nVent Electric PLC (NVT) 2025 Q1 法說會逐字稿

Good morning, and welcome to the nVent Electric first-quarter 2025 earnings conference call.(Operator instructions) Please note, this event is being recorded.

早安，歡迎參加 nVent Electric 2025 年第一季財報電話會議。 （操作員指示）請注意，此事件正在被記錄。

I'd like to turn the conference over to Vice President of Investor Relations, Tony Riter. Please go ahead.

我想將會議交給投資者關係副總裁 Tony Riter。請繼續。

Thank you, and welcome to nVent's first-quarter 2025 earnings call. On the call with me are Beth Wozniak, our Chair and Chief Executive Officer; Gary Corona, our Chief Financial Officer; and Sara Zawoyski, our President of Systems Protection. They will provide details on our first quarter performance and outlook for the second quarter and an update to our full year outlook.

謝謝，歡迎參加 nVent 2025 年第一季財報電話會議。與我一起參加電話會議的有我們的董事長兼執行長 Beth Wozniak、我們的財務長 Gary Corona 和我們的系統保護總裁 Sara Zawoyski。他們將提供有關我們第一季業績和第二季展望的詳細資訊以及全年展望的最新情況。

As a reminder, all results referenced throughout this presentation are on a continuing operations basis, unless otherwise stated. Before we begin, let me remind you that any statements made about the company's anticipated financial results are forward-looking statements subject to future risks and uncertainties, such as the risks outlined in today's press release and nVent's filings with the Securities and Exchange Commission.

提醒一下，除非另有說明，本簡報中引用的所有結果均以持續經營為基礎。在我們開始之前，請允許我提醒您，有關公司預期財務業績的任何陳述都是前瞻性陳述，受未來風險和不確定性的影響，例如今天的新聞稿和 nVent 向美國證券交易委員會提交的文件中概述的風險。

Forward-looking statements are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results. Today's webcast is accompanied by a presentation, which you can find in the Investors section of nVent's website. References to non-GAAP financials are reconciled in the appendix of the presentation. We will have time for your questions after our prepared remarks.

前瞻性陳述截至今日為止，本公司不承擔公開更新此類陳述以反映後續事件或情況的義務。實際結果可能與預期結果有重大差異。今天的網路廣播附有演示文稿，您可以在 nVent 網站的投資者部分找到。對非 GAAP 財務數據的引用已在簡報的附錄中進行了核對。在我們準備好發言之後，我們將有時間回答您的提問。

With that, please turn to slide 3, and I will now turn the call over to Beth.

說完這些，請翻到投影片 3，現在我將把電話交給 Beth。

Good morning, everyone. I'm pleased to share with you our strong first quarter results and cover some key business highlights. First, the way we have set up the call today is to have Sara cover our first quarter performance and then have Gary provide our guidance and outlook. Sara and Gary have been working closely together to ensure a smooth transition. This will be Sara's last earnings call, and I'm grateful for her leadership and partnership.

大家早安。我很高興與大家分享我們第一季的強勁業績並介紹一些關鍵的業務亮點。首先，我們今天安排的電話會議是讓 Sara 介紹我們第一季的業績，然後讓 Gary 提供指導和展望。薩拉和加里一直密切合作，以確保順利過渡。這將是薩拉的最後一次財報電話會議，我感謝她的領導和合作。

Sara in her new role as President of Systems Protection will be leading our largest growth opportunities from our data solutions business to our newest acquisitions, which includes Trachte and the Avail Electrical Products Group, I know she will be successful and drive our business to new levels.

薩拉將擔任系統保護總裁的新職務，領導我們最大的成長機會，從數據解決方案業務到最新的收購，其中包括 Trachte 和 Avail 電氣產品集團，我知道她會取得成功，並將我們的業務推向新的水平。

I'm excited to have Gary as part of our team. Gary has a strong growth and operational finance background and will continue to drive our track record of performance. With his most recent experience as acting CFO for Medtronic and over 25 years in General Mills, he brings broad expertise to nVent. Gary is getting up to speed very quickly. He will build upon the transformation strategy in place, and his experience will help us scale and grow to create shareholder value and strong returns.

我很高興加里成為我們團隊的一員。加里擁有強大的成長和營運財務背景，並將繼續推動我們的業績記錄。他最近擔任美敦力公司的代理財務官，並在通用磨坊公司工作了 25 年以上，為 nVent 帶來了廣泛的專業知識。加里很快就適應了。他將以現有的轉型策略為基礎，他的經驗將幫助我們擴大規模、實現成長，從而創造股東價值和豐厚回報。

Turning to the business performance. We're off to a strong start with double-digit growth across the board in orders, sales, adjusted EPS and free cash flow in Q1. In addition, continued to see our backlog grow up double digits sequentially, giving us visibility through the year. We continue to make great progress on our portfolio transformation to become a more focused, higher growth electrical company.

談到業務表現。我們開局強勁，第一季訂單、銷售額、調整後每股盈餘和自由現金流均達到兩位數成長。此外，我們的積壓訂單量繼續以兩位數的速度成長，這讓我們對全年的業績有了清晰的認識。我們在產品組合轉型方面持續取得巨大進展，致力於成為一家更專注、成長更快的電氣公司。

We closed the thermal management divestiture early in the quarter and the Avail Electrical Products Group acquisition yesterday. Our balance sheet is strong, and our disciplined capital allocation is focused on growth and returning cash to shareholders for continued value creation. We are raising our full year sales and adjusted EPS guidance to reflect the Electrical Products Group acquisition, data solutions and power utility strength in the second half, and it also includes the expected impact of tariffs.

我們在本季初完成了熱管理業​​務的剝離，並在昨天完成了對 Avail Electrical Products Group 的收購。我們的資產負債表強勁，我們嚴謹的資本配置專注於成長並向股東返還現金，以持續創造價值。我們提高了全年銷售額和調整後每股盈餘預期，以反映下半年電氣產品集團的收購、數據解決方案和電力公用事業的強勁表現，同時也包括了關稅的預期影響。

Now on to slide 4 for a summary of our first quarter performance. Sales were up 11% and 2% organically, led by the infrastructure vertical. New products contributed over 2 points to our sales growth, and we launched 35 new products in the quarter. The Trachte acquisition performed well, growing strong double digits year-over-year. Adjusted operating income grew 4% year-over-year with return on sales of 20%. Adjusted EPS grew 10% and free cash flow grew 32%.

現在請看投影片 4，它是我們第一季業績的總結。在基礎設施垂直領域的帶動下，銷售額分別成長 11% 和 2%。新產品為我們的銷售成長貢獻了超過2個百分點，本季我們推出了35款新產品。Trachte 收購表現良好，年增兩位數。調整後的營業收入年增 4%，銷售報酬率為 20%。調整後的每股盈餘成長 10%，自由現金流成長 32%。

Looking at our key verticals, Infrastructure led the way with sales up mid-teens with strength in both data solutions and power utilities. Commercial resi declined low single digits. Industrial and energy were each down mid-single digits.

從我們的主要垂直領域來看，基礎設施領域處於領先地位，銷售額成長了百分之十幾，數據解決方案和電力公用事業領域表現強勁。商業不動產價格下跌個位數。工業和能源產量均下降了中等個位數。

Turning to organic sales by geography. The Americas grew low single digits, while Europe was down slightly. Asia Pacific grew in the high teens. Organic orders were up mid-teens, including strong double-digit growth in Data Solutions and mid-single-digit growth in the rest of the business.

轉向按地域劃分的有機銷售。美洲地區成長率為個位數，而歐洲地區則略有下降。亞太地區的成長率達到十幾歲。有機訂單成長了百分之十幾，其中數據解決方案業務實現了強勁的兩位數成長，其餘業務實現了中等個位數成長。

Looking ahead at our verticals. We expect infrastructure to have strong sales growth across both data centers and power utilities which is now a more meaningful part of our portfolio. We expect industrial to grow low to mid-single digits. We now expect commercial resi to be flattish for the year.

展望我們的垂直領域。我們預計基礎設施在資料中心和電力公用事業方面的銷售將實現強勁成長，而這已成為我們產品組合中更有意義的一部分。我們預計工業成長率將達到低至中等個位數。我們現在預計今年的商業房地產將保持穩定。

While there remains uncertainty given the dynamic environment, we continue to prioritize our key growth initiatives, which includes new products, acquisitions and capacity expansion for high-growth verticals. With regard to tariffs, we are taking mitigating steps that include pricing, productivity and supply chain actions. We continue to closely monitor the situation, scenario plan and execute our playbook. Overall, I am proud of our nVent team and how we continue to perform and deliver impressive results. We are on track for a strong year.

