奧的斯電梯 (OTIS) 2026 Q2 法說會逐字稿

Good morning, and welcome to Otis's second-quarter 2026 earnings conference call. This call is being carried live on the internet and recorded for replay. Presentation materials are available for download from Otis's website at www.otis.com.

早安，歡迎參加奧的斯（Otis）2026 年第二季財報電話會議。本次電話會議將透過網際網路進行即時直播並錄音，以供重播。簡報資料可至奧的斯網站 www.otis.com 下載。

I'll now turn it over to Imelda Suit, Senior Vice President, Treasurer, and Interim Head of Investor Relations. Please go ahead.

接下來把時間交給資深副總裁、財務長兼投資人關係代理主管 Imelda Suit。請開始。

Thank you, Krista. Welcome to Otis's second-quarter 2026 earnings conference call. On the call with me today are Judy Marks, Chair, CEO, and President; and Cristina Méndez, Executive Vice President and CFO.

謝謝你，Krista。歡迎參加奧的斯 2026 年第二季財報電話會議。今天與我一同出席的有董事長、執行長兼總裁 Judy Marks，以及執行副總裁兼財務長 Cristina Méndez。

Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant non-recurring items. A reconciliation of these measures can be found in the appendix of the webcast.

請注意，除非另有說明，公司將就持續營運的結果進行說明，並排除重組及重大非經常性項目。這些衡量指標的調節表可在網路直播的附錄中找到。

We also remind listeners that the presentation contains forward-looking statements, which are subject to risks and uncertainties. Otis's SEC filings, including our Forms 10-K and 10-Q, provide details on important factors that could cause actual results to differ materially.

我們也提醒聽眾，本簡報包含前瞻性陳述，可能受到風險與不確定性影響。奧的斯向美國證券交易委員會（SEC）提交的文件（包括 10-K 與 10-Q）詳述了可能導致實際結果與預期有重大差異的重要因素。

I'd like to turn the call over to Judy.

接下來我把電話交給 Judy。

Thank you, Imelda. Good morning, afternoon, and evening, everyone. Thank you for joining us. We hope everyone listening is safe and well.

謝謝你，Imelda。各位早安、午安、晚安。感謝各位加入我們。我們希望所有收聽的朋友都平安健康。

Starting on slide 3. We achieved significant top-line growth as we delivered a solid quarter with a significant step-up in organic sales growth, driven by accelerating service growth and improving trends in new equipment, along with strong cash generation.

請看第 3 張投影片。我們實現了顯著的營收成長：本季表現穩健，有機銷售成長大幅提升，主要受惠於服務業務成長加速與新梯業務趨勢改善，同時現金創造力強勁。

Service remains the key growth engine of the business, with 9% organic sales growth, supported by 24% modernization growth, double-digit repair growth, and accelerating maintenance trends. Modernization orders were up 9% to end the quarter with a backlog up 26% at constant currency. We strongly believe that the investments we are making in capacity, quality, pricing, and commercial execution are enhancing our competitive position and yielding continued growth in our service business.

服務仍是公司最關鍵的成長引擎，有機銷售成長 9%，其中現代化改造成長 24%、維修（repair）成長達雙位數，且保養（maintenance）趨勢加速。現代化改造訂單成長 9%，使本季末在固定匯率下的在手訂單（backlog）成長 26%。我們堅信，對產能、品質、定價與商業執行的投資正在強化我們的競爭地位，並帶動服務業務持續成長。

In new equipment, we're encouraged by the sequential improvement in sales and the stabilization in margins. While orders were down 5% in the quarter, backlog increased 4% at constant currency, and the business is showing greater stability, supported by a sales turnaround in the Americas at a robust 10% growth.

在新梯業務方面，我們對銷售的逐季改善以及毛利率的穩定感到鼓舞。雖然本季訂單下滑 5%，但在固定匯率下在手訂單增加 4%，業務展現更高的穩定性；其中美洲地區銷售強勁反轉，成長達 10%。

We delivered another quarter of strong cash generation with adjusted free cash flow of $290 million, up 19% year over year. The strength of our cash flow reflects the resilience of our business model.

我們再度交出強勁的現金創造表現，調整後自由現金流為 2.90 億美元，年增 19%。我們現金流的強勁反映了商業模式的韌性。

Importantly, this allows us to continue investing in growth and strategic investments, including the acquisition of a majority stake in WeMaintain, while also returning a significant portion of free cash flow to shareholders through share repurchases and dividends. In the first half of 2026, we bought back approximately $800 million of shares and raised our dividend 5%, returning over $1.1 billion to our shareholders.

更重要的是，這使我們得以持續投入成長與策略性投資，包括收購 WeMaintain 的控股權，同時也透過庫藏股回購與股利，將相當大比例的自由現金流回饋股東。在 2026 年上半年，我們回購約 8 億美元股票，並將股利提高 5%，合計回饋股東超過 11 億美元。

These results reflect our progress in executing our strategy and investing and strengthening our service business. Service margins declined year over year as labor and material cost increases have added pressure on margins as we ramp up our operations to execute on our strong repair and modernization backlog. With continued service revenue growth, we expect a sustained recovery in margins in the next quarters.

這些成果反映我們在執行策略、投資並強化服務業務方面的進展。服務毛利率年減，因人力與材料成本上升對毛利率造成壓力，且我們正擴大營運以執行強勁的維修與現代化改造在手訂單。隨著服務營收持續成長，我們預期未來幾季毛利率將持續復甦。

With that, let me turn to our second-quarter financial results on slide 4. Otis delivered net sales of $3.9 billion with organic sales up 6%.

接下來請看第 4 張投影片，說明我們第二季的財務結果。奧的斯淨銷售額為 39 億美元，有機銷售成長 6%。

Adjusted operating profit, excluding a $7 million foreign exchange tailwind, decreased by $32 million in the quarter as higher volume and price were offset by inflation, mix, and productivity impacts. Adjusted operating profit margin declined 180 basis points to 15.2%. Adjusted EPS declined 4% or $0.04 in the quarter due to operational performance, partially offset by favorable foreign exchange rates.

調整後營業利益（不含 700 萬美元的外匯順風）本季減少 3,200 萬美元，因較高的銷量與價格被通膨、產品組合與生產力影響所抵銷。調整後營業利益率下滑 180 個基點至 15.2%。調整後每股盈餘（EPS）本季下滑 4%（或 0.04 美元），主要因營運表現所致，部分被有利的匯率變動所抵銷。

I want to take a step back and look at the significant transformation journey we've been on as shown on slide 5. From 2020 to 2025, we drove growth through a focus on boosting the size of our portfolio, introducing innovative products like Gen3 and Gen360, connecting 1.1 million units on Otis ONE and industrializing our modernization business.

我想先退一步，回顧我們如第 5 張投影片所示的重大轉型歷程。從 2020 年到 2025 年，我們透過聚焦擴大產品組合規模、推出 Gen3 與 Gen360 等創新產品、在 Otis ONE 上連網 110 萬台設備，以及將現代化改造業務工業化，來推動成長。

With keen operational focus, we optimized and developed resiliency in our supply chain and executed on uplift and China transformation programs. These programs yielded sustained operational performance improvement over the past five years.

在高度聚焦營運之下，我們優化供應鏈並提升其韌性，並推動 Uplift 與中國轉型計畫。這些計畫在過去五年帶來了持續的營運績效改善。

Starting this year, we added four operational initiatives. First, we drove value-driven AI micro-pricing across maintenance and repair. Second, we shifted our portfolio mix focus toward high-value service segments and geographies. Third, we took a proactive approach in our repair offering to drive customer uptime and service growth. And fourth, we made a strategic decision to invest in service quality through our Service Excellence Initiative to sustain portfolio growth in our key markets in the Americas and EMEA.

自今年起，我們新增四項營運倡議。第一，我們在保養與維修領域推動以價值為導向的 AI 微定價。第二，我們將產品組合的結構重點轉向高價值的服務細分市場與地理區域。第三，我們在維修方案上採取更主動的作法，以提升客戶設備稼動時間並帶動服務成長。第四，我們做出策略性決策，透過「服務卓越倡議」（Service Excellence Initiative）投資服務品質，以在美洲與 EMEA 的關鍵市場維持產品組合成長。

We are seeing early signs of progress in this area and an opportunity to build a stronger operating foundation. The investment in service quality impacted margins in the short term, but we see it as necessary to fuel our growth. Service quality leads to customer satisfaction and retention, which feeds our flywheel for service volume growth across maintenance, repair, and modernization.

我們已在此領域看到初步進展跡象，也看到了建立更強營運基礎的機會。對服務品質的投資在短期內影響了毛利率，但我們認為這是推動成長所必需的。服務品質帶來客戶滿意與留存，進而驅動我們在保養、維修與現代化改造等服務量成長的飛輪效應。

Today, we're sharing our plan to work structurally on our service operating model, which will drive frontline excellence. It's a program to unlock the full value of our operating potential at the local level, where our 45,000 field colleagues serve our customers every day.

今天，我們將分享一項計畫，從結構面著手改善服務營運模式，以推動第一線卓越。這是一項在地方層級釋放我們全部營運潛力的計畫；我們 45,000 名外勤同仁每天在第一線為客戶提供服務。

This will be a natural extension of the transformation we started with Uplift, which freed the frontline from transactional activities to become more customer-centric.

這將是我們從 Uplift 開始的轉型之自然延伸；Uplift 讓第一線從交易性工作中解放出來，得以更以客戶為中心。

We will standardize our core field and sales processes and drive operational excellence across our frontline.

