nVent Electric PLC (NVT) 2026 Q3 法說會逐字稿

Good day, and welcome to the nVent Electric third quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Tony Riter, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 nVent Electric 2026 年第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給投資人關係副總裁 Tony Riter。請開始。

Thank you, and welcome to nVent's third quarter 2026 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 2026 年第三季財報電話會議。與我一同出席的有我們的董事長兼執行長 Beth Wozniak，以及財務長 Gary Corona。今天我們將提供第三季表現與第四季展望的細節，並更新全年展望。

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.

除非另有說明，本簡報中提及的所有結果皆以持續營運基礎呈列。在開始之前，提醒各位，任何關於公司預期財務結果的陳述均屬前瞻性陳述，可能受到未來風險與不確定性的影響，例如今日新聞稿以及 nVent 向美國證券交易委員會提交文件中所列示的風險。

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.

前瞻性陳述係以今日為準，公司不承擔公開更新該等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存在重大差異。今日的網路直播搭配一份簡報，您可在 nVent 官網的投資人專區找到。

References to non-GAAP financials are reconciled in the appendix of the presentation. We'll have time for questions after our prepared remarks. With that, please turn to slide 3, and I will now turn the call over to Beth.

對非 GAAP 財務指標的引用，已在簡報附錄中提供調節表。在我們的準備發言後將保留時間進行問答。接下來請翻到第 3 頁投影片，我現在把電話交給 Beth。

Good morning, everyone. I am pleased to share with you our outstanding third quarter results and cover some key business highlights. We had another tremendous quarter with record sales, orders and earnings, well ahead of our guidance. The better-than-expected sales were broad-based with double-digit growth across all verticals and geographies. In Q3, for total nVent, we continue to have strong orders and backlog.

各位早安。我很高興與各位分享我們出色的第三季成果，並說明一些重要的業務亮點。我們再度交出亮眼的一季，銷售、訂單與獲利均創新高，且大幅優於我們的指引。優於預期的銷售表現相當全面，所有垂直市場與各地區皆呈現雙位數成長。在第三季，就整體 nVent 而言，我們持續維持強勁的訂單與在手訂單。

Organic orders grew low double digits on top of 65% growth a year ago. In addition, backlog remained healthy and grew sequentially to $2.6 billion. We also closed on the Maverick Power acquisition on October 1. Maverick brings to nVent a new power distribution platform and increases our offerings in data centers.

有機訂單在去年成長 65% 的高基期之上，再度以低雙位數成長。此外，在手訂單維持健康，並較前一季增加至 26 億美元。我們也已於 10 月 1 日完成 Maverick Power 的收購。Maverick 為 nVent 帶來新的配電平台，並提升我們在資料中心的產品供應。

We are raising our full year sales and EPS guidance to reflect our outstanding third quarter performance and continued broad-based growth led by data centers. Our guidance also incorporates the Maverick Power acquisition. Now on to slide 4 for a summary of our third quarter performance.

我們上調全年銷售與每股盈餘（EPS）指引，以反映第三季的卓越表現，以及在資料中心帶動下持續且全面的成長。我們的指引亦納入 Maverick Power 收購案的影響。接著請看第 4 頁投影片，總結我們第三季的表現。

Sales were up 44%, both on a reported and organic basis, led by the infrastructure vertical. New products contributed approximately 30 points to our sales growth, and we launched 24 new products in the quarter. Adjusted operating income grew 57% year-over-year with return on sales up 190 basis points. Adjusted EPS grew 67%, and we had robust free cash flow. Sales grew double digits across all verticals.

銷售年增 44%，無論以報告基礎或有機基礎計算皆相同，主要由基礎建設垂直市場帶動。新產品約貢獻我們銷售成長的 30 個百分點，本季我們推出了 24 項新產品。調整後營業利益年增 57%，銷售報酬率提升 190 個基點。調整後 EPS 成長 67%，自由現金流表現強勁。所有垂直市場的銷售皆呈現雙位數成長。

Infrastructure led the way with organic sales up over 70%, primarily driven by outstanding growth in data centers. Industrial grew in the high teens and commercial resi grew mid-teens. Turning to organic sales by geography. All geographies grew double digits, led by the Americas growing approximately 50%. Europe was up low double digits and Asia Pacific grew double digits.

基礎建設領先帶動，有機銷售成長超過 70%，主要受資料中心的卓越成長所驅動。工業業務成長在高十位數，商用與住宅（commercial resi）成長在中十位數。接著看各地區的有機銷售。所有地區皆呈現雙位數成長，其中美洲約成長 50% 居首。歐洲成長低雙位數，亞太亦呈現雙位數成長。

Infrastructure represents our largest long-term growth opportunity, driven by the powerful secular trends of electrification, sustainability and digitalization. We expect the infrastructure vertical to deliver record double-digit organic growth this year with data center expansion and the need for power. We also forecast continued strong growth in 2027.

基礎建設代表我們最大的長期成長機會，受電氣化、永續與數位化等強勁的長期趨勢所驅動。我們預期今年基礎建設垂直市場將在資料中心擴張與電力需求帶動下，實現創紀錄的雙位數有機成長。我們也預測 2027 年將持續強勁成長。

We have been investing in new capacity for liquid cooling, engineered building solutions, power connections and cable management. This week, we announced a new 400,000 square foot facility in Arizona for engineered buildings that will expand our capacity to support growing demand in data centers and power utilities with production expected to begin in mid-2027.

我們一直在投資新增產能，涵蓋液冷、工程化建築解決方案、電力連接與電纜管理。本週我們宣布在亞利桑那州新建一座 40 萬平方英尺的工程化建築設施，將擴充產能以支援資料中心與電力公用事業日益成長的需求，預計於 2027 年年中開始投產。

In our high-growth areas within infrastructure, our suppliers are working to keep pace with our growth and are also investing in capacity expansions. It is a lot of work to increase volumes with the velocity required. We are partnering closely with our suppliers to help ensure we are scaling rapidly together.

在基礎建設中我們的高成長領域，供應商正努力跟上我們的成長步伐，並同時投資擴充產能。要以所需的速度提升產量，需要投入大量工作。我們正與供應商密切合作，協助確保我們能夠共同快速擴張規模。

Turning to industrial and commercial resi. We expect each to grow organic sales high single digits for the year versus mid-single digits previously. We see industrial growth as broad-based and see improving demand trends across our short-cycle portfolio. I want to thank our nVent team for focusing on our customers and achieving record performance levels.

接著談工業以及商用與住宅。我們預期兩者今年的有機銷售成長皆為高個位數，高於先前預估的中個位數。我們看到工業成長相當全面，且在我們的短週期產品組合中，需求趨勢正在改善。我要感謝 nVent 團隊專注於客戶並達成創紀錄的績效水準。

This wraps up my opening remarks. I will now turn the call over to Gary for further details on our third quarter results as well as our updated outlook. Gary, please go ahead.

以上是我的開場發言。我現在把電話交給 Gary，請他進一步說明第三季結果以及我們更新後的展望。Gary，請開始。

Thank you, Beth. We had another excellent quarter, exceeding our guidance with record sales and adjusted EPS. Let's turn to slide 5 to review our results. Sales of $1.515 billion were up 44%, both on a reported and organic basis as compared to last year. This was well ahead of our guidance, driven by broad-based growth led by very strong data center sales.

謝謝你，Beth。我們又交出一個非常出色的季度，以創紀錄的銷售與調整後 EPS 超越我們的指引。讓我們翻到第 5 頁投影片回顧結果。銷售額 15.15 億美元，較去年成長 44%，無論以報告基礎或有機基礎計算皆相同。這大幅優於我們的指引，主要由資料中心銷售非常強勁所帶動的全面性成長所驅動。

Adjusted operating income was $335 million, up 57%. Return on sales came in ahead of expectations at 22.1%, up 190 basis points versus last year. Price plus productivity offset inflation of nearly $60 million, including approximately $20 million in tariff impact. We also continued to make investments for growth in data centers and power utilities.

調整後營業利益為 3.35 億美元，年增 57%。銷售報酬率為 22.1%，優於預期，較去年提升 190 個基點。價格與生產力提升抵銷了近 6,000 萬美元的通膨影響，其中包含約 2,000 萬美元的關稅影響。我們也持續為資料中心與電力公用事業的成長進行投資。

We had record adjusted earnings, well ahead of the high end of our guidance, driven by exceptional sales growth and execution by the team. Adjusted EPS grew 67% year-over-year to $1.52. We generated robust free cash flow of $268 million.

