濱特爾 (PNR) 2025 Q3 法說會逐字稿

Welcome to the Pentair third quarter 2025 earnings conference call. (Operator Instructions) Please also note today's event is being recorded. At this time, I would like to turn the floor over to Shelly Hubbard, Vice President, Investor Relations. Please go ahead.

歡迎參加濱特爾公司2025年第三季財報電話會議。（操作說明）也請注意，今天的活動正在錄製中。此時，我想把發言權交給投資人關係副總裁雪莉‧哈伯德。請繼續。

Thank you, operator, and welcome to Pentair's third quarter 2025 earnings conference call. On the call with me are John Stauch, our President and Chief Executive Officer; and Bob Fishman, our Chief Financial Officer.

謝謝接線員，歡迎參加濱特爾公司2025年第三季財報電話會議。與我一同通話的有我們的總裁兼執行長約翰·斯陶奇，以及我們的財務長鮑勃·菲什曼。

On today's call, we will provide details on our third quarter performance as outlined in this morning's press release. On the Pentair Investor Relations website, you can find our earnings release and slide deck, which is intended to supplement our prepared remarks during today's call and provide a reconciliation of differences between GAAP and non-GAAP financial measures that we will reference.

在今天的電話會議上，我們將詳細介紹我們第三季度的業績，詳情已在今天早上的新聞稿中概述。在 Pentair 投資者關係網站上，您可以找到我們的收益報告和幻燈片，旨在補充我們今天電話會議上的發言，並提供我們將要引用的 GAAP 和非 GAAP 財務指標之間的差異的調節表。

The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's performance in addition to the impact these items and events have on the financial results.

所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列出這些項目是為了幫助投資者進一步了解公司的業績以及這些項目和事件對財務結果的影響，作為額外的說明性內容。

Before we begin, let me remind you that during our presentation today, we will make forward-looking statements, which are predictions, projections or other statements about future events. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Pentair. These risks and uncertainties can cause actual results to differ materially from our current expectations.

在開始之前，請允許我提醒各位，在今天的演講中，我們將做出一些前瞻性陳述，即對未來事件的預測、展望或其他陳述。聽眾請注意，這些聲明存在一定的風險和不確定性，其中許多風險和不確定性難以預測，並且通常超出 Pentair 的控制範圍。這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。

We advise listeners to carefully review the risk factors in our most recent Form 10-Q and Form 10-K. Please note that during the presentation today, we'll be making references to record financial results. These references reflect the time period post the invent separation in 2018, unless noted otherwise.

我們建議聽眾仔細閱讀我們最新的 10-Q 表格和 10-K 表格中的風險因素。請注意，在今天的演示中，我們將提及已公佈的財務表現。除非另有說明，否則這些參考文獻反映的是 2018 年 Invent 分拆後的時間段。

Following our prepared remarks, we will open the call up for questions. Please limit your questions to two and reenter the queue to allow everyone an opportunity to participate. I will now turn the call over to John.

在宣讀完準備好的演講稿後，我們將開放提問環節。請將問題數量限制在兩個以內，並重新排隊，以便每個人都有機會參與。現在我將把通話轉給約翰。

Thank you, Shelly, and good morning, everyone. Thank you for joining us today. Please turn to the executive summary on slide 8. In Q3, we delivered sales growth and a record third quarter across adjusted operating income, return on sales and adjusted EPS. Sales increased 3%, driven by our pool and flow segment. Adjusted operating income increased 10%. ROS expanded 160 basis points to 25.7% and adjusted EPS rose 14% to $1.24.

謝謝你，雪莉，大家早安。感謝您今天蒞臨。請翻到第 8 頁的執行摘要。第三季度，我們實現了銷售成長，調整後營業收入、銷售回報率和調整後每股收益均創下第三季歷史新高。銷售額成長了 3%，主要得益於泳池和流動產品業務的成長。調整後營業收入成長10%。ROS 成長 160 個基點至 25.7%，調整後每股盈餘成長 14% 至 1.24 美元。

In September, we acquired Hydro-Stop, a leading specialty valve solutions provider for water infrastructure for approximately $292 million in cash or $242 million, net of the anticipated $50 million of tax benefit. This acquisition enhances our commercial flow business with a strong financial profile and strategic fit. We are excited to welcome the Hydro-Stop team and their customers to Pentair.