我們將標準化核心外勤與銷售流程，並在第一線推動營運卓越。

Our service operating model will leverage the learnings from the tactical investments we're undertaking in service excellence, which, as I said, are delivering promising results.

我們的服務營運模式將運用我們在「服務卓越」方面所進行之戰術性投資的經驗與學習；如我所說，這些投資正帶來令人鼓舞的成果。

We have exceptional operating territories across our network that consistently deliver robust growth, excellent customer service, and strong operational performance.

在我們的網路中，有一些表現卓越的營運區域，能持續交出強勁成長、優異的客戶服務與穩健的營運績效。

Our objective is to systematically use standardized systems and tools to consistently bring every operating territory to this level of excellence.

我們的目標是系統性地運用標準化的系統與工具，讓每一個營運區域都能穩定達到這樣的卓越水準。

Our focus on the frontline is the logical next step in our journey since Spin to build a more consistent, high-performance company.

自分拆（Spin）以來，我們聚焦第一線是旅程中合乎邏輯的下一步，旨在打造一家更一致、具高績效的公司。

But we still have work to do to get there.

但我們仍有工作要做才能達成。

Slide 6 summarizes our progress in service margins, which improved sequentially in Q2, but we are still seeing pressure largely from productivity and cost headwinds and the timing of our micro-pricing actions.

第6頁總結了我們在服務毛利率方面的進展，第二季較第一季有所改善，但我們仍然看到壓力，主要來自生產力與成本逆風，以及我們微定價行動的時點影響。

In Q1, we communicated a plan to invest $50 million in service excellence and pricing, with the goal to drive retention improvement and pricing upsides in maintenance and repair.

在第一季，我們溝通了一項計畫，將投資5,000萬美元於服務卓越與定價，目標是推動維修保養與修理業務的留存率改善與定價上行。

We have invested $15 million in the quarter on track with the plan, and we're encouraged to see a step-change improvement in our service quality metrics.

本季我們已投資1,500萬美元，符合計畫進度；我們也很受鼓舞地看到服務品質指標出現階躍式改善。

Our Service Quality Index has improved 7 points in the operating territories targeted in the investment plan.

在投資計畫鎖定的營運區域中，我們的服務品質指數提升了7點。

In a good portion of these operating territories, we have also seen retention improvement, but the recovering timing varies.

在其中相當一部分營運區域，我們也看到留存率改善，但回升的時點不一。

Although our overall retention rates ex China, our overall retention rate ex China was down this quarter, we believe this will improve as we continue to provide high-quality service to customers.

儘管本季我們的整體留存率（不含中國）下降，我們相信隨著我們持續為客戶提供高品質服務，留存率將會改善。

On cost and pricing, we were able to broadly offset the impact of the Middle East conflict with pricing actions and saw a strong ramp-up of our micro-pricing initiatives in the repair business.

在成本與定價方面，我們透過定價行動大致抵消了中東衝突的影響，並看到我們在修理業務的微定價計畫強勁加速推進。

Productivity and cost headwinds were higher than we anticipated this quarter.

本季生產力與成本逆風高於我們的預期。

This has been driven by three main factors.

這主要由三個因素所驅動。

Our ongoing strategic investments in service excellence impacted productivity, and together with inflationary increases, led to higher than expected labor and material costs.

我們持續進行的服務卓越策略性投資影響了生產力，並與通膨上升相疊加，導致人工與材料成本高於預期。

Second, as we ramped up resources to execute a strong repair and mod backlog, workforce onboarding took longer than expected for newly hired mechanics to reach full effectiveness, especially for highly skilled activities in repair and modernization.

第二，隨著我們增加資源以執行強勁的修理與改造待執行訂單，新聘技師的到職訓練與上手時間比預期更長，尤其是在修理與現代化改造等高技能作業上。

Third, the acceleration of mod and repair execution required higher labor rates to make resources available where and when needed.

第三，改造與修理執行的加速，要求以更高的勞務費率，才能在需要的時間與地點取得所需資源。

We believe a large part of these headwinds are temporary while we adjust our operations through our service operating model to deliver on our growing backlog. With that, I'll turn it over to Cristina to walk through our segment results in more detail.

我們相信，當我們透過服務營運模式調整作業以交付日益成長的待執行訂單時，這些逆風中有很大一部分是暫時性的。接下來我把時間交給Cristina，請她更詳細說明各事業部門的業績。

Thank you, Udi.

謝謝你，Udi。

Starting with service on Slide 7.

先從第7頁的服務業務開始。

Service organic sales grew 9%, with growth across all lines of business and regions.

服務有機銷售成長9%，各業務線與各區域皆有成長。

Maintenance and repair organic sales increased 6%, representing a meaningful sequential acceleration.

維修保養與修理的有機銷售成長6%，呈現顯著的季比加速。

Maintenance organic sales grew 3%, supported by 3% portfolio growth and 3% pricing, partially offset by mix and churn.

維修保養有機銷售成長3%，由3%的產品組合（portfolio）成長與3%的定價所支撐，但部分被組合與流失（churn）所抵消。

Repair sales continued to gain momentum, growing 12%.

修理銷售持續增強動能，成長12%。

And delivering the strongest performance in the past 10 quarters.

並創下過去10個季度以來最強勁的表現。

Modernization remained a standout, with organic sales increasing 24%, marking the highest growth rate since the spin.

現代化改造依然表現突出，有機銷售成長24%，為分拆以來最高成長率。

Growth was supported by a strong customer demand and execution against a robust backlog, which continues to be driven by ongoing orders growth.

成長受惠於強勁的客戶需求，以及對龐大待執行訂單的有效執行；而待執行訂單仍持續由持續的訂單成長所帶動。

Modernization orders increased 9% in the quarter, driven by a strong order growth in China, up significantly.

本季現代化改造訂單成長9%，主要由中國強勁的訂單成長所帶動，增幅顯著。

EMEA and APAC both up low-single-digits, partially offset by Americas down mid-single-digits due to a tough compare year-over-year.

EMEA與APAC皆為低個位數成長，但部分被美洲因年對年比較基期較高而出現的中個位數下滑所抵消。

Modernization backlog remains very strong, up 26% year-over-year at constant currency.

現代化改造待執行訂單仍非常強勁，以固定匯率計年增26%。

We remain confident in the long-term repair and modernization opportunity. Supported by an engine installed base that continues to drive customer demand and create attractive growth opportunities over the long-term.

我們對長期的修理與現代化改造機會仍具信心。這得益於持續擴大的引擎裝機基數，持續推動客戶需求，並在長期創造具吸引力的成長機會。

The growth-based growth across our service business reflects the progress we are making in executing our strategy and demonstrates that our focus on driving growth is delivering tangible results.

我們服務業務的廣泛成長反映了我們在執行策略上的進展，也顯示我們聚焦推動成長正在帶來具體成果。

Service operating profit of $599 million increased $16 million at constant currency, as higher volume and favorable pricing more than offset higher labor cost, including the impact of ongoing strategic investments and productivity, material cost headwinds and unfavorable mix.

服務營業利益為5.99億美元，以固定匯率計增加1,600萬美元；較高的銷量與有利的定價，足以抵消較高的人力成本（包含持續策略性投資與生產力的影響）、材料成本逆風以及不利的組合。

Service operating margin was 23.2%, down 170 basis points versus the prior year.

服務營業利益率為23.2%，較去年同期下降170個基點。

Margin performance is impacted by mix with higher modernization growth, cost and productivity headwinds, and reflects deliberate investments to support service quality initiatives and capacity to execute on service growth.

利潤率表現受到組合影響（現代化改造成長較高）、成本與生產力逆風影響，並反映我們為支持服務品質計畫與執行服務成長所需產能而進行的刻意投資。

Turning now to new equipment on Slide 8.

接著看第8頁的新設備業務。

New equipment organic sales declined 1% in the quarter.

本季新設備有機銷售下滑1%。

While market conditions remain challenging, this represents the lowest rate of decline in the past nine quarters.

儘管市場環境仍具挑戰，這已是過去九個季度中最低的下滑幅度。

Growing in Americas and Asia-Pacific was more than offset by lower sales in China and EMEA.

美洲與亞太的成長，被中國與EMEA較低的銷售所抵消。

Americas sales increased 10%, supported by a strong backlog conversion and a healthy backlog built-through orders growth in prior periods.

美洲銷售成長10%，受惠於強勁的待執行訂單轉換，以及先前期間訂單成長所帶來的健康待執行訂單累積。

Asia-Pacific sales grew low-single-digits, driven by a strength in Japan and India, partially offset by lower sales in Korea.

亞太銷售為低個位數成長，主要由日本與印度的強勁表現帶動，但部分被韓國較低的銷售所抵消。

EMEA sales declined 4%, primarily due to weakness in the Middle East and Southern Europe.

EMEA銷售下滑4%，主要因中東與南歐疲弱。

In China, new equipment sales declined high-teens in the quarter, consistent with the backlog decline, but reflecting a slight sequential improvement.

在中國，本季新設備銷售下滑高十位數，與待執行訂單下滑一致，但較前一季略有改善。

New equipment orders declined 5% year-over-year as a double-digit growth in the Americas and low single-digit growth in EMEA were more than offset by declines in APAC due to tough compares and in China.

新設備訂單年減5%；美洲的雙位數成長與EMEA的低個位數成長，仍不足以抵消APAC因比較基期較高以及中國的下滑。

New equipment backlog increased 4% year-over-year at constant currency, 9% excluding China, providing good visibility into future sales and supporting our confidence in new equipment stability over the coming quarters.

