nVent Electric PLC (NVT) 2025 Q3 法說會逐字稿

Good day, and welcome to the nVent Third Quarter 2025 Earnings Call. [Operator Instructions] Please note, this event is being recorded.

大家好，歡迎參加 nVent 2025 年第三季財報電話會議。【操作說明】請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係副總裁托尼·里特爾。請繼續。

Thank you, and welcome to nVent's Third Quarter 2025 Earnings Call. On the call with me are Beth Wozniak, our Chair and Chief Executive Officer; and Gary Corona, our Chief Financial Officer. Today, we'll provide details on our third quarter performance and outlook for the fourth quarter and an update to our full year outlook.

謝謝，歡迎參加 nVent 2025 年第三季財報電話會議。與我一同通話的有我們的董事長兼執行長貝絲·沃茲尼亞克，以及我們的財務長加里·科羅納。今天，我們將詳細介紹第三季業績和第四季展望，並更新全年展望。

As a reminder, all results referenced throughout this presentation are on a continuing operation 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.

再次提醒，除非另有說明，本簡報中提及的所有結果均基於持續經營情況。在開始之前，請允許我提醒各位，任何關於公司預期財務業績的聲明都是前瞻性聲明，會受到未來風險和不確定性的影響，例如今天新聞稿和 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.

前瞻性聲明僅代表截至今日的觀點，本公司不承擔任何義務公開更新此類聲明以反映後續事件或情況。實際結果可能與預期結果有重大差異。

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 have time for questions after our prepared remarks.

今天的網路直播附帶一份演示文稿，您可以在 nVent 網站的投資者關係部分找到該演示文稿。本簡報附錄中對非GAAP財務資料的調整進行了說明。我們準備好的發言稿之後，留時間回答問題。

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

接下來，請翻到投影片 3，現在我將把通話交給 Beth。

Thank you, Tony, and good morning, everyone. It's great to be with you today to share our outstanding third quarter results. Our portfolio transformation to become a more focused, higher-growth electrical connection and protection company is delivering results and accelerating our growth. We had record sales and adjusted EPS in the third quarter. For the first time, quarterly sales were more than $1 billion.

謝謝你，托尼，大家早安。今天很高興能和大家分享我們出色的第三季業績。我們正在進行業務轉型，成為一家更專注、成長更快的電氣連接和保護公司，這項轉型正在取得成效並加速我們的成長。第三季度，我們的銷售額和調整後每股盈餘均創歷史新高。季度銷售額首度超過10億美元。

Adjusted EPS was $0.91. Both sales and EPS exceeded our guidance. We also had record orders and backlog in the quarter. Organic orders were up approximately 65% primarily driven by large orders for the AI data center buildout. Excluding data centers, organic orders grew high single digits. With the record orders growth, our backlog grew strong double digits sequentially.

調整後每股收益為0.91美元。銷售額和每股收益均超出我們的預期。本季我們的訂單量和積壓訂單量也創下了歷史新高。有機訂單成長約 65%，主要得益於人工智慧資料中心建設的大訂單。剔除資料中心訂單後，有機訂單實現了接近兩位數的成長。由於訂單量創歷史新高，我們的積壓訂單環比實現了強勁的兩位數成長。

We had very strong cash flow in the quarter, and our balance sheet is healthy. Our first priority for capital allocation remains the same, invest in growth. We are investing in new products, commercial capabilities and expanding 4 of our facilities to add capacity for data center and power utility growth.

本季我們的現金流非常強勁，資產負債表也很健康。我們資本配置的首要任務仍然是投資於成長。我們正在投資新產品、商業能力，並擴大我們的 4 個設施，以增加資料中心和電力公用事業的成長所需的產能。

Now on to Slide 4 for a summary of our third quarter performance. Sales were up 35% and 16% organically, led by the infrastructure vertical. New products contributed over 5 points to sales growth year-to-date, and we have launched 66 new products so far this year. Adjusted operating income grew 27% year-over-year with return on sales of 20.2%, adjusted EPS grew 44%.

接下來請看第 4 張投影片，總結我們第三季的業績。銷售額成長了 35%，其中有機成長了 16%，主要得益於基礎設施垂直產業的帶動。今年迄今為止，新產品為銷售成長貢獻了超過 5 個百分點，我們今年已經推出了 66 款新產品。經調整後的營業收入年增 27%，銷售報酬率為 20.2%，經調整後的每股盈餘成長 44%。

Looking at our key verticals. Infrastructure led the way with organic sales up over 40% with strength in both data centers and power utilities, Industrial and Commercial/Resi sales were each up low single digits.

審視我們的關鍵垂直領域。基礎設施業務引領成長，有機銷售額成長超過 40%，其中資料中心和電力公用事業業務表現強勁；工業和商業/住宅業務的銷售額均實現了個位數低成長。

Turning to organic sales by geography, both Americas and Europe were strong. Americas grew high teens, while Europe was up approximately 10% and Asia Pacific was down low single digits. Looking ahead, we continue to expect infrastructure to have strong sales growth across both data centers and power utilities. We expect Industrial sales to grow low single digits and Commercial/Resi to be flattish for the year. For guidance, we are again raising our full year sales and adjusted EPS guidance to reflect our outstanding third quarter results and stronger performance in data centers.

從地理上看，美洲和歐洲的有機銷售額都表現強勁。美洲經濟成長率接近10%，歐洲經濟成長率約10%，而亞太地區經濟成長率則下降了個位數。展望未來，我們預計資料中心和電力公用事業等基礎設施產業的銷售額將持續保持強勁成長。我們預計工業銷售額將實現個位數低成長，而商業/住宅銷售額將全年基本持平。為提供參考，我們再次上調全年銷售額和調整後每股收益預期，以反映我們出色的第三季度業績和數據中心業務的強勁表現。

Our organic growth and recent acquisitions are expected to more than offset the EPS impact from the thermal management business we divested in the first quarter. Importantly, we cannot accomplish these results without the dedication of our nVent team. Transforming our portfolio and accelerating to become a higher growth company takes a lot of effort and teamwork. I am very proud and appreciative of all the hard work by our nVent team to support our customers and deliver this outstanding performance.

我們的內生成長和近期收購預計將完全抵銷我們在第一季剝離的熱管理業務對每股盈餘的影響。重要的是，沒有我們 nVent 團隊的奉獻，我們不可能取得這些成果。轉型我們的投資組合併加速成為高成長公司需要付出大量的努力和團隊合作。我為 nVent 團隊為支持我們的客戶並取得如此卓越的業績所付出的辛勤努力感到非常自豪和感激。

I will now turn the call over to Gary for further details on our third quarter results and our updated outlook for 2025. Gary, please go ahead.

現在我將把電話交給 Gary，讓他詳細介紹我們第三季的業績以及我們對 2025 年的最新展望。加里，請繼續。

Thank you, Beth. We had another excellent quarter, exceeding our guidance with record sales and adjusted EPS, along with very strong cash flow.

謝謝你，貝絲。我們又迎來了一個非常出色的季度，銷售額和調整後每股收益均創歷史新高，超乎預期，現金流也非常強勁。

Let's turn to Slide 5 to review our results. Sales of $1,054 million were up 35% relative to last year. Organically, sales grew 16% driven largely by volume and an increased contribution from price. Acquisitions added $139 million to sales or 18 points to growth ahead of our guidance. Foreign exchange was roughly a 1 point tailwind.

