Manitowoc Company Inc (MTW) 2026 Q2 法說會逐字稿

Hello welcome to The Manitowoc Company second quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Manitowoc Company 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Ion Warner, Senior Vice President of Marketing and Investor Relations. Please go ahead.

現在我想把電話會議交給行銷與投資人關係資深副總裁 Ion Warner。請開始。

Good morning, everyone, and welcome to our earnings call to review the company's second quarter 2026 financial performance and business update as outlined in last evening's press release.

各位早安，歡迎參加我們的財報電話會議，依照昨晚新聞稿所述，回顧公司 2026 年第二季財務表現與業務更新。

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 to the Investor Relations section on our website www.manitowoc.com which you can use to follow along with our prepared remarks. Please turn to Slide 2.

今天早上與我一同進行事先準備發言的有：總裁暨執行長 Aaron Ravenscroft，以及執行副總裁暨財務長 Brian Regan。今天稍早，我們已將簡報投影片上傳至公司網站 www.manitowoc.com 的投資人關係專區，您可搭配我們的準備發言一同參閱。請翻到第 2 頁投影片。

Please note our safe harbor statement in the material provided for this call. During this 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.

請注意本次電話會議資料中的安全港聲明。在本次電話會議中，我們將依據 1995 年《私人證券訴訟改革法》之定義，發表前瞻性陳述，該等陳述係基於公司對其市場及其他影響其業務因素的目前評估。

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，由於公司最新向 SEC 申報文件所述的一項或多項因素（以及其他因素），實際結果可能與任何明示或暗示的預測存在重大差異。Manitowoc Company 不承擔更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他情況所致。

And I'll now turn the call over to Aaron.

接下來我把電話會議交給 Aaron。

Thank you, Ion, and good morning, everyone. Please turn to Slide 3. The Manitowoc team delivered great results in the second quarter. Sales increased 10%, and adjusted EBITDA increased over 85% versus last year.

謝謝你，Ion，各位早安。請翻到第 3 頁投影片。Manitowoc 團隊在第二季交出亮眼成果。銷售額成長 10%，調整後 EBITDA 較去年增加超過 85%。

I'd like to recognize the team's hard work and resilience in navigating what has been a challenging operating environment over the last few years. As Brian will discuss, our core financial performance was among the strongest quarters that we've achieved in recent years, and we are increasing our full-year guidance to reflect the strengthening Crane market. The second quarter marked a number of wins. Number one, safety is the top priority at Manitowoc. Following a slower start of the year, our year-to-date recordable rate improved substantially to 0.79.

我想肯定團隊在過去幾年充滿挑戰的營運環境中展現的努力與韌性。如 Brian 將會說明，我們的核心財務表現是近年來最強勁的季度之一；同時，我們也上調全年財測指引，以反映起重機市場走強。第二季也帶來多項勝利。第一，安全是 Manitowoc 的首要任務。在年初起步較慢之後，我們年初至今的可記錄事故率大幅改善至 0.79。

Number two, we generated strong orders, expanded backlog, increased non-new machine sales, and got our net leverage below our target of 3 times. Number three, we started to meaningfully integrate artificial intelligence into The Manitowoc Way.

第二，我們取得強勁訂單、擴大在手訂單（backlog）、提升非新機銷售，並將淨槓桿降至低於我們 3 倍的目標。第三，我們開始將人工智慧有意義地整合進 The Manitowoc Way。

And lastly, number 4, the US. Department of Commerce and International Trade Commission confirmed that Japanese crawler crane manufacturers were dumping and took action to level the playing field, applying import tariffs ranging from 12% to 20%. All around, it was a great quarter. A huge thank you to the Manitowoc team. Your hard work paid off.

最後，第四，美國商務部與國際貿易委員會確認日本履帶式起重機製造商存在傾銷行為，並採取行動以建立公平競爭環境，對進口產品課徵 12% 至 20% 不等的關稅。

Please turn to Slide 4. We continue to expand the reach of The Manitowoc Way with a focus on the aftermarket business. In addition, we are now leveraging AI to accelerate Kaizen. Recently, we advanced two great initiatives that helped get the flywheel moving in these areas.