新設備待執行訂單以固定匯率計年增4%，若不含中國則年增9%，為未來銷售提供良好能見度，並支持我們對未來幾季新設備穩定性的信心。

New Equipment operating profit of $40 million declined $30 million at constant currency and operating margin declined 220 basis points to 3.1%, in line with our expectations. The operating profit decline was driven by lower volume and favorable price and mix.

新設備營業利益為4,000萬美元，以固定匯率計減少3,000萬美元，營業利益率下降220個基點至3.1%，符合我們的預期。營業利益下滑主要由銷量下降所致，並受到有利的價格與組合影響。

Looking ahead, we remain focused on executing our priorities, managing price. Volume and cost as we navigate a dynamic new equipment market environment.

展望未來，我們仍將聚焦執行各項優先事項，管理價格、銷量與成本，以因應動態的新設備市場環境。

With a growing backlog, the China market sequentially improving and a strong market demand in many of our geographies, we are positive about the new equipment prospects going forward.

在待執行訂單成長、中國市場逐季改善，以及我們多個地區市場需求強勁的情況下，我們對新設備未來前景持正面看法。

Let me now turn it over to Judy to discuss the outlook for the remainder of the year.

接下來我把時間交給Judy，請她說明今年剩餘期間的展望。

Thank you, Cristina.

謝謝你，Cristina。

Turning to Slide 9. Our sales outlook and market expectations remain unchanged. We continue to expect the global new equipment market to stabilize with growth in all regions except China.

請看第9頁。我們的銷售展望與市場預期維持不變。我們仍預期全球新設備市場將趨於穩定，除中國外各區域皆將成長。

Our global outlook for modernization remains robust with double-digit growth across all regions. We're watching the Middle East conflict but do not expect a significant impact to our outlook.

我們對現代化改造的全球展望仍然強勁，各區域皆為雙位數成長。我們正關注中東衝突，但不預期會對我們的展望造成重大影響。

We expect net sales of $15.1 billion to $15.3 billion with organic sales growth of low to mid-single-digits.

我們預期淨銷售額為151億至153億美元，有機銷售成長為低至中個位數。

The quarter reinforced our confidence in the sales growth trajectory of the business. We continue to see strong top-line momentum, particularly across our service segment, while we take actions to strengthen service quality, backlog execution, and customer retention to sustain growth.

本季進一步強化了我們對公司銷售成長軌跡的信心。我們持續看到強勁的營收動能，特別是在服務事業部門；同時我們也採取行動強化服務品質、待執行訂單執行與客戶留存，以維持成長。

While our revenue outlook remains unchanged, our focus remains on executing the investments in service quality, balancing productivity and cost management, and converting strong demand into sustainable earnings growth over time.

雖然我們的營收展望維持不變，但我們的重點仍在於落實對服務品質的投資、在生產力與成本管理之間取得平衡，並將強勁需求隨時間轉化為可持續的獲利成長。

With that, let me turn to slide 10 and discuss the key areas of focus and the progress we're seeing.

接下來，讓我切換到第10頁投影片，討論我們聚焦的關鍵領域以及目前看到的進展。

As we have discussed earlier this year, our priorities have been clear.

如同我們今年稍早所討論的，我們的優先事項一直很明確。

Ramp up top-line growth by converting the robust modernization backlog coupled with our strong growth momentum in repair, capture the flow-through of our micro-pricing initiatives, improve service quality to strengthen retention, and execute cost reductions in non-frontline-related activities.

透過將強勁的現代化訂單積壓（backlog）結合我們在維修業務的強勁成長動能轉化為營收，以加速營收端成長；掌握我們微定價（micro-pricing）措施的傳導效益；提升服務品質以強化留存；並在非第一線相關活動中執行成本削減。

We are seeing progress in the acceleration of modern repair sales and in micro-pricing initiatives in the repair business. However, we have not yet seen a significant improvement in retention.

我們看到現代化維修銷售加速以及維修業務微定價措施的進展。然而，我們尚未看到留存率有顯著改善。

It is taking longer than expected, and because of that, we're tempering our AI micro-pricing implementation and maintenance to balance this. We expect this headwind to have about $20 million impact versus our prior outlook for the full year.

這比預期花更長時間，因此我們正在調整AI微定價在維護（maintenance）端的導入與維持力度，以取得平衡。我們預期這項逆風相較於先前的全年展望，將造成約2,000萬美元的影響。

In addition, while we've executed on our cost reduction program and expect to realize savings for the balance of the year consistent with our prior outlook, we have experienced productivity and cost impacts as discussed previously.

此外，雖然我們已執行成本削減計畫，並預期在今年剩餘期間實現與先前展望一致的節省，但如先前所述，我們也遭遇了生產力與成本方面的影響。

We estimate this headwind to have a $50 million incremental impact versus our prior full-year outlook.

我們估計這項逆風相較於先前的全年展望，將額外造成5,000萬美元的影響。

While productivity remains below our original expectations, we continue to believe that the majority of these pressures are temporary, and the actions we're taking today, together with our service operating model program, will support stronger sustained performance over time.

雖然生產力仍低於我們原先的預期，但我們仍相信這些壓力大多是暫時性的；而我們今天採取的行動，加上我們的服務營運模式（service operating model）計畫，將隨時間推進，支持更強且可持續的表現。

In summary, there are three takeaways.

總結來說，有三點重點。

Revenue growth remains strong, our service quality metrics are improving, and our operational initiatives are progressing.

營收成長依然強勁、我們的服務品質指標正在改善、而我們的營運措施也在推進。

While the timing of retention benefits has shifted and we have observed headwinds in productivity and cost, we are as confident as ever in our strategy and our service flywheel. With that, let me turn it over to Christina to summarize our financial outlook.

雖然留存效益的時點有所延後，且我們觀察到生產力與成本的逆風，但我們對自身策略與服務飛輪（service flywheel）的信心一如既往。接下來，讓我把時間交給Christina，請她總結我們的財務展望。

Thank you, Judy.

謝謝你，Judy。

Turning to our financial outlook on Slide 11.

接著看第11頁投影片的財務展望。

We now expect the asset operating profit to be in the range of down $30 million to flat on an actual currency basis.

我們目前預期資產營運利益（asset operating profit）在實際匯率基礎下，將落在年減3,000萬美元至持平的區間。

And in the range of down $45 million to $15 million at constant currency.

在固定匯率（constant currency）基礎下，則預期落在年減4,500萬美元至年減1,500萬美元的區間。

The revision reflects the retention and tempered maintenance micro-pricing impacts, as well as the productivity and cost headwinds mentioned earlier.

此次修正反映了留存與調整後的維護微定價影響，以及先前提到的生產力與成本逆風。

Our adjusted free cash flow is now expected to be between $1.5 billion to $1.55 billion, in line with the operating profit outlook change.

我們的調整後自由現金流（adjusted free cash flow）目前預期介於15億至15.5億美元，與營運利益展望的變動一致。

Moving to the 2026 EPS bridge on Slide 12.

接著看第12頁投影片的2026年EPS橋接（EPS bridge）。

The reduced operating profit outlook will result in an adjusted EPS range of $4.01 to $4.05. The change versus the previous outlook reflects the adjustments from retention, pricing, productivity, and cost, as well as a negative impact of $0.04 due to foreign exchange.

較低的營運利益展望將使調整後EPS落在4.01至4.05美元的區間。相較於先前展望的變動，反映了留存、定價、生產力與成本的調整，以及因外匯造成的0.04美元負面影響。

Providing some color on the third quarter, we expect service organic sales to remain strong at mid-single-digit growth, mainly driven by repair and modernization that will continue to grow on the back of the strong orders momentum.

補充第三季的情況，我們預期服務有機銷售（service organic sales）仍將維持強勁，呈現中個位數成長，主要由維修與現代化帶動，並將在強勁接單動能支撐下持續成長。

New equipment organic sales trend versus prior year is expected to continue to improve sequentially.

新設備有機銷售相較去年同期的趨勢，預期將持續逐季改善。

Total adjusted operating profit is expected to be flattish in the third quarter, but with the impact of tax rate calendarization, we anticipate that it will result in an adjusted EPS decline at a level similar to the first half of the year.

第三季總調整後營運利益預期大致持平，但考量稅率在年度內的分攤（calendarization）影響，我們預期將導致調整後EPS下滑，幅度與上半年相近。

For the balance of the year, we expect momentum to build in the second-half as the operational actions Judy outlined continue to take hold.

就今年剩餘期間而言，隨著Judy所概述的營運行動持續發揮效果，我們預期下半年動能將逐步增強。

Service profit should improve sequentially as productivity increases and the benefits of our initiatives begin to materialize.

隨著生產力提升以及我們各項措施的效益開始顯現，服務獲利應可逐季改善。

Together with recovering new equipment volumes, these positions us for profit growth in the fourth quarter.

再加上新設備出貨量回升，這些因素將使我們在第四季具備獲利成長的條件。

Stepping back, we recognize in the last quarters we have faced challenges in service, which we are actively working to address.

回過頭看，我們也認知到過去幾季在服務方面面臨挑戰，而我們正積極著手解決。

The execution of uplift, while setting the foundation of a stronger and more efficient operating model, did cause some disruption in service execution in 2025.

Uplift的執行在為更強且更有效率的營運模式奠定基礎的同時，也確實在2025年對服務執行造成了一些干擾。

In addition, portfolio mix has been a headwind driven by geographic mix and a recent increase in cancellations.

