林德集團 (LIN) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Linde third-quarter 2026 earnings call and webcast. (Operator Instructions)

各位早安，感謝您耐心等候。歡迎參加林德（Linde）2026 年第三季財報電話會議與網路直播。（接線員指示）

I will now turn the conference over to Mr. Juan Pelaez, Head of Investor Relations. Please go ahead, sir.

現在我將把會議交給投資人關係主管 Juan Pelaez 先生。先生，請開始。

Hilary, thank you. Good morning, everyone, and thanks for attending our 2026 third-quarter earnings call and webcast. I'm Juan Pelaez, Head of Investor Relations, and I'm joined this morning by Sanjiv Lamba, Chief Executive Officer; and Matt White, Chief Financial Officer. Today's presentation materials are available on our website at linde.com in the Investor section.

Hilary，謝謝你。各位早安，感謝各位參加我們 2026 年第三季財報電話會議與網路直播。我是投資人關係主管 Juan Pelaez，今天早上與我一同出席的還有執行長 Sanjiv Lamba，以及財務長 Matt White。今天的簡報資料可於我們網站 linde.com 的「投資人」專區取得。

Please read the forward-looking statement disclosures on page 2 of the slides and note that it applies to all statements made during the teleconference. The reconciliations of the adjusted numbers are in the appendix of this presentation. Sanjiv will provide some opening remarks, and then Matt will give an update on Linde's third quarter financial performance and outlook. After which, we'll wrap up with Q&A.

請閱讀投影片第 2 頁的前瞻性陳述揭露，並注意其適用於本次電話會議期間所作的所有陳述。調整後數字的調節表位於本簡報的附錄。Sanjiv 將先做開場致詞，接著 Matt 將更新林德第三季的財務表現與展望。之後我們將進入問答環節。

Let me now turn the call over to Sanjiv.

現在我把電話交給 Sanjiv。

Thanks, Juan, and good morning, everyone. Three months ago, we delivered financial results that were not up to the expectation of our owners. That message was received loud and clear by the Linde organization, and so we have and will continue to take actions that increase shareholder value. During the third quarter, we recorded a $425 million restructuring charge to better align our cost base and portfolio with market conditions.

謝謝你，Juan，各位早安。三個月前，我們交出的財務結果未達到股東對我們的期待。林德組織已清楚且明確地接收到這項訊息，因此我們已採取並將持續採取行動，以提升股東價值。在第三季，我們認列了 4.25 億美元的重組費用，以使成本基礎與產品組合更貼近市場狀況。

Roughly half relates to severance, particularly in lower growth regions. The balance relates primarily to portfolio and asset actions, mostly in the US home care business or Lincare. Effective this quarter, I've realigned this business to report directly to Matt, which, among other reasons, has prompted us to modify the segment reporting by moving it into the Global Other segment.

其中約一半與資遣費相關，特別是在成長較低的地區。其餘部分主要與產品組合與資產處置行動相關，多數發生在美國居家照護業務（Lincare）。自本季起，我已重新調整該業務，使其直接向 Matt 匯報；這也促使我們修改分部揭露，將其移入「全球其他」分部。

This will provide investors with greater insight into the underlying performance of our regional gases businesses while we continue to restructure Lincare and evaluate strategic alternatives. Turning to the quarter, while performance has improved, there is still more work to be done. Sales of $9.4 billion, operating profit of $2.8 billion, and EPS of $4.59 were all quarterly records. However, operating margin, excluding cost pass-through, was essentially flat, reflecting continued headwinds from non-gas segments.

這將在我們持續重整 Lincare 並評估策略替代方案的同時，讓投資人更深入了解各區域氣體業務的基本面表現。回到本季，雖然表現已有改善，但仍有更多工作要做。94 億美元的銷售額、28 億美元的營業利益，以及每股盈餘 4.59 美元，皆創下單季新高。然而，若排除成本轉嫁（cost pass-through），營業利益率基本持平，反映非氣體分部仍持續面臨逆風。

Aside from the restructuring actions, we also have a series of price and productivity initiatives underway to stay ahead of the inflationary momentum building across the regions. While the overall financial performance is heading in the right direction, sales trends remain varied by geography and end market, which can be found on slide 3. Starting with consumer-related markets.

除了重組措施之外，我們也正推動一系列定價與生產力提升計畫，以領先各地區逐步升溫的通膨動能。整體財務表現正朝正確方向前進，但銷售趨勢仍因地理區域與終端市場而異，詳見投影片第 3 頁。先從消費相關市場談起。

Electronics leads with 15% growth, primarily driven by the organic growth across APAC and the US. These figures exclude our 50% Taiwanese joint venture, which is growing at similar rates. We also have approximately $2 billion of electronics projects under construction in the US, Korea, and China, providing a strong foundation for continued double-digit growth. Food and beverage grew 3%, led by the Americas and EMEA.

電子業以 15% 成長領先，主要由亞太地區與美國的有機成長所帶動。這些數字不包含我們持股 50% 的台灣合資企業，其成長率相近。我們在美國、韓國與中國亦有約 20 億美元的電子相關專案正在建置中，為持續的雙位數成長提供穩固基礎。食品與飲料成長 3%，由美洲與 EMEA（歐洲、中東與非洲）帶動。

Structural consumer trends, including greater consumption of carbonated beverages, higher quality prepared ready-to-eat meals, and food delivery services, all continue to drive demand for our gases, equipment, and services. Healthcare grew 2%. However, excluding Lincare, the growth is mid-single-digit, which is aligned with demographic trends. As we continue to trim the Lincare portfolio, I expect the sales trends to lag market average. But I fully expect to see improvements in both the quality and profitability of the remaining businesses.

結構性的消費趨勢，包括碳酸飲料消費增加、更高品質的即食熟食，以及外送服務，持續推動對我們氣體、設備與服務的需求。醫療保健成長 2%。然而，若排除 Lincare，成長為中個位數，與人口結構趨勢一致。隨著我們持續精簡 Lincare 的產品組合，我預期其銷售趨勢將落後於市場平均。但我完全預期，剩餘業務的品質與獲利能力都將有所改善。

Turning to industrial markets, chemicals and energy grew 12%, reflecting stronger volumes in the US and China, as well as pricing actions to recover prior cost inflation, especially in the Americas. Customers along the US Gulf Coast and in China are benefiting from the relative raw material advantages amid the Middle East conflict, supporting stronger demand. This has been particularly evident among more complex refiners requiring more hydrogen to process heavier and higher sulfur crude.

轉向工業市場，化學與能源成長 12%，反映美國與中國的銷量更強，以及為回收先前成本通膨（尤其在美洲）而採取的定價措施。在中東衝突背景下，美國墨西哥灣沿岸與中國的客戶受惠於相對的原料優勢，支撐更強的需求。這在較複雜的煉油業者中尤為明顯，因其需要更多氫氣來處理更重且含硫量更高的原油。

Metals and mining was up 3%, driven primarily by the Americas, with stronger construction and industrial activity in North America. This was partially offset by slight contractions in EMEA and APAC. Importantly, pricing improvements are broad-based across all major geographies as we continue to manage inflation. The manufacturing end market grew 7%, reflecting broad-based price increases and stronger volumes in the US, China, and India, including continued aerospace growth.

金屬與礦業成長 3%，主要由美洲帶動，北美建築與工業活動更為強勁。EMEA 與亞太地區的些微收縮部分抵銷了上述成長。重要的是，隨著我們持續管理通膨，定價改善已擴及所有主要地區。製造業終端市場成長 7%，反映廣泛的價格上調，以及美國、中國與印度更強的銷量，包括航太持續成長。

US packaged gas growth remains elevated at low teens from construction and data center activity. Rare gas sales for satellite propulsion have softened as customer payloads continue to await launch. Merchant and onsite volumes remain strongest in the US, including higher activity in the US Gulf Coast energy and chemicals, stronger metals production, and increased space propellant. China and India growth rates remain healthy with our portfolio of tier 1 customers.

美國瓶裝氣體（packaged gas）在建築與資料中心活動帶動下，成長仍維持在十位數低段。用於衛星推進的稀有氣體銷售已轉弱，因客戶載荷仍在等待發射。商用（merchant）與現場供氣（onsite）銷量仍以美國最強，包括美國墨西哥灣沿岸能源與化工活動更高、金屬產量更強，以及太空推進劑需求增加。在我們一級客戶（tier 1 customers）組合的支撐下，中國與印度的成長率仍維持健康。

In summary, volume growth remains concentrated in key geographies and specific end markets. While price increases are more broad-based and tracking with inflation. In addition, the $8 billion sale of gas project backlog will provide future growth and increase supply density across four geographies. That being said, we still have opportunities for improvement. The third-quarter restructuring program and the ongoing productivity initiatives will expedite our efforts to better align each local cost structure with market conditions.

總結來說，銷量成長仍集中在關鍵地區與特定終端市場。而價格上調則更為普遍，並與通膨走勢一致。此外，80 億美元的氣體專案在手訂單（backlog）銷售將帶來未來成長，並提升四個地區的供應密度。即便如此，我們仍有改善空間。第三季的重組計畫與持續推進的生產力提升措施，將加速我們使各地成本結構更貼近市場狀況的努力。

Furthermore, we are accelerating pricing efforts to stay ahead of rising inflation. At Lincare, which has weighed on the overall results, we're taking decisive actions to improve performance while evaluating strategic options. Linde's operating model is built on discipline, accountability, and continuous improvement.

此外，我們正在加速定價工作，以領先上升中的通膨。在拖累整體表現的 Lincare，我們正採取果斷行動改善績效，同時評估策略選項。林德的營運模式建立在紀律、問責與持續改善之上。

When performance falls short, we act. When conditions change, we adapt. When attractive opportunities emerge, we invest with discipline. I remain confident that the Linde organization will continue to deliver industry-leading results that our owners expect from us.

