Manitowoc Company Inc (MTW) 2025 Q3 法說會逐字稿

Good morning and welcome to the Manitowoc Company third-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Ion Warner, Senior Vice President of Marketing and Investor Relations. Please go ahead.

早安，歡迎參加馬尼托瓦克公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給行銷和投資者關係高級副總裁 Ion Warner。請繼續。

Good morning, everyone, and welcome to our earnings call to review the company's third-quarter 2025 financial performance and business update as outlined in last evening's press release. Joining me this morning with prepared remarks are Aaron Ravenscroft, our President and Chief Executive Officer; and Brian Regan, our Executive Vice President and Chief Financial Officer. Earlier this morning, we posted our slide presentation on the Investor Relations section of our website, manitowoc.com, which you can use to follow along with our prepared remarks.

各位早安，歡迎參加我們的財報電話會議，我們將回顧公司 2025 年第三季的財務業績和業務更新，詳情請見昨晚的新聞稿。今天早上與我一起發表準備好的演講的有我們的總裁兼執行長 Aaron Ravenscroft，以及我們的執行副總裁兼財務長 Brian Regan。今天早些時候，我們在公司網站 manitowoc.com 的投資者關係版塊發布了幻燈片演示文稿，您可以根據演示文稿的內容查看我們準備好的發言稿。

Please turn to slide two. Before we start, please note our Safe Harbor statement and the material provided for this call. During today's call, forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 are made based on the company's current assessment of its markets and other factors that affect its business.

請翻到第二張幻燈片。在開始之前，請注意我們的安全港聲明以及為本次通話提供的資料。在今天的電話會議中，根據 1995 年《私人證券訴訟改革法案》的定義，公司根據其對市場和其他影響其業務的因素的當前評估，作出了前瞻性陳述。

However, actual results could differ materially from any implied or actual projections due to one or more of the factors, among others, described in the company's latest SEC filings. The Manitowoc Company does not undertake any obligation to update or revise any forward-looking statement, whether the result of new information, future events, or other circumstances.

然而，由於公司最新提交給美國證券交易委員會的文件中所述的一個或多個因素，實際結果可能與任何暗示或實際預測有重大差異。馬尼托瓦克公司不承擔任何更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他情況。

And with that, I'll turn the call over to Aaron.

接下來，我將把電話交給亞倫。

Thank you, Ion, and good morning, everyone. Please turn to slide 3. To start, I'd like to thank the Manitowoc team for their hard work and persistence through a very complicated period. The Great Trade Reset continues to unfold, presenting new challenges every day. Nevertheless, our team continues to fight to the process, service our customers, and execute our Cranes+50 strategy to grow our aftermarket.

謝謝你，Ion，大家早安。請翻到第3張投影片。首先，我要感謝馬尼托沃克團隊在這段非常複雜的時期所付出的辛勤努力和堅持不懈。貿易大重置仍在持續，每天帶來新的挑戰。儘管如此，我們的團隊仍將繼續努力推進流程，服務我們的客戶，並執行我們的 Cranes+50 策略，以發展我們的售後市場。

Overall, I was pleased with the quarter, especially considering the tariff headwinds. Sequentially, the third quarter is usually much softer than the second quarter, but we were able to recover some lost ground, and compared to last year, the numbers look good too.

總體而言，我對本季業績感到滿意，尤其是考慮到關稅方面的不利因素。通常來說，第三季比第二季疲軟得多，但我們能夠挽回一些損失，而且與去年相比，數據也相當不錯。

During the third quarter, we generated $553 million in revenue and adjusted EBITDA of $34 million, which was up 30% year-over-year. Orders were $491 million versus $425 million last year, and backlog ended the period at $667 million. Our non-new machine sales were $177 million, up 5% versus last year, reaching a record $667 million on a trailing 12-month basis.