此外，產品組合（portfolio mix）也因地理區域組合以及近期取消量增加而形成逆風。

Uplift has been completed, and our new operating model is working and running stable.

Uplift已完成，而我們新的營運模式正在運作且維持穩定。

Taken the decision to reinvest in the core of the business, and we recognize 2026 is a year of investment.

我們已決定重新投資於業務核心，並且我們也認知到2026年是一個投資之年。

This requires a cultural shift into service quality and customer-centricity, impacting certain results.

這需要在服務品質與以客戶為中心方面進行文化轉變，並將影響部分結果。

However, we strongly believe that the investments we are making today in service excellence are creating a strong foundation for the future and, as a next step. We plan to systematically drive excellence across our 1,400 operating territories through our service operating model.

然而，我們堅信當前在服務卓越（service excellence）上的投資正在為未來建立堅實基礎；而下一步，我們計畫透過服務營運模式，在1,400個營運區域中系統性地推動卓越。

In addition to the maintenance strategy, we are excited about the sustained growth in repair and modernization that is expected to continue.

除了維護策略之外，我們也對維修與現代化的持續成長感到振奮，且預期這股成長將延續。

This and the new equipment business being back to growth in the second-half with a growing backlog.

此外，新設備業務在下半年將在訂單積壓增加的帶動下重回成長。

Us confidence that we are well positioned to sustain our industry-leading margins and capture growth for years to come.

這讓我們有信心，相信我們已具備良好定位，可維持業界領先的利潤率，並在未來多年掌握成長。

With that, I will kindly ask Krista to open the line for questions.

接下來，我想請Krista協助開放提問。

Thank you.

謝謝。

(Operator Instructions) Nigel Coe, Wolfe Research.

(接線員指示) Nigel Coe，Wolfe Research。

Thanks. Good morning, everyone. Thanks for the details on the guide.

謝謝。各位早安。謝謝你們提供關於指引的細節。

I just maybe just I think you kind of made it clear that you've dialed back on the micro pricing and but I wonder if you maybe just talk about some of the productivity headwinds that you're seeing that wasn't clear. And then maybe, Christina, could you just maybe just lay out kind of how you see the service margin progression through the balance of the year?

我想你們已經很清楚地表示你們已下調微定價的力度，但我想請你們談談一些你們看到的生產力逆風，因為這部分不太清楚。另外，Christina，你能否說明一下你對今年剩餘期間服務利潤率走勢的看法？

Thanks, Nigel. So listen, let me be clear what we're doing with the AI micro pricing. First of all, we've seen tremendous success with it in our repair business.

謝謝你，Nigel。我先把我們在AI微定價方面的作法講清楚。首先，我們在維修業務上已看到非常顯著的成功。

We see it flow through, and we see it flow through rather quickly, because from the time we take an order, we typically execute that repair backlog in a period of short, low single-digit months, one or two months, and then we see it flow through. So we're very pleased with the ability to get price there. On the maintenance side, there's really two factors going on. One, which we've always known, is most of our maintenance contracts come up every few years, so we don't have the. Opportunity to reprice them on an annual basis. So when they come up, we're trying to drive for that. But trying to balance retention rates with additional micro pricing is where we're trying to find that balance, Nigel, that says in the maintenance contract, let's see what's appropriate. We understand where our costs are and the micro pricing is giving us that detail by segmentation, but we also don't want to drive additional. Potential customers who are on the fence because of our former service quality challenges that we're now investing in, we don't want that to be the tipping point for them. So it's an account-by-account balance when we say we're kind of rebalancing that, more so than a wholesale change or a pullback.

我們看到其傳導效應，而且傳導得相當快，因為從我們接單開始，我們通常會在很短的時間內完成這些維修訂單積壓，約一到兩個月（也就是低個位數月數），然後就能看到效益反映出來。因此，我們對於在那裡取得價格的能力感到非常滿意。在維護端，主要有兩個因素同時存在。第一個是我們一直都知道的：我們大多數維護合約是每隔幾年才到期一次，所以我們沒有機會每年重新定價。因此當合約到期時，我們會努力推動重新定價。但在維護合約中，如何在留存率與額外微定價之間取得平衡，就是我們正在尋找的平衡點，Nigel；也就是說，在維護合約上，我們要判斷什麼是合適的。我們了解自身成本所在，而微定價透過分群（segmentation）提供了這些細節，但我們也不希望因為額外的定價而把一些仍在觀望的客戶推走；尤其是考量到我們過去在服務品質上曾有挑戰、而我們現在正投入改善，我們不希望這成為他們做決定的臨界點。因此，當我們說正在重新平衡時，這更像是逐一帳戶（account-by-account）的權衡，而不是全面性的改變或撤回。

Nigel, I'm complementing to your two other questions about what happened with productivity and our expectation of service ramp up, service margin ramp up in the second-half.

Nigel，我是在補充你另外兩個問題，關於生產力發生了什麼，以及我們對下半年服務爬坡、服務利潤率爬坡的預期。

So first, stepping back, we are very pleased with the service revenue take-up in the second quarter. This is in line or even above expectations. And also the investments we portrayed in the last quarter, we said $50 million this year, they are progressing exactly on plan. What we have observed in the second quarter on productivity is twofold. On the one side, as we are investing, we see the cultural shift into quality and customer-centricity that is creating some headwinds in. Productivity that we are actively addressing. The second component is temporary, that is related to the ramp-up of resources, because we are increasing the number of mechanics that we are allocating into highly skilled activities, repair and modernization, and the onboarding time is longer because of the preparation required for those activities. And second is, we have significantly accelerated execution of most 24% in the quarter in order to deliver our customer commitments, and this creates some headwinds in rate in order to have the resources available when and where needed.

首先，先退一步看，我們對第二季服務營收的採用/拉動情況非常滿意。這符合、甚至高於預期。另外，我們在上一季所提到的投資——我們說今年是5,000萬美元——正完全按計畫推進。我們在第二季觀察到的生產力情況有兩個面向。一方面，隨著我們在投資，我們看到文化正在轉向品質與以客戶為中心，這在某種程度上帶來了一些阻力。我們正在積極處理這些對生產力的影響。第二個因素是暫時性的，與資源爬坡有關，因為我們正在增加投入到高技能活動（維修與現代化改造）的技師人數，而由於這些活動需要準備，入職/上手時間更長。另外，我們在本季為了履行對客戶的承諾，將大部分24%的執行顯著加速，這也在費率上造成一些阻力，因為我們需要在需要的時間與地點確保資源可用。

Now, looking into the second-half of the year. We are very positive of our revenue growth. This is going to continue. We are expected in service approximately 6% revenue growth in the second-half of the year. The reason from 9% to 6% in the second-half is because modernization will normalize to a low-teens level.

現在，展望下半年。我們對營收成長非常正面。這將會持續。我們預期下半年服務營收約成長6%。下半年從9%降到6%的原因，是因為現代化改造將回歸到低十位數（low-teens）的水準。

Then on the new equipment side, we are also going to continue growing. In fact, we expect positive growth in Q3, and the margins have stabilized. Looking at the margins in service. When you compare first half that are around 23.1% to the second-half expected around mid-24%, this is a 150 basis point margin expansion in the second-half. Based on 80 basis points from repair price, this is happening, we see that coming in the backlog.

接著在新設備方面，我們也將持續成長。事實上，我們預期第三季會有正成長，而且毛利率已經穩定下來。再看服務的利潤率。若比較上半年約23.1%與下半年預期約24%中段，這代表下半年利潤率擴張150個基點。其中80個基點來自維修價格，這正在發生，我們在積壓訂單中也看得到。

50 basis points coming from modernization and repair volume, also happening, we have the orders in place and we have the resources to execute.

50個基點來自現代化改造與維修量的提升，也正在發生；我們已經有訂單到位，也有資源可以執行。

30 basis points is the SG&A allocation into service. You may remember that we communicated $10 million restructuring in non-frontline-related activities last quarter. This has been executed in the last two months, and we are now going to capture the benefit in the P&L.

30個基點來自將SG&A分攤到服務。你可能記得我們上一季溝通過，在非第一線相關活動上有1,000萬美元的重組。這在過去兩個月已經執行完成，現在我們將在損益表中反映其效益。

I will have a little bit of headwinds from FX because of the mix of where the FX moves are coming from.

由於匯率變動來源的地區組合，我們會受到一些匯率（FX）的逆風影響。

This is assuming the productivity headwinds we have seen in Q2 will continue in the second-half, which is an opportunity for us to address and to do better.

這是基於我們在第二季看到的生產力逆風將在下半年持續的假設；這也是我們可以著手改善、做得更好的機會。

Okay, I realized I asked a multiple question there, but maybe if I could just follow on. Christina, I just want to say congratulations on the World Cup.

好的，我意識到我剛剛問了好幾個問題，但也許我可以再追問一下。Christina，我想先恭喜你們拿下世界盃。

Huge for Spain, obviously.

對西班牙來說當然是大事。

Very important, obviously, to mention that. And then just on the retention, Judy, I think you mentioned retention is taking longer to -- improvement is taking longer to achieve. So just maybe just kind of put a bow on that point, why is it taking longer and are you still confident by your end you're going to make progress?

顯然這點非常重要，必須提一下。然後關於留存（retention），Judy，我想你提到留存改善需要更長時間才能達成。所以想請你把這點再總結一下：為什麼會花更久？你是否仍有信心在年底前會看到進展？

We're absolutely going to make progress and continue.