9 月，我們收購了 Hydro-Stop，這是一家領先的水基礎設施專用閥門解決方案供應商，收購價約為 2.92 億美元現金，或扣除預計 5,000 萬美元稅收優惠後的淨價 2.42 億美元。此次收購將增強我們的商業流通業務，使其財務狀況穩健，且策略契合度更高。我們非常高興地歡迎 Hydro-Stop 團隊及其客戶加入 Pentair。

Year-to-date, we delivered record free cash flow, and we repurchased $175 million of shares. Lastly, we are increasing our full year guidance, driven by a strong third quarter and continued confidence in our execution. We now expect sales growth of approximately 2% and adjusted EPS of approximately $4.85 to $4.90, up 12% to 13% from 2024.

今年迄今為止，我們實現了創紀錄的自由現金流，並回購了價值 1.75 億美元的股票。最後，由於第三季業績強勁，以及我們對自身執行力的持續信心，我們提高了全年業績預期。我們現在預計銷售額將成長約 2%，調整後每股收益約為 4.85 美元至 4.90 美元，比 2024 年成長 12% 至 13%。

Let's move to the strategic overview on slide 9. Over the last three years, our teams have successfully implemented our transformation initiative while continuing to drive strong execution, leading to robust margin expansion. As we enter 2026, we feel confident that we've developed a flywheel that we expect will continue to drive efficiencies, opportunities and profitability.

接下來我們來看第 9 頁的策略概述。過去三年，我們的團隊成功實施了轉型計劃，並持續推動強有力的執行，從而實現了強勁的利潤成長。展望 2026 年，我們有信心已經建立起一個良性循環，我們預計它將繼續推動效率提升、機會增加和盈利能力提高。

Our 80/20 actions are well underway and show early signs of success in driving top line growth. Our businesses are in various stages of implementation on this multiyear journey. We plan to share more insights with you on our 80/20 actions at an upcoming Investor Day in March. We continue to invest in focused growth initiatives where we see great opportunities to drive near-term and long-term growth. We are also investing in innovation through digital and product technology.

我們的 80/20 行動正在順利進行，並已初步顯示出在推動營收成長方面取得成功的跡象。我們的業務正處於這項多年計劃的不同實施階段。我們計劃在三月即將舉行的投資者日活動上與您分享更多關於我們 80/20 行動的見解。我們將繼續投資於那些我們認為能夠推動近期和長期成長的巨大機會的重點成長項目。我們也在透過數位化和產品技術進行創新投資。

In addition to investing for growth, our strong financial discipline and free cash flow has enabled us to make strategic acquisitions to align well with our current businesses and provide a platform for growth. As a dividend aristocrat, we have raised our dividend for 49 consecutive years, and we will have continued to repurchase shares. Collectively, we believe this is a smart use of capital deployment to drive future sales and earnings growth.

除了投資促進成長外，我們強大的財務紀律和自由現金流使我們能夠進行策略性收購，以更好地與我們現有的業務相匹配，並為成長提供平台。作為股息貴族，我們已連續 49 年提高股息，並將繼續回購股票。我們一致認為，這是合理運用資本來推動未來銷售和獲利成長的一種方式。

Let's turn to slide 10. We have delivered approximately $56 million in transformation savings year-to-date and are on track to reach approximately $80 million in 2025. I want to remind you that this performance is net of strategic growth investments and is in addition to the $174 million of net performance we drove in 2023 and 2024 combined. As I mentioned earlier, we believe transformation in 80/20 are creating a flywheel for continued sales growth and profitability.

讓我們翻到第10張投影片。今年迄今為止，我們已實現轉型節約 5,600 萬美元，並預計在 2025 年達到約 8,000 萬美元的目標。我想提醒各位，這項業績已扣除策略成長投資，也不包括我們在 2023 年和 2024 年合計實現的 1.74 億美元淨業績。正如我之前提到的，我們相信 80/20 轉型正在創造一個飛輪效應，從而持續促進銷售成長和獲利能力。

Let's turn to slide 11. There are several key themes that I wanted to share. We delivered another quarter of sales growth and double-digit earnings growth due to strong execution. We increased our full year 2025 guidance, driven by a strong Q3 and continued confidence in our strategy. We continue to build a foundation of optimal operational efficiency that we believe can be leveraged when volume returns to normal.