儘管動態環境仍然存在不確定性，但我們仍會優先考慮關鍵成長計劃，包括新產品、收購和高成長垂直產業的產能擴張。關於關稅，我們正在採取緩解措施，包括定價、生產力和供應鏈行動。我們將繼續密切關注局勢、制定情境計劃並執行我們的劇本。總的來說，我為我們的 nVent 團隊以及我們如何持續表現並取得令人印象深刻的成果感到自豪。我們有望迎來強勁的一年。

I will now turn the call over to Sara for further details on our first quarter results. Sara, please go ahead.

現在我將把電話轉給 Sara，以了解有關我們第一季業績的更多詳細資訊。薩拉，請繼續。

Thank you, Beth. To begin, I am honored for the opportunity to lead the Systems Protection segment, and I'm thrilled to have Gary part of the team. We have been working closely together to ensure a smooth transition.

謝謝你，貝絲。首先，我很榮幸有機會領導系統保護部門，我很高興 Gary 能夠成為團隊的一員。我們一直密切合作以確保順利過渡。

Now turning to the business performance. We are off to a great start to the year with double-digit growth in both sales and adjusted earnings, along with robust free cash flow.

現在來談談業務表現。今年我們開局良好，銷售額和調整後收益均實現兩位數成長，同時擁有強勁的自由現金流。

Let's begin on slide 5 with our first quarter results. Sales of $809 million were up 11% relative to last year. Organically, sales grew 2%, driven by volume on top of 6 points of volume growth last year. Acquisitions added $71 million to sales or 10 points to growth. Foreign exchange was roughly a 1-point headwind.

讓我們從投影片 5 開始介紹我們的第一季業績。銷售額達 8.09 億美元，較去年同期成長 11%。有機銷售額成長 2%，這得益於銷量的成長，而去年銷量成長了 6 個百分點。收購使銷售額增加了 7,100 萬美元，成長了 10 個百分點。外匯市場大約遭遇 1 點逆風。

First quarter segment income was $162 million, up 4%. As expected, return on sales was down in the quarter at (technical difficulty). Inflation was approximately $25 million. Productivity partially offset inflation, and we also continued to make investments for growth, particularly in data solutions. Q1 adjusted EPS was $0.67, up 10% at the high end of our guidance range. We generated robust free cash flow of $44 million, up 32% compared to a year ago.

第一季分部營收為 1.62 億美元，成長 4%。如預期，本季銷售回報率降至（技術難度）。通貨膨脹率約2500萬美元。生產力部分抵消了通貨膨脹，我們也繼續為成長進行投資，特別是在數據解決方案方面。第一季調整後的每股收益為 0.67 美元，比我們的預期範圍高出 10%。我們產生了 4,400 萬美元的強勁自由現金流，比去年同期成長了 32%。

Now please turn to slide 6 for a discussion of our first quarter segment performance. Starting with Systems Protection sales of $508 million increased 16%, driven by the Trachte acquisition. Trachte has performed extremely well with sales up double digits versus a year ago, and a strong backlog. Organically, sales were flat on top of 11% growth a year ago. Infrastructure grew mid-teens with continued strength in data solutions. This was offset by declines in both industrial and commercial resi. Geographically, Americas declined low single digits while Europe was flat and Asia Pacific grew double digits.

現在請翻到投影片 6，討論我們第一季的分部表現。受 Trachte 收購的推動，系統保護銷售額達到 5.08 億美元，成長了 16%。Trachte 的表現非常出色，銷售額比去年同期成長了兩位數，積壓訂單量很大。從有機角度來看，銷售額與去年同期持平，增幅為 11%。隨著數據解決方案的持續增強，基礎設施也實現了十五六倍的成長。但這一增幅被工業和商業地產的下滑所抵消。從地理上看，美洲的銷售額下降了個位數，而歐洲的銷售額持平，亞太地區的銷售額則成長了兩位數。

First quarter segment income was $104 million, up 10%. Return on sales of 20.5% decreased 110 basis points year-over-year, impacted by inflation and growth investments. Moving to Electrical Connections. Sales of $301 million increased 3%. Organic sales were up 4%, reflecting strong volume.

第一季分部營收為 1.04 億美元，成長 10%。受通貨膨脹和成長投資的影響，銷售回報率為 20.5%，年減 110 個基點。轉向電氣連接。銷售額達 3.01 億美元，成長 3%。有機銷售額成長 4%，反映出強勁的銷售量。

Infrastructure and Industrial each grew double digits in the quarter, while commercial resi was down low single digits. Geographically, organic sales were up mid-single digits in the Americas, while Europe and Asia Pacific declined. Segment income was $85 million, flat year-over-year. Return on sales was 28.3%, down 90 basis points mainly due to higher inflation.

本季基礎設施和工業均實現兩位數成長，而商業住宅則下降個位數。從地理上看，美洲地區的有機銷售額成長了中等個位數，而歐洲和亞太地區的有機銷售額則有所下降。分部利潤為 8,500 萬美元，與去年同期持平。銷售回報率為 28.3%，下降 90 個基點，主要原因是通貨膨脹率上升。

And that wraps the quarter, and I will now hand it over to Gary.

本季就到此結束，現在我將把它交給加里 (Gary)。

Thanks, Sara. I really appreciate the warm welcome from you and Beth. I'm excited to be part of nVent. I've been impressed with the strength of the broader team, the disciplined capital allocation and focus on execution. The culture of the company focused on innovation, growth and performance is a powerful combination. I look forward to getting to meet many of you in the investment community in the coming months.

謝謝，薩拉。我非常感謝您和貝絲的熱情歡迎。我很高興成為 nVent 的一員。我對整個團隊的實力、嚴格的資本配置和對執行的關注印象深刻。該公司注重創新、成長和績效的文化是一個強大的組合。我期待在接下來的幾個月與投資界的各位朋友見面。

Turning to the balance sheet and cash flow on slide 7. We ended the quarter with over $1.3 billion of cash on hand, including the proceeds from the thermal management divestiture. We also had $600 million available on our revolver. In addition, we repaid $390 million of term loans in the first quarter, reducing our overall debt. Free cash flow was robust in the quarter, growing 32% year-over-year. We believe our healthy balance sheet and strong liquidity position support our disciplined capital allocation strategy.

前往投影片 7 上的資產負債表和現金流量表。截至本季末，我們手頭上有超過 13 億美元的現金，其中包括熱管理業務剝離的收益。我們的循環信貸中還有 6 億美元可用。此外，我們在第一季償還了 3.9 億美元的定期貸款，減少了我們的整體債務。本季自由現金流強勁，年增 32%。我們相信，我們健康的資產負債表和強大的流動性狀況支持我們嚴謹的資本配置策略。

Turning to slide 8, where we outline our capital allocation priorities. We continue to prioritize growth and execute a balanced and disciplined approach to capital allocation to deliver great returns. We are investing in the business via R&D and CapEx for growth and supply chain resiliency.

翻到第 8 張投影片，我們概述了我們的資本配置優先事項。我們繼續優先考慮成長，並執行平衡且嚴謹的資本配置方法，以實現豐厚的回報。我們正在透過研發和資本支出來投資業務，以實現成長和供應鏈彈性。

In addition, we returned significant capital to shareholders already this year. We repurchased approximately $250 million in shares year-to-date, exceeding our plan, resulting in a lower share count, and we believe at a great value. As previously announced, our quarterly dividend increased 5%. We have additional capacity for capital deployment with our first priority being to invest in growth.

此外，我們今年已經向股東返還了大量資本。今年迄今為止，我們回購了價值約 2.5 億美元的股票，超出了我們的計劃，導致股票數量減少，但我們認為價值很高。正如之前宣布的，我們的季度股息增加了 5%。我們擁有額外的資本部署能力，我們的首要任務是投資成長。

Moving to slide 9. As Beth shared earlier, we are raising our full year reported sales and adjusted EPS guidance. We now forecast reported sales growth of 19% to 21%. For organic sales growth we now expect to grow 5% to 7% versus our prior guidance of 4% to 6%, mainly reflecting visibility and strength in Data Solutions and Power Utilities. We expect acquisitions to now contribute 14 points to sales, up from 5 points previously, reflecting the Avail EPG acquisition.

移至幻燈片 9。正如 Beth 先前分享的，我們正在提高全年報告銷售額和調整後每股收益預期。我們現在預測報告的銷售額成長率為 19% 至 21%。對於有機銷售額成長，我們現在預計將成長 5% 至 7%，而先前的預期為 4% 至 6%，這主要反映了數據解決方案和電力公用事業的知名度和實力。我們預計收購現在將為銷售額貢獻 14 個百分點，高於先前的 5 個百分點，這反映了 Avail EPG 的收購。

We now expect foreign exchange to be approximately flat. We are raising our full year adjusted EPS range to $3.03 to $3.13, up 22% to 26% versus our original guidance of $2.98 to $3.08. This new guidance assumes tariff impacts of approximately $120 million based on what we know today. We expect to offset the impact with price, productivity and supply chain mitigating actions. It also includes approximately $0.05 for the Avail EPG acquisition.