當表現未達標時，我們就採取行動。當環境改變時，我們就調整應對。當出現具吸引力的機會時，我們就以紀律進行投資。我仍然有信心，林德組織將持續交出業界領先、符合股東期待的成果。

I'll now turn the call over to Matt White to walk through our financial results.

接下來我把電話交給 Matt White，請他帶大家檢視我們的財務結果。

Thanks, Sanjiv. Please turn to slide 4 for the consolidated results. Sales of $9.4 billion increased 9% over prior year. Currency impact of 1% continues to abate and is not expected to have a meaningful impact for the remainder of the year. Conversely, 1% of cost pass-through, which represents contractual billing of energy cost variances, has steadily increased from energy inflation. Acquisitions and engineering each contributed 1% sales growth from tuck-in M&A and higher third-party plant sales respectively.

謝謝你，Sanjiv。請翻到投影片第 4 頁查看合併結果。銷售額 94 億美元，較去年同期成長 9%。匯率影響 1% 持續減弱，預期在今年剩餘期間不會造成顯著影響。相對地，成本轉嫁（cost pass-through）為 1%，代表依合約就能源成本差異進行的帳單計費，並因能源通膨而穩步上升。併購與工程業務各貢獻 1% 的銷售成長，分別來自補強型併購（tuck-in M&A）以及較高的第三方工廠銷售。

Excluding these items, underlying sales grew 5%. Volume of 2% is roughly split between project backlog contribution and organic growth. Although most of the organic growth relates to equipment sales in APAC and EMEA. As Sanjiv mentioned, organic growth is concentrated in a few key end markets and geographies. Although prior year comps are becoming easier in certain regions, such as EMEA. Prices increased 3% in the quarter.

排除這些項目後，基本銷售額成長 5%。2% 的銷量大致由專案積壓訂單的貢獻與有機成長各占一半。雖然大部分有機成長與亞太（APAC）及歐非中東（EMEA）的設備銷售有關。正如 Sanjiv 所提到的，有機成長集中在少數關鍵終端市場與地理區域。雖然在某些地區（例如 EMEA），去年同期比較基期正變得較容易。該季度價格上漲 3%。

While the majority came from ongoing price actions, a portion relates to prior and current period inflation cost recovery in the Americas. An acceleration of energy and distribution cost pressures in North America warranted incremental recovery. While we don't anticipate these costs to sustain into the fourth quarter, the team is prepared for additional measures if necessary. Operating profit grew 8% to $2.8 billion.

其中大部分來自持續的價格措施，另有一部分與美洲地區前期與本期的通膨成本回收有關。北美能源與配送成本壓力加速上升，因此需要額外回收。雖然我們不預期這些成本會延續到第四季，但團隊已準備好在必要時採取進一步措施。營業利益成長 8% 至 28 億美元。

Operating margin of 29.4% fell 30 basis points from prior year, but was flat, excluding cost pass-through, which is highlighted in the table to the right. Margin increases of the combined gas segments were offset by declines in engineering and Global Other. As stated earlier, actions are well underway to address the underperformance. EPS of $4.59 grew 9% over prior year, or 8% excluding the impact of currency. Year -to-date, we're losing about 2% EPS growth from Lincare.

營業利益率 29.4% 較去年下降 30 個基點，但若排除成本轉嫁（如右側表格所示），則持平。合併後氣體事業部的利潤率提升，被工程與全球其他（Global Other）的下滑所抵銷。如先前所述，改善表現不佳的行動已在積極推進中。每股盈餘（EPS）4.59 美元，較去年成長 9%，若排除匯率影響則成長 8%。年初至今，Lincare 使我們的 EPS 成長約少了 2%。

Negating that headwind will support the return to double-digit EPS growth for the global organization. Slide 5 provides a summary of capital management. Operating cash flow of $3.2 billion increased 8% over prior year, in line with EBITDA growth. As mentioned in prior calls, the second-half OCF is higher due to seasonal cash timing of taxes, interest, and incentives.

消除這項逆風將有助於全球組織恢復雙位數的 EPS 成長。第 5 張投影片提供資本管理摘要。營運現金流（OCF）32 億美元，較去年成長 8%，與 EBITDA 成長一致。如先前電話會議所提到，下半年 OCF 較高，係因稅款、利息與獎金的季節性現金支付時點所致。

Base CapEx, which includes growth investments as well as maintenance and repair, is flat versus prior year or down when excluding currency impact. The excess available operating cash flow affords Linde a steady capital allocation process, which can be seen in the pie chart. We've deployed over $9 billion of capital year to date, with roughly half invested into the business and the remainder distributed back to shareholders.

基礎資本支出（CapEx）包含成長投資以及維護與修繕，與去年持平；若排除匯率影響則下降。多餘可用的營運現金流使 Linde 能夠維持穩健的資本配置流程，從圓餅圖可見一斑。年初至今我們已投入超過 90 億美元資本，約一半投資於業務，其餘回饋給股東。

We've maintained this approach through good times and bad, and the rising interest rate environment reinforces something we've known for a long time. Balance sheets and cash flow matter. The health and stability of both provides us significant optionality regardless of the future macro. I'll wrap up with guidance on slide 6. For the fourth quarter, we're guiding an EPS range of $4.40 to $4.50, or 5% to 7% growth.

無論景氣好壞，我們都維持這種做法；而利率上升的環境也再次強化了一件我們早已知道很久的事。資產負債表與現金流很重要。兩者的健康與穩定，讓我們不論未來總體環境如何，都擁有相當大的選擇彈性。我將以第 6 張投影片的財測作結。針對第四季，我們給出的 EPS 區間為 4.40 至 4.50 美元，約成長 5% 至 7%。

While no prior year currency impact is assumed, we do expect a 1% headwind sequentially. Consistent with prior guides, no economic improvement is assumed. This also applies to Lincare. Despite the recent actions, we are not yet embedding any meaningful change to Q4 profit. While I fully expect future improvement, we're taking a more cautious view for the near term.

雖然假設不含去年同期的匯率影響，但我們預期按季將有 1% 的逆風。與先前指引一致，我們未假設經濟環境改善。這也適用於 Lincare。儘管近期已採取行動，我們目前仍未將任何對第四季獲利的重大變化納入假設。雖然我完全預期未來會改善，但就短期而言，我們採取較為審慎的看法。

The full-year guide of $17.82 to $17.92 simply rolls the fourth quarter into the year-to-date actual. However, one change you may notice is that the full-year FX benefit increased from a strong 1% last quarter to a weak 2% this quarter. That is more rounding than anything else, so time will tell where the final number lands.

全年指引 17.82 至 17.92 美元，僅是將第四季納入年初至今的實際結果。不過，你可能注意到的一項變化是：全年外匯（FX）助益從上季強勁的 1% 變為本季較弱的 2%。這主要只是四捨五入造成的差異，最終數字落點仍有待觀察。

Overall, the core gas business is healthy, but there are clear opportunities to improve, most notably around management actions in price and productivity against the backdrop of higher inflation. While Lincare is a headwind to results today, we are taking significant actions to improve going forward, while simultaneously increasing transparency and executive oversight as we evaluate strategic options.

整體而言，核心氣體業務健康，但在高通膨背景下，仍有明確的改善機會，尤其是在價格與生產力方面的管理行動。雖然 Lincare 目前對業績形成逆風，我們正採取重大行動以改善未來表現，同時在評估策略選項時，提高透明度並加強高階主管監督。

I will now turn the call over to Q&A.

接下來我把電話交給問答環節。

(Operator Instructions) David Begleiter, Deutsche Bank.

（接線員指示）德意志銀行（Deutsche Bank）的 David Begleiter。

Thank you. Good morning. Sanjiv and Matt, just on the backlog, do you still expect to end the year on a sale of gas basis around the $8 billion level? On sale of plant, how should that progress over the next few quarters, and what does that mean for engineering sales growth in 2027? Thank you.

謝謝。早安。Sanjiv 和 Matt，關於積壓訂單（backlog），你們是否仍預期年底以售氣（sale of gas）口徑約在 80 億美元的水準？在售廠（sale of plant）方面，未來幾季應如何推進？這對 2027 年工程銷售成長意味著什麼？謝謝。

David, the sale of backlog sits close to $8 billion today. My expectation remains we will continue to start up for the rest of this quarter, a number of projects that might lead up to around $1 billion, as we previously mentioned. Depending on customer timings, we expect still to be able to get pretty close to that $8 billion number.

David，目前售氣積壓訂單接近 80 億美元。我的預期仍是，在本季剩餘時間我們會持續啟動若干專案，可能合計約 10 億美元，正如我們先前提到的。視客戶時程而定，我們仍預期能相當接近 80 億美元這個數字。

So the target internally remains that handle. Sometimes that is dependent on customers' final decision, but feel pretty confident we are going to be in that vicinity. As far as sale of plant backlog is concerned, that is just under $3 billion at the moment. It has sitting within that some space component today. We expect to see that to continue to grow as well.

因此內部目標仍維持在那個水準。有時取決於客戶的最終決策，但我們相當有信心會落在那個附近。至於售廠積壓訂單，目前略低於 30 億美元。其中今天包含一些航太（space）相關的組成。我們預期這部分也會持續成長。

I expect the trend line for sale of plant backlog will remain along the lines we have at this point in time, growing over the course of next year. in February next year, we'll provide you with a more pronounced guidance on what we see for the business overall, and within that, we can address that question specifically.

我預期售廠積壓訂單的趨勢線將大致維持目前的走勢，並在明年逐步成長。明年二月，我們會提供更明確的整體業務指引，並可在其中針對這個問題做更具體的回應。

Thank you.

