江森自控 (JCI) 2026 Q4 法說會逐字稿

Hello, everyone, and welcome to the Johnson Controls Q4 2026 earnings conference call. My name is Ryan, and I'll be coordinating the call today.

各位好，歡迎參加江森自控（Johnson Controls）2026 會計年度第四季（Q4）財報電話會議。我叫 Ryan，今天將由我協調本次會議。

(Operator Instructions)

（接線員指示）

I will now hand the call over to Eric Swanson, VP, Investor Relations, to begin. Eric, please go ahead.

現在我將把電話交給投資人關係副總裁 Eric Swanson 來開始。Eric，請開始。

Good morning and thank you for joining Johnson Controls fiscal fourth-quarter 2026 earnings conference call. 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，感謝各位參加江森自控 2026 會計年度第四季財報電話會議。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。

As a reminder, today's discussion will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for additional information. We will also reference non-GAAP measures. Reconciliations are included in our earnings release and presentation appendix available on our Investor Relations website.

提醒各位，今天的討論將包含前瞻性陳述，這些陳述受風險與不確定性影響，可能導致實際結果與預期有重大差異。更多資訊請參閱我們向美國證券交易委員會（SEC）提交的文件。我們也將引用非 GAAP 指標。相關調節表已包含於我們的財報新聞稿與簡報附錄中，並可於投資人關係網站取得。

I will now turn the call over to Joakim.

現在我把電話交給 Joakim。

Thanks, Eric, and good morning, everyone. This is Eric's first earnings call since joining our Investor Relations team last month, and we're excited to have him on board.

謝謝你，Eric，各位早安。這是 Eric 上個月加入我們投資人關係團隊以來的第一次財報電話會議，我們很高興他加入我們。

I want to start by recognizing Johnson Controls colleagues around the world. Over the last 18 months, we've made significant progress toward becoming a more focused thermal technology company, growing at a faster rate with more investment capacity and higher profitability. At the end of the day, it's our people who bring these strategies for life, combining our technology and deep field and manufacturing expertise to deliver for customers. Their commitment to customers and disciplined execution is reflected in the consistency of our performance.

我想先向全球各地的江森自控同仁致意。在過去 18 個月裡，我們在成為一家更聚焦的熱能技術公司方面取得了顯著進展，成長速度更快、投資能力更強、獲利能力更高。歸根究柢，是我們的員工讓這些策略落地，結合我們的技術以及深厚的現場與製造專業，為客戶交付成果。他們對客戶的承諾與嚴謹的執行力，體現在我們表現的一致性上。

Fiscal 2026 was an important proof point for the framework we introduced at our going to Gamba Day in June. Our differentiated technological capabilities, unmatched field presence, global manufacturing strength and proprietary businesses are helping us move with speed, win with customers and strengthen performance.

2026 會計年度是我們在 6 月「Going to Gamba Day」所提出框架的重要驗證點。我們具差異化的技術能力、無可匹敵的現場佈局、全球製造實力與自有業務，正協助我們快速行動、贏得客戶並強化績效。

For the full year, we exceeded both our initial fiscal 2026 guidance and the raised outlook we provided during the year. Organic revenue increased more than 8%. Adjusted EPS increased 37% and adjusted free cash flow conversion was 103%. We enter fiscal 2027 with momentum and confidence in our ability to continue creating value for customers and shareholders.

就全年而言，我們超越了 2026 會計年度最初的財測指引，以及年內上調後的展望。有機營收成長超過 8%。調整後每股盈餘（Adjusted EPS）成長 37%，調整後自由現金流轉換率為 103%。我們以動能與信心進入 2027 會計年度，相信能持續為客戶與股東創造價值。

That confidence is grounded in a business model built around three reinforcing elements. Our strategic pillars focus resources on the most attractive opportunities including AI and data centers, mission-critical environments and decarbonization. Our proprietary business system and powers frontline teams accelerates problem-solving and drives continuous improvement everywhere in our company. And our economic engine converts those advantages into differentiated customer value, innovation, manufacturing scale and frontline productivity.

這份信心奠基於一個由三個相互強化要素所構成的商業模式。我們的策略支柱將資源聚焦於最具吸引力的機會，包括 AI 與資料中心、關鍵任務環境，以及去碳化。我們的自有營運系統賦能第一線團隊，加速問題解決，並在全公司推動持續改善。而我們的經濟引擎則把這些優勢轉化為差異化的客戶價值、創新、製造規模與第一線生產力。

The result is a powerful value creation engine that helps our colleagues win and deliver for our customers and grow profitably and compound value over time. These capabilities are increasingly relevant as our priority customers are investing in some of the world's most demanding operating environments to deliver the outcomes they aspire to. This is especially evident across AI and data centers, advanced manufacturing and biopharma.

其結果是一個強大的價值創造引擎，協助同仁贏得並交付客戶需求、實現獲利成長，並隨時間複利累積價值。隨著我們的重點客戶正投資於全球最嚴苛的營運環境，以達成其期望的成果，這些能力的重要性日益提升。這在 AI 與資料中心、先進製造與生物製藥領域尤為明顯。

As customers scale capacity in these verticals, the environment supporting their operations are more heat and energy intensive, need to be controlled within tighter tolerances and are less tolerant of disruption. Our portfolio brings together integrated thermal management and controls with liquid cooling technologies, including cooling distribution units and cold plates for data centers. We combined subsystem technology developed in-house with the ability to design, deliver and service the broader architecture across the thermal chain, including controls.

隨著客戶在這些垂直領域擴大產能，支撐其營運的環境更耗熱、耗能，需要在更嚴格的容差內受控，且對中斷的容忍度更低。我們的產品組合整合了整體式熱管理與控制，並結合液冷技術，包括用於資料中心的冷卻分配單元（CDU）與冷板（cold plates）。我們將內部開發的子系統技術，與設計、交付並維護整個熱鏈架構（包含控制系統）的能力相結合。

As data center architectures continue to evolve, we see additional opportunity in modular data centers. We believe our differentiated capabilities position us well in this emerging segment, and we are investing to win and building a stronger partner ecosystem. Our collaboration with Armada is one example. As announced at the NVIDIA GTC in Berlin, together, we plan to build 500 megawatts of distributed edge compute capacity in 2027, bringing together our thermal management technology, engineering capabilities and global manufacturing scale to bring capacity online faster.

隨著資料中心架構持續演進，我們也在模組化資料中心看到更多機會。我們相信自身差異化能力使我們在這個新興領域具備良好定位；我們正加大投資以贏得市場，並建立更強的合作夥伴生態系。我們與 Armada 的合作就是其中一例。如同在柏林 NVIDIA GTC 上宣布的，我們計畫於 2027 年共同建置 500 兆瓦的分散式邊緣運算容量，結合我們的熱管理技術、工程能力與全球製造規模，以更快讓產能上線。

Our advantage comes from bringing together five areas of expertise. A focused portfolio oriented toward high-growth mission-critical verticals, proprietary technologies built over the last 150 years, an unmatched global field presence of approximately 50,000 sales solution architects and highly skilled technicians and emerging manufacturing advantage focused on quality, capacity and delivery and our proprietary business system. These five areas of expertise allow us to solve complex customer challenges with greater speed, create differentiated value and support sustained profitable growth. We are a global thermal technology leader that is built for this time.

我們的優勢來自於整合五大專業領域。包括：聚焦於高成長關鍵任務垂直領域的產品組合、過去 150 年累積的自有技術、約 50,000 名銷售解決方案架構師與高技能技術人員所構成的無可匹敵全球現場佈局、聚焦品質、產能與交付的新興製造優勢，以及我們的自有營運系統。這五大專業使我們能以更快速度解決客戶的複雜挑戰、創造差異化價值，並支持可持續的獲利成長。我們是一家為此時而生的全球熱能技術領導者。

With that context, Marc will take you through the financial results in more detail.

在此背景之下，接下來 Marc 將更詳細說明財務結果。

Thanks, Joakim, and good morning, everyone. We finished the year with strong fourth-quarter results. Organic revenue increased 12%, led by strong double-digit growth in Americas and APAC. Systems grew 13%, reflecting continued strength in data centers while service continues to deliver with a solid 8% growth. That top-line growth combined with continued productivity contributed to margin expansion across all three regions. Americas adjusted segment EBITDA margin expanded 210 basis points to 22%. EMEA expanded 80 basis points to 16.4%, and APAC expanded 110 basis points to 19%.