我們現在預計外匯匯率將大致持平。我們將全年調整後每股盈餘預期範圍上調至3.03美元至3.13美元，較原先2.98美元至3.08美元的預期成長22%至26%。根據我們目前掌握的信息，新的預期假設關稅影響約為1.2億美元。我們希望透過價格、生產力和供應鏈緩解措施來抵消影響。其中還包括約 0.05 美元用於 Avail EPG 收購。

A few modeling assumptions to note. First, Full year net interest expense is now expected to be approximately $75 million, reflecting the cash deployed to M&A, share repurchases and debt pay down year-to-date.

需要注意一些建模假設。首先，預計全年淨利息支出約為 7,500 萬美元，反映了年初至今用於併購、股票回購和債務償還的現金。

Second, we anticipate share count to be approximately 165 million. Lastly, we are raising our CapEx forecast to approximately $100 million. The increase is for additional data solutions capacity, supply chain resiliency and the expected CapEx for the Avail EPG acquisition.

其次，我們預期股票數量約為 1.65 億股。最後，我們將資本支出預測提高至約 1 億美元。此次增加是為了增加數據解決方案容量、供應鏈彈性以及收購 Avail EPG 的預期資本支出。

Looking at our second quarter outlook on slide 10. We forecast reported sales to grow 22% to 24% with acquisitions contributing approximately 18 points to sales. Organic sales growth is expected to be up 4% to 6%. Additional price increases, coupled with productivity are not expected to fully offset the tariff impacts in Q2. We anticipate price plus productivity to more than offset the impacts as we get to the back half of the year.

查看投影片 10 上我們的第二季展望。我們預測報告銷售額將成長 22% 至 24%，其中收購將為銷售額貢獻約 18 個百分點。預計有機銷售額成長率將達到 4% 至 6%。預計額外的價格上漲加上生產力的提高並不能完全抵消第二季度的關稅影響。我們預計，到今年下半年，價格加上生產力將足以抵消這些影響。

We expect adjusted EPS to be $0.77 to $0.79 in the second quarter, which at the midpoint reflects 16% growth relative to last year. Wrapping up, we are pleased with our first quarter performance. We delivered strong sales and earnings growth and are well positioned for another great year.

我們預計第二季調整後的每股盈餘為 0.77 美元至 0.79 美元，中間值較去年同期成長 16%。總而言之，我們對第一季的表現感到滿意。我們實現了強勁的銷售和獲利成長，為另一個輝煌的一年做好了準備。

I will now turn the call back over to Beth.

現在我將把電話轉回給貝絲。

Thank you, Gary. On slide 11, you can see the actions we have taken in our portfolio transformation. The divestiture of the Thermal Management business and the two most recent acquisitions of Trachte and Avail's Electrical Products Group have reshaped our portfolio to increase our presence in the electrical infrastructure vertical. We believe these actions have positioned us as a more focused, higher growth connection and protection company. In addition, we have grown our data solutions business to over $600 million in sales.

謝謝你，加里。在第 11 張投影片上，您可以看到我們在投資組合轉型中採取的行動。熱管理業務的剝離以及最近對 Trachte 和 Avail 電氣產品集團的兩次收購重塑了我們的產品組合，從而增強了我們在電力基礎設施垂直領域的影響力。我們相信，這些措施將使我們成為一家更專注、更高成長的連結和保護公司。此外，我們的數據解決方案業務銷售額已成長至 6 億美元以上。

The infrastructure vertical, which was our smallest vertical at spin is now the largest. We believe it is the highest growth vertical with the trends of electrification, sustainability and digitalization. This year, the infrastructure vertical is expected to be over 40% of our sales with data solutions and power utilities each approximately 20% of sales. Our portfolio is now a balance between short cycle and long cycle with a growing backlog. As a result, we believe we are better positioned for growth and value creation.

基礎設施垂直產業是我們旋轉時最小的垂直產業，現在卻是最大的。我們相信，它是電氣化、永續性和數位化趨勢下成長最快的垂直產業。今年，基礎設施垂直市場預計將占我們銷售額的 40% 以上，其中數據解決方案和電力公用事業各佔約 20%。我們的投資組合目前在短週期和長週期之間保持平衡，並且積壓訂單不斷增加。因此，我們相信我們更有能力實現成長和創造價值。

Turning to slide 12. Yesterday, we closed on our acquisition of the Avail Electrical Products Group, a leading provider of control buildings, switchgear and bus systems. This acquisition builds on our control buildings platform acquired with the Trachte acquisition and expands our offerings and capabilities and new applications. The addition of the Electrical Products Group further strengthens our solutions in high-growth verticals with approximately 85% of its sales in power utilities, data centers and renewables.

翻到第 12 張投影片。昨天，我們完成了對 Avail Electrical Products Group 的收購，該公司是一家領先的控制建築、開關設備和母線系統供應商。此次收購以我們在收購 Trachte 時獲得的控制建築平台為基礎，擴展了我們的產品和能力以及新應用。電氣產品集團的加入進一步增強了我們在高成長垂直領域的解決方案，該集團約 85% 的銷售額來自電力公用事業、資料中心和再生能源。

This business has been growing sales strong double digits with a robust backlog, giving us visibility into 2026. Overall, the demand for electrical infrastructure products is increasing with the need to expand the overall grid, the move to more renewable energy and the increase in data centers.

該業務的銷售額一直保持強勁的兩位數成長，並且擁有大量積壓訂單，這讓我們能夠預見 2026 年的前景。總體而言，隨著擴大整體電網的需求、向更多再生能源的轉變以及資料中心的增加，對電力基礎設施產品的需求正在增加。

Recently, NEMA, the National Electrical Manufacturers Association released an independent grid study showing electricity demand is forecasted to grow by 50% by 2050. This study shows the electrification trend is upon us and electrical solutions and innovation will be required to meet the increasing demand. It is an exciting time for the electrical industry and nVent is well positioned to be a part of this energy transition.

最近，美國電氣製造商協會 (NEMA) 發布了一項獨立電網研究報告，顯示預計到 2050 年電力需求將增加 50%。這項研究表明，電氣化趨勢已經到來，需要電氣解決方案和創新來滿足日益增長的需求。對於電氣行業來說，這是一個令人興奮的時刻，nVent 已準備好成為這一能源轉型的一部分。

Please turn to slide 13 titled 2024 Sustainability Report. At nVent, we are building a more sustainable and electrified world. Last month, we published our latest sustainability report that outlines our commitment to sustainability and the meaningful progress we are making. Our focus is on people, products, planet and governance. A few highlights from the report. In 2024, we achieved above the global benchmark for employee satisfaction. On products, 85% of our New Product Introduction funnel has a positive sustainability impact. On planet, we've reduced our normalized CO2 emissions by 47% since 2019.

請翻到第 13 張投影片，標題為「2024 年永續發展報告」。在 nVent，我們正在建立一個更永續和電氣化的世界。上個月，我們發布了最新的永續發展報告，概述了我們對永續發展的承諾以及我們正在取得的有意義的進展。我們的重點是人、產品、地球和治理。報告中的一些亮點。2024年，我們的員工滿意度超過了全球基準。在產品方面，我們 85% 的新產品介紹管道對永續性產生了積極影響。在地球上，自 2019 年以來，我們已將標準化二氧化碳排放量減少了 47%。

Lastly, we were recognized as one of the world's most ethical companies by Ethisphere for the second consecutive year. Our sustainability efforts are key to our strategy and how we operate. I'm very proud of everything we've accomplished and the journey we are on.

最後，我們連續第二年被 Ethisphere 評為全球最具商業道德的公司之一。我們的永續發展努力對於我們的策略和營運方式至關重要。我為我們所取得的一切成就和我們所經歷的旅程感到非常自豪。

Wrapping up on slide 14. We are off to a strong start to the year with double-digit growth in orders, sales, adjusted EPS and free cash flow. Our portfolio transformation is on track and we expect another year of strong growth and value creation, and we believe we are well positioned with the electrification, sustainability and digitalization trends. Our future is bright.

總結投影片 14。今年我們開局強勁，訂單、銷售額、調整後每股盈餘和自由現金流均達到兩位數成長。我們的投資組合轉型正在按計劃進行，我們預計今年將實現強勁成長和價值創造，我們相信我們在電氣化、永續性和數位化趨勢方面處於有利地位。我們的未來是光明的。

With that, I will now turn the call over to the operator to start Q&A.