我們絕對會取得進展，而且會持續推進。

Nigel, you've always heard me say orders can be lumpy. Retention varies by quarter, which is why we try not to report it quarter-over-quarter, but we certainly watch it more frequently than that.

Nigel，你一直聽我說訂單可能會有波動。留存率也會因季度而異，這也是為什麼我們盡量不做逐季（quarter-over-quarter）揭露，但我們確實比那更頻繁地在追蹤。

And what we're seeing is just some we had some retention challenges, primarily in our portfolio in the Americas.

我們看到的是，我們在美洲地區的組合中，確實出現了一些留存方面的挑戰。

Was down, not significantly, but down a little, and that's why we are investing in service excellence, and we're continuing to do that throughout 2026. Because where we see we've made the investments, we're seeing at the service quality improve. That hasn't instantaneously changed the retention rate. You're talking about a portfolio of 2.5 million units with the average customer having four units across the globe. So we have a lot of customers, and we really need to drive the service operating model combined with service excellence and customer centricity, and all of that we really are convinced will show improved. Attention at year end. We understand how important that is.

有下降，不是很顯著，但確實小幅下滑；這也是為什麼我們在投資服務卓越（service excellence），並且會在整個2026年持續投入。因為在我們已投入的地方，我們看到服務品質正在改善。但這並不會立刻、瞬間改變留存率。你談的是一個包含250萬台設備的組合，全球平均每位客戶有4台設備。所以我們有很多客戶，我們確實需要推動服務營運模式，結合服務卓越與以客戶為中心；我們深信這些都會在年底呈現留存改善。我們非常清楚這有多重要。

And we did see portfolio gains in EMEA. We did see significant portfolio gains in China in high single-digits, and we did see it in Asia Pacific as well. So, we're comfortable that we have the trajectory to get there. We're also comfortable we've got the initiatives and the focus to get there. I can tell you, if you stop any OTIS colleague, who I really need to thank, our 72,000 colleagues are working diligently. Every day, but so many of them are customer-facing. And if I ask them, what do you think is most important, I think they're going to answer first, safety, because it's one of our absolutes. And the second thing they're going to say is satisfying our customers. And that's the culture change that we want to ensure endured and then we measure it through retention.

而且我們確實在EMEA看到組合成長。我們也在中國看到顯著的組合成長，達到高個位數；在亞太地區也看到了。因此，我們有信心我們的走勢能達到目標。我們也有信心我們具備相應的倡議與聚焦來達成。我可以告訴你，如果你去問任何一位OTIS同仁——我真的要感謝他們——我們72,000位同仁都在努力工作。每天如此，而且其中很多人都直接面向客戶。如果我問他們什麼最重要，我想他們第一個會回答安全，因為那是我們的絕對原則之一。第二個他們會說的是讓客戶滿意。而這就是我們希望確保能夠延續的文化改變，並且我們透過留存率來衡量。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Hey, thanks. Good morning, everyone.

嗨，謝謝。各位早安。

Judy, I just want to come back to retention for a follow-up.

Judy，我想回到留存再追問一下。

Maybe just kind of get to the root cause. Sort of the nature of my question is, right, we kind of had the retention disruption with kind of the Uplift program. There was some customer connectivity that wasn't clear until the program was executed and it caused some disruption. I sort of thought that was behind us.

也許想追到根本原因。我問題的性質是：對，我們之前因為Uplift計畫而出現留存的擾動。在計畫執行之前，有些客戶連結/互動方式並不清楚，導致了一些干擾。我原本以為那已經過去了。

So is it really you're seeing just more elasticity to price now as you're moving through this? I guess I'm not surprised retention is not going up quickly, but I'm a bit surprised that it's gone in reverse in at least a couple of places.

所以，現在真的是因為你們推進過程中看到價格彈性變大嗎？我想留存沒有快速上升我不意外，但我有點意外的是，至少在幾個地方它反而往回走了。

Yeah, listen, Jeff, it's gone in reverse in a couple places, but only by, if you look at the first half of the year, I'm not going to give you a number, but it's a small number of basis points. But you know us to be transparent. We're always going to tell you whether it's up or down and share good news and bad news, but make sure we act on it. It's not pricing elasticity. It's not ISPs gaining share. It really is, if you think about a four-year contract in North America, we still have some. Residual flow through regardless of the service excellence we're doing with some customers who are choosing to change based on multiple years.

是的，聽著，Jeff，確實在幾個地方有往回走，但如果你看上半年，我不會給你具體數字，但只是很小的幾個基點。但你也知道我們一向透明。不論是上升或下降，我們都會告訴你，好的壞的都會分享，但也會確保我們採取行動。這不是價格彈性。也不是獨立服務供應商（ISP）在搶市佔。真正的原因是，如果你想想北美的四年期合約，我們仍然有一些——不管我們在做的服務卓越如何，仍會有一些存量/殘餘效應延續，因為有些客戶是基於多年期因素而選擇更換。

We are focused on addressing that through service excellence. I think the service operating model will address that in total across the enterprise.

我們正專注於透過卓越服務來解決這個問題。我認為服務營運模式將在全企業範圍內全面解決這點。

And so these lighthouse operating territories where we've done the service excellence, you've seen the 7% gain. And the majority of those, the clear majority of those have much higher retention rates that track with those service quality metrics. But it's not what people naturally go to on price or on a different service offering from an ISP.

因此，在這些我們已推動卓越服務的示範性營運區域，你已看到7%的提升。而其中大多數——明顯多數——的留存率都高得多，且與那些服務品質指標一致。但這並不是人們在價格上，或在來自ISP的不同服務方案上，自然會優先考量的因素。

Understood. And then just a comment.

了解。然後我再補充一點。

I think that was Christina, I think she said kind of the shift to quality has negatively impacted productivity. Is that indicative of just the higher level of training or what's really sort of the root of that?

我想那是Christina，我想她提到，轉向品質在某種程度上對生產力造成了負面影響。這是否只是反映了更高程度的訓練需求，或其根本原因到底是什麼？

Well, part of the root of it is as we it's it's really interesting in our industry and again with 2.5 million units. Some are mainly Otis, but other non-Otis equipment. The equipment's aging, and we see that, obviously, through the great upside we've seen in repair and modernization revenue, and that demand is going to continue. But with that comes some more complex maintenance that has to happen on our comprehensive contracts. And so as we see that unfold, that's not so much there's some labor involved in that, and we discussed that, but there's even more material involved for some of these older these contracts where we offer comprehensive service, and we have seen inflation in repair parts. We've seen inflation in raw materials, but especially in repair and spare parts for the non-Otis equipment, we've seen pretty significant inflation, and we have our maintenance contracts for four years. So that's what we need to offset, and we've seen that because of the quality focus. So that's what we need to offset with productivity and eventually with price when that comes up for renewal.

嗯，其中一部分根本原因是——在我們這個產業裡其實很有意思，而且我們有250萬台設備。有些主要是Otis的，但也有其他非Otis的設備。設備正在老化，我們也看到了這點；當然，這也反映在我們在維修與汰舊換新收入上看到的巨大上行空間，而這項需求還會持續。但隨之而來的是，在我們的全包合約上必須進行更複雜的維護。因此，隨著這種情況展開，這不僅僅是涉及一些人力——我們也討論過——更重要的是，對於一些較舊、且我們提供全包服務的合約，所需材料更多；而我們也看到維修零件出現通膨。我們看到原物料通膨，但尤其是在非Otis設備的維修與備品零件上，我們看到相當顯著的通膨，而我們的維護合約是四年期。所以這就是我們需要去抵消的部分，而我們也因為聚焦品質而看到了這個影響。因此，我們需要透過生產力來抵消，並最終在合約到期續約時透過價格來反映。

Understood. Thank you very much.

了解。非常感謝。

Alexander Virgo, Evercore ISI.

Alexander Virgo，Evercore ISI。

Yeah, thanks very much. Good morning, ladies. I wondered if you could just expand a little bit on this tempering of micro pricing point.

好的，非常感謝。各位女士早安。我想請你們再多談一點關於「微定價」這點降溫（tempering）的情況。

I think Jeff was talking or alluding to the fact that maybe you've got a bit of price sensitivity and it sounds like you've still got a bit of a hangover from this sort of legacy customer quality issues. I'm just wondering how much of this is a sort of a.

我想Jeff提到或暗示，可能存在一些價格敏感度，而且聽起來你們仍受到一些過去客戶品質問題的後遺症影響。我只是想知道，這在多大程度上是一種……

A function of you trying to push the price up and discovering that actually these guys are going to walk away, so you're going to just temper that, and that's what tempering means.

……你們試圖把價格往上推，結果發現其實這些客戶會選擇離開，所以你們就會把幅度放緩，而這就是「降溫」的意思。

I wondered if you could talk a little bit about what you were expecting before versus what you expect now, because it feels like it's quite a big swing.

我想請你們談談，你們原先的預期與現在的預期有何不同，因為感覺這是一個相當大的轉變。

So if you could expand on that would be super helpful. And just as a follow-up on the service margins, Christina, thank you for all of the detail on that. That's super helpful. I just wanted to clarify, ultimately, you talked about productivity headwinds remaining in the second-half, despite all of the other things you talked about as a tailwind. So as we roll into 2027.

如果你們能就此多做說明會非常有幫助。另外，關於服務毛利率的追問，Christina，謝謝你提供這麼多細節。這非常有幫助。我只是想釐清：最終你提到，儘管你談到其他因素是順風，但下半年仍會有生產力的逆風存在。因此，當我們進入2027年時……

What would we what should we be thinking about in terms of these productivity headwinds, the $50 million as we look to '27?