讓我們翻到第11張投影片。我想分享幾個關鍵主題。由於執行力強勁，我們實現了另一個季度的銷售成長和兩位數的獲利成長。受第三季強勁業績和對我們策略的持續信心推動，我們提高了 2025 年全年業績預期。我們持續建構最佳營運效率的基礎，相信當業務量恢復正常時，這項基礎能夠充分利用。

We have a balanced water portfolio and a capital-light business model with 75% of our business going through 2-step distribution and roughly 75% of revenue representing replacement sales. And we have strong free cash flow, a solid balance sheet and a balanced capital deployment strategy that we'll expect will accelerate earnings and ROIC.

我們擁有均衡的水務產品組合和輕資產的商業模式，75% 的業務透過兩步驟分銷，約 75% 的收入來自替換銷售。我們擁有強勁的自由現金流、穩健的資產負債表和均衡的資本部署策略，我們預期這將加速獲利和投資報酬率的成長。

Before I hand the call to Bob, I want to acknowledge that we announced this morning that Bob will be leaving Pentair effective March 1, 2026, and embarrass him a little by complementing him on having been an outstanding partner to me and Pentair.

在把電話交給鮑伯之前，我想先說明一下，我們今天早上宣布鮑伯將於 2026 年 3 月 1 日離開 Pentair，並且要稍微讓他難為情一下，稱讚他一直是我和 Pentair 的傑出合作夥伴。

Over nearly six years of what will be 23 quarters of dedicated service, Bob has driven deep financial competency throughout the organization. It shows in our operating performance, the level of commitment to results from the team our transformation progress, our cash flow and ROIC performance and of course, the total shareholder return that he has overseen as CFO.

在近六年（相當於 23 個季度）的盡職服務中，鮑伯在整個組織中推動了深厚的財務能力。這體現在我們的經營績效、團隊對績效的承諾程度、我們的轉型進展、我們的現金流和投資報酬率表現，當然還有他作為財務長所監督的總股東回報。

What makes Bob an even better teammate is a steady and measured communication style and has no drama approach to challenges. We have seen tremendous operating performance throughout his tenure, despite us having had to deal with COVID, a period of supply chain instability, rapid inflation and, of course, tariffs. Bob has led us through all of it with a bold leadership style and a sense of humor.

鮑伯之所以能成為更優秀的隊友，是因為他擁有沉穩冷靜的溝通風格，並且能夠以不帶戲劇性的方式應對挑戰。儘管我們必須應對新冠疫情、供應鏈不穩定、通貨膨脹迅速以及關稅等問題，但在他的任期內，我們仍然取得了巨大的營運表現。鮑伯以果敢的領導風格和幽默感帶領我們度過了這一切。

Now to nearly 60 quarters of being a public company CFO, he's moving on to his next chapter. Bob has built and developed a great financial team. As you get to know, Nick, I'm confident you'll see that he has a lot of Bob skills plus unmatchable energy and drive. [Bob] will oversee a smooth transition process through March 1, 2026, and ensure that we do not miss a beat on our value creation journey.

在擔任上市公司財務長近 60 個季度後，他即將開啟人生的新篇章。鮑勃組建並發展了一支優秀的財務團隊。尼克，我相信隨著你對他的了解加深，你會發現他不僅具備鮑伯的許多技能，而且精力充沛、幹勁十足。 [鮑伯]將負責監督平穩過渡，直至2026年3月1日，並確保我們在創造價值的道路上不會受到任何影響。

I will now pass the call over to Bob, who will discuss our performance and financial results in more detail. Bob?

現在我將把電話交給鮑勃，他將更詳細地討論我們的業績和財務結果。鮑伯？

Thank you, John, for the very kind words. I have thoroughly enjoyed my time at Pentair, our partnership and working with all the great people in the company. We have very strong finance and IT teams at Pentair, which is evidenced by Nick and Heather's promotions. Personally, I will be 63 in May, and I'm looking forward to spending more time with my family and enjoy my hobbies.