現在，我將把電話轉給接線員開始問答環節。

We will now begin question and answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Dean Gray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Dean Gray。

Thank you. Good morning, everyone. Happy Friday. So first, welcome to Gary. It was great to meet you in New York a couple of weeks ago and then best of luck to Sara, I'm not going to say it's a new role because it's not. You've been wearing the two hats. So -- but now it's a dedicated role and -- so best of luck there.

謝謝。大家早安。星期五快樂。首先，歡迎 Gary。幾週前在紐約見到你真是太好了，祝薩拉好運，我不會說這是一個新角色，因為它不是。你一直身兼兩職。所以——但現在這是一個專門的角色——所以祝你好運。

So look, I know there'll be lots of questions about tariffs. It looked very much in line with what we were expecting. But I'd rather put the spotlight first on the Data Solutions business. And if you could give us further color Sara, before you write off. The pace of orders, any pushouts, just kind of like the tone of demand there? And then you said double-digit growth, but how does that square with Americas being flat in for the segment? Thanks.

所以，我知道會有很多關於關稅的問題。它看起來非常符合我們的預期。但我更願意先專注於數據解決方案業務。在您註銷之前，如果您能給我們進一步的詳細信息，Sara。訂單的速度、是否有任何延期，就像那裡的需求基調一樣？然後您說兩位數的成長，但是這與美洲市場持平的情況如何相符呢？謝謝。

Yeah. I would just start, Deane, by thank you and excited to take on this new role and work with a fantastic team in Systems Protection. So I would just frame it up this way. We exited 2024 with roughly $600 million sales, and we expect this to grow strong double digits this year with a strengthening back half that was alluded to in the prepared remarks, and we continue to see overall orders strong year-over-year in the quarter.

是的。迪恩，首先我要感謝你，我很高興能擔任這個新職位，並與系統保護部門的優秀團隊一起工作。所以我只會這樣構思。到 2024 年，我們的銷售額約為 6 億美元，我們預計今年的銷售額將實現強勁的兩位數增長，下半年的銷售額將進一步增強，這一點我們在準備好的評論中已經提到過，而且我們繼續看到本季度的整體訂單同比強勁增長。

Backlog grew double digits sequentially, and that's providing some very good visibility as we head into the back half. I would also point out that this is broad-based growth, not just in liquid cooling solutions, but also in power distribution units, cable management as well. And I would say, characterize it as seeing an acceleration and increased demand for our solutions from our customers.

積壓訂單連續兩位數成長，這為我們進入下半年提供了非常好的可視性。我還要指出的是，這是廣泛的成長，不僅在液體冷卻解決方案方面，而且在配電單元、電纜管理方面也是如此。我想說的是，這體現為客戶對我們的解決方案的需求加速成長。

Maybe a couple more quick highlights. We expected another strong year in new product launches. I think the team is making some very good progress there, building on our strengths of performance, reliability, serviceability and that's both across liquid cooling and power distribution units. So stay tuned there. I think the other thing we're seeing is that we're beginning to see the growth really extend from hyperscalers into the multi-tenants and enterprise space and also growth outside of the US. So you saw a little bit of that in that geographical commentary as well.

也許還有更多亮點。我們預計今年新產品的推出將再創佳績。我認為團隊在那裡取得了非常好的進展，憑藉我們在性能、可靠性、可維護性以及液體冷卻和配電裝置方面的優勢。因此請繼續關注。我認為我們看到的另一件事是，我們開始看到成長真正從超大規模擴展到多租戶和企業領域，以及美國以外的成長。所以你也可以在地理評論中看到一點這樣的內容。

I would say largely excited about what we're seeing, but also suggest that, that growth is still largely in front of us because it's early in that investment cycle. And of course, we continue to make investments this year really focusing on R&D and building out our lab capabilities.

我想說，我們對所看到的情況感到非常興奮，但同時也表示，由於投資週期還處於早期階段，成長前景仍然十分光明。當然，我們今年將繼續進行投資，真正專注於研發和建立我們的實驗室能力。

That's a great recap there. And just as a follow-up, can you talk about the latest deals, Avail and Trachte, just the contribution. Are there any synergies between those businesses? And did I hear Gary correctly Avail's contribution, a nickel and $0.05 in '25?

這是一個很棒的回顧。作為後續問題，您能否談談最新的交易，Avail 和 Trachte，以及其貢獻。這些業務之間有綜效嗎？我沒聽錯，Gary Avail 的捐款是 1925 年的五分鎳幣和 0.05 美元嗎？

Yes, you did. So I'll start. Recall when we acquired Trachte, we said this is a new platform for us. It's a different type of enclosure, if you like, with more enclosures in it. But we saw that there were opportunities both on the cost synergy side because we buy a lot of steel, but our ability to transform through lean manufacturing and to drive integration.

是的，你做到了。那我就開始了。回想一下，當我們收購 Trachte 時，我們說過這對我們來說是一個新的平台。如果你願意的話，它是一種不同類型的外殼，裡面有更多的外殼。但我們發現，由於我們購買了大量鋼材，因此在成本協同方面也存在機會，但我們有能力透過精實製造進行轉型並推動整合。

And we saw the opportunity for these types of buildings are growing, not just for utilities and the grid build-out, but even for data centers. So with Avail, it is now building on that platform and giving us further integration capabilities from switchgear and from bus systems, et cetera. So we believe that it's going to be very synergistic building a more scaled platform here. And maybe I'll just have Sara talk about some of the early things that we're seeing with Trachte in terms of our wins because I think it's a very exciting space for us.

我們看到這類建築的機會正在成長，不僅適用於公用事業和電網建設，甚至適用於資料中心。因此，Avail 目前正在基於該平台進行構建，並為我們提供開關設備、總線系統等的進一步整合能力。因此，我們相信在這裡建立一個更具規模的平台將會產生非常大的協同作用。也許我只是讓 Sara 談談我們在 Trachte 取得的一些早期成就，因為我認為這對我們來說是一個非常令人興奮的領域。

Yeah. Thanks, Beth. I mean maybe just another commentary on the end markets. The other thing we're seeing is a trend of data centers really freeing up that computing space, moving that IT equipment, IT gear backup power into control building. So we're seeing a nice kind of white space application as well in addition to the power utilities. So maybe a couple of things on Trachte because I think it helps frame up how we're thinking about Avail EPG.

是的。謝謝，貝絲。我的意思是這可能只是對終端市場的另一種評論。我們看到的另一件事是資料中心真正釋放運算空間，將 IT 設備、IT 設備備用電源轉移到控制大樓的趨勢。因此，除了電力設施之外，我們還看到了一個很好的白色空間應用。因此，也許關於 Trachte 有幾件事，因為我認為它有助於建立我們對 Avail EPG 的看法。

A quick reminder, while we don't put sales synergies in our deal models, it is a top area of focus for us by way of value creation. And for Trachte, we're already seeing opportunity here, specifically in data centers where we're able to provide control building solutions to our customers, in addition, some exciting things happening in the battery energy storage system space as well.

快速提醒一下，雖然我們沒有將銷售協同效應納入我們的交易模式，但它是我們透過價值創造關注的首要領域。對於 Trachte 來說，我們已經看到了機會，特別是在資料中心，我們能夠為客戶提供控制建築解決方案，此外，電池儲能係統領域也發生了一些令人興奮的事情。

And then as it relates to cost synergies, we have talked about a five year -- $5 million run rate cost synergy in sort of that two -- three-year time frame. And I would suggest here that we're well on track. Sourcing team has done an excellent job here executing on the procurement savings, really ahead of plan with a focus on the metals for example. And another quick area of focus here for us has been lean. And I'm really proud of the team.

然後，就成本協同效應而言，我們討論了五年——在兩到三年的時間範圍內實現 500 萬美元的運行率成本協同效應。我想說，我們現在進展順利。採購團隊在採購節省方面做得非常出色，確實提前完成了計劃，例如專注於金屬。我們關注的另一個重點領域是精益。我為這個團隊感到非常自豪。

I was just visiting one of our plants here last week from Trachte and a quick data point there. Since July when we acquired Trachte and as of today, that team has more than doubled the output of buildings per month in a particular value stream.

上週我剛從 Trachte 參觀了我們這裡的一家工廠，並在那裡快速獲取了一些數據。自我們七月收購 Trachte 以來，截至今天，該團隊在特定價值流中的每月建築產量增加了一倍以上。

And this is driving capacity, productivity ultimately better customer experience. So it's just giving you a flavor for the sales synergies and cost synergies that we would look to apply as we welcome the Avail EPG team members here with our day one celebrations yesterday.