就這些生產力逆風而言，當我們展望到2027年時，對於那5,000萬美元，我們應該如何看待？

Alex, thanks for the two questions. Let me address first the pricing question. So first clarifying that we are executing our usual price increase in maintenance stable as we have done before. This year, our goal was on top of the usual price increase, we wanted to add micro pricing that we knew in maintenance was going to take longer. Because of the time of the negotiation of the price adjustment and the time to penetrate the base.

Alex，謝謝你這兩個問題。我先回答定價的問題。首先澄清，我們正在如同以往一樣，執行維保業務的例行漲價。今年，我們的目標是在例行漲價之外，再加入我們知道在維保端需要更長時間才能落地的微定價。因為價格調整的談判時間，以及滲透到存量客戶基礎所需的時間。

Repair is working exactly as we expected and you may remember, we said we're going to have $50 million incremental price impact this year, $35 million were from repair, this is in the outlook and is unchanged.

維修端的進展完全符合我們的預期；你可能還記得，我們說今年會有5,000萬美元的增量價格影響，其中3,500萬美元來自維修，這已反映在展望中且沒有改變。

It's the $15 million coming from maintenance that we are kind of balancing out with where we see the cancellation. The good thing of micro-pricing is we can be very targeted. We are not increasing the same price to everyone. So, we are only tempering in those customers where we see the quality indicators are not there. We are not pushing those initiatives on top of the incremental price increase that we always have because of inflation. So, it's just the upside from micro-pricing that is coming later. Because we are prioritizing potential.

我們正在把來自維保的1,500萬美元，與我們看到的取消（解約）情況做平衡。微定價的好處是我們可以非常有針對性。我們不是對所有人都提高相同的價格。因此，我們只在那些我們看到品質指標尚未到位的客戶上進行降溫。我們不會在既有因通膨而每年都會有的增量漲價之上，再對這些客戶推進這些措施。所以，只是微定價帶來的上行效益會更晚才顯現。因為我們正在優先考量潛在的……

Now, moving to the service marking question and what it means for 2027. I want to reinforce the point that we are still very confident that our investment thesis on the flywheel remains unchanged. We are a strong generator of profit and cash flow, and we are very encouraged by the revenue take-up. And that's going to continue over time because we see an ongoing orders intake in repair and modernization of around load-to-meet teams in the case. Of more hire than repair.

接著談服務毛利率的問題，以及這對2027年的意涵。我想再次強調，我們對於飛輪投資論點仍然非常有信心，且這一點沒有改變。我們具備強勁的獲利與現金流創造能力，而我們也對營收的承接情況感到非常鼓舞。而這會隨時間持續，因為我們看到維修與汰舊換新持續的接單動能，大約在……在這個案例中是load-to-meet teams。在更多的hire而非repair的情況下。

While we have those orders, we are also building up the operational machine. We are ramping up resources in order to execute sustainably this ongoing growth in sales. While we ramp up those resources and we also invest in the core of the maintenance business, we have seen some short-term headwinds in our results because of the cost to ramp up. But we are confident that we can address them because we have a great track record of addressing efficiency, productivity on the field. And that's what we are going to do going forward.

在我們擁有這些訂單的同時，我們也在打造營運機器。我們正在擴增資源，以便可持續地執行這種持續的銷售成長。在我們擴增這些資源、同時也投資於維保業務核心之際，由於擴編成本，我們在短期內於業績上看到一些逆風。但我們有信心可以解決，因為我們在提升現場效率與生產力方面有很好的過往紀錄。而這就是我們接下來要做的。

So now looking into '27, you can expect an ongoing revenue growth.

因此展望到2027年，你可以預期營收將持續成長。

New equipment is going to grow because we have a growing backlog, and we will see the growth happening in the second-half of the year. We'll see service ongoing growth.

新設備將會成長，因為我們的在手訂單正在增加，而且我們會在下半年看到成長發生。我們也會看到服務持續成長。

On the profit side, new equipment margins should gradually get better.

在獲利方面，新設備的毛利率應會逐步改善。

And on the service side, you are going to see the ramp up in the second-half of the year. Service margins are going to expand. We will come back to you on your time on precise guidance for 2027.

而在服務方面，你會在下半年看到擴編效應。服務毛利率將會擴張。至於2027年的精確指引，我們會在適當時點再向你們更新。

Yeah, Alex, let me add just some color here and some commentary. And, as we were preparing for this, and Christina said, and you think about the five years since SPIN, we do know how to manage productivity, operational effectiveness. We've shown that within multiple headwind scenarios, whether it was COVID or something else or supply chain challenges, we. We know how to do that.

是的，Alex，我在這裡補充一些背景說明和評論。而且，在我們準備這次內容時，正如Christina所說，回想自SPIN以來的五年，我們確實知道如何管理生產力與營運效能。我們已經證明，在多種逆風情境下，不論是COVID或其他因素或供應鏈挑戰，我們都能做到。我們知道怎麼做。

I hope you all realize we recognized that we were going to see an increased demand signal in our markets, in the elevator and escalator markets that's a little unprecedented for at least the past, let's just say, decade. We saw that the service business was going to ramp up due to the aging of equipment, and we knew we needed to prepare for that. That's a different type of muscle and culture and process to be able to simultaneously globally handle the ramp up of a service business, whether it's through our workforce, whether it's through tools and technologies. But we started investing by hiring mechanics well over a few years ago. We brought on about a thousand each year. We're continuing to do that. We've put training programs in place. The investments we've made in service excellence. Are for preparing for the future, but also reacting to our retention that went down at the end of '24. And I just want you to understand the ramp we're on and why we're investing this year and actually why we took the outlook down. I think it's important for everyone. As we look at 2025 in service on the top-line.

我希望各位都明白，我們早就意識到，我們的市場將出現更強的需求訊號，在電梯與手扶梯市場，這種情況至少在過去——就說十年吧——是相當前所未見的。我們看到，隨著設備老化，服務業務將會加速成長，而我們知道必須為此做好準備。要能在全球同時承接服務業務的加速擴張，不論是透過人力、工具或技術，這需要不同的能力、文化與流程。但我們早在幾年前就開始投資，透過招募維修技師。我們每年大約新增一千名。我們會持續這麼做。我們也已建立訓練計畫。我們在服務卓越上的投資，一方面是為未來做準備，另一方面也是因應我們在'24年底留任率下滑的情況。我只是希望各位理解我們目前所處的擴張坡道，以及為什麼我們今年要投資、也為什麼我們下調了展望。我認為這對大家都很重要。當我們看2025年服務業務的營收（top-line）時。

Our maintenance for the year was up 2.5%, repair was up 5.3%, and mod was up 9.3%.

我們今年的維保成長2.5%，維修成長5.3%，改造（mod）成長9.3%。

This quarter alone, maintenance was up 3%, repair was up 12%, and standout on mod on 24%. I don't believe it'll stay at that level. I think it'll come back, normalize a little into the 10s.

單就本季而言，維保成長3%，維修成長12%，而改造（mod）表現突出，成長24%。我不認為它會維持在這個水準。我認為它會回落，稍微正常化到10%出頭的區間。

But that was the ramp we knew was coming. And it's not a short-term ramp. It's not a few quarter ramp. This is a multi-year into the 2030s ramp as we see all this equipment aging. So this was our time to prepare. And this is what we're doing with the service operating model. This is how we're getting ready. Like many other industries are getting ready for technology change and everything else. This is our industry's time, and this is how Otis decided to invest and to lead. We understand that bringing the outlook down is not ideal. And while we're making these investments, we have seen increased costs in material, in labor, and we haven't been able to recover that fully in pricing. We understand that. But these investments will prepare us not just for '26, but for '27 through 2030 and beyond, because the demand. Signal is there. I couldn't be more pleased with the top-line and what we've been able to show. We have not had results like this previously. That is going to continue, plus or minus a point or two. That is going to continue as we go through the year and through the out years. And again, we'll share more outlook in '27.

但這正是我們知道即將到來的加速成長。而且這不是短期的加速。不是只有幾個季度的加速。隨著所有這些設備老化，這是一個跨多年、一路延伸到2030年代的加速成長。所以現在就是我們準備的時機。這也是我們在服務營運模式上所做的事。這就是我們如何做好準備。就像許多其他產業正在為技術變革與其他變化做準備一樣。這是我們產業的時刻，而這就是Otis選擇投資並引領的方式。我們理解下調展望並不理想。而在我們進行這些投資的同時，我們也看到材料與勞動成本上升，而我們尚未能在定價上完全回收。我們理解這一點。但這些投資不只讓我們為'26做準備，也為'27到2030及更長遠做準備，因為需求訊號確實存在。我對營收表現以及我們所展現的成果感到非常滿意。我們過去從未有過這樣的結果。這將會持續，可能上下差一到兩個百分點。隨著我們走過今年以及未來幾年，這都將持續。再次強調，我們會在'27分享更多展望。

Very helpful. Thank you very much.

非常有幫助。非常感謝。

Varun Govindaraj, Bernstein.

Bernstein的Varun Govindaraj。

Thank you. Good morning, Judy, Christina and Melda.

謝謝。早安，Judy、Christina和Melda。

Quick question, just touching on the EPS number again. When we look at that $0.20 that you sort of cut for the back half of the year, obviously, you've talked a bit about that being the mix. Are there any investments sort of baked into that as well? I'm just trying to get a sense of how much of this is structural versus how much of this is temporary. And I know we talked about it a little bit, but any clarity you can share on the numbers would be super helpful.

簡單問一下，再回到EPS數字。當我們看你們把下半年大約下修的那0.20美元時，顯然你們提到其中一部分是組合（mix）因素。那裡面是否也包含任何投資的影響？我只是想了解，這裡面有多少是結構性的、又有多少是暫時性的。我知道我們稍微談過，但你能在數字上提供任何更清楚的說明都會非常有幫助。

So, Barun, on the investments, we communicated in Q1 $50 million investments fivefold. This is included in the outlook and it's progressing as we said. Out of the 50, we have invested 15. Each quarter in Q1, Q2, so $30 million in the first half of the year, and we expect another $20 million in the second-half of the year. Now, moving into the productivity headwinds, and we are now anticipating another 50, FIFO, incremental to the previous outlook.

所以，Barun，關於投資部分，我們在Q1已溝通過5,000萬美元的投資，分成五個面向。這已納入展望，而且正如我們所說正在推進。在這5,000萬之中，我們已投資1,500萬。Q1、Q2每季各投入1,500萬，所以今年上半年合計3,000萬美元，我們預期下半年再投入2,000萬美元。現在，談到生產力逆風，我們目前預期還會再增加5,000萬（FIFO），相較於先前展望的增量。

30 out of that is temporary because it relates to the ramp-up of resources and the higher rate in order to accelerate execution. 20 relates to what Judy mentioned before about inflation, material, that we are investing in order to drive quality up in our service excellence program. And we are going to address this productivity and incremental material cost with our service operating model program.

其中3,000萬是暫時性的，因為它與資源擴編以及為了加速執行而採用更高費率有關。2,000萬則與Judy先前提到的通膨、材料相關，我們為了在服務卓越計畫中提升品質而進行投資。而我們將透過服務營運模式計畫來因應這些生產力問題與額外的材料成本。

Got it. Super helpful. And then quick follow-up in terms of hiring.

了解。非常有幫助。接著關於招募再追問一下。

How's that looking for the back half of the year? Do you sort of have the headcount that you're looking for? Are you still trying to pull talent? I know that this is a tough environment for technical talent more broadly, just given the amount of demand, but how are you sort of thinking about that?

下半年招募情況如何？你們是否已經達到想要的人力編制？還是在持續延攬人才？我知道在整體上技術人才的環境很吃緊，因為需求量很大，但你們是怎麼看這件事的？

Yeah, the way we're thinking about it, so I always try to remind people that we have a professional.

是的，我們的思考方式是這樣：我總是提醒大家，我們有一個專業的。

Skilled trade, that is not something that moves to become electricians or welders or something. Our mechanics, they train, they are true professionals, and they stay in this industry for the majority of their careers. So we're not competing with the buildup of data centers that's grabbing a lot of other skilled trades. As a matter of fact, our data center business, especially in the Americas, has been up significantly.

熟練技術工種，這不是那種會轉去當電工或焊工之類的工作。我們的技師會受訓，他們是真正的專業人士，而且在職涯的大部分時間都會留在這個產業。所以我們並不是在和資料中心建設潮競爭——那正在吸走許多其他熟練工種。事實上，我們的資料中心業務，尤其在美洲地區，已大幅成長。

So we're not competing with that, but we are competing with all of the other challenges that with an aging population versus less availability of people who want to go into trades, we are focused on that.

所以我們不是在跟那個競爭，但我們確實面臨其他挑戰：人口老化、而願意投入技術工種的人變少，因此我們正聚焦在這一點。

Our hiring is pretty geographically dispersed. It ranges from Asia-Pacific markets to EMEA markets to the Americas. Obviously, China is at a stable point, and many of our China field teams actually support us in the rest of the globe as we go through surges. They become field traveling teams.

我們的招募在地理分布上相當分散。涵蓋亞太市場、EMEA 市場以及美洲。顯然，中國目前處於穩定狀態，而我們許多中國的一線團隊在我們因應各地需求高峰時，實際上也支援全球其他地區。他們會成為外派巡迴的一線支援團隊。

Yeah, we're not concerned. We said we would think this year would end about where we've ended the last two years, around that plus 1,000. We're well on track for that. We're controlling voluntary attrition to the best of our ability with our mechanics because that's the best place is to retain mechanics. We obviously have mechanics who are retiring, but we have just as many mechanics in zero to five years with us as we do in 30 years plus. So we've got a nice distribution. We're not seeing.

是的，我們不擔心。我們說過，我們預期今年年底大致會落在過去兩年結束時的水準，大約是淨增加 1,000 人左右。我們目前進度非常符合預期。我們正透過各項機制，盡最大努力控制自願離職率，因為最好的做法就是留住技師。當然有一些技師退休，但我們在任 0 到 5 年的技師人數，與在任 30 年以上的技師人數一樣多。所以我們的人才年資分布很均衡。我們沒有看到。

A cliff with huge retirements, but we're balancing that in these 1,400 operating territories on a real-time basis. And then, obviously, as we bring new mechanics on, some are skilled. They're coming from other competitors and other companies. Others are brand new into the industry. And that's the mix where we're trying to address the more complex repair and mod growth versus the skills required for maintenance.

出現大量退休造成的斷崖式下滑，但我們在這 1,400 個營運區域中以即時方式進行平衡調度。另外，隨著我們招募新技師加入，其中一些是熟練技師。他們來自其他競爭對手與其他公司。也有一些是剛進入這個產業的新手。而我們要處理的就是這樣的組合：在更複雜的維修與改造（MOD）成長，與維保所需技能之間取得平衡。

Appreciate the color.

感謝提供這些補充說明。

Thank you so much.

非常感謝。

You bet. Thanks, Varun.

沒問題。謝謝你，Varun。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Yeah, thanks. Good morning.

是的，謝謝。早安。

Good morning.

早安。

Just on the kind of bridge to get to what you guys had talked about for 3Q and 4Q, Christina, is it possible to give some color around the exit rate on service margins? My math is kind of telling me that you have to exit around mid-20s to get back to profit growth in the fourth quarter, but if you could confirm that. And then I guess if we could talk through some of the major bridging items that drive the improvement in service margins from 2Q to 4Q?

就你們先前談到的 3Q 和 4Q 的走勢來看，Christina，是否可以補充一些服務毛利率（service margins）在期末（exit rate）的情況？我自己算下來，為了在第四季回到獲利成長，你們期末可能需要落在 20% 中段左右；想請你確認一下。另外，也想請你帶我們梳理一下，從 2Q 到 4Q 服務毛利率改善的幾個主要橋接項目是什麼？

Sure, Nicole. So, first, some color on Q3 and Q4. On Q3, we expect service revenues to grow around 6%, which would be maintenance and repair around 5% and low-teens in modernization. We expect margin rates to gradually ramp up. In Q3, it will be around mid-24%. And on the new equipment side, we will move into growth, and it will be around low-single-digit growth in the quarter, and growth will be in line with. With the second quarter. So overall, as I said before in the script, is operating profit flat, although EPS will be down because of the calendarization of the tax initiatives in the year that are very backloaded into Q4.

當然可以，Nicole。先補充一些關於 Q3 和 Q4 的資訊。Q3 我們預期服務營收成長約 6%，其中維保與維修約 5%，而現代化改造（modernization）則是低十幾%的成長。我們預期毛利率會逐步爬升。Q3 大約會在 24% 中段左右。而在新設備端，我們將轉為成長，單季約為低個位數成長，且成長幅度將與。第二季一致。因此整體而言，如同我先前在講稿中提到的，營業利益大致持平；不過 EPS 會下滑，原因是年度稅務措施的時點分攤（calendarization）影響，且這些影響高度集中在 Q4。

Now, your maths were correct. In Q4, we expect operating profit growth on the back of ongoing growth in the equipment with more or less stable margins, ongoing growth in service. Revenues, also around 6%, but with another ramp-up in service rows. So the ramp-up is essentially coming from repair price that is in the backlog. So we see it's just a matter of executing this backlog. It's about the acceleration of modernization and repair volumes also in the backlog.

你的計算是正確的。Q4 我們預期營業利益會成長，主要來自設備端持續成長且毛利率大致穩定，以及服務端持續成長。營收同樣約 6%，但服務 ROS 會再進一步爬升。這個爬升主要來自已在訂單積壓（backlog）中的維修價格。因此我們看到，這基本上就是執行這些 backlog 的問題。同時也包括 backlog 中現代化改造與維修量的加速釋放。

SG&A will be reduced, so the growth we have seen in the first half will be lower in the second-half, because we will see the flow-through of the restructuring actions activated in the last two months, and we have some headwinds on FX compared to the first half. So that will end in the around 25% margin by Q4, that will be for the full year, at that's below 24% for SERVICE ROS.

SG&A 將會下降，因此我們在上半年看到的成長幅度，在下半年會較低，因為我們會看到過去兩個月啟動的重整措施所帶來的效益逐步反映，同時相較上半年，匯率（FX）也會帶來一些逆風。因此到 Q4，全年大約會落在 25% 左右的毛利率，而服務 ROS 則會低於 24%。

Okay, understood. That makes sense. Thanks, Christina. And I guess just kind of back on the price cost point, steel costs have continued to go up alongside what's happening with your pricing and micro pricing initiatives. How are you guys thinking about the impact of price cost in 2027? Is that when we start to see the impact of this steel inflation come through based on the timing of your steel purchases, and how confident are you that you can pass that through via price, or is it possible that price cost could be a. Challenge in '27.