我們的調整後獲利創下新高，且明顯高於指引區間上緣，主要受卓越的銷售成長與團隊執行力所驅動。調整後 EPS 年增 67% 至 1.52 美元。我們產生了 2.68 億美元的強勁自由現金流。

Now please turn to slide 6 for a discussion on the third quarter segment performance. Starting with Systems Protection. Sales of $1.098 billion increased 53%. Organic sales grew 54%. Sales growth was broad-based with double-digit increases across all verticals and geographies.

現在請翻到第 6 頁投影片，討論第三季各事業部門的表現。先從系統防護（Systems Protection）開始。銷售額 10.98 億美元，成長 53%。有機銷售成長 54%。銷售成長相當全面，所有垂直市場與各地區皆呈現雙位數增長。

Infrastructure led the way, growing approximately 90%, driven by continued strength in data centers. Industrial and commercial resi each grew in the teens. Geographically, the Americas delivered very strong double-digit growth, while Europe grew low double digits.

基礎建設領先帶動，成長約 90%，主要受資料中心持續強勁所驅動。工業以及商用與住宅各自成長在十位數。就地區而言，美洲交出非常強勁的雙位數成長，而歐洲成長低雙位數。

Asia Pacific also delivered double-digit growth in the quarter. Third quarter segment income was $253 million, up 73%. Return on sales of 23% increased 260 basis points year-over-year on strong volume, price and productivity.

亞太地區在本季度亦實現雙位數成長。第三季分部收益為2.53億美元，成長73%。銷售報酬率為23%，在強勁的銷量、價格與生產力帶動下，年增260個基點。

Moving on to Electrical Connections. Growth exceeded expectations, reflecting continued momentum on our growth initiatives in infrastructure and industrial and stronger demand in commercial resi.

接下來談電氣連接（Electrical Connections）。成長超出預期，反映我們在基礎建設與工業領域的成長計畫持續推進，以及商用住宅（commercial resi）需求更強。

Sales of $417 million increased 23% on both a reported and organic basis. Growth was broad-based across all verticals and geographies, all growing double digits. From a vertical perspective, infrastructure and industrial each grew strong double digits. Commercial resi was up high teens.

銷售額4.17億美元，無論按報告口徑或有機口徑均成長23%。各垂直市場與各地區皆呈現廣泛成長，且全部均為雙位數成長。從垂直市場來看，基礎建設與工業各自均實現強勁的雙位數成長。商用住宅成長約高十幾個百分點。

Geographically, Americas grew strong double digits, while Europe was up mid-teens. Asia Pacific also grew double digits in the quarter. Segment income was $118 million, up 16% versus last year. Return on sales of 28.2% was down 180 basis points year-over-year.

就地區而言，美洲實現強勁的雙位數成長，而歐洲成長約中十幾個百分點。亞太地區在本季度亦成長雙位數。分部收益為1.18億美元，較去年成長16%。銷售報酬率為28.2%，年減180個基點。

The margin performance was impacted by inflation and investments for growth, partially offset by strong volume, price and productivity. Importantly, margins improved sequentially as expected.

毛利率表現受到通膨與成長投資影響，但部分被強勁的銷量、價格與生產力所抵銷。重要的是，利潤率如預期般呈現季比改善。

Turning to the balance sheet and cash flow on slide 7. In addition to our strong free cash flow on the quarter, we issued $800 million of 10-year senior notes near quarter end to help fund the Maverick Power acquisition. As a result, we ended the quarter with more than $1.1 billion in cash on hand and total debt of $2.2 billion.

接著看第7頁的資產負債表與現金流。除了本季強勁的自由現金流外，我們在季末附近發行了8億美元、10年期優先票據，以協助為收購Maverick Power提供資金。因此，我們在季末持有超過11億美元現金，總負債為22億美元。

We also had $600 million available on our revolver. Including the Maverick Power acquisition, we expect our leverage to be well within our target range of 2 times to 2.5 times by the end of the year. Our healthy balance sheet and strong liquidity provide financial flexibility to support our disciplined capital allocation strategy.

我們的循環信貸額度（revolver）亦有6億美元可用。包含收購Maverick Power在內，我們預期至年底槓桿率將明顯落在2倍至2.5倍的目標區間內。健康的資產負債表與強勁的流動性，為我們支持嚴謹的資本配置策略提供財務彈性。

Turning to slide 8 on capital allocation, where we outline how we deploy capital to drive growth and sustain financial outperformance. Our framework has been consistent and is centered on disciplined growth investments and rigorous execution of our M&A strategy while maintaining the balance sheet flexibility to consistently return capital to shareholders.

接著看第8頁的資本配置，我們在此說明如何運用資本以推動成長並維持財務表現領先。我們的框架一貫如一，核心在於有紀律的成長投資與嚴格執行併購（M&A）策略，同時維持資產負債表彈性，以持續向股東回饋資本。

Our capital allocation priority is growth. This starts with reinvesting in the business by funding capacity expansion, innovation and the capabilities required to win in high-growth verticals. This year, we expect to invest approximately $140 million in CapEx, up 50%, inclusive of the Maverick Power acquisition.

我們資本配置的首要優先事項是成長。這始於再投資於業務，為產能擴張、創新以及在高成長垂直市場取勝所需的能力提供資金。今年我們預期資本支出（CapEx）約為1.4億美元，成長50%，並包含收購Maverick Power。

We have spent $95 million year-to-date. Most of this increased investment is for new capacity to support growth in data centers, power utilities and supply chain resiliency. Year-to-date, we returned $202 million to shareholders, including share repurchases of $100 million, and we have increased our quarterly dividend by 5% compared to last year.

年初至今我們已支出9,500萬美元。這些增加的投資多數用於新增產能，以支援資料中心、電力公用事業以及供應鏈韌性方面的成長。年初至今，我們已向股東回饋2.02億美元，其中包含1億美元的庫藏股回購，且相較去年我們已將季度股利提高5%。

Overall, our disciplined capital allocation approach positions us to prioritize growth and create long-term shareholder value. Moving to slide 9. As Beth shared earlier, we are significantly raising our full year sales and EPS guidance again due to our strong performance in Q3, momentum across our portfolio and the addition of Maverick Power.

整體而言，我們有紀律的資本配置方式，使我們得以優先推動成長並創造長期股東價值。接著看第9頁。如Beth先前分享的，由於第三季強勁表現、投資組合全面動能，以及納入Maverick Power，我們再次大幅上調全年銷售與每股盈餘（EPS）指引。

We now forecast reported sales growth of 48% to 49%, up from 37% to 39% previously. We are increasing our organic sales growth guidance. We now expect to grow 38% to 39% versus our prior guidance of 32% to 34%. We are raising our full year adjusted EPS range to $5.36 to $5.39 versus our prior guidance of $5 to $5.10.

我們目前預估按報告口徑的銷售成長為48%至49%，高於先前的37%至39%。我們也上調有機銷售成長指引。目前預期成長38%至39%，高於先前指引的32%至34%。我們將全年調整後EPS區間上調至5.36至5.39美元，高於先前的5.00至5.10美元。

At the midpoint, adjusted EPS is expected to grow 60% versus last year. A few updated assumptions for modeling purposes. Acquisitions are expected to add approximately 10 points to sales growth, now including Maverick Power. Please note, Maverick Power will be reported as part of our Systems Protection segment.

以中位數計，調整後EPS預期較去年成長60%。以下提供幾項更新後、供建模使用的假設。併購預期將為銷售成長貢獻約10個百分點，現已包含Maverick Power。請注意，Maverick Power將列入我們的系統保護（Systems Protection）分部。

Tariff impact is expected to be approximately $105 million, up from $100 million previously. Corporate costs are expected to be approximately $145 million compared to $140 million previously. And adjusted net interest is now expected to be approximately $88 million for the year.

關稅影響預期約為1.05億美元，高於先前的1億美元。公司層級成本預期約為1.45億美元，先前為1.40億美元。而全年調整後淨利息預期目前約為8,800萬美元。

Looking at our fourth quarter outlook on slide 10, we forecast reported sales growth of 45% to 48%, with Maverick Power contributing approximately 19 points to sales growth and foreign exchange roughly flat. Organic sales growth is expected to be up 26% to 29%. We continue to see very strong demand, particularly in data centers and power utilities.