這將推動產能和生產力，最終改善客戶體驗。因此，這只是讓您了解我們希望應用的銷售協同效應和成本協同效應，因為我們昨天在這裡舉行了第一天的慶祝活動，歡迎 Avail EPG 團隊成員。

And Dean, just to jump in on financial impact, as Beth said, we love the growth. It's been growing double digits, and it will contribute [9] of the 14 points of incremental acquisition growth. EPG will be accretive in the first year. It drops an additional $0.05 to our EPS, and that's net of the interest of benefit coming out. As Sara mentioned, strong cost synergies. And we also expect a nice cash tax benefit of approximately $15 million a year. And from a margin perspective, it's a bit lower, but like Trachte, we expect it to improve over time.

迪恩，就財務影響而言，正如貝絲所說，我們喜歡這種成長。該公司一直保持兩位數成長，並將貢獻 14 個百分點的增量收購成長中的 [9]。EPG 將在第一年實現增值。這會為我們的每股盈餘帶來額外的 0.05 美元的損失，而且這還是扣除利息或福利後的淨額。正如 Sara 所提到的，成本綜效很強。我們也預計每年可獲得約 1500 萬美元的現金稅收優惠。從利潤率的角度來看，它有點低，但與 Trachte 一樣，我們預計它會隨著時間的推移而改善。

Great, thank you.

太好了，謝謝。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning, and I'll echo the congratulations to Sara, and welcome, Gary, to this call. Maybe just my first question would be around the organic sales outlook. So I think you're guiding the first half organic sales, up sort of low single digits year-on-year. The second half implied is up high single digits year-on-year. So just sort of in the context of this macro backdrop, kind of help us understand the confidence in that second half acceleration.

大家好，早安，我向 Sara 表示祝賀，並歡迎 Gary 參加這次電話會議。也許我的第一個問題是關於有機銷售前景。所以我認為您預測上半年有機銷售額將比去年同期增長約個位數。預計下半年銷售額將年增高個位數。因此，在這種宏觀背景下，這有助於我們理解對下半年加速發展的信心。

I see the orders the last six months, very good. I'm not sure how much lead time there is from those into your 2H revenue, though? And maybe any clarification around what drives the acceleration in terms of price step-up or a specific end market or segment?

我看到了過去六個月的訂單，非常好。不過，我不確定這些需要多長時間才能達到您下半年的收入？是否可以解釋一下推動價格上漲或特定終端市場或細分市場加速成長的因素是什麼？

Well, let me start on this. So as we look forward, so yes, we had strong orders growth, and we also talked about our backlog building. As we look at data solutions and power utilities, in particular, here's where we see that growth accelerating. And I would make a comment, Trachte, which is performing very well, we closed on that deal last July. So that turns into organic growth starting the back half into August. So the growth that we're seeing in those particular -- that infrastructure is strong, our backlog is strong, our orders are strong. And then, of course, from a reported standpoint, it's the addition of EPG.

好吧，讓我開始講這個。因此，展望未來，是的，我們的訂單成長強勁，我們也談到了積壓訂單的建設。當我們特別關注數據解決方案和電力公用事業時，我們看到成長正在加速。我想說的是，Trachte 的表現非常好，我們在去年 7 月完成了這筆交易。因此從 8 月下半月開始，這一增長將轉變為有機成長。因此，我們在這些特定領域看到的成長——基礎設施強勁，我們的積壓訂單強勁，我們的訂單強勁。當然，從報道的角度來看，它增加了 EPG。

And I would just add, in addition to the confidence that we have in the orders backlog and underlying growth, the comps as you look at it were much stronger last year in the first half versus the second half. We were up mid-single digits last year in the first half and flattish in the second half.

我想補充一點，除了我們對訂單積壓和潛在成長的信心之外，去年上半年的業績比下半年強勁得多。去年上半年我們的業績成長了中個位數，下半年則持平。

That's helpful, thank you. And then my second question, just around the operating margins. So I think those were about 20% in the first quarter. It looks like the guide is embedding maybe 20% in Q2 and in the second half. So I just wanted to double check if that math is roughly right. And how we should think about the tariffs affecting the margins in those quarters in the balance of the year?

這很有幫助，謝謝。我的第二個問題是關於營業利益率。所以我認為第一季的比例約為 20%。看起來該指南在第二季和下半年嵌入了大約 20%。所以我只是想再檢查一下這個計算是否大致正確。我們該如何看待關稅對全年這些季度利潤的影響？

Sure. I'll take that, and I'll paint the picture for the year first, and then I'll talk about Q2. On the base business, we are expecting first half margins to be down a bit on price cost timing from tariffs and as well as the investments that we're putting into the business to support the second half strong growth.

當然。我會接受這一點，首先我會描述今年的情況，然後再談論第二季的情況。在基礎業務方面，我們預計上半年利潤率將略有下降，原因是關稅導致的價格成本時間以及我們為支持下半年強勁增長而對業務進行的投資。

On the base business, we expect margins to flip positive in the second half as pricing and the other mitigating productivity and supply chain actions fully take hold, and we have a really, really strong growth contribution. When we layer in Avail EPG, we are expecting margin dilution for both the Q2 and the year.

在基礎業務方面，隨著定價和其他緩解生產力和供應鏈行動的全面實施，我們預計下半年利潤率將轉為正值，而且我們對成長的貢獻非常非常強勁。當我們將 Avail EPG 納入考慮時，我們預計第二季和全年的利潤率都會被稀釋。

Again, as we talked about with a path on improving over time, we love the growth and it's delivering accretive top and bottom line to overall nVent, but will impact our reported margins. On the Q2 front, we expect Q2 to be up modestly on a sequential basis, but it will be down versus a year ago, as I mentioned, primarily driven by the timing of price cost with tariffs. But the most important thing we want you to take away is the actions that we're taking will put us in place to grow our base margins in the second half.

再次，正如我們所說的隨著時間的推移而改進的道路，我們喜歡這種增長，它為整個 nVent 帶來了增值的頂線和底線，但會影響我們報告的利潤率。就第二季而言，我們預計第二季的銷售額將環比小幅成長，但與去年同期相比將有所下降，正如我所提到的，這主要是受價格成本與關稅時間的影響。但我們希望您明白的最重要的一點是，我們正在採取的行動將使我們在下半年提高基本利潤率。

That's great. Thank you.

那太棒了。謝謝。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hey, good morning. Thanks for taking my questions. First one, just on the tariff situation, if you see -- if we see a reversal or the trade war died down with China, what sort of impact could that have to the upside for your 2025 and your estimate of that $120 million in the tariff headwind?

嘿，早安。感謝您回答我的問題。首先，就關稅情況而言，如果您看到——如果我們看到逆轉或與中國的貿易戰平息，這會對您 2025 年的上行趨勢產生什麼樣的影響，以及您估計的 1.2 億美元關稅逆風會帶來什麼樣的影響？

It's really so uncertain to be able to make a comment on that. I think part of our offsets with the tariff, it's pricing, productivity and supply chain actions. So I would say this, we're managing our price as we see these additional cost impacts, I think it takes longer for us in terms of any supply chain reconfiguration that we do. So I wouldn't -- I'd like to say we're just neutral. And that has been our goal as we go forward is just to manage to offset the impact of tariffs through numerous actions.

對此發表評論確實非常不確定。我認為我們透過關稅抵銷的部分原因是定價、生產力和供應鏈行動。所以我想說的是，我們正在管理我們的價格，因為我們看到這些額外的成本影響，我認為就我們所做的任何供應鏈重新配置而言，我們需要更長的時間。所以我不會——我想說我們只是保持中立。我們未來的目標就是透過多種行動來抵銷關稅的影響。

Okay. And then can you just put a finer point on the order growth, good double-digit order growth. But is that organic? And which segment is contributing the most to that order growth? If you could just kind of peel that back a little bit, that would be great

好的。然後您能否更詳細地說明訂單成長情況，即良好的兩位數訂單成長。但那是有機的嗎？哪個部分對訂單成長的貢獻最大？如果你能稍微剝開一點，那就太好了

Yes. So as I said in my prepared remarks, organic orders were up mid-teens. And strong double digits in Data Solutions with the rest of the business growing mid-single digits. And I would characterize it this way, where we see infrastructure, which, of course, is data centers and power utilities and renewables, that's where we're seeing the strongest growth, and that's also where we have that backlog.

