commercial focus are translating more consistently into results. This reinforces our focus on disciplined execution, margin performance and operating rigor.

謝謝你，Joakim，各位早安。我們本季再次交出穩健的執行成果，在第一季強勁表現的動能之上持續推進，核心市場需求保持健康。本季表現反映出全企業持續進展，營運紀律與商務聚焦正更一致地轉化為成果。這也強化了我們對紀律化執行、毛利率表現與營運嚴謹度的聚焦。

Let's turn to the results on slide 8. Organic revenue grew 6%, led by continued strength in Applied HVAC and mid-single-digit growth across both service and systems. Segment margin increased 180 basis points to 18.5% and EBIT margin has expanded 310 basis points to 15.5%, driven by better operating leverage and productivity improvements. Adjusted EPS of $1.19 increased 45% year-over-year and exceeded our guidance. These results highlight the operating momentum building across the business as we enter the second half of the year.

我們來看第8頁投影片的結果。有機營收成長6%，主要由Applied HVAC持續強勁帶動，服務與系統兩者皆達到中個位數成長。事業部門毛利率提升180個基點至18.5%，EBIT利潤率擴大310個基點至15.5%，主要受惠於更佳的營運槓桿與生產力改善。調整後每股盈餘（EPS）為1.19美元，年增45%，並超出我們的指引。這些結果凸顯，隨著我們進入下半年，業務整體的營運動能正在形成。

Let's now discuss our segment results in more detail on slide 9 and 10. Orders increased 30% this quarter, building on a strong first quarter, reflecting sustained demand led by large data center activity, while demand across our other key end markets remained stable. Customers continue to value Johnson Controls for our ability to deliver integrated mission-critical solution at scale, backed by reliability, deep domain expertise and life cycle services.

接著在第9與第10頁投影片更詳細討論各事業部門的表現。本季訂單成長30%，在第一季強勁基礎上再度提升，反映由大型資料中心活動帶動的持續需求，而其他主要終端市場的需求則維持穩定。客戶持續重視江森自控，因為我們具備以規模交付整合式關鍵任務解決方案的能力，並以可靠性、深厚的領域專業與全生命週期服務作為後盾。

By region, orders in Americas grew 40%, led by nearly 60% growth in systems, supported by large-scale data center projects. In EMEA, orders increased 11%, led by strong growth in data center-related projects. In APAC, orders grew 4%, led by Southeast Asia, while systems delivered mid-single-digit growth at the segment level.

按區域來看，美洲地區訂單成長40%，其中系統業務成長近60%，受大型資料中心專案支撐。在EMEA，訂單成長11%，主要由資料中心相關專案的強勁成長帶動。在APAC，訂單成長4%，由東南亞帶動；同時系統業務在事業部門層級實現中個位數成長。

Turning to revenue performance by region. In the Americas, organic revenue increased 7%, led by continued strength in Applied HVAC and solid double-digit growth in service. In EMEA, sales increased 1% as system growth offset disruption caused by the Middle East conflicts and lower service volumes. APAC grew 13%, led by over 20% growth in Applied HVAC. Across the portfolio, revenue performance showed continued momentum, underpinned by strong execution from our teams.

接著看各區域的營收表現。在美洲地區，有機營收成長7%，主要由Applied HVAC持續強勁與服務業務穩健的雙位數成長帶動。在EMEA，銷售成長1%，系統業務成長抵銷了中東衝突造成的干擾以及較低的服務量。APAC成長13%，主要由Applied HVAC超過20%的成長帶動。整體產品組合的營收表現持續展現動能，背後是我們團隊強而有力的執行。

Moving to margins by region. In the Americas, adjusted segment EBITA margin improved 100 basis points to 19.5%, driven by higher volume and price realization. In EMEA, margins expanded by 370 basis points to 14.9%, reflecting productivity gains and improved leverage on higher revenue. In APAC, margin expanded 350 basis points to 19.8% with improved volumes and productivity gains. Our record backlog grew over 25% to $20 billion, providing confidence in our growth rate over the next 12 months.

接著談各區域的利潤率。在美洲，調整後分部EBITA利潤率提升100個基點至19.5%，主要受更高的銷量與價格實現所帶動。在EMEA，利潤率擴張370個基點至14.9%，反映生產力提升以及在更高營收下的槓桿效益改善。在APAC，隨著銷量改善與生產力提升，利潤率擴張350個基點至19.8%。我們創紀錄的在手訂單（backlog）成長逾25%至200億美元，讓我們對未來12個月的成長率更具信心。

Turning to our balance sheet and cash flow on slide 11. On the balance sheet, we ended the quarter with approximately $700 million of available cash and total liquidity remained strong. Net debt declined to 2 times, remaining within our long-term target range. Overall, the balance sheet continues to support disciplined capital allocation and financial flexibility, giving us the ability to invest in the business, maintain balance sheet strength and return capital to shareholders.

接著看投影片11的資產負債表與現金流。在資產負債表方面，我們在本季末約有7億美元可用現金，整體流動性仍然強勁。淨負債降至2倍，仍在我們長期目標區間內。整體而言，資產負債表持續支持審慎的資本配置與財務彈性，使我們能夠投資業務、維持資產負債表強度，並將資本回饋給股東。

Let's now discuss our fiscal third quarter and full year guidance on slide 12. As we look to the third quarter, our guidance incorporates the momentum we've established year-to-date. We anticipate organic sales growth of approximately 6%, operating leverage of approximately 45% and adjusted EPS of approximately $1.28. For the full year, improved performance and backlog strength support our expectation of organic sales growth of approximately 6%. We continue to expect operating leverage of approximately 50% for the full year, reflecting continued progress in cost management and productivity.

現在我們在投影片12討論第三財季與全年財測指引。展望第三季，我們的指引納入了年初至今所建立的動能。我們預期有機銷售成長約6%、營運槓桿約45%，以及調整後EPS約1.28美元。就全年而言，表現改善與在手訂單的強勁支撐我們對有機銷售成長約6%的預期。我們仍預期全年營運槓桿約50%，反映在成本管理與生產力方面的持續進展。

As a result, we are raising our adjusted EPS guidance to approximately $4.85, representing roughly 30% growth and $0.30 higher than our original guide at the beginning of the year. We continue to expect adjusted free cash flow conversion of approximately 100% for the full year, demonstrating that improved profitability is translating directly into cash. This is supported by disciplined working capital management, while early progress in our business system is beginning to reinforce more consistent execution in targeted parts of the organization.

