Enpro Inc. (NPO) 2026 Q2 法說會逐字稿

Greetings, welcome to the Enpro second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Enpro 2026 年第二季財報電話會議。此時所有與會者將以僅聆聽模式參與。(接線員指示) 提醒各位，本次會議將被錄音。

I'd now like to turn the call over to your host, Mr. James Gentile, Vice President, Investor Relations. Thank you. You may begin.

現在我想把電話會議交給本次主持人——投資人關係副總裁 James Gentile 先生。謝謝。您可以開始了。

Thanks, Melissa, good morning, everyone. Thank you for joining us today as we review Enpro's second quarter 2026 earnings results and discuss our increased outlook for 2026.

謝謝你，Melissa，各位早安。感謝各位今天加入我們，一同回顧 Enpro 2026 年第二季財報結果，並討論我們對 2026 年展望的上調。

I will remind you that this conference call is being webcast at enpro.com, where you can find the presentation that accompanies this call.

我提醒各位，本次電話會議將於 enpro.com 進行網路直播，您可在該網站找到與本次會議搭配的簡報。

With me today is Eric Vaillancourt, our President and Chief Executive Officer, and Joe Bruderek, Executive Vice President and Chief Financial Officer.

今天與我一同出席的有：總裁暨執行長 Eric Vaillancourt，以及執行副總裁暨財務長 Joe Bruderek。

During this morning's call, we will reference a number of non-GAAP financial measures. Tables reconciling the historical non-GAAP measures to the comparable GAAP measures are included in the appendix to the presentation materials.

在今天上午的電話會議中，我們將引用多項非 GAAP 財務衡量指標。將歷史非 GAAP 指標與可比 GAAP 指標對帳的表格，已收錄於簡報資料的附錄中。

A friendly reminder that we will be making statements on this call, including our current perspectives for full year 2026 guidance, that are not historical facts and that are considered forward-looking in nature.

溫馨提醒：我們在本次電話會議中將發表若干聲明，包括我們目前對 2026 全年指引的觀點；這些並非歷史事實，且屬於前瞻性陳述。

These statements involve a number of risks and uncertainties, including those described in our filings with the SEC. We do not undertake any obligation to update these forward-looking statements.

這些陳述涉及多項風險與不確定性，包括我們向美國證券交易委員會（SEC）提交文件中所述者。我們不承擔更新這些前瞻性陳述的任何義務。

It is now my pleasure to turn the call over to Eric Vaillancourt, our President and Chief Executive Officer. Eric?

現在我很高興把電話會議交給我們的總裁暨執行長 Eric Vaillancourt。Eric？

Thanks, James, good morning, everyone. Thank you for your interest in Enpro as we discuss our strong second quarter results, provide an update on strategic initiatives, and share our current views for the balance of 2026.

謝謝你，James，各位早安。感謝各位對 Enpro 的關注。我們將討論第二季強勁的業績表現，提供策略性計畫的最新進展，並分享我們對 2026 年剩餘期間的目前看法。

Before I review our results, I would like to recognize our colleagues across the company who are accelerating their personal and professional growth in Enpro 3.0.

在我回顧業績之前，我想表揚公司各地的同仁，他們正於 Enpro 3.0 中加速個人與專業成長。

The individual growth aspect of Enpro 3.0 is not a side program. It is half of the strategy itself. Earlier this year, our colleagues set bold goals that range from deepening subject matter expertise to expanding leadership capabilities, achieving personal health, fitness, or academic gains.

Enpro 3.0 的個人成長面向並非附屬方案。它本身就是策略的一半。今年稍早，我們的同仁設定了大膽目標，涵蓋深化專業領域知識、擴展領導能力，以及達成個人健康、體能或學業方面的進步。

Through accountability, hard work, encouragement, and feedback, our colleagues are achieving meaningful growth. In recent years, the energy spreading throughout the organization around empowerment with purpose is motivating.

透過責任承擔、努力、鼓勵與回饋，我們的同仁正在取得具意義的成長。近年來，組織內部因「有目的的賦權」而擴散的能量令人振奮。

It shows in our financial results as well as the personal performance of our colleagues. I'm grateful for their hard work and dedication to their communities and loved ones.

這不僅反映在我們的財務成果上，也反映在同仁的個人表現上。我感謝他們的辛勤付出，以及對其社區與摯愛親友的投入與奉獻。

Enpro is built around highly engineered products and solutions that play a vital role in customers' mission-critical platforms across a number of key end markets supported by long-term tailwinds.

Enpro 以高度工程化的產品與解決方案為核心，這些產品在多個受長期利多趨勢支撐的關鍵終端市場中，於客戶的關鍵任務平台上扮演至關重要的角色。

Our products are integral components found in leading-edge applications such as advanced semiconductor production, customized biopharmaceutical processes, space exploration, and satellite communications, and sensing and instrumentation of critical gas and liquid paths.

我們的產品是先進應用中的關鍵組件，例如先進半導體製造、客製化生物製藥製程、太空探索與衛星通訊，以及關鍵氣體與液體流路的感測與儀測。

We also provide a variety of safety and contamination control capabilities that support the commercial transportation of goods across North America, as well as enduring specification positions in a number of critical industrial process applications.

我們也提供多元的安全與汙染控制能力，支援北美地區貨物的商業運輸，並在多項關鍵工業製程應用中維持長期且穩固的規格指定地位。

We win with our strong technical capabilities, engineering, process knowledge, and specialized small batch manufacturing footprint.

我們憑藉強大的技術能力、工程與製程知識，以及專業的小批量製造佈局而勝出。

We partner with our customers to develop innovative solutions and continue to invest in new products and expand our technical capabilities, as well as pursuing targeted capacity expansions and efficiency projects across the company that will drive strong organic growth, profitability, and compelling returns over the long term.