是的。正如我在準備好的發言中所說的那樣，有機訂單量增加了百分之十幾。數據解決方案業務實現了強勁的兩位數成長，其餘業務則實現了中等個位數成長。我會這樣描述它，我們看到的基礎設施，當然是資料中心、電力設施和再生能源，是我們成長最強勁的地方，也是我們有積壓的地方。

Okay. Thanks very much.

好的。非常感謝。

Thank you.

謝謝。

Joesph Ritchie, Goldman Sachs.

高盛的喬瑟夫·里奇。

Hey guys, good morning. So Sara, thanks so much for all the help throughout the years. I wish you the best in your kind of new role, but -- and Gary, welcome on board. So I guess just my first question is if you think about just -- let's just start with Avail, it's kind of surprising to me that the contribution is only $0.05. It just seems like the margins are a little bit lower. I'm calculating to, let's just call it, like roughly a 10% EBITDA margin for the rest of the year. So help me just kind of understand what the -- what's going on there, what the expectation is for that business?

大家好，早安。所以 Sara，非常感謝你多年來的幫助。我祝福您在新的崗位上一切順利，但—加里，歡迎您加入我們。所以我想我的第一個問題是，如果你想想——就拿Avail來說吧，我有點驚訝它的貢獻只有0.05美元。利潤率似乎有點低。我正在計算，就這麼說吧，今年剩餘時間的 EBITDA 利潤率約為 10%。那麼請幫我了解一下——那裡發生了什麼，對這項業務的期望是什麼？

Yeah, Joe, I'll take that one. And please keep in mind that the $0.05 that we talked about to EPS is net of the interest that we assumed in our guide coming out. We're expecting on a gross basis, the EPS impact to be much higher than that $0.05 and the margins that we're seeing are higher than what you suggested as well. So while the Avail EPG margins are a bit lower than the overall nVent margins, we love the top and bottom line growth. And as Sara talked about with Trachte, we've got a nice plan to improve them over time.

是的，喬，我會接受這個。請記住，我們談到的每股收益 0.05 美元是扣除我們在指南中假設的利息後的淨額。我們預計，從整體來看，每股盈餘影響將遠高於 0.05 美元，而且我們看到的利潤率也高於您建議的水平。因此，儘管 Avail EPG 的利潤率略低於 nVent 的整體利潤率，但我們對其頂線和底線的成長感到滿意。正如 Sara 與 Trachte 談到的那樣，我們有一個很好的計劃來逐步改進它們。

Okay. Great. I can walk through kind of the math, I guess, off-line. But then the follow-on question is, look, the guidance range that you've now reset and increased, it's interesting because it seems like a lot of that is being driven by the extra point in volumes. But clearly, with the tariffs, there's going to be some incremental pricing as well.

好的。偉大的。我想，我可以離線完成一些數學計算。但接下來的問題是，你看，你現在已經重置並增加了指導範圍，這很有趣，因為似乎很多都是由交易量的額外點驅動的。但顯然，隨著關稅的實施，價格也會上漲。

And so I know you're not breaking out the pricing anymore. But like I'm just curious like if the $120 million, that kind of equates like roughly 4 points on top line. So are you expecting to offset most of it with price? And if that's the case, then ultimately, if the tariffs are in place throughout the year, would we expect the organic growth number to go up commensurately?

所以我知道你不會再公佈價格了。但我只是好奇，如果 1.2 億美元相當於大約 4 點的營收。那麼您是否希望透過價格來抵銷大部分損失？如果情況確實如此，那麼最終，如果關稅全年實施，我們是否預期有機成長數字會相應上升？

Well, here's the thing. There's -- as we said in our remarks, there's a lot of uncertainty. And so as we looked at going forward, yes, we have backlog and infrastructure is growing. We -- and as we looked at our quarter and how we performed in industrial and commercial resi, we think there's just an uncertain background there. And so we believe there's a balance of, yes, we'll likely get more price, but maybe there is some volumes impact as a result. And so that's how we thought of it going forward.

嗯，事情是這樣的。正如我們在評論中所說，存在著許多不確定性。因此，當我們展望未來時，是的，我們有積壓工作，而且基礎設施正在成長。我們—當我們回顧本季以及我們在工業和商業房地產方面的表現時，我們認為那裡存在不確定的背景。因此，我們相信，存在一種平衡，是的，我們可能會獲得更高的價格，但結果可能會對銷售產生一定的影響。這就是我們對未來的看法。

And I'll let Gary add some more color to that.

我會讓加里為其添加更多色彩。

Yeah. Coming into the year, our guidance assumed really primarily a volume-driven year. And based on the environment changing and the uncertainty, as Beth said, we'll have more price. And that -- I think that syncs up with your comments. As I think about the pluses and minuses on the EPS, we mentioned the Avail EPG nickel. And we mentioned the strength in Data Solutions and Power Utilities in the back half.

是的。進入今年，我們的指導實際上主要假設是銷售驅動的一年。正如貝絲所說，基於環境的變化和不確定性，我們將會有更高的價格。而且——我認為這與您的評論一致。當我思考 EPS 的優點和缺點時，我們提到了 Avail EPG 鎳幣。我們在後半部分提到了數據解決方案和電力公用事業的優勢。

In addition, we've got -- we have fewer shares outstanding than our initial guide. It is worth mentioning we talked about the softness in the prepared remarks in commercial resi. And as Beth said, we're managing the tariffs with our playbook, which is pricing, supply chain productivity and some mitigating actions. So that's the construct of the guide for the balance of the year.

此外，我們的流通股數比我們最初的指導要少。值得一提的是，我們在商業房地產的準備好的發言中談到了軟性。正如貝絲所說，我們正在透過我們的策略來管理關稅，即定價、供應鏈生產力和一些緩解措施。這就是本年度餘額指南的建構。

Okay helpful, guys. Thank you.

好的，很有幫助，夥計們。謝謝。

Thank you.

謝謝。

Jeffrey Sprague, Vertical Research.

傑弗裡·斯普拉格（Jeffrey Sprague），垂直研究公司。

Hey thank you good morning, everyone. Just coming back to sort of the commercial resi, like all the stuff that implicitly didn't grow or decline, right, in the Americas. I think the comment was that you did have mid-single-digit growth in those kind of recently sluggish market. Can you just speak to a little bit to that side of the portfolio, what you're seeing from a demand standpoint? Do you think inventories are now in the right place? Kind of a set of questions around sort of the shorter cycle elements of the portfolio.

嘿，謝謝大家早安。回到商業地產，就像美洲所有那些沒有成長或下降的東西一樣。我認為評論是說在最近低迷的市場中你們確實實現了中等個位數的成長。您能否從需求的角度簡單談談投資組合的這一方面？您認為現在庫存處於正確位置嗎？一系列有關投資組合中較短週期元素的問題。

Yeah. As we came into this year, we said for -- we expected industrial to grow, and we still do. And we said commercial resi would be low single digits growth. And I just updated that and said now we think that's flattish because we think this may have more of an impact coming from the tariffs in terms of just the demand side.

是的。進入今年以來，我們曾預期工業將會成長，事實也確實如此。我們說過商業住宅將實現低個位數成長。我只是更新了這一點，並表示現在我們認為這是持平的，因為我們認為這可能對需求方面產生更大的影響，而這些影響主要來自關稅。

But I would say this as we look a lot of our short-cycle business goes through distribution. Our sell-out is positive there. Sell-in has been positive as well. So we think that inventories are in alignment there. But we just -- with the uncertainty, we just think commercial resi is going to be softer and some short cycle may be a little bit softer.

但我想說的是，我們發現很多短週期業務都是透過分銷進行的。我們的銷售情況良好。賣出情況也一直很正面。因此我們認為那裡的庫存是一致的。但由於存在不確定性，我們認為商業房地產市場將會變得更加疲軟，一些短週期市場可能會更加疲軟。

Understood. And then just back on tariffs. Is this number you're sharing all China? Or we've got some other countries we got steel and aluminum. Can you put a little bit finer point on just kind of the origination of the tariff number?

明白了。然後再回到關稅問題上。你們要把這個號碼分享給全中國嗎？或者我們在其他國家有鋼鐵和鋁。您能否更詳細說明一下關稅編號的來源？

Yeah. As we looked at this, this is everything that we know as of today. So of course, things may change. But the biggest impact -- well, one of the biggest impact for us is the 232 on steel and aluminum. And as you know, we make a lot of enclosures and other products.

是的。當我們看到這一點時，這就是我們今天所知道的一切。所以當然，事情可能會改變。但最大的影響——對我們來說最大的影響之一是 232 對鋼鐵和鋁的影響。如您所知，我們生產很多外殼和其他產品。

Then China and not -- China, just the magnitude of that tariff has an impact. Then we look at all other countries and the impact there, of course, we have a lot of things where we have coverage through USMCA could change. But what we know today. And then we also thought about some of the secondary or third level tariffs through our supply base. So that was how we constructed that number as best as we could determine it at this point in time.

那麼中國，而不是──中國，只是關稅的幅度就會有影響。然後我們看看所有其他國家及其影響，當然，我們透過 USMCA 覆蓋的許多事情可能會改變。但我們今天知道了。然後我們也透過我們的供應基地考慮了一些二級或三級關稅。這就是我們目前所能確定的最佳數字的建構方法。

Yeah. Okay. But steel and aluminum is number one, not China. Okay. And then just maybe a little bit more color on what you are seeing on the power utility side. I think we -- you've probably given us about all you want to say on Data Solutions. I appreciate that. But maybe just how the portfolio is coming together there kind of trajectory of orders in that business and how you see the year playing out a little bit more specifically.

是的。好的。但鋼鐵和鋁是第一，不是中國。好的。然後也許您對電力公用事業方面所看到的情況再多了解一點。我想我們——您可能已經向我們講述了您想說的有關數據解決方案的所有內容。我很感激。但也許只是投資組合如何整合，該業務的訂單軌跡以及您如何更具體地看待今年的進展。

Yeah. I think the exciting thing for us is where we are today now with the most recent acquisition, we believe Power Utilities is about 20% of our overall sales. So that's significant for us from where we started. And it's not just the Trachte and Avail acquisition. I mean, certainly, that gives us scale. And what we like about those businesses is that on Avail, it's grown at double digits.

是的。我認為，對我們來說令人興奮的是，透過最近的收購，我們相信電力公用事業約占我們整體銷售額的 20%。所以這對我們從一開始就具有重要意義。這不僅僅是 Trachte 和 Avail 的收購。我的意思是，這當然給了我們規模。我們喜歡這些業務的原因是，在 Avail 上，它們的業務實現了兩位數的成長。

It has a nice backlog into 2026. Similarly, we've shared with you the results on Trachte, which was very strong growth and backlog building. But within our Electrical Connections segment, we also have some of the products aimed at utility space as well. And they have also been growing in that double-digit range. So we think overall, just with that infrastructure build-out that is going to be a strong growth driver just like Data Solutions has been for us. So the two of them together are really 40% of our portfolio now.

到 2026 年，它還有大量積壓訂單。同樣，我們也與您分享了 Trachte 的業績，該公司實現了非常強勁的成長，積壓訂單也得到了累積。但在我們的電氣連接部門中，我們也有一些針對公用事業空間的產品。而且它們的成長率也一直維持在兩位數左右。因此，我們認為總體而言，隨著基礎設施的建設，它將成為強勁的成長動力，就像數據解決方案對我們一樣。所以他們兩個現在實際上占我們投資組合的 40%。

Great, thank you. Good luck, Sara. I hope we'll still see you around. I'm sure we will.

太好了，謝謝。祝你好運，薩拉。我希望我們還能見到你。我確信我們會的。

Thanks, Jeff.

謝謝，傑夫。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yeah, good morning, thanks, and congrats to both, Sara and Gary. I guess maybe just starting with a follow-up question on the comments you made, Gary, around margins for the business for the rest of the year. Does that commentary hold for both businesses? And maybe that kind of dovetails with the question of, is the tariff and price cost impact kind of spread relatively similarly across the businesses? Or is there one versus the other that's more impacted?

是的，早安，謝謝，並恭喜 Sara 和 Gary。加里，我想也許我們只是針對您所發表的評論開始一個後續問題，關於今年剩餘時間的業務利潤率。這評論對兩家企業都適用嗎？這也許與以下問題相符：關稅和價格成本影響在各企業的分佈是否相對相似？或者其中一個受到的影響更大？

Yeah, Nicole, it's -- there's nothing unique to call out. Both of the businesses are juggling in a pretty dynamic environment. And both of the businesses are deploying the playbook that I mentioned. We -- from a growth perspective, we will see differential growth from System Protection in the second half. And a lot of that , Beth and Sara talked about.

是的，妮可，這沒什麼特別的。兩家公司都在一個相當動態的環境中努力經營。這兩家企業都在部署我提到的策略。從成長角度來看，我們將在下半年看到系統保護的差異化成長。貝絲和薩拉談了很多這樣的話題。

It was the first half. I also mentioned impacting our margins in -- was the investments that we're making in data solutions. And that will be an entire year, but that first half investment really was to support the growth that we'll see in that business in the second half.

這是上半場。我還提到了影響我們利潤率的因素——我們在數據解決方案方面的投資。這將是一整年的時間，但上半年的投資確實是為了支持下半年這項業務的成長。

Okay. Perfect. Thank you. And then just a clarification question on what you guys are doing from a pricing perspective. Is this via list price increases or surcharges or some combination of the two? And have those price increases has already been fully implemented? And was that like an April 1 sort of date. Thanks.

好的。完美的。謝謝。然後我想從定價的角度澄清你們在做什麼。這是透過提高標價或附加費還是兩者結合來實現的？這些漲價措施是否已經全面實施？那是不是就像 4 月 1 日這樣的日期？謝謝。

Yeah. Well, as you know, over 60% of our portfolio goes through distribution. And so we typically will increase our prices there as long as we give them notification. And our playbook and as we've seen through other inflationary times, is that often, you're doing multiple price increases just as you're adjusting over the course of the year.

是的。嗯，如您所知，我們超過 60% 的投資組合都是透過分銷實現的。因此，只要我們通知他們，我們通常就會提高那裡的價格。我們的策略是，正如我們在其他通膨時期所看到的那樣，在一年的調整過程中，通常會多次提高價格。

So we've done some price increases, and we'll monitor the situation if there's more impact, we can certainly manage price effectively there. And then we also ensure with some of our more direct business that we manage price with those customers on a project-by-project basis. So we're actively managing pricing right now.

因此，我們已經提高了一些價格，如果影響更大，我們會監控情況，我們當然可以有效地管理價格。然後，我們還確保透過一些更直接的業務，根據每個項目來管理與這些客戶的價格。因此我們現在正在積極管理價格。

Thanks, Beth. I'll pass it on.

謝謝，貝絲。我會傳達的。

Thank you.

謝謝。

Nigel coe, Wolf Research.

奈傑爾·科，沃爾夫研究公司。

Thanks. Good morning, everyone, and Sara, congrats and Gary, look forward to seeing you soon. So the -- yeah, maybe a couple of follow-ons here. So as I understand that the organic uplift is basically the price associated with the tariff countermeasures, volume unchanged. But I put an extra point of price, I'm getting about $30 million of extra price versus $120 million of the tariff impact. So I'd like to understand a little bit better the kind of the offsets against that $120 million.

謝謝。大家早安，Sara，恭喜你，Gary，期待很快見到你。所以——是的，也許這裡有幾個後續問題。因此，據我了解，有機提升基本上是與關稅對策相關的價格，數量保持不變。但我增加了一個額外的價格點，我獲得了大約 3000 萬美元的額外價格，而關稅影響為 1.2 億美元。所以我想更了解一下針對這 1.2 億美元的抵銷措施。

Well, I just want to start by saying it's not -- we assumed a shift between price and volume, but really what we drove the uplift with was just stronger orders in backlog that was the number one reason for updating our organic guidance.

好吧，我首先要說的是，我們假設價格和數量之間會發生轉變，但真正推動成長的只是積壓訂單的增加，這是更新我們有機指導的首要原因。

Yeah, Nigel, just to clarify again, we came into the year with a very strong volume plan. And as Beth mentioned, we have now more price into the market and our assumption is a bit less volume as we've taken our organic guidance up 1 point.

是的，奈傑爾，再次澄清一下，我們今年制定了非常強大的銷售計劃。正如貝絲所提到的，我們現在對市場有了更多的價格，我們的假設是交易量會稍微減少，因為我們將有機指導提高了 1 個百分點。

Okay. So there's more than 1 point of price. But it doesn't seem like there's 4 points of price to offset the 120. So I'm just curious if you could maybe provide a bit more color there. But maybe moving on to the Avail acquisition. I have to agree with Joe. I'm getting more than $0.05 as well. So I'm curious on your assumption that we've got like a high teens EBITDA margin, which maybe you can clarify that. Are there any integration expenses or investment spending against that $0.05.