讓我們翻到第 5 張投影片來回顧一下結果。銷售額達10.54億美元，比去年成長35%。有機銷售額成長了 16%，主要得益於銷售成長和價格上漲的貢獻。收購為公司增加了 1.39 億美元的銷售額，或比我們預期增加了 18 個百分點。外匯匯率大約帶來了1個百分點的利多。

Third quarter segment income was $213 million, up 27%. Return on sales came in at 20.2%. Inflation was more than $45 million, including nearly $30 million in tariff impact. Price plus productivity offset inflation, and we also continued to make investments for growth, particularly for data centers and our recent acquisitions. Q3 adjusted EPS was $0.91, up 44% and above the high end of our guidance range. We generated robust free cash flow of $253 million, up 77% year-over-year.

第三季部門營收為 2.13 億美元，成長 27%。銷售回報率為 20.2%。通貨膨脹超過 4500 萬美元，其中包括近 3000 萬美元的關稅影響。價格和生產力的提高抵消了通貨膨脹，我們也繼續進行成長投資，特別是資料中心和我們最近的收購。第三季調整後每股收益為 0.91 美元，成長 44%，高於我們預期範圍的上限。我們創造了強勁的自由現金流，達到 2.53 億美元，年增 77%。

Now please turn to Slide 6 for a discussion on third quarter segment performance. Starting with Systems Protection, sales of $716 million increased 50%. Acquisitions contributed 26 points to sales and have performed ahead of expectations. Organically, sales grew 23%, with all verticals growing. Infrastructure grew over 50% with continued strength in data centers. Commercial/Resi grew low double digits, Industrial was up low single digits.

現在請翻到第 6 張投影片，討論第三季各業務部門的業績表現。以系統保護業務為例，銷售額為 7.16 億美元，成長了 50%。收購為銷售額貢獻了 26 個百分點，並且表現超出預期。銷售額自然成長了 23%，所有垂直領域均實現成長。基礎設施成長超過 50%，其中資料中心持續保持強勁成長勢頭。商業/住宅市場成長兩位數，工業市場成長個位數。

Geographically, Americas and Europe were both strong, driven by data centers. Americas grew over 25%, while Europe was up low teens. Asia Pacific was down low single digits. Third quarter segment income was $146 million, up 40%. Return on sales of 20.4% decreased 150 basis points year-over-year, impacted by inflation, acquisitions and growth investments.

從地理上看，美洲和歐洲都表現強勁，這主要得益於資料中心的發展。美洲成長超過 25%，而歐洲成長略低於 10%。亞太地區跌幅接近兩位數。第三季部門營收為 1.46 億美元，成長 40%。銷售回報率為 20.4%，年減 150 個基點，受到通貨膨脹、收購和成長投資的影響。

Moving to Electrical Connections, sales of $338 million, increased 11%. Organic sales were up 5%, and the EPG acquisition contributed 6 points to sales. From a vertical perspective, infrastructure led, growing high teens. Industrial grew high single digits and Commercial/Resi was flat. Geographically, sales were led by the Americas, up mid-single digits, Europe was flat and Asia Pacific was down low single digits.

轉向電氣連接業務，銷售額達 3.38 億美元，成長 11%。有機銷售額成長了 5%，EPG 收購為銷售額貢獻了 6 個百分點。從垂直角度來看，基礎設施驅動，青少年人口不斷增加。工業地產實現了接近兩位數的成長，而商業/住宅地產則保持平穩。從地理上看，美洲地區的銷售額成長最為顯著，實現了中等個位數的成長；歐洲地區的銷售額持平；亞太地區的銷售額則出現了低個位數的下滑。

Segment income was $102 million, up 10% versus last year. Return on sales improved sequentially coming in at 30%. Compared to last year, return on sales was down 40 basis points, mainly due to inflation and acquisitions. That wraps up the segments for the quarter.

該部門營收為 1.02 億美元，比去年增長 10%。銷售回報率季增提高，達 30%。與去年相比，銷售回報率下降了 40 個基點，主要原因是通貨膨脹和收購。本季各部分內容到此結束。

Turning to the balance sheet and cash flow on Slide 7. We ended the quarter with $127 million of cash on hand and $570 million available on our revolver. We had very strong quarterly cash flow generating $253 million in free cash flow, up 77% year-over-year. We believe our healthy balance sheet and strong liquidity position support our disciplined capital allocation strategy.

接下來請看第 7 頁的資產負債表和現金流量表。本季末，我們手頭現金為 1.27 億美元，循環信貸額度為 5.7 億美元。我們季度現金流非常強勁，自由現金流達到 2.53 億美元，較去年同期成長 77%。我們相信，我們健康的資產負債表和強勁的流動性狀況能夠支撐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.

接下來請看第 8 張投影片，其中概述了我們的資本配置優先事項。我們將繼續優先考慮成長，並採取平衡且嚴謹的資本配置方式，以實現豐厚的回報。我們正透過研發和資本支出投資於業務發展，以促進成長並增強供應鏈的韌性。

We returned $351 million to shareholders year-to-date in the form of share repurchases and dividends. We exited the quarter just below our targeted leverage range. We believe we are well positioned and have additional capacity for future capital deployment with our first priority being to invest in growth.

今年迄今為止，我們已透過股票回購和分紅的形式向股東返還了 3.51 億美元。本季末，我們的槓桿率略低於目標範圍。我們相信我們已做好充分準備，並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 sales and adjusted EPS guidance to reflect our strong Q3 results and our improved outlook. We now forecast reported sales growth of 27% to 28%. That includes expected higher organic growth and approximately 16 points from acquisitions, with foreign exchange approximately a 1 point tailwind.

切換到第9張投影片。正如 Beth 之前分享的那樣，我們提高了全年銷售額和調整後每股收益預期，以反映我們強勁的第三季業績和改善的前景。我們現在預測報告銷售額將成長 27% 至 28%。這包括預期更高的內生成長和約 16 個百分點的收購帶來的成長，外匯匯率將帶來約 1 個百分點的利多。

For organic sales growth, we now expect to grow between 10% and 11% versus our prior guidance of 8% to 10%, reflecting our Q3 beat, along with stronger growth in data centers and power utilities. We are raising our full year adjusted EPS range to $3.31 to $3.33, up 33% to 34% versus last year. This new guidance continues to reflect tariff impacts of approximately $90 million.

對於有機銷售成長，我們現在預計成長幅度將在 10% 到 11% 之間，高於我們之前 8% 到 10% 的預期，這反映了我們第三季度業績超出預期，以及數據中心和電力公用事業的強勁增長。我們將全年調整後每股盈餘預期範圍上調至 3.31 美元至 3.33 美元，比去年成長 33% 至 34%。這項新的指導方針繼續反映出關稅帶來的影響約為 9,000 萬美元。

We expect to offset the impact of inflation, including tariffs through pricing, supply chain productivity and operational mitigating actions. For free cash flow, we expect conversion of 90% to 95%. One additional modeling assumption to note, we now expect corporate costs to be approximately $120 million versus $110 million previously.