我們與客戶合作開發創新解決方案，並持續投資新產品與擴充技術能力；同時在全公司推動具針對性的產能擴張與效率提升專案，長期將帶動強勁的有機成長、獲利能力與具吸引力的報酬。

We are pleased with our strong first half results and improved outlook for the rest of the year as our products continue to help our customers solve critical problems and operate safely, reliably, and efficiently. Now onto the highlights for the second quarter.

我們對上半年強勁的成果以及對今年其餘期間更佳的展望感到滿意，因為我們的產品持續協助客戶解決關鍵問題，並以安全、可靠且高效率的方式運作。接下來進入第二季重點。

Enpro reported strong second quarter sales up 17.6% year-over-year. Strong demand across semiconductor markets drove sales in the Advanced Surface Technologies segment up 21.8%. Sealing Technologies grew 15.3% overall and 5% organically.

Enpro 公布第二季銷售額年增 17.6%，表現強勁。半導體市場的強勁需求帶動先進表面技術（Advanced Surface Technologies）事業部銷售額成長 21.8%。密封技術（Sealing Technologies）整體成長 15.3%，其中有機成長 5%。

Total company adjusted EBITDA increased more than 22% to $86.9 million at a margin of 25.6% for the second quarter.

公司整體調整後 EBITDA 在第二季增加逾 22%，達 8,690 萬美元，利潤率為 25.6%。

In Sealing Technologies, revenue growth of over 15% was largely driven by contributions from the acquisitions of AlpHa Measurement Solutions and Overlook Industries, as well as solid organic growth, including double-digit growth in general industrial markets domestically and strong performance in aerospace markets.

在密封技術方面，超過 15% 的營收成長主要來自收購 AlpHa Measurement Solutions 與 Overlook Industries 的貢獻，以及穩健的有機成長；其中包括美國國內一般工業市場的雙位數成長，以及航太市場的強勁表現。

Commercial vehicle markets remained soft in the second quarter, although we are seeing early signs of stabilization and improvement.

商用車市場在第二季仍然疲弱，不過我們已看到初步的穩定與改善跡象。

We are pleased with how our commercial vehicle business is positioned ahead of the eventual recovery in trailer demand.

我們對商用車業務在拖車需求最終復甦前的布局感到滿意。

We also saw softness in Europe in our smaller general industrial and food and biopharmaceutical positions during the quarter. Sealing Technologies segment profitability remained strong at 33.2% with positive volume growth, pricing discipline, and excellent execution.

本季我們在歐洲市場也看到疲弱，主要出現在我們規模較小的一般工業，以及食品與生物製藥相關業務。在正向的出貨量成長、嚴謹的定價紀律與卓越的執行下，密封技術事業部的獲利能力仍維持強勁，利潤率達 33.2%。

Aftermarket sales remained at 60% of the Sealing Technologies segment revenue in the quarter. In AST, order patterns strengthened as semiconductor industry expectations rose during the second quarter.

本季售後市場銷售仍占密封技術事業部營收的 60%。在 AST 方面，隨著第二季半導體產業預期上升，訂單型態轉強。

Various market forecasts and indications from our customers suggest an acceleration of capital spending to support the need for more chip production as artificial intelligence, advanced computing, and communications infrastructure take a quantum leap.

各項市場預測以及客戶端的訊號顯示，為因應人工智慧、先進運算與通訊基礎設施的躍升所帶來的晶片產能需求，資本支出正加速成長。

Currently, customer build plans and lead times extend healthy visibility through 2027 for our semiconductor-facing products and solutions.

目前，就我們面向半導體的產品與解決方案而言，客戶的建置計畫與交期提供了延伸至 2027 年的良好能見度。

Demand is accelerating for precision cleaning solutions in all regions, prompting incremental investment in capacity.

各地區對精密清洗解決方案的需求正在加速，促使我們追加產能投資。

Demand is also very healthy for highly engineered critical in-chamber tools and our optical coatings capabilities.

對高度工程化的關鍵腔體內（in-chamber）工具以及我們的光學鍍膜能力之需求也非常強勁。

We remain focused on delivering for our customers by maintaining flexibility in our capacity with innovation, supply chain management, recruitment, inventory, and process controls.

我們仍專注於為客戶交付成果，透過創新、供應鏈管理、招募、人力配置、庫存與製程控制，維持產能的彈性。

Our ongoing process and qualification work, 80/20 efforts focusing resources on our best opportunities, together with completed and ongoing investments in people and capacity to support growth opportunities and new platforms, positioned the AST segment to perform well as demand continues to improve in coming periods.

我們持續進行的製程與認證工作、以 80/20 原則將資源聚焦於最佳機會的努力，以及已完成與持續進行的人才與產能投資（以支援成長機會與新平台），使 AST 事業部在未來幾期需求持續改善之際，具備良好的表現條件。

Before I pass the call over to Joe for a more detailed review of our results, I would like to provide updates on the integrations of AlpHa and Overlook, which are going very well.

在我把電話交給 Joe 以更詳細地檢視我們的業績之前，我想先就 AlpHa 與 Overlook 的整合進度提供最新資訊；目前整合進展非常順利。

We are pleased with the process analytics and compositional analysis capabilities that AlpHa and AMI bring to Enpro.

我們對 AlpHa 與 AMI 為 Enpro 帶來的製程分析（process analytics）與成分分析（compositional analysis）能力感到滿意。

We are investing in new product development, technology, and applications expansion in these exciting areas to drive above top-line growth over the long term.

我們正投資於新產品開發、技術與應用擴展等令人振奮的領域，以在長期推動高於營收成長（top-line growth）的表現。

With Overlook, we are delighted with how their fluid path technology for liquid dose biologics complement Enpro single-use biopharmaceutical capabilities.

就 Overlook 而言，我們很高興他們用於液體劑量生物製劑（liquid dose biologics）的流體路徑技術，能與 Enpro 的一次性生物製藥（single-use biopharmaceutical）能力形成互補。

We continue to support Overlook's growth with additional capital and access to our supply chain, safety, human resources, investing class financial management capabilities. In both cases, we aim to provide our newer colleagues with a safe and healthy working environment and opportunities for professional development and growth while sharing best practices across the company.

我們持續透過額外資本以及提供我們的供應鏈、安全、人力資源與投資級財務管理能力，來支持 Overlook 的成長。在這兩個案例中，我們的目標是在分享公司內部最佳實務的同時，為新加入的同仁提供安全健康的工作環境，以及專業發展與成長的機會。

Our strong specified aftermarket positions in Sealing Technologies provide ample resources and talent to reinvest in key growth areas of this segment to drive mid-single-digit organic growth over the long term, complemented by strategic acquisitions that can lift the segment's growth rate over time.

我們在 Sealing Technologies 的強勁指定售後市場（specified aftermarket）地位，提供充足資源與人才，可再投資於該事業部的關鍵成長領域，以在長期推動中個位數（mid-single-digit）的有機成長；並透過策略性併購作為補強，隨時間提升該事業部的成長率。

We remain focused on advancing the growth priorities underpinning the Enpro 3.0 strategy, which will guide our performance through 2030.

我們仍專注於推進支撐 Enpro 3.0 策略的成長優先事項，該策略將引導我們至 2030 年的表現。

Over the long term, we are positioned to generate mid to high single-digit organic top-line growth with strong profitability and returns, complemented by capability-expanding acquisitions in key growth areas of our portfolio that meet our stringent strategic and financial criteria.

從長期來看，我們具備條件在維持強勁獲利能力與報酬的同時，實現中至高個位數（mid to high single-digit）的有機營收成長；並以擴充能力的併購作為補強，聚焦於投資組合中的關鍵成長領域，且須符合我們嚴格的策略與財務標準。

During the Enpro 3.0 horizon, we are targeting mid-single-digit organic growth in Sealing Technologies, while at AST, we are targeting high single-digit to low double-digit organic growth, with both segments capable of generating 30% adjusted EBITDA margins, plus negative250 basis points through 2030.

在 Enpro 3.0 期間，我們目標是 Sealing Technologies 達成中個位數的有機成長；而在 AST，我們目標是高個位數至低雙位數（high single-digit to low double-digit）的有機成長；兩個事業部皆有能力在 2030 年前達成 30% 的調整後 EBITDA 利潤率，另加上負250個基點（negative250 basis points）。

Our cash flows allow us to maintain our strong balance sheet with a net leverage ratio currently at 1.6 times after taking into account the fourth quarter of 2025 acquisitions of AlpHa and Overlook and an $80 million reduction in revolving debt so far this year. Joe?

我們的現金流使我們得以維持強健的資產負債表；在考量 2025 年第四季收購 AlpHa 與 Overlook，以及今年迄今已將循環債務（revolving debt）減少 8,000 萬美元後，目前淨槓桿比率為 1.6 倍。Joe？

Thank you, Eric, and good morning, everyone. We are pleased to report these strong results for the second quarter of 2026 and an improved outlook for the balance of the year.

謝謝你，Eric，各位早安。我們很高興報告 2026 年第二季的強勁業績，以及對今年剩餘期間更佳的展望。

For the second quarter, sales of $338.8 million increased 17.6% year-over-year, supported by 21.8% revenue growth at AST, 5% organic growth in Sealing Technologies, as well as contributions from our recent acquisitions.

就第二季而言，銷售額 3.388 億美元，年增 17.6%；成長動能來自 AST 21.8% 的營收成長、Sealing Technologies 5% 的有機成長，以及近期併購的貢獻。

Second quarter adjusted EBITDA of $86.9 million increased more than 22% compared to the prior year period.

第二季調整後 EBITDA 為 8,690 萬美元，較去年同期增加超過 22%。

Total company adjusted EBITDA margin of 25.6% expanded 90 basis points year-over-year, driven by strong operating leverage on higher sales in the AST segment and consistent best-in-class performance in the Sealing Technologies segment.

全公司調整後 EBITDA 利潤率為 25.6%，年增 90 個基點；主要受惠於 AST 事業部在較高銷售下的強勁營運槓桿，以及 Sealing Technologies 事業部一貫的同業最佳（best-in-class）表現。

Corporate expenses of $15.7 million in the second quarter of 2026 increased from $12.1 million a year ago, primarily driven by higher incentive compensation accruals and $1.3 million in restructuring costs.

2026 年第二季公司費用為 1,570 萬美元，高於一年前的 1,210 萬美元；主要由較高的獎酬激勵（incentive compensation）提列，以及 130 萬美元的重整成本所致。

Adjusted diluted earnings per share of $2.50 increased 23.2%, largely driven by the factors behind adjusted EBITDA growth year-over-year. Moving to a discussion of segment performance, Sealing Technologies sales increased 15.3% to $216.2 million.

調整後稀釋每股盈餘為 2.50 美元，增加 23.2%，主要受年增調整後 EBITDA 的相關因素所帶動。接著討論各事業部表現，Sealing Technologies 銷售額成長 15.3% 至 2.162 億美元。

Growth was driven by contributions from the AlpHa and Overlook acquisitions, strong aerospace performance, and double-digit organic growth in domestic general industrial markets.

成長主要由 AlpHa 與 Overlook 併購貢獻、航太業務強勁表現，以及國內一般工業市場的雙位數有機成長所帶動。

Nuclear and power generation applications were steady in the quarter, while commercial vehicle markets remained tepid, as Eric discussed earlier.

本季核能與發電應用維持穩定；而商用車市場仍偏疲弱，正如 Eric 先前所提。

We also observed weakness in our smaller European general industrial and food and biopharmaceutical markets during the quarter.

我們也觀察到本季在規模較小的歐洲一般工業，以及食品與生物製藥市場出現疲弱。

For the second quarter, adjusted segment EBITDA increased 13.3%, driven by strong operational performance, strategic pricing initiatives, contributions from AlpHa and Overlook, and foreign exchange tailwinds.

第二季調整後事業部 EBITDA 成長 13.3%，主要受惠於強勁的營運表現、策略性定價措施、AlpHa 與 Overlook 的貢獻，以及外匯順風。

These drivers were partially offset by continued softness in the commercial vehicle market and investment supporting growth initiatives across the segment.

上述動能部分被商用車市場持續疲弱，以及為支持全事業部成長計畫而進行的投資所抵銷。

Adjusted segment EBITDA margin was 33.2% and remained above 30% for the 10th consecutive quarter. Turning now to Advanced Surface Technologies.

調整後事業部 EBITDA 利潤率為 33.2%，且已連續第 10 季維持在 30% 以上。接著談 Advanced Surface Technologies。

Sales for the second quarter increased 21.8%, with orders improving sequentially. Demand for precision cleaning solutions tied to advanced node chip production is very strong. book-to-bills for our capital equipment and coatings facing solutions have also materially increased.

第二季銷售額成長 21.8%，訂單較前一季改善。與先進製程節點晶片生產相關的精密清洗解決方案需求非常強勁。我們資本設備與塗層前段解決方案（coatings facing solutions）的接單出貨比（book-to-bill）也顯著提升。

Our teams are working tirelessly to deliver these important products and solutions while collaborating with customers to advance and expand leading-edge semiconductor production capabilities. For the second quarter, adjusted segment EBITDA increased 48.5% over last year.

我們的團隊不懈努力交付這些重要產品與解決方案，同時與客戶合作推進並擴大最先進的半導體製造能力。第二季調整後事業部 EBITDA 較去年增加 48.5%。

Adjusted segment EBITDA margin expanded 430 basis points to 23.9%. Operating leverage on higher sales growth and production volumes were the primary drivers of the increase. We also saw the foreign exchange headwinds experienced in last year's second quarter normalize.

調整後事業部 EBITDA 利潤率擴大 430 個基點至 23.9%。在較高的銷售成長與產量下所帶來的營運槓桿，是利潤率提升的主要驅動因素。我們也看到去年第二季所面臨的外匯逆風趨於正常化。

We continue to progress qualifications in a number of new solutions, many requiring multiple steps of our vertical integration process, and are also responding to customer demand by advancing capital investments to support new platforms driving future growth.

我們持續推進多項新解決方案的認證（qualifications），其中許多需要我們垂直整合流程的多個步驟；同時也因應客戶需求，提前推動資本投資，以支援帶動未來成長的新平台。

Our number one priority is to serve our customers and remain agile as we enter the early stages of a stronger period in semiconductor capital equipment spending.

我們的首要任務是服務客戶，並在半導體資本設備支出轉強的早期階段保持敏捷。

Moving to the balance sheet and cash flow.

接著談資產負債表與現金流。

Our balance sheet remains strong, and we have ample financial flexibility to execute on our long-term organic growth initiatives and consider select acquisitions that align with our strategic priorities and deliver attractive returns.

我們的資產負債表仍然強健，且具備充足的財務彈性，以執行長期有機成長計畫，並評估符合我們策略優先事項且能帶來具吸引力報酬的精選併購。

We generated strong free cash flow of more than $60 million year-to-date, including investment in working capital to support strong customer demand, while capital expenditures and capitalized software approached $30 million year-to-date in support of growth and efficiency projects.

今年迄今我們創造超過 6,000 萬美元的強勁自由現金流，其中包含為支援強勁客戶需求而投入的營運資金；同時，為支持成長與效率專案，今年迄今資本支出與資本化軟體合計接近 3,000 萬美元。

In the first half, we repaid $80 million in revolving debt, bringing our leverage ratio to 1.6 times trailing 12-month adjusted EBITDA.

上半年我們償還了 8,000 萬美元的循環債務，使槓桿比率降至過去 12 個月調整後 EBITDA 的 1.6 倍。

Net debt as of June 30th, 2026, stands at approximately $500 million, which includes $450 million in senior notes due 2033 and $130 million outstanding on our $800 million revolving credit facility, net of $77 million in cash and cash equivalents.

截至 2026 年 6 月 30 日，淨負債約為 5 億美元，其中包括 2033 年到期的 4.5 億美元優先票據（senior notes），以及我們 8 億美元循環信貸額度（revolving credit facility）下尚未償還的 1.3 億美元；並已扣除 7,700 萬美元的現金及約當現金。

We expect to continue generating strong free cash flow in 2026 while increasing our capital expenditure expectations to $60 million, to $65 million, up from our previous expectation of around $50 million.

我們預期在2026年持續產生強勁的自由現金流，同時將資本支出預期提高至6,000萬至6,500萬美元，高於先前約5,000萬美元的預期。

These incremental investments are supporting growth opportunities, particularly in the AST segment in alignment with customer demand.

這些新增投資正在支持成長機會，特別是在AST事業部門，並與客戶需求保持一致。

Our strong balance sheet and cash generation provide us with ample liquidity to make these investments while continuing to return capital to shareholders.

我們強健的資產負債表與現金創造能力，為我們提供充足的流動性以進行這些投資，同時持續向股東回饋資本。

In the second quarter, we paid a $0.32 per share quarterly dividend totaling $6.9 million. We also have an outstanding $50 million share repurchase authorization.

在第二季，我們支付每股0.32美元的季度股利，合計690萬美元。我們也仍有5,000萬美元的股票回購授權尚未用完。

Moving now to our increased guidance.

接下來談我們上調後的財測指引。

We are raising our total year 2026 guidance issued in early May and now expect total Enpro sales to increase in the 14% to 16% range, up from 10% to 14%.

我們上調於5月初發布的2026全年指引，現在預期Enpro總銷售額將成長14%至16%，高於先前的10%至14%。

Adjusted EBITDA in the range of $330 million to $340 million, up from $315 million to $330 million, and adjusted diluted earnings per share to a range of $9.30 to $9.80, up from $8.85 to $9.50 previously.

調整後EBITDA預期為3.30億至3.40億美元，高於先前的3.15億至3.30億美元；調整後稀釋每股盈餘預期為9.30至9.80美元，高於先前的8.85至9.50美元。

The normalized tax rate used to calculate adjusted diluted earnings per share remains at 25%, and fully diluted shares outstanding are $21.4 million.

用於計算調整後稀釋每股盈餘的常態化稅率維持在25%，完全稀釋流通股數為2,140萬股。

In Sealing Technologies, shorter cycle order patterns remain strong, and organic growth is expected to be in the high single digits in the second half of 2026, excluding the contributions from AlpHa and Overlook, which we still expect to be in the range of $60 million to $65 million this year.

在密封技術（Sealing Technologies）方面，較短週期的訂單型態仍然強勁；在不含AlpHa與Overlook貢獻的情況下，我們預期2026年下半年有機成長將為高個位數。此外，我們仍預期AlpHa與Overlook今年的貢獻將落在6,000萬至6,500萬美元。

Areas such as aerospace, digital infrastructure and communications, water, and compositional analysis applications are the primary drivers of the expected strong second half performance in Sealing.

航太、數位基礎設施與通訊、水務，以及成分分析應用等領域，是推動密封事業下半年強勁表現的主要動能。

We are still not contemplating a significant improvement in commercial vehicle markets in our increased 2026 guidance ranges.

在我們上調後的2026年指引區間中，我們仍未將商用車市場顯著改善納入考量。

On profitability, we continue to expect Sealing segment margin to remain at the high end of our long-term target range of 30% plus negative 250 basis points for the year, with ongoing growth investments continuing throughout the segment. In the Advanced Surface Technologies segment, market conditions are bright.

就獲利能力而言，我們仍預期密封事業部門的利潤率將維持在我們長期目標區間（30%減250個基點）的高端水準，且該事業部門將持續進行成長投資。在先進表面技術（Advanced Surface Technologies, AST）事業部門方面，市場狀況相當樂觀。

Significant multi-year investment in advanced semiconductor infrastructure continues to accelerate. We are seeing strong demand for the balance of the year with increased visibility through 2027.

對先進半導體基礎設施的重大多年期投資持續加速。我們看到今年剩餘期間需求強勁，且能見度已提升至2027年。

Through close partnership with our key customers responding to industry demand, we have seen significant order and backlog growth, supporting our improved outlook for the AST segment.

透過與關鍵客戶緊密合作以回應產業需求，我們看到訂單與在手訂單（backlog）顯著成長，支撐我們對AST事業部門更佳的展望。

We now expect 20% year-over-year growth in the second half of 2026, with segment revenue growth rates and adjusted segment EBITDA margin both approaching 25% exiting the year.

我們目前預期2026年下半年年增率為20%，並且在年底時，事業部門營收成長率與調整後事業部門EBITDA利潤率都將接近25%。

Thank you for your time today. I will now turn the call back to Eric for closing comments.

感謝各位今天撥冗參與。接下來我把電話交回給Eric做結語。

Thank you, Joe. Our primary goal is to maximize the potential of our business while creating an environment for our colleagues to grow and flourish.

謝謝你，Joe。我們的首要目標是在讓同仁成長與茁壯的環境中，最大化我們業務的潛力。

There is purposeful balance inherent in the Enpro portfolio. In addition to consistent execution and disciplined capital allocation focused on organic growth and strategic M&A position, the company performed well in a variety of macroeconomic environments while driving our goals to increase enterprise value and generate attractive returns for our shareholders. As I have said many times in the past, there is no better time to be a part of Enpro.

Enpro的投資組合內在具備有目的性的平衡。除了持續穩健的執行力與聚焦於有機成長及策略性併購（M&A）布局的紀律性資本配置之外，公司也能在多種總體經濟環境下表現良好，同時推動我們提升企業價值並為股東創造具吸引力報酬的目標。如同我過去多次提到的，現在是加入Enpro的最佳時機。

Thank you for your interest in Enpro. We'll now welcome your questions.

感謝各位對Enpro的關注。接下來我們歡迎各位提問。

(Operator Instructions) Jeff Hammond, Key Bank Capital Markets.

（接線員指示）KeyBanc Capital Markets的Jeff Hammond。

Hey, good morning, guys.

嗨，大家早安。

Hey, good morning, Jeff.

嗨，Jeff，早安。

Good morning, Jeff.

Jeff，早安。

Eric, thanks for the Enpro 3.0 update. That was great. Just on the guide, it seems like most or all of the raise is AST. Is that right? Are we feeling a little bit better about sealing and maybe just what underpins kind of that acceleration and growth and sealing into the second half?

Eric，謝謝你提供Enpro 3.0的更新。很棒。就指引來看，感覺這次上調大多或全部都來自AST。是這樣嗎？我們對密封業務是否也更有信心一些？以及是什麼因素支撐密封業務在下半年加速成長？

Yeah. Jeff, the majority of the guidance raise is AST, although sealing is improving through the year. We talked about it last quarter that we would see mid-single digits to high single digits organic growth and sealing for the second half of the year. That's coming to fruition.

是的。Jeff，這次上調指引的主要部分來自AST，雖然密封業務也在全年逐步改善。我們上季提到，下半年密封業務的有機成長會落在中個位數到高個位數。目前正如我們所預期地逐步實現。

We've seen improved orders in both general industrial, aerospace, and compositional analysis in a couple of our other end markets. The majority is AST, but we're definitely seeing strong organic industrial demand in sealing as well.

我們看到一般工業、航太，以及成分分析等幾個終端市場的訂單都有改善。主要仍是AST，但我們也確實看到密封業務的工業端有機需求同樣強勁。

Okay. Just on the CapEx raise, is this just simply adding capacity around AST? Maybe talk more about some of the incremental growth investments. Thanks.

了解。關於資本支出上調，這是否只是單純在AST擴充產能？也請多談談一些新增的成長投資。謝謝。

Yeah, Jeff, we're just pulling forward some investments just to accelerate the growth really in the cleaning space in AST. We've talked before about our Arizona investment. We're pulling forward the second phase of that. We're also adding capacity in Milpitas, California, and continuing to invest in Taiwan to keep up with customer demand.