謝謝。

Duffy Fischer, Goldman Sachs.

高盛（Goldman Sachs）的 Duffy Fischer。

Yeah, good morning, guys. Just a question on cost. If you look at your COGS line in Q3, year over year, you're up 13%, and your acquisitions and volume are up 3%. So if you just subtract that, kind of a cheap metric would say that your per unit COGS is up about 10% per unit. Can you just walk through what that is? That seems like a fairly high number. Maybe I'm missing something around currency, but just if you kind of got to a per unit, how much is your COGS really up year over year?

是的，早安，各位。我有個關於成本的問題。如果看你們第三季的銷貨成本（COGS）科目，年增 13%，而併購與銷量增加 3%。所以如果把那部分扣掉，用一個比較粗略的指標來看，你們的單位 COGS 大約上升了 10%。可以請你們說明一下這是怎麼回事嗎？這看起來是個相當高的數字。也許我漏掉了匯率相關因素，但如果換算到單位口徑，你們的 COGS 年增到底是多少？

Hey, Duffy, it's Matt. So yeah, I think there's a couple moving parts there. For the quarter, you got to start with FX, right? So that's up 1%. You can take that out. That'll apply across all the lines. Cost pass-through is another 1%. As you imagine, that's also in there, given some of the energy that just grosses up, as you know, both sales and variable costs.

嗨，Duffy，我是 Matt。是的，我想這裡面有幾個變動因素。就本季而言，你得先從外匯（FX）開始，對吧？那部分增加了 1%。你可以把它扣除。這會影響所有科目。成本轉嫁（cost pass-through）另外是 1%。如你所想，這也包含在其中，因為部分能源成本會使營收與變動成本同時放大（gross up），你也知道的。

In addition, as you saw, the energy market did quite strong, and a lot of that's on the back of HyCO, our hydrogen business, which tends to have, as you know, a higher variable cost, just given the inputs for that business. That also is driving part of it. To your point, the acquisitions will come in in that regard, and a lot of that plays into that.

此外，如你所見，能源市場表現相當強勁，其中很大一部分是由 HyCO（我們的氫氣業務）所帶動；如你所知，基於該業務的投入成本，HyCO 往往具有較高的變動成本。這也推動了其中一部分。如你所提，相關併購也會在這方面帶來貢獻，而其中很多因素都與此相關。

But I would add that when we talked about some of this recovery we had to do, that partly plays into that as well. Maybe I can take this point to talk a little bit about the pricing recovery. So this is something we mentioned last quarter, that we were seeing these costs and we needed to go out and recover. That is a normal part of the business. That's something we do all the time.

但我也想補充，當我們談到需要進行的部分回收時，這也有一部分反映在其中。或許我可以藉此談一下價格回收（pricing recovery）。這是我們上季提到的：我們看到這些成本，因此需要對外進行回收。這是業務的正常一環。這也是我們一直在做的事情。

I would say it's a little more prominent this quarter for two primary reasons. The first is just we saw a more accelerated cost, both with distribution and power in the last few quarters. As you read about some of the power situations, the weather and what we saw, especially in North America, that we needed to get out and recover.

我會說本季之所以更為明顯，主要有兩個原因。第一是，過去幾季我們看到成本加速上升，包含配送與電力兩方面。如你所讀到的一些電力情況、天氣因素以及我們所見到的狀況，特別是在北美，我們需要對外把這些成本回收回來。

I would say secondly, which is just more optics, is as we move Lincare out of the Americas segment, while this recovery had always happened, it's going to look a little more pronounced now because you're taking Lincare out of the denominator of that calculation. So by default, you will see more elevated pricing and more prominent recovery in Americas, just given that function of the change.

第二點我會說更多是呈現上的效果：隨著我們把 Lincare 自美洲事業部中移出，雖然這種回收一直都在發生，但現在看起來會更為明顯，因為你把 Lincare 從該計算的分母中拿掉了。因此在美洲區域，你會自然看到較高的定價水準以及更顯著的回收，這主要是由於這項變動所造成的。

So I would say all of those played into that. We do expect that to kind of come back down here into the fourth quarter, but that's the reason we also needed to go out and recover some of that.

所以我會說以上因素都促成了這個結果。我們確實預期到第四季這會有所回落，但這也是我們需要對外回收部分成本的原因。

Thank you.

謝謝。

John McNulty, BMO Capital Markets.

BMO Capital Markets 的 John McNulty。

Yeah. Thanks for taking my question. Regarding the charge that you took in terms of the severance side, the non-Lincare portion of the restructuring and efficiency work that you're doing, I guess, can you help us to think about how that will play out going into 2027 in terms of the savings and the improved efficiency versus your normal cadence that you call out most of the time in terms of efficiency improvements that we kind of know is a steady state?

好的，謝謝讓我提問。關於你們在資遣（severance）方面認列的費用，也就是你們正在推動的重組與效率提升工作中、非 Lincare 的那一部分，我想請你們協助我們理解：相較於你們平常所提到、我們也知道屬於穩態的效率改善節奏，這項措施在走向 2027 年時，節省成本與效率提升會如何展開？

Hey, John, it's Matt. I can handle that. I would start with the severance portion is very consistent with all of our prior actions we've taken. As you may recall, the paybacks on a cash basis, undiscounted, tend to be in the one-to two-year range, and that range is really a function of where in the world more of the severance occurred just based on certain contracts or what the required severance would be.

嗨 John，我是 Matt。我來回答。我先說，資遣這一部分與我們過去採取的所有行動非常一致。如你可能記得，以現金基礎、未折現來看，回收期通常落在 1 到 2 年之間；而這個區間主要取決於資遣發生在哪些國家/地區，因為不同合約條款或法定要求會影響所需的資遣費。

I would say for this particular charge, it's closer to the higher two-year end. But that will start taking effect here in the fourth quarter, but really, we'd expect to see the full benefits in the second half of next year on a full run-rate basis. That's pretty consistent with our other charges that we've had, one and a half, two-year payback, and you start to see full benefits within three to four quarters of the action itself.

就這次這筆費用而言，我會說更接近兩年端的較高水準。不過它會在第四季開始生效，但我們預期在明年下半年、以完整的運行速率（full run-rate）基礎，才能看到全部效益。這與我們其他費用項目相當一致：1.5 到 2 年的回收期，且通常在行動本身後的 3 到 4 個季度內就能看到完整效益。

Vincent Andrews, Morgan Stanley.

Morgan Stanley 的 Vincent Andrews。

Thank you very much. Matt, I wanted to ask you, versus where we were at 2Q, when you look into the fourth quarter, where natural gas and electricity costs have gone in Europe, how much of an incremental headwind is that to you? And how much of it do you think you will be able to price for in the fourth quarter versus having to wait to recover in the first quarter?

非常感謝。Matt，我想問的是：相較於我們在第二季時的狀況，當你看向第四季，歐洲的天然氣與電力成本走勢，對你們而言新增的逆風有多大？其中有多少你們認為能在第四季透過定價反映，還是必須等到第一季才能回收？

Yeah. So Vincent, I will break it down between on-site and then the merchant and package. So on-site, it is recovered in the current month, and that is cost pass-through. So that would essentially be cost pass-through. When you think about merchant and package, which this North American impact is more related to, it generally can be anywhere from a three- to six-month sort of lag on recovery, is what we tended to see.

好的。Vincent，我會把它拆成現場供氣（on-site）以及商用與瓶裝（merchant and package）兩部分。就 on-site 而言，會在當月回收，屬於成本轉嫁（cost pass-through）。所以基本上就是成本轉嫁。至於 merchant 和 package（這次北美的影響較多與此相關），一般我們看到的回收時滯大約是 3 到 6 個月。

And I would say in Europe, what we have seen in the past, and it really depends how it plays out this year, is either it is a very cyclical up-and-down power, which means it is just a constant three-, four-, or five-month recovery lag that we continue to do until it stabilizes, or you can have a continued power spike to the point it works into the entire inflation of the economy, which then it becomes essentially permanent price.

至於歐洲，我會說我們過去看到的情況（而且也很取決於今年會如何發展）是：要嘛電力價格呈現非常週期性的上下波動，這代表我們會持續進行固定的 3、4 或 5 個月回收時滯，直到它穩定下來；要嘛電力價格持續飆升到足以滲透進整體經濟的通膨之中，這時它本質上就會變成永久性的價格水準。

We will see how this one plays out. I would say when we saw this inflation spike, in 2021, 2022, it was more sustained and became priced. If you remember from our results then. This particular one has vacillated a little more, but we will see how it plays out as we get into the winter months going ahead.

我們會觀察這次會如何發展。我會說，當我們在 2021、2022 年看到那波通膨飆升時，它更為持續，最後也反映到定價上。如果你還記得我們當時的業績表現。這一次的波動更大一些，但我們會在接下來進入冬季月份時，持續觀察它如何演變。

Josh Spector, UBS.

UBS 的 Josh Spector。

Yeah. Hi, good morning. I wanted to ask kind of simply here, just in terms of your EPS guidance versus what you just delivered, 9% growth versus 7% growth. What are the factors that drive the deceleration in fourth quarter versus 3Q, and what should we be inferring from fourth quarter as we look forward into 2027? Thanks.

好的，嗨，早安。我想簡單問一下：就你們的 EPS 指引相對於你們剛交出的成績，9% 成長對比 7% 成長。有哪些因素導致第四季相較第三季出現成長放緩？而當我們展望 2027 時，從第四季我們應該推論出什麼？謝謝。

Hey, Josh, it's Matt. So for 2027, we'll give that in February. We'll stick with Q4 right now. I think the best way to probably talk about it is sequentially to hopefully address your question. So if you take the midpoint, and obviously time will tell where we deliver, but I'll just use the midpoint for simplicity's sake of the guidance range. It's about a 3% decline. 1% is FX, as we mentioned. Obviously, we're seeing the dollar strengthen across most currencies right now.

嗨 Josh，我是 Matt。關於 2027 年，我們會在二月提供指引。我們先聚焦在第四季。我想用按季（sequentially）的方式來談，可能最能回應你的問題。所以如果以區間中點來看——當然最終交付結果還要看時間——但為了簡化我先用指引區間的中點。大約是 3% 的下滑。其中 1% 來自匯率（FX），如我們提到的。顯然目前美元相對多數貨幣都在走強。

So that's part of that, and time will tell. It'll be what it'll be when it ends up. Another percent, if you noticed, we had a little bit of elevated equity income this quarter in third quarter, and a lot of that was a customer true-up on a contract we were paid for that was resolved. So that caused a bit of a spike in the equity income this quarter that will go back to run rates Q4. So that's roughly a percent. The last percent, we'll see.

這是其中一部分，最終結果就看期末會落在哪裡。到時候就是那樣。另外 1%，如果你注意到，我們第三季有一點偏高的權益法投資收益（equity income），其中很大一部分是來自某位客戶合約的追溯調整（true-up），我們收到款項且已解決。因此本季的權益法收益出現一個小高峰，第四季會回到正常運行水準（run rate）。所以大約是 1%。最後 1%，我們再看看。

We do have a little bit of seasonality in Q4. As I mentioned, we're taking a pretty guarded view on the impact of some of the actions we're taking with both the non-gas business as well as our view in the economy right now. We're not going to take any view on continued sustained growth. But our goal is to do better than this range, and our goal is to work to get above it.

第四季確實有一些季節性因素。如我提到的，我們對於正在採取的一些行動（包含非氣體業務）以及我們對目前經濟的看法，都採取相當審慎的態度。我們不會對持續且穩定的成長做任何假設。但我們的目標是要做得比這個區間更好，我們的目標是努力把表現拉到區間之上。

But that's where we are right now, and we'll have to see. Obviously, for most intents and purposes, we left the full-year guide somewhat intact. That was part of the thought process as well as laying out this Q4 guide to just leave that intact at this point because we didn't see a reason to take any bullish signals yet until we could kind of see how the rest of the economy plays out.

但這就是我們目前所處的狀況，接下來只能再觀察。很明顯，就大多數目的與用途而言，我們大致維持了全年指引不變。這也是我們思考的一部分；在提出這份第四季指引時，我們選擇先把它維持不變，因為在能夠看清楚整體經濟其餘部分如何發展之前，我們還看不到任何理由去釋放偏多的訊號。

James Hooper, Bernstein.

James Hooper，Bernstein。

Hi, morning everyone. Can I get an update please on the Woodside project, and when the component parts might start up and how the customer placing it on the strategic review might affect your business? Thank you.

各位早安。我想請問能否更新一下 Woodside 專案的進度：各個組成部分大概何時會開始啟動？另外，客戶把該項目納入策略檢討，可能會如何影響你們的業務？謝謝。

Thanks, James. The Woodside project continues to make progress. When we last spoke to you, we were about to start up the air separation unit and start the nitrogen supplies. That is now underway already in Q3, and it will continue to progress for the rest of the year into next year.

謝謝你，James。Woodside 專案持續取得進展。上次和各位溝通時，我們正準備啟動空氣分離裝置並開始供應氮氣。目前這項工作已在第三季展開，並將在今年剩餘時間一路推進到明年。

We are also supplying the customer currently temporarily with hydrogen from our pipeline network, ensuring that they have an opportunity to continue to manufacture ammonia as they would want to. The ATRs, which is our on-site supply for hydrogen, will get started up. There are two trains for the ATR, so there is always a staggered startup. I expect that to be completed in the first half.

我們目前也透過管線網路暫時向客戶供應氫氣，確保他們能夠如其所願持續生產氨。ATR（也就是我們現場供氫裝置）也將開始啟動。ATR 有兩套產線，因此啟動時程一向會採錯峰（分段）啟動。我預期會在上半年完成。

At the end of that six-month period, we would then be at a point where all the facilities would be ready, and the only component left to be completed then would be the carbon capture and sequestration element, which is being worked on by ExxonMobil. Our timelines that we have communicated in the last call, I think hold for now, and the teams are working to see what we can do and maybe even slightly improve that. You'd only see that impact start come through in the second half of next year.

在那六個月期末，我們就會來到所有設施都已就緒的階段；屆時唯一尚待完成的部分將是碳捕集與封存（CCS）環節，這部分由 ExxonMobil 負責推進。我們在上次電話會議中對外溝通的時程，我認為目前仍然成立；團隊也在努力看看能做些什麼，甚至可能略為改善。你們大概只會在明年下半年開始看到這項影響逐步反映出來。

A quick reminder on those of you who looked at large projects like this, there is a ramp profile that always exists with projects like this on the ammonia side as well. Once we start up, then we would start going into that ramp process, which would mean there'd be a staggered capacity utilization of our plants till we get to that 100%, which I expect probably to be sometime in 2028. The conversations around the strategic review that the customer is doing, I think is something that they will have to complete.

也快速提醒一下：對於這類大型專案，氨業務端同樣一定會有一個產能爬坡（ramp）曲線。一旦啟動，我們就會進入爬坡流程，代表工廠產能利用率會分階段提升，直到達到 100%；我預期大概會在 2028 年某個時間點達成。至於客戶正在進行的策略檢討相關討論，我認為那是他們必須完成的流程。

We are actively engaged with them. The only point I'd make to you is we always, in projects like this, assess the quality of the asset into which we supply, and we recognize that we have a really high-quality asset that's being supplied over here, which originally was owned by OCI, transferred to Woodside. Irrespective of who the ultimate owner is, we believe this ammonia complex will have a very attractive and opportunity for them to continue to make some money from the complex. Feel good about our positioning with that asset as well.

我們正積極與他們保持互動。我想強調的一點是：在這類專案中，我們一向會評估我們所供應對象（承接供應的資產）的資產品質；而我們也認知到，這裡被供應的資產品質非常高，原本由 OCI 持有，後來轉移給 Woodside。不論最終所有權落在誰手上，我們相信這座氨綜合廠對他們而言都將非常具吸引力，並且有機會持續從該綜合廠獲利。我們對於在該資產上的布局也很有信心。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

Morning everyone. I wanted to ask a little bit on volumes both kind of structurally and then maybe in the quarter. Starting with Europe, Sanjiv, I have a feeling what your answer will be, but are you getting any more optimistic that the Europeans are taking a bit more defensive view on industry there now with steel anti-dumping and the auto import cap?

各位早安。我想就出貨量（volumes）問一些問題，分別從結構性以及本季表現來看。先從歐洲開始，Sanjiv，我大概猜得到你的回答，但你是否對歐洲現在對產業採取更偏防禦性的立場感到更樂觀一些？例如鋼鐵反傾銷，以及汽車進口上限。

Towards the quarter, it looks like volumes maybe got a little bit better in Europe in 3Q, but I don't know if that's just noise and comps on what's still pretty much a tough market. If I could tack on Europe, saw a bit better performance than I would've expected on volumes. I feel like last time we caught up, there was some expectation of a deceleration in China, but maybe that doesn't feel as visible here in the print, so I want to give you an opportunity to kind of sound off on that stuff.

就本季而言，看起來歐洲第三季的量可能稍微好一些，但我不確定這是否只是雜訊，畢竟市場仍然相當艱難、比較基期也在變化。如果我可以再補充問歐洲：你們的量表現比我預期的要好一些。另外，我記得上次我們交流時，市場對中國有放緩的預期，但從這次公布的數據看起來似乎沒有那麼明顯，所以也想請你們就這些議題談談看。

Thanks, Matt. You kind of almost predicted what my answer was going to be, so I'm not going to disappoint you, sadly. Europe, unfortunately, continues to be in that range that we talked about the last time we spoke. There is at this point in time, no catalyst. I'm sure you've seen the 1% positive volume on Europe, rounded up to 1%. But the reality is that unfortunately comes, I shouldn't say unfortunately, but that comes largely on the back of sale of equipment, which has embellished that number, if you will.

謝謝你，Matt。你幾乎已經預告了我會怎麼回答，所以很遺憾我不會讓你失望。歐洲不幸地仍然落在我們上次談到的那個區間。就目前而言，沒有任何催化劑。我想你也看到歐洲的量是正成長 1%（四捨五入後為 1%）。但實際上，那主要是因為設備銷售所帶來的貢獻，某種程度上把數字「美化」了。

Strip that out and the underlying number is flat. Look, the comps have gotten better to your point, and that helps, but a flat number today for Europe actually is looking better than the minus 2%, minus 3% that we've seen if you go back 12 to 18 months ago. So there seems to be a degree of stability, but there is absolutely no catalyst, and I have absolutely no reason for any confidence that the European market will pick up and give us any growth in the near term.

把那部分剔除後，底層數字其實是持平。你說得沒錯，比較基期確實變得更有利，這有幫助；但以今天的歐洲來看，持平其實已經比 12 到 18 個月前看到的 -2%、-3% 要好。所以看起來有一定程度的穩定性，但完全沒有任何催化劑；而且我也完全沒有理由對歐洲市場在短期內回升、帶來任何成長抱持信心。

There is zero catalyst, and I do not see the pragmatism that is needed across that whole European Union and the European community to take decisions that could get back industrial activity to a level where actually we start seeing some positive movement. So sadly, that disappointment will remain for some time until such decisions are taken.

完全沒有催化劑；我也看不到整個歐盟與歐洲社群所需要的務實態度，去做出能讓工業活動回到某個水準、從而開始看到正向變化的決策。所以很遺憾，這樣的失望恐怕還會持續一段時間，直到做出那些決策為止。

I read the press as much as you do, and as I said before, nothing there suggests that that trend's likely to change anytime soon. On China, you were right. In the last call, I said my expectation was a moderation in the second half. That played out for steel as an example. Steel production was down 2.5%. There is a production curtailment order from the government that's playing into steel.

我跟你一樣也會看媒體報導；而且如我之前所說，沒有任何跡象顯示這個趨勢短期內會改變。至於中國，你的判斷是對的。上次電話會議我說過，我預期下半年會趨於溫和。以鋼鐵為例，確實如此。鋼鐵產量下滑 2.5%；政府的限產令也正在影響鋼鐵。

Steel is down, chemicals flat. The star of the show really has been electronics in China. Electronics industrial production has grown about 17% in the quarter, if I am not wrong, and essentially driving a lot of the growth within that space. Beyond that, manufacturing also has been, other than the green shoots that we previously referred to on EV and batteries, everything else has been rather down.

鋼鐵下滑、化工持平。真正的亮點其實是中國的電子產業。如果我沒記錯，本季電子產業工業生產成長約 17%，基本上帶動了該領域的大部分成長。除此之外，製造業方面，除了我們先前提到在電動車與電池上的一些初現端倪（green shoots），其他多數領域都相對疲弱。

The other point I want to make on China is the expectation was that exports would moderate, but it has been a fantastic export market in Q3. That obviously has helped the economy a little bit. Domestic demand continues to not manifest itself at all. That remains my concern, to be honest. Sustained improvements in China require the domestic consumption to pick up alongside some level of export growth.

關於中國我還想補充一點：原先預期出口會放緩，但第三季出口市場表現非常強勁，這顯然對經濟有些幫助。但內需至今仍完全沒有顯現。老實說，這仍是我擔憂的地方。中國要出現可持續的改善，需要國內消費回升，同時也要有一定程度的出口成長。

We are just not seeing the domestic consumption pick up. I will give you one number that surprised me. Domestic EV consumption or purchasing is down about 11%, 12%, despite the fact that you are still seeing significant exports outside. At some stage, that export machine will face resistance at the other end, mostly Europe. I think we will see that moderate as well.

我們就是沒有看到國內消費回升。我給你一個讓我意外的數字。國內電動車消費或購買量下滑約11%、12%，儘管你仍然看到對外出口顯著增加。在某個階段，那台出口機器在另一端將會遇到阻力，主要是在歐洲。我認為我們也會看到它趨於溫和。

I am not seeing any structural changes in China that are giving me confidence that we will see a significant rebound other than whatever forecast you might have on exports outside China into the rest of the world.

我沒有看到中國出現任何結構性變化，能讓我有信心看到顯著反彈；除了你可能對中國以外、出口到世界其他地區的預測之外。

Eric Boyes, Evercore ISI.

Eric Boyes，Evercore ISI。

Good morning, and thanks. Does the Lincare restructuring savings take away from the usual productivity gain that is typically embedded in your normal earnings algorithm for 2027? Or will that typical productivity benefit come on top of Lincare for next year? Thanks.

早安，謝謝。Lincare 重整所帶來的節省，是否會抵消你們在2027年正常獲利演算法中通常內含的例行生產力提升？還是說，明年那個典型的生產力效益會在 Lincare 之上額外疊加？謝謝。

Eric, it's Matt. It will be on top, right? The way we always view it is the productivity is an ongoing embedded in the culture. That is an expectation, and that is every day. These restructurings are more episodic one time, and they are more top-down approaches that are incremental. So it is consistent with how we do the gas view as well, that it will be incremental.

Eric，我是 Matt。會疊加在上面，對吧？我們一向的看法是，生產力是文化中持續內建的一部分。那是一種期待，而且是每天都要做到的。這些重整比較是階段性、一次性的事件，屬於更自上而下、額外增量的作法。所以這也符合我們看待氣體業務的方式，也就是它會是增量的。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. It looked like helium prices moved up in Asia sequentially. Did they move up in the other geographic jurisdictions? Then for Matt, at least by my calculation, the decrease in Lincare EBIT in the first half was $66 million. I know you said that Lincare would lower EPS growth by 2%, which would be about $200 million pre-tax. So are you rounding up? Is the number a little less than that?

非常感謝。看起來氦氣價格在亞洲按季上升。在其他地理區域也有上升嗎？另外問 Matt，至少按我的計算，上半年 Lincare 的 EBIT 減少了6,600萬美元。我知道你說 Lincare 會讓 EPS 成長降低2%，這大約相當於稅前2億美元。所以你是在往上取整嗎？還是實際數字比那個略低？

Hey, Jeff. On helium, I will let Matt answer the Lincare question. On helium, generally, we have seen prices up. You might recall we had said in the last round as well that one of the things, one of the actions we have taken as we have signed up some new contracts, as well as we continue to serve all our contracted customers, is that we have built in the pricing some recoveries on the dislocation cost associated with the Middle East conflict and the sourcing and logistics challenges that we have.

嗨，Jeff。關於氦氣，我先讓 Matt 回答 Lincare 的問題。就氦氣而言，整體來看我們確實看到價格上升。你可能記得我們在上一輪也提到，我們採取的其中一項行動是：在簽下一些新合約、並持續服務所有合約客戶的同時，我們在定價中納入了部分回收，用以彌補與中東衝突相關的供應中斷成本，以及我們面臨的採購與物流挑戰。

So we're seeing that rounded up in pricing, but of course, that is also rounded up in the cost structure, therefore the margin improvements do not quite show through on the helium and affect us more broadly. But clearly we are seeing that pricing move up, and it is across the world, across all the markets in each of the segments we have. Matt, do you want to take the lead on this?

因此我們看到這些因素反映在價格上調中，但當然也同樣反映在成本結構中，所以氦氣的毛利改善並不會完全顯現，對我們更廣泛的影響也是如此。但很明顯我們確實看到價格上升，而且是全球性的，涵蓋我們各事業分部的所有市場。Matt，你要不要主導回答這題？

Yeah, sure, Jeff. So obviously you will have the first half. You will not have the back half in Q3 and Q4 from that perspective spiked out. But it is about 1.5% to 2% on the year to date. And especially when we look out on holding flat what the Q4 would be. And part of that also is a function of how last year the performance was when you think about the baseline. So it's in that range and that is the effect it is having.

好，當然，Jeff。所以很明顯你會有上半年的影響。從那個角度來看，下半年在第三季和第四季不會再出現那樣的尖峰。但就年初至今而言，大約是1.5%到2%。尤其是當我們往外看、假設第四季維持持平時。其中一部分也取決於你回頭看去年表現時的基期。所以大概就在那個區間，這就是它造成的影響。

So whether you say it is 1.5% to 1.6%, rounding, how you want to look at that, but I would say it is a very strong 1% to a weak 2% is what we have seen on when we project out on the year just based on the numbers.

所以不管你說是1.5%到1.6%，或是取整、看你怎麼看；但我會說，按我們基於數字推估全年來看，大概是「很強的1%」到「偏弱的2%」之間。

Okay, great. Thank you.

好的，很棒。謝謝。

Yep.

好的。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Yeah, thank you and good morning. I was wondering if you could compare and contrast your price experience in the Americas versus your other major regions. I'm looking at plus 6% in the Americas and maybe half that in Asia and a third of that in Europe. So maybe discuss why that's the case and whether we should continue to expect Americas to outpace ROW moving forward. Thank you.

是的，謝謝，早安。我想請你比較並對照一下，你們在美洲與其他主要區域的定價表現。我看到美洲是+6%，而亞洲可能只有一半，歐洲大概只有三分之一。所以想請你談談為什麼會這樣，以及未來我們是否應該繼續預期美洲會領先其他地區（ROW）。謝謝。

Kevin, I'll let Matt cover that, just to get into the details of the Americas pricing, which has some recovery elements which are beyond the quarter. Matt, why don't you just explain that?

Kevin，我先讓 Matt 來說明，深入談談美洲的定價細節；其中有一些回收項目不只反映在單一季度。Matt，你來解釋一下好嗎？

Yeah, sure, Kevin. So I think a couple things. First, if you look at the 6%, I would say probably close to 2% associated with some of this recovery we talked about. So underlying run rate, you're in the 4% range. Globally, even excluding the recovery, we're still 3%, because the 3% we have is a very strong 3%, I'll say, in terms of the global rollout.

好，當然，Kevin。我想有幾點。第一，如果你看那個6%，我會說其中大概接近2%與我們提到的部分回收有關。所以就底層的運行水準（run rate）而言，大概在4%左右。放眼全球，即使排除回收，我們仍有3%，而且我會說我們的3%是「很強的3%」，就全球推行的力道而言。

So the run rate there is probably been more in the 4% range, and that's the year to date, if you look at it too, through that period, excluding the 2%. And part of it is just you're seeing both inflation and cost, but also general inflation. You have to remember you have South America as well in that set of numbers where you tend to see a little higher inflation.

所以那邊的運行水準大概更接近4%，而且如果你也看年初至今、到那段期間，排除那2%也是如此。其中一部分原因是你同時看到通膨與成本上升，但也有一般性通膨的因素。你要記得，那組數字也包含南美，而南美通常會看到較高的通膨。

You definitely have seen some power and distribution inflation in North America with the US specifically. I think when you go over to EMEA, we are starting to see that pick up more. As I said earlier, it vacillated a bit. I think what we saw in EMEA, we would see some energy rise and then fall and rise and fall. We would cover that through some surcharging, but it wasn't necessarily translating to significant incremental permanent pricing.