我們預計透過定價、供應鏈生產力和營運緩解措施來抵消通貨膨脹（包括關稅）的影響。對於自由現金流，我們預期轉換率為 90% 至 95%。需要指出的是，另一個模型假設是，我們現在預計公司成本約為 1.2 億美元，而之前為 1.1 億美元。

Looking at our fourth quarter outlook on Slide 10. We forecast reported sales growth of 31% to 33%, with acquisitions contributing approximately 15% to sales and foreign exchange, approximately a 1 point tailwind. Organic sales growth is expected to be up 15% to 17%. Price increases, coupled with productivity are expected to offset inflation, including the tariff impacts in Q4.

請看第 10 頁投影片，了解我們的第四季展望。我們預測報告銷售額將成長 31% 至 33%，其中收購將貢獻約 15% 的銷售額，外匯收入將帶來約 1 個百分點的利好。預計有機銷售額將成長15%至17%。預計價格上漲加上生產力提高將抵消通貨膨脹，包括第四季度的關稅影響。

We expect adjusted EPS to be between $0.87 and $0.89, which at the midpoint reflects a nearly 50% increase relative to last year. Wrapping up, we are pleased with our excellent third quarter performance. We delivered record sales and adjusted EPS, and we are well positioned for a strong fourth quarter.

我們預計調整後的每股盈餘將在 0.87 美元至 0.89 美元之間，其中數值較去年同期成長近 50%。綜上所述，我們對第三季的出色業績感到滿意。我們實現了創紀錄的銷售額和調整後每股收益，我們已做好充分準備，迎接強勁的第四季。

I will now turn the call back over to Beth.

現在我將把通話轉回給貝絲。

Thank you, Gary. Please turn to Slide 11. Our portfolio transformation to become a more focused, higher-growth electrical connection and protection company is showing in our results. We have increased our exposure to the high-growth infrastructure vertical. In addition, we have been investing in our data center business, which is growing and accelerating with the AI build-out. We believe the infrastructure vertical has the highest growth opportunity with the trends of electrification, sustainability and digitalization.

謝謝你，加里。請翻到第11頁投影片。我們正在進行業務轉型，成為一家更專注、成長更快的電氣連接和保護公司，而我們的業績也證明了這一點。我們增加了對高成長基礎設施垂直領域的投資。此外，我們一直在投資資料中心業務，隨著人工智慧的建設，該業務正在不斷發展壯大。我們認為，隨著電氣化、永續發展和數位化等趨勢的發展，基礎設施垂直領域具有最大的成長機會。

Turning to Slide 12. I want to share our latest highlights on liquid cooling for data centers. We are a leader in liquid cooling with over a decade of experience and more than 1 gigawatt of cooling deployed. Our strength lies in our ability to design modular, service-friendly, high-performance systems that simplify deployment and provide resiliency across large-scale environments. We differentiate with deep application expertise, complete system designs, lab capability, rigorous testing and a proven ability to manufacture at scale.

翻到第12張投影片。我想和大家分享我們在資料中心液冷方面的最新進展。我們在液冷領域處於領先地位，擁有十多年的經驗，已部署超過 1 吉瓦的冷卻容量。我們的優勢在於我們能夠設計模組化、易於維護、高效能的系統，從而簡化部署並在大規模環境中提供彈性。我們憑藉著深厚的應用專業知識、完整的系統設計、實驗室能力、嚴格的測試以及成熟的大規模生產能力脫穎而出。

In September, we announced a new manufacturing facility in Minnesota, our second liquid cooling expansion in the last 2 years. This new facility is expected to begin production early next year and effectively double our overall footprint to support our record orders and backlog.

9 月，我們宣佈在明尼蘇達州新建一家製造工廠，這是我們在過去 2 年中的第二次液冷設備擴建。這座新工廠預計將於明年初投產，屆時我們的整體規模將有效翻一番，以支持我們創紀錄的訂單和積壓訂單。

Recently, we were named to NVIDIA's partner network as a solution adviser with our cooling solution and design architecture. This brings both credibility and awareness with global customers designing next-generation AI facilities.

最近，憑藉我們的散熱解決方案和設計架構，我們被選為 NVIDIA 的合作夥伴網路解決方案顧問。這有助於提升全球客戶在設計下一代人工智慧設施時的信譽和認知度。

At the upcoming Supercomputing Conference, we will debut over 10 new products, including our newest generation of high-performance, high-reliability, modular liquid cooling solutions, purpose-built to meet the growing power and thermal demands of next-generation AI data centers. And we now have a new tagline for our liquid cooling solutions. We do cool stuff.

在即將舉行的超級運算大會上，我們將推出 10 多款新產品，其中包括我們最新一代高效能、高可靠性模組化液冷解決方案，這些解決方案專為滿足下一代 AI 資料中心日益增長的電力和散熱需求而設計。現在，我們的液冷解決方案有了新的宣傳語。我們做很酷的事。

Wrapping up on Slide 13, we had record performance in the third quarter, including strong double-digit growth in orders, sales, adjusted EPS and free cash flow. Our backlog has never been larger. Our portfolio transformation and our focus on data centers is delivering accelerated growth, which we expect to continue in Q4 and beyond. I'm very proud of our nVent team that is working tirelessly on growth, delivering for our customers and our shareholders. We believe we are well positioned with the electrification, sustainability and digitalization trends. Our future is bright.

在第 13 張幻燈片的結尾，我們第三季度取得了創紀錄的業績，包括訂單、銷售額、調整後每股收益和自由現金流的強勁兩位數增長。我們的積壓工作從未如此多。我們的投資組合轉型以及對資料中心的關注正在帶來加速成長，我們預計這種成長勢頭將在第四季度及以後繼續保持。我為我們的 nVent 團隊感到非常自豪，他們孜孜不倦地致力於發展，為我們的客戶和股東創造價值。我們相信，我們在電氣化、永續發展和數位化趨勢方面佔據了有利地位。我們的未來一片光明。

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

接下來，我將把電話轉交給接線生開始問答環節。

[Operator Instructions] Our first question comes from Joe Ritchie, Goldman Sachs.

【操作員說明】我們的第一個問題來自高盛的喬·里奇。

Yes. So look, let's start with the incredible quarter acceleration this quarter. Beth, I'm wondering if you could maybe just parse it out a little further for me. So it seems if my math is right, your data center orders were up, I don't know, almost 3x this quarter. I'm just wondering, are you starting to like see a little further out in your pipeline for data centers. Is the lead time still pretty comparable. I always think of your backlog as being kind of like 9 to 12 months? And is the type of data center order changing? So are you doing more modular type data centers? Just any color on that would be helpful.

是的。那麼，我們先來看看本季令人難以置信的成長加速。貝絲，我想請你再幫我詳細解釋一下。所以如果我的計算沒錯的話，你們的資料中心訂單在本季成長了，我不知道，差不多成長了3倍。我只是好奇，您是否開始考慮在資料中心領域進行更深入的規劃了？交貨週期是否仍然相當？我一直覺得你們的積壓工作大概相當於9到12個月的工作量？資料中心訂單類型是否正在改變？所以你們是要建造更多模組化資料中心嗎？任何顏色都可以。

Okay. Thanks for the question. Well, yes, you are correct, our data center orders are accelerating. And as we look at that, some of those orders are through 2026, but we do have some view into '27. And of course, we have visibility into '27 and beyond with some of our key customers.