請翻到第 4 頁投影片。我們持續擴大 The Manitowoc Way 的觸及範圍，並聚焦於售後市場業務。此外，我們也正運用 AI 來加速改善（Kaizen）。近期，我們推進了兩項很棒的計畫，協助在這些領域帶動正向循環。

First in July, we held our annual Global Kaizen on our new eight-axle all-terrain crane, which is one of the largest and most complex products we've ever designed. The original objective of the Kaizen was to improve safety and increase productivity for our customers in the field. Remember, these massive machines need to be disassembled for transport and reassembled at the next site. We focused on critical lifting procedures and rigging requirements. During the process, we identified additional opportunities to expand our aftermarket product offering for all-terrain cranes to include standardized rigging kits and ancillary products.

第一，7 月我們針對全新八軸全地形起重機舉辦年度全球 Kaizen；這是我們迄今設計過最大、也最複雜的產品之一。該次 Kaizen 的原始目標是提升安全性，並提高客戶在現場的生產力。請記得，這些大型設備需要拆解運輸，並在下一個工地重新組裝。我們聚焦於關鍵吊裝程序與索具（rigging）需求。在過程中，我們也發現更多機會，可擴大全地形起重機的售後產品組合，納入標準化索具套件與周邊產品。

We have invested over 100,000 engineering hours in developing this crane, so it is a natural extension to engineer the required rigging equipment into purpose-built service kits.

我們已投入超過 10 萬個工程工時來開發這款起重機，因此將所需索具設備工程化並納入專用服務套件，是很自然的延伸。

In addition to improving safety, these aftermarket kits will help our customers set up the machine faster in the field. Time is money for our customers. A big thank you to our customers and suppliers that participated in the Kaizen. You are a huge help. In addition, we started to integrate AI into The Manitowoc Way.

除了提升安全性之外，這些售後套件也將協助客戶在現場更快完成設備架設。對客戶而言，時間就是金錢。非常感謝參與 Kaizen 的客戶與供應商。你們提供了極大的協助。此外，我們也開始將 AI 整合進 The Manitowoc Way。

At the start of the quarter, we presented a first-ever Lessons Learned Award for AI to the French Potain aftermarket team for developing Potain eTech, an AI agent designed to support tower crane field service techs and improve their effectiveness when fixing cranes.

在本季初，我們首次頒發 AI「經驗教訓獎」（Lessons Learned Award）給法國 Potain 售後團隊，以表彰其開發 Potain eTech——一個 AI 代理（agent），旨在支援塔式起重機現場服務技師，並提升其維修起重機時的效率與成效。

While this is in the early stages, it's an AI tool that we can model for our mobile cranes. We've also taken a structured approach to develop Manitowoc's AI capabilities. I held discussions with our Copilot users to better understand how folks are using the tool today and identify opportunities to apply AI in a systematic way. As shown on Slide 5, these are just a few examples of how the team is using AI at Manitowoc. Many of our users are early adopters who have been largely training themselves on AI.

雖然仍處於早期階段，但這是一項我們可用於移動式起重機的 AI 工具範本。我們也採取結構化方法來發展 Manitowoc 的 AI 能力。我與 Copilot 使用者進行討論，以更了解大家目前如何使用該工具，並找出以系統化方式導入 AI 的機會。如第 5 頁投影片所示，這些只是團隊在 Manitowoc 使用 AI 的部分例子。我們許多使用者都是早期採用者，且多半是自學 AI。

As a result, we are taking several actions to accelerate our deployment. Number one, we incorporated AI into our Lessons Learned program to help promote great AI ideas across the enterprise. Number two, we are creating AI training tools to accelerate our user base. In fact, we doubled our users to over 450 this quarter.

因此，我們正採取多項行動以加速部署。第一，我們將 AI 納入「經驗教訓」計畫，以協助在全公司推廣優秀的 AI 構想。第二，我們正在建立 AI 訓練工具，以加速擴大使用者基礎。事實上，本季我們的使用者人數倍增至超過 450 人。

Number three, we created global AI user groups by function. For our institutional analysts listening to this call, to me, this was like learning how to model an Excel 25 years ago. Hopefully, a coworker could help to teach you a few shortcuts. We needed to create an environment where folks could collaborate.

第三，我們依職能建立全球 AI 使用者社群。對於正在收聽本次電話會議的機構分析師而言，對我來說，這就像 25 年前學習如何用 Excel 建模一樣。希望有同事能教你幾個快捷方式。我們需要打造一個讓大家可以協作的環境。

Number four, we are integrating AI into our daily Manitowoc Way activities. Every Manitowoc Way leader is becoming a super user, and they are required to complete at least one AI Kaizen per month. This will naturally lead us to create cross-functional teams to tackle problems. And number 5, we are in the process of scoping some larger projects using AI agents for engineering and aftermarket services. Please move to Slide 6.

第四，我們正把 AI 整合進日常的 Manitowoc Way 活動中。每位 Manitowoc Way 領導者都將成為超級使用者，並被要求每月至少完成一項 AI Kaizen。這將自然促使我們建立跨職能團隊來解決問題。第五，我們正在規劃一些更大型的專案，運用 AI 代理於工程與售後服務。請移至第 6 頁投影片。

Turning to our Cranes+50 strategy, our non-new machine sales set another record. Non-new machine sales grew 7% year-over-year for the quarter and broke the $700 million mark on a trailing 12-month basis. On our last call, I stated that we needed to drive four major buckets to grow our non-new machine sales. Number one, adding more service locations. Number two, growing the number of aftermarket salespeople and field service techs.

回到我們的 Cranes+50 策略，非新機銷售再創新高。本季非新機銷售年增 7%，並在過去 12 個月（TTM）口徑下突破 7 億美元。在上次電話會議中，我提到我們需要推動四大面向來成長非新機銷售。第一，增加更多服務據點。第二，擴增售後銷售人員與現場服務技師的人數。

Number three, increasing sales of complementary lifting accessories. Number four, leveraging technology. During the second quarter, we saw great results in Latin America from driving these four Cranes+50 initiatives. In 2023, we established a greenfield operation in Peru to pursue service work with mining customers. As a result, we recently were awarded a three year, $2.5 million service contract at one of the world's largest copper-zinc mines.

第三，提高互補性吊裝配件的銷售。第四，運用科技。第二季，我們在拉丁美洲推動這四項 Cranes+50 計畫，看到非常好的成果。2023 年，我們在秘魯建立一個綠地（greenfield）營運據點，以爭取礦業客戶的服務業務。因此，我們近期在全球最大的銅鋅礦之一，取得一份為期三年、金額 250 萬美元的服務合約。

This is exactly what our Cranes+50 strategy is all about. In addition, during the quarter, we launched two initiatives at our Shady Grove campus to support our aftermarket activities. First, we opened our rapid response shop to provide faster turnaround on critical aftermarket components such as lacings for crawler cranes and structural repairs for tower crane masts.

這正是我們 Cranes+50 策略的核心所在。此外，在本季度期間，我們在 Shady Grove 園區推出兩項舉措，以支援我們的售後市場業務。第一，我們開設了快速回應維修中心，以便對關鍵售後零組件提供更快的周轉，例如履帶式起重機的鋼索編結（lacings）以及塔式起重機塔身的結構修復。

Second, we established a center of excellence for refurbishing booms on the East Coast. The team developed a specialized fixture, affectionately known as the Boominator that improves safety and productivity for disassembling and reassembling booms. We plan to replicate this fixture at key MGX locations and other global service centers.

第二，我們在美國東岸設立了臂架翻新卓越中心。團隊開發了一套專用治具，暱稱為 Boominator，可提升臂架拆解與重新組裝的安全性與生產力。我們計畫在關鍵 MGX 據點及其他全球服務中心複製導入這套治具。

Please turn to Slide 7. With orders over $700 million this quarter, as you would imagine, the global crane market is fairly strong. Starting with the Americas, the underlying market conditions have remained healthy. Crane utilization remains very high, and dealer inventories are getting pretty lean.

請翻到第 7 張投影片。本季度訂單超過 7 億美元，如各位所料，全球起重機市場相當強勁。先從美洲市場談起，基本市場狀況仍維持健康。起重機使用率仍然非常高，經銷商庫存也變得相當精簡。

Orders from our traditional dealer channel were particularly strong in the quarter as folks replenish inventory, while activity in our MGX business remained relatively stable. As an interesting data point, our ENCORE rebuild business has been slow because crane owners have simply been unwilling to give up their machines. This is a great sign of how strong utilization is in the United States. In conclusion, customer sentiment across North America remains positive, supported by solid end-market activity and healthy fleet utilization. In Europe, the market environment remains mixed with positive developments offset by ongoing challenges.

本季度來自我們傳統經銷通路的訂單特別強勁，因為客戶正在補充庫存；而我們 MGX 業務的活動則相對穩定。作為一個有趣的數據點，我們的 ENCORE 翻新重建業務進展緩慢，因為起重機擁有者根本不願意交出他們的設備。這清楚顯示美國的使用率有多強勁。總結而言，北美客戶情緒仍然正向，受惠於穩健的終端市場活動與健康的車隊使用率。在歐洲，市場環境仍然分歧，正面進展被持續的挑戰所抵銷。

During the quarter, two notable trends emerged. Number one, the German government announced additional measures aimed at stimulating economic growth, including tax relief initiatives. And two, the conflict in Iran is creating inflationary pressures across the region. Against this backdrop, our performance was encouraging. Our mobile crane business delivered strong order growth during the quarter.

本季度出現兩個值得注意的趨勢。第一，德國政府宣布額外措施以刺激經濟成長，包括減稅等稅務減免方案。第二，伊朗衝突正在為整個區域帶來通膨壓力。在此背景下，我們的表現令人鼓舞。我們的移動式起重機業務在本季度實現強勁的訂單成長。

In tower cranes, orders declined modestly year-over-year, but this was entirely attributable to our self-erecting cranes, which are transitioning to the new EN standards in January. We saw accelerated demand the last couple of quarters on a few models, and our build schedule for these models is sold out for the remainder of the year. We continue to see signs of stabilization in key markets, and the tower crane market continues to have strong momentum. In the Middle East, the second quarter was largely consistent with the first. Despite the Iran conflict, customer demand remained solid.

在塔式起重機方面，訂單年減幅度不大，但完全是因為我們的自立式（self-erecting）起重機將於 1 月轉換至新的 EN 標準。過去幾個季度我們在少數機型上看到需求加速，而這些機型今年剩餘期間的生產排程已全數售罄。我們持續看到關鍵市場出現穩定跡象，塔式起重機市場仍保持強勁動能。在中東，第二季整體與第一季大致一致。儘管有伊朗衝突，客戶需求仍然穩健。

While shipments through the Strait of Hormuz have stopped, folks have found alternative shipping routes. That said, a prolonged period of regional instability could eventually affect economic activity and customer investment decisions.

雖然經由荷姆茲海峽的運輸已停止，但業界已找到替代航運路線。不過，若區域長期不穩定，最終可能影響經濟活動與客戶投資決策。

For now, we remain cautiously optimistic as customer engagement remains strong, and there appears to be meaningful pent-up demand that could support future equipment purchases once uncertainty subsides. Ending with Asia, the story pretty much remains the same as the first quarter. South Korea is experiencing robust demand driven by the semiconductor industry.

目前，我們仍保持審慎樂觀，因為客戶互動依然強勁，而且似乎存在相當可觀的被壓抑需求；一旦不確定性消退，這些需求可望支撐未來的設備採購。最後談到亞洲，情況大致與第一季相同。南韓在半導體產業帶動下，需求強勁。

Vietnam and Australia continue to be two strong markets for us, and we see general strength in the region well into 2027.

越南與澳洲仍是我們的兩個強勢市場，我們也看到該區域的整體強勁態勢可延續至 2027 年。

With that, I'll hand it over to Brian to walk you through the financials before I make a few closing remarks.

接下來我把時間交給 Brian，由他帶各位看財務表現，之後我再做幾點結語。

Thanks, Aaron, and good morning, everyone. Please turn to Slide 8. Our second quarter results exceeded expectations, driven by improved operational execution, along with the net impact of tariffs. As Aaron mentioned, orders were strong, with a 1.2 book-to-bill supporting a meaningful increase in our backlog. Additionally, our aftermarket business continued to perform well during the quarter.

謝謝你，Aaron，各位早安。請翻到第 8 張投影片。我們第二季的結果優於預期，主要受惠於營運執行改善，以及關稅的淨影響。如 Aaron 所提，訂單表現強勁，出貨比（book-to-bill）為 1.2，帶動我們在手訂單（backlog）顯著增加。此外，我們的售後市場業務在本季度也持續表現良好。

As a result, we are increasing our full-year guidance, which I'll walk through later in my commentary. Moving to the numbers, we had orders of $709 million in the second quarter, an increase of 56% from a year ago. Backlog ended at $1.05 billion, up $110 million from last quarter, and up $321 million from a year ago. Approximately $750 million of the backlog is expected to ship this year. Q2 net sales were $595 million, an increase of $55 million, or 10% from a year ago. Non-new machine sales were $172 million in the quarter, up 6% year-over-year, and on a trailing 12-month basis reached a record $706 million.

因此，我們上調全年財測指引，稍後我會在說明中帶各位逐項說明。回到數字，本公司第二季訂單為 7.09 億美元，較去年同期成長 56%。期末在手訂單為 10.5 億美元，較上季增加 1.10 億美元，較去年同期增加 3.21 億美元。在手訂單中約有 7.50 億美元預計將於今年出貨。第二季淨銷售額為 5.95 億美元，較去年同期增加 5,500 萬美元，或成長 10%。本季度非新機銷售額為 1.72 億美元，年增 6%；以過去 12 個月（TTM）計算達到創紀錄的 7.06 億美元。

SG&A expenses were $90 million in the quarter. On an adjusted basis, SG&A expenses were $88 million, or 15% of net sales, 130 basis points lower than a year ago. Adjusted EBITDA for the second quarter nearly doubled year-over-year to $49 million compared with $26 million in the prior year. As a percentage of sales, EBITDA margin expanded 330 basis points to over 8%. The year-over-year improvement was driven by excellent operational execution and a net benefit from tariffs.

SG&A（銷售、一般及行政）費用本季度為 9,000 萬美元。以調整後口徑計，SG&A 費用為 8,800 萬美元，占淨銷售額 15%，較去年同期下降 130 個基點。第二季調整後 EBITDA 幾乎較去年同期翻倍，達 4,900 萬美元，去年同期為 2,600 萬美元。以銷售額百分比計，EBITDA 利潤率擴張 330 個基點至超過 8%。年對年改善主要來自卓越的營運執行，以及關稅帶來的淨受益。

During the quarter, our cash flow benefited from $26 million of cash received related to IEEPA tariff refunds. From a P&L perspective, there are a lot of moving pieces, but the net year-over-year benefit was $9 million during the quarter. This was comprised of a net benefit of $12 million related to the refund and a year-over-year headwind of $3 million in additional tariff costs.

本季度，我們的現金流受惠於收到 2,600 萬美元的現金，與 IEEPA 關稅退稅相關。從損益表角度來看，影響因素很多，但本季度年對年的淨受益為 900 萬美元。其中包括與退稅相關的淨受益 1,200 萬美元，以及因額外關稅成本帶來的年對年不利影響 300 萬美元。

I will get into the full-year impact later when discussing the updated guidance. Please turn to Slide 9. Net working capital ended the quarter at $567 million, improving 280 basis points year-over-year as a percent of trailing 12-month sales. Cash flow from operating activities in the quarter was $8 million. Capital expenditures were $14 million in the quarter, including $9 million for our rental fleet. As a result, our free cash flow was a use of $6 million, an improvement of $68 million from the prior year.

我會在稍後討論更新後指引時，說明對全年的影響。請翻到第 9 張投影片。期末淨營運資金為 5.67 億美元，以過去 12 個月銷售額百分比計，年對年改善 280 個基點。本季度營運活動現金流為 800 萬美元。本季度資本支出為 1,400 萬美元，其中 900 萬美元用於我們的租賃機隊。因此，我們的自由現金流為淨流出 600 萬美元，較去年改善 6,800 萬美元。

As a reminder, in Q2 last year, we paid $43 million related to the EPA settlement. We ended the quarter with $96 million in cash. Total liquidity at quarter-end was $304 million, and our net leverage ratio was approximately 2.6 times. This was below our target of 3 times as a result of our stronger first-half performance. Please turn to Slide 10.

提醒各位，去年第二季我們支付了 4,300 萬美元，與 EPA 和解案相關。本季度期末現金為 9,600 萬美元。季末總流動性為 3.04 億美元，淨槓桿比率約為 2.6 倍。由於上半年表現較強，該數值低於我們 3 倍的目標。請翻到第 10 張投影片。

We are updating our guidance and expect full-year net sales of $2.3 billion to $2.4 billion, adjusted EBITDA of $150 million to $170 million, adjusted diluted earnings per share of $0.80 to $1.20, and free cash flow of $50 million to $70 million. Please turn to Slide 11. We've included a bridge from our previous midpoint of adjusted EBITDA guidance of $137.5 million to our updated midpoint of $160 million.

我們更新指引，預期全年淨銷售額為 23 億至 24 億美元，調整後 EBITDA 為 1.50 億至 1.70 億美元，調整後稀釋每股盈餘為 0.80 至 1.20 美元，自由現金流為 5,000 萬至 7,000 萬美元。請翻到第 11 張投影片。我們提供一個橋接表，從先前調整後 EBITDA 指引中位數 1.375 億美元，連結到更新後中位數 1.60 億美元。

The bridge reflects the flow-through of the $50 million increased revenue guide at the midpoint, the net impact of tariffs, and variable compensation. While ongoing tariffs are not expected to materially change, the net impact to adjusted EBITDA of the tariff refunds is expected to be $16 million.

該橋接表反映：中位數下營收指引上調 5,000 萬美元所帶來的利潤流入（flow-through）、關稅的淨影響，以及變動薪酬。雖然預期持續性的關稅不會出現重大變化，但關稅退稅對調整後 EBITDA 的淨影響預計為 1,600 萬美元。

Additionally, with the improved results, we expect variable compensation to increase. The total impact of these items is $22.5 million at the midpoint. The risk associated with the conflict in Iran is considered in our guidance range.

此外，隨著業績改善，我們預期變動薪酬將增加。這些項目合計的影響在中位數為2,250萬美元。我們的指引區間已納入與伊朗衝突相關的風險。

With that, I'll turn the call back to Aaron.

接下來，我把電話交回給Aaron。

Thank you, Brian. Please turn to Slide 12. To conclude, the global crane market has been remarkably resilient despite the geopolitical environment. The proof is in the pudding. First quarter orders approached $650 million, and second quarter orders exceeded $700 million.

謝謝你，Brian。請翻到第12頁投影片。總結來說，儘管地緣政治環境充滿變數，全球起重機市場仍展現出顯著韌性。成果不言自明。第一季訂單接近6.5億美元，第二季訂單超過7億美元。

As a reminder, July and August are typically slower months due to seasonality and the European holiday period. Even so, our backlog is over $1 billion, and customer sentiment around the world remains pretty darn strong.

提醒一下，由於季節性因素以及歐洲假期期間，7月與8月通常是較淡的月份。即便如此，我們的在手訂單超過10億美元，且全球客戶情緒依然相當強勁。

Importantly, we have yet to see a meaningful contribution from the oil and gas or mining sectors despite higher commodity prices. At the same time, we expect strong demand from the data center and semiconductor investments to continue well into 2027. Bottom line, the fundamentals of our business remain solid. As we continue to launch new machines, execute on our Cranes+50 strategy, and drive continuous improvement through The Manitowoc Way, I believe we are well-positioned to create long-term value for our customers and shareholders. Please turn to Slide 13.

重要的是，儘管大宗商品價格走高，我們仍尚未看到來自油氣或礦業部門的顯著貢獻。同時，我們預期資料中心與半導體投資帶來的強勁需求將持續到2027年。歸根結底，我們業務基本面依然穩健。隨著我們持續推出新機型、推進Cranes+50策略，並透過The Manitowoc Way推動持續改善，我相信我們已具備為客戶與股東創造長期價值的良好定位。請翻到第13頁投影片。

Before we close, I would like to recognize Kevin and Dana Simmers and our friends at Brooke's House, a recovery center in Hagerstown, Maryland, that helps women overcome substance abuse. Manitowoc has developed a special relationship with Brooke's House over the years. Beyond our financial support, many Brooke's House graduates have become Manitowoc employees at our Shady Grove facility.

在結束之前，我想表揚Kevin與Dana Simmers，以及我們在馬里蘭州黑格斯敦（Hagerstown）的朋友——Brooke's House，一家協助女性克服藥物濫用的復原中心。多年來，Manitowoc與Brooke's House建立了特殊的關係。除了財務支持之外，許多Brooke's House的畢業生也成為我們Shady Grove廠的Manitowoc員工。

Last year, a film titled Clean Hands was produced to tell the story of Kevin and Dana's daughter, Brooke, who succumbed to addiction. The film recently secured a distribution deal following its premiere at the Tribeca Film Festival. We extend our congratulations to Kevin, Dana, and Charlene Kane at Brooke's House. Their work continues to change lives and strengthen our community. Please watch the movie.

去年，製作了一部名為《Clean Hands》的電影，講述Kevin與Dana的女兒Brooke因成癮而不幸離世的故事。該片在翠貝卡電影節首映後，近期已取得發行協議。我們向Kevin、Dana，以及Brooke's House的Charlene Kane致上祝賀。他們的工作持續改變生命並強化我們的社區。請大家觀看這部電影。

It supports a great cause. With that, operator, please open the line for questions.

它支持一項很棒的公益事業。那麼，接線員，請開放電話線供提問。

(Operator Instructions)

（接線員指示）

Jerry Revich, Wells Fargo.

Wells Fargo的Jerry Revich。

Morning, Jerry. Hi, Jerry. Hey, good morning, everyone. This is Andrew Azzi on for Jerry. Congrats on a great quarter, by the way. You know, maybe I want to start off with, would you be able to help us out in terms of disaggregating the great 56% year-over-year growth in orders between your various regions, you know, US Canada, Lat Am, Europe, and anything else of note? You know, how much of that reflected dealer stocking or orders tied to specific projects? We'd love to get some more color there.

早安，Jerry。嗨，Jerry。各位早安。我是Andrew Azzi，代Jerry發言。順帶一提，恭喜你們這一季表現出色。我想先請教一下，你們能否協助我們拆解一下訂單年增56%這麼亮眼的成長，在各區域之間的分布，例如美國/加拿大、拉丁美洲、歐洲，以及其他值得注意的部分？其中有多少反映經銷商補庫存，或是與特定專案相關的訂單？我們希望能多了解一些細節。

Yeah, I mean, I don't think we share much more color than what we put into the script in terms of actual percentages, but I think we pretty well outlined, you know, there's good strength in the U.S. Definitely dealers were replenishing, although dealer inventory is still on the low side, we feel like. But yes, demand has been pretty strong everywhere.

是的，我想我們在實際百分比方面不會提供比講稿更多的細節，但我認為我們已相當清楚地說明：美國市場表現強勁；經銷商確實在補貨，雖然我們覺得經銷商庫存仍偏低。不過沒錯，各地需求都相當強。

Great. You know, given the updated guidance, how can we think about the cadence of revenue and EBITDA through the second half, and what kind of incremental margins can we underwrite in that same period and maybe into '27?

了解。在更新後的指引之下，我們該如何看待下半年營收與EBITDA的節奏？同一期間、以及可能延伸到2027年，你們可望實現的增量利潤率大概會是什麼水準？

As I'm sure you know, we have our normal seasonality with Q3 being lighter because of the European holiday. With that said, we do expect about $4 million of incremental tariff benefit in Q3, because some of its hung up on the balance sheet. But, you know, the normal seasonality outside of that $4 million is what you can expect.

如你所知，我們有正常的季節性，第三季會比較淡，因為有歐洲假期。話雖如此，我們預期第三季會有約400萬美元的額外關稅利益，因為其中一部分目前仍掛在資產負債表上。但除了這400萬美元之外，其餘就如你可預期的正常季節性。

I appreciate that color. I'll pass it on.

謝謝你補充這些細節。我就先到這裡。

(Operator Instructions)

（接線員指示）

At this time, there are no questions. I'd like to hand it back to Ion Warner to take questions from submissions.

目前沒有提問。我想把電話交回給Ion Warner，由他來回答提交的問題。

Thank you. I received a few e-mails, questions. One question is, please provide the IEEPA tariff bridge of $26 million to the $12 million year-over-year benefit.

謝謝。我收到幾封電子郵件提問。其中一個問題是：請提供IEEPA關稅從2,600萬美元到年對年1,200萬美元利益的橋接（調節）說明。

And I'll take that Ion. So as we mentioned in our prepared remarks, we received $26 million of refunds and we recognized $12 million in operating income during the quarter. As I mentioned, we have another $4 million coming in Q3. And then when reconciling to the other $10 million, we have some amounts that we're going to refund to customers. We have some corrections of previously recognized tariff costs.

Ion，這題我來回答。如同我們在事先準備的發言中提到的，我們收到2,600萬美元的退稅（退款），並在本季於營業利益中認列了1,200萬美元。如我所說，第三季還會再進來400萬美元。至於調節到其餘的1,000萬美元，我們有部分金額將退還給客戶。另外也有一些是先前已認列的關稅成本之更正。

And then we also recognized about $1 million in interest income during the quarter.

此外，我們在本季也認列了約100萬美元的利息收入。

Okay, next question I received is that now that your net leverage is below 3 times, how do you view your capital allocation strategy?

好的，我收到的下一個問題是：現在你們的淨槓桿已低於3倍，你們如何看待資本配置策略？

So I'll take that one. We feel much better about our balance sheet. I mean, this is where we've really been focused in terms of the business and managing our cash and our CapEX just to get to this point. So happy to be below 3 times, and anytime we're below 3 times, you know, we're opportunistically looking for share repurchases as well as we're looking for acquisitions. So happy to be where we are.

這題我來回答。我們對資產負債表的狀況感覺好多了。我的意思是，為了走到這一步，我們一直把重點放在業務經營、現金管理以及資本支出（CapEX）的控管上。所以很高興淨槓桿能降到3倍以下；而只要低於3倍，我們就會伺機進行庫藏股回購，同時也會尋找併購機會。很高興目前的狀態。

Okay. I received another question. What are your July orders like?

好的。我收到另一個問題：你們7月的訂單情況如何？

Yeah, July was another great month. We're over $200 million. So that's normally a slow month for us. We'll have to wait and see how August plays out. But usually, September is a good sign for what the cadence will look like as we get into the fourth quarter.

是的，7月又是很棒的一個月。我們超過2億美元。對我們來說那通常是淡季月份。8月會如何發展還要再觀察。但通常9月能很好地反映進入第四季後的節奏會是什麼樣子。

Got it. There are no further questions by e-mail. Bailey, anything on your end?

了解。電子郵件沒有其他問題了。Bailey，你那邊還有嗎？

There are no further questions on the audio line.

音訊線上沒有其他問題。

Okay. Please note that a replay of our second quarter 2026 earnings call will be available later this morning by accessing the Investor Relations section of our website at www.manitowoc.com.

好的。請注意，我們2026年第二季法說會的重播將於今天稍晚提供，可至我們網站www.manitowoc.com的投資人關係（Investor Relations）專區收聽。

Thank you, everyone, for joining us today and for your continued interest in The Manitowoc Company. We look forward to speaking with you again next quarter.

感謝各位今天的參與，以及持續關注The Manitowoc Company。我們期待在下個季度再次與各位交流。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。