是的，Jeff，我們只是把部分投資時程往前拉，以加速AST中清洗（cleaning）領域的成長。我們之前談過在亞利桑那州的投資。我們正把該投資的第二階段提前。我們也在加州Milpitas擴增產能，並持續在台灣投資，以跟上客戶需求。

Okay, if I could just fit one more in. You mentioned domestic general industrial up double digits. I know that's kind of a catch-all category, maybe just expand on what you're seeing there. Is that just PMI driven or something broader than that? Thanks.

好的，如果我可以再問一題。你提到國內一般工業成長達雙位數。我知道那算是個大類別，能否再多說明你們在那裡看到什麼？這只是PMI帶動，還是比那更廣泛？謝謝。

Yeah. Jeff, it's really in our core industrial markets in the US, think of chemical process industries, other industrial applications.

是的。Jeff，主要是在我們美國的核心工業市場，例如化工製程產業以及其他工業應用。

There's no doubt we're benefiting from some of the infrastructure build-out around data centers, and other key applications that are sort of core to Garlock.

毫無疑問，我們也受惠於資料中心周邊的基礎設施建置，以及其他一些屬於Garlock核心的關鍵應用。

Yeah, that's really driving compositional analysis, another area that falls into our general industrial space. We're seeing strong demand in AMI and in some of those core natural gas applications.

是的，這也確實帶動了成分分析；這也是我們一般工業範疇中的另一個領域。我們在AMI以及一些核心天然氣應用上看到強勁需求。

Okay. Appreciate it. Thank you.

好的。感謝。謝謝。

Tomo Sano, JP Morgan.

Tomo Sano，摩根大通。

Hi. Good morning, everyone. Congrats on the quarter.

嗨。各位早安。恭喜本季表現。

Good morning.

早安。

Morning, Tomo.

早安，Tomo。

Morning.

早安。

Thank you. Thank you for taking my questions. On the 430 basis points AST margin improvement, could you talk about the key contributions and if you could distinguish what portion of the AST margin uplift is sustainable versus transient going forward? Thank you.

謝謝。謝謝讓我提問。關於 AST 利潤率提升 430 個基點，能否談談主要貢獻來源？以及若可的話，能否區分 AST 利潤率上升中，哪些部分在未來屬於可持續、哪些屬於短暫因素？謝謝。

Yeah. Tomo, as you said, we saw about 430 basis points of year-over-year margin improvement in Advanced Surface Technologies. If you recall, looking back, we did have an unfavorable FX related to transactional Taiwanese working capital last year. That was a little over $2 million. That was more of a prior year issue that was favorable item year-over-year.

是的。Tomo，如你所說，我們在先進表面技術（Advanced Surface Technologies）看到約 430 個基點的年對年利潤率改善。如果你回想一下，去年我們確實有一項不利的外匯影響，與台灣營運資金的交易性外匯有關。那大約略高於 200 萬美元。那比較屬於前一年度的問題，因此在年對年比較上成為有利項目。

The rest is really all driven by stronger volume, both on the sales side, improved production, the leverage we're getting on that, and improved volumes related to increased inventory.

其餘部分基本上都是由更強勁的量所帶動，包含銷售端的量、產能提升、我們因此取得的槓桿效益，以及與庫存增加相關的量提升。

We're seeing incredibly strong demand for the second half of the year and now into 2027. Our teams in Advanced Surface Technologies have worked hard to build inventory to support that demand and support our customers as we expect that to ramp up. We have been able to build a little inventory, which is bringing us some volume leverage as well.

我們看到今年下半年、以及延伸到 2027 年的需求都非常強勁。先進表面技術團隊一直努力建立庫存，以支援該需求並支援客戶，因為我們預期需求將逐步爬升。我們得以建立一些庫存，也因此帶來一些量的槓桿效益。

Thank you. One follow-up on the, could you walk us through the environmental reserve build and how you frame the risk range for incremental reserves and cash outflows, please?

謝謝。再追問一題：能否帶我們了解一下環境準備金的提列（reserve build），以及你們如何界定額外準備金與現金流出風險的區間？謝謝。

Yeah. The increase in environmental reserves that we took this quarter is related to legacy related environmental liabilities from many decades before Enpro was founded.

好的。我們本季提列的環境準備金增加，與 Enpro 成立前數十年所遺留的環境負債有關。

Our teams have been working really hard over the years to kind of manage these legacy liabilities, and have done a really nice job partnering with the local communities, the government, et cetera, to manage them to the right outcome. This was specifically related to uranium mines in Arizona that go back many decades.

多年來我們的團隊一直非常努力地管理這些歷史遺留負債，也與當地社區、政府等合作，將其管理到合適的結果。這次具體是與亞利桑那州的鈾礦有關，可追溯至數十年前。

We've come to what we think is a probable solution with the government and the local communities that will require some management of the soil and other. So me other movements of that in the coming years. That was now a probable solution, and we've increased our reserve to reflect that likely outcome.

我們已與政府及當地社區達成我們認為「很可能」的解決方案，將需要在未來幾年對土壤及其他項目進行一些管理。因此，未來幾年會有一些相關處置。由於該方案現在屬於「很可能」的結果，我們已提高準備金以反映這個可能的結果。

Just to add on that, the $16 million reserves at a pretty strong midpoint with the EPA and other governmental agencies, first cash outflow won't happen for the next three years or so. We think we're more than amply reserved to make sure that we're bringing those areas that we're going back as far as 1950s back to proper condition.

補充一下，這 1,600 萬美元的準備金是在與 EPA 及其他政府機構討論下的一個相當穩健的中位數估計；第一筆現金流出大約要三年後才會發生。我們認為準備金提列相當充足，可確保把那些最早可追溯到 1950 年代的區域恢復到適當狀態。

Yeah. That'll be as long as potentially a 10-year project. Cash outflow we don't expect to be meaningful in any given year.