因此，我們將調整後EPS指引上調至約4.85美元，代表約30%的成長，且較年初原先指引高出0.30美元。我們仍預期全年調整後自由現金流轉換率約100%，顯示獲利能力的改善正直接轉化為現金。這得益於嚴謹的營運資金管理，同時我們的業務系統在早期的進展也開始強化組織中目標領域更一致的執行力。

Operator, we are now ready for questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Scott Davis, Melius Research.

(接線員指示) Scott Davis，Melius Research。

Great. Everything looked pretty consistent with what we would expect, except the service orders, still a little sluggish. Is there some timing issues there or any dynamic? And I guess what I'm asking is when do you expect that to pick back up again because it clearly should given the installed orders you have?

很好。除了服務訂單仍有些疲弱之外，其他看起來都相當符合我們的預期。那邊是有一些時點因素或其他動態嗎？我想問的是，你們預期何時會回升？因為以你們既有的裝機訂單來看，服務訂單顯然應該會回升。

Yes, correct. Those were a little softer than some of the other numbers that we published. So just as a reminder, service is about a third of our revenue. And in our case, we do not include retrofit in the service revenue as some other companies do.

是的，沒錯。相較於我們公布的其他數字，那部分確實稍微偏弱。提醒一下，服務約占我們營收的三分之一。而在我們的口徑中，我們不像其他公司那樣把改裝（retrofit）納入服務營收。

Now our service fundamentals remain solid and particularly in HVAC, where we continue to perform very well. But it was offset in the quarter by weaker performance, particularly in security. And we have, over the last couple of quarters, been digging into our security business as a service business deeper and have found that over the years, the balance between volume and price probably hasn't been appropriately been managed. So during the -- and it's also, by the way, the part of our service business that's a little less differentiated, HVAC Applied being the most differentiated.

目前我們的服務基本面仍然穩健，尤其是在HVAC領域，我們持續表現非常好。但本季被較弱的表現所抵銷，特別是在安防（security）方面。過去幾個季度，我們更深入檢視安防業務中的服務業務，發現多年來在量與價之間的平衡，可能沒有被妥善管理。因此在——另外順帶一提，這也是我們服務業務中差異化相對較低的一塊，而HVAC Applied是差異化最高的。

So we're rebalancing in the security service business between price and volume. So as a result of that, we were down in security service in the quarter. Margin-wise, we were up. So we're just managing and finding a better balance between price and volume in that part of the business.

因此我們正在安防服務業務中重新平衡價格與量。也因此，本季安防服務下滑。但就利潤率而言，我們是上升的。所以我們就是在管理並尋找該業務中價格與量之間更好的平衡。

Okay. That's helpful. And then just to back up a little bit on the business system stuff because it obviously matters a lot. Walk us through when you talk about -- and I'm on slide 7, the seven lighthouse sites projected in two years, I think you're starting with a couple of lighthouse sites now. How does that kind of -- does that go exponential after that?

了解。這很有幫助。另外我想稍微回到業務系統的部分，因為這顯然非常重要。請帶我們走一遍：當你們談到——我在投影片7——兩年內預計有七個燈塔據點（lighthouse sites），我想你們現在是從幾個燈塔據點開始。那之後會呈現指數式擴張嗎？

Do you go from two to seven to 40? I mean, what -- how does that kind of work? Because I'm just trying to get a sense of how long it might take you to get just across the organization, really the business system deployed to a level of excellence.

你們會從兩個到七個再到40個嗎？我的意思是——這大概是怎麼運作的？因為我想了解，要在整個組織全面推動、把業務系統部署到卓越水準，大概需要多久。

Yes. So lighthouse sites are internal sites where new leaders, for example, can go and spend a week or a few days to experience what really, really good looks like. So think of these as Olympic gold medal sites. So we're unlikely to add a lot more than seven. I think that's probably a good number.

是的。燈塔據點是內部據點，例如新任領導者可以到那裡待一週或幾天，親身體驗什麼才是真正、真正的最佳實務。你可以把它們想成奧運金牌級據點。因此我們不太可能增加到超過七個。我認為那大概是個不錯的數量。

And the seven just simply comes from that we need a couple on commercial and service, a couple on manufacturing and a couple on innovation.

而「七個」這個數字，單純是因為我們需要在商業與服務方面有幾個、在製造方面有幾個、在創新方面也有幾個。

And the lighthouse sites is one part of how you roll out a business system more widely. It doesn't mean that those are the only places where we roll out the business system, not at all. Those are the Olympic gold medal sites that others will aspire to as we roll out more broadly.

燈塔據點只是更廣泛推行業務系統的方法之一。這並不代表我們只在那些地方推行業務系統，完全不是。那些是奧運金牌級據點；當我們更廣泛推行時，其他據點會以它們為標竿。

And at the Investor Day, you will see that one that's upcoming in the Baltimore and the Pennsylvania area. You're going to see as we're standing up lighthouse sites, a couple of them.

在投資人日，你們會看到接下來在巴爾的摩與賓州地區的那一個。你們將會看到我們正在建立燈塔據點，其中有幾個。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀（UBS）。

I wanted to ask about orders. Obviously, 30% growth was very strong, but it did plateau from the prior quarter, at least on an absolute basis. So I guess, one, are we at peak orders in your opinion? And any additional color on, sort of, your thoughts on how long and why the runway is from here on orders and new business opportunities just after this huge almost unprecedented increase we've seen both with you and across the board?

我想問訂單的問題。顯然30%的成長非常強勁，但至少從絕對值來看，相較上一季似乎持平。所以我想問，第一，你認為我們是否已經到達訂單高峰？另外也請多分享一些你對訂單與新業務機會從現在起的「跑道」有多長、以及為什麼的看法，尤其是在你們與整體市場都出現這種巨大、幾乎前所未見的增長之後。

Yes, orders plateauing. I think when you're talking about 30% to 40%, I think both of these quarters, we're very, very happy about. Our pipelines remain strong, growing at a double-digit rate. And so we expect continued strong orders. It's not just, of course, the data center market is fueling part of that, but we're also very pleased with the stability in so many of our other verticals.

是的，訂單持平。我認為當你談的是30%到40%時，這兩個季度我們都非常、非常滿意。我們的商機管道（pipeline）仍然強勁，以雙位數速度成長。因此我們預期訂單將持續強勁。當然不只是資料中心市場推動其中一部分，我們也對許多其他垂直領域的穩定性非常滿意。

And I mentioned some of them in the prepared remarks here, for example, within pharma, biologics as well as advanced manufacturing. And as you know, we don't guide on orders specifically. But as I said, the pipeline remains very strong, and we're very confident and happy about our record backlog here.