謝謝你，Joakim，各位早安。我們以強勁的第四季表現為全年畫下句點。有機營收成長 12%，主要由美洲與亞太（APAC）的強勁雙位數成長帶動。系統業務成長 13%，反映資料中心持續強勁；服務業務也持續交付，穩健成長 8%。這樣的營收成長，加上持續的生產力提升，推動三大區域的利潤率全面擴張。美洲調整後分部 EBITDA 利潤率擴張 210 個基點至 22%。歐洲、中東與非洲（EMEA）擴張 80 個基點至 16.4%，亞太（APAC）擴張 110 個基點至 19%。

Strong operating performance, combined with lower corporate expense, drove significant adjusted EBIT margin expansion of 300 basis points to 18%, aligning our operating leverage well within range despite much higher growth. Adjusted EPS increased 32% to $1.66. The demand environment also accelerated as we exited the year. Orders increased 44%, driven by continued data center demand, along with strong growth across other mission-critical verticals including battery and semiconductor manufacturing and large research universities. Backlog grew 43% to a record $23 billion, reflecting sustained demand for our differentiated technology and capabilities.

強勁的營運表現，加上較低的公司費用，帶動調整後 EBIT 利潤率大幅擴張 300 個基點至 18%；儘管成長更高，我們的營運槓桿仍良好落在目標區間內。調整後每股盈餘（Adjusted EPS）成長 32% 至 1.66 美元。隨著我們結束本年度，需求環境也加速升溫。訂單成長 44%，主要由資料中心需求持續帶動，同時其他關鍵任務垂直領域亦強勁成長，包括電池與半導體製造，以及大型研究型大學。在我們差異化技術與能力的持續需求支撐下，待執行訂單（Backlog）成長 43% 至創紀錄的 230 億美元。

Our operating performance translated to strong cash flow generation, supported by the disciplined execution and working capital focus embedded in our business system. For the full year, adjusted free cash flow was $3.2 billion, representing 103% conversion. We ended the year with $600 million of cash while net debt declined to 1.8 times below our long-term target range. And we returned $2.5 billion to shareholders through share repurchases and dividends.

我們的營運表現轉化為強勁的現金流創造能力，並受惠於我們營運系統中所內嵌的嚴謹執行與營運資金管理重點。全年調整後自由現金流為 32 億美元，轉換率達 103%。年末現金為 6 億美元，同時淨負債倍數降至 1.8 倍，低於我們的長期目標區間。此外，我們透過庫藏股回購與股利，向股東回饋 25 億美元。

This performance provides capacity to invest for growth, maintain our investment-grade credit profile and return capital to shareholders. With customer demand extending well beyond fiscal year 2027 and requirements continuing to scale, customers need a partner with the capabilities and willingness to invest alongside them.

這項表現使我們有能力投資於成長、維持我們的投資級信用評等，並將資本回饋給股東。隨著客戶需求延伸至遠超過 2027 會計年度，且需求持續擴大，客戶需要一個具備能力並願意與他們共同投資的合作夥伴。

Joakim will now discuss or we are investing to meet the demand.

Joakim 現在將說明我們為滿足需求而進行的投資。

As Marc said, we see customer demand translating into a record backlog, a strong pipeline and increasing visibility into longer-term demand with our largest customers. We're acting decisively on that opportunity, investing ahead to expand capacity and capture a larger portion of the growth in our highest growth markets, while simplifying Johnson Controls to reduce complexity, move faster and increase earnings power. Both are integral to our value creation plan and reflect a consistent and disciplined approach to capital allocation, investing where we see the greatest opportunities for growth while building a simpler, more productive company.

如 Marc 所說，我們看到客戶需求轉化為創紀錄的在手訂單、強勁的商機管道，並且在我們最大客戶方面，對更長期需求的能見度持續提升。我們正果斷把握這個機會，提前投資以擴充產能，並在我們成長最快的市場中取得更大份額的成長，同時精簡 Johnson Controls，以降低複雜度、加快速度並提升獲利能力。兩者都是我們價值創造計畫不可或缺的一部分，並反映出一致且嚴謹的資本配置方法：在我們看到最大成長機會之處投資，同時打造一家更精簡、更高生產力的公司。

We expect approximately $900 million of capital expenditures in fiscal 2027. This investment puts us in a strong position to capture a larger portion of the growth. It is anchored in the demand we see across our backlog and pipeline as well as the longer-term requirements we are planning for with our largest customers, particularly in our highest growth markets. This capital will strengthen our ability to win new business and capture the significant opportunity had. It will also expand capacity, improve lead times, delivery and quality, enable us to serve customers as their requirements scale.

我們預期 2027 會計年度的資本支出約為 9 億美元。這項投資使我們處於有利位置，以取得更大份額的成長。其基礎在於我們在在手訂單與商機管道中看到的需求，以及我們正與最大客戶共同規劃的長期需求，特別是在我們成長最快的市場。這筆資本將強化我們贏得新業務並掌握重大機會的能力。同時也將擴充產能、改善交期、交付與品質，並使我們能在客戶需求擴大時持續提供服務。

Our business system is enabling us to add that capacity more efficiently. Without the productivity and capital efficiency we are driving across the company, we estimate the capital requirement would have been more than 2x higher. We are applying that same discipline to our restructuring actions, reallocating resources and capacity toward the areas where we see the strongest opportunities for growth.

我們的業務系統正使我們能更有效率地增加產能。若沒有我們在全公司推動的生產力與資本效率提升，我們估計所需資本將會高出 2 倍以上。我們也以同樣的紀律推動重整措施，將資源與產能重新配置到我們看到最強成長機會的領域。

While our growth investment is focused on thermal technology, our restructuring actions are concentrated primarily in other parts of our portfolio outside our most technology-differentiated mission-critical verticals. There, we are optimizing our manufacturing and warehouse footprint, streamlining the functions that support those operations and moving accountability closer to customers.

雖然我們的成長投資聚焦於熱能技術，但我們的重整行動主要集中在投資組合中其他部分，亦即不在我們技術差異化最強的關鍵任務垂直領域之內。在那些領域，我們正優化製造與倉儲據點布局、精簡支援這些營運的職能，並將責任更貼近客戶端。

We anticipate approximately $400 million of restructuring expense over fiscal 2027 and fiscal 2028 and expect approximately $600 million of gross annualized savings by fiscal 2029. These actions will position us to support the growth we see today and the opportunities ahead. Additional capacity positions us to capture increasing demand, simplification, improved speed and accountability. And productivity creates room to reinvest, expand margins and increase earnings power.

我們預期在 2027 與 2028 會計年度的重整費用合計約 4 億美元，並預期到 2029 會計年度可實現約 6 億美元的年度化毛節省。這些行動將使我們能支援當前所見的成長以及未來的機會。額外產能使我們能掌握持續增加的需求，而精簡化則提升速度與責任歸屬。而生產力提升則創造再投資空間、擴大利潤率並提高獲利能力。

Marc will now review our fiscal 2027 guidance.

Marc 現在將回顧我們對 2027 會計年度的財測指引。

The investments and actions Joakim just outlined position Johnson Controls to accelerate growth while maintaining our margin expansion trajectory. Our fiscal year 2027 outlook reflects the strength of the demand environment, the visibility provided by our backlog and continued improvement in execution. For the first-quarter, we expect organic revenue growth of 12% to 14%, operating leverage of 30% to 35% and adjusted EPS of $1.15 to $1.20. For the full year, we expect organic revenue growth of 11% to 12%, ahead of the high single-digit growth in our long-term algorithm.

Joakim 剛才概述的投資與行動，使 Johnson Controls 能在維持利潤率擴張軌跡的同時加速成長。我們對 2027 會計年度的展望反映了需求環境的強勁、在手訂單所提供的能見度，以及執行面的持續改善。就第一季而言，我們預期有機營收成長 12% 至 14%，營運槓桿 30% 至 35%，以及調整後每股盈餘（EPS）為 1.15 至 1.20 美元。就全年而言，我們預期有機營收成長 11% 至 12%，高於我們長期演算法所假設的高個位數成長。

We expect operating leverage of greater than 30% and adjusted EPS of $6.15 to $6.30. At the midpoint, that represents 21% EPS growth from fiscal 2026. As we meaningfully increased capital expenditure to support growth, we expect an adjusted free cash flow conversion of approximately 95%. Our ability to maintain such a strong cash flow conversion while increasing investment, investing in restructuring and increasing manufacturing capacity demonstrate the strength and quality of our earnings and disciplined capital allocation.

我們預期營運槓桿高於 30%，調整後每股盈餘（EPS）為 6.15 至 6.30 美元。以中位數計算，這代表相較 2026 會計年度 EPS 成長 21%。由於我們大幅提高資本支出以支援成長，我們預期調整後自由現金流轉換率約為 95%。在增加投資、投入重整並擴充製造產能的同時，仍能維持如此強勁的現金流轉換率，展現了我們獲利的強度與品質，以及嚴謹的資本配置。

Operator, we are now ready for questions.

接線員，我們現在準備開始提問。

(Operator Instructions)

（接線員指示）

Amit Mehrotra, UBS.

UBS 的 Amit Mehrotra。

I appreciate the question. Maybe we can start with backlog and growth, obviously, both extremely strong. Maybe you can just talk about your ability to sort of keep growing the backlog as the revenue growth picks up. Do you still expect to sort of convert 70%, 80% of that over the next 12 months? And I noticed F&S growth sort of perked up in the Americas, which is encouraging to see. Maybe you can just talk about sort of the expectations there as well.

感謝讓我提問。或許我們可以先從在手訂單與成長談起，顯然兩者都非常強勁。能否談談在營收成長加速之際，你們維持在手訂單持續成長的能力？你們是否仍預期在未來 12 個月內可轉換其中約 70%、80%？另外我注意到美洲地區的 F&S 成長似乎有所回升，看到這點令人鼓舞。也請談談你們對那部分的預期。

So we had very healthy order entry in the quarter coming off of a prior quarter where the order entry also was very strong. So, our backlog continues to grow, while our ability to execute and deliver through our manufacturing operations, but also our field teams continues to improve.

本季的接單量非常健康，而前一季的接單量也同樣非常強勁。因此，我們的在手訂單持續成長，同時我們透過製造營運以及現場團隊的執行與交付能力也在持續改善。

Our pipelines, Amit, continue to grow. They're very healthy in multiple verticals. Of course, data centers was very strong, but we also have a number of other mission-critical verticals that continue to grow here from both pipeline and orders point of view. So we're very confident with the guide that we've given here.

Amit，我們的商機管道持續成長。在多個垂直領域都非常健康。當然，資料中心表現非常強勁，但我們也有多個其他關鍵任務垂直領域，無論從商機管道或訂單角度來看都在持續成長。因此，我們對於這裡所提供的指引非常有信心。

And I guess, Marc, just as a follow-up on the incremental margin of 30% plus, and that's obviously consistent with the long-term framework. I understand that obviously, there's a need for capacity. But at Investor Day, we talked a lot about this opportunity to create synthetic capacity. And so maybe you can just balance those two? And is there maybe an opportunity to sort of exceed the long-term framework in '27, just given how early we are in the journey of the productivity initiatives.

我想追問一下，Marc，關於 30% 以上的增量利潤率，這顯然與長期架構一致。我理解確實需要產能。但在投資人日，我們談了很多關於創造「合成產能」的機會。能否請你平衡說明這兩者？另外，考量我們在生產力計畫旅程中仍相當早期，是否有機會在 2027 年超越長期架構？

Yes. So, we're already exceeding the long-term algo on the top line, right? We guided that 30-plus percent incremental on a high single-digit long-term algo, which we're seeing a much faster growth now going into fiscal year '27, and yet are maintaining that operating leverage well above 30%.

是的。我們在營收端已經超越長期演算法了，對吧？我們在長期演算法為高個位數成長的基礎上，指引給出 30% 以上的增量（利潤率），而我們目前看到進入 2027 會計年度的成長速度更快，但仍能維持高於 30% 的營運槓桿。

The underlying question is how much headwinds do we see as we build that capacity into the factory. There's an opportunity to accelerate growth and potentially create higher operating leverage in the back end of the year as the ramp-up stabilize a little bit, and we get to a better run rate from the infrastructure we've built. And of course, the business system continues to drive enormous opportunities for us to create that soft or synthetic capacity within the factory allowing us to really create more output with much, much less capital.

根本問題在於，當我們把產能建置到工廠時，會看到多少逆風。隨著擴產爬坡在年末趨於穩定，且我們從已建置的基礎設施達到更好的運行水準，確實有機會加速成長，並在下半年創造更高的營運槓桿。當然，業務系統也持續為我們帶來巨大的機會，在工廠內創造那種「軟性」或「合成」產能，使我們能以更少得多的資本創造更高的產出。

As Joakim laid out in his opening remarks, we think we would have probably have needed about twice as much capital as we were going to need over the next year or so to be able to invest in the growth we have seen and that continues to increase from our customers.

正如 Joakim 在開場所說，我們認為若要投資於我們所看到、且客戶需求仍在增加的成長，未來一年左右我們原本可能需要約兩倍的資本。

And the $900 million, Amit, investment in capacity here is obviously in manufacturing, but it's also in innovation as well as investing in digital and AI approaches to continue to -- which is part of our proprietary business system to continue to drive more productivity and better execution capabilities in our field operations.

而這筆9億美元的產能投資，Amit，很明顯是在製造端，但同時也投入在創新，以及投資數位與AI方法，以持續——這也是我們專有的業務系統的一部分——進一步提升生產力，並強化我們現場營運的執行能力。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Note about FY26, congratulations on wrapping that up. Just I want to go back to the orders and obviously, standard strength in the Americas good traction elsewhere. But just curious if there's any change in the kind of the consoles of the orders. Is this still largely a chiller story? Or are we starting to see a bigger mix of, I don't know, module or CDU, just wondering if there's any change in the mix of orders.

關於FY26，恭喜把它收尾完成。我想回到訂單來看，顯然美洲地區表現強勁，其他地區也有不錯的進展。但我好奇的是，訂單的構成是否有任何變化。這仍然主要是冷水機（chiller）的故事嗎？還是我們開始看到更高比例的——我不知道——模組化或CDU？想請教訂單組合是否有任何變化。

Yes. So what we've been working on in particular in the data center area is to increase our TAM. And as you've heard over the last couple of quarters, we've increased our offering, added CDUs, acquired a cold plate company that we're now making good progress with several major customers. And in modular data centers, that is not a new product line for us, but with a little bit increased focus here and a little bit more innovation work, you've been able to read about some of the progress that we've been making here more recently.

是的。我們特別在資料中心領域所做的工作，是擴大我們的TAM（可服務總市場）。正如你在過去幾個季度聽到的，我們擴充了產品供應，新增了CDU，並收購了一家冷板（cold plate）公司；目前我們與數家主要客戶的合作進展良好。至於模組化資料中心，這對我們來說不是新的產品線，但在這裡稍微提高了聚焦度並加強一些創新工作後，你也能看到我們近期取得的一些進展。

So chillers is the largest part of our portfolio still, but a good part of our growth is starting to come from these efforts that we -- I outlined here to increase our TAM. So we're very encouraged about what we're seeing here.

因此，冷水機仍然是我們產品組合中最大的一部分，但我們成長的相當一部分開始來自於這些——我在此概述的——擴大TAM的努力。所以我們對目前看到的情況感到非常鼓舞。

No question. And then just coming back to the -- it looks like it's a new restructuring program, Marc, the $400 million of expense to yield to $600 million of savings by FY29. Number one, I just want to make sure this is the new program on top of the existing program. And maybe just bring us up to speed in terms of where we are right now on the current program and the sort of savings you expect to realize on the current program.

毫無疑問。接著回到——看起來這是一個新的重整計畫，Marc，也就是4億美元的費用，目標在FY29前帶來6億美元的節省。第一，我想確認這是疊加在既有計畫之上的新計畫。另外也請你更新一下目前既有計畫的進度，以及你預期在既有計畫上可實現的節省幅度。

Yes. So if you look at the existing program that really came from the divestiture of our residential light commercial, a lot of that program had to do with fixing how we organize and the base cost and the support infrastructure that drives solutions and function support for customers. And we're very pleased with how that came about. So we had announced about $400 million of expense for $500 million of savings.

是的。如果你看既有的計畫，它主要源自我們剝離住宅與輕型商用業務；該計畫很大一部分是關於改善我們的組織方式、基礎成本，以及支援基礎設施——這些用來推動解決方案並提供客戶所需的功能支援。我們對其落地成果非常滿意。我們當時宣布約4億美元的費用，對應5億美元的節省。

And we've spent about 85% of that $400 million. And you can see as it translates into the earnings here this year, the run rate savings is probably $100 million to $150 million above that original $500 million target. So the outcome and the speed at which we generate the savings ended up, a, being much faster on the old program, but also being much higher.

而我們已經花掉那4億美元中的約85%。你也可以看到，當它在今年轉化到獲利表現時，按年化（run rate）計的節省可能比原先5億美元目標高出約1億到1.5億美元。所以結果以及我們產生節省的速度，a，舊計畫的節省來得更快；同時也更高。

As we looked at more opportunity to simplify the portfolio, we clearly saw the opportunity to simplify the part of the portfolio that is less geared towards the mission critical and data center and simplify a little bit on our logistics and manufacturing footprint, which hasn't been touched as part of the original program. And so that new program, we expect will have maybe a little bit longer lead time than the original program, less low-hanging fruits. But I think it will bear probably as good of the level of return as the first program did. And we are very excited about the opportunity to further simplify our infrastructure.

當我們看到更多簡化產品組合的機會時，我們清楚看到了：可以簡化產品組合中較不聚焦於關鍵任務（mission critical）與資料中心的部分，並在物流與製造據點（footprint）上做一些簡化——而這些在原先計畫中並未觸及。因此，這個新計畫我們預期可能會比原先計畫需要更長的前置時間，因為低垂的果實較少。但我認為它可能會帶來與第一個計畫同樣好的報酬水準。我們對進一步簡化基礎設施的機會感到非常興奮。

Steve Tusa, Wells Fargo.

Steve Tusa，Wells Fargo。

Just on the earnings bridge for '27. I think you break out mix and things like that. You mentioned the savings this year. Can you maybe give us a little bit of color on mix, price/cost and then any kind of savings you're flowing through just to help decompose a little bit the margin?

關於'27年的獲利橋接。我想你把組合等因素拆開來說。你提到今年的節省。你能否再多給我們一些關於組合、價格/成本，以及你正在流入的任何節省的細節，好讓我們更能拆解一下利潤率的構成？

Yes. The -- so I'll get past the divestiture, right, that we put on that bridge. But clearly, the year was really supported by the accelerated growth that we saw mostly in system, and that's a for chiller output revenue that came about. Because of the efforts we did from a business system standpoint, we saw a lot of productivity. The mix uplift we saw really had to do with the different mixes of businesses that generated that incremental revenue. So less traditional fire and security business and more of the higher-end-margin Chile where we differentiate more, and we have the ability to really deploy our technological advantage, and that created a gross margin life.

可以。——所以我先略過我們在那個橋接中列出的剝離影響。但很明顯，今年主要是由我們看到的加速成長所支撐，這多半來自系統端，也就是冷水機出貨帶來的營收。由於我們從業務系統角度所做的努力，我們看到了大量的生產力提升。我們看到的組合提升，主要與帶來增量營收的不同業務組合有關。也就是較少傳統的消防與安防業務，更多高毛利的冷水機領域，在那裡我們差異化更明顯，也能真正發揮我們的技術優勢，進而帶動毛利率提升。

Now transparently service was a slight drag into that internal mix. But if you net all of that out, it's really focusing and orienting our growth opportunity against end market where we can differentiate and provide solution for the customer that they're willing to pay for.

坦白說，服務在內部組合上是小幅拖累。但把這些加總起來看，重點在於把我們的成長機會聚焦並對準那些我們能夠差異化、並提供客戶願意付費的解決方案的終端市場。

Okay. And your price cost positive?

好的。那你們的價格/成本是正向的嗎？

We have price cost positive for the year. There was a lot of inflation on both material and a little bit on raw. You can see that while we maintain price cost positivity, the incremental price we got on top of inflation does not fully translate into the same margin rate. Said differently, we don't get exactly the 37% gross margin rate we have on a recovery on inflation, but we're absolutely price cost positive, it's just slightly margin dilutive for the year.

我們今年的價格/成本是正向的。材料端以及部分原物料端都有不少通膨。你可以看到，雖然我們維持價格/成本為正，但我們在通膨之上取得的增量價格，並沒有完全以相同的利潤率轉化。換句話說，我們在回收通膨時，拿不到與我們37%毛利率相同的毛利率水準；但我們絕對是價格/成本為正，只是對今年而言會略微稀釋利潤率。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Congrats on a great year. And just quick to clarify on Steve's question. Are you -- do you need more price in '27 to be price/cost positive?

恭喜有個很棒的一年。我想快速釐清Steve的問題。你們——在'27年是否需要更多的漲價才能維持價格/成本為正？

No. We are price cost positive in '26, and we will be price cost positive in '27. We don't need more relative price. My point, Scott, was if you get 100 points of price and you have a cost increase of 80, your price cost positive by 20. But that 20 is less than your normal 37% in our case, gross margin rate. And so -- yes, ideally, I'd always love more price, but we want to remain competitive in the way we play in the market.

不需要。我們在'26年價格/成本為正，'27年也會價格/成本為正。我們不需要更多相對價格。Scott，我的意思是：如果你有100個基點的價格，而成本增加80個基點，那你的價格/成本為正20個基點。但這個20在我們的情況下，低於我們正常的37%毛利率水準。所以——是的，理想上我當然總是希望有更多的價格，但我們也希望在市場競爭中保持競爭力。

And so we'll continue to act as good guardian of our shareholders' money. And price way higher than what we see in inflation, but our ability to maintain from an inflatory standpoint, the entirety of the gross margin rate of the enterprise at time will become challenged.

因此，我們會持續善盡股東資金的守護者角色。我們的定價會高於我們看到的通膨水準，但從通膨的角度來看，要在某些時點維持企業整體毛利率水準的能力，將會受到挑戰。

Okay. That's helpful. And then are you guys done with 80/20 in fire security? And I don't mean that well, growth reaccelerated. So are we kind of -- have you anniversaried the tougher kind of comps there on 80/20 or was growth itself just that much stronger?

好的。這很有幫助。那你們在消防安防的 80/20 已經做完了嗎？我的意思不是說，嗯，成長又重新加速了。所以我們算是——在 80/20 這塊已經度過了比較艱難的比較基期（comp）了，還是說成長本身就是強到那個程度？

Well, when it comes to the business system that we have built and are deploying that's a multiyear journey. So to some respect, and it's the good news that you're never done because there's always more opportunity.

嗯，談到我們已建立並正在推行的營運系統，這是一段跨多年的旅程。所以某種程度上，這也是好消息：你永遠不會「做完」，因為總是還有更多機會。

I think what we're seeing is to go back to the performance of some of those businesses is that as a result of leveraging our business system, but also as a result of some work changes we made a couple of quarters ago where we have decentralized decision-making and empowered frontline general managers with a broader scope of responsibility, think being able to influence the customer end to end. I think we're starting to see the early benefits of that. So I'm very encouraged and expect to see more here going forward.

我認為我們看到的是，回到那些業務的表現來看，一方面是因為我們運用營運系統帶來的效益；另一方面也是因為我們在幾個季度前做了一些工作方式的調整：我們把決策下放，並賦權第一線的總經理，讓他們承擁更廣的責任範圍——可以端到端影響客戶。我想我們開始看到這些措施的初步效益。所以我非常受鼓舞，也預期未來還會看到更多成果。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

I echo everybody's congratulations on a great year. The first question I have is really just around the backlog conversion. So your guidance implies call it, roughly around $3 billion in incremental revenue in FY27 versus FY26. Obviously, backlog is up $8 billion. What I'm trying to understand is just -- is it just the nature of the projects that you're booking and when those projects are expected to deliver?

我也跟大家一樣，恭喜你們有個非常出色的一年。我第一個問題主要是關於在手訂單（backlog）的轉換。你們的指引意味著，FY27 相較 FY26，大概會有約 30 億美元的增量營收。很明顯，在手訂單增加了 80 億美元。我想理解的是——這是否只是因為你們目前接到的專案性質，以及這些專案預計交付的時間點？

And is there potential upside to Amit's question from earlier around like some better capacity to be able to deliver more of your backlog in FY27 than what's implied in your balance?

另外，針對先前 Amit 的問題，是否存在上行空間：例如你們有更好的產能，能在 FY27 交付比你們資產負債表所暗示的更多在手訂單？

Yes. No, fair question, Joe. The $23 billion backlog we've not accumulated over the past year, that really provides us very clear visibility into the growth for '27 and is fully embedded in how we've outlooked the 11% to 12% organic revenue growth for the year. We still anticipate 70% to 80% of that backlog to convert into revenue over the next 12 months. That's not something that has changed. And the remainder of that balance extends beyond fiscal year '27. The primary constraint really is not demand.

是的。Joe，這是個合理的問題。我們 230 億美元的在手訂單並不是在過去一年才累積起來的；它確實讓我們對 27 年的成長有非常清晰的能見度，而且已完整反映在我們對全年 11% 到 12% 有機營收成長的展望中。我們仍預期其中 70% 到 80% 的在手訂單會在未來 12 個月內轉為營收。這點沒有改變。其餘的餘額則會延伸到 27 財年之後。主要的限制其實不是需求。

The demand continues to accumulate and the mix of projects is not materially changing. But in some cases, we see customers that continues to face power and some electrical infrastructure limitation, that influences their commitment on when they want to take delivery and the project timing and simply the schedule of how that will all unfold. But we are very confident that we are going to continue to build a backlog and continue to build capacity to accelerate growth.

需求仍在持續累積，專案組合也沒有出現實質性的改變。但在某些情況下，我們看到客戶仍面臨電力以及部分電力基礎設施的限制，這會影響他們承諾何時收貨、專案時程，以及整體展開的排程。不過我們非常有信心，我們將持續累積在手訂單，並持續擴充產能以加速成長。

That's great, Marc. And then I guess just my follow-up question, maybe just on the capacity. You guys talked about this ability to create some better capacity. I'm just curious just given the demand environment remains so strong? Is there a point where this capital efficient drug that you guys have maybe requires additional hard CapEx? Or do you feel like you've got good line of sight for the next couple of years?

很好，Marc。那我接著問一個追問，可能是關於產能。你們談到有能力創造更好的產能。在需求環境仍然這麼強勁的情況下，我想知道——你們這種資本效率很高的「配方」是否會在某個時間點需要額外的硬體資本支出（hard CapEx）？還是你們覺得未來幾年都有很好的能見度？

I think we have pretty good line of sight for the next couple of years. And we'll back that up with what many of you who participated in our go to Gamba Day in June, where we showed an example of how we had taken a part of a factory and quadruple the capacity without adding headcount, capital and actually have reduced the number of space needed. So there are still many opportunities like that available to us. So our capacity expansion going forward is going to continue to be less capital intensive than in the past.

我認為未來幾年我們有相當好的能見度。而且我們可以用很多人在六月參加我們 Gamba Day 時看到的內容來佐證：我們展示了一個例子，如何在不增加人力、不增加資本投入的情況下，把工廠某一部分的產能提升到四倍，甚至還減少了所需空間。所以我們仍有很多類似的機會可以把握。因此，未來我們的產能擴張將會持續比過去更不依賴資本投入。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Can you just talk about what's happening in just HVAC supply chain, specifically, I'm thinking Silent-Aire? A lot of headlines, a lot of concerns. You seem to have been able to deal with it well. Where are we? What does it look like into next quarter? And what are your assumptions into next year? And how are you managing it?

能否談談 HVAC 供應鏈目前的情況？具體來說，我想到的是 Silent-Aire。有很多新聞標題、很多擔憂。你們看起來處理得很好。我們現在處於什麼狀態？下一季看起來如何？你們對明年的假設是什麼？你們如何管理？

Well, so first of all, thanks for that question. So first of all, as you heard also from at the go to Gamba Day and those materials for those of you who weren't there are on our website. So our vertical integration here is really a significant advantage in a high demand environment that we're living in right now. And you'll recall, we talked about for chillers, for example, that chiller is really five key subsystems, and we own not just the proprietary technological know-how, but also control the COGS.

好的，首先謝謝這個問題。首先，正如你在 Gamba Day 以及相關資料中也聽到的——沒到場的各位也可以在我們網站上找到那些資料。我們在這裡的垂直整合，在當前這種高需求環境下是一個非常顯著的優勢。你會記得我們談過，例如冷水機（chiller）其實由五個關鍵子系統構成，而我們不僅擁有專有的技術 know-how，也能掌控銷貨成本（COGS）。

So we manufacture the five side systems and are quite vertically integrated. And we, of course -- but we're not vertically integrated on everything. So we continue to look at what would make sense economically to do more in-house to reduce the dependency on potential shortages from a variety of vendors. And included in that is also looking at potential acquisitions of -- I think of them more as surgical acquisitions, bolt-on acquisitions to help protect our supply chain here. But so far, our teams are executing very well.

因此我們自行製造這五個子系統，垂直整合程度相當高。當然——但我們並非在所有項目上都做到垂直整合。所以我們持續評估，從經濟性角度來看，哪些部分適合更多內製，以降低對多家供應商可能出現短缺的依賴。其中也包括評估潛在併購——我更傾向把它們視為外科手術式的併購、補強型（bolt-on）併購，用來協助保護我們的供應鏈。但到目前為止，我們的團隊執行得非常好。

So even though there are the odd issues, which there always are in manufacturing, we're able to execute pretty well here, as you see from the results.

所以即使偶爾會有一些問題——製造業總是會有——我們仍能把執行做得很好，正如你從業績結果所看到的。

And then just maybe more a technical question. Given your relationship with Armada, how does the modular product flow through your P&L? How should we think about it? Because you sort of -- you cite about capacity additions. Do we just assume all of this revenue flows through the P&L and margin? Or how should we think about modeling it?

再來可能是一個比較技術性的問題。考量你們與 Armada 的合作關係，模組化產品在損益表（P&L）上是如何反映的？我們應該怎麼理解？因為你們提到產能增加。我們是否可以假設這些營收都會反映在損益表以及利潤率上？或者我們在建模時應該怎麼處理？

Yes. So the way that flows through is our Silent-Aire. So relationship with Armada is we are really the infrastructure provider of those containerized modular edge compute sovereign AI pods. As you know, we are very proud of being -- now qualified for the new NVIDIA program, and we announced that plan to ramp up 500-megawatt with them.

是的。它在損益表上的呈現方式是透過我們的 Silent-Aire。我們與 Armada 的關係是：我們基本上是那些採用貨櫃化、模組化的邊緣運算主權 AI pods 的基礎設施供應商。如你所知，我們非常自豪——我們現在已通過 NVIDIA 新計畫的資格認證，並宣布與他們一起把規模提升到 500 兆瓦的計畫。

Armada has the entirety of the software layer and distributed application that goes through that compute. And we take care and revenue in our P&L over the next 12, 18 months, everything that has to do with the equipment and those container eves -- modular data centers. And so we're very excited about that opportunity. The growth it represents.

Armada 擁有完整的軟體層與分散式應用，這些會在該運算平台上運行。而在接下來 12 到 18 個月內，所有與設備以及那些貨櫃式——模組化資料中心相關的部分，我們都會在損益表中認列並反映營收。因此我們對這個機會非常興奮。以及它所代表的成長。

We think that market will continue to evolve and will continue to evolve to the positive. Some of the political environment and the uncertainty around logistic allocation and the need to accelerate the speed to compute will continue to be a critical item for our customers.

我們認為市場將持續演進，並且會朝正向持續發展。部分政治環境因素、物流配置相關的不確定性，以及需要加快運算速度的需求，將持續成為我們客戶的關鍵議題。

In our TAM, our dollars per megawatt, if you will, is higher in this kind of business than in most other parts of the data center business that we're in -- I'm talking about per megawatt now. And so you should think about those modular data centers as having pretty much everything we develop and own included in it.

在我們的TAM中，若以每兆瓦的美元價值來看，這類業務的每兆瓦價值高於我們所處資料中心業務的多數其他部分——我現在談的是每兆瓦。因此，你可以把那些模組化資料中心視為幾乎包含了我們所開發並擁有的一切內容。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Can we just talk a little bit about what you're seeing with respect to the Middle East and what you've baked in for the Middle East within the EMEA outlook for 2027?

我們能否稍微談談你們在中東地區看到的情況，以及你們在2027年EMEA展望中對中東納入了哪些假設？

So the Middle East was challenged in 2026. But over the last couple of quarters, it would seem like some customers have figured out how to live with the uncertainty of the environment. And therefore, we are projecting a slight improvement in what we expect from that region. But of course, there's still a lot of uncertainty around what's going to happen there. So we're not back to where we were before the uncertainties.

中東在2026年面臨挑戰。但在過去幾個季度，看起來有些客戶已經找到了在環境不確定性下運作的方法。因此，我們預期該地區的表現將會有小幅改善。但當然，那裡接下來會發生什麼仍存在很大的不確定性。所以我們尚未回到不確定性出現之前的水準。

Okay. Understood. And then with respect to the global intrusion announcement yesterday, is it possible to size that business in terms of the total divestitures that you guys were -- have been considering that you've disclosed? And any update on the progress for -- or the time line for additional divestitures?

好的，了解。另外，關於昨天的全球入侵（intrusion）業務公告，是否可以就你們已披露、正在考慮的整體剝離項目來衡量該業務的規模？以及對於其他剝離項目的進度或時間表是否有更新？

Yes. So First, that intrusion business, if you remember, it's residential, very light commercial type of business. As you know, those are two end markets that we've really decided were noncore for what JCI does and really not aligned with our mission-critical approach. We anticipate to close that transaction towards the end of the second-quarter of '27. That transaction will be slightly dilutive.

是的。首先，那個入侵業務，如你所記得，主要是住宅端，以及非常輕量的商用類型業務。如你所知，這兩個終端市場我們已經明確認定對JCI而言屬於非核心，且與我們以關鍵任務（mission-critical）為導向的策略並不一致。我們預期將在27年第二季末左右完成該交易。該交易將會略具稀釋性。

Think about $0.15 on an annualized basis once it's closed. So for the balance of fiscal year '27, it won't be highly material as we look into it. But depending on the timing, we'll keep you posted. The annual revenue of that business is right around $0.5 billion.

一旦完成交割，按年化計算大約是0.15美元。因此就27財年的剩餘期間而言，我們評估其影響不會非常重大。但視時點而定，我們會持續向各位更新。該業務的年營收約為5億美元。

And then, Nicole, we continue to work on our overall portfolio and the overarching goal here is, of course, to create shareholder value. And so there is more work going on, and we'll keep you posted. But meanwhile, of course, we're -- as per the other question that was asked, we're making sure that we continue to execute better across the portfolio.

另外，Nicole，我們持續檢視並推進整體投資組合的調整，而這裡的總體目標當然是創造股東價值。因此還有更多工作正在進行中，我們會持續向各位更新。同時，當然，正如先前那個問題所提到的，我們也確保在整個投資組合中持續把執行做得更好。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Yes. So your comment earlier about the productivity of the CapEx you're adding and how would have been twice as high were it not for the business system. I wonder if we could put some additional parameters around that. Is there a way to think about the revenue capacity that this investment is bringing? Because I think it would be a good measure of kind of your capital efficiency here and obviously help us understand some of the longer-term growth possibilities.

是的。你先前提到你們新增的資本支出（CapEx）的生產力，以及若不是因為業務系統，其實本來可以高出一倍。我想知道能否對此加上一些更具體的參數。是否有方法可以思考這項投資所帶來的營收產能？因為我認為這會是衡量你們資本效率的一個好指標，也能幫助我們理解一些較長期的成長可能性。

The goal is to keep up with the demand as we see it coming from the mission-critical vertical like data center, meaning the goal is to keep up for a longer period of time with double-digit growth demand in terms of revenue opportunity. Doesn't mean we'll be a double-digit growth company forever, but it means that the objective of the buildup of our infrastructure in '27 and in '28 is to maintain that double-digit trajectory and capture as much as we can of the opportunity as we see it and maintain that leadership position in those critical domain that JCI has been operating in.

目標是跟上我們所看到、來自關鍵任務垂直領域（例如資料中心）的需求；也就是說，目標是在更長一段時間內，能夠跟上以營收機會衡量的雙位數成長需求。這不代表我們會永遠都是雙位數成長公司，但代表我們在27年與28年擴建基礎設施的目的，是維持這條雙位數成長軌跡，盡可能把握我們所看到的機會，並在JCI所深耕的那些關鍵領域維持領導地位。

And keep in mind, again, the $900 million, of course, manufacturing is an important part of that. But as I've mentioned before, there is an important part of innovation investments in there as well to accelerate the rate, the speed and rate of innovation to further our competitive advantage, capitalize on 150 years of know-how technological, know-how that we built up. And then there's also a chunk of investment related to basically, think of it as productivity in the field that will enable our -- with AI and digital approaches and tools enable our field to serve and win more customers.

另外請記住，這9億美元當然製造端是其中重要的一部分。但如我之前提過，其中也包含相當重要的創新投資，用以加快創新的速度與頻率，進一步擴大我們的競爭優勢，並運用我們累積150年的技術與專業知識。此外，還有一部分投資基本上可視為提升現場端生產力：透過AI與數位化方法與工具，讓我們的現場團隊能服務並贏得更多客戶。

A question on some of the regional orders dynamics. I think it's striking that Americas was so robust this quarter. When we look at the pipelines and where we're seeing inflection in pipeline growth, one could argue that EMEA and APAC are perhaps seeing more excel at this point. I'm curious to know if you see that in your pipeline as well? And how you think about the implications for orders growth from here moving into the next several quarters?

我有一個關於部分區域訂單動態的問題。我認為本季美洲地區表現非常強勁，這點很引人注目。但當我們看管線（pipeline）以及管線成長出現拐點的位置時，有人可能會認為EMEA與APAC目前的表現更為突出。我想了解你們在自家管線中是否也看到同樣情況？以及你們如何看待從現在到未來幾個季度，對訂單成長的意涵？

So our pipelines continue to grow at a nice rate in all three regions. Now having said that, the some of the secular drivers around data centers, semicon, those two verticals that really are related to the world's desire and need for more compute. -- the drivers are much stronger in the United States and Asia Pacific. And by the way, in Asia Pacific, they have strengthened in a very nice way here over the last couple of quarters. Europe is just simply a little bit earlier in its journey when it comes to all things compute, but we expect that to hopefully change here over the next year.

我們的管線在三個區域都以不錯的速度持續成長。話雖如此，資料中心、半導體等一些長期結構性驅動因素——這兩個垂直領域確實與全球對更多運算能力（compute）的渴望與需求相關——這些驅動力在美國與亞太地區要強得多。順帶一提，在亞太地區，過去幾個季度這些驅動力也以非常好的方式進一步增強。歐洲在與運算相關的各項發展上，只是處於旅程較早期的階段，但我們預期在未來一年內有望出現改變。

Beyond those verticals, there are healthy pipeline growth in, for example, biopharma, but also defense for the obvious reasons you can read in the paper every day what's going on in the world, right? So -- and so the mix of what's happening in the pipeline is a little bit different by region here. But generally, pipelines are growing very nicely in every region.

除了那些垂直領域之外，例如在生物製藥方面也有健康的管線成長，另外還有國防——原因很明顯，你每天看新聞就知道世界正在發生什麼，對吧？因此——因此各區域的管線組合正在發生的事情略有不同。但整體而言，每個區域的管線都成長得非常好。

Jeffrey Sprague, Vertical Research.

Jeffrey Sprague，Vertical Research。

Couldn't stay away, guys. I hope you're doing well. Just coming back to backlog and conversion. I know there's been a couple of questions on this. But the fundamental principle of the backlog you share with us, I believe, is backlog that you can deliver within the next 12 months? Obviously, what you can deliver and what the customer accept are maybe two different things, which gets us to maybe that 70% to 80%.

我還是忍不住要來，夥伴們。希望你們一切都好。我想再回到在手訂單（backlog）與轉換（conversion）這個話題。我知道這方面已經有幾個問題了。但我理解你們與我們分享的在手訂單，其基本原則是：你們能在未來12個月內交付的在手訂單？顯然，你們能交付的與客戶能接受（驗收）的可能是兩件不同的事，這也許就導致了那個70%到80%的數字。

But I want to confirm that's fundamentally correct. The backlog is technically deliverable within 12 months. And then -- so maybe you could -- if that's so, then the numbers do suggest fairly significant revenue upside relative to your guide, and it obviously is an initial guide, we get that.

但我想確認這在根本上是正確的。技術上，積壓訂單可在 12 個月內交付。然後——所以也許你可以——如果確實如此，那麼這些數字確實顯示，相較於你們的指引，營收上行空間相當可觀；而且這顯然只是初步指引，我們理解。

But maybe just kind of talk about maybe those customer bottlenecks? Are they getting more significant, what role you can maybe play in helping untangle some of the stuff? And just any other perspective on that sort of broader question.

但也許請談談那些客戶端的瓶頸？它們是否變得更嚴重？你們在協助釐清、解開其中一些問題上，可能能扮演什麼角色？以及對這個更廣泛問題的任何其他觀點。

Yes. So as I mentioned earlier, the primary constraint is really not demand. And yes, the definition, as you laid it out, is exactly what it is. We unconstrained supply and constrained demand, we could deliver the entirety of that backlog in the next 12 months. It doesn't mean that our customer will be able to -- and in some cases, the customer continued to face the same problem as they have historically. I wouldn't say not at a faster pace. So dynamically, the market isn't changing.

是的。如我先前提到，主要限制其實不是需求。而且是的，你所描述的定義完全正確。如果供給不受限、需求受限，我們可以在未來 12 個月內交付全部積壓訂單。但這不代表我們的客戶就能——而且在某些情況下，客戶仍持續面臨他們過去一向存在的同樣問題。我不會說情況有以更快的速度改善。所以從動態來看，市場並沒有改變。

The location maybe in some of those data centers is moving a little bit wrong, but we don't see really a slowdown or more difficulty from a customer standpoint to accept the orders. But your point stands, if some of those constrained simplify or loosen up a little bit over the next 12 months, our ability to unfold more of the backlog quicker is absolutely an opportunity. And -- as you said, 11% to 12% is where we see the year coming in. Should the market evolve a little bit differently, we could be -- potentially do better.

某些資料中心的選址可能有些偏差，但從客戶角度來看，我們並未看到接單接受度出現真正的放緩或更大的困難。不過你的觀點成立：如果未來 12 個月內其中一些受限因素能簡化或稍微鬆動，我們更快釋放更多積壓訂單的能力，絕對是一個機會。而且——如你所說，我們預期全年落在 11% 到 12%。若市場演變略有不同，我們可能——有機會做得更好。

And then maybe since we're near the tail end of the call, and you covered a lot of ground. I'll just throw a modeling knit at you, Marc. Just kind of the movement in and Armada, looks a little odd, dropping down the way it did in Q4 and then back up in Q1. Can you just provide a little color on what's going on there?

另外，既然我們接近電話會議尾聲，而你也涵蓋了很多內容。我就丟一個建模上的小問題給你，Marc。Armada 的變動看起來有點奇怪：在第四季那樣下滑，然後第一季又回升。你能否稍微說明一下那邊發生了什麼？

Yes, the Armada coming down was just part of the normal amortization schedule. And when you see it coming back up, it's associated with the transaction we did on Alloy that increased in the quarter, the amortization expense, as you know, new acquisitions, especially technology capability acquisition will come sometimes with a little bit more than you normally do. But those are for the good reason and we're really excited about the opportunity that Alloy brings from a heat exchanger differentiation as well as our entry into the cold plate market and differentiated CDU opportunities.

是的，Armada 的下降只是正常攤銷時程的一部分。而你看到它回升，與我們在 Alloy 的交易有關；該交易使本季攤銷費用增加。你也知道，新併購——尤其是技術能力型併購——有時會帶來比平常更高一些的攤銷。但這些都有其正當理由，我們也非常期待 Alloy 所帶來的機會：包括在熱交換器上的差異化，以及我們切入冷板市場與具差異化的 CDU 機會。

Varun Govindaraj, Bernstein.

Varun Govindaraj，Bernstein。

These few months, there's always the scale that sellers are going away at GTC Berlin NVIDIA put out another video showing that. Clearly, it's not reflecting in your strong order numbers, but are you sharing anything at all from customers indicating a shift away from chillers? And just as you plan for this over the longer run, how are you thinking of managing that risk away?

這幾個月來，市場上一直有一種說法，認為在 GTC Berlin，NVIDIA 又釋出另一支影片顯示賣方正在逐步取消（chillers）。顯然，這並未反映在你們強勁的訂單數字上，但你們是否從客戶那邊聽到任何顯示正在轉向不使用冷水機的訊號？以及從更長期規劃來看，你們如何思考並管理這種風險？

Thank you for the question. I think lots have been written on that topic by many on this call. I think there will be some situations over time. We're on the margin. Perhaps 1 or 2 tier chillers will be needed. But by and large, customers are designing data centers with redundancy and designing them for operating at a certain peak conditions, which even though you think you may be able to reduce number of chillers and practice in reality, that's not how they're being designed at least not yet with less chillers that is.

謝謝你的問題。我想在這通電話會議上，很多人都已就這個主題寫過、談過不少。我認為隨著時間推移，確實會有一些情境。在邊際上，也許仍需要 1 到 2 台分級（tier）的冷水機。但整體而言，客戶在設計資料中心時會納入備援，並以某個峰值條件來設計其運作；即使你認為理論上可以減少冷水機數量，但在實務上，至少目前他們的設計方式並不是這樣——也就是說，尚未以更少的冷水機來設計。

Now regardless of that, as I mentioned before, our strategy in the data center market is to continue to increase our TAM per megawatt, and we're doing that through a number of ways. But if I talk about two approaches. One is, and we've talked about this before. One is simply approaching our strategy is to win in the overall thermal architecture of the entire data center to be able to reduce the amount of energy used for even higher capacity and more rapid response cooling. And we're doing that by adding -- have been adding capabilities in CDUs in cold plates and in controls. And there's more to come, and we'll be announcing more here in the next couple of quarters.

不論如何，如我先前提到，我們在資料中心市場的策略，是持續提高每兆瓦的可服務市場規模（TAM），而我們正透過多種方式來做到這點。如果我談兩個方向：第一個是——我們之前也談過——我們的策略很單純，就是在整個資料中心的整體熱架構中勝出，從而在更高容量與更快速反應的冷卻需求下，仍能降低能源使用量。我們透過增加——一直在增加——CDU、冷板以及控制系統方面的能力來達成。而且後續還會有更多，我們會在接下來幾個季度再宣布更多內容。

And so that's one way to increase the TAM and help our customers basically design and operate much more efficient data centers. And then the second thing which we talked about earlier on this call is really the modular segment that we have been in for a number of years, but that we've decided to double down on because we think the opportunity is very, very compelling here in the near and medium term. And there, again, as I alluded to, our TAM per megawatt is even higher than in the larger gigawatt data centers.

因此，這是一種提高 TAM 的方式，也能協助我們的客戶設計並營運更高效率的資料中心。第二點——我們在本次電話會議稍早也談到——是我們已投入多年的模組化（modular）領域；但我們決定加碼投入，因為我們認為在短期與中期，這裡的機會非常、非常具有吸引力。而在那個領域，如我先前提到的，我們每兆瓦的 TAM 甚至高於大型的 GW 級資料中心。

Got it. And then as a quick Chile-related follow-up, are you seeing anything happen on the mix between air cooled and water cool units just with this whole narrative around water conservation? Whatever you can share qualitatively?

了解。另外一個與智利（Chile）相關的快速追問：在「節水」這整個敘事之下，你們是否看到風冷與水冷機組之間的組合（mix）出現任何變化？你能定性分享的都可以。

The mix has not changed materially recently. And as you know, almost all of the data centers that are being built today have closed loop water cooling systems and consume less than -- much, much less than your local golf course. And so I think this water consumption point is something -- many of our customers are addressing now with the general public through their ramping PR agencies here. It's quite frankly, old news and not the way centers have been designed for a long time.

最近這個組合並沒有出現實質性的變化。而且如你所知，今天正在興建的幾乎所有資料中心都採用封閉迴路的水冷系統，其耗水量低於——遠遠低於——你當地的一座高爾夫球場。因此，我認為「用水量」這個點——我們許多客戶現在正透過他們加強中的公關團隊向大眾說明。坦白說，這是老議題，而且資料中心早就不是用那種方式設計了，已經很久了。

Brett Linzey, Mizuho.

Brett Linzey，Mizuho。

I wanted to follow up on the pipeline, the CDU and then the incremental business on cold plates. I guess as we look at that $1 billion pipeline, how much of that is already converted into orders -- firm orders here. And then thinking about as that new capacity comes online, how much is effectively spoken for versus really dependent on future order conversion?

我想追問一下你們的 pipeline、CDU，以及冷板的增量業務。我想，當我們看那個 10 億美元的 pipeline，其中有多少已經轉換成訂單——也就是目前已是確定訂單？另外，隨著新產能上線，有多少基本上已被預訂（spoken for），相較之下又有多少其實取決於未來 pipeline 轉單？

Only a small portion of that $1 billion plus pipeline is converting to date. So there's a lot of upside opportunity, and we continue to see that pipeline growing. We are ramping up capacity for CDU in all three regions. That capacity is mostly spoken for as we look at it. But part of the investment we're making, the $900 million of CapEx has to do with ramping up the capacity at speed to reduce our lead time and have the opportunity to accelerate the order rate for a very differentiated CDU product offering.

截至目前，那個 10 億美元以上的 pipeline 只有一小部分已轉換成訂單。所以仍有很大的上行機會，而且我們也持續看到 pipeline 在成長。我們正在三大區域同步擴增 CDU 產能。就我們目前的觀察，這些產能大多已被預訂。但我們正在進行的投資——也就是 9 億美元的資本支出（CapEx）——其中一部分就是要快速拉升產能，以縮短交期，並把握機會加速具高度差異化的 CDU 產品供應所帶來的接單速度。

And then in general, on capacity, let me share a little bit the types of discussions I'm having with some of our larger customers which basically is along the following lines. We have, over the last year, staffed up with an incredibly strong manufacturing and operations team which is why, and they're helping us deploy the business system to create capacity through lean manufacturing, but they're also very strong an experience that's standing up new capacity as we continue to do, and we've talked about on this call. We are able to -- for many of our product lines, stand up new plants, physical plant capacity within 12 months.

接著就產能整體而言，讓我分享一下我與部分較大型客戶正在進行的討論類型，基本上大致如下。在過去一年裡，我們擴編了一支極其強大的製造與營運團隊，這也是原因之一；他們正協助我們導入商業系統，透過精實製造來創造產能，同時他們在持續建立新產能方面也非常有經驗，正如我們在本次電話會議中所談到的。對於我們許多產品線而言，我們能夠在 12 個月內建立新廠、也就是實體廠房產能。

And with the lean manufacturing the business system, we're able to create meaningful capacity within quarters in addition to what we get for the -- with the hard capacity that we create. Many of our customers it takes more than a year to build the data center, right? So they are ordering in some cases, up to a year ahead of when they need the actual equipment.

而透過精實製造的商業系統，除了我們所建立的—也就是我們打造的硬體產能之外，我們也能在以季為單位的時間內創造具實質意義的產能。我們許多客戶建置資料中心往往需要超過一年，對吧？因此他們在某些情況下會提前多達一年下單，早於他們實際需要設備的時間。

So we're trying to create a situation here, and I think we're there where we can -- we have flexibility on creating capacity faster than the demand requires it. And so we're trying to create a bit of a business model change, which we believe is going to be part of our many aspects of our differentiation.

所以我們正試圖在這裡創造一種情境，而且我認為我們已經做到：我們可以—在需求需要之前，以更快的速度建立產能，並保有彈性。因此我們正嘗試推動一些商業模式的改變，我們相信這將成為我們差異化的多個面向之一。

Yes. I appreciate that. And then just a quick follow-up on service and specifically the attachment rates. So very strong growth in systems, service, obviously, strong. But the rate of growth, not the same level. What really explains that? I guess, is it duration? Or is there resource allocation? Maybe just talk about the uptick in your attachment rate trends.

是的。我很感謝這些說明。接著就服務再追問一下，特別是附掛率（attachment rates）。系統業務成長非常強勁，服務顯然也很強。但成長率並沒有到同樣的水準。這主要是什麼原因？我想，是合約期間（duration）嗎？或是資源配置？也請談談你們附掛率趨勢的回升。

Well, so we're in many different service businesses, right? You've got HVAC, you have fire, you have security. And within those businesses, there are different service games, right? So it's -- you can't really generalize. We've spoken about in prior quarters where the growth has been more subdued in particular, in our security part of the portfolio, the service and the security portfolio, where we have done work to look at what kind of contracts we want to be involved in the growth run rate and the profitability of those.

嗯，我們其實在很多不同的服務業務裡，對吧？你有 HVAC，你有消防，你有安防。而在這些業務之中，又有不同的服務玩法，對吧？所以—其實很難一概而論。我們在前幾季談過，成長較為溫和的部分，特別是在我們投資組合中的安防板塊，也就是服務與安防投資組合那一塊；我們已做了一些工作，去檢視我們希望參與哪些類型的合約，以及其成長的運行率（run rate）與獲利能力。

And as we're repositioning and a little bit in the service side of the -- security service side of the business, we're still seeing a little bit of subdued growth there, but it's starting to pick up. But as we've said in prior quarters, we still probably have another one or two quarters ahead before we're on the other side of that. So the security service business is the one that is -- has the biggest opportunity here.

而當我們在業務的—安防服務端進行重新定位與一些調整時，那裡的成長仍稍顯溫和，但已開始回升。不過如同我們在前幾季所說，我們可能還需要再一到兩季，才會完全走過這段調整期。因此，安防服務業務是—在這裡擁有最大機會的部分。

Toby Okwara, Morgan Stanley.

Toby Okwara，摩根士丹利。

Congrats on the great quarter. Just wanted to follow up on some of the service questions and specifically in data center. I guess was this -- as the business mix is more towards data center, does that change the service opportunity long term at all? Or how do you kind of think about that?

恭喜本季表現出色。我想延續一些關於服務的問題，特別是在資料中心方面。我想問，隨著業務組合更偏向資料中心，長期來看是否會改變服務機會？或者你們大致如何看待這件事？

Yes, it will. And obviously, the systems growth is very, very healthy, and the attachment rates in the data center world are higher than fleet average. So over time, that will benefit us -- and we believe that our field footprint is one of the industry's largest. And as we're deploying our business system, and as many of you who visited us on the go to Gamba Day could see we're not just improving our ability to productize and sell services, but we're also improving our ability to execute on those services more productively. So we believe there is both a, over time, a top line acceleration opportunity, but also a very nice margin opportunity here.

是的，會的。而且很明顯，系統業務成長非常、非常健康，而在資料中心領域的附掛率高於整體平均。因此隨著時間推進，這將使我們受益—我們也相信，我們的現場服務據點（field footprint）是業界最大之一。隨著我們部署商業系統，以及許多在 Gamba Day 參訪過我們的人所看到的，我們不僅在提升將服務產品化並銷售的能力，也在提升以更高生產力執行這些服務的能力。因此我們相信，這裡不僅有隨時間推進的營收加速機會，也有非常不錯的利潤率機會。

And then following up on some of the international questions. I guess outside of Middle East, how did the growth look in Europe there? And what would you need to see in the market to see acceleration in the catch up to the growth that we've seen in Americas and APAC?

接著追問一些國際方面的問題。我想問，除了中東之外，歐洲那邊的成長表現如何？以及市場需要出現什麼情況，才會看到加速，追上我們在美洲與亞太所看到的成長？

Yes. So first of all, I think it's important to understand that our business mix is quite different in Europe than the other two regions. So we're much heavier on fire and security in Europe. And -- but building our presence on thermal management, meaning HVAC and controls.

是的。首先，我認為重要的是要理解，我們在歐洲的業務組合與另外兩個區域相當不同。因此在歐洲，我們在消防與安防的比重高得多。同時—我們也在擴大我們在熱管理方面的布局，也就是 HVAC 與控制系統。

So -- and that's where the investments are going in Europe. As you heard the market in Europe for data centers and semicon is in earlier stages than it is in the United States and Asia Pac, but I think that over the next few years, we're going to see a significant pickup in that, and we're positioning ourselves to be ready for that.

所以—在歐洲的投資正是投入在這些領域。如你所聽到的，歐洲在資料中心與半導體的市場發展階段，仍早於美國與亞太；但我認為在未來幾年，我們將看到顯著的回升，而我們也正在定位自己，以便為此做好準備。

This concludes our Q&A session. I will now hand the call back to Joakim Weidemanis for any closing comments.

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

Thank you all for joining us today. So we exit fiscal 2026 with great momentum, record backlog and clear visibility into the year ahead. Our differentiated technological capabilities, our unmatched field presence and proprietary business system positions us to support customers as their requirements continue to scale and to create increasing value for our shareholders.

感謝各位今天加入我們。我們在 2026 會計年度結束時動能強勁，未交訂單創新高，且對未來一年的能見度清晰。我們具差異化的技術能力、無可匹敵的現場布局，以及專有的商業系統，使我們能在客戶需求持續擴大之際提供支援，並為股東創造日益增加的價值。

I want to thank our more than 90,000 colleagues around the world for their commitment to our customers and for continuing to raise the standard of execution across Johnson Controls. Thank you for joining us today.

我要感謝我們全球超過 90,000 位同仁對客戶的承諾，並持續在 Johnson Controls 全面提升執行標準。感謝各位今天與會。

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。感謝各位加入。您現在可以掛斷電話線。