好的。謝謝你的提問。沒錯，您說得對，我們的資料中心訂單正在加速成長。我們來看，其中一些訂單的期限到 2026 年，但我們對 2027 年的情況也有一些了解。當然，我們對一些重要客戶的 2027 年及以後的發展也有所了解。

One of our key focus areas this year was to continue to expand our customer base and expand our portfolio. So I would say we're seeing some new customers there as well. But as you know, a lot of these orders are particularly for liquid cooling and are large orders, and so they can be lumpy. And I think we're just seeing the overall data center growth accelerating.

今年我們的重點領域之一是繼續擴大客戶群和擴展產品組合。所以我覺得我們也看到了一些新客戶。但如您所知，這些訂單中有很多都是液冷產品，而且訂單量很大，因此可能會出現波動。我認為我們現在看到的只是資料中心整體成長速度的加快。

Okay. Great. And then maybe just as part of that question, just the type of data centers that you're actually booking orders for? I know that you have some more modular offerings as well that typically carries higher content. Just trying to get an understanding for the orders that were booked this quarter, whether you're seeing any shift in the type of orders that you're booking for the data center business?

好的。偉大的。那麼，或許可以作為這個問題的一部分，問一下你們實際訂購的是哪種類型的資料中心？我知道你們也提供一些模組化產品，這些產品通常包含更豐富的內容。我只是想了解本季已下單的訂單情況，您是否發現資料中心業務的訂單類型發生了任何變化？

Thanks for the question. As I mentioned, we are expanding the customer base, and we are seeing a broader range of orders. So it's not just liquid cooling. There's other things in there in cable management and our power distribution units. But I would say our expectations for seeing smaller customer orders through distribution, for example, goes hand-in-hand with this portfolio of new products that we are going to showcase at Supercompute and launching through the end of this year and into next year.

謝謝你的提問。正如我之前提到的，我們正在擴大客戶群，訂單種類也越來越豐富。所以這不僅僅是液冷。裡面還有其他東西，像是線纜管理和配電單元。但我認為，我們預期透過分銷管道獲得較小的客戶訂單，這與我們將在超級運算大會上展示並在今年年底和明年推出的這一系列新產品密不可分。

And I think that will take some time, but we really do expect that modular platform and suite of products to really drive a further diversification of our customer base. And of course, I want to make the point that it's -- the level of orders that we're seeing that gave us confidence for our capacity expansion to be able to meet that overall demand.

我認為這需要一些時間，但我們確實期望這個模組化平台和產品套件能夠真正推動我們客戶群的進一步多元化。當然，我想強調的是，正是我們目前看到的訂單量，讓我們有信心擴大產能，以滿足整體需求。

Yes. Great. Great to see. I'll see you at Supercompute.

是的。偉大的。太好了。超級計算大會上見。

Our next question comes from Deane Dray, RBC Capital.

下一個問題來自加拿大皇家銀行資本市場的迪恩·德雷。

I want to stick with this -- the new modular liquid cooling launch. So congratulations. Can you talk a bit about the implications for the industry data cooling specifically? Is it moving more towards standardization. Will there be -- what are the implications that there's less customization? What does that do to your mix?

我想繼續關注這個——全新的模組化液冷散熱器的發布。恭喜你。您能否具體談談這對產業數據冷卻的影響？它是否正朝著標準化方向發展？個人化程度降低會帶來哪些影響？這會對你的混音產生什麼影響？

Yes. Thank you for the question, Deane. I think one of the things that we've stated is it's a modular platform. And as we start to see expansion of liquid cooling from hyperscalers to colos to enterprise to more different types of customers that we wanted to have complete flexibility in our offering. And so the modular approach allows us to meet higher flow rates, higher power rates and/or smaller applications.

是的。謝謝你的提問，迪恩。我認為我們已經說過的一點是，這是一個模組化平台。隨著液冷技術從超大規模資料中心擴展到託管資料中心，再到企業用戶，以及更多不同類型的客戶，我們希望我們的產品能提供完全的靈活性。因此，模組化方法使我們能夠滿足更高的流量、更高的功率和/或更小的應用需求。

And so if anything, we're seeing more standardization on the interoperability, which is really key for all these data center customers. But the modularization gives us the flexibility and allows us to scale through our manufacturing processes, our capabilities to be able to deliver with speed. So if anything, what we're -- what this whole launch of new products is allowing us to expand liquid cooling beyond hyperscalers into more diverse customers and applications.

因此，我們看到互通性方面出現了更多標準化，這對於所有資料中心客戶來說都至關重要。但模組化賦予了我們靈活性，使我們能夠透過製造流程擴展規模，提高我們的能力，從而能夠快速交付。所以，如果有什麼意義的話，那就是我們——這次新產品的推出，使我們能夠將液冷技術從超大規模資料中心擴展到更多樣化的客戶和應用領域。

Great. That's exactly what I was looking for. So I appreciate that. And then second question, and thank you for sizing the capacity expansion. You said it was 2x. Can you help unpack the margin impact on Systems Protection? You said part of it, the decline which we had modeled for was the impact of investments. Is that all M&A, but is there any capacity expansion there on that new facility?

偉大的。這正是我要找的。我很感激。第二個問題，感謝您對產能擴張規模的評估。你說是2倍。能否幫忙分析系統保護對利潤率的影響？您提到，我們先前模擬的下降趨勢的一部分是投資的影響。以上都是併購交易嗎？那家新廠的產能是否有擴張？

Deane, this is Gary. I'll take the margin question. And as you noted, Systems Protection in the quarter was actually a bit better than we expected on the margin line. Some of that is driven by growth. But certainly, also, we did experience a bit of a headwind from the M&A in Systems Protection but a bit less than we expected, and the investments are certainly in there to support the really nice growth, both of the business this year as well as we move into next year and expand capacity. So good quarter for Systems Protection on the top line and on the bottom line.

迪恩，這是加里。我來回答利潤率的問題。正如您所指出的，本季系統保護業務的利潤率實際上比我們預期的要好一些。部分原因是成長驅動的。當然，我們也確實受到了系統保護併購帶來的一些不利影響，但比我們預期的要小一些。而且，這些投資無疑將支持業務的良好成長，無論是今年的業務成長，還是明年我們擴大產能的成長。因此，系統保護部門本季營收和利潤都表現良好。

And is the capacity expansion in that as well? Or is that part of the CapEx spend?

產能擴張也包含在內嗎？還是這部分支出包含在資本支出中？

Yes, it's both CapEx and OpEx investment to support the expansion.

是的，這既包括資本支出，也包括營運支出，都是為了支持擴張。

Including investments in our engineering capability as we continue to launch and expand our new product offerings.

包括加大對工程能力的投資，以便我們持續推出和擴展新產品系列。

Our next question comes from Jeffrey Sprague, Vertical Research.

我們的下一個問題來自 Vertical Research 的 Jeffrey Sprague。

Just back to all these orders dialed right on this. First, I'm just wondering, are you including in the organic orders at Avail EPG because you now own it, and therefore, you consider those organic?

回到正題，所有這些訂單都已正確下達。首先，我想問一下，您現在擁有 Avail EPG，所以是否將 Avail EPG 的有機訂單也算作有機訂單呢？

And I'm also just wondering sort of the base we're coming off of. Obviously, things are very, very strong, right? But I don't want to run with 300% order growth, if that's somehow misleading, so to speak. So can you just kind of give us a sense of the base and this question about the acquisitions, if any?

我還想知道我們目前的出發點是什麼。顯然，情況非常非常糟糕，對吧？但我不想用 300% 的訂單成長率來做文章，如果這樣說會產生誤導的話。那麼，您能否大致介紹一下公司的基本狀況，以及是否有收購方面的問題？

Yes. When we talk about the 65% order growth, that is all organic. And so that does not include inorganic. So for example, the Avail EPG acquisition. So this is all the organic orders. And as we mentioned, the core business is up high single digits on orders and ex Avail EPG, but data centers overall is driving significant order growth for overall nVent.

是的。我們所說的 65% 的訂單成長，全部都是自然成長。因此，這不包括無機物。例如，Avail EPG 的收購。以上就是所有有機產品的訂單。正如我們所提到的，核心業務的訂單和 Avail EPG 業務實現了接近兩位數的成長，但資料中心整體上推動了 nVent 整體訂單的顯著成長。

Yes. And then can we just think about we're going to exit the year with data center being roughly 20% of revenues. What percent of orders might it be as we think about 2025?

是的。然後我們可以設想一下，到今年年底，資料中心業務的收入將占到總收入的 20% 左右。展望 2025 年，訂單量可能佔總訂單量的百分之多少？

Jeff, as you think about -- I mean, you got to go back to Beth's point, right, is think about it from the standpoint of all in orders, we're roughly 65% organically, taking data solutions out, so you can say, 20-ish-percent of the business, orders were up high single digits. So certainly, data centers are growing very, very healthy in the quarter. We saw some very large orders come in.

傑夫，你想想——我的意思是，你得回到貝絲的觀點，對吧，從所有訂單的角度來看，我們大約 65% 的訂單是自然增長的，除去數據解決方案，你可以說，大約 20% 的業務，訂單增長了接近兩位數。所以，資料中心在本季確實發展得非常非常健康。我們看到一些非常大的訂單。

Great. No, understood. And then can you just give a little bit of more color on what you're seeing on the utility side of the equation, primarily, I would guess some closure related and the like, but any other detail there would be quite interesting.

偉大的。不，明白了。那麼，您能否再詳細說說您在等式實用性方面看到的情況？我猜主要是一些與閉包之類的東西，但任何其他細節都會非常有趣。

Yes. I think on the utility side, we've continued to see nice orders in our Electrical & Fastening Solutions business. Recall, they have some utility exposure. And that what we're also seeing is continued orders and continued growth for the large enclosures that we acquired through the last 2 acquisitions. So overall, we talked about our growth being driven by both data centers and power utilities and that we've been expanding our capacity to support our power utilities as well.

是的。我認為在公用事業方面，我們的電氣和緊固解決方案業務訂單持續表現良好。請注意，他們有一些公用事業的投資。我們也看到，我們透過最近兩次收購獲得的大型機櫃訂單持續成長。總的來說，我們談到了資料中心和電力公司共同推動了我們的成長，我們一直在擴大產能以支持我們的電力公司。

Our next question comes from Julian Mitchell, Barclays.

下一個問題來自巴克萊銀行的朱利安·米切爾。

Maybe just wanted to start off with the operating margin outlook. So I think in the fourth quarter, it seems that maybe the operating margin that's dialed in is maybe up slightly sequentially and down a bit year-on-year, maybe in that 20%, 21% range. Just wanted to understand if that's the right sort of placeholder? And should we expect the company to return to operating margin expansion sort of fairly soon next year? Just when you're thinking about the margins in the backlog and the margins in the current orders being booked today?

或許只是想先談談營業利益率前景。所以我認為在第四季度，調整後的營業利潤率可能較上季略有上升，年比略有下降，可能在 20% 到 21% 的範圍內。我只是想確認一下，這樣的佔位符是否合適？我們是否可以預期該公司明年很快就能恢復營業利潤率的成長？正當你考慮積壓訂單的利潤率和今天已下單訂單的利潤率？

Julian, it's Gary. Thanks for the question. And you're pretty close there. Margin performance for the quarter came in essentially in line with our expectations. Coming into the quarter for the second half, excluding EPG, we expected margins to be slightly down in the third quarter and up in the fourth quarter. And that's what we've assumed in our updated guidance.

朱利安，我是加里。謝謝你的提問。你已經很接近了。本季利潤率表現基本符合我們的預期。進入下半年的季度，不計入EPG，我們預計第三季利潤率將略有下降，第四季利潤率將有所上升。而這正是我們在更新後的指引中所做的假設。

Q3 is impacted by recent acquisitions, being margin dilutive, the investments for growth that we talked about. And it's worth mentioning, we had higher incentive compensation in the quarter as our 2025 performance continues to exceed expectations.

第三季受到近期收購的影響，這些收購會稀釋利潤率，這也是我們之前討論過的成長投資。值得一提的是，由於我們 2025 年的業績持續超出預期，本季我們提高了激勵性薪酬。

As you mentioned, Q4 margins will be up sequentially and an improvement to Q3 as our actions continue to build, and we'll build -- be up excluding EPG in the fourth quarter. We're not going to give guidance here on '26 on this call. But all in, we do expect margins to improve and to see better incrementals next year.

正如您所提到的，隨著我們各項舉措的持續推進，第四季度利潤率將環比增長，並比第三季度有所改善，而且我們將持續增長——第四季度不計入EPG（電子節目指南）的利潤率將會增長。我們這次電話會議不會對「26」給予指導意見。但總的來說，我們預計明年利潤率會提高，增量也會更好。

That's very helpful. And then just circling back, I'm sure not for the last time to the whole orders and so forth discussion. Maybe one other way I would ask about it perhaps is that, I know you don't disclose the backlog quarterly, but you typically in the 10-Q disclosed the RPO. And I think that was about $800 million at the end of June, up from about $150 million in March. I know we'll get the Q fairly in the next few days, but any help you could give us on how that RPO ended September, just as some kind of crude backlog movement proxy?

那很有幫助。然後，我又回到之前關於訂單等等的討論上來，我肯定這不會是最後一次。或許我還可以換個方式問，我知道你們不按季度披露積壓訂單，但你們通常會在 10-Q 文件中披露 RPO（重新採購訂單）。我認為截至 6 月底，這個數字約為 8 億美元，高於 3 月的約 1.5 億美元。我知道我們會在接下來的幾天內得到 Q 值，但您能否提供一些關於 9 月份 RPO 的粗略信息，作為積壓訂單變動情況的參考？

Julian, as we mentioned in the script, our backlog was up double digits sequentially. And we're feeling very good about where we're at, and we will disclose the backlog as we get to the end of the year.

朱利安，正如我們在劇本中提到的，我們的積壓訂單數量連續數週增長了兩位數。我們對目前的進展感到非常滿意，我們將在年底公佈積壓訂單情況。

Got it. And the RPO is sort of moving sort of commensurate with that?

知道了。RPO（招聘訂單）的變化似乎也與此相符？

Directionally makes sense.

從方向上看是合理的。

Our next question comes from Nigel Coe, Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

Gary, I'm going to really annoy you here. We're calculating something in the range of about a 1.3x book-to-bill. Would that be in the right zone? Again, not looking for points here, but in that kind of ballpark. And then just thinking about the gross margins. Obviously, you're sort of absorbing a lot of headwinds here with tariffs, inflation, acquisition dilution. How do we think about the contribution margin from liquid cooling sort of ramp up? Is the gross margin comparable to fleet average here? Or is there any kind of variance that we should be aware of?

加里，我接下來要好好煩你了。我們計算出的訂單出貨比大約在 1.3 倍左右。這樣算在適當的範圍內嗎？再次聲明，我不是追求分數，只是大致如此。然後就想想毛利率。顯然，你在這裡面臨著許多不利因素，例如關稅、通貨膨脹和收購稀釋。我們如何看待液冷技術逐步提升帶來的利潤率提升？該毛利率與本地區船隊平均相當嗎？或者說，是否存在著我們應該注意的某種差異？

Yes. I'll just start with -- we're not going to disclose the book-to-bill, but we had healthy book-to-bill in both segments in the quarter. On a gross margin perspective, as I mentioned in the script, price and productivity is offsetting inflation. What it's not offsetting is the investments that we're making and then the incremental compensation expense, as I mentioned.

是的。我先說一句——我們不會透露訂單出貨比，但本季兩個業務部門的訂單出貨比都很健康。從毛利率的角度來看，正如我在腳本中提到的，價格和生產力正在抵消通貨膨脹的影響。正如我之前提到的，它無法抵消我們正在進行的投資以及新增的薪資支出。

But we do feel really good about our margins on liquid cooling. And as we've mentioned before, they're healthy and in line with the averages in Systems Protection. So we'll -- it's also worth mentioning from a gross margin perspective, we bought a couple of businesses that structurally had lower gross margin. We've got good plans in place as we deliver against our playbook, but it's in line with our expectations, and we expect it to continue to improve.

但我們對液冷技術的利潤率非常滿意。正如我們之前提到的，它們運作良好，符合系統保護的平均水準。所以，從毛利率的角度來看，還有一點值得一提，我們收購了幾家毛利率結構性較低的企業。我們已經制定了良好的計劃，並按照既定方案執行，目前的情況符合我們的預期，我們預計情況會繼續改善。

Okay. You can't be for trying to get that number, but thanks for the detail there. And then just a quick one on 4Q modeling. Your revenue range, obviously, very healthy growth, but it does imply revenue step down quite a bit and, I think, maybe 5% in 4Q, Q-over-Q. As the mix of data center increases, I expect that the quarterly revenue profile to be a lot more stable. In fact, in many cases, 4Q can be stronger than 3Q in the data centers. Just curious why sales would be below -- so much further below 3Q levels?

好的。你可能不想嘗試獲取那個號碼，但謝謝你提供的詳細資訊。然後簡單介紹一下第四季的建模。顯然，您的收入範圍成長非常健康，但這確實意味著收入大幅下降，我認為第四季環比下降可能達到 5%。隨著資料中心組合的增加，我預期季度收入狀況將更加穩定。事實上，在許多情況下，資料中心的 4Q 效能可能比 3Q 更強。我只是好奇為什麼銷售額會比第三季低這麼多？

Well, one thing I just want to point out, yes, certainly, there's strength in data centers. But typically, as a business, we always see Q4 as a lower revenue quarter. And recall, in Q4, it depends what our distribution channel wants to do with their inventory position. So we tend to see some seasonality in the core business in Q4.

嗯，我只想指出一點，是的，資料中心確實有其優勢。但通常情況下，作為一家企業，我們總是將第四季視為收入較低的季度。請記住，在第四季度，這取決於我們的分銷管道希望如何處理他們的庫存狀況。因此，我們往往在第四季看到核心業務出現一些季節性波動。

And our organic guidance, 15% to 17% is very much in line with the growth that we're seeing, which is significantly accelerated from the first half and where we've been -- we guided 15 points from acquisitions in the fourth quarter. That is down a bit from a much higher than expected performance in Q3. But remember, we also had a little bit of tracky in the inorganic growth in Q3.

我們給出的有機成長預期為 15% 至 17%，與我們看到的成長非常吻合，而且與上半年相比，成長速度明顯加快——我們預計第四季度收購帶來的成長將達到 15 個百分點。這比第三季遠超預期的業績略有下降。但請記住，我們在第三季的非有機成長方面也遇到了一些問題。

Our next question comes from Brian Drab, William Blair.

下一個問題來自布萊恩·德拉布，威廉·布萊爾。

I was wondering if you could just remind us of the margin impact as you're developing this modular solution and you're rolling out new products, a lot of which are going to be in the standard -- more standardized category. How does that impact margins and maybe like the timing of when we could start to see that impact margins?

我想請您提醒我們一下，在您開發這種模組化解決方案並推出新產品時，利潤率會受到怎樣的影響，因為其中許多產品都將屬於標準型——也就是更加標準化的類別。這將對利潤率產生怎樣的影響？我們大概什麼時候才能開始看到這種影響？

Yes, Brian, as we create this more modular suite of products, over time, we expect that to scale through distribution, and we typically see stronger margins through our distribution business. But that is going to take some time because certainly, there's a lot of growth through our hyperscaler customers.

是的，布萊恩，隨著我們不斷開發這套模組化的產品組合，我們預計隨著時間的推移，它將透過分銷管道實現規模化，而且我們通常會透過分銷業務獲得更高的利潤率。但這需要一些時間，因為我們的超大規模客戶確實帶來了巨大的成長。

So that -- we won't see that any impact on margin there. The margins will continue to be good and in line. But it will be a while before we really see that grow to the scale that we see, but that is our strategy as we go forward that liquid cooling will play a role in many different applications and even beyond data centers.

因此，我們不會看到這對利潤率產生任何影響。利潤率將繼續保持良好水平。但要真正看到它發展到我們所看到的規模，還需要一段時間，但這就是我們未來的策略，即液冷技術將在許多不同的應用領域發揮作用，甚至在資料中心之外也發揮作用。

Okay. And then there is -- it seems like every couple of months or 6 weeks, there's just a panic among investors around these companies like [ SOX ] like nVent and others exposed to data center because there's some new technology that's going to change entirely the way that we're cooling data centers. So the microfluidics announcement for Microsoft and earlier announcements of Amazon and people are talking about 2-phase direct-to-chip potentially changing the world.

好的。然後，似乎每隔幾個月或六週，投資者就會對像 [SOX] nVent 等資料中心相關公司感到恐慌，因為一些新技術將徹底改變我們冷卻資料中心的方式。所以，微軟發布的微流體技術公告以及亞馬遜早期的公告，都在討論兩相直接晶片製造技術可能會改變世界。

What -- can you just talk for a second about what you're seeing across all the different types of customers that you're serving? And what direction do you see the market going over the next 2 to 3 years in terms of technology?

您能簡單談談您在服務不同類型的客戶群中觀察到的情況嗎？那麼，您認為未來兩到三年內，市場在技術方面會朝哪個方向發展？

Well, sure. I mean recall, we always start with by saying that less than 10% of data centers are liquid cooled. And as you think about the new GPU chips and the need for liquid cooling, it is only going to expand. And on top of that, liquid cooling also provides up to 50% energy efficiency. So when you think about it from that perspective, there's going to be a continued increase in liquid cooling.

當然可以。我的意思是，請記住，我們總是從「只有不到 10% 的資料中心採用液冷技術」這句話開始說起。隨著新型 GPU 晶片的出現以及對液冷的需求不斷增長，對液冷的需求只會越來越大。除此之外，液冷還能提高高達 50% 的能源效率。所以從這個角度來看，液冷技術將會持續成長。

And there's many different types of architectures. However, right, our view is you need to have a cooling distribution unit and typically some manifolds no matter what configuration you have, whether it's immersion, whether it's cold plate, there still needs to be that controlling CDU type of capability.

而且建築類型也多元。但是，沒錯，我們的觀點是，無論你採用什麼配置，無論是浸沒式還是冷板式，都需要一個冷卻分配單元和一些歧管，仍然需要具備控製冷卻分配單元的能力。

And in fact, at Supercompute, while we're showing a whole launch of new products, we're also showing how we partner with immersion players and how we partner with those who are looking at 2-phase. We think some of those cooling technologies will have applications but not as broad. And so our strategy has been to have a wide range of products and portfolio, and we're flexible that we can integrate with any of these different types of cooling technologies and fluids that are being used.

事實上，在 Supercompute 大會上，我們不僅展示了一系列新產品，還展示了我們如何與沉浸式遊戲玩家合作，以及我們如何與那些專注於兩階段遊戲的玩家合作。我們認為其中一些冷卻技術會有應用，但不會很廣泛。因此，我們的策略是擁有廣泛的產品和產品組合，並且我們具有靈活性，可以與正在使用的任何不同類型的冷卻技術和流體進行整合。

Our next question comes from Nicole DeBlase, Deutsche Bank.

下一個問題來自德意志銀行的妮可·德布萊斯。

Can we just start with EPG Avail? I think in the slides, you mentioned that the business was performing ahead of your expectations. Is there any way to give some stats on what you're seeing with respect to apples-to-apples growth in that business or if it's margins ahead of expectations? Just some more color there would be helpful.

我們能先從EPG可用性開始嗎？我認為你在幻燈片中提到過，公司的業績超出了你的預期。能否提供一些統計數據，說明您在該業務的同類增長方面所觀察到的情況，或者利潤率是否超出預期？如果能再加些顏色就更好了。

Yes. I think when we think about as we said, when we acquired both Trachte and Avail, we really were building a more core utility platform base. And I think what we have -- while we've said it's exceeded expectations is some of our growth synergies that we're seeing this growth in both the gray space.

是的。我認為，正如我們之前所說，當我們收購 Trachte 和 Avail 時，我們實際上是在建立一個更核心的實用平台基礎。我認為我們所取得的成就——儘管我們已經說過它超出了預期——是我們的某些成長協同效應，我們看到這種成長發生在灰色地帶。

Certainly, the need for power because of data centers continues to grow and there's nice steady growth there, but we're seeing some more data center applications. Some of that is because of the customers that we've had, that we brought with these acquisitions and some of it is just the overall demand to more modular or ensuring that we -- there's data center pods and things like that. So that's when we talk about exceeding our expectations. We're finding more applications and we're winning some new type of business. And I'll let Gary speak on the margin side.

當然，資料中心對電力的需求持續成長，而且成長勢頭良好，但我們看到資料中心的應用領域也不斷拓展。部分原因是由於我們透過這些收購帶來的客戶，部分原因是市場對更模組化或確保我們能夠提供資料中心艙等產品的整體需求。所以，這就是我們所說的超出預期的時候了。我們發現了更多應用場景，也贏得了一些新型業務。接下來，我將讓加里從邊緣視角發言。

Yes. Just to build, we're seeing double digits apples-to-apples growth. It will contribute 15 points to the fourth quarter, and it's nicely accretive for us in the first year. And based on the really strong and ahead of expectations, revenue and profit in Q2 and Q3, Nicole, it will be approximately a $0.10 impact to EPS, higher than the $0.05 that we originally quoted when we had just acquired the business. Of course, that's net of the lost interest benefit that we initially guided on. So really nice performance from EPG, both on the top line and on the bottom line.

是的。單就建設而言，我們看到的是兩位數的同類產品成長率。它將為第四節貢獻 15 分，對於我們第一年來說，這是一個不錯的增值。鑑於第二季和第三季營收和利潤非常強勁，超出預期，妮可，這將對每股收益產生約 0.10 美元的影響，高於我們最初收購該公司時所預測的 0.05 美元。當然，這是扣除我們最初建議的利息損失收益後的淨收益。EPG 的表現非常出色，無論從收入或利潤來看都是如此。

That's great. And then just on the non-data center order growth in the high single-digit range, Beth, can you just parse that out a little bit between Comm/Resi and Industrial? Like did you see growth across all of your markets in the quarter?

那太棒了。然後，關於非資料中心訂單成長達到高個位數的情況，Beth，你能稍微分析一下通訊/住宅和工業領域的成長嗎？例如，您在本季所有市場都實現了成長嗎？

Yes, we did. So we certainly saw strength of orders in Industrial, in Commercial/Resi and certainly saw some strength there for our Electrical Connections business as well. So, we are very pleased with just the breadth of the order growth.

是的，我們做到了。因此，我們確實看到了工業、商業/住宅領域的訂單強勁，而且我們的電氣連接業務也確實取得了一些進展。因此，我們對訂單成長的廣度非常滿意。

Our next question comes from Jeff Hammond, KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Jeff Hammond。

Just wanted -- I think with all this demand, it's awesome and you guys are adding capacity. And I think what we're hearing from some of our other companies is just how hard it is, and you guys seem to be confident that the margin trajectory starts to improve as you get through kind of the acquisition noise. So I'm just wondering what you think are the big challenges or pitfalls as you kind of ramp all this capacity and you're getting all this business in?

我只是想說──我覺得在這樣的需求下，你們增加產能真是太棒了。我認為我們從其他一些公司聽到的回饋是，情況非常艱難，而你們似乎很有信心，隨著收購帶來的各種幹擾因素逐漸消除，利潤率的走勢會開始改善。所以我想知道，隨著產能的不斷提升和業務的拓展，您認為最大的挑戰或陷阱是什麼？

Well, growth is hard, and that's why I said, our employees are working really hard because as you scale, we've got to ensure that we're expanding our facilities that we're bringing them online that we're developing our supply chain. I do think that's a strength for us because as I started, we've been over working it in liquid cooling for over a decade. So we're partnering well with suppliers to help them scale. We're having to ramp up in terms of people and finding innovative ways to train and bring people into our facilities.

嗯，發展壯大很不容易，所以我才說，我們的員工都在非常努力地工作，因為隨著規模的擴大，我們必須確保我們不斷擴建設施，讓它們上線運行，並發展我們的供應鏈。我認為這對我們來說是一個優勢，因為在我剛入行的時候，我們已經在液冷方面過度使用了十多年。因此，我們與供應商建立了良好的合作關係，幫助他們擴大規模。我們必須增加人手，並尋找創新的方法來培訓和吸引人們來到我們的設施。

So there's a lot that we're doing. But I will say this, the fact that our expansions have been close to where our core capabilities are and our lab expansion, it's given us a lot of flexibility. So it's a lot of work, but I think we've got a very disciplined approach to how we're driving this increase in growth.

所以我們正在做很多事情。但我要說的是，我們的擴張都集中在我們的核心能力區域以及實驗室擴張區域附近，這給了我們很大的靈活性。所以這需要付出很多努力，但我認為我們在推動成長方面採取了非常嚴謹的方法。

Okay. That's great. And then just a quick one, a follow-up on EPG Avail. I think with Trachte, you found some really good business optimization and flow in the plan. I'm wondering if you're seeing similar opportunity with Avail and if you're considering any capacity expansions, I think you're doing some on Trachte already with Avail?

好的。那太棒了。然後，簡單補充一下關於 EPG Avail 的後續問題。我認為，Trachte 在計劃中找到了非常好的業務優化和流程。我想知道您是否也看到了 Avail 的類似機會，以及您是否正在考慮任何產能擴張，我認為您已經在 Trachte 上與 Avail 進行了一些合作？

I'd say it's a similar story. Certainly, part of our integration playbook is to look at some of the areas for optimization, which includes looking at lean and flow through the plants, which does provide capacity. It's looking at our supply chain capabilities in combination and where we can drive -- where we can look to strengthen the supply base. And yes, we are expanding our capacity in many of these facilities, both with people and extensions to those plants to be able to support the demand that we see.

我覺得情況也差不多。當然，我們整合策略的一部分是著眼於一些可以優化的領域，包括專注於工廠的精實和流程，這確實可以提高產能。它著眼於我們供應鏈的綜合能力，以及我們可以在哪些方面推動——我們可以在哪些方面加強供應基礎。是的，我們正在擴大許多工廠的產能，包括增加人員和擴大工廠，以滿足我們所看到的需求。

Our next question comes from Vlad Bystricky, Citi.

下一個問題來自花旗銀行的 Vlad Bystricky。

So, I just wanted to follow up on the comments about the stronger M&A contribution in 3Q and a slight raise to the outlook for 2025. Can you talk about -- is that driven by better demand patterns that you're seeing? Or is that more reflective of better productivity and your ability to ship product out versus sort of your initial expectations?

所以，我想就第三季併購貢獻增強以及略微上調 2025 年展望的評論做個補充說明。您能否談談—這是否是由您觀察到的更好的需求模式所驅動的？或者，這更反映了更高的生產效率和產品交付能力，而不是您最初的預期？

Thanks, Vlad. Yes, as I had mentioned, our acquisition of Avail EPG is performing well. And to answer your question directly, it's both. We are driving more top line growth than initially expected. And the margins are looking a bit better than we initially forecasted as well as we drive scale and efficiency through the plant network. So very pleased with the acquisition and look for continued growth there.

謝謝你，弗拉德。是的，正如我之前提到的，我們收購的 Avail EPG 目前運作良好。直接回答你的問題，兩者都是。我們的營收成長超過了預期。隨著我們透過工廠網路擴大規模和提高效率，利潤率看起來比我們最初預測的要好一些。非常滿意此次收購，並期待公司繼續發展壯大。

Great. I appreciate that color, Gary. And then just circling back to data centers and the liquid cooling growth that you're seeing. I know, Beth, you mentioned and highlighted some large orders that came through in the quarter. Can you just talk about what you see in the large order pipeline going forward and whether you see in your pipeline, incremental large orders like you saw in 3Q that could repeat over the coming quarters, understanding that they can be lumpy.

偉大的。我喜歡這個顏色，加里。然後我們再回到資料中心以及液冷技術的成長。我知道，貝絲，你提到並重點介紹了本季的一些大訂單。您能否談談您對未來大訂單管道的看法，以及您是否看到像第三季度那樣的大訂單增量，並希望這些訂單能在接下來的幾個季度中重現，同時考慮到訂單量可能會出現波動。

Well, certainly, large orders are typically tied to larger programs from hyperscalers. They do tend to be lumpy. So it may not -- it's not smooth the way those orders get booked. But I think that's just how we see the overall data center business accelerating. And again, it was those orders and that backlog build, which is -- which we tied to why we're investing in expanded capacity, which will be online here in 2026.

當然，大額訂單通常與超大規模資料中心的大型專案有關。它們確實容易出現凹凸不平的情況。所以可能不會——這些訂單的預訂過程並不順利。但我認為這反映了我們對整個資料中心業務加速發展的預期。再一次，正是這些訂單和積壓訂單，也就是——我們將其與我們投資擴大產能的原因聯繫起來，這些產能將於 2026 年在這裡上線。

Our next question comes from Scott Graham, Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Scott Graham。

Congratulations on the quarter. I was hoping you guys would tell us maybe on the 5% contribution from new products. If we took out infrastructure, what would that number look like?

恭喜你本季取得佳績。我希望你們能告訴我們新產品帶來的5%的貢獻率是多少。如果剔除基礎設施，這個數字會是多少？

Well, it would be lower. Just like a lot of our growth is being driven by infrastructure. We intentionally are focusing on new products across both data centers and power utilities and that infrastructure vertical. So strategically, as we position the nVent portfolio, to be more aligned with those macro trends, those investments in new products in R&D are also targeting infrastructure. So that's intentional.

嗯，會更低一些。就像我們許多成長都是由基礎建設所推動的。我們有意將重點放在資料中心、電力公用事業以及該基礎設施垂直領域的新產品。因此，從策略角度來看，為了更好地適應這些宏觀趨勢，我們對 nVent 產品組合進行策略性定位，對新產品研發的投資也瞄準了基礎設施。這是故意的。

Okay. So, it's possible that the 5% is all infrastructure, would you say?

好的。所以，您認為這 5% 有可能全部用於基礎建設嗎？

It's not all infrastructure. Oh, no. It's not all infrastructure. But it certainly has a significant portion from infrastructure.

不僅僅是基礎設施。哦，不。不僅僅是基礎設施。但其中很大一部分來自基礎建設。

One easy one. Will fourth quarter tariff impacts both in dollars and sort of with the price cost calculation we do here, even including your productivity, will tariffs be about the same in the fourth quarter as they were in the third? And what does that overall net number kind of look like that net productivity number?

一個簡單的。第四季關稅的影響，無論是以美元計，還是根據我們這裡進行的價格成本計算，即使考慮到生產力因素，第四季的關稅是否會與第三季大致相同？那麼，淨生產率這個整體數字看起來是什麼樣的呢？

Yes. So as I mentioned, the tariff dollars will continue to build. But I had mentioned as well earlier, is that we expect price to be sequentially stronger in Q4 as well. And that's what's driving from a margin perspective, excluding EPG, we expect to be up in the fourth quarter.

是的。正如我之前提到的，關稅收入將會繼續增加。但我之前也提到過，我們預計第四季價格也會環比走強。從利潤率的角度來看，如果不計入EPG，我們預計第四季利潤率將有所成長。

Scott Graham Seaport Research Partners If I could just sneak in this last one, the net leverage, I know you said it's like a little bit below your target. What does that look like pro forma right now? Is that like a [ 18 ] type of number or that territory?

Scott Graham Seaport Research Partners 如果我能偷偷補充最後一個問題，淨槓桿率，我知道你說過它比你的目標略低。目前來看，這在形式上是什麼樣的？那是指像[18]這樣的數字還是指那個地區？

Yes, you're right in the zone there.

是的，你完全進入狀態了。

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

我們的問答環節到此結束。我謹將會議交還給主席兼執行長貝絲·沃茲尼亞克，請她作閉幕致詞。

Thank you for joining us today. I'm extremely proud of our performance in the third 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.

感謝您今天蒞臨。我對我們第三季的表現感到非常自豪。我們將繼續專注於透過執行成長策略，為我們的客戶、員工和股東創造價值。我們認為 nVent 是一家頂尖的高性能電氣公司，在電氣化、永續發展和數位化趨勢方面佔據了有利地位。再次感謝您的參與。通話到此結束。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。