第三季度，我們實現了 5.53 億美元的營收和 3,400 萬美元的調整後 EBITDA，年增 30%。訂單金額為 4.91 億美元，去年同期為 4.25 億美元，積壓訂單額在本期末為 6.67 億美元。我們的非新機器銷售額為 1.77 億美元，比去年增長 5%，過去 12 個月累計銷售額達到創紀錄的 6.67 億美元。

Please turn to slide 4. Moving to the Manitowoc Way, I recently visited our Zhangjiagang factory in China, where we produce tower cranes for the belt and road markets. As we've mentioned on previous calls, we recently developed several new large-capacity cranes and upgraded the factory to support their production.

請翻到第4張投影片。順便說一下馬尼托瓦克之路，我最近參觀了我們在中國張家港的工廠，我們在那裡為「一帶一路」市場生產塔式起重機。正如我們在之前的電話會議中提到的，我們最近開發了幾台新的大容量起重機，並升級了工廠以支援它們的生產。

While it was great to see the value stream running in full swing, the biggest surprise to me was the improvements in the smaller crane value stream. The team has done an amazing job with kitting and point-of-use materials, significantly improving our flow and throughput in roughly half the space.

看到價值流全面運作固然令人欣喜，但最讓我感到意外的是小型起重機價值流的改進。團隊在物料配套和使用點物料方面做得非常出色，在空間縮小了近一半的情況下，顯著提高了我們的流程和產量。

Overall, the team increased its earned hours by 30% compared to last year with flat headcount, a great increase in productivity. A huge thanks to [Zhang Huaxi], Kaka Ma, Gerry Wang, and the rest of the team for a job well done.

總體而言，在人員數量保持不變的情況下，團隊的工作時間比去年增加了 30%，生產力大幅提高。非常感謝張華熙、馬卡卡、王傑瑞以及團隊其他成員的出色工作。

Next on safety, I want to recognize our team's ongoing efforts to improve our work environment. In the third quarter, we achieved a recordable injury rate, or RIR, of 0.83, which is a 36% drop from the same period last year. October was safety month here at Manitowoc, and we went all in.

接下來，關於安全問題，我想表揚我們團隊為改善工作環境所做的持續努力。第三季度，我們的可記錄傷病率（RIR）為 0.83，比去年同期下降了 36%。十月是馬尼托沃克的安全月，我們全力以赴。

Adding to our already strong safety culture, it's an initiative we kicked off last year focused on preventing unsafe practices and encouraging the kind of positive safety behaviors that really make a difference. While zero injuries remains the ultimate goal, I am proud of the momentum we continue to build toward it.

為了進一步加強我們已有的強大安全文化，我們去年啟動了這項計劃，旨在防止不安全行為，並鼓勵真正能產生影響的積極安全行為。雖然零傷亡仍然是最終目標，但我為我們朝著這個目標不斷取得的進展感到自豪。

Please move to slide 5 for my market update. Starting with Europe, I am cautiously optimistic. Overall, I feel better about the macroeconomic environment. While the French government's woes continue, both Germany and France show positive signs. Housing permits in both countries are up compared to last year, which is good news for our tower crane business.

請翻到第5頁查看我的市場更新報告。就歐洲而言，我持謹慎樂觀態度。整體而言，我對宏觀經濟環境感到更加樂觀。儘管法國政府的困境仍在持續，但德國和法國都出現了積極的跡象。兩國的住房許可數量均比去年增加，這對我們的塔式起重機業務來說是個好消息。

Additionally, the big three French construction companies have a good backlog heading into 2026. In Southern Europe, we see a lot of activity in Italy, and believe it or not, Spain is now dealing with a housing shortage, something few would have imagined 15 years ago.

此外，法國三大建築公司到 2026 年都有充足的訂單儲備。在南歐，我們看到義大利有很多活動，而且信不信由你，西班牙現在正面臨住房短缺，這是15年前很少人能想像的。

I'd like to add more color on Germany, where we see promising developments. The country has enacted an accelerated depreciation program, formed a EUR500 billion infrastructure fund, and most recently, passed the Bau-Turbo Law aimed at significantly reducing building regulations and fast-tracking construction approvals.