你確實也看到北美（尤其是美國）在電力與配電方面的通膨。我認為當你看向 EMEA，我們開始看到那邊的情況更有起色。如我先前所說，它有些波動。我想我們在 EMEA 看到的是能源價格上升又下降、上升又下降。我們會透過一些附加費（surcharging）來因應，但不一定會轉化為顯著、額外且永久性的價格上調。

But it feels like that may start to accelerate. Time will tell, but that's what we're starting to see in EMEA. When you move to APAC right now, probably half of that pricing is helium, which relates more, and Jeff kind of alluded to, seeing the helium price increases. The other half, we are seeing some good traction in South Pacific and places like India.

但感覺那可能開始加速。時間會證明一切，但這是我們在 EMEA 開始看到的趨勢。至於 APAC，目前大概有一半的定價來自氦氣；這也比較呼應 Jeff 剛剛提到的氦氣價格上漲。另一半方面，我們在南太平洋以及像印度這些地方看到不錯的進展。

But obviously China, it's still not a high inflation region, as you can imagine. That's continuing to put a little bit of a drag on the base business, just given some of the conditions there. I would say right now, even when you exclude this recovery we had, Americas continues to see the highest rate of inflation, just given the activity in North America and the traditional inflation you tend to see in South America.

但很明顯，中國並不是高通膨地區，如你所想像。在那邊的一些情況下，這仍持續對基礎業務造成一些拖累。我會說目前即使排除我們提到的這些回收，美洲仍然是通膨率最高的地區，主要是因為北美的活動，以及南美一向較常見的通膨。

Kevin, I'll only add that as we see this inflationary momentum continue to build, our pricing actions across the world, America is a great example as to how Matt just described it, but across the world, continue to be focus of attention for the management team at Linde. So, including China, which is a lower inflation economy, I think for the first time after a number of quarters, we've seen positive inflation in China.

Kevin，我只想補充一點：隨著我們看到這股通膨動能持續累積，我們在全球各地的定價行動——美國就是一個很好的例子，正如 Matt 剛才所描述的——但在全球範圍內，仍然是林德（Linde）管理團隊關注的重點。因此，包括中國在內（中國屬於較低通膨的經濟體），我認為在經過好幾個季度之後，我們第一次看到中國出現正向通膨。

Also, export PPI is up. Both indicators that the market is tuning into higher inflationary levels and therefore our pricing effort over there will continue to provide some further impact as well.

此外，出口 PPI 也在上升。這兩項指標都顯示市場正在關注更高的通膨水準，因此我們在那邊的定價努力也將持續帶來一些進一步的影響。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗（Citi）。

Hi, good morning. I was hoping you could elaborate a little bit more on any other reasons for logic of moving Lincare to the other segment, whether you are considering selling that business and just any sort of update on the mitigation actions you plan to take. When can we expect meaningful change in profit levels there?

嗨，早安。我想請你再多說明一下，把 Lincare 移到其他部門的邏輯是否還有其他原因；你們是否在考慮出售該業務；以及你們計畫採取的緩解措施有沒有任何更新。我們何時可以期待那邊的獲利水準出現有意義的改善？

Hey, Patrick, it is Matt. I will start with the move is driven by accounting, right? Which is called CODM, the Chief Operating Decision Maker. A combination of a series of accounting events and I think it culminated with the trigger and the change of the executive leadership oversight and how we evaluate that business, through management and the Board prompted that change to the other segment. I think that was an accounting thing which we will set to the side.

嗨，Patrick，我是 Matt。我先說明：這次調整是由會計因素所驅動，對吧？也就是所謂的 CODM（Chief Operating Decision Maker，首席營運決策者）。一連串會計事件的組合，我認為最終的觸發點，是高階主管監督權責的變更，以及我們透過管理層與董事會評估該業務的方式改變，促使其被歸入其他部門。我認為那是會計上的事情，我們先把它放一邊。

That being said, we absolutely, and we have said we will continue to evaluate strategic options, but we cannot assure there will be a strategic option to be had. We have to improve this business. We have to run it better, while running it safely and compliantly. That is the focus and that is the goal. Hopefully, the healthcare sector improves.

話雖如此，我們確實——而且我們也說過——會持續評估策略選項，但我們無法保證一定會有可行的策略選項。我們必須改善這項業務。我們必須在確保安全與合規的前提下，把它經營得更好。這就是重點，也是目標。希望醫療保健產業能夠改善。

Right now it is not doing as well, I will say, as a sector, but if it improves in the coming years and that market thaws a bit, maybe there can be more opportunities for strategic options. Our goal is to improve it. It is to basically make it a better business and then hopefully that will not only get rid of some of the headwinds we are seeing, but it will also open up other options with that business. Again, if you may recall, this is not too dissimilar if you go years back with the Gist business.

目前我會說，醫療保健作為一個產業板塊表現並不理想；但如果未來幾年有所改善、那個市場稍微解凍，也許就會有更多策略選項的機會。我們的目標是把它改善好。基本上就是把它做成一個更好的業務，然後希望這不僅能消除我們目前看到的一些逆風，也能為該業務開啟其他選項。再說一次，如果你還記得，這和多年前的 Gist 業務並沒有太大不同。

That traditionally was part of the EMEA segment. We had a very similar construct. We changed the oversight of it. We changed how we managed and reviewed that internally. It moved to the other segment. That business ended up in a sale. We will see what happens in this case.

那項業務傳統上是 EMEA 部門的一部分。我們當時有非常類似的架構。我們改變了對它的監督方式。我們改變了內部管理與檢視它的方式。它被移到其他部門。那項業務最後以出售告終。這次的情況會如何發展，我們再看看。

Abigail Eberts, Wells Fargo.

Abigail Eberts，富國銀行（Wells Fargo）。

Thanks so much for taking my question. Just another one on Woodside. Just wondering if there's anything else you can give us to help us size that revenue drag given those project updates.

非常感謝讓我提問。再問一個關於 Woodside 的問題。想請問，基於這些專案更新，你是否還能提供其他資訊，幫助我們衡量那個營收拖累的規模？

Hey, Abigail, it's Matt. I think as far as a revenue drag, yeah, the way I would probably characterize it is we are supplying them from our existing network, and as Sanjiv mentioned, without having the full assets up and running, those are molecules that we would've been able to route into our network system for other customers.

嗨，Abigail，我是 Matt。我想就營收拖累而言，是的，我大概會這樣描述：我們是從既有的供應網路向他們供應；而如 Sanjiv 提到的，在完整資產尚未全部投運之前，那些原本我們可以導入網路系統、供應給其他客戶的分子（產品），現在被用來支援他們。

As you can imagine today in the US Gulf Coast, hydrogen is a pretty valuable molecule because it helps desulfurize heavy crudes, and it helps refiners make more middle distillates and products in high demand, like ultra-low sulfur diesel, and other products like that. So we would definitely have been able to resell those molecules, and that's the same with some of the atmospherics as well. So I think it's something that we fully expect to be incremental when it starts up and that we will get that benefit.

你可以想像，在美國墨西哥灣沿岸，氫氣如今是相當有價值的分子，因為它有助於重油脫硫，也能幫助煉油廠生產更多市場需求很高的中間餾分與產品，例如超低硫柴油，以及其他類似產品。所以我們原本確實可以把那些分子轉售出去；部分空分氣體（atmospherics）也是同樣的情況。因此我認為，一旦開始投運，我們完全預期它會帶來增量效益，而我們也會取得那個好處。

But right now, we are pulling those molecules from our existing supply network, to support them until these assets are up and running.

但目前，在這些資產尚未投運之前，我們是從既有供應網路調撥那些分子來支援他們。

Thank you.

謝謝。

Aleksey Yefremov, Barclays.

Aleksey Yefremov，巴克萊（Barclays）。

Good morning, everyone. In electronics, you have been growing mid- to high- teens this year, versus what I think MSI growth at 8% to 10%. Is this a sustainable level of our growth for the next few quarters? Separately, how do you feel about prospects of new additions to backlog in electronics?

各位早安。在電子業務方面，你們今年成長在中到高十幾％，相較之下，我認為 MSI 的成長是 8% 到 10%。這樣的成長水準在接下來幾個季度是否可持續？另外，你們如何看待電子業務在手訂單（backlog）新增的前景？

Thanks, Aleksey. That is a great question on electronics, and some of you, and I know, Aleksey, you were there, were at our event in Phoenix and actually physically saw the conversations we have about electronics growth. The growth that we saw in the quarter is really largely driven around organic growth in electronics, and I feel pretty good about the trend that we see, at least for the next few quarters, looking out in terms of how that end market is going to perform for us. So feeling good about that, feel that this is something that we will sustain.

謝謝你，Aleksey。這是個關於電子業務的好問題；你們當中有些人——我知道 Aleksey 你也在場——參加了我們在鳳凰城的活動，並且實地看到我們就電子成長所進行的討論。本季度看到的成長，主要是由電子業務的有機成長所帶動；就我們所看到的趨勢而言，至少在接下來幾個季度，從終端市場對我們的表現來看，我感覺相當不錯。所以對此很有信心，也認為這是我們能夠維持的。

The reason the confidence in the midterm also exists is because sitting within our backlog, as I mentioned briefly earlier on, we have about $2 billion of backlog projects under execution, which will have staggered startups over the course of the next two, three years, and that will then feed into the double-digit growth that I expect from the electronics end market going forward.

之所以對中期同樣有信心，是因為如我先前簡要提到的，我們的在手訂單中有約 20 億美元的專案正在執行中，未來兩到三年會分階段啟動投產，進而支撐我預期電子終端市場未來的雙位數成長。

The other point I would make around electronics also is that there is, in addition to the atmospherics, which is where most of our conversation has been and which is where the Phoenix assets, as an example, we had shown you were feeding into. We also have continuing growth around the electronic special gases. These tend to be the cylinder gases, high value, small volumes, but nonetheless, quite important. I think we continue to see growth over there as well.