就第10頁的第四季展望而言，我們預估按報告口徑的銷售成長為45%至48%，其中Maverick Power預計為銷售成長貢獻約19個百分點，外匯影響大致持平。有機銷售成長預期為26%至29%。我們仍看到非常強勁的需求，尤其是在資料中心與電力公用事業。

As Beth mentioned, we are working closely with our suppliers to support the pace of growth and have reflected the current environment in our guidance. Price and productivity are expected to offset the impact of inflation, including tariffs, and we continue to invest for growth, particularly in data centers and power utilities.

如Beth所提到，我們正與供應商密切合作以支援成長速度，並已在指引中反映目前環境。價格與生產力預期將抵銷通膨（包含關稅）的影響；同時我們持續投入成長，特別是在資料中心與電力公用事業。

We expect Maverick to contribute a few cents to adjusted EPS in the quarter, inclusive of the higher interest expense associated with the financing of the acquisition. For the fourth quarter, we forecast net interest expense of approximately $39 million.

我們預期Maverick在本季將為調整後EPS貢獻數美分，並已包含為收購融資所帶來的較高利息費用。就第四季而言，我們預估淨利息費用約為3,900萬美元。

And adjusted EPS to be between $1.30 and $1.33, which at the midpoint reflects more than 45% growth versus last year. Overall, we expect a strong finish to an outstanding year. I will now turn the call back over to Beth.

調整後EPS預期介於1.30至1.33美元，以中位數計較去年成長超過45%。整體而言，我們預期將以強勁表現為這個卓越的一年畫下句點。接下來我把電話交回給Beth。

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 up in our results. We have intentionally increased our exposure to the high-growth infrastructure vertical through both organic investments and M&A.

謝謝你，Gary。請看第11頁。我們的投資組合轉型，朝向更聚焦、成長性更高的電氣連接與保護公司，已反映在我們的業績表現上。我們透過有機投資與併購（M&A），有意提高在高成長的基礎建設垂直市場的曝險。

Infrastructure made up 12% of sales at spin, expanded to 45% last year and is nearly 60% year-to-date. Including Maverick Power, our 2026 sales are expected to be approximately 3 times what they were at spin and nearly 50% higher than last year. Overall, our total opportunity is now over $150 billion.

基礎建設在分拆（spin）時占銷售的12%，去年擴大至45%，年初至今接近60%。包含Maverick Power在內，我們預期2026年銷售約為分拆時的3倍，且較去年高出近50%。整體而言，我們目前的總機會規模已超過1,500億美元。

Turning to slide 12 and an overview of Maverick Power. Maverick Power is a leading manufacturer of engineered power distribution and infrastructure solutions for data centers. The acquisition broadens our exposure to the high-growth infrastructure vertical and adds a new power distribution platform that is highly complementary to our existing data center offerings. Maverick's portfolio includes low and medium voltage switchgear and switchboards, integrated modular solutions and services.

接著看第12頁，概述Maverick Power。Maverick Power是資料中心工程化配電與基礎建設解決方案的領先製造商。此項收購擴大我們在高成長基礎建設垂直市場的曝險，並新增一個與我們既有資料中心產品高度互補的配電平台。Maverick的產品組合包含低壓與中壓開關設備（switchgear）與配電盤（switchboards）、整合式模組化解決方案及服務。

Maverick also brings significant scale and capabilities to nVent with more than 1,000 employees with key sites in Texas and Arizona and approximately 1.5 million square feet of manufacturing footprint.

Maverick 亦為 nVent 帶來顯著的規模與能力，擁有超過 1,000 名員工，主要據點位於德州與亞利桑那州，製造占地約 150 萬平方英尺。

Looking ahead, Maverick's strong engineering capabilities expand our offerings into new power architectures and strengthens our ability to provide more system-level solutions and services for data center customers.

展望未來，Maverick 強大的工程能力將我們的產品組合延伸至新的電力架構，並強化我們為資料中心客戶提供更多系統層級解決方案與服務的能力。

We plan to show Maverick's new 800-volt DC power rack at Supercomputing next month. Positioned alongside the IT rack, it integrates power conversion, protection and controls to convert existing AC power to 800-volt DC supporting high-density AI computing without a facility-wide power redesign.

我們計畫在下個月的 Supercomputing 展示 Maverick 全新的 800 伏直流（DC）電源機櫃。其與 IT 機櫃並列配置，整合電力轉換、保護與控制功能，可將既有交流（AC）電力轉換為 800 伏直流，支援高密度 AI 運算，而無需進行全廠範圍的電力重新設計。

And importantly, Maverick meaningfully expands our offerings in data centers. With Maverick, we estimate nVent's total data center opportunity expands to approximately $2 million per megawatt. We believe the combination of our complementary portfolios, engineering capabilities and customer relationships create significant opportunities to grow together and deliver even more value for our data center customers.

更重要的是，Maverick 大幅擴充了我們在資料中心的產品供應。透過 Maverick，我們估計 nVent 的資料中心整體機會可擴大至每兆瓦約 200 萬美元。我們相信，雙方互補的產品組合、工程能力與客戶關係的結合，將創造顯著的共同成長機會，並為我們的資料中心客戶交付更多價值。

Wrapping up on slide 13, we had another tremendous quarter with record sales, orders and adjusted EPS. We continue to deliver broad-based growth with infrastructure leading the way and expect another record year, having significantly raised our full year sales and adjusted EPS guidance. We remain very well positioned for the powerful trends of electrification, sustainability and digitalization.

在第 13 張投影片作結，我們再度交出一個非常亮眼的季度，銷售、訂單與調整後 EPS 皆創新高。我們持續實現廣泛的成長，其中以基礎建設領先，並預期今年將再創紀錄，因為我們已大幅上調全年銷售與調整後 EPS 指引。面對電氣化、永續與數位化等強勁趨勢，我們仍處於非常有利的位置。

And are excited about the significant growth opportunities ahead. Our future is bright. With that, I will now turn the call over to the operator to start Q&A.

我們也對未來可觀的成長機會感到振奮。我們的未來一片光明。接下來我把電話交給接線員，開始問答環節。

(Operator Instructions)

(接線員指示)

Julian Mitchell, JPMorgan.

Julian Mitchell，摩根大通（JPMorgan）。

Just wanted to start off on the top line outlook. Maybe just give us a little bit of context around the planning behind the latest capacity addition you've announced and when you might sort of open up the order book for that. And when you're thinking about orders, it was a good result of a very difficult comp. Is it natural to assume that, that rate accelerates given the demand backdrop?

我想先從營收端的展望開始。能否請你們提供一些背景，說明這次宣布的最新產能擴增背後的規劃脈絡，以及你們大概何時會為該產能開放接單。另外談到訂單，在非常艱難的比較基期下仍有不錯的表現。在目前需求環境下，是否可以合理假設訂單成長率會加速？

Well, Julian, thank you for the question. So to start, we just announced a new facility in Arizona, which will start to begin production, as I said in my prepared remarks, midway through 2027. We also announced Blaine 2, which is another site for liquid cooling and data center solutions. And so again, that also will be into production going into mid first half 2027.

Julian，謝謝你的提問。先從第一點說起，我們剛宣布在亞利桑那州設立一座新廠，正如我在事先準備的發言中提到的，將於 2027 年年中開始投產。我們也宣布 Blaine 2，這是另一個用於液冷與資料中心解決方案的據點。因此，同樣也會在 2027 年上半年中期左右進入投產。

So we're looking ahead as we see order rates and some of our backlog as to where we need capacity. And with respect to orders, we are absolutely have a difficult comp that we had to overlap in Q3. But I will say this, starting off Q4, orders are very -- in October, orders are very strong.

因此，隨著我們觀察訂單速度以及部分在手訂單（backlog），我們會提前規劃所需產能。至於訂單方面，我們在第三季確實面臨需要跨越的艱難比較基期。但我可以說的是，進入第四季之初，訂單非常——10 月的訂單非常強勁。

Got it. That's helpful. And then just my second question would be around the operating margins. So it looks like they're pegged at about 20% in the fourth quarter in the guidance. So sort of flattish year-on-year. Maybe just unpack that a little bit.