是的。這可能會是一個長達 10 年的專案。我們預期任何單一年度的現金流出都不會很顯著。

Thank you very much. I appreciate the call.

非常感謝。感謝這通電話會議。

Thanks, Tomo.

謝謝，Tomo。

Thanks.

謝謝。

(Operator Instructions) Steve Ferazani, Sidoti and Company.

（接線員指示）Steve Ferazani，Sidoti and Company。

Morning, everyone. Appreciate all the detail on the call. Eric, can you talk a little bit about the performance of compositional analysis, really since you acquired AMI and now adding AlpHa?

各位早安。感謝在電話會議中提供這麼多細節。Eric，你能否談談成分分析（compositional analysis）的表現，特別是自你們收購 AMI 以來、以及現在再加入 AlpHa 之後？

Obviously, on the AMI side, probably when you acquired it, you weren't expecting the kind of domestic natural gas production growth and demand that we're seeing.

顯然，在 AMI 這邊，你們當初收購時，可能沒有預期到我們現在看到的美國國內天然氣產量成長與需求。

I'm assuming that's got to be outperforming your expectations from a couple of years ago. Now adding at AlpHa, your outlook for opportunities in compositional analysis, do you see ability to grow the addressable market, take share, and what are the opportunities ahead even on an M&A side?

我猜這應該大幅超出你們兩三年前的預期。現在再加上 AlpHa，你們對成分分析的機會展望如何？你們是否看到擴大可服務市場（TAM）、提升市占的能力？另外，即使從併購（M&A）的角度，未來還有哪些機會？

That's a lot. Yeah, we did expect growth in natural gas. That was part of the thesis.

這問題很多。是的，我們確實預期天然氣會成長。那是投資論點的一部分。

Okay.

了解。

We also expect that we can take the same technology and the same sensors and put them in other spaces. They're measuring moisture, oxygen, H2S.

我們也預期可以把相同的技術與相同的感測器用到其他領域。它們可量測水分、氧氣、H2S（硫化氫）。

Those sensors can be used in a whole bunch of applications, including biopharmaceutical and a range of products. We expect to be able to expand the geography.

這些感測器可用於非常多的應用，包括生物製藥以及一系列產品。我們預期能夠擴展地理覆蓋。

They're basically North American-focused. We can take the same technology to Europe and other places and also other applications. Yes, we can grow the TAM. It's a wide opportunity, and we're accelerating that growth and really excited about it. AlpHa's just another one. In addition, we remain active in looking at targets all the time for extra M&A. We remain active and hopeful.

它們基本上以北美為主。我們可以把相同技術帶到歐洲及其他地區，也能拓展到其他應用。是的，我們可以擴大 TAM。這是一個很廣的機會，我們正在加速成長，對此非常興奮。AlpHa 只是其中之一。此外，我們也一直很積極地持續尋找額外併購標的。我們會持續積極並抱持期待。

Excellent. In terms of the growth, can you talk about where you are in pricing across your segments, the opportunities there to drive further revenue and margin growth? If I can just add this into this question, we're hearing a lot about this through the earnings season. Were there any tariff refunds in the number?

很好。就成長而言，你能否談談你們在各事業部的定價進展，以及在推動進一步營收與利潤率成長方面的機會？如果我可以把這點也加進同一題：在這個財報季我們聽到很多相關討論。數字裡是否包含任何關稅退稅（tariff refunds）？

The tariff refunds, we always say, were minimal and manageable. We said that all the way on the way up, so it'll be the same on the way down.

關於關稅退稅，我們一直說影響很小且可控。我們在關稅上升時一路都是這麼說的，所以在下降時也一樣。

Yep.

是的。

There's a little bit, but not significant impact. In terms of pricing power, yeah, there's still pricing opportunities a little bit with AlpHa and our newer acquisitions. They don't have the same pricing discipline as we do, I would say, throughout Enpro.

有一點，但影響不大。就定價能力而言，是的，AlpHa 和我們較新的收購案仍有一些定價機會。我會說，他們在定價紀律上還沒有像 Enpro 全體那樣一致。

There's still also a little bit of price opportunity always in just targeted applications, but it's niche. We'll get our standard industrial raise in ceiling every year, 2% or so.

另外，在特定應用上也一直都會有一些定價機會，但屬於利基。我們每年也會做一次標準的工業調價上調，大約 2% 左右。

We don't do cost-plus pricing, Steve. It's all value pricing. It looks at the application and what we contribute and how. It's always strategic pricing. It's not broad-based other than our general increases that happen basically once a year. I always think there is opportunity for price someplace.

Steve，我們不採用成本加成（cost-plus）定價。我們全部都是價值定價（value pricing）。會看應用情境、我們的貢獻以及如何貢獻。我們一直都是策略性定價。除了每年大概一次的例行調漲之外，不會做廣泛性的調價。我一直認為某些地方總是存在提價機會。

Got it.

了解。

It's being agile enough to figure out where to apply it.

重點在於要夠敏捷，能找出該把它用在哪裡。

Yeah, our qualified and specified positions with a strong aftermarket, especially in Sealing Technologies, is a key element to driving strategic pricing initiatives in the future.

是的，我們在具備資質且已明確定位、並擁有強勁售後市場的業務，特別是在密封技術（Sealing Technologies）方面，是未來推動策略性定價計畫的關鍵要素。

Excellent. Thanks, everyone.

很好。謝謝各位。

Thanks, Steve.

謝謝你，Steve。

Ian Zaffino, Oppenheimer and Company.

Ian Zaffino，Oppenheimer and Company。

Hi, great. Thank you very much. I just kind of wanted to dig down in AST a little bit more. Maybe talk about where the strength is as far as maybe cleaning versus components, optical coatings. Where is that? As we look into second quarter, is that all kind of I'm sorry, so the second half. Is that all just leading edge driven or any other kind of commentary you could give us around maybe your whole product lineup? Thanks.