我想再詳細介紹一下德國，我們看到那裡正在發生一些令人鼓舞的變化。該國已實施加速折舊計劃，成立了 5000 億歐元的基礎建設基金，最近還通過了《建築-渦輪法案》，旨在大幅減少建築法規並加快建築審批流程。

There are plenty of needs to invest in the local infrastructure. The once famously precise Deutsche Bahn railway system has turned infamous for delays and needs serious investments. There are 4,000 bridges in need of replacement or repair, serious housing shortages persist, and electrical power remains an ongoing challenge.

當地基礎建設方面有很多需要投資的地方。曾經以精準著稱的德國鐵路系統如今卻因延誤而臭名昭著，亟需大量投資。有 4000 座橋樑需要更換或維修，住房嚴重短缺問題依然存在，電力供應仍然是一個持續的挑戰。

Turning to our products, tower crane orders for new machines grew 34% year-over-year marking the fifth consecutive quarter. Sentiment is definitely improving, and dealer inventory for self-erecting cranes is at all-time lows in Germany. We see a recovery underway. On mobiles, I would say that all of the above applies, and it was reflected in our orders this quarter, increasing 28% versus last year.

再來看我們的產品，塔式起重機新機的訂單年增 34%，連續第五個季度實現成長。市場情緒明顯好轉，德國自升式起重機的經銷商庫存處於歷史低點。我們看到復甦正在進行中。在行動裝置方面，我認為以上所有情況都適用，本季的訂單量也反映了這一點，比去年同期成長了 28%。

Turning to the Middle East, the market remains strong. Although Saudi Arabia has eased off a bit from its previous breakneck pace, the UAE has definitely picked up steam. The country has already started phase two of the massive data center outside of Abu Dhabi, requiring another 20 big cranes, and we are hearing that the next major announcement could be the new Dubai airport, which will require 150 tower cranes.

再來看中東市場，市場依然強勁。雖然沙烏地阿拉伯的發展速度比以前快了一些，但阿聯酋的發展速度無疑加快了。該國已開始在阿布達比郊外建設大型資料中心的第二階段，需要另外 20 台大型起重機；我們聽說下一個重大消息可能是杜拜新機場，這將需要 150 台塔式起重機。

And we're proud to share that the Construction Machinery Middle East publication recently honored Manitowoc with two awards, the Best New Tower Crane Award for the Potain MCT 2205, which is operating on the big data center project; and the best new All Terrain Crane for the Grove GMK6450-1.

我們很自豪地宣布，《中東建築機械》雜誌最近授予馬尼托瓦克兩項大獎：波坦 MCT 2205 榮獲最佳新型塔式起重機獎（該起重機正在大型數據中心項目中運行）；格魯夫 GMK6450-1 榮獲最佳新型全地形起重機獎。

Turning to Asia, I recently visited China and South Korea. In China, the market is still pretty quiet. However, in South Korea, there is growing optimism. And as mentioned on the last call, Vietnam and Australia are also showing signs of a turnaround. In addition, we recently received some solid orders in Singapore and Hong Kong.

說到亞洲，我最近訪問了中國和韓國。在中國，市場依然相當平靜。然而，在韓國，人們的樂觀情緒正日益高漲。正如上次通話中提到的，越南和澳洲也出現了好轉的跡象。此外，我們最近在新加坡和香港也收到了一些可靠的訂單。

Lastly, the T50 Summit Asian Forum recently named the new Potain MCT 2205 one of the top five new products of the year. These recent awards underscore the value of the Manitowoc Way and the power of listening to the voice of the customer. A big congratulations to our engineering team in China.