約翰，謝謝你讚美的詞。我在Pentair工作期間非常愉快，也很享受我們之間的合作關係以及與公司所有優秀員工的共事。Pentair 擁有非常強大的財務和 IT 團隊，Nick 和 Heather 的晉升證明了這一點。我自己五月就63歲了，我期待著能有更多的時間陪伴家人，享受我的嗜好。

It is comforting to know that not only is my team in a great place, but the company is expected to exit the year with continued momentum and is poised for significant success going forward. I look forward to continuing to work with Nick and Heather over the next few months to help ensure a smooth transition.

令人欣慰的是，我的團隊不僅目前發展勢頭良好，而且公司預計在年底前保持成長勢頭，並在未來取得重大成功。我期待在接下來的幾個月裡繼續與尼克和希瑟合作，以確保平穩過渡。

Let's move to slide 12. As John mentioned, we delivered a third quarter record in adjusted operating income, return on sales and adjusted EPS. In Q3, we drove sales of $1.022 billion, up 3%, adjusted operating income of $263 million, up 10%, ROS of 25.7% and an increase of 160 basis points and adjusted EPS of $1.24, up 14%. Core sales were up 3% year-over-year. driven by core growth of 6% in Pool, 4% in flow and Water Solutions approximately flat.

我們來看第12張投影片。正如約翰所提到的，我們第三季調整後的營業收入、銷售報酬率和調整後的每股盈餘均創歷史新高。第三季度，我們實現了 10.22 億美元的銷售額，成長 3%；調整後的營業收入為 2.63 億美元，成長 10%；銷售回報率為 25.7%，成長 160 個基點；調整後的每股盈餘為 1.24 美元，成長 14%。核心銷售額年增 3%，其中泳池業務核心成長 6%，流量業務成長 4%，水處理解決方案業務基本持平。

Moving to adjusted operating income, transformation was the primary driver of 160 basis points of margin expansion in Q3. Price offset inflation and we delivered transformation savings of $12 million while continuing to invest in growth initiatives.

調整後的營業收入顯示，轉型是第三季利潤率成長 160 個基點的主要驅動因素。價格抵消了通貨膨脹，我們在繼續投資成長計畫的同時，實現了 1,200 萬美元的轉型節約。

Please turn to slide 13. Flow sales were up 6% year-over-year to $394 million. Within flow, residential sales were up 3%. Commercial sales increased 5%, marking the 13th consecutive quarter of year-over-year sales growth. and industrial sales rose 10%. Segment income grew 15%, and return on sales expanded 200 basis points to 24% and driven by strong sales growth and transformation.

請翻到第13頁。Flow銷售額較去年同期成長6%，達3.94億美元。在整體銷售中，住宅銷售額成長了 3%。商業銷售額成長5%，連續第13季實現年增；工業銷售額成長10%。分部營收成長 15%，銷售回報率成長 200 個基點至 24%，這主要得益於強勁的銷售成長和轉型。

Please turn to slide 14. In Q3, Water Solutions sales declined 6% to $273 million Core Water Solutions sales were flat. Commercial sales were down 6%, inclusive of a 9% negative impact from the sale of commercial services in Q2. Residential sales were down 6% year-over-year, primarily due to portfolio exits. Segment income grew 6% to $68 million and return on sales increased 280 basis points to 25%, primarily driven by transformation savings. The contribution of price slightly offset inflation.

請翻到第14頁。第三季度，水處理解決方案銷售額下降 6% 至 2.73 億美元，核心水處理解決方案銷售額持平。商業銷售額下降了 6%，其中包括第二季商業服務銷售額下降 9% 的負面影響。住宅銷售額較去年同期下降 6%，主要原因是投資組合退出。分部營收成長 6% 至 6,800 萬美元，銷售報酬率成長 280 個基點至 25%，主要得益於轉型節省的成本。價格上漲的影響略微抵消了通貨膨脹的影響。

Please turn to slide 15. In Q3, pool sales increased 7% to $354 million, driven by price volume and the Q4 2024 Gulfstream acquisition. Segment income was $116 million, up 3% and Return on sales decreased 120 basis points to approximately 33%. As a reminder, in Q3 2024, [ROS] reflected margin expansion of nearly 500 basis points resulting in a challenging compare.