嗨，很好。非常感謝。我想再更深入談一下 AST。也許談談強勁之處在哪裡，例如清洗相較於零組件、光學鍍膜等。目前的強勢在哪裡？當我們看第二季——抱歉，是下半年——那是否全部都是由先進製程（leading edge）所帶動？或是你們能否就整體產品線再提供一些看法？謝謝。

No, it's broad-based. It's throughout our cleaning business is growing strong. Precision machining is growing very well as well. Optical coatings is a little bit slower than that, but still doing great. All in all, it's broad-based and wide. Mostly is still leading edge, but we're benefiting it throughout the whole cycle, if you will.

不是，是全面性的。我們的清洗業務整體成長強勁。精密加工也成長得很好。光學鍍膜相對慢一些，但表現仍然很不錯。總體而言，是廣泛且全面的成長。主要仍是先進製程帶動，但可以說我們在整個景氣循環中都受惠。

Ian, I'll just add. As you know, our precision cleaning business is all leading edge, right? As they continue to see leading edge infrastructure build out and increased production, we're benefiting very well with our key customers from a cleaning perspective. We continue to invest in new capacity across all of our geographies, really, based on the current demand and projected future demand over the next couple of years. That's all leading edge. Our equipment business is a little bit of mix of both.

Ian，我再補充一下。如你所知，我們的精密清洗業務全部都是先進製程，對吧？隨著客戶持續進行先進製程基礎設施擴建並提高產量，我們在清洗方面、透過關鍵客戶受惠良多。我們也持續在所有地理區域投資新增產能，主要是依據目前需求以及未來幾年預期需求。這些都屬於先進製程。我們的設備業務則是兩者都有一些。

There's clear significant investment going on right now in leading-edge chip architecture and infrastructure for advanced AI and other computing, which is driving a lot of that build-out for equipment.

目前在先進晶片架構與用於先進 AI 及其他運算的基礎設施方面，有明顯且大量的投資，這也推動了設備端的許多擴建。

Okay, thanks. On the commercial vehicle, is that all on the trailer side? Anything else you're kind of seeing? What's kind of your outlook?

好的，謝謝。關於商用車，這是否全部都在拖車端？你們還看到其他什麼嗎？你們的展望如何？

I know it's been relatively soft, but we're kind of seeing an improvement in the truck side, and I know they're not exactly correlated, but kind of same ecosystem. Wondering what the kind of visibility is there, any kind of optimism you have in that segment or any other color you could give us. Thanks.

我知道整體相對疲弱，但我們似乎看到卡車端有所改善；我也知道兩者不完全相關，但算是在同一個生態系。想請教你們在這方面的能見度如何，對該細分市場是否有任何樂觀的看法，或能否提供其他補充說明？謝謝。

Yeah, it is mostly trailer. It's more than, what, 70% trailer. It's certainly the largest part of it, and I think it might be larger than that. I am optimistic. Let me say this, FTR is posting double-digit growth next year, I think 17%-18% last time I saw. I do think that will happen.

是的，主要是拖車。拖車占比超過 70%。這當然是其中最大的一部分，我想可能還更高。我保持樂觀。我這麼說吧，FTR 預測明年將有兩位數成長，我上次看到大約是 17%–18%。我確實認為會發生。

The investment in truck came ahead of the trailer, if you look, and some of that was to beat pollution controls and extra cost in trucks. First they invested there.

如果你看投資節奏，卡車端的投資早於拖車端；其中一部分是為了趕在污染管制與卡車額外成本上升之前。他們先投資在那裡。

You saw the growth in trucking this year. We're starting to see some signs of it improving in the second half of this year, although still not significant. I think we're at the definitely, well, I would say we're at the bottom and getting better, and there's starting to be momentum there. I'm excited about next year for that business.

你今年已看到卡車運輸的成長。我們開始看到今年下半年有一些改善跡象，雖然仍不算顯著。我認為我們已經在谷底，並且正在好轉，開始出現一些動能。我對明年這項業務感到很振奮。

All right, great. Thank you very much.

好，太好了。非常感謝。

Aftermarket will be more than two-thirds of the percentage of revenue commercial vehicle as well.

售後市場在商用車營收中的占比也將超過三分之二。

The other thing, that team performs very well. We've maintained very good margins through this whole cycle. The team executes well, I'm excited. They'll see a little bit of recovery and do very well with kind of an upturn here. They've also taken some share in the downturn that'll show up later.

另外，那個團隊表現非常出色。我們在整個循環中都維持了很好的利潤率。團隊執行力很強，我很期待。他們會看到一些復甦，並在這波回升中表現得非常好。他們也在下行期間拿到了一些市占，之後會反映出來。

We've also made some select capacity and process expansions to position the business well to perform as the market inevitably recovers.

我們也進行了一些選擇性的產能與製程擴充，以便在市場不可避免地復甦時，讓業務能有良好表現。

Yeah. Well, I could give you a little more color on that. We basically added a line during this downturn to support aftermarket. In the past, we've had challenges when the market was growing fast with keeping up with both OEM and aftermarket, and so we added a second line there that will help us in this upturn.

是的。我可以再補充一些細節。基本上，我們在這次景氣下行期間新增了一條產線來支援售後市場。過去在市場快速成長時，我們在同時滿足 OEM 與售後市場需求方面曾遇到挑戰，因此我們在那裡新增了第二條產線，將有助於我們在這波回升中應對需求。

All right, perfect, guys. Thank you so much.

好，完美，各位。非常感謝。

Thanks, Ian.

謝謝你，Ian。

Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Gentile for any final comments.

謝謝。各位女士先生，問答環節到此結束。我把時間交回給 Gentile 先生，請他做最後的補充。

We're seeing strong momentum across the portfolio. We want to thank you all for your support and look forward to talking to you in report Q3 in early November. Thanks.

我們看到整體產品組合動能強勁。感謝各位的支持，也期待在 11 月初發布第三季（Q3）財報時再與各位交流。謝謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與。