我在事先準備的發言中也提到其中一些，例如製藥、生物製劑以及先進製造。而如你所知，我們不會對訂單提供具體指引。但如我所說，商機管道仍然非常強勁，我們對創紀錄的在手訂單也非常有信心、也很滿意。

Okay. And just maybe a quick follow-up. I wanted to ask about the strategic direction of the business. There were some reports on asset sales. I'm sure you can't specifically talk about that, but maybe just talk about how you're thinking about the moving pieces sort of both strategically and financially?

了解。再追問一個簡短問題。我想問公司業務的策略方向。市場上有一些關於資產出售的報導。我確定你不能針對那個具體評論，但能否談談你們在策略與財務上，如何看待這些不同的變動因素？

I assume maybe some of these sales may be dilutive in the near term and how you're thinking about sort of the near-term and long-term strategic dynamics?

我想也許其中一些出售在短期內可能會有稀釋效應，你們是如何看待短期與長期的策略動態？

Yes. Very good. I think unchanged, our job here is to make sure we maximize shareholder value. And over the last year, we've had a chance to go through with fresh eyes, the whole portfolio. And of course, as in every company I've worked, no one ever has the perfect portfolio at any one point in time.

是的。非常好。我認為不變的是，我們在這裡的工作是確保將股東價值最大化。而在過去一年裡，我們有機會以全新的視角檢視整個投資組合。當然，就像我待過的每一家公司一樣，沒有人能在任何一個時間點擁有完美的投資組合。

But then the way I think about it is the different parts of the portfolio is kind of like a sports team, different parts play different roles. For example, we're playing more offense with Applied and other parts of the business, I would think of being more of defense players contributing very, very nicely to profitability and cash flow, for example. But we continue to review our portfolio and with the goal of strengthening shareholder value, and we'll keep you posted as we make progress on that.

但我看待這件事的方式是，投資組合的不同部分有點像一支運動隊伍，不同部分扮演不同角色。例如，我們在 Applied 以及業務的其他部分更偏向進攻；而我會把某些部分視為更偏防守的球員，例如在獲利能力與現金流方面做出非常、非常好的貢獻。但我們會持續檢視投資組合，以強化股東價值為目標；隨著我們在這方面取得進展，也會持續向各位更新。

Joe O'Dea, Wells Fargo.

Joe O'Dea，富國銀行。

Some really helpful color, both kind of product portfolio and technology as well as business system. Can you just talk about the time line on kind of business system implementation when you talk about 1,400 colleagues being engaged today, any mile markers you have out there for how you expect that to move forward? It certainly seems to be translating on the margin expansion that we're seeing here, but I would expect as that continues to move forward, you continue to unlock other opportunities.

你提供了非常有幫助的補充說明，涵蓋產品組合與技術，以及商業系統。你能否談談商業系統導入的時間表？當你提到目前有 1,400 位同仁參與其中時，你們是否有任何里程碑，說明你們預期接下來會如何推進？這似乎已經反映在我們看到的利潤率擴張上，但我預期隨著這項工作持續推進，你們也會持續解鎖其他機會。

Yes. So the way I've grown up, I've been applying business system throughout most of my career. You never really measure your progress in terms of numbers of kaizens or people engaged internally. The only reason we're offering that on these calls is just to give you a sense of the momentum.

是的。就我的成長背景而言，我在職涯的大部分時間都在推行商業系統。你其實不會用改善活動（kaizen）的數量或內部參與的人數來衡量進度。我們之所以在這些電話會議上分享這些，只是為了讓各位感受到推進的動能。

Internally, we're really focused on the outcomes that this effort is generating. And we'll talk a little bit more about that at the upcoming investor event. But we're doubling down on a number of improvement opportunities or growth blockers, unlocking growth blockers.

在內部，我們真正聚焦的是這項努力所帶來的成果。我們也會在即將到來的投資人活動上再多談一些。但我們正在加倍投入多項改善機會，或是解除成長阻礙、打通成長阻礙。

And in terms of results showing up on the P&L, I mean, we're still very, very early stages, right? I mean, as I explained, you always start narrow and go really deep and then before you cascade and so on. So we're still in the very early innings here. And it's really over the next year and two years that we're going to start to see more meaningful results show up on the P&L.

至於成果何時會反映在損益表（P&L）上，我的意思是，我們仍然處於非常、非常早期的階段，對吧？如我所說，你總是先從小範圍開始、做得很深，然後才逐步擴散推進等等。所以我們現在仍在非常早的局數。真正更有意義的成果，會在接下來一到兩年開始更明顯地反映在損益表上。

And then on the Alloy Enterprises acquisition, could you talk about what that brings to you from a differentiation advantage? What it means for your CDU offerings and when those advantages will be in the market?

另外關於收購 Alloy Enterprises，你能談談這為你們帶來哪些差異化優勢嗎？這對你們的 CDU 產品提供（offering）意味著什麼？以及這些優勢何時會在市場上落地？

So Alloy, which is a fantastic company with so many capable PhDs from reputable academic institutions in the Boston area, really brings to us unique, highly proprietary thermal management capabilities, which is both anchored in material sciences as well as manufacturing capabilities. And we might share a little bit more about them at our investor event.

Alloy 是一家非常出色的公司，在波士頓地區擁有許多來自知名學術機構、能力很強的博士人才；它為我們帶來獨特且高度專有的熱管理能力，這些能力同時以材料科學與製造能力為基礎。我們可能會在投資人活動上再多分享一些。

But think of it as adding capabilities in the heat transfer area, which is our thermal transfer area, which is one of the elements that I discussed around our chillers. But of course, there are heat transfer elements to CDUs as well. There are heat transfer elements to cold plates within liquid cooling systems. And so we're going to be looking to apply our technology in all those areas, chillers, CDUs and eventually cold plates. And we -- I don't think we will disclose here exactly when we're going to apply it in the CDUs, but it will be shortly. We're excited about that acquisition.

但你可以把它想成是在熱傳領域增加能力，也就是我們的熱傳導領域，這是我在談到冷水機（chillers）時提到的要素之一。當然，CDU 也有熱傳要素。液冷系統中的冷板（cold plates）也有熱傳要素。因此我們會尋求把這項技術應用到所有這些領域：冷水機、CDU，並最終延伸到冷板。至於我們何時會把它具體應用到 CDU 上，我想我們不會在這裡精確揭露，但會在不久之後。我們對這項收購感到興奮。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

I wanted to ask about June quarter margins. It seems like there's not much sequential margin embedded in the guide. But typically, the company sees pretty nice sequential expansion alongside the higher volumes into the June quarter. So I guess, are there any headwinds coming through or mix tailwinds in Q2 that is not driving that sequential step-up into the third quarter?

我想問一下 6 月季度的利潤率。看起來你們的指引中並沒有包含太多的季對季利潤率提升。但通常公司在 6 月季度隨著出貨量提高，會看到相當不錯的季對季擴張。所以我想問的是，第二季是否有任何逆風，或是產品組合的順風不足，導致第三季沒有出現那種季對季的階梯式上升？

Yes, Chris. So if you look at the volume and growth we anticipate in the third quarter, it's very similar to what we saw in the second quarter. So that's all integrating till the 6% growth for Q3, which means from a volume leverage standpoint, quarter-over-quarter, you're not going to see as much of a step-up as you might have seen in prior period.

是的，Chris。如果你看我們預期第三季的出貨量與成長，其實和第二季看到的非常相近。所以這些都已經整合進第三季 6% 的成長之中，這表示從量的槓桿（volume leverage）角度來看，季對季你不會看到像以往期間那麼大的跳升。

However, I'd point to the fact that the way we've guided, it's a pretty impressive operating leverage year-on-year of 45%. If the volume would come out a little bit higher based on certain risk and opportunities we have in the quarter, could we see a little bit of a better sequential improvement in margin? Yes. But at this stage, I think embedded in our guide with that 45% operating leverage year-on-year improvement, I think we have pretty much locked and loaded.

不過我想指出的是，依照我們的指引，年對年的營運槓桿達到 45%，這是相當令人印象深刻的。如果基於我們在本季所面臨的一些風險與機會，出貨量最後略高一些，我們是否可能看到利潤率在季對季上有更好一點的改善？是的。但在目前這個階段，我認為在我們的指引中，包含年對年 45% 的營運槓桿改善，基本上已經準備就緒、蓄勢待發。

I appreciate that. Maybe if I could follow up on a longer-term question. You referenced working with the hyperscalers on the future data center architecture. I guess when you look out into the future, how do you see underlying content shifting between the CDU, which I think would be on the positive side versus air handlers and chillers on the other side, perhaps? And then even within chillers, are you seeing any shifts between air cooled, where you guys have a very strong market position versus the water chilled side?

了解，謝謝。也許我可以追問一個更長期的問題。你提到與超大規模業者（hyperscalers）合作規劃未來資料中心架構。我想當你展望未來時，你如何看待 CDU（我認為這可能是正向）相對於空氣處理機組（air handlers）與冷水機（chillers）之間的內容占比（content）變化？另外，即使在冷水機內部，你們是否看到從氣冷式（你們在該領域有很強的市場地位）轉向水冷式（water chilled）的一些變化？

Yes, great question. I think the big picture -- and by the way, I've spent the last few weeks in the field. Of course, I spent a lot of time in the field all the time. But I visited seven data centers in the last three weeks on site, both up and running and data centers under construction on two continents. So fresh input from the field.

是的，這是個很好的問題。我認為從大方向來看——順帶一提，我過去幾週都在第一線。當然，我一直都花很多時間在第一線。但在過去三週裡，我在兩大洲實地走訪了七座資料中心，包括已經運轉中的，以及正在建造中的資料中心。所以這是來自現場的最新回饋。

So there are more things that generate heat in the data center than the actual chips. And I'm sure you've read about some of the things that are happening outside of thermal management on the electrical side, for example. And so what that does is that even though liquid cooling is being implemented, I think there was maybe a concern about a year ago that there would be less need for air handling units. And I think we're seeing the opposite at this point in time.

資料中心裡會產生熱的東西不只是真正的晶片。我相信你也讀過一些報導，談到除了熱管理之外，例如在電力端正在發生的一些事情。因此，即便液冷正在導入，我認為大約一年前可能有人擔心對空氣處理機組的需求會降低。但我認為我們目前看到的情況正好相反。

So our Silent-Aire franchise is enjoying very healthy growth, and we expect that to continue because of other things than the chip generating heat. So our content, I think, is going to actually continue to increase a little bit as a result of that. And then I know there was some speculation about chiller content. And I think we discussed that in prior quarters. I think those fears were overstated.

因此，我們的 Silent-Aire 事業群正享有非常健康的成長，我們也預期這會持續，因為產熱來源不只是晶片。所以我認為我們的內容占比（content）實際上會因此而略為增加。另外，我知道市場上也有一些對冷水機內容占比的揣測。我想我們在前幾季也討論過。我認為那些擔憂被誇大了。

Maybe on the margin over the next couple of years, there might be a slight headwind, but the upside versus what we originally thought on air handling units will nicely offset that.

也許在接下來幾年，利潤率方面可能會有些微逆風，但相較於我們原先對空氣處理機組的看法，其上行空間將能很好地抵銷這些影響。

And then, of course, our CDU business has just started to ramp. And we have hundreds of millions of dollars in the pipeline and expect about $100 million worth of business this year. And why not more? And it's just simply because naturally, many of our customers, they want to pilot and test and so on before they place the big order. So -- but we're very, very bullish about our opportunities in all those different franchises for data centers.

然後，當然，我們的 CDU 業務才剛開始加速成長。我們的管線中有數億美元，並預期今年約有 1 億美元的業務。那為什麼不是更多呢？原因很簡單，因為很自然地，許多客戶在下大單之前，會先進行試點、測試等等。所以——但我們對資料中心各個不同產品線的機會都非常、非常看好。

So both chillers, air cooled, water cooled as well as our air handling units, our Silent-Aire franchise and now with the addition of the Alloy technological capabilities, I think will only strengthen our position.

因此，無論是冷水機（風冷、水冷），以及我們的空氣處理機組、我們的 Silent-Aire 產品線，再加上 Alloy 的技術能力，我認為只會進一步強化我們的地位。

Julian Mitchell, Barclays.

Julian Mitchell，巴克萊。

Maybe starting with the Americas kind of operating leverage there. You touched on margins a little bit. You started the year a bit muted on that. Second quarter, a nice pickup in Americas operating leverage. How are you thinking about the operating leverage for that segment in the back half?

也許先從美洲業務的營運槓桿談起。你稍微提到了一些利潤率。你在年初對此的看法比較保守。第二季，美洲的營運槓桿有不錯的提升。你如何看待該部門在下半年營運槓桿的走勢？

And wondered really if there's been any change to your assumption around sort of gross cost headwinds because of Section 232 changes or broader inflation within that Americas business, please?

另外也想請教，關於美洲業務中，因第 232 條款變動或更廣泛通膨所帶來的毛成本逆風假設，是否有任何改變？

Yes. So if you look at the margin improvement year-on-year this quarter of Americas of about 100 basis points, a lot of that came from pure growth and leverage. That means we had a little bit of a productivity headwind in the quarter. And that came from mostly the ramp-up in our capacity.

是的。如果你看美洲本季年對年約 100 個基點的利潤率改善，其中很大一部分來自純粹的成長與槓桿效應。這也意味著本季我們在生產力上有些許逆風。而這主要來自我們產能的爬坡。

If you recall, a couple of years ago, we made substantial investment to increase our capacity within our factories in North America to keep up with the demand. We are likely going to continue making investment in capacity. But as that capacity continues to accelerate and ramp, you have the natural production-ramping inefficiency that comes with that as you train and onboard a whole lot more people as the processes get practiced over time, you have a little bit of a short-term dynamic happening in productivity.

如果你還記得，幾年前我們為了跟上需求，在北美工廠大幅投資以提升產能。我們很可能會持續進行產能投資。但當產能持續加速、爬坡時，隨著你訓練並招募更多人員、流程隨時間逐步熟練，會自然出現一些生產爬坡期的效率損失，因此短期內生產力會有一些波動。

That ramp and productivity opportunity will remain probably for the balance of the year as you're thinking about the operating leverage of the Americas. But there's enough kind of juice in the backlog for us to continue to see year-on-year margins to improve, and that's entirely embedded in our guide as an enterprise of an operating leverage of around 50%.

在你思考美洲的營運槓桿時，這種爬坡與生產力改善的機會大概會在今年剩餘期間持續存在。但我們的在手訂單（backlog）仍有足夠的動能，讓我們持續看到年對年利潤率改善，而這也已完整反映在我們的指引中：以整體企業來看，營運槓桿約為 50%。

On the 232, as you know, and consistently with how we've dealt with tariff for the past year or two years, we've been able to navigate those both through long-term and short-term countermeasure. But given our current product mix and the way it's been classified under the different regulations, we've not seen a material impact specifically to 232.

至於 232，如你所知，也與我們過去一到兩年處理關稅的方式一致，我們透過長期與短期的因應措施，已能妥善應對。但就我們目前的產品組合以及在不同法規下的分類方式而言，我們並未看到第 232 條款帶來實質性的影響。

Thanks to the fact that chiller are a category that are -- that is not including in that Section 232. There are some other parts of the business that have been affected by that, but it's rather minimal, and we feel very comfortable that similar to what we've done in the prior 12, 18 months, we'll be able to pass on some of that risk to pricing dynamics in the market.

這要歸功於冷水機（chiller）這一類別——它並不包含在第 232 條款之內。業務中確實有其他部分受到影響，但幅度相當有限；而且我們很有信心，類似於過去 12 到 18 個月的做法，我們能透過市場的定價動態，把部分風險轉嫁到價格上。

And then my second question around shorter-term top line dynamics in the Middle East. I realize it's a very dynamic environment to put it politely. I think you saw a little bit of an impact in the second quarter. Maybe just flesh that out on what it meant and what it means for your EMEA business and anything that you have assumed for improvement or deterioration or what have you there in the second half, please?

我的第二個問題是關於中東短期營收動態。我知道那裡的環境非常動盪，姑且這麼說。我想你們在第二季看到了一些影響。能否再具體說明這代表什麼、對你們的 EMEA 業務意味著什麼，以及你們對下半年是否假設會改善或惡化等情況？

Yes. So we actually have an important business in the Middle East. We have about 2,500 colleagues on the ground. And our priority short term is very much about their safety and well-being. But of course, what we do is mission-critical for our customers and actually for some communities there as well. So we're trying to strike the balance between taking care of our customers and our people here.

是的。我們在中東其實有一個重要的業務。我們在當地約有 2,500 位同仁。短期內我們的首要任務非常明確，就是他們的安全與福祉。但當然，我們所做的事情對客戶而言是關鍵任務（mission-critical），對當地一些社區也是如此。因此，我們正努力在照顧客戶與照顧員工之間取得平衡。

The Middle East, overall, for context is about 2% to 3% of our overall revenue. But for EMEA, it's almost 10% or a little bit more than 10%. And in the quarter, about a third of that business was really impacted, delayed, if you will, by the conflict here. So we're not anticipating a full return here in the quarter that we're actually in right now. But over time, we hope that -- and you're as good of a predictor of that as we are, but we hope that over time, things will go back to normal here in the last quarter of the year.

就背景而言，中東整體約占我們總營收的 2% 到 3%。但對 EMEA 來說，幾乎占到 10% 或略高於 10%。而在本季，該業務約有三分之一確實受到衝突影響而延後。因此，我們不預期在目前這一季就能完全恢復。但隨著時間推進，我們希望——你對此的預測能力不比我們差——我們希望在今年最後一季，情況能逐步回到正常。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Can we talk about -- I know lots of time spent on HVAC, but clearly, we're also hearing is putting a lot more focus on fire and control business. Can you just talk about the initiatives that are taking place in terms of market pricing? And also, can you remind us the impact of data center business on growth profile of those verticals?

我們能談談——我知道大家花了很多時間在 HVAC 上，但顯然我們也聽到公司正把更多焦點放在消防與控制業務上。你能否談談在市場定價方面正在推動哪些措施？另外，你能否提醒我們，資料中心業務對這些垂直領域的成長輪廓有何影響？

Yes. So obviously, HVAC has been one of the great growth benefit of what you've seen in the market, particularly on data center, but other vertical as well, as we've mentioned in the opening remarks.

是的。很明顯地，HVAC 一直是你在市場上看到的重大成長受益者之一，特別是在資料中心，當然也包括我們在開場致詞中提到的其他垂直領域。

A data center, just like any other infrastructure requires specific fire detection and fire suppression application as well as controls, both building controls and then, of course, equipment controls associated to that. We have made a substantial investment over the last few quarters in creating specific applications for these verticals, and we continue to see a lot of momentum building within these businesses, both fire detection, fire suppression, but also, of course, our Metasys building control solution.

資料中心就像任何其他基礎設施一樣，也需要特定的火災偵測與滅火應用，以及控制系統——包括建築控制，當然也包括與設備相關的設備控制。過去幾個季度，我們已投入大量資源，為這些垂直領域打造專門的應用；我們也持續看到這些業務的動能在累積，包括火災偵測、滅火，當然也包括我們的 Metasys 建築控制解決方案。

And we see that as a great opportunity moving forward. They've not yet gained the same level of opportunistic growth that the HVAC business has, but we believe the opportunity on a relative basis is probably as high.

我們認為這是未來非常好的機會。它們尚未像 HVAC 業務那樣獲得同等程度的機會型成長，但我們相信，相對而言其機會可能同樣高。

And maybe can you just share with us outside of data centers, sort of, growth initiatives at fire and control? Because as I said, the feedback is that they're doing quite a bit better.

另外，你能否分享一下，除了資料中心之外，消防與控制在成長推動上還有哪些措施？因為如我所說，市場回饋是它們的表現確實好很多。

We have the same opportunities there, Andrew, as we have in Applied. If you recall, in prior calls, I've talked about the early progress with the business system and commercial application. I talked about selling hours in a week for our salespeople or our solution architects where we -- for HVAC went from less than 10 hours a week selling to now above 20 hours in the areas where we've implemented that work. That exact same approach we're now applying in controls, for example, in a number of places. And we're finding that we have the same opportunity, if not a bigger opportunity in terms of giving back more hours to our people, our solution architects in the street.

Andrew，我們在那裡擁有與 Applied 業務相同的機會。如果你還記得，在之前的電話會議中，我談到我們在業務系統與商業應用上的初步進展。我提到我們如何提升銷售人員或解決方案架構師每週的「銷售時數」：在 HVAC 上，我們從每週不到 10 小時的銷售時間，提升到在已導入該做法的地區超過 20 小時。現在我們正把完全相同的方法應用到控制業務，例如在多個地點。我們發現，在把更多時間還給一線同仁、解決方案架構師方面，我們有同樣的機會，甚至可能是更大的機會。

And the same -- we haven't gotten started yet as much on fire detection, because we've prioritized Applied and Controls. But fire detection, which is -- has some similarities with the selling motion and controls, meaning that it's a system. I think we have very, very similar opportunities as in Controls and HVAC and Applied. That's on the selling side.

同樣地——我們在火災偵測方面的推動還沒有那麼多，因為我們優先聚焦在 Applied 與 Controls。但火災偵測在銷售模式上與控制業務有一些相似之處，也就是它是一個系統。我認為我們在那裡也有與 Controls、HVAC 以及 Applied 非常、非常相似的機會。這是在銷售端。

And on the service side, and I think you will see this a little bit in the Investor Day that's coming up, similar opportunities, again, in terms of giving hours back to our field colleagues, there's significant opportunity on capacity. And it's not just capacity, it's of course, if you have more capacity, you're able to respond faster. And you're also in a position where you can have more choice around which -- on the service side of things, for example, choice around which field colleagues to send.

而在服務端，我想你們會在即將到來的投資人日上稍微看到這一點：同樣也有類似的機會，再次就把工時還給我們的一線同仁而言，在產能方面有相當大的機會。而且不只是產能，當然，如果你有更多產能，你就能更快回應。同時你也會處在一個可以有更多選擇的狀態，例如在服務端的事情上，可以選擇要派哪一位一線同仁去。

Not all field colleagues are, as an example, as competent on all parts of our offerings, right? So by having more capacity, you can both respond faster and you have greater choices around who to send. So some very, very good opportunities in those businesses.

舉例來說，並不是所有一線同仁在我們所有產品/服務的各個部分都同樣勝任，對吧？所以有了更多產能，你既能更快回應，也能在派誰去這件事上有更大的選擇空間。因此在那些業務上有一些非常、非常好的機會。

And so the margin opportunity associated with these initiatives is commensurate with what we have on the HVAC side, right?

因此，這些計畫所帶來的毛利率機會，與我們在 HVAC 端所看到的是相稱的，對吧？

Yes, exactly. Yes. Because what we -- as we've discussed in prior calls, what -- the consequence of what I just described is that we can continue to grow without adding people. And at some point in time, of course, we'll also add people. But we're really trying to decouple the top line growth from the cost growth or headcount growth, and that's going to drive margin expansion.

是的，完全正確。是的。因為我們——如同先前電話會議中討論過的——我剛才描述的結果是：我們可以在不增加人力的情況下持續成長。當然，在某個時間點我們也會增員。但我們真正想做的是把營收成長與成本成長或人頭成長脫鉤，而這將推動利潤率擴張。

And overall, the margin profile of our Controls franchise is very accretive to fleet average, has been and will continue to be for Johnson Controls.

整體而言，我們 Controls 事業的利潤率結構對公司整體平均水準具有很強的增益效果，過去如此，未來對江森自控也將持續如此。

Patrick Baumann, JPMorgan.

Patrick Baumann，摩根大通。

I had one on the EMEA margin trajectory. It looks like second quarter was a really good result there. And I'm just wondering if you could give any context on where you think margins in that area can get to in the second half and then longer term, what the vision is?

我有一個關於 EMEA 利潤率走勢的問題。看起來第二季那邊的結果非常好。我想請教你能否提供一些背景：你認為該區域下半年利潤率可能到什麼水準？以及更長期的願景是什麼？

And then along those lines, you mentioned earlier in the call, like the 80/20 focus, and it sounds like maybe that's playing out in security service as an example, maybe that's in Europe. Just curious how much of a revenue headwind do you expect from this type of activity across the portfolio?

另外沿著這個方向，你在電話會議前面提到像是 80/20 的聚焦，聽起來這可能正在安防服務等領域發揮作用，或許是在歐洲。我想了解的是：這類活動在整個產品組合推進時，你預期會帶來多大的營收逆風？

Yes. So first on margin, if you look at EMEA for the year, it's improving nicely, give or take, 100 basis points, and we are really happy with the big ramp we had this particular quarter. Because of the headwind we are seeing associated with the different macro challenges EMEA is seeing, the balance of the year, depending on how volume will shake out, you will see -- I wouldn't say pressure on margin, but you will see a slowdown in the progression of that margin over time, maybe with a little bit of pressure in the third quarter and then some recovery in the fourth quarter.

是的。先談利潤率，如果你看 EMEA 全年，目前改善得很不錯，大約提升 100 個基點上下，我們也對本季這個特別大的躍升感到非常滿意。由於我們看到 EMEA 面臨不同宏觀挑戰所帶來的逆風，接下來年度剩餘期間，取決於量的表現，你會看到——我不會說利潤率承壓，但你會看到利潤率隨時間推進的改善速度放緩，第三季可能會有一點點壓力，第四季則會有一些回升。

Net-net for the year, I think EMEA will come out very strongly and really helping for us to achieve that operating leverage. Longer term, I think we remain consistent. EMEA has been an area we've been underinvested historically on both capabilities and products. We've been working diligently over the past 12, 18 months in fixing and addressing some of those gaps and making the right level of investments to have the same level of quality, differentiation and competitive products for EMEA. And as that comes, we feel very strong that EMEA has the opportunity to continue to raise and catch up to its regional peers within the segments of JCI.

總體來看，我認為 EMEA 全年會表現得非常強勁，並且確實有助於我們達成營運槓桿。更長期來看，我們的看法仍然一致。EMEA 一直是我們在能力與產品兩方面歷史上投資不足的區域。過去 12 到 18 個月，我們一直在努力修補並解決其中一些缺口，並投入適當水準的投資，讓 EMEA 也能擁有同等水準的品質、差異化與具競爭力的產品。隨著這些到位，我們非常有信心 EMEA 有機會持續提升，並在 JCI 各事業分部中追上其區域同業的水準。

It's still a business, as you can tell, that operates at 300 to 400 basis points lower margin than its regional peers. It will probably remain slightly lower, but not to that level in the long run.

如你所見，這仍是一個利潤率比其區域同業低 300 到 400 個基點的業務。長期來看它可能仍會略低一些，但不會維持在那樣的差距水準。

And on the 80/20 stuff, is that -- like what's the revenue headwind you expect from these type of actions across the portfolio? Have you provided context on that before?

那關於 80/20 的部分——你們預期這類行動在整個產品組合推進時，會帶來多大的營收逆風？你們之前有提供過相關背景嗎？

Yes. When 80/20 is applied well, you should not see a massive long-term revenue impact. Because you actually free up room for the team to focus on the product where you have the most differentiation and the greater ability to drive value. Now obviously, in the short term in certain pockets of the market, you will see some softness as we reposition the portfolio against higher runner. But I wouldn't anticipate any activity from the business system to impact whatsoever our ability to grow and compete.

有的。當 80/20 被良好地運用時，你不應該會看到巨大的長期營收影響。因為它其實會釋放出空間，讓團隊能聚焦在你差異化最高、也最有能力創造價值的產品上。當然，短期內在某些市場區塊，當我們把產品組合重新定位到更高周轉/更高動能的項目時，你會看到一些疲軟。但我不預期這些來自業務系統的活動會以任何方式影響我們成長與競爭的能力。

Got it. And then on the backlog, have you -- can you quantify the shape in terms of the percentage you expect to deliver over the next 12 months?

了解。另外關於在手訂單（backlog），你們能否量化一下：你們預期在未來 12 個月內交付的比例大概是多少？

Yes. As the demand continues to ramp for our solution and as customer put orders ahead of really their ability to take delivery, we think easily 70% of our backlog can be turned into revenue over the next 12 months. The balance remains a little bit challenged right now. The main driver for that is power, electrical infrastructure for some of our data center customers. That continues to kind of put a damper on their ability to commit on deliveries within the next 12, 18 months, and some of that are pushed a little further than we'd like.

可以。隨著我們解決方案的需求持續爬升、且客戶下單的時間點早於他們實際能夠收貨的能力，我們認為在未來 12 個月內，至少有 70% 的在手訂單可以轉化為營收。其餘部分目前仍有些挑戰。主要驅動因素是電力、電氣基礎設施，特別是針對我們部分資料中心客戶。這持續在一定程度上抑制他們在未來 12 到 18 個月內承諾交付時程的能力，其中一些被推遲得比我們希望的更久。

Yes. And maybe just to add to that, we're also seeing customers place orders earlier for those reasons that Marc mentioned them a little bit earlier than perhaps a year ago. So there has been a slight timing shift in our backlog here for that reason. Meaning beyond 12 months.

是的。也許補充一下，基於 Marc 剛才提到的原因，我們也看到客戶比一年前更早下單。因此，我們的在手訂單在時點上出現了些微的移動。也就是延伸到 12 個月之後。

We're hearing that from others as well. Makes sense.

我們也從其他人那裡聽到同樣的情況。合理。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

So I just wanted to follow up on that last comment. Obviously, you're growing nicely here, but you've had orders accelerate over the last couple of quarters. Your capacity to be able to, sort of, ramp up in '27, obviously, the timing of these big data center orders is key. But do you have the capacity you need considering that you will be delivering more of those bigger projects next year and beyond?

我想就你剛才最後那個評論追問一下。顯然你們目前成長得不錯，但過去幾季訂單加速。你們在 2027 年左右能否、某種程度上、把產能拉上來，顯然這些大型資料中心訂單的時點是關鍵。但考量到你們明年及之後將交付更多這類大型專案，你們是否具備所需的產能？

Yes. The short answer is yes, over the next 12-plus months. And because we built hard capacity that Marc was referring to, the actual factories, the buildings, some time ago before I joined the company. And what's going on right now is we're ramping within those new buildings, if you will. And so we will have capacity for the next 12 months, let's call it, 18 months.

是的。簡短答案是：是的，未來 12 個月以上沒有問題。因為我們建立 Marc 所提到的硬體產能——也就是實際的工廠、廠房——是在我加入公司之前一段時間就已經完成。而目前正在發生的是：我們正在這些新廠房內逐步拉升產能。因此我們在未來 12 個月，甚至可說 18 個月，都會有足夠產能。

And there's also plenty of productivity improvement opportunities, as I've talked about on previous calls. Now as we've all seen, the order entry has been very healthy here over the last couple of quarters. And our pipeline, as I referred to, remains very strong. And so, of course, we're continuously looking at where we would need to add more hard capacity, meaning more footprint. And so that's an ongoing effort.

此外，正如我在先前電話會議中提過的，我們也有很多生產力改善的機會。如同大家所見，過去幾季的接單一直非常健康。而我提到的管線也仍然非常強勁。因此，當然，我們會持續評估在哪些地方需要增加更多硬體產能，也就是更大的占地/產能足跡。這是一項持續進行的工作。

And I think as long as we stay 12 to 18 months ahead of that, which we can right now based on what I said, we're going to be in good shape here.

我認為只要我們能保持領先 12 到 18 個月——依我剛才所說，我們目前做得到——我們的狀況就會很好。

And then maybe just a bit more color on sales by geography. I know that you've had a bit of disruption in regions you talked about, but orders in EMEA have been accelerating lately on data center strength. Does that start to reflect into stronger sales growth in that segment as well as you go into '27? And then I think you said sales up 13% in Asia Pac, backlog is up double digits. Is China turning around? Or has it turned the corner for you?

接著也許再補充一些按地理區域劃分的銷售情況。我知道你們在先前提到的一些地區出現了一些干擾，但受資料中心需求強勁帶動，EMEA 的訂單最近一直在加速。隨著你們邁入 '27，這是否也開始反映在該細分市場更強的銷售成長上？另外我想你提到亞太銷售成長 13%，積壓訂單也有雙位數成長。中國是在回溫嗎？還是說對你們而言已經走出谷底、開始轉向了？

So starting with EMEA, I mean, we had a really strong 11% order growth on a compare of almost 13% last year. So it's a double stack that's pretty strong. That's a sign that some of our solutions are really starting to resonate, particularly in the data center vertical, but there's other aspects of the business that we see very positive there in the market in EMEA. And that's despite the disturbance we saw associated with the conflict in the Middle East.

先從 EMEA 談起，我是說，我們在去年接近 13% 的高比較基期之上，仍然實現了非常強勁的 11% 訂單成長。所以這是相當強的「雙重疊加」成長。這顯示我們的一些解決方案確實開始引起共鳴，特別是在資料中心垂直領域；但在 EMEA 市場，我們也看到業務的其他面向同樣非常正向。而這還是在我們看到與中東衝突相關的擾動之下。

As far as APAC goes, that order rate of about 4% was on an easy compare, right? And transparently, we barely had any growth in order last year. It was, I think, flat. And so I would say, yes, we've bottomed out. We have passed that point.

至於 APAC，約 4% 的訂單成長率是在相對容易的比較基期之上，對吧？坦白說，我們去年訂單幾乎沒有成長。我想是持平。所以我會說，是的，我們已經觸底。我們已經過了那個點。

I think we passed that point probably a quarter or two ago. Now it's not a big return to growth, particularly in China. However, the same vertical where we see great opportunities I'm thinking data center, semicon manufacturing as well as the biologics that we talked about in prior quarter. That continues to be a big tailwind, particularly for China. Our ability to convert there is not the same as maybe the rest of the world, but those opportunities are so large that we see an opportunity to continue to build some momentum in APAC and drive some growth.

我認為我們大概在一到兩個季度前就已經過了那個點。現在並不是大幅回到成長，特別是在中國。不過，我們看到很大機會的同樣垂直領域——我指的是資料中心、半導體製造，以及我們在前一季提到的生物製劑——這些仍然是很大的順風，尤其對中國而言。我們在那裡的轉化能力不如世界其他地區，但這些機會規模非常大，因此我們看到有機會在 APAC 持續累積動能並帶動一些成長。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Just wanted to follow on to Pat's question about backlog cadence. I guess it seems to suggest then that we're kind of exiting the year with 6% organic in the second half that you guys would expect to see a pretty big step-up in organic growth in the first half of '27 based on that backlog lead time that you provided. Just wanted to confirm that, that's not a crazy assumption to be making.

我想延續 Pat 關於積壓訂單節奏的問題。我想這似乎意味著，我們在下半年以 6% 的有機成長率結束年度，而根據你們提供的積壓訂單交期領先指標，你們預期在 '27 上半年有機成長會有相當明顯的跳升。我只是想確認一下，這樣的假設並不算太離譜。

It's a little bit early for us to start forecasting next year, but it's not a crazy assumption. Yes, we're going to have a very strong backlog entering the year. I think the reason I'm pausing a little bit is some of the headwind Joakim talked about around our service business and some of more mundane parts of the portfolio where differentiation is a little bit harder to achieve. It depends how quickly we can turn that around to help support the level of growth you just mentioned.

我們現在開始預測明年還稍微早了一點，但這不是太離譜的假設。是的，我們將以非常強勁的積壓訂單進入新年度。我之所以稍微停頓一下，是因為 Joakim 提到的、關於我們服務業務的一些逆風，以及投資組合中一些較為「基本」的部分，在那裡要做到差異化會比較困難。這取決於我們能多快把那部分扭轉過來，以支撐你剛提到的成長水準。

Understood. That makes sense. And then I guess just -- I don't think the question has been asked yet on Asia Pac margins also up really nicely year-on-year despite the tough organic environment in that region that you just spoke to. So Marc, can you just talk about the expectation for Asia Pac margins as we progress into the back half of the year?

了解。這很合理。另外我想再問——我覺得目前還沒有人問到——亞太的利潤率在年對年也提升得很漂亮，儘管你剛提到該區域的有機環境仍然偏艱難。所以 Marc，你能談談隨著我們進入下半年，對亞太利潤率的預期嗎？

Yes. So they still had a pretty good revenue quarter. Their book and bill within the quarter was very strong. So 13% top line growth really allowed them to both drive net gross leverage as well as very strong productivity. We talk about around $20 million of productivity for that segment on $150 million or so of segment margin. That's a very material uplift.

可以。所以他們這一季的營收表現仍然相當不錯。他們在季度內的接單與出貨（book and bill）非常強勁。因此 13% 的營收成長，確實讓他們一方面推動了淨毛利槓桿，另一方面也帶來非常強的生產力提升。我們提到該細分市場約 2,000 萬美元的生產力提升，是在約 1.5 億美元左右的部門利潤基礎上。這是非常顯著的增幅。

As you look at the balance of the year, we think Q3 is going to be probably closer to flat year-on-year associated with the fact that the level of growth that you saw this quarter will probably not repeat in the third or fourth quarter, and it's going to be closer to mid-single-digit type of growth for that period. But we still see some full year margin improvement for that segment, probably reaching the high 18% type of margin for full year for that particular segment.

展望今年剩餘時間，我們認為 Q3 年對年可能會更接近持平，原因是你們在本季看到的成長幅度，第三或第四季大概不會重演；那段期間的成長會更接近中個位數。但我們仍然看到該細分市場全年利潤率會有所改善，全年可能達到約 18% 高段的利潤率水準。

This concludes our question-and-answer session. I will now hand the call back to Joakim Weidemanis for any closing remarks.

問答環節到此結束。我現在把電話交回給 Joakim Weidemanis，請他做結語。

Thank you, and thank you for all your questions. This quarter's results reflect the momentum that's building across Johnson Controls as our teams operate with greater clarity, discipline and consistency. We're seeing those improvements show up in how we serve our customers and in the strength of our results, and there's more to come.

謝謝，也謝謝大家的提問。本季的結果反映出 Johnson Controls 各項業務正在累積的動能，因為我們的團隊以更清晰的方向、更嚴謹的紀律與更一致的執行在運作。我們看到這些改善體現在我們服務客戶的方式，以及我們成果的強度上，而且後續還會有更多進展。

I want to thank our 90,000 colleagues for their commitment and passion in delivering a strong quarter and their energy in embracing our new way of working with our business system. This is how we're going to win. While we're early in our journey, we're excited by the momentum we see.

我要感謝我們 90,000 位同仁的投入與熱情，讓我們交出強勁的一季，也感謝大家以充沛的能量擁抱我們透過業務系統所推動的新工作方式。這就是我們將如何取勝。雖然我們仍在旅程的早期階段，但我們對所看到的動能感到振奮。

Finally, today is National Skilled Trades Day, and I want to extend a special thank you to our more than 40,000 field colleagues for all they do every day for our customers. You are such an important part of our competitive advantage.

最後，今天是「全國技術工種日」（National Skilled Trades Day），我想特別感謝我們超過 40,000 位現場同仁，感謝你們每天為客戶所做的一切。你們是我們競爭優勢中非常重要的一部分。

I look forward to continuing my conversation with all of our stakeholders. Thank you for joining us today.

我期待能持續與我們所有利害關係人對話。感謝各位今天加入。

This now concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。