好的。因此價格不只 1 個點。但似乎沒有 4 個點的價格來抵銷 120。所以我只是好奇您是否可以提供更多詳細資訊。但也許會繼續討論 Avail 收購。我同意喬的說法。我得到的也不止0.05美元。所以我很好奇您的假設，即我們的 EBITDA 利潤率高達十幾歲，也許您可以澄清一下。針對這 0.05 美元，是否有任何整合費用或投資支出？

Yeah. So just to reiterate, the (inaudible) was a net impact to nVent, which is the profitability of the business coming in, but now our assumption that will no longer be gaining the interest benefit on the investment. So it's a net number mid-teens margins. And keep in mind, we closed the business yesterday, and we're just getting under the hood. And we've got a good playbook from Trachte to improve margins and we'll plan to do that and update this group as we have more share.

是的。因此，重申一下，（聽不清楚）對 nVent 產生了淨影響，即業務的獲利能力，但現在我們假設將不再獲得投資的利息收益。因此，這是一個淨數字十幾歲的利潤。請記住，我們昨天已經結束了業務，現在我們才剛開始著手處理。我們從 Trachte 獲得了提高利潤率的良好策略，我們計劃這樣做，並在我們擁有更多份額時更新集團。

Yeah. We're still getting high numbers, but we'll follow up off-line. And then just maybe just a quick one on Data Solutions. I mean if you just back into the mid-teens kind of all in core and then five -- mid-single digits ex Data Solutions. We're getting to like 50% type numbers for Data Solutions. Is that in the right zone of order growth there?

是的。我們仍然收到大量數據，但我們會進行線下跟進。然後也許只是簡單地討論一下數據解決方案。我的意思是，如果你只是回到十幾歲那種全在核心然後是五個 - 中間個位數，例如數據解決方案。我們越來越喜歡數據解決方案的 50% 類型的數字。那裡是否處於訂單增長的正確區域？

Yeah, Nigel, they were very strong in Q1 on top of strong growth in Q1 of a year ago.

是的，奈傑爾，在去年第一季強勁成長的基礎上，他們今年第一季的表現也非常強勁。

Right. Okay, thanks guys.

正確的。好的，謝謝大家。

Vladimir Bystricky, Citigroup.

弗拉基米爾·比斯特里奇，花旗集團。

Hey, good morning team and congrats to both Gary and Sara. Thanks for taking my question. I guess just a quick clarification on the increased CapEx outlook. Can you kind of dissect how much of that is related to Avail coming into the portfolio versus sort of core investments in legacy nVent, if you will?

嘿，大家早安，恭喜 Gary 和 Sara。感謝您回答我的問題。我想只是對增加資本支出的前景做一個快速澄清。您能否分析一下，其中有多少與 Avail 進入投資組合以及對傳統 nVent 的核心投資有關？

Yeah, Vlad. As you noticed, we did take our CapEx assumptions up. And the majority of the increase is really related to the core business and supporting growth, not just in the second half but beyond. But we did layer in CapEx associated with the EPG acquisition in the guide as well.

是的，弗拉德。正如您所注意到的，我們確實提高了資本支出假設。大部分成長實際上與核心業務和支援成長有關，不僅在下半年，而且在以後。但我們也在指南中分層考慮了與 EPG 收購相關的資本支出。

Got it. That's helpful, Gary. Appreciate it. And then maybe just one follow-up. So when I look at the segments, I guess, can you just talk a little about the divergence between declining Americas sales and systems protection versus the robust Americas sales growth you saw in electrical connections and sort of what you think is some of the driving factors behind that divergence and how we should think about either as potentially a leading indicator going forward?

知道了。這很有幫助，加里。非常感謝。然後可能只需要一個後續行動。因此，當我查看這些部分時，我想，您能否稍微談談美洲銷售額和系統保護下滑與您在電氣連接方面看到的美洲銷售額強勁增長之間的差異，以及您認為這種差異背後的一些驅動因素，以及我們應該如何看待這兩者作為未來的潛在領先指標？

Yeah, I think some of that is really just the comp of a year ago because we had a really strong growth a year ago out of Systems Protection, and we were a little weaker on the Electrical Connection side so that's really one of the primary reasons.

是的，我認為其中一些實際上只是與一年前相比，因為一年前我們在系統保護方面實現了非常強勁的增長，而在電氣連接方面則稍弱，所以這確實是主要原因之一。

So I wouldn't extrapolate that, Vlad, going forward.

因此，我不會推斷 Vlad 會繼續這樣做。

Alright. That's helpful. I appreciate it.

好吧。這很有幫助。我很感激。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究。

Hey, thanks for taking my question and, welcome aboard, Gary, great to meet you a couple of weeks back. And Sara, best of luck to you. You've been truly excellent. I wanted to ask a couple of questions, and I'll just ask them both and let you go at it. So the incremental margin in the quarter was sort of below what we've been seeing. Is that all inflation and investments? And -- or was there maybe something else there? And does that improve in the second half of the year? And then on acquisitions, how is the pipeline? And is pricing better?

嘿，感謝您回答我的問題，歡迎加​​入，加里，很高興幾週前見到您。薩拉，祝你好運。你真的非常優秀。我想問幾個問題，我只會問兩個，然後讓你回答。因此本季的增量利潤率略低於我們所看到的水平。這就是全部通膨和投資嗎？並且——或者那裡可能還有其他東西嗎？下半年情況會有所改善嗎？那麼關於收購，通路怎麼樣？定價是否更合適？

So I'll take the -- I'll take the margin question in the quarter. And as you mentioned, Q1 margins were down. That net productivity bar was down $17 million. And as you mentioned, it reflects both the inflation offset somewhat by positive productivity, but also net of investments that are ramping for the back half.

所以我會回答——我會回答本季的利潤率問題。正如您所說，第一季的利潤率下降了。淨生產力標準下降了 1700 萬美元。正如您所提到的，它既反映了通貨膨脹被積極的生產力所抵消，也反映了下半年投資的淨額。

Going forward, as we mentioned, gross productivity will ramp. Tariffs will ramp. And then the pricing in our playbook will flow throughout the year. As I mentioned, excluding the EPG deal, we did expect margins to grow in the second half modestly as we get our playbook in place. As we layer in the deal, as we said, it comes in with a bit a nice top and bottom line contribution, but it will impact margins a bit. But we feel good about our margin game plan in the back half that we'll be putting into place.

展望未來，正如我們所提到的，總生產力將會提高。關稅將會提高。然後，我們的劇本中的定價將會貫穿全年。正如我所提到的，不計入 EPG 交易，隨著我們的策略落實到位，我們確實預計下半年利潤率將小幅增長。正如我們所說，當我們分層處理交易時，它會帶來不錯的頂線和底線貢獻，但也會對利潤率產生一定影響。但我們對於下半年即將實施的利潤遊戲計畫感到滿意。

And on the acquisition M&A pipeline question, I would like to say that where we play in this Connect and Protect space, it's about a $100 billion opportunity. And remember, a $3-plus billion, we're one of the larger players. So it's very fragmented. And I think there's a lot of opportunities.

關於收購併購通路問題，我想說，我們在「連結和保護」領域所扮演的角色，是一個價值約 1000 億美元的機會。請記住，我們是市值超過 30 億美元的大型參與者之一。所以它非常分散。我認為有很多機會。

And you've seen the last couple of deals that we've had. And I think we've been very disciplined. This is our eighth deal, and we always want our deals to cross the weighted average cost of capital in two to three years and Avail will do that.

你們已經看到了我們最近達成的幾筆交易。我認為我們一直都非常自律。這是我們的第八筆交易，我們一直希望我們的交易能夠在兩到三年內超過加權平均資本成本，而 Avail 將做到這一點。

And I think for us, as we go forward, it's just looking to see that there is the right deal and the right timing and our capacity to be able to execute on it as well. But we do have more capital to allocate and feel we're in a good position if there's the right opportunity for us to continue to do deals in the near term, I would say.

我認為，對我們來說，隨著我們不斷前進，我們只是希望看到有正確的交易、正確的時機以及我們能夠執行它的能力。但我想說，我們確實有更多的資本可供分配，如果短期內有合適的機會讓我們繼續做交易，我們就處於有利地位。

Thank you.

謝謝。

Thanks, Scott.

謝謝，斯科特。

This concludes our question and answer session. I would like to turn the conference back over to Beth Wozniak for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Beth Wozniak 做最後發言。

Well, thank you for joining us today. I am proud of our performance in the first quarter. We will continue to focus on delivering for our customers, employees and shareholders by executing on our growth strategy. We believe nVent is a top-tier high-performance electrical company well positioned for the electrification, sustainability and digitalization trends. Thanks again for joining us. This concludes the call.

好吧，感謝您今天加入我們。我對我們第一季的表現感到自豪。我們將繼續致力於透過執行成長策略為我們的客戶、員工和股東提供服務。我們相信 nVent 是一家頂級高性能電氣公司，在電氣化、永續性和數位化趨勢方面佔據有利地位。再次感謝您的加入。通話到此結束。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。