了解。這很有幫助。第二個問題是關於營業利益率。從指引來看，第四季大約落在 20% 左右，也就是年對年大致持平。能否請你們再拆解說明一下？

Are you seeing maybe bigger cost headwinds? Is it something to do with the margin that Maverick Power is coming in at of about $200 million of revenue? Any thoughts around that, please?

你們是否看到更大的成本逆風？是否與 Maverick Power 併入、約 2 億美元營收所對應的利潤率有關？請分享一下看法，謝謝。

Yes, sure. Julian, this is Gary. I'll start by saying we are pleased with the margin performance in the third quarter. Margin up almost 200 basis points, incrementals well into the mid-20s. In the fourth quarter, we do expect margins to be up year-on-year approximately 60 basis points at the midpoint. And you put your finger on a bit of a headwind in the fourth quarter.

好的，當然可以。Julian，我是 Gary。我先說，我們對第三季的利潤率表現感到滿意。利潤率提升將近 200 個基點，增量利潤率（incrementals）遠高於 20% 中段。第四季方面，我們預期在中位數情境下，利潤率年對年約提升 60 個基點。而你也點出了第四季的一部分逆風。

Excluding Maverick, we'll have incrementals well in the mid-20s, which is our target. But Q4 will be an investment quarter for Maverick as we prepare to grow strongly in 2027. And that will put margin incrementals more into the low 20s. So approximately 60% margin -- 60 points of margin growth -- basis points of margin growth in the fourth quarter, and the core business has nice incrementals.

若排除 Maverick，我們的增量利潤率將遠在 20% 中段，符合我們的目標。但第四季對 Maverick 而言將是投資季度，因為我們正為 2027 年的強勁成長做準備。這會使增量利潤率更偏向 20% 出頭。因此，第四季利潤率約提升 60 個基點，而核心業務的增量表現仍相當不錯。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

So Maverick, stick with Maverick. So the Arizona expansion, is that more Maverick products than core nVent? And then maybe if you could just give us a few more details on Maverick. Can you disclose the backlog acquired with Maverick and this investment spending, how does that profile look through 2027?

那就繼續談 Maverick。亞利桑那州的擴產，是偏向 Maverick 的產品，還是 nVent 核心產品？另外，能否再提供一些 Maverick 的細節？你們能否揭露隨 Maverick 取得的在手訂單（backlog），以及這些投資支出在 2027 年前的走勢輪廓？

Okay. So to start with, the new Arizona facility is actually for our engineered building solutions. So recall, that is the combination of Trachte and Avail EPG. So this is to create those solutions that support both utilities and data centers and a lot of integration work.

好的。先從第一點開始，新設的亞利桑那州廠房其實是用於我們的工程化建築解決方案（engineered building solutions）。請回想，這是 Trachte 與 Avail EPG 的組合。因此，這座廠是為了打造支援公用事業與資料中心的解決方案，並進行大量整合工作。

So that's what that facility is about. With respect to Maverick, we have not included a backlog yet. That is something that we will do, but I will say this, it is very healthy backlog. And some of the investments that are being made is we mentioned that they have 1.5 million square feet.

所以該廠的重點在此。至於 Maverick，我們目前尚未納入其在手訂單（backlog）數字。這是我們之後會做的事情，但我可以說，它的在手訂單非常健康。而正在進行的一些投資，正如我們提到的，他們擁有 150 萬平方英尺的空間。

And so they are fitting that out currently as they start to see this nice trajectory as we go into 2027 of growth and the backlog in the orders. So we're investing in that capacity there to bring them up to speed and online.

因此，隨著他們看到在 2027 年前的良好成長軌跡，以及訂單在手量的累積，他們目前正在進行場地的配置與建置。我們正在投資那邊的產能，使其加速到位並正式上線。

Great. And then Maverick, if you look at some of their competitors, the growth profile is, in many cases, 50% plus and in some cases, as high as 100% for 2027. Is that the kind of growth profile you expect to see for Maverick next year?

很好。再來看 Maverick，如果看他們的一些競爭對手，成長輪廓在很多情況下是 50% 以上，有些甚至到 2027 年可高達 100%。這是否是你們預期 Maverick 明年的成長輪廓？

Well, we're not -- we're focused on our current integration. I'll just remind you, it's only been 30 days, but we do expect strong double-digit growth in Maverick as we go forward.

我們目前——重點放在當前的整合工作。我提醒一下，這才過了 30 天，但我們確實預期 Maverick 未來將呈現強勁的雙位數成長。

Steve Tusa, Wells Fargo.

Steve Tusa，富國銀行（Wells Fargo）。

The -- just to put a finer point on that, I guess, when you say well into the mid-20s incrementals, I know we're talking about like tens of basis points here sometimes, but that would suggest Maverick kind of in the mid-teens from a margin perspective, like an operating margin perspective?

——我想把這點講得更精確一些：當你說增量利潤率遠在 20% 中段時，我知道我們有時談的是幾十個基點的差異，但這似乎暗示 Maverick 從利潤率角度——例如營業利益率角度——大概在十幾%的水準？

That's exactly right, Steve. That's what we're expecting in the fourth quarter for Maverick.

完全正確，Steve。這正是我們對 Maverick 第四季的預期。

Okay. And then just into next year, I know there's a bit of inflation out there to say the least. How are you looking at -- what was -- what do you expect price to be for this year? And then how do you think about more actions? Do you need more actions to drive price cost next year?

好的。那再看明年，我知道外面通膨可以說相當明顯。你們怎麼看——也就是——你們預期今年的價格會是什麼水準？然後你們如何看待進一步的行動？明年是否需要更多行動來推動價格／成本？

Yes. So Steve, in the third quarter, price and productivity more than offset the $60 million of inflation that we saw and price nearly covered it on its own. Our investments behind capacity and capability were significant.

是的。所以 Steve，在第三季，價格與生產力提升的效益不僅抵銷了我們看到的 6,000 萬美元通膨影響，而且單靠價格幾乎就能覆蓋它。我們在產能與能力方面的投資相當可觀。

We've had a long track record of leveraging price to offset inflation as well as productivity and the teams are working diligently to ensure that we forecast that's the case for Q4 and next year.

我們長期以來都有運用價格來抵銷通膨、同時搭配生產力提升的紀錄；團隊也正努力確保我們對第四季以及明年的預測會是如此。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

So I know we've had a lot of questions on this new modular liquid cooling product, but there seems to be some confusion on when you start taking orders? Did you start taking orders in the third quarter? Or what's the timing around that? And then just kind of the uptake and interest. I know maybe it was initially for distribution, but the initial interest seems to be broader than that.

我知道大家對這個新的模組化液冷產品問了很多問題，但似乎對何時開始接單有些混淆？你們在第三季就開始接單了嗎？還是時程是怎麼安排的？另外想問一下採用情況與市場興趣。我知道一開始可能是針對通路，但初期的興趣看起來比那更廣。

Yes. So we have been taking orders for our new modular cooling products and platforms. We'll also be showcasing that at Supercompute. There is a lot of interest in this product. And we have said before, we wanted to make it modular because it allows us to configure it to various types of customers and sell through distribution.

是的。我們已經在為新的模組化冷卻產品與平台接單。我們也會在 Supercompute 上展示。市場對這個產品的興趣很高。而且我們之前也說過，我們希望把它做成模組化，因為這讓我們能針對不同類型的客戶進行配置，並透過通路銷售。

But certainly, there is significant interest in this product from all types of data center companies. So it really is a broad-based platform with a lot of flexibility, and we're very excited that it gets to launch here in the back half of the year.

但可以確定的是，各類型資料中心公司對這個產品都有相當大的興趣。所以它確實是一個具備高度彈性的廣泛平台；我們也非常興奮能在今年下半年推出。

Okay. Great. And then you mentioned the Maverick 800-volt DC. And I guess we keep hearing, one, next-gen chips, needing more liquid cooling intensity, but also 800-volt DC having a lot more liquid cooling intensity.

好的，很好。另外你提到 Maverick 的 800 伏直流（DC）。我想我們一直聽到兩件事：第一，下一代晶片需要更高強度的液冷；第二，800 伏直流也需要更高強度的液冷。

So I'm just wondering kind of your approach and what you're seeing from early ops, both with maybe incorporating your liquid cooling into Maverick and other customers around 800-volt DC and just give us some parameters around that opportunity.