請翻到第15頁。第三季度，泳池銷售額成長 7% 至 3.54 億美元，主要得益於價格波動和 2024 年第四季對 Gulfstream 的收購。分部營收為 1.16 億美元，成長 3%；銷售報酬率下降 120 個基點，約 33%。提醒一下，2024 年第三季度，[ROS] 反映了近 500 個基點的利潤率擴張，導致同比比較具有挑戰性。

In Q3 this year, we continue to invest in growth initiatives, such as new products, sales plays and digital solutions to drive higher top line growth in future periods. We expect Pool margins to expand in Q4 and for the full year as we continue to drive a balanced approach of top line growth and continued [ROS] expansion in the future.

今年第三季度，我們將繼續投資於成長計劃，例如新產品、銷售策略和數位化解決方案，以推動未來時期更高的營收成長。我們預計，隨著我們繼續推動營收成長和未來持續擴大 [ROS] 的平衡策略，Pool 利潤率將在第四季度和全年擴大。

Please turn to slide 16. We generated record free cash flow of $719 million year-to-date up 14% year-over-year. Our balance sheet remains strong and our return on invested capital increased to 16.7% from 15.2% a year ago. Our net debt leverage ratio was 1.3 times, down from 1.4 times a year ago. This includes our recent acquisition of Hydro-Stop for $292 million with an estimated $50 million of future cash tax benefits. Year-to-date, we have repurchased $175 million of shares.

請翻到第16頁。今年迄今為止，我們創造了創紀錄的自由現金流 7.19 億美元，年增 14%。我們的資產負債表依然穩健，投資資本報酬率從一年前的 15.2% 提高到 16.7%。我們的淨債務槓桿率為 1.3 倍，低於一年前的 1.4 倍。這包括我們最近以 2.92 億美元收購 Hydro-Stop，預計未來將獲得 5,000 萬美元的現金稅優惠。今年迄今為止，我們已回購了價值 1.75 億美元的股票。

Our significant free cash flow generation has enabled us to strategically deploy capital through debt paydown, dividends, share repurchases and strategic acquisitions. We plan to remain disciplined with our capital and have additional flexibility to strategically allocate additional capital to areas with the highest shareholder return.

我們雄厚的自由現金流使我們能夠透過償還債務、股利、股票回購和策略性收購等方式進行策略性資本部署。我們計劃繼續嚴格管理資金，並擁有更大的靈活性，可以將額外的資金策略性地分配到股東回報最高的領域。

Let's turn to our outlook on slide 17. For the full year, we are increasing our adjusted EPS guidance to approximately $4.85 to $4.90, which is up roughly 12% to 13% year-over-year. Also for the full year, we are increasing our sales guidance to up approximately 2%. We expect flow sales to be up low single digits, Water Solutions to be down mid-single digits with core sales down approximately low single digits, and Pool sales to be up approximately 7%. We expect adjusted operating income to increase approximately 9% to 10%. We continue to expect to drive approximately $80 million in transformation savings this year, net of investments.

讓我們來看看第 17 張幻燈片的展望。對於全年，我們將調整後的每股盈餘預期上調至約 4.85 美元至 4.90 美元，年增約 12% 至 13%。此外，我們將全年銷售預期上調約 2%。我們預期流量銷售額將成長個位數百分比，水處理解決方案銷售額將下降個位數百分比，核心銷售額將下降個位數百分比左右，泳池銷售額將成長約 7%。我們預計調整後的營業收入將成長約 9% 至 10%。我們預計今年透過轉型節省的成本將達到約 8,000 萬美元（扣除投資後）。

For the fourth quarter, we expect sales to be up approximately 3% to up 4%. We expect flow sales to be up approximately high single digits, which includes our Hydro-Stop acquisition of approximately $10 million of sales in the quarter at approximately 30% ROