Littelfuse, Inc. (LFUS) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Littelfuse second-quarter 2026 earnings conference call. Today's call is being recorded.

各位好，歡迎參加 Littelfuse 2026 年第二季財報電話會議。今天的電話會議將進行錄音。

At this time, I will turn the call over to the Vice President of Investor Relations, David Kelley. Please proceed.

現在，我將把電話會議交給投資人關係副總裁 David Kelley。請開始。

Good morning, and welcome to the Littelfuse second-quarter 2026 earnings conference call. With me today are Greg Henderson, President and CEO; and Abhi Khandelwal, Executive Vice President and CFO.

各位早安，歡迎參加 Littelfuse 2026 年第二季財報電話會議。今天與我一同出席的有總裁暨執行長 Greg Henderson，以及執行副總裁暨財務長 Abhi Khandelwal。

This morning, we reported results for our second quarter, and a copy of our earnings release and slide presentation is available in the Investor Relations section of our website. A webcast of today's conference call will also be available on our website.

今天早上，我們已公布第二季業績，財報新聞稿與簡報投影片可於我們網站的投資人關係專區取得。今日電話會議的網路直播回放也將在我們網站提供。

Please advance to slide 2 for our disclaimers. Our discussions today will include forward-looking statements. These forward-looking statements may involve significant risks and uncertainties. Please review today's press release and our Forms 10-K and 10-Q for more detail about important risks that could cause actual results to differ materially from our expectations. We assume no obligation to update any of this forward-looking information.

請翻到第 2 張投影片查看免責聲明。我們今天的討論將包含前瞻性陳述。這些前瞻性陳述可能涉及重大風險與不確定性。請查閱今日新聞稿以及我們的 10-K 與 10-Q 表格，以了解可能導致實際結果與我們預期出現重大差異的重要風險之更多細節。我們不承擔更新任何此等前瞻性資訊的義務。

Also, our remarks today refer to non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in our earnings release available in the Investor Relations section of our website.

此外，我們今天的發言將提及非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表，已載於我們在網站投資人關係專區提供的財報新聞稿中。

I will now turn the call over to Greg.

現在我將把電話會議交給 Greg。

Thank you, David, and thank you to everyone for joining us today. This morning, I will provide details on our second-quarter results, including an update on performance across our end markets. I'll then discuss progress against our strategic priorities before turning it over to Abhi to review our financial results by segment.

謝謝你，David，也感謝各位今天加入我們。今天早上，我將提供第二季業績的細節，包括我們各終端市場表現的最新進展。接著我會談談我們在策略優先事項上的進度，然後交由 Abhi 依事業部門檢視我們的財務結果。

But before discussing the quarter in greater detail, I think it's important to step back and view our performance through the lens of the growth strategy we outlined at Investor Day in May. Our results reflect continued progress against the priorities we shared with investors. Across our markets, we are partnering with our customers to enable the adoption of higher power and more advanced electrical architectures. Our second-quarter performance and the momentum we see into the second half of 2026 reinforce our confidence in our long-term growth and profitability framework.

不過，在更深入討論本季之前，我認為重要的是先退一步，從我們在 5 月投資人日所闡述的成長策略角度來看待我們的表現。我們的結果反映出在我們與投資人分享的優先事項上持續取得進展。在各個市場中，我們正與客戶合作，促進更高功率與更先進電氣架構的採用。我們第二季的表現，以及我們在 2026 年下半年看到的動能，強化了我們對長期成長與獲利架構的信心。

Now turning to the quarter. We delivered sales and adjusted earnings above our expectations with net sales of $739 million, up 20% year over year and 14% organically. We also delivered meaningful earnings growth as our teams executed well while leveraging continued demand momentum across several of our key growth markets.

現在回到本季表現。我們交出高於預期的營收與調整後獲利，淨銷售額為 7.39 億美元，年增 20%，有機成長 14%。在團隊執行到位並持續受惠於多個關鍵成長市場需求動能的帶動下，我們也實現了顯著的獲利成長。

Looking at our end market exposures across the Littelfuse portfolio, we delivered strong second-quarter growth across computing, communications and diversified industrial markets or CCDI. Within the market, data center remained a leading contributor to growth as we continue to leverage our unparalleled grid-to-chip capabilities across our businesses. Diversified industrial channels were also a key contributor to CCDI growth, while we benefited from improving demand across medical and aerospace and defense applications.

從 Littelfuse 產品組合的終端市場曝險來看，我們在運算、通訊與多元工業市場（CCDI）於第二季實現強勁成長。在該市場中，資料中心仍是成長的主要貢獻者，因為我們持續在各項業務中發揮無可匹敵的「從電網到晶片」（grid-to-chip）能力。多元工業通路亦是 CCDI 成長的關鍵貢獻來源，同時我們也受惠於醫療以及航太與國防應用需求的改善。

Finally, within CCDI, consumer electronics sales declined in the quarter. Consumer electronics represents less than 10% of company sales and has a limited impact on our long-term growth trajectory as we prioritize strategic industrial and data center opportunities.

最後，在 CCDI 之中，消費性電子銷售於本季下滑。消費性電子占公司銷售額不到 10%，在我們優先聚焦策略性工業與資料中心機會的前提下，對我們長期成長軌跡的影響有限。

Turning to energy and industrial infrastructure end markets, or EII. We benefited from both broad-based demand strength and the contribution from Basler in the second quarter. Across our industrial infrastructure verticals, growth was led by industrial automation and construction, while we benefited from faster-than-expected HVAC recovery.

接著談能源與工業基礎設施終端市場（EII）。我們在第二季同時受惠於廣泛的需求強勁，以及 Basler 的貢獻。在工業基礎設施各垂直領域中，成長由工業自動化與建築帶動，同時我們也受惠於 HVAC（暖通空調）復甦速度快於預期。

In energy infrastructure, we continue to benefit from demand tied to grid modernization, utility investment, and renewable energy deployment. Notably, Basler continues to drive significant momentum in grid and utility infrastructure, a key strategic growth market for Littelfuse.

在能源基礎設施方面，我們持續受惠於與電網現代化、公用事業投資以及再生能源部署相關的需求。值得注意的是，Basler 持續在電網與公用事業基礎設施領域帶來顯著動能，這是 Littelfuse 的關鍵策略性成長市場。

Finally, revenue across transportation and logistics end markets increased moderately year over year. In passenger vehicles, we delivered growth despite lower global production volumes, driven by content expansion and share gains.

最後，運輸與物流終端市場的營收年增幅度溫和。在乘用車方面，儘管全球產量較低，我們仍因內容量擴張與市占提升而實現成長。

In commercial vehicles, revenue growth benefited from improving demand in truck, construction and agricultural equipment markets. We are seeing continued traction from our more focused and proactive go-to-market approach, particularly with leading OEM customers where we can bring system-level solutions and multi-technology capabilities to support more complex platform requirements.

在商用車方面，營收成長受惠於卡車、建築與農業設備市場需求改善。我們看到更聚焦且更主動的市場推進（go-to-market）方式持續奏效，特別是在領先的 OEM 客戶上，我們能提供系統級解決方案與多技術能力，以支援更複雜的平台需求。

In the quarter, we partnered with a leading transportation customer for a light truck and commercial vehicle platform. Our integrated solution utilizes our current sensor and MEGA Fuse technologies, providing up to a 700 amp protection rating while monitoring and sensing high-impact loads.

本季，我們與一家領先的運輸客戶合作，針對其輕型卡車與商用車平台。我們的整合式解決方案採用電流感測器與 MEGA Fuse 技術，在監測與感測高影響負載的同時，提供最高達 700 安培的保護額定值。

Importantly, our solution reduces risk of battery degradation typically associated with the stress of high current loads. This design win represents more than $20 million in annual revenue opportunity with potential to scale across additional vehicles in the future.

重要的是，我們的解決方案可降低通常與高電流負載壓力相關的電池劣化風險。此項設計導入（design win）代表每年超過 2,000 萬美元的營收機會，未來亦有潛力擴展至更多車款。

Overall, our second-quarter performance reinforces the strength of our end market diversity and technology portfolio as well as the benefits of our sharpened focus on high-growth opportunities and operational excellence.

整體而言，我們第二季的表現再次印證了終端市場多元性與技術產品組合的優勢，也展現出我們更聚焦於高成長機會與營運卓越所帶來的效益。

Heading into the third quarter, we are well positioned to build on our growth momentum. We entered the quarter with record bookings, and our book-to-bill is well north of 1.0. We continue to partner more closely with customers on their next-generation architectures with a focus on providing multi-technology solutions. Supporting this through the first half of the year, design wins were up double digits across each of our markets, reflecting improved conversion of our expanding new business opportunity pipeline.

展望第三季，我們已做好準備在成長動能上再接再厲。我們以創紀錄的訂單量進入本季，訂單出貨比（book-to-bill）遠高於 1.0。我們持續更緊密地與客戶合作其下一代架構，並聚焦提供多技術解決方案。支撐今年上半年表現的是，我們在各市場的設計導入數量皆呈雙位數成長，反映出我們不斷擴大的新業務機會管線之轉換率提升。

Let me provide you with an example of our progress. In the quarter, we were awarded a significant program with a leader in battery energy storage and power supply applications. Our solution, which utilizes our fast-acting TLS fuses, optimizes performance of battery backup units for data center markets. This design win and our strategic partnership with this customer is positioning us well for the expansion of high-voltage battery storage solutions for both data center and grid-scale markets.

我提供一個我們進展的例子。本季，我們獲得一家在電池儲能與電源供應應用領域的領導廠商授予的重要專案。我們的解決方案採用快速動作（fast-acting）的 TLS 保險絲，可優化資料中心市場電池備援單元的效能。此項設計導入以及我們與該客戶的策略合作，正使我們在資料中心與電網級市場的高電壓電池儲能解決方案擴張方面占據有利位置。

Finally, I want to update you on our portfolio optimization and rationalization in power semiconductor products. As mentioned at Investor Day, we are sharpening our power semiconductor focus on high-power and high-value applications where we have a differentiated right to win. As an example of where we are applying this strategy, we have a design win this quarter with a leading player in fusion power.

最後，我想向各位更新我們在功率半導體產品的產品組合優化與精簡（rationalization）進展。如同在投資人日所提到的，我們正將功率半導體的重點聚焦於高功率與高價值應用，在這些領域我們具備差異化的致勝優勢。作為我們如何落實此策略的例子，本季我們在核融合發電領域與一家領先業者取得設計導入。

Our solution leverages our high-voltage IGBT and diodes to actively manage the stored energy that is used to drive the fusion reaction. This solution offers an unparalleled 4.5 kV operation in an extremely compact footprint. We will begin shipping for this customer in the third quarter as they build their first prototype reactor.

我們的解決方案運用高電壓 IGBT 與二極體，主動管理用以驅動核融合反應的儲存能量。此解決方案在極為緊湊的尺寸下，提供無可匹敵的 4.5 kV 操作能力。隨著該客戶建置其第一座原型反應爐，我們將於第三季開始出貨。

Notably, our power semiconductor demand strengthened in the quarter, and our teams executed well, contributing to improved growth and profitability. We see continued power semiconductor demand momentum into the third quarter, and we are balancing these growth opportunities with ongoing portfolio rationalization and footprint optimization. Abhi will update you on the process shortly, but we believe the actions we are taking will better position our semiconductor products business for enhanced long-term profitable growth.

值得注意的是，本季我們的功率半導體需求轉強，團隊執行表現良好，帶動成長與獲利能力改善。我們看到功率半導體需求動能延續至第三季，同時也在把握這些成長機會與持續進行產品組合精簡及產能/據點（footprint）優化之間取得平衡。Abhi 稍後將更新相關進程，但我們相信目前採取的行動將使我們的半導體產品業務在長期更具獲利性的成長上處於更有利的位置。

Overall, we are encouraged by the progress we are making across our high-growth opportunities, customer partnerships, and operational execution as we position the company for continued long-term value creation. I want to thank our global team for their hard work and for positioning Littelfuse well for the second half of the year.

整體而言，隨著我們在高成長機會、客戶夥伴關係以及營運執行方面持續取得進展，並為公司持續創造長期價值做好布局，我們深受鼓舞。我要感謝我們全球團隊的辛勤付出，並感謝大家讓 Littelfuse 在今年下半年處於有利位置。

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

接下來，我把電話會議交給 Abhi。

Thank you, Greg, and good morning, everyone. Today, I will walk you through our second-quarter results. Please turn to slide 6 for details on our second quarter performance. All comparisons are versus the prior year unless noted otherwise.

謝謝你，Greg，各位早安。今天我將帶各位回顧我們第二季的業績表現。請翻到第 6 頁投影片，查看第二季表現的細節。除非另有說明，所有比較皆以去年同期為基準。

Net sales in the second quarter were $739 million, up 20% and 14% organically. The Basler acquisition contributed approximately 6% to sales growth, while foreign exchange was a 1% tailwind. Adjusted EBITDA margin finished at 23.6%, up 220 basis points, reflecting strong volume leverage, favorable mix, and operational execution. Adjusted diluted earnings per share were $4.19, up 47% versus the prior year.

第二季淨銷售額為 7.39 億美元，年增 20%，其中有機成長 14%。Basler 併購案約貢獻 6% 的銷售成長，而外匯帶來 1% 的正向助益。調整後 EBITDA 利潤率為 23.6%，提升 220 個基點，反映強勁的量能槓桿、有利的產品組合以及營運執行。調整後稀釋每股盈餘為 4.19 美元，較去年同期成長 47%。

In the quarter, operating cash flow was $146 million, while free cash flow grew to $127 million, up 75% year over year. We ended the quarter with $628 million of cash, a consolidated net leverage ratio of approximately 0.8 turns and returned $90 million to shareholders through our dividends. We increased our quarterly dividend by 7% to $0.80 per share, reflecting our continued commitment to returning capital to shareholders.

本季營運現金流為 1.46 億美元，自由現金流增至 1.27 億美元，年增 75%。季末現金為 6.28 億美元，合併淨槓桿比率約 0.8 倍，並透過股利向股東回饋 9,000 萬美元。我們將季度股利提高 7% 至每股 0.80 美元，展現我們持續將資本回饋股東的承諾。

Please turn to slide 8 for our segment highlights, starting with the Electronics Products segment. Sales for the quarter increased 21% year over year with 20% organic growth. Passive products again delivered strong growth, while semiconductor products benefited from continued protection strength and improved power semiconductor demand.

請翻到第 8 頁投影片，查看各事業部亮點，先從電子產品（Electronics Products）事業部開始。本季銷售額年增 21%，其中有機成長 20%。被動元件產品再次實現強勁成長，而半導體產品則受惠於保護元件需求持續強勁以及功率半導體需求改善。

Across the Electronics Products segment, we benefited from increased demand in data center, diversified industrials, and transportation end markets. Adjusted EBITDA margin for the Electronics segment was 26.3%, up 470 basis points versus the prior year, reflecting strong volume leverage, mix and execution.

在電子產品事業部方面，我們受惠於資料中心、多元工業與運輸等終端市場需求增加。電子事業部調整後 EBITDA 利潤率為 26.3%，較去年同期提升 470 個基點，反映強勁的量能槓桿、產品組合與執行力。

Looking ahead, we are pivoting our power semiconductor focus to high-value applications with the goal of driving long-term profitability enhancements. Supporting this, earlier this year, we announced the closure of our Allen, Texas power semiconductor manufacturing facility. This location is slated to close in 2027 and marks an important early step in our ongoing portfolio optimization and footprint rationalization process.

展望未來，我們正將功率半導體的重點轉向高價值應用，目標是推動長期獲利能力提升。為此，我們在今年稍早宣布關閉位於德州 Allen 的功率半導體製造廠。該據點預計於 2027 年關閉，並標誌著我們持續進行產品組合優化與據點/產能布局合理化的重要早期一步。

Looking forward, we expect the site closure will enhance our 2027 Electronics segment profitability, and we will continue to share more as we make progress.

往後看，我們預期該廠區關閉將提升 2027 年電子事業部的獲利能力；隨著進展推進，我們也會持續分享更多資訊。

Moving to our Transportation Products segment on slide 9. Sales increased 2% year over year. Organic growth was 1%, driven by stronger commercial vehicle volumes across truck, construction, and agricultural equipment markets. Passenger vehicle organic sales declined 2%, reflecting lower global production and continued sensor product sales declines.

接著看第 9 頁投影片的運輸產品（Transportation Products）事業部。銷售額年增 2%。有機成長為 1%，主要由卡車、工程建設與農業設備市場的商用車銷量走強所帶動。乘用車有機銷售下滑 2%，反映全球產量下降以及感測器產品銷售持續下滑。

Adjusted EBITDA margin was 18.6%. While lower in the quarter, our focused execution has driven improved profitability year-to-date amid mixed market conditions. Our teams remain focused on driving operational excellence and continued profitability improvements across the transportation portfolio.

調整後 EBITDA 利潤率為 18.6%。雖然本季較低，但在市場環境好壞參半之下，我們聚焦的執行力已推動年初至今獲利改善。我們的團隊仍專注於推動營運卓越，並在運輸產品組合中持續提升獲利能力。

Turning to slide 10. Industrial segment sales increased 52% year over year. Organic growth was 16%, supported by strong data center, industrial automation, and construction demand. In the second quarter, we also benefited from faster-than-expected HVAC sales recovery.

請看第 10 頁投影片。工業（Industrial）事業部銷售額年增 52%。有機成長為 16%，受惠於資料中心、工業自動化與建築需求強勁。第二季我們也受惠於 HVAC（暖通空調）銷售復甦速度快於預期。

I would also like to highlight Basler, which contributed approximately 36% of growth in the quarter for the Industrial segment. Integration efforts are progressing well, and the business is performing ahead of our expectations, both operationally and commercially.

我也想特別提到 Basler，其在本季為工業事業部的成長約貢獻 36%。整合作業進展順利，該業務在營運與商務面皆優於我們的預期。

Demand across key end markets remains healthy, and the Basler team has executed well since joining Littelfuse. As a result, we now expect Basler to contribute approximately $135 million to $140 million of revenue in 2026, above our prior outlook. We're also increasing our expected earnings contribution to $0.25 to $0.30 for the full year.

主要終端市場的需求仍然健康，而 Basler 團隊自加入 Littelfuse 以來執行表現出色。因此，我們目前預期 Basler 在 2026 年將貢獻約 1.35 億至 1.40 億美元的營收，高於先前展望。我們也將全年預期的獲利貢獻上調至每股 0.25 至 0.30 美元。

More importantly, our early success reinforces the strategic rationale for the acquisition, expands our exposure to attractive energy and industrial infrastructure applications and positions us to capture additional opportunities through our broader customer relationships and technology portfolio.

更重要的是，我們的早期成功強化了此次併購的策略合理性，擴大我們在具吸引力的能源與工業基礎設施應用的曝險，並使我們能透過更廣泛的客戶關係與技術產品組合，掌握更多額外機會。

Adjusted EBITDA margin was 22.6%, up 50 bps year over year, supported by volume leverage and favorable mix. We remain focused on executing against favorable industrial end market trends while continuing to advance Basler integration initiatives.

調整後 EBITDA 利潤率為 22.6%，年增 50 個基點，受惠於量能槓桿與有利的產品組合。我們仍專注於把握有利的工業終端市場趨勢，同時持續推進 Basler 的整合計畫。

Turning to our outlook for the third quarter on slide 11. We expect continued healthy demand across several of our key markets, supported by a strong backlog and increased customer traction. Based on current market conditions, we expect third-quarter net sales in the range of $780 million to $800 million. This represents 26% growth versus the prior year at the midpoint.

接著看第 11 頁投影片的第三季展望。在強勁的訂單積壓與客戶拉動力提升的支撐下，我們預期多個關鍵市場的需求將持續保持健康。基於目前市場狀況，我們預期第三季淨銷售額介於 7.80 億至 8.00 億美元。以區間中點計算，較去年同期成長 26%。

We expect 21% organic growth, a contribution of 6% to growth from the Basler acquisition and a 1% FX headwind. We also expect third quarter adjusted diluted EPS to be in the range of $4.85 to $5.05. At the midpoint, this represents 68% growth versus the prior year. Finally, our third-quarter guidance assumes an adjusted effective tax rate of 23% to 24%.

我們預期有機成長 21%，Basler 併購案對成長貢獻 6%，外匯則帶來 1% 的負面影響。我們也預期第三季調整後稀釋每股盈餘介於 4.85 至 5.05 美元；以中點計算，較去年同期成長 68%。最後，我們第三季指引假設調整後有效稅率為 23% 至 24%。

Thank you to the Littelfuse teams for their persistent efforts throughout the first half of 2026. We're excited about our continued momentum and the strategic progress we're making on the way to achieving our 2030 targets of $4.5 billion in revenue and $1.1 billion in adjusted EBITDA.

感謝 Littelfuse 各團隊在 2026 年上半年持續不懈的努力。我們對持續的動能以及在邁向 2030 年目標（營收 45 億美元、調整後 EBITDA 11 億美元）過程中所取得的策略性進展感到振奮。

With that, operator, please open the call for Q&A.

接下來，麻煩接線員開放問答。

(Operator Instructions) Luke Junk, Baird.

(接線員指示) Baird 的 Luke Junk。

To start with, Greg, hopefully, you could just comment on ways that the company can lean into this better breadth that you're seeing in electronics and industrial for that sake, be it taking share in a strategic way, leaning into pricing, and capitalizing on the potential for some channel normalization. Just how do you think about prioritizing some actions moving through the year in this environment?

首先，Greg，希望你能談談公司如何在你所看到的電子與工業領域更廣泛的景氣面上進一步加碼，例如以策略性方式取得市占、在定價上更積極，以及把握通路可能回歸常態化的機會。在這樣的環境下，你如何思考在今年接下來的時間裡優先推動哪些行動？

Thanks, Luke. Yeah, good morning. I think, look, what's important that we see this quarter is we really see broad-based momentum. So across all of our end markets where we see growth, we see broad-based momentum. And actually, we see a strengthening of momentum in markets that maybe last quarter were a little bit slow, for example, specifically in our Industrial business. We had good growth in energy infrastructure, industrial automation, grid, utility.

謝謝你，Luke。是的，早安。我想，這一季我們看到的重要現象是，我們確實看到廣泛的動能。因此，在所有我們看到成長的終端市場中，我們都看到全面性的動能。而且事實上，我們也看到一些上季可能稍微偏慢的市場動能正在增強，例如特別是在我們的工業業務。我們在能源基礎設施、工業自動化、電網、公用事業方面都有不錯的成長。

But also this quarter, we had strength in HVAC, which is something that hadn't happened in the past. And actually, this is in our CCDI market, but we also mentioned that we have very broad strength in our diversified industrial business that includes medical and aerospace and defense.

但本季我們在 HVAC 也展現出強勁表現，這是過去未曾出現的情況。而且實際上，這是在我們的 CCDI 市場中，但我們也提到，我們多元化工業業務（涵蓋醫療、航太與國防）同樣呈現非常廣泛的強勢。

So we see a broadening. We talked about that last quarter. We see that continuing. And so I would say we really see broad-based strength and growth. Also importantly, for us, kind of strategically is about our design win traction. We talked about our design wins being up double digits across all of our markets. So for us, I think it's broad growth across our reported segments and across our markets. And so our strategy and focus right now is being well positioned to capture the upside in the volume.

因此我們看到需求面在擴大。我們上季談過這點。我們看到這個趨勢持續。所以我會說，我們確實看到廣泛的強勢與成長。另外對我們而言，在策略上也很重要的是我們在設計導入（design win）的牽引力。我們提到，我們在所有市場的設計導入都呈現兩位數成長。因此對我們來說，我認為在我們揭露的各個事業部門以及各個市場，都呈現廣泛成長。所以我們目前的策略與重點，是讓自己處於有利位置，以掌握出貨量上行的機會。

Great. And then for my follow-up, obviously, there's been a lot of discussion of your data center business in total and the next-gen content lift as we move into higher voltages. But just curious if you could comment on just continuing to improve the positioning of the business in the near term as we move through 2026 and just in terms of year-to-date progress, anything you can share to just kind of level set where the company is as of midyear in data center as well.

很好。接著我的追問，顯然市場對你們整體資料中心業務，以及隨著電壓提高、下一代內容價值提升（content lift）有很多討論。但我想請教的是，隨著我們走過 2026 年，在短期內你們如何持續改善該業務的定位；以及就今年迄今的進展而言，你能否分享一些資訊，幫助大家在年中時點對公司在資料中心的狀況有個基準認知。

Yeah. Thanks, Luke. I think data center was a strong growth driver in the quarter. We talked about strong growth in the CCDI market and data center was a strong growth driver of that. And we -- with the outlook we're giving in 3Q and actually through the back half of '26, we expect data center to continue to grow.

是的。謝謝你，Luke。我認為資料中心在本季是強勁的成長驅動因素。我們談到 CCDI 市場的強勁成長，而資料中心正是其中的重要成長動能。並且——依我們對第三季以及實際上到 2026 年下半年的展望，我們預期資料中心將持續成長。

I think what's also important, though, is that to understand that the revenue growth that we have now in data center this year is all related to the low-voltage architectures. And we've talked about the high-voltage architectures coming in, in the future, probably in '27 and beyond. We have very low volume shipments now for kind of the proof of concept of those systems, but that comes in. And if you look at our revenue, it's largely around the lower voltage architectures.

不過我認為同樣重要的是，要理解我們今年資料中心的營收成長，全部都與低電壓架構相關。我們也談過，高電壓架構會在未來導入，可能在 2027 年及之後。目前我們針對這些系統的概念驗證（proof of concept）只有非常低量的出貨，但那部分會逐步進來。如果你看我們的營收，主要仍是來自較低電壓的架構。

Going forward, our pipeline and design wins are heavily -- have a heavy strength around these high-voltage architectures. So we see that. And I think one thing we'll say about data center, we've continued to have strong design win traction in the first half of 2026 as well as in the quarter, our design wins again more than doubled compared to a year before. And like I said, a lot of those design wins are heavily focused around the higher voltage architectures that we expect to come in the future.

展望未來，我們的案源管線（pipeline）與設計導入在這些高電壓架構上具有——非常強的優勢。所以我們看得到這點。而且我想就資料中心再補充一點：我們在 2026 年上半年以及本季都持續有很強的設計導入牽引力；我們的設計導入再次較一年前增加一倍以上。如我所說，其中很多設計導入都高度聚焦在我們預期未來會導入的更高電壓架構。

So we have good momentum. We had good results in the quarter. We expect that to continue through '26, and the design wins are positioning us well for beyond '26 into the future.

因此我們動能良好。本季結果也很不錯。我們預期這個趨勢會一路延續到 2026 年，而這些設計導入也讓我們在 2026 年之後、面向更長期未來具備良好布局。

And then, Luke, this is Abhi. Just to take you back to Investor Day, if you kind of think about the content opportunity, we talked about content opportunity being 2 to 4 times higher in high voltage versus low voltage today that we're seeing in terms of revenue. And so just to bring it all back, I think we're pretty confident in our 25% to 30% CAGR that we laid out over the next five years to our data center markets.

另外，Luke，我是 Abhi。回到投資人日（Investor Day），如果你從內容價值機會來看，我們談到在高電壓相較於目前看到的低電壓，在營收貢獻上內容價值機會可高出 2 到 4 倍。所以把這些串起來看，我想我們對於未來五年在資料中心市場提出的 25% 到 30% 複合年成長率（CAGR）相當有信心。

And just to read between the lines, I mean, it seems like data center mix has to be moving up in the first half of the year. Anything you can share relative to the exit rate coming out of last year, which was low double digits?

再讀一下弦外之音，我的意思是，看起來今年上半年資料中心的營收占比應該在上升。相較於去年年底的退出水準（exit rate）——當時是低兩位數——你能否分享一些資訊？

By mix, do you mean data center compared to other markets? Or do you mean mix of our products inside of data center?

你說的占比，是指資料中心相對於其他市場的占比嗎？還是指我們在資料中心內部產品的組合占比？

Yes, data center as a percentage of sales, Greg.

是的，Greg，指資料中心占總銷售額的百分比。

Yeah, I think this is also important, right? Like we are very positive on our data center. We see strong growth. But we did talk about this, right? Last year, our growth was really dominated by data center and grid, utility. This year, we have the broadening momentum across other markets, diversified industrials, our other industrial markets. And even like we said, now we see improvements in HVAC, which was kind of soft for the last couple of quarters. So I think that's the difference we see now is a much broader base demand across our business than we had last year.

是的，我覺得這點也很重要，對吧？我們對資料中心非常正向。我們看到強勁成長。但我們也談過這點，對吧？去年我們的成長確實主要由資料中心以及電網、公用事業所主導。今年我們看到其他市場的動能擴散，包括多元化工業、我們其他工業市場。甚至如我們所說，現在也看到 HVAC 改善，而它在過去幾季相對疲弱。所以我認為我們現在看到的差異是：相較去年，我們整體業務的需求基礎更為廣泛。

But to Greg's point, data center still remains -- continues to be the fastest-growing market in the quarter and for the first half of the year.

但就 Greg 的觀點而言，資料中心仍然——在本季以及今年上半年，依舊是成長最快的市場。

Got it. And then, maybe just incremental margin dynamics, if you could unpack those a little bit, especially the 3Q guidance, that floating up to 40%. Can you talk about some of the drivers, be it volume or maybe even taking some price in the market right now?

了解。接著，關於增量毛利（incremental margin）的動態，能否再拆解說明一下，特別是第三季指引上升到 40% 左右。你能談談一些驅動因素嗎？例如出貨量，或是目前市場上是否也有一些提價？

Yeah. Look, at the highest level, if you think about our business model, we've talked about this before, right, when you start to see organic growth in the mid to high singles or double digits for that matter, our incrementals are pretty positive.

是的。你看，從最高層次來說，如果你想我們的商業模式，我們之前談過，對吧？當你開始看到有機成長落在中到高個位數，甚至兩位數時，我們的增量表現通常相當正向。

So if you think about the margin drivers, right, I'll bring it down to a couple of things. Number one is the volume leverage that you see unpack as we start to grow the company on a year-over-year basis. Two, it's tied to operational execution. Three, it's tied to mix. So if you think about the growth drivers and think about where the growth is coming from, passives and protection have a very high flow-through on the uptick.

所以如果你看毛利率的驅動因素，我把它歸納成幾點。第一，是當我們公司年對年成長時，你會看到的量增槓桿（volume leverage）逐步釋放。第二，與營運執行力相關。第三，與產品/營收組合（mix）相關。因此如果你看成長動能、以及成長來自哪裡，被動元件（passives）與保護元件（protection）在上行時具有非常高的流入率（flow-through）。

And so it's a combination of operational execution, volume leverage, and mix of revenue that we're seeing within the quarter that's contemplated in the guide.

因此，這是營運執行、量增槓桿，以及我們在本季看到的營收組合三者的綜合，並已反映在我們的指引之中。

David Williams, Needham.

Needham 的 David Williams。

Congrats on the really strong results. Maybe, first, Greg, if you kind of think about the savings from the Allen semi-fab closure, you said you'll have more color on that later. But just curious if there's any additional information you can provide around that, when you think you'll see that come into the P&L and maybe the magnitude of what those savings could look like?

恭喜你們交出非常強勁的成果。也許先問第一個，Greg，如果你回想 Allen 半導體半晶圓廠（semi-fab）關閉所帶來的節省，你說之後會提供更多細節。但我想請教，是否能提供任何額外資訊：你預期何時會在損益表（P&L）上反映出來，以及這些節省的規模大概會是什麼樣子？

Yeah. Maybe -- David, thank you. I'll just start with kind of a little bit of context around power semis and kind of how we're thinking about that, and then I'll let Abhi kind of give you kind of the detailed color on Allen and some of the kind of the timing of this.

是的。也許——David，謝謝你。我先就功率半導體（power semis）以及我們如何看待這塊，提供一些背景脈絡，然後我會讓 Abhi 針對 Allen 的細節、以及相關時程給你更具體的說明。

But I think we talked about this in our Investor Day. And I would say the thing to understand is that this -- the power semiconductor kind of rationalization and footprint optimization, it's a -- I will call it a multiyear process that we're really making progress on, but it's going to take some time.

但我認為我們在投資人日已經談過這個。我會說需要理解的是，這——功率半導體的合理化與產能/據點（footprint）最佳化，是一個——我稱之為跨多年的流程；我們確實正在取得進展，但仍需要一些時間。

And so it's really about optimizing the portfolio to focus on the areas where we really have differentiation where we can win. We're making progress. We also did mention in the call that we have good momentum in power semi from a market perspective, from a bookings and order. We had good growth in the power semi business in the quarter, and we actually have -- it will be a strong contributor to our incrementals in 3Q.

因此，這真正是在最佳化產品組合，聚焦在我們確實具備差異化、能夠勝出的領域。我們正在取得進展。我們也在電話會議中提到，從市場角度、從接單與訂單來看，我們在功率半導體方面有很好的動能。本季功率半導體業務有不錯的成長，而且我們其實——它將會是我們第三季增量（incrementals）的重要貢獻者。

So we're making progress. The Allen is like one of the first things we announced. There's other actions that we'll be taking over time, and maybe give Abhi some -- can give some more color on that.

所以我們正在取得進展。Allen（廠）算是我們宣布的第一批事項之一。接下來我們還會隨時間推進採取其他行動，也許可以請 Abhi 再補充一些——提供更多細節。

Yeah, David. So look, just building on the Allen piece, first of all, when you think about savings and when we'll realize those savings, I'd say it's in the back half of 2027. It marks an important step, I would say, in the footprint optimization move that we have discussed in the prior quarters and that we discussed as part of Investor Day, okay?

是的，David。所以你看，先延續 Allen 這件事，首先，談到節省以及我們何時能實現這些節省，我會說是在 2027 年下半年。我認為這標誌著我們在先前幾季已討論、並在投資人日也談到的據點最佳化行動中，一個重要的步驟，好嗎？

The easiest way to think about the Allen closure is this is a decision that we're making to simplify our operational footprint and a decision on make versus buy, which will help us reduce our lead times and improve our cost structure. More to come as we finalize the actual numbers behind it, but it does mark a big step in the direction of where we want to take the company.

理解 Allen 關閉最簡單的方式是：這是我們為了簡化營運據點所做的決策，也是關於自製（make）與外購（buy）的決策；這將幫助我們縮短交期並改善成本結構。待我們把背後的實際數字定案後，會有更多資訊，但這確實是朝著我們希望帶領公司前進方向的一大步。

Okay. And then maybe secondly, just you talked about the record bookings. Any way to size that? How should we think about those bookings relative to the prior record and maybe on a year-over-year basis?

好的。那第二點，你提到創紀錄的接單。有沒有辦法量化一下？我們應該如何看待這些接單相對於先前的紀錄，以及可能在年對年基礎上的比較？

Yeah. Look, I think the important thing to understand is that we -- number one, we have good momentum; number two, that it's very broad. And so we are -- we have said that the book-to-bill is significantly north of 1 and the record -- and the bookings in Q2 were a record, and that's kind of a company-wide record.

是的。你看，我認為需要理解的重點是：第一，我們有很好的動能；第二，這個動能非常廣泛。因此我們——我們已經說過，接單出貨比（book-to-bill）顯著高於 1，而第二季的接單創下新高，這算是公司整體層級的紀錄。

The other thing I'll say, though, is that it's the breadth of these bookings across the end markets. So like we said before, it's data center, industrial verticals, diversified industrials, HVAC. And the other thing I think that's important from our perspective, right, we see good market momentum in the bookings, but also our design wins are continuing to be strong.

不過我還要說的是，這些接單在終端市場之間的廣度。所以如同我們之前說的，包括資料中心、工業垂直領域、多元化工業、HVAC（暖通空調）。另外一點我認為從我們的角度也很重要的是：我們在接單上看到良好的市場動能，同時我們的設計導入（design wins）也持續強勁。

And actually, across all of our markets, our design wins were up double digits year on year. So it's -- the bookings are good, but also design wins, which is I would call that really future bookings, we also feel good about. So we see good momentum, and it is broad. I think that's what we're comfortable saying.

而且實際上，在我們所有市場中，我們的設計導入年對年成長達到雙位數。所以——接單表現不錯，但設計導入（我會稱之為真正的未來接單）我們也感覺良好。因此我們看到良好的動能，而且是廣泛的。我想這就是我們目前願意表達的程度。

And David, just to size it up a slightly different way, while we don't hand out on the exact booking numbers, if you think about the year and think about our actuals in the guide and see the sequential improvement, it supports the strong booking comment that we made, which is, look, organically, Q1, we delivered 9%. Q2, we came in at 14%.

David，另外用稍微不同的方式來量化：雖然我們不會提供精確的接單數字，但如果你看全年、再看我們在指引中的實際表現，並觀察逐季改善，這能支持我們所說的強勁接單評論。也就是說，從有機成長來看，第一季我們交出 9%。第二季我們達到 14%。

And at the midpoint of -- for Q3 guide, we're guiding a 21% organic. So what it also points to the sequential improvement throughout the year, broad-based momentum throughout the year, and the strong bookings support the 21% organic guide that we just put out.

而在第三季指引的中點，我們給的是 21% 的有機成長。所以這也指向全年逐季改善、全年廣泛的動能，而強勁的接單支撐了我們剛發布的 21% 有機成長指引。

Okay. Fantastic. And then maybe just one last one, if I can. Just kind of thinking about the inventory dynamic within the distribution and across your channels, do you get a sense that we're seeing some of this demand from replenishment? Or do you feel like most of this is really from end consumption?

好的。太棒了。那最後一個問題，如果可以的話。就分銷端以及你們各通路的庫存動態來看，你們是否感覺目前看到的部分需求來自補庫（replenishment）？還是你覺得大多數其實是終端消耗（end consumption）帶動？

Look, I think generally, we feel good about the channel inventory. And I would say that the channel inventory is normal in terms of weeks. Obviously, when you're in the growth cycle, right, the dollars are going up because -- but in terms of weeks, the channel inventory is good. And there were some areas in the channel also at our end customers that I think inventories were low that are kind of normalizing. But in general, I would say we feel good about this.

你看，我認為整體而言，我們對通路庫存感到放心。我會說以週數來看，通路庫存是正常的。當然，當你處於成長循環時，金額會上升，因為——但以週數衡量，通路庫存狀況良好。而且在通路端以及我們的一些終端客戶那邊，我認為有些領域的庫存偏低，現在正在回到較正常的水準。但整體而言，我會說我們對此感覺良好。

We track the POS as well as POA, both are growing strong. And so I would say, generally, this is with some exceptions on kind of a little bit of here or there, channel normalization, I would -- inventory normalization, I would say this is real end demand across our markets.

我們同時追蹤 POS（銷售點數據）以及 POA，兩者都在強勁成長。因此我會說，整體而言，除了少數例外、在某些地方有一點點通路正常化——我會說是庫存正常化——之外，這是我們各市場真實的終端需求。

Christopher Glynn, Oppenheimer & Co Inc.

Christopher Glynn，Oppenheimer & Co Inc.（奧本海默公司）

So just on the bookings, following up a little bit on the prior question. A lot of times at this point in the cycle where destocking is done and demand is picking up a lot, you tend to take a lot of share. I think a lot of the fragmented competition just doesn't have the capacity and capital flexibility that's always been built into Littelfuse. So wondering how much of that you're seeing at the present moment?

那就接單再追問一下，延續前一題。很多時候在這個循環的此刻，去庫存已結束、需求快速回升時，你往往會拿到很多市占。我認為許多分散的競爭對手並沒有像 Littelfuse 一樣，具備一直以來內建的產能與資本彈性。所以想請問你們目前看到這種情況的程度有多大？

I mean I think -- look, I'll start. I think, internally, what we really try to track is our growth relative to market. And we do believe that on balance, that we're gaining share. I would say that there are some cases of opportunistic share.

我的意思是，我認為——你看，我先說。我認為在內部，我們真正努力追蹤的是我們相對於市場的成長表現。我們確實相信，整體而言，我們正在提升市占。我會說有一些情況屬於機會型（opportunistic）的市占取得。

But largely, it's not really -- I don't think the business is largely like that. I think for us, it's largely more about design position share. And that's why we really, really try to track our design wins and our design win opportunities. And like I talked about, I think we feel very good about that.

但大體上，並不是——我不認為業務主要是靠這種方式。我認為對我們而言，更多是關於設計導入位置的市占。這也是為什麼我們非常、非常努力去追蹤我們的設計導入以及設計導入機會。而如我所說，我認為我們對此感到非常有信心。

So I think, in general, markets are doing well, but where we measure ourselves internally is how are we doing relative to market and are we generally taking share? And I would say heavily influenced by our design win position that's the case. There are some cases of, I'll call it, opportunistic share, which we can take because we can execute, and that's a key focus of us. But really, our focus on share is more about the design and the timing.

所以我認為，整體而言，市場表現良好，但我們在內部衡量自己的是：我們相對於市場做得如何？我們是否整體上在取得市占？我會說這很大程度受到我們設計導入位置的影響，確實如此。也有一些情況是我所稱的機會型市占，我們能取得是因為我們能夠執行到位，而這是我們的重點之一。但我們對市占的關注，更多是在設計與時點上。

And Chris, just to support Greg's comment, here's the other thing I'll tell you. So we're also really focused on the operational piece of it, right? As the -- as we saw record bookings in the quarter, as we put out a guide that's 21% organic, we're also laser-focused on making sure operationally, we can go execute. So that's the other big focus area internally that we're spending a lot of time to be able to fulfill our customers' demand.

Chris，為了呼應 Greg 的評論，我再補充一點。我們也非常專注在營運執行這一塊，對吧？在本季我們看到創紀錄的訂單預訂（bookings），並且給出 21% 有機成長的指引之際，我們也高度聚焦，確保在營運面我們能夠落地執行。所以這也是我們內部另一個重點投入的領域，我們花很多時間確保能夠滿足客戶需求。

Great. Appreciate that. And then on the HVAC market, this was kind of interesting because it didn't really seem to become an easy comparison until the third quarter last year. And so Industrial put up a 16% organic on a 17% comp. Just kind of curious, are you taking share in resi HVAC there? Or was that late in the quarter, sector stocking strategies by a couple of OEMs that got caught short?

很好。感謝說明。接著談到 HVAC 市場，這點有點有趣，因為直到去年第三季才看起來比較像是容易比較的基期。工業部門在 17% 的比較基期上，做出了 16% 的有機成長。我有點好奇，你們在住宅 HVAC（resi HVAC）那邊是在搶市占嗎？還是說這是季末時，少數 OEM 的產業備貨策略、因為備貨不足而補貨所致？

I would say, first, I'll start, and I'll let Abhi give a little bit more color on the numbers. I think, in the HVAC market, we have a very good strong market position. So we have good products, good market position. I think our design position is good. But I will say we also are seeing a market recovery that's happening faster than we expected.

我先回答，然後讓 Abhi 再補充一些數字面的細節。我認為在 HVAC 市場，我們有非常強的市場地位。所以我們有好的產品、好的市場位置。我覺得我們的設計導入（design-in）位置也很好。但我也要說，我們確實看到市場復甦的速度比我們預期更快。

So we have a strong position. That means also we are a little bit subject to -- obviously, we work on winning share, but we're subject to the overall market. I would say for us, there is a market recovery there that we're seeing a little faster than maybe we expected.

所以我們的地位很強。這也代表我們在某種程度上會受到——當然我們努力爭取市占，但仍會受到整體市場影響。對我們而言，我會說我們看到那邊的市場復甦，比我們原先預期的可能還要快一些。

And Chris, just to add more color. Look, I think, if you think about the HVAC end market, we were down for four straight quarters. This is the first time since first half of 2025 that we've seen growth on a year-over-year basis. So to Greg's point, the market recovery was sooner than we expected, and this is the first quarter since first half of '25 where we've seen organic growth.

Chris，我再補充一些背景。你看 HVAC 終端市場，我們連續四個季度都是下滑。這是自 2025 年上半年以來，我們第一次看到年對年成長。所以呼應 Greg 的觀點，市場復甦比我們預期更早出現，這也是自 2025 年上半年以來，我們第一次看到有機成長的季度。

(Operator Instructions) Christopher Glynn, Oppenheimer.

(接線員指示) Christopher Glynn，Oppenheimer。

Figured I'd take advantage of the light queue on this very busy earnings day. So you guys went frequently over the topic of diversified industrials, called out medical and A&D in particular. I think that comment is really an electronics-centric comment, but just curious to peel back a little on medical and A&D being particular callouts under the emphasized theme of diversified industrials.

今天是非常忙碌的財報日，我想趁著排隊不長來問一下。你們多次提到「多元化工業」這個主題，並特別點名醫療與航太與國防（A&D）。我覺得這個說法其實比較偏向電子相關的觀點，但我想更深入了解，在你們強調多元化工業的主軸下，為什麼特別點名醫療與 A&D？

Yeah. Thanks, Chris. So I think first, just to give context, right? So in diversified industrials, when we reported our markets, we started talking about our markets in our new go-to-market structure at Investor Day. So diversified industrials are inside the CCDI market, actually on the website, I think there's a pie chart that shows that.

是的。謝謝你，Chris。我先提供一些背景脈絡。在多元化工業這塊，當我們報告市場時，我們是在投資人日（Investor Day）依照新的 go-to-market 架構開始談我們的市場。多元化工業其實是在 CCDI 市場之內；我想在網站上有一張圓餅圖有顯示。

Diversified industrials includes a bunch of markets. But -- so there's like -- there's a bunch of markets in there, but two of the key ones that are probably the largest contributors in there is defense -- aerospace and defense, and medical. So those are probably the two largest submarkets inside diversified industrial, but there's a bunch of others as well.

多元化工業涵蓋很多市場。裡面有很多市場，但其中兩個關鍵、也可能是最大貢獻來源的，是國防——也就是航太與國防，以及醫療。所以這兩個大概是多元化工業裡最大的兩個子市場，但也還有其他很多市場。

And I would say both of those submarkets did well. It is true that I would say generally that our Electronics segment are probably the largest products that play there. But actually, one of the things about our business is that all of our segments actually play in there. Actually, our Basler business, for example, does sell into the aerospace and defense market as well. And that would -- when they do that, that would show up inside diversified industrials.

我會說這兩個子市場表現都很好。確實，一般來說我們的電子事業部（Electronics segment）在那裡的產品占比可能最大。但我們業務的一個特點是，其實我們所有事業部都會參與其中。例如我們的 Basler 業務也會銷售到航太與國防市場。而當他們這麼做時，這些就會被歸在多元化工業裡。

So I would say broad-based strength in diversified industrials. That also includes some of the broad channel customers as well. So it's a little bit of both. But specifically, if you look at medical and aerospace and defense, we had good growth, we had good bookings growth, and we see momentum there.

所以我會說多元化工業呈現廣泛性的強勁表現。其中也包含一些大型通路客戶。所以兩者都有一些因素。但特別是醫療以及航太與國防來看，我們有不錯的成長、有不錯的訂單預訂成長（bookings growth），而且我們看到那裡的動能。

Okay. And are you seeing -- what kind of velocity are you seeing in the defense market in terms of innovation, new designs versus replenishment? Just curious kind of the layering of drivers for that defense market.

了解。那在國防市場方面，你們看到的動能是什麼樣的速度——就創新、新設計導入相對於補庫存/補貨（replenishment）而言？我想了解一下推動國防市場的驅動因素分層。

I mean, look, I think defense is very dynamic right now, right? There's a lot of business that is kind of, I would call it, very legacy traditional business that is growing, but also there's a lot of kind of new entrant business that is also growing. So we see momentum in both. And I would say in the design activity, we see a lot of momentum specifically around the new entrants as well.

我的意思是，你看，國防現在非常動態，對吧？有很多我會稱之為相當傳統、偏既有（legacy）的業務在成長，同時也有很多新的參與者（new entrants）的業務也在成長。所以兩邊我們都看到動能。而在設計活動（design activity）方面，我們也看到特別是圍繞新進者有很強的動能。

We have reached the end of the Q&A session. I will now turn the call back to Chief Executive Officer, Greg Henderson, for closing remarks.

問答環節到此結束。我現在把電話交回給執行長 Greg Henderson 做結語。

Okay. Thank you. Thank you all for attending this morning. And just to close, I'd like to just emphasize again, first to thank our global teams for the progress. We see a lot of broad-based momentum across our markets and a lot of strength.

好的。謝謝。感謝各位今天早上參與。最後我想再次強調，首先要感謝我們全球團隊所取得的進展。我們看到在各個市場都有廣泛的動能，以及很強的表現。

And as Abhi mentioned, we're very focused on making sure that we are in the right position to execute against this. We see good progress. We feel good about the back half of 2026 and on track to the model we laid out at Investor Day.

正如 Abhi 提到的，我們非常專注於確保我們處在正確的位置，以便對此加以執行。我們看到良好的進展。我們對 2026 年下半年感到樂觀，並且正按投資人日所提出的模型軌道前進。

So thank you all for joining, and we look forward to talking to you next quarter.

所以謝謝各位加入，我們期待下個季度再與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。