所以我想請教你們的策略，以及你們從早期運作中看到什麼——不論是把你們的液冷整合進 Maverick，或是其他客戶在 800 伏直流方面的需求——也請給我們一些關於這個機會的參數。

Okay. So as we know, the chips require more power, more power means more heat, more heat means more cooling. So as we think about the future, the demand for liquid cooling is only going to increase. And as we think about these higher voltages, we're positioned well to think about our modular platform, how we can convert it and meet those needs.

好的。正如我們所知，晶片需要更多功率；功率越大就代表熱越多；熱越多就需要更多冷卻。因此展望未來，對液冷的需求只會增加。而在更高電壓的趨勢下，我們也具備良好條件來思考如何運用我們的模組化平台，進行轉換並滿足這些需求。

Similarly, on the power side, now having Maverick in our portfolio, they have an 800-volt DC offering. We're going to showcase that at Supercompute. I think as we think about cooling and power now having that in our portfolio, it gives us more opportunities to provide system solutions and different architectures.

同樣地，在電力端，現在 Maverick 已納入我們的產品組合，他們有 800 伏直流的產品。我們會在 Supercompute 上展示。我認為，當我們在產品組合中同時具備冷卻與電力能力時，將帶來更多提供系統解決方案與不同架構的機會。

So we're excited. We're going to showcase some of this, like I said, at Supercompute and we'll be working on the road map, and we'll have more to share in the future.

所以我們很興奮。如我所說，我們會在 Supercompute 上展示其中一些內容；我們也會持續推進產品路線圖，未來會分享更多。

Jacob Levinson, Melius.

Jacob Levinson，Melius。

Maverick seems like a nice add for you folks. But can you give us a sense of -- are there other assets out there of that scale? Or maybe said a different way, are there gaps in the portfolio that you're still looking to fill through M&A?

Maverick 看起來對你們來說是個不錯的補強。但你們能否讓我們了解一下——市場上是否還有其他同等規模的資產？或者換個方式問，你們的產品組合是否仍有缺口，想透過併購（M&A）來補齊？

Well, we have -- and we've always said this, we have a very healthy M&A pipeline. And we have a flywheel that we've been very -- that we've had in place for a while because we're very disciplined about this and it is very strategic. I never say we have gaps in the portfolio, but more so, we have opportunities to extend what we do.

嗯，我們——而且我們一直都這麼說——我們有非常健康的併購案源管線。我們也有一個飛輪機制，已經運作一段時間，因為我們在這方面非常自律，而且這是高度策略性的。我不會說我們的產品組合有缺口；更確切地說，我們有機會去延伸我們正在做的事情。

And if you think about our portfolio transformation, we have intentionally focused on infrastructure. So you've seen us do deals in the last little while in the data center space, in power utilities. And I think there are opportunities out there.

如果你看我們的產品組合轉型，我們是有意識地聚焦在基礎設施領域。所以你看到我們最近一段時間在資料中心領域、在電力公用事業方面做了一些交易。我認為市場上確實存在機會。

We're also very disciplined in how we think about that value creation because we buy companies that we can invest in to grow and scale and then want to ensure that we can get good returns. So I feel we have lots of opportunity there.

我們在價值創造的思考上也非常自律，因為我們收購的是那些我們能投資、讓其成長並擴大規模的公司，同時也要確保能取得良好報酬。所以我覺得那裡有很多機會。

And we certainly, at our Investor Day earlier in the year, said we're going to see acquisitions contribute several points to our growth year-over-year. And I'd expect us to do some deals every year, and we have a good integration playbook.

而且我們也確實在今年稍早的投資人日提到，併購將在年對年成長中貢獻數個百分點。我預期我們每年都會做一些交易，而且我們有一套成熟的整合作戰手冊。

Jacob, I would just add, as I mentioned in my prepared remarks, the balance sheet is healthy, and we expect to end the year within our targeted leverage range.

Jacob，我再補充一下，如同我在事先準備的發言中提到的，資產負債表很健康，我們預期年底會落在我們目標的槓桿區間內。

Okay. That's helpful. And just on a different topic, it seems like there's been a notable pickup overseas. Is that -- how much of that is just the data center build-out starting to really come through in Europe and Asia? Or is that your more traditional industrial commercial markets recovering from depressed levels?

好的，這很有幫助。再換個話題，海外似乎有明顯回升。這其中有多少是歐洲與亞洲的資料中心建置開始真正反映出來？或者說，這是你們較傳統的工業與商用市場從低迷水準回升？

Well, when we look at Europe and Asia, actually, our growth is very broad-based. Certainly, we see the data center space growing and those opportunities are increasing there. But we're very pleased to say that industrial and our commercial resi and infrastructure and power utilities, we just saw a nice broad-based growth.

嗯，當我們看歐洲與亞洲時，其實我們的成長是非常廣泛的。當然，我們看到資料中心領域在成長，那裡的機會也在增加。但我們也很高興地說，工業、我們的商用與住宅（commercial resi）、基礎設施以及電力公用事業，都呈現了不錯的廣泛性成長。

Joe O'Dea, Vertical Research.

Joe O'Dea，Vertical Research。

Could you just add a little bit of perspective on the capacity ramps, talking about the timing of the production volume ramp at Blaine 1 and 2 as well as kind of Arizona and what you'll see through the first half of next year. Really looking for any detail on the time line to reach scale efficiency and then ultimately, what it means for revenue capacity versus your current footprint?

能否再補充一些關於產能爬坡的觀點，談談 Blaine 1 與 2 的產量爬坡時點，以及亞利桑那那邊的情況，還有你們在明年上半年會看到什麼。我主要想了解達到規模效率的時間表細節，以及最終這對營收產能相對於你們目前產能版圖意味著什麼？

Okay. So Blaine 1, we are in production, and it's been ramping up, and we're actually very pleased. And earlier in the year, we said even -- it was 100 days from when we -- business days to get that factory up and going. And I think that was like a record for us. And so it's off to a great start and improving and improving efficiencies.

好的。Blaine 1 我們已經在量產，且正在爬坡，我們其實非常滿意。而且今年稍早我們提到，從我們——以工作天計算——讓那座工廠啟動並運轉起來只花了 100 天。我想那對我們來說幾乎是個紀錄。所以目前開局非常好，效率也在持續改善、持續提升。

Blaine 2 will not come online until about midway through next year. And similarly, this new Arizona site for engineering building solutions, that also is mid-2027. And then we expect those take time to ramp up. But when we look at our backlog and opportunity, we plan those investments to allow us to start meeting the capacity demand in 2027.

Blaine 2 要到明年大約年中才會上線。同樣地，亞利桑那州這個用於工程建築解決方案的新據點，也要到 2027 年年中。接著我們預期這些都需要時間爬坡。但當我們看我們的在手訂單與機會時，我們規劃這些投資，是為了讓我們能在 2027 年開始滿足產能需求。

And then just on the product launches that you highlighted in the prepared remarks, any common denominators around kind of capabilities or solutions that you're adding in terms of serving particular kind of customer needs?

另外，就您在事先準備的發言中提到的產品上市而言，這些新增的能力或解決方案在服務特定類型客戶需求方面，有沒有什麼共同點？

Well, when we look at our product opportunities, we actually prioritize all of our new products in those high-growth verticals. So it's an array of things from our Systems Protection group, where we're developing new solutions in power and cooling, for example.

嗯，當我們看產品機會時，我們其實會把所有新產品優先配置在那些高成長的垂直領域。因此涵蓋的面向很多，例如在我們的系統保護事業群，我們正在開發電力與冷卻等方面的新解決方案。

It's also in our Electrical Connections group, where we look at some of our power connections and some of our other products aligned to the needs of utilities or data centers. So overall, we always think about how do we differentiate, how do we innovate because new products not only drive growth, but they're always margin accretive as well.

另外在我們的電氣連接事業群，我們也在看一些電力連接以及其他產品，讓它們更符合公用事業或資料中心的需求。整體而言，我們一直在思考如何差異化、如何創新，因為新產品不僅帶動成長，也一向能提升毛利率。

Vlad Bystricky, Citi.

花旗（Citi）的 Vlad Bystricky。

So just sticking with Maverick for a second and maybe a little more broadly. You mentioned that Maverick, in addition to their product portfolio, brings some service capabilities. So can you talk about your overall service offering for data center customers today and how that's evolving and sort of where you see the service opportunities going in '27, and beyond?