最後，T50亞洲高峰會論壇最近將新款波坦MCT 2205評為年度五大新產品之一。這些近期獲得的獎項凸顯了馬尼托沃克之道的價值以及傾聽顧客聲音的力量。熱烈祝賀我們在中國的工程團隊。

Finally, in North America, total orders were up 20% during the third quarter, but the volatility surrounding the Great Trade Reset is continuing to create a lot of uncertainty. On top of the price elasticity impact of the tariffs, we faced two other major tariff-related obstacles.

最後，北美地區第三季總訂單量增加了 20%，但圍繞「大貿易重置」的波動性仍在造成許多不確定性。除了關稅的價格彈性影響外，我們還面臨另外兩個與關稅相關的重大障礙。

First, the Supreme Court is expected to decide on the reciprocal tariffs by the end of the year. If the court moves against the Trump administration, everyone expects a new tariff strategy will be implemented, but what that looks like is anybody's guess.

首先，最高法院預計在年底前就互惠關稅問題作出裁決。如果法院對川普政府做出不利裁決，所有人都預期會實施新的關稅策略，但具體會是什麼樣子，誰也說不準。

The second issue involves the impact of steel derivative tariffs on specific products. In August, HTS codes covering all-terrain cranes, tower cranes, and truck-mounted cranes were added to the initial list of products subject to the 50% tariff on steel components. Submissions for another round of HTS codes were made in September, and there will be another round of submissions next year.

第二個問題涉及鋼鐵衍生性商品關稅對特定產品的影響。8 月，涵蓋全地形起重機、塔式起重機和車載起重機的 HTS 編碼被添加到首批對鋼鐵零件徵收 50% 關稅的產品清單中。9 月已經提交了另一輪 HTS 代碼，明年還將有另一輪提交。

Although the situation is creating plenty of noise in the industry, we continue to push forward. The elementary is a bit mixed. It's definitely trending on the low end for rough terrain and all-terrain cranes, while boom trucks and crawlers are slightly elevated. Looking to the fourth quarter, given that most crane rental houses have had a good year, I expect that some customers will take advantage of the new accelerated depreciation scheme and do a little last-minute Christmas shopping.

儘管這種情況在業界引起了很大的爭議，但我們仍將繼續前進。小學的情況有點複雜。崎嶇地形和全地形起重機的價格肯定處於較低水平，而吊臂卡車和履帶式起重機的價格則略高一些。展望第四季度，鑑於大多數起重機租賃公司今年的業績都不錯，我預計一些客戶將利用新的加速折舊方案，進行一些最後的聖誕節購物。

Lastly, our anti-dumping claim in the US against Japanese crawler crane manufacturers continues. However, we expect it to be delayed due to the government shutdown. The bottom line is that we believe in fair trade and will strongly defend it.

最後，我們在美國對日本履帶式起重機製造商提起的反傾銷訴訟仍在進行中。但是，由於政府停擺，我們預計該項目將會延長。歸根結底，我們相信公平貿易，並將堅決捍衛它。

With that, I'll pass it on to Brian to walk you through the financials before I close with our strategy update.

接下來，我會把這個任務交給布萊恩，讓他為大家講解財務狀況，最後我再來報告我們的策略更新。

Thanks, Aaron, and good morning, everyone. Please move to slide 6. During the quarter, we had orders of $491 million, an increase of 16% compared to a year ago. The year-over-year increase was largely attributable to higher orders in the Americas and European tower crane businesses, where comps were fairly easy.

謝謝你，亞倫，大家早安。請移至第6張投影片。本季度，我們的訂單金額為 4.91 億美元，比去年同期成長了 16%。年比成長主要歸功於美洲和歐洲塔式起重機業務的訂單增加，這些地區的同業比較相對容易。

In the US, the prior year was significantly impacted by uncertainty from the election, and Europe was experiencing a downturn. As Aaron mentioned, our European tower crane business continues to show signs of improvement with a 34% increase in new machine orders compared to last year, the fifth consecutive quarter of year-over-year improvement.

在美國，前一年受到選舉帶來的不確定性的嚴重影響，而歐洲則經歷了經濟衰退。正如 Aaron 所提到的，我們的歐洲塔式起重機業務繼續顯示出改善的跡象，新機器訂單比去年增長了 34%，這是連續第五個季度同比增長。

As it relates to backlog, we ended the quarter at $667 million and expect approximately 60% of it to ship by the end of the year. Net sales in the third quarter were $553 million, up 5% versus the prior year. Non-new and new machine sales at both our European tower crane business and MGX drove the year-over-year revenue improvement. From a trailing 12-month perspective, non-new machine sales reached $667 million, reflecting another great quarter by the team in progressing our Cranes+50 strategy and another record.

關於積壓訂單，我們本季末積壓訂單為 6.67 億美元，預計到年底將有約 60% 的訂單交付。第三季淨銷售額為 5.53 億美元，比上年同期成長 5%。歐洲塔式起重機業務和 MGX 的新舊機器銷售額均推動了公司營收年增。從過去 12 個月的角度來看，非新機器銷售額達到 6.67 億美元，這反映了團隊在推進 Cranes+50 戰略方面又取得了一個偉大的季度，並再次創下紀錄。

On an adjusted basis, SG&A expenses as a percentage of sales were flat year-over-year. Our adjusted EBITDA for the quarter was $34 million, an increase of 30% year-over-year. Adjusted EBITDA margin was 6%, an increase of 120 basis points over the prior year, reflecting better mix of revenue.

經調整後，銷售、一般及行政費用佔銷售額的百分比與上年持平。本季調整後的 EBITDA 為 3,400 萬美元，年增 30%。調整後 EBITDA 利潤率為 6%，比上年增長 120 個基點，反映出收入結構更合理。

Please move to slide 7. Net working capital ended the quarter at $622 million. The majority of our net working capital increase from the prior year was driven by inventory, which was impacted by unfavorable foreign currency exchange rates, tariffs, as well as a few missed units we had planned to ship during the quarter.

請翻到第7張投影片。本季末淨營運資本為 6.22 億美元。與前一年相比，我們的淨營運資本增加主要由庫存造成，而庫存又受到不利的外匯匯率、關稅以及本季度未能發貨的部分產品的影響。

Similar to last year, we expect our inventory to decrease substantially as our build plans continue to right size and we execute on Q4. With that said, we expect working capital to only modestly decrease by the end of the year, with AR increasing and AP decreasing, offsetting the inventory change.

與去年類似，隨著我們的生產計劃不斷調整規模並執行第四季度計劃，我們預計庫存將大幅下降。儘管如此，我們預計到年底營運資金只會小幅下降，應收帳款增加，應付帳款減少，將抵銷庫存變動。

Moving to cash flows, we used $14 million of cash from operating activities in the quarter. Capital expenditures were $8 million, of which $3 million was for the rental fleet. At September 30, our cash balance was $40 million and total liquidity was $213 million. Our net leverage ratio was 3.9 times.

從現金流來看，本季我們經營活動產生的現金流量為 1,400 萬美元。資本支出為 800 萬美元，其中 300 萬美元用於租賃車隊。截至9月30日，我們的現金餘額為4,000萬美元，總流動資金為2.13億美元。我們的淨槓桿率為 3.9 倍。

Touching on tariffs, additional HTS codes were added in August to the steel derivatives listing. This is a 50% tariff on the steel components of imported product. Our truck-mounted cranes are manufactured domestically, therefore, there is no impact from these new steel derivative tariffs.

關於關稅方面，8 月鋼鐵衍生清單中新增了 HTS 編碼。這是對進口產品中的鋼鐵零件徵收50%的關稅。我們的車載起重機是國內製造的，因此不受這些新的鋼鐵衍生性商品關稅的影響。

Similar to our competitors, we import all-terrain and tower cranes. As such, this tariff doesn't necessarily change the competitive landscape for these products. However, overall demand for the product is expected to decline. As the only US crane manufacturer, any additional steel derivative tariffs on other crane products imported into the US could be beneficial to our domestic business.