另外我想補充的是，除了空分氣體（atmospherics）之外——我們大多數的討論都集中在這裡，例如我們在鳳凰城向各位展示的資產就是供應到這一塊——我們在電子特用氣體方面也持續成長。這些通常是鋼瓶氣體，價值高、量小，但仍然相當重要。我認為我們在那邊也持續看到成長。

Between those two elements, I fully expect to see electronics growth in the double-digit range going forward. Talking about prospects. The point I'd make on prospects is twofold.

在這兩個要素的帶動下，我完全預期電子業務未來將維持在雙位數的成長區間。談到前景。我想就前景提出兩點。

Let me start off by just the conversations again that we had in Phoenix to illustrate that we have a robust pipeline of projects, including with TSMC here in the US, with some of the other players in the US, but also as we think about the top 10 electronics players, we have existing relationships with each of them across the world, whether it's Taiwan, South Korea, the US, and of course, there is a growing market I referenced earlier on in China that provides prospects as well.

我先從我們在鳳凰城再次進行的對話談起，用以說明我們擁有強勁的專案管線，包括在美國與台積電（TSMC）的專案、與美國其他業者的專案；同時，當我們看全球前十大電子業者時，我們與每一家在全球各地——無論是台灣、南韓、美國——都已有既有合作關係；當然，我先前提到中國也有一個正在成長的市場，這也提供了前景。

I expect Linde to win more than its fair share across that whole range, particularly when it comes to these larger atmospherics projects like the ones we showed you in Phoenix. So feel good about that whole prospect. I will say though that we are, as you know, very disciplined around capital allocation, and one of the things that we are playing into that has been a focus on logic.

我預期林德在整個範圍內能拿下超過其應得份額的案子，特別是在我們在鳳凰城向各位展示的那類大型空分氣體專案上。所以對整體前景感覺良好。不過我也要說，如你所知，我們在資本配置方面非常自律，而我們正在配合的一件事一直是對「邏輯」的聚焦。

Obviously, we will do memory with some of our key customers that we have been working with for decades, but we tend to be a bit more selective around some of the memory projects, and just recognizing the short cycle that memory tends to have might look different at the moment, but historically has been on a shorter cycle, and which tends to be a little bit at variance to the long-term contracts that we prefer when we go out and do this level of business and project development.

顯然，我們會與一些已合作數十年的重要客戶進行記憶體相關業務，但在某些記憶體專案上我們往往會更為審慎、也更具選擇性；同時也要認知到，記憶體通常具有較短的景氣循環，眼下看起來可能有所不同，但從歷史上看確實是較短週期，而這往往與我們在進行此等規模的業務與專案開發時所偏好的長期合約存在些許不一致。

Salvator Tiano, KeyBanc Capital Markets.

Salvator Tiano，KeyBanc Capital Markets。

Thank you very much. Just want to go back to the pricing, especially in the Americas, the 2% component you mentioned. So essentially, firstly, can you help us a little bit to understand how much was the, I guess, excess margin from the price increase that was going to offset costs from prior quarters? So essentially, what was perhaps a little bit more one-off in the quarter?

非常感謝。我想回到定價問題，特別是在美洲地區，您提到的那個2%組成部分。所以首先，您能否幫我們稍微理解一下：這次漲價所帶來、用以抵消前幾季成本的（我想可稱為）超額利潤大概有多少？也就是說，本季可能有哪些部分更偏一次性？

And secondly, it looks like some of the cyclical markets in the US and the Americas have been doing pretty well in terms of profitability. So, going back to Kevin's question, what do you think would have been your price power to recover these costs should conditions for these end markets have been more similar to the past few years where chemical, say, earnings were poorer? Would you be able to recover them to that extent?

其次，看起來美國與美洲的一些週期性市場在獲利能力方面表現相當不錯。所以回到Kevin的問題，如果這些終端市場的狀況更接近過去幾年、例如化工獲利較差的時期，您認為你們回收這些成本的定價能力會是什麼樣子？你們還能在那種程度上回收嗎？

How should we think about future recoveries if earnings for chemicals and energy assets do not stay at current levels?

如果化工與能源資產的獲利無法維持在目前水準，對於未來的成本回收我們應該如何看待？

Yeah. Sal, it's Matt. I think we'll just start with the basics. I think the recovery of cost is an integral part of our contracts. It's something we've always done. We mentioned last quarter we needed to get out and get more recovery, especially in North America. So that aspect of it is very consistent, and this primarily relates to merchant and package, just to make sure. Because on-site, it's primarily cost pass-through, as you know.

好的，Sal，我是Matt。我想先從基本面談起。我認為成本回收是我們合約中不可或缺的一部分。這是我們一直以來都在做的事。我們上季提到需要走出去爭取更多回收，尤其是在北美。因此這一點非常一致，而這主要與散裝（merchant）與套裝（package）業務相關，先澄清一下。因為在現場供氣（on-site）方面，如你所知，主要是成本轉嫁（cost pass-through）。

That is very much in the month, and it's very programmatic as part of the contract billing itself. Within the merchant and package, there are aspects of each contract to go and recover it, and we've always had this lag. The lag can be one, it could be two quarters. I would say this particular period, we saw an acceleration of cost that came a little faster.

這在當月就會反映，而且作為合約計費本身的一部分，是非常制度化、程式化的。在散裝與套裝業務中，每份合約都有相應條款用來回收成本，而我們一直都存在這種時間落差。這個落差可能是一季，也可能是兩季。我會說在這段期間，我們看到成本加速上升，來得更快了一些。

Of the margin itself, you got to spread it over probably five, six months, if not more. So it's really hard to give a margin in any particular period because people want to break it down to quarters. But I will say on year to date, while it is still net in terms of the positive impact on OP, it will clearly be dilutive, right? Because you're basically going out there and trying to get back a lot of these excess inefficiencies, and you're going to do it in a way that's going to be dilutive to the average American margins.

至於利潤本身，你得把它攤在大概五、六個月，甚至更久的期間來看。所以很難在任何特定期間給出一個利潤數字，因為大家都想把它拆到季度層級。但我會說，就年初至今而言，雖然對營業利潤（OP）的影響仍是淨正向，但它顯然會是稀釋性的，對吧？因為你基本上是在外面努力把許多額外的低效率成本追回來，而你會以一種會稀釋美洲平均利潤率的方式來做。

So I would just say it's been spread over a couple of quarters. For the most part, within the quarter itself, it would have still been net dilutive to the 35% margins that we printed, just given the recovery portion. It's something we will continue to do. Again, the fact that we've taken an annualized equivalent of Lincare sales of almost $2.3 billion annualized out of that segment kind of makes this a little more magnified simply because you have a smaller denominator to divide by, right?

所以我只會說，這是分散在幾個季度之間發生的。就本季本身而言，考量回收的部分，它仍會對我們所呈現的35%利潤率造成淨稀釋。這是我們會持續做的事情。再者，我們已經把該事業部中幾乎相當於Lincare年化銷售額約23億美元的規模移出，這會讓這件事看起來被放大了一些，單純因為分母變小、用來除的基數更小了，對吧？

So I think that will be something going forward, and that's, again, part of the clarity and transparency. I think that'll be a little easier with the way the segments are aligned today. But we will absolutely act again, and then some of this does turn into permanent pricing over time as it becomes an integral part of inflation within the economy itself. Time will tell if that happens. But right now, I feel very good about the 4% run rate on the underlying organic.

所以我認為這會是未來持續存在的情況，而這也再次回到清晰度與透明度。以目前事業部的劃分方式來看，我認為會更容易一些。但我們絕對會再次採取行動；而且隨著通膨逐漸成為整體經濟的一個內生部分，其中一些也會隨時間轉化為永久性的定價。是否會發生，時間會給答案。但就目前而言，我對於基礎有機成長4%的運行率（run rate）感覺非常良好。

If inflation persists, then I expect in Americas, we will rise above that.

如果通膨持續，我預期在美洲地區我們會高於這個水準。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

Good morning. Two quick ones, or hopefully quick. One is, what's the rough free cash flow that Lincare is contributing? Secondly, on the comments around European industrial policy, what's the feedback you're getting from customers as to how long this combination of malaise and cost pressures can continue before end markets need to shift to a more rapid de-industrialization strategy?

早安。兩個簡短問題，或希望能簡短。第一，Lincare大概貢獻多少自由現金流？第二，關於你對歐洲產業政策的評論，你從客戶那邊得到的回饋是：這種低迷與成本壓力的組合，還能持續多久，終端市場才會需要轉向更快速的去工業化策略？

I know Europe has a lot of stakeholders to coordinate before decisions get made, but is it a couple of years? Is it a decade? Do you have any sense? Are people talking yet about where the real breaking point might be?

我知道歐洲在做決策之前需要協調很多利害關係人，但這是幾年？還是一個十年？你有任何感覺嗎？大家是否已經在討論真正的臨界點可能在哪裡？

Laurence, I'll cover that, and then I'll ask Matt to cover the free cash flows on Lincare. You have probably on numerous calls heard me, for lack of a better word, vent on the lack of consistent policy framework that allows industries in Europe to move forward and be competitive. That is obviously compounded in the current climate with energy costs being both volatile as well as extremely high.

Laurence，我先回答這個，然後我會請Matt說明Lincare的自由現金流。你可能在很多次電話會議上聽我（找不到更好的詞）抱怨：歐洲缺乏一個一致的政策框架，使得產業能夠向前推進並保持競爭力。而在目前的環境下，能源成本既波動又極其高昂，這無疑讓情況雪上加霜。

When in parts of Europe you have energy selling at EUR150 per megawatt, that's for electricity, and when you have natural gas a couple of weeks ago selling at EUR30 per MMBtu, you know you have a structural cost disadvantage that the government needs to understand how it can either offset, which some countries are trying, or find a way to ease the ability to not have to comply with thousands of regulations and make the business a little bit more competitive to try and offset some of this inherent disadvantage that's there.

當歐洲某些地區的能源以每兆瓦時150歐元的價格出售（這是電力），而幾週前天然氣以每MMBtu 30歐元的價格出售時，你就知道存在結構性的成本劣勢；政府需要理解它要如何才能抵消這點（有些國家正在嘗試），或者找到方法放寬企業不必遵循成千上萬項法規的負擔，讓企業更具競爭力，以試圖抵消這種內生的劣勢。

There isn't Europe per se. If you see Scandinavia, we continue to see good industrial activity in Scandinavia. The Nordics have got the advantage of lower cost of power. It is hydroelectric power for most part, priced well, competing well, and we still see the prospect of growth and projects in the Nordics as a good example where it is offset by a significant disadvantage that sits in continental Europe for the most part.

歐洲並不是鐵板一塊。如果你看斯堪地那維亞，我們仍持續看到良好的工業活動。北歐的優勢在於較低的電力成本。多數情況下是水力發電，價格合理、競爭力強；我們仍看到北歐有成長與專案的前景，這是一個很好的例子，顯示其能抵消大陸歐洲在多數情況下面臨的顯著劣勢。

Eastern Europe suffering because they are the back end of the supply chain that feeds into continental Europe. Much of my frustration that I am reflecting over here is coming from conversations that I have with my peer CEOs of various companies. I think I will give you the example of chemicals, where that has become quite visible. The Middle East conflict has helped in part to try and shore up some of the chemical industry across Europe.

東歐則在受苦，因為它們是供應鏈的後端，供應到大陸歐洲。我在這裡反映的許多挫折，來自我與各家公司同儕CEO的對話。我想以化工為例，這點已變得相當明顯。中東衝突在某種程度上也幫助支撐了歐洲部分化工產業。

Clearly, a level of restructuring in that industry, which includes a number of shutdowns of facilities and specific sites, as you are aware, is all playing into this narrative. I do not think anyone has a timeline, Laurence. You can take a guess. Any guess that you and I take will be wrong. It will take longer, whatever we might estimate.

顯然，該產業正在進行一定程度的重整，其中包括多座設施與特定廠址的關閉，如你所知，這些都在強化這個敘事。我不認為有人有時間表，Laurence。你可以猜一個。你我任何一個猜測都會是錯的。不論我們估計什麼，都會花更久。

My frustration here just reflects that lack of activity that is allowing broader industries to both survive and do well. I think certainly, I would not hold my breath for the medium term. Matt, you want to cover the free cash flow?

我在這裡的挫折感，只是反映出這種活動不足，讓更廣泛的產業得以同時存活並表現良好。我認為可以肯定的是，中期內我不會抱太大期待。Matt，你要不要說一下自由現金流？

Sure. Yeah, I will start with Laurence. It is positive, it has been positive throughout the whole time. A kind of rough and simple way to think about it is the depreciation add back and the CapEx mostly offset. Your operating profit/EBIT essentially falls to the free cash flow line. From that perspective, it is just a function of how you manage working capital.

當然。好的，我先從Laurence的問題開始。它是正向的，而且整段期間一直都是正向的。一個相對粗略且簡單的理解方式是：折舊加回與資本支出（CapEx）大致互相抵銷。你的營業利益／EBIT基本上就會落到自由現金流那一行。從這個角度來看，主要就是你如何管理營運資金的問題。

There is a seasonal element to working capital in this business based on how the deductibles and healthcare plan systems roll over. That will create some noise within the quarters. Aside from that, the EBIT tends to be a rough proxy, and then the better you can manage collections, the better you can manage that number.

這個業務的營運資金具有季節性因素，取決於自付額與醫療保險計畫制度如何展期／重置。這會在各季度之間造成一些雜訊。除此之外，EBIT通常可作為一個粗略的代理指標；而你越能把收款管理得更好，這個數字就會越好。

Thank you.

謝謝。

Tony Jones, Rothschild & Co.

Tony Jones，Rothschild & Co.。

Thanks, everybody. Thanks for taking my question. Just a quick one on helium. Do you expect any change to the Qatar supply situation in 2027? Related to it, do you still think pricing will be positive for Linde next year? And what does that do to margin, if anything? Thank you.

謝謝各位。謝謝讓我提問。關於氦氣我有個簡短問題。你們預期2027年卡達供應情況會有任何變化嗎？相關地，你們是否仍認為明年林德（Linde）的定價會是正向的？如果有的話，這對毛利率／利潤率會造成什麼影響？謝謝。

Thanks, Tony. You've found a way to put in three questions in there, but I'm happy to respond to all of them. Look, as I said before, we've done a really good job, the team's done a really good job around managing the helium through this crisis period.

謝謝你，Tony。你找到方法在裡面塞了三個問題，但我很樂意全部回應。你看，正如我之前說的，我們做得非常好，團隊在這段危機期間對氦氣的管理做得非常出色。

And in doing that, not only have we served our existing customers extremely well, but we have added customers with long-term contract commitments that they've made to come on board, just recognizing the resilience of Linde's helium sourcing and supply chain that allows us to go out and ensure that we are able to serve their needs, even at times like this. That has been good from a pricing perspective, so to address that issue.

在此過程中，我們不僅把既有客戶服務得非常好，還新增了客戶，並且他們承諾簽訂長期合約加入；這主要是因為他們認可林德在氦氣採購來源與供應鏈上的韌性，使我們能夠走出去並確保即使在這種時候也能滿足他們的需求。從定價角度來看，這是有利的，因此我先回應這一點。

Our pricing actions have been very focused on ensuring that the dislocation costs that come with this increased supply chain and sourcing challenges are adequately factored into the pricing and recovered appropriately. We have not tried to use this opportunity to do excessive pricing. We have been very mindful that these are long-term contracts, and I certainly want to make sure I time these molecules.

我們的定價行動非常聚焦在確保：因供應鏈與採購挑戰加劇所帶來的錯配成本，已被充分納入定價並適當回收。我們並沒有試圖利用這個機會進行過度漲價。我們非常清楚這些是長期合約，而我當然也希望確保我能把這些分子（molecules）安排好。

Because longer term, helium will be long. We have gone through that cycle, and we know exactly where that is going to end up. So it has been important to get that done. Coming to Qatar specifically, our view is that Qatar is likely to get to about 75% of the production levels. The challenge is not on the production side, as you know, Tony.

因為從更長期來看，氦氣會供過於求。我們經歷過那個循環，也非常清楚最後會走到哪裡。所以把這件事做好很重要。具體到卡達，我們的看法是卡達很可能會恢復到大約75%的產量水準。挑戰不在生產端，你也知道的，Tony。

The challenge is the ability to get anything out, unless you do a very convoluted supply chain using land routes, and then get to ports which are far off, which obviously add to both the complexity of having enough tanks that allow that helium to be carried across that very significant terrain that it needs to cross, and then obviously getting ships that would then be able to take it to the rest of the world.

挑戰在於除非採用非常迂迴的供應鏈、走陸路，然後再到距離很遠的港口，否則幾乎無法把任何東西運出去；這顯然會增加複雜度：一方面需要足夠的槽罐（tanks）才能把氦氣跨越必須穿越的那段相當艱難的地形運送過去；另一方面還要找到船舶，才能把它運往世界其他地方。

All of that add both cost complexity, but most importantly, there are not enough tanks in the system to be able to allow that rerouting to be effective longer term for a sustained period of time. So I do expect, and again, 2027, your guess today is as good as mine, to be honest.

所有這些都增加了成本與複雜度，但更重要的是，系統內沒有足夠的槽罐，無法讓這種改道在更長期、持續一段時間的情況下仍然有效。所以我確實預期——而且再說一次，2027年嘛，老實說你今天的猜測跟我的一樣準。

If you could give me a date by when the Strait of Hormuz issues would get resolved, I would tell you exactly what the helium would look like. But neither of us are in a position to do that today. All I can say to you is, having the ability to source globally from various sources. We moved about 340 containers in the last quarter.

如果你能告訴我荷姆茲海峽（Strait of Hormuz）的問題何時能解決，我就能精準告訴你氦氣會是什麼樣子。但我們兩個今天都沒有能力做到這點。我能告訴你的是：我們具備從全球各地多元來源採購的能力。我們在上一季度調度了大約340個貨櫃。

That is pretty significant, and we moved it from all over the world between our sources in the US to our sources in North Africa, to our sources in Europe, and some sources in Asia. I think that managing that whole supply chain has been really the strength of Linde's ability to meet customer requirements and has played into that resilience that we often talk about.

這相當可觀；我們把它從世界各地調度，在美國的來源、北非的來源、歐洲的來源，以及亞洲的一些來源之間移動。我認為，能夠管理整條供應鏈，一直是林德滿足客戶需求的強項，也體現了我們經常談到的那種韌性。

I'm looking forward to seeing normalization happen out of Qatar, and that will, of course, provide a fillip to our efforts to place even more molecules into the marketplace, having now signed these long-term contracts.

我期待看到卡達的情況走向正常化；當然，這也會為我們的努力帶來助力，讓我們在已簽下這些長期合約之後，能把更多分子（molecules）投放到市場上。

Thank you very much.

非常感謝。

I would now like to turn the call back to Juan Pelaez for any additional or closing remarks.

我現在想把電話交回給Juan Pelaez，請他做任何補充或結語。

Thank you, everyone, for participating. Have a great day.

謝謝各位的參與。祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。