我再回到 Maverick 這個話題一下，也稍微拉高一點層次。您提到 Maverick 除了產品組合之外，也帶來一些服務能力。能否談談目前你們對資料中心客戶的整體服務提供內容、它如何演進，以及你們如何看待 2027 年及之後的服務機會？

Yes. So Maverick does have a service capability to support their offerings. We also have been building a service capability around our liquid cooling portfolio. And as we launch our new modular platform, we believe because that will serve a wide array of customers, that ability to help install, help in commission, help provide regular support is critical.

好的。Maverick 的確具備支援其產品供應的服務能力。我們也一直在圍繞液冷產品組合建立服務能力。而隨著我們推出新的模組化平台，我們相信因為它將服務廣泛的客戶群，能夠協助安裝、協助試運轉（commissioning）、並提供例行支援的能力至關重要。

So we have this opportunity, as I said, that this now expands our service opportunity with Maverick between what we do in liquid cooling and what we have in Maverick, I think we're going to be able to provide further solutions for our data center customers.

因此我們有這個機會——如我所說，透過 Maverick，現在擴大了我們的服務機會；結合我們在液冷方面所做的，以及 Maverick 既有的能力，我認為我們將能為資料中心客戶提供更多解決方案。

So we're building out a strong service capability. And I think it's important, especially with more new products and with the breadth of the portfolio.

所以我們正在建立強大的服務能力。我認為這很重要，尤其是在新產品更多、產品組合更廣的情況下。

That's helpful. Appreciate that, Beth. And then just on the capacity side, I know you talked about Blaine and Arizona. You mentioned that Maverick was still sort of outfitting or building out their 1.5 million feet -- square feet of capacity. So can you just talk about sort of the time line to Maverick's capacity ramp and when you see that coming more available?

這很有幫助。謝謝你，Beth。接著在產能方面，我知道你談到了 Blaine 和亞利桑那。你提到 Maverick 仍在為其 150 萬平方英尺的產能進行配置或擴建。能否談談 Maverick 產能爬坡的時間表，以及你們何時會看到更多產能可用？

Well, they've opened a lot of facilities over the last little while. And I would say, much like we have with these new facilities, it's ramping and it's going to provide capacity that is needed in 2027. So I think that continues to ramp through the first half of next year.

嗯，他們在過去一段時間開了很多設施。我會說，跟我們這些新設施很類似，產能正在爬坡，並將在 2027 年提供所需的產能。所以我認為這個爬坡會持續到明年上半年。

Alexander Virgo, Evercore ISI.

Evercore ISI 的 Alexander Virgo。

A little bit to the new product introductions. Contribution of growth in the quarter was 30% or so. I guess the lapping tougher comps as we go into Q4. But just wondering if you could give us a sense of that cadence into the end of the year. And then I guess, thinking about what that does as it wraps around into 2027.

我想再問一下新產品導入。本季成長的貢獻中，新產品大約占了 30% 左右。我想隨著進入第四季，基期會變得更具挑戰性；想請教你能否讓我們了解一下到年底的節奏會如何？以及再往後延伸，這在 2027 年會帶來什麼影響？

I appreciate you haven't given us any guidance for '27, yet, but obviously, starting to think about the order momentum, the backlog and that new product -- those new product dynamics sort of building into the model in the '27, numbers.

我理解你們還沒有提供 2027 年的指引，但顯然大家已開始思考訂單動能、在手訂單，以及新產品——這些新產品動態如何納入 2027 年的模型數字。

Well, one of the things that we said at our Investor Day is that we wanted to have our new product vitality at around 30%. And we're effectively at that level. And to be able to do that, it means you have to innovate faster, you have to come up with new things. And certainly, as we focus our portfolio on to these high-growth verticals, we see that ability to do so.

嗯，我們在投資人日提到的一件事是，我們希望新產品活力（new product vitality）維持在約 30%。而我們基本上已達到那個水準。要做到這點，就代表你必須更快創新、必須推出新東西。而且，隨著我們把產品組合聚焦在這些高成長垂直領域，我們看到具備做到這點的能力。

And certainly, with data center growth, a lot of our new products are focused there. And so that's where we're seeing that tremendous uplift. And that's what will be our continued focus as we go into 2027. And it's important, new products are -- have been a key driver of our growth. As we think about our strategy, high-growth verticals, it's new products, it's growing globally and then it's growth through M&A.

當然，隨著資料中心成長，我們很多新產品都聚焦在那裡。因此我們看到非常顯著的提升。這也將是我們進入 2027 年時持續的重點。而且很重要的是，新產品一直是我們成長的關鍵驅動因素。當我們思考策略時，高成長垂直領域的策略包含：新產品、全球化成長，以及透過併購（M&A）成長。

So I think we've got a good pipeline of what we're working on, some good innovation, and we expect it to be a significant contributor to our overall performance of our portfolio.

所以我認為我們正在推進的項目有不錯的管線，也有一些很好的創新，我們預期它將對我們整體產品組合的表現做出顯著貢獻。

Neal Burk, UBS.

瑞銀（UBS）的 Neal Burk。

So another question about Maverick. So just trying to think about the implications of Maverick doubling your content in data centers to $2 million per megawatt. I mean this is probably simplistic, but does that mean that over time, your data center revenues could double from what they were before the acquisition? Maverick revenues started around $700 million. So clearly, that isn't the impact right out of the gate, but just trying to think about the growth opportunity over time.

我再問一個關於 Maverick 的問題。我試著理解 Maverick 將你們在資料中心的單位含量（content）提高一倍、達到每兆瓦 200 萬美元的意涵。這可能有點簡化，但這是否意味著，隨著時間推進，你們的資料中心營收可能會相較併購前翻倍？Maverick 的營收起步大約是 7 億美元。所以顯然這不是一開始就會立刻反映的影響，但我想理解長期的成長機會。

Well, it certainly allows us as we bid on new projects or new data center opportunities, we have more content and more capability. And not to mention, as I said previously, the ability for us to think about cooling and power and everything that we bring together, we certainly have greater opportunity.

嗯，這確實讓我們在投標新專案或新的資料中心機會時，能提供更多的單位含量與更多能力。更不用說，如我先前所說，我們能把冷卻、電力以及我們整合在一起的所有能力納入考量，這無疑帶來更大的機會。

And I think it's -- it really for us is about just ensuring that as we see into the future about 800-volt DC and other needed solutions, having power and cooling, we think, is very complementary.

而且我認為——對我們而言，重點在於確保當我們展望未來，例如 800 伏直流（800-volt DC）以及其他所需解決方案時，同時具備電力與冷卻能力，我們認為是高度互補的。

And one follow-up on orders. You clearly had a really tough 3Q comp of last year. Orders were very strong. Are those now fully recognized in revenue at this point? I ask because you've had 2 quarters now organic sales grew well above orders, which are sort of low double digits. So I'm just trying to understand like conceptually, I know you don't like to talk about future orders.

另外追問一下訂單。你們去年第三季的比較基期顯然非常艱難。訂單表現非常強勁。這些訂單目前是否已經完全反映在營收中？我這樣問是因為你們已經連續兩季出現有機銷售成長明顯高於訂單成長（訂單大概是低雙位數）。所以我想從概念上理解一下——我知道你們不喜歡談未來訂單。

But just conceptually, can we continue to see the sort of 30 to 40 plus top line growth that we've been seeing when orders are sort of growing well below that? Or would you expect these to sort of converge over time?

但從概念上來說，當訂單成長遠低於這個水準時，我們是否仍能持續看到像目前這樣 30% 到 40% 以上的營收成長？或者你會預期兩者會隨時間推移而逐步收斂？

So this is Gary. I'll take that. And what I -- what's important to remember is that we've talked about orders being lumpy and the timing of those orders being lumpy. But I'll look at the two year stack of orders for us just this quarter, and it's very strong.

所以我是 Gary。我來回答。我認為重要的是要記住，我們一直談到訂單具有波動性，以及這些訂單的時間點也會有波動。但如果我看我們僅在本季的兩年期訂單堆疊，表現非常強勁。

And you look at what Beth's comments were about October, as our business continues to evolve to more long cycle, we expect that backlog to build, especially as Maverick Power comes into our portfolio and we report them with the broader business.

而且你看看 Beth 對 10 月的評論，隨著我們的業務持續演進、轉向更長週期的模式，我們預期積壓訂單會增加，特別是當 Maverick Power 納入我們的產品組合，並且我們把它們與更廣泛的業務一起揭露時。

Varun Govindaraj, Bernstein.

Varun Govindaraj，Bernstein。

I wanted to understand how you think about opening new facilities and what you sort of look for before making that decision? Is it more just broader demand trends? Or do you need to see some level of customer commitment before breaking ground?

我想了解你們如何看待開設新廠房，以及在做出這個決定之前你們會看哪些指標？是更偏向整體需求趨勢嗎？還是你們需要看到某種程度的客戶承諾才會動工？

Well, it's a combination of many things when we look at a new facility. We look at, in some cases, the orders that we have on hand or orders that we can't fulfill, so to speak. We look at just what we see our customers telling us, and it's multiple factors there that we then decide to make that investment. So it's very prudent.

嗯，我們在評估新廠房時會綜合很多因素。在某些情況下，我們會看手上已有的訂單，或是我們無法交付的訂單（可以這麼說）。我們也會看客戶告訴我們的訊息，這裡面有多重因素，然後我們才決定進行這項投資。所以我們非常審慎。

We have a good sense of direction of where the market is headed, what our customers are saying, what the opportunities are. And then we are very disciplined, as you can expect, in terms of how we think about those returns. And I think Gary always likes to say those returns are very good every time that we've invested in new capacity expansion.

我們對市場走向、客戶在說什麼、以及有哪些機會，都有很好的方向感。然後如你所預期，我們在思考這些投資報酬時非常有紀律。而且我想 Gary 總喜歡說，每一次我們投資新增產能擴張時，那些報酬都非常好。

Yes. Just to build on the discipline, we go back and take a look at our significant investments and ensure that they're delivering the returns that we expected. And many times, they have over-delivered our initial expectations from an ROI perspective.

是的。補充一下關於紀律性，我們會回頭檢視我們的重要投資，確保它們帶來了我們預期的報酬。而且很多時候，從投資報酬率（ROI）的角度來看，它們的表現甚至超出我們最初的預期。

Absolutely. And then just as a quick follow-up. Can you talk about any of the actions you're taking right now on supply chain resilience? Obviously, at this level of growth, your suppliers are probably stretched as well. So anything you can share there would be helpful.

完全同意。接著快速追問一下。你能談談你們目前在供應鏈韌性方面正在採取哪些行動嗎？顯然在這樣的成長速度下，你們的供應商可能也被拉得很緊。所以你能分享的任何內容都會很有幫助。

Yes. Certainly, as we see this growth rate and the velocity and the demand and the ability to respond, I mentioned 100 days for us, many of our suppliers, they too are having to add capacity. Sometimes that is new lines, sometimes that's new facilities.

是的。當然，隨著我們看到這樣的成長率、速度、需求以及回應能力——我提到我們大約是 100 天——我們的許多供應商也必須擴增產能。有時是新增產線，有時是新建廠房。

So we're trying to work hand-in-hand with them to ensure that they understand our forecast, that we're working through bringing new capacity online together because we're only going to be successful if they're successful with us.

所以我們正努力與他們密切合作，確保他們了解我們的預測，並且我們一起推動新產能上線，因為只有在他們與我們一起成功時，我們才會成功。

So it's a lot of work. We always say that. We try to be very prudent when we give our guidance given that there's a lot going on from our own capacity expansion to our suppliers as well.

所以這需要做很多工作。我們一直都這麼說。在給出指引時，我們會盡量保持非常審慎，因為從我們自身的產能擴張到供應商端，也都有很多事情同時在進行。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Just wanted to ask one on 4Q. Gary, the revenue guidance kind of implies flattish total revenue sequentially, which is a bit of a head scratcher just because like Maverick is coming into the mix. And we've obviously seen how strong the backlog and order growth is plus you guys continue to work to add capacity.

我想問一個關於第四季（4Q）的问题。Gary，你們的營收指引似乎暗示總營收季比大致持平，這有點讓人摸不著頭緒，因為像是 Maverick 會納入貢獻。而且我們顯然看到積壓訂單和訂單成長都很強，加上你們也持續努力增加產能。

So just curious if that's like prudence and conservatism, which we've come to expect from nVent or if there's any other reasons we should be thinking about?

所以我只是好奇，這是不是出於審慎與保守——這也是我們對 nVent 一貫的期待——還是還有其他原因是我們應該納入考量的？

Yes. Thanks, Nicole. Our Q4 organic guide is still quite healthy and the two year stack is still over 50%. So great growth for us. It is a tick down. Some of that is seasonality in our business that we normally see a bit of a step back.

是的，謝謝你，Nicole。我們第四季的有機成長指引仍然相當健康，而兩年期堆疊仍然超過 50%。所以對我們來說是很好的成長。確實有小幅下滑。其中一部分是我們業務的季節性，我們通常會看到略為回落。

And look, in Q4, we could have -- we could maybe have delivered more. But as Beth talked about, we're navigating and being prudent with our -- how we manage the supply chain, and that's something that is incorporated into our guidance.

而且你看，在第四季，我們本來——我們也許可以交付更多。但如同 Beth 所說，我們正在因應並以審慎的方式管理供應鏈，而這點已經反映在我們的指引之中。

I will say we're really pleased with the year. We're going to grow almost $2 billion year-over-year on a revenue basis and $2 of additional EPS. So we feel really good about the growth that we're delivering in '26.

我想說的是，我們對今年的表現非常滿意。以營收來看，我們年增將近 20 億美元，EPS 也增加 2 美元。所以我們對在 '26 年所交付的成長感到非常好。

Understood. And then just coming back on Maverick. I think you said in response to a prior question that it's like mid-teens margins in the fourth quarter. Does that incorporate some of the growth investments that you're making? And I guess the question is, like as you look out over the next several years and integrate Maverick, do you think it has the potential to get to Systems Protection or nVent average margins?

了解。那再回到 Maverick。我想你在回答前一個問題時提到，第四季大概是十幾%的利潤率。這是否已經包含你們正在進行的一些成長投資？我想問的是，當你們展望未來幾年並整合 Maverick 時，你們認為它有機會達到 Systems Protection 或 nVent 平均的利潤率水準嗎？

Yes, Nicole, exactly. Significant ramp happening in Maverick, and we've incorporated those investments into our guide. We expect those margins to improve both from the growth and fully utilizing those facilities that Beth talked about. It's only 30 days, so I'm not ready to strike the exact expectations for Maverick margins, but we do expect them to certainly improve as we get into '27, and beyond.

是的，Nicole，沒錯。Maverick 正在顯著爬坡，我們已把這些投資納入指引。我們預期利潤率會改善，來自於成長以及充分利用 Beth 所提到的那些廠房。目前才 30 天，所以我還不準備給出 Maverick 利潤率的精確目標，但我們確實預期，隨著進入 '27 年及之後，它們一定會改善。

Luke Junk, Baird.

Luke Junk，Baird。

Beth, another Maverick question, but I want to take it in a little different direction in terms of a strategic question. Just be curious to get your color on initial engagement with customers, either after announcing the deal or now that you've owned it for about a month here, just in terms of walking them into your current relationships and starting to lay the groundwork for selling thermal and power as a system-level solution.

Beth，再問一個 Maverick 的問題，但我想從策略面的角度稍微換個方向。我想聽聽你對與客戶初期互動的看法——不論是在宣布交易之後，或是現在你們已經持有大約一個月——特別是把他們帶入你們既有的客戶關係中，並開始為把散熱與電力作為系統級解決方案來銷售打下基礎。

Well, certainly, we had very favorable reaction to the acquisition, both from our nVent customers and from Maverick's customers because they know that just the capabilities that each company has, there's more that we can bring together.

嗯，當然，我們對這次收購獲得非常正面的反應，無論是來自我們 nVent 的客戶，或是 Maverick 的客戶，因為他們知道兩家公司各自具備的能力，結合起來我們可以帶來更多。

And as we think about the opportunity, certainly, there -- as in anything, we look at these synergies around growth about -- if you think about we have developed over the last several years, a very strong commercial organization, which we believe with Maverick's offering, we're going to have the opportunity to drive their reach beyond what they had today.

而當我們思考這個機會時，當然——就像任何事情一樣——我們會看這些成長面的綜效——如果你想想，過去幾年我們打造了一個非常強的商業組織，我們相信結合 Maverick 的產品與方案，我們將有機會把他們的觸及範圍推進到超越他們目前的水準。

So overall, I think these are -- it's a great new platform for us and very complementary to what we do, and it kind of follows our flywheel of we find companies that have great products that we can invest in and scale to grow.

所以整體而言，我認為這對我們來說是一個很棒的新平台，且與我們的業務高度互補，也符合我們的飛輪策略：我們尋找擁有優秀產品的公司，然後我們投資並擴大規模以推動成長。

Got it. And then for my follow-up, I'll ask on Electrical Connections. Not sure if we got the question in Q&A yet. I'm just curious, were you surprised to see the growth accelerate sequentially there? I think it's maybe a bit better than expectations and kind of unpacking that any of the upside drivers on that low 20s plus kind of growth rate.

了解。那我的追問會問 Electrical Connections。不確定我們在問答環節是否已經問過。我只是好奇，你們是否對那邊的成長在季比上加速感到意外？我覺得可能比預期好一些，想請你拆解一下，低 20% 以上這種成長率背後有哪些上行驅動因素。

Luke, you were cutting in and out. We could not understand that question. Not sure if it's on your end or.

Luke，你的聲音斷斷續續。我們聽不清楚那個問題。不確定是你那邊的問題還是……

Yes. Let me try it again here. Yes, let's go.

是的。我再試一次。好，我們開始吧。

Much better.

好多了。

Yes, growth accelerating there. I think that was a bit better than your expectations in the low 20-plus range here. Just kind of -- can you unpack what was better than expected there? And any particular drivers that we should be focused on?

是的，那邊的成長正在加速。我認為這比你們原先在20%出頭區間的預期要好一些。能否請你拆解一下，哪些地方優於預期？以及有沒有任何特定的驅動因素是我們應該關注的？

And sorry, you meant the growth rate for -- compared to what?

抱歉，你指的是成長率——是相較於什麼？

Connections.

連接（Connections）。

Electrical Connection versus expectations and accelerating sequentially.

電氣連接（Electrical Connection）相較於預期，且環比加速。

Yes. We had another great quarter for Electrical Connections. And I think it speaks to our focus on our growth initiatives. So as you know, that has always been a very strong segment focused on commercial. And we've had the product portfolio there, we focused it on infrastructure and industrial as well as some of our commercial actions.

是的。我們的電氣連接業務又交出了一個非常出色的季度。我認為這反映了我們對成長計畫的聚焦。如你所知，這一直是一個以商用市場為主、非常強勢的事業部門。而我們在那裡的產品組合，也同時聚焦於基礎建設與工業領域，以及我們在商用端的一些行動。

So we've seen significant growth opportunities. New products are contributing to this. And I would also say one of the things -- and this is not just Electrical Connections, but the nVent portfolio, we are seeing very strong growth through our distribution channel, and that speaks to the broad-based growth that we're seeing across industrial, infrastructure and commercial for that matter.

因此我們看到了顯著的成長機會。新產品正在為此做出貢獻。另外我也想說，其中一點——這不僅限於電氣連接，而是整個nVent產品組合——我們透過經銷通路看到非常強勁的成長，這也說明我們在工業、基礎建設以及商用等領域所看到的是廣泛性的成長。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

I wanted to first ask about just 40,000 feet data centers. You see what's going on out there with there's pockets of suppliers saying a little slower, a little pause and what have you. Obviously, you're not seeing that. But I'm just wondering your customer conversations, I know it's kind of two step, but nevertheless, you get good visibility on sales there reading through to the OEM.

我想先問一下關於資料中心的宏觀層面（40,000英尺高度的問題）。你們也看到外面有些供應商說稍微放慢、稍微暫停之類的情況。顯然你們沒有看到那樣的狀況。但我想了解你們與客戶的對話；我知道這中間有兩步，但你們仍然能透過銷售端一路看到OEM端，掌握不錯的能見度。

I'm just wondering, are you seeing any less urgency in that market? I know for a while there is really having trouble keeping up with things and you're adding capacity, I get all of that. But is there a tenor of maybe less urgency for orders in that market?

我想問的是，你們是否看到那個市場的急迫性有降低？我知道前一陣子大家真的很難跟上需求，你們也在擴充產能，我都理解。但在那個市場，訂單的急迫性是否有出現某種程度的下降？

So Scott, I will say that we also have direct relationships with those end customers. So we get a lot of feedback that way as well. And no, I would say there is a sense of urgency in terms of are we able to do more. I mean that's more -- do we have more output we respond faster, bring in lead times.

Scott，我會說我們也與那些終端客戶有直接關係。因此我們也能從那裡獲得很多回饋。而答案是否定的；我會說在「我們能不能做得更多」這件事上，急迫感依然存在。也就是——我們是否能提高產出、更快回應、縮短交期。

So we're not seeing that slow at all. If anything, it's just -- I talked earlier in my prepared remarks about the pace of growth and the velocity needed. It's a lot of hard work, and that's continuing.

所以我們完全沒有看到放緩。如果說有什麼的話，就是——我在事先準備的發言中提到成長的步伐與所需的速度。這需要非常多的努力，而這種狀態仍在持續。

I appreciate that. I just wanted to maybe ask a follow-up question about the Electrical Connections margin, which has been declining for some time. And historically, I remember with Pentair and even in the early days with you a spinout that pricing was always one of the strengths of this business.

了解，謝謝。我想追問一下電氣連接的利潤率，這段時間一直在下滑。我記得過去在Pentair，甚至你們剛從那邊分拆出來的早期，定價能力一直是這個業務的強項之一。

And I'm just wondering, I know acquisitions were a factor last year, but the continued decline in that segment's margins. Can you kind of give us some color on what -- where that's coming from, again, another 40,000 footer in that way?

我想問的是，我知道去年併購是一個因素，但該事業部門利潤率持續下滑。你能否提供一些說明——從宏觀層面（40,000英尺高度）來看，這主要是從哪裡來的？

Yes, Scott, it's Gary, and I appreciate the question. And I'll start with what we're focused on in Electrical Connections right now, which is growth. And to deliver a couple of quarters in a row around 20%, it is breakthrough growth for that business. And a lot of it has to do with the strategy change with focus more on industrial and infrastructure, repositioning the portfolio, and that's really driving that nice growth.

好的，Scott，我是Gary，謝謝你的問題。我先從我們目前在電氣連接業務的重點談起，也就是成長。連續幾個季度做到約20%的成長，對這個業務而言是突破性的成長。其中很大一部分來自策略轉變：更聚焦工業與基礎建設、重新定位產品組合，而這確實帶動了漂亮的成長。

With that repositioning, we have some mix that is impacting the portfolio. But I will say the team has done a nice job to price away the inflation. And we've been very consistent in kind of what we expected from that business, which is sequential improvement in margins.

隨著這樣的重新定位，我們的產品組合出現了一些組合（mix）變化，對整體組合造成影響。但我也要說，團隊在透過定價抵消通膨方面做得很好。而且我們在這項業務的預期上一直非常一致，也就是利潤率將逐季改善。

And I'll take that high 20s margin with approximately 20% growth. So it's been a nice acceleration for that business this year and a bit different than what we had seen in the past.

而且我願意接受約20%成長、同時利潤率在20%高段（high 20s）的表現。所以今年這個業務的加速表現相當不錯，也與我們過去看到的情況有些不同。

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

問答環節到此結束。我想把電話會議交回給Beth Wozniak，請她做結語。

Thank you for joining us today. We are confident in our strategy and our ability to execute. We have significant growth opportunities ahead and multiple levers to drive continued margin expansion. I'm very proud of our outstanding performance in the third quarter and the continued progress we're making across nVent.

感謝各位今天加入我們。我們對自身策略以及執行能力充滿信心。我們前方有顯著的成長機會，並且有多項槓桿可推動利潤率持續擴張。我為我們第三季的傑出表現，以及我們在nVent各方面持續取得的進展感到非常自豪。

We remain focused on delivering for our customers, employees and shareholders. nVent is a top-tier high-performance electrical company, well positioned to win with the powerful trends of electrification, sustainability and digitalization.

我們仍專注於為客戶、員工與股東創造成果。nVent是一家一流的高績效電氣公司，已做好充分布局，能在電氣化、永續與數位化等強勁趨勢下取得勝利。

We're excited about the opportunities ahead. Thank you again for joining us today. This concludes our call.

我們對未來的機會感到振奮。再次感謝各位今天加入我們。本次電話會議到此結束。

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

本次會議現已結束。感謝各位參加今天的簡報。您現在可以掛線。