與競爭對手類似，我們也進口全地形起重機和塔式起重機。因此，這項關稅不一定會改變這些產品的競爭格局。然而，預計該產品的整體需求將會下降。作為美國唯一的起重機製造商，對進口到美國的其他起重機產品徵收的任何額外的鋼鐵衍生關稅都可能對我們的國內業務有利。

From an overall perspective, we continue to assess direct tariff impacts. Based on current demand levels and tariffs, we're estimating 2025 gross tariff costs of approximately $44 million, of which we expect to mitigate 80% to 90%. Year-to-date, tariffs had a $2 million unfavorable impact to our results.

從整體來看，我們將繼續評估關稅的直接影響。根據目前的需求水準和關稅，我們估計 2025 年的關稅總成本約為 4,400 萬美元，我們預計可以緩解其中 80% 到 90%。今年迄今為止，關稅對我們的業績造成了 200 萬美元的不利影響。

Given our relatively strong performance in the third quarter, we expect full-year results to come in at the low end of our adjusted EBITDA guidance. As mentioned earlier, we don't expect our working capital to improve significantly during the quarter, which is delaying cash generation. We would need approximately $100 million of free cash flow to hit the low end of our guidance, which will be a tall task given the timing of shipments and the collecting of those receivables.

鑑於我們第三季的業績相對強勁，我們預計全年業績將處於我們調整後 EBITDA 預期範圍的下限。如前所述，我們預計本季營運資金不會有顯著改善，這將延緩現金流的產生。要達到我們預期目標的下限，我們需要大約 1 億美元的自由現金流，考慮到發貨時間和應收帳款的回收時間，這將是一項艱鉅的任務。

With that, I will turn the call back to Aaron.

這樣，我就把電話轉回亞倫了。

Thank you, Brian. Please turn to slide 8. To close, I'd like to focus on our Cranes+50 strategy, which provides higher margins and more consistent revenue streams. Over the last 12 months, our non-new machine sales grew 8% to $667 million. Given that this revenue generates roughly 35% in gross margins, every sale is crucial to offsetting the softness in the US OE market.

謝謝你，布萊恩。請翻到第8張幻燈片。最後，我想重點介紹一下我們的 Cranes+50 策略，該策略能夠帶來更高的利潤率和更穩定的收入來源。過去 12 個月，我們的非新機器銷售額成長了 8%，達到 6.67 億美元。鑑於該收入的毛利率約為 35%，每一筆銷售對於抵消美國 OE 市場的疲軟至關重要。

I'd like to share a few highlights from my recent visits to our service branches in Denver; Langenfeld, Germany; and Meru, France. Starting with Denver, we opened this greenfield location in 2023 to replace a low-performing dealer. Today, we have 13 team members, and the branch has almost doubled sales into the territory by focusing on the customer.

我想和大家分享我最近訪問我們在丹佛、德國朗根費爾德和法國梅魯的服務分支機構的一些亮點。從丹佛開始，我們在 2023 年開設了這家全新的門市，以取代一家業績不佳的經銷商。如今，我們團隊共有 13 名成員，分公司透過專注於客戶，使該地區的銷售額幾乎翻了一番。

In addition to selling Manitowoc equipment, the team has done a great job of also selling extreme telehandlers in this region. These machines are perfect for managing a crane yard, and this is a great example of the entrepreneurial spirit within MGX.

除了銷售 Manitowoc 設備外，團隊在該地區銷售大型伸縮臂叉裝車方面也做得非常出色。這些機器非常適合管理起重機場地，這是 MGX 內部創業精神的絕佳體現。

One of the coolest things that I saw at the branch was that the local service manager used his personal 3D printer to manufacture a homemade tool to help technicians perform wheel alignments. It's a significant safety improvement and saves four hours of work on the job.

我在分店看到的最酷的事情之一是，當地的服務經理使用他自己的 3D 列印機製造了一個自製工具，以幫助技術人員進行車輪定位。這是一項重大的安全改進措施，並且可以節省四個小時的工時。

In Langenfeld, Germany, we expanded our legacy aftermarket location to start our tower crane rental fleet initiative. I'm pleased to say that 67 cranes of our 75-unit rental fleet were in service during my visit, while the remaining eight units were reserved for upcoming projects. Back to my earlier comments on the German tower crane market, this is a great indicator of the improving market.

在德國朗根費爾德，我們擴大了原有的售後服務中心，啟動了塔式起重機租賃業務。我很高興地告訴大家，在我訪問期間，我們75台租賃起重機中有67台正在使用，其餘8台則預留用於即將開展的項目。回到我之前對德國塔式起重機市場的評論，這很好地表明了市場的改善。

With the mobile business, Langenfeld also plays a critical role in our trade-ins and used sales. This is where we homologate used cranes that are headed for the US among other locations. Using the Manitowoc Way, the team recently freed up an entire bay for repair work, which is excellent news considering the facility was full during my visit.

在行動業務方面，蘭根菲爾德在我們的以舊換新和二手車銷售中也發揮著至關重要的作用。在這裡，我們將對即將運往美國及其他地區的二手起重機進行認證。利用 Manitowoc Way，團隊最近騰出了一個完整的車間進行維修工作，考慮到我參觀時該設施已滿，這真是個好消息。

Lastly, Meru, France is one of our newest facilities opened in 2024. Historically, we had a tiny warehouse location in the region with a couple of offices, but we never really had a true service shop to support the Parisian market. The team impressed me with their creative service ideas.

最後，位於法國梅魯的工廠是我們於 2024 年開設的最新工廠之一。從歷史上看，我們在該地區有一個很小的倉庫和幾個辦公室，但我們從來沒有真正意義上的服務店來支持巴黎市場。團隊的創意服務概念給我留下了深刻的印象。

For example, we provide both mobile and tower services for a local construction company in the area. During my visit, the team was repairing the same customer's genset unit. It's a classic example of our broad skill set and our team's focus on servicing customers.

例如，我們為當地一家建築公司提供行動和塔式服務。我到訪期間，團隊正在維修同一位客戶的發電機組。這是我們廣泛技能組合以及團隊以服務客戶為中心的典型例子。

In addition, the Meru team is trialing a battery system and a flywheel power generation unit to help manage electricity at job sites. Typically, it takes months to connect to the French grid, but with these solutions, customers can be up and running in just a day. Both are promising concepts for helping our tower crane customers manage on-site power efficiently, and I look forward to seeing how this project unfolds.

此外，Meru 團隊正在試用電池系統和飛輪發電裝置，以協助管理工地上的電力。通常情況下，連接法國電網需要數月時間，但有了這些解決方案，客戶只需一天即可投入使用。這兩個概念都很有前景，可以幫助我們的塔式起重機客戶有效率地管理現場電力，我期待看到這個專案如何發展。

On slide 9, you can see a variety of different products our aftermarket team in France has started to sell. The crane industry is a niche business, and our customers have a tough job. We want to provide as many solutions as possible to help make their work a little easier. Thanks to all three aftermarket teams for their time, passion, and commitment to Manitowoc. It was an absolute pleasure to spend time with them.

在第 9 張投影片中，您可以看到我們在法國售後市場團隊開始銷售的各種不同產品。起重機產業是一個小眾產業，我們的客戶面臨著艱鉅的任務。我們希望提供盡可能多的解決方案，以幫助他們更輕鬆地完成工作。感謝這三支售後市場團隊為 Manitowoc 付出的時間、熱情和奉獻。和他們在一起真是太愉快了。

In closing, we are managing the things we can control. The tower crane teams in Europe and Asia have done a fantastic job developing new products during the downturn, which are now paying great dividends. Likewise, among other new products we plan to introduce in 2026, we are on track and excited to launch our new Grove 8-axle all-terrain crane at CONEXPO in March. It has the potential to be a $100 million product line when it goes into serial production in 2027.

總之，我們只管管理我們能控制的事情。歐洲和亞洲的塔式起重機團隊在經濟低迷時期開發新產品方面做得非常出色，現在這些產品正在帶來巨大的回報。同樣，在我們計劃於 2026 年推出的其他新產品中，我們正按計劃推進，並很高興能在 3 月份的 CONEXPO 展會上推出我們全新的 Grove 8 軸全地形起重機。該產品線預計在 2027 年投入批量生產時成為一條價值 1 億美元的產品線。

And while we are managing the tariff situation in the United States, in every corner of the company, the Manitowoc team is continuing to find ways to better serve our customers and grow our non-new machine sales.

在我們應對美國關稅情勢的同時，公司各部門的馬尼托瓦克團隊也不斷尋找更好地服務客戶和發展非新機器銷售的方法。

With that, we'll open up for questions.

接下來，我們將開放提問環節。

(Operator Instructions) Tyler Russell, Barclays.

（操作說明）泰勒·羅素，巴克萊銀行。

So a great quarter. Margins were up year on year, quarter on quarter. So you mentioned positive mix, but yet wanted to ask about the drivers of the margin improvement?

所以，這個季度很棒。利潤率較去年同期上升，季減。所以您提到了積極的產品組合，但又想了解利潤率提高的驅動因素是什麼？

Yeah. It was, really, you saw the growth in our non-new machine sales, and we talked about the tower crane businesses as well. So those two businesses are starting to operate a lot better, in particular, the tower crane business, and both have good margins.

是的。實際上，我們看到了非新機器銷售額的成長，我們也談到了塔式起重機業務。所以這兩個產業的經營狀況開始好轉很多，特別是塔式起重機產業，而且這兩個產業的利潤率都很高。

Got it. So the non-new machine sales have been consistent, but yes, notice that the total sales were up more, 5.4% versus 4.9%. Is that mainly driven by the tower cranes up 34% as well?

知道了。因此，非新機器的銷售額一直保持穩定，但是，請注意，總銷售額的成長幅度更大，為 5.4%，而新機器的銷售額為 4.9%。這主要是由於塔式起重機數量也增加了 34% 所致嗎？

I'm sorry, Tyler. I think the phone cut out on you.

對不起，泰勒。我想你的手機可能斷線了。

Can you repeat your question, please?

請您重複一下您的問題好嗎？

Sorry. Yeah. I just was mentioning the non-new machine sales have been consistent, but the total sales are up more, 5.4% versus the 4.9%. So is that driven by the tower cranes as well, or where are you seeing the improvement?

對不起。是的。我剛才提到非新機器的銷售一直很穩定，但總銷量成長更多，達到 5.4%，而之前為 4.9%。那麼，這是否也是由塔式起重機推動的呢？還是說，您認為改進體現在哪些方面？

Some of that was the misses that we had in the second quarter that would have pulled into the third.

其中一些失誤發生在第二節，如果把握住機會，就能將比數扳平到第三節。

Got it. Okay. Sounds good. I'll pass it on.

知道了。好的。聽起來不錯。我會轉達的。

There are no more questions in the queue. I would like to turn the conference back over to Ion Warner for any closing remarks.

隊列中已無問題。我謹將會議交還給 Ion Warner，請他作總結發言。

Thank you. Please note that a replay of our third-quarter 2025 earnings call will be available later this morning by accessing the Investor Relations section of our website at manitowoc.com. Thank you, everyone, for joining us today and your continued interest in the Manitowoc Company. We look forward to speaking with you again next quarter.

謝謝。請注意，我們2025年第三季財報電話會議的錄音將於今天上午晚些時候在manitowoc.com網站的「投資者關係」欄位提供。感謝各位今天參加我們的電話會議，也感謝大家一直以來對馬尼托瓦克公司的關注。我們期待下個季度再次與您交流。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝各位參加今天的報告會。您現在可以斷開連線了。