好的，了解。這樣就說得通了。謝謝你，Christina。另外再回到價格與成本（price/cost）的問題：鋼材成本持續上升，同時你們也在推進定價與微定價（micro pricing）措施。你們如何看待 2027 年價格/成本的影響？是否會因為鋼材採購時點的關係，到 2027 年才開始看到這波鋼材通膨的影響反映出來？你們對於能否透過價格把成本轉嫁出去有多大把握？還是說 2027 年價格/成本可能會成為一個。挑戰？

Listen, we're not going to give you a guide to '27, but I think it's important to understand that from a commodities perspective, we have locked in the majority, almost 98% of our commodities globally for the rest of this year. And where that impacts is not just on new equipment, but on MOD. So it's in both segments and/or a sub-segment, if I may.

聽著，我們不會給你 2027 年的指引，但我認為重要的是要理解：就大宗商品而言，我們已在全球鎖定了今年剩餘期間的大部分，幾乎 98% 的大宗商品成本。而其影響不僅在新設備，也在 MOD（改造）。所以它涵蓋兩個事業部門，或者如果我可以這麼說，也涵蓋某些子部門。

Listen, we have the ability. To price and to have that flexibility as needed and have discussions with customers. We had that when the Middle East flared and we needed to raise prices besides the normal price adjustments we get on service.

另外，我們有能力。在需要時進行定價並保有彈性，並與客戶進行討論。當中東局勢升溫、我們需要在服務例行調價之外再提高價格時，我們也曾做到過。

So '27, we will continue to monitor. We'll lock in early for '27, if it makes sense. We continuously review this, and we do this local for local.

至於 2027 年，我們會持續監控。如果合理，我們也會提早為 2027 年鎖定。我們會持續檢視，而且我們採取在地供應在地（local for local）的方式。

Remember, we manufacture local for local, and while we may have global purchasing agreements, they do get implemented on a local basis at our 16 manufacturing facilities. So we're going to continue to watch that. Our raw material costs typically are $600 million to $700 million a year.

請記得，我們是本地製造供應本地；即使我們可能有全球採購協議，最終也會在我們 16 座製造工廠以在地方式落地執行。所以我們會持續關注這件事。我們的原材料成本通常每年約 6 億到 7 億美元。

So it's not a huge number for us because so much of our revenue and our profit especially is in the service side. So we think we know we have this year covered and we're preparing already and evaluating '27 with actions now. It's all about supply chain resilience, it's all about productivity and obviously getting material productivity from our suppliers and we've shown we know how to do this in the past and you're going to see that again in '27.

所以對我們來說這不是一個很大的數字，因為我們的營收與尤其是獲利，很大一部分來自服務端。因此我們認為今年已經有覆蓋到位，而我們也已經在準備並評估 2027 年，現在就開始採取行動。這關乎供應鏈韌性、關乎生產力，當然也包括從供應商端取得材料生產力；我們過去已證明我們知道怎麼做，而你們在 2027 年也會再次看到。

Very clear. Thanks, Judy. I'll pass it on.

非常清楚。謝謝你，Judy。我把問題交給下一位。

Lewis Merrick, BNP Paribas.

Lewis Merrick，法國巴黎銀行（BNP Paribas）。

Yeah, good morning.

是的，早安。

Thank you for taking my questions. If you could just go back quickly to the Q3 operating profit. You said that in Q3 operating profit should be flat sequentially, just want to confirm that.

謝謝讓我提問。如果可以的話，想請您快速回到第三季（Q3）的營業利益。您說第三季的營業利益按季應該持平，我只是想確認一下。

Yeah, I said, Lewis, I said flat versus the prior year.

是的，我說的是，Lewis，我說的是相較去年同期持平。

Oh, okay, fine.

喔，好的，了解。

And then on the new equipment, I mean, during the quarter, it looks like you've maybe lost some different market share based on the old intake. What have you really drained about, price and competition, one-off issue or something else?

另外關於新設備，我是說，在本季期間，看起來你們可能基於舊的接單量而流失了一些不同的市占。你們真正的壓力來源是什麼？價格與競爭、一次性因素，還是其他原因？

Yeah, Louis, I don't think we lost market share in the quarter. Our backlog is actually up 4%.

是的，Louis，我不認為我們在本季流失市占。我們的在手訂單（backlog）實際上成長了4%。

If you look at new equipment for us, standout performance in North America yet again for the eighth straight quarter, where their orders were up 15% again.

如果你看我們的新設備，北美再次表現突出，已連續第八個季度，訂單又成長了15%。

After a strong 24% in the first quarter. And I'm really thrilled to share that we are just honored. Most recently, we were announced our partnership in collaboration with Silverstein Properties and Turner Construction, where we secured 60 elevators and escalators to World Trade. China, new equipment is in line with us. As a matter of fact, everything China this quarter was as expected, whether it was the market or how Sally and the team performed. It was exactly as we expected in new equipment, and it's in line, and as you see with our new equipment service, our leased down in nine quarters, we really are starting to see that pickup.

在第一季強勁成長24%之後。我也非常高興分享，我們深感榮幸。最近我們宣布與Silverstein Properties及Turner Construction合作的夥伴關係，我們拿下了世貿（World Trade）的60台電梯與手扶梯訂單。中國方面，新設備與我們的預期一致。事實上，本季所有中國相關表現都符合預期，不論是市場狀況或Sally與團隊的執行。新設備完全如我們所預期、也與趨勢一致；而且如你所見，我們的新設備服務在連續九個季度下滑後，確實開始看到回升。

In Asia Pacific, we had two major projects in India and in Singapore last year. So it's a compare issue there, which is why the new equipment orders look down.

在亞太地區，去年我們在印度與新加坡有兩個大型專案。因此那裡是比較基期的問題，這也是為什麼新設備訂單看起來下滑。

So I'm confident in new equipment. I don't believe it's -- we compete with ISPs. They're not taking our share anywhere we can see.

所以我對新設備很有信心。我不認為是——我們確實與獨立服務商（ISP）競爭。但就我們所能看到的，他們並沒有在任何地方搶走我們的市占。

And we're going to continue to -- again, we always knew we would get to a place in new equipment. It's taken us a while, it's taken the market a while to where we can have that ability to finally grow again and not have the headwind of new equipment. That's what you're going to see in the second-half of the year with a 10% up in the Americas in the second quarter and that continuing because we've had eight straight quarters of new equipment growth.

而我們會持續——再說一次，我們一直都知道新設備終將走到某個階段。只是花了些時間，也花了市場一些時間，讓我們終於能再次成長，而不再受到新設備的逆風影響。你會在下半年看到這點：第二季美洲新設備成長10%，而且會延續，因為我們已連續八個季度新設備成長。

Just one other comment on -- and let me just correlate it to MOD in case you had the question there. Our backlog is up 26%.

另外再補充一點——我也把它和MOD（現代化改造）連結起來，以防你也想問這部分。我們的在手訂單成長了26%。

Which is still a tremendous backlog. And we need to execute it. We need to convert it. And we showed we could do that with 24% this quarter. But no one's taken share from us in MOD right now. Our China MOD orders were up over 100%, some of that due to the bond stimulus, but also due a tremendous project called Tenjin 117, where we're going to supply 250, over 250 elevators and escalators to the tallest current construction. Modernization site in China. So that's going to get converted as we go through the year. The compare is going to be tougher on the mod stimulus because it was more second-half loaded last year, but you're going to see strong mod performance through the back of the year. And mod waters, we had a couple of tough compares second quarter last year, had a great large commercial win in the U.S. And another large commercial win in Australia. And so it would have been double-digits without it, but we don't. Support that way. I just want you to understand the bridge.

這仍然是非常可觀的在手訂單。而我們需要把它執行出來。我們需要把它轉化為營收。而本季我們以24%的表現證明我們做得到。但目前在MOD方面，沒有人從我們手上搶走市占。我們中國的MOD訂單成長超過100%，其中一部分來自債券刺激政策，但也因為一個非常重大的專案Tenjin 117，我們將為目前中國最高在建的現代化改造工地供應250台以上的電梯與手扶梯。中國的現代化改造工地。因此，這些會在今年逐步轉化。由於去年MOD刺激較集中在下半年，因此比較基期會更具挑戰，但你會在今年下半年看到強勁的MOD表現。至於MOD訂單，我們去年第二季有幾個較難的比較基期：在美國拿下了一個很大的大型商用案，另外在澳洲也拿下另一個大型商用案。所以如果沒有那些案子，本來會是雙位數成長，但我們沒有。以那種方式支撐。我只是希望你能理解這個銜接（bridge）。

Yeah, that's perfect.

是的，這樣很清楚。

Thank you very much.

非常感謝。

Thanks, Liz.

謝謝，Liz。

And that concludes our question-and-answer session. I will now turn the conference back over to Judy Marks for closing comments.

以上為我們的問答環節。接下來我將把電話會議交回給Judy Marks作結語。

Thank you, Krista. In 2026, we are investing in capabilities to accelerate our top-line growth and profitability.

謝謝你，Krista。在2026年，我們正投資於各項能力，以加速我們的營收成長與獲利能力。

Together with fundamental tailwinds of the aging installed base, Otis is well positioned to deliver attractive, sustainable long-term shareholder value through our service business.

在已安裝設備基礎老化等根本性順風的推動下，Otis透過我們的服務業務，具備良好條件為股東創造具吸引力、可持續的長期價值。

Thank you all for joining us today. Please stay safe and well.

感謝各位今天與會。請大家注意安全、保重健康。

And ladies and gentlemen, this does conclude today's conference call.

各位女士先生，今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝各位的參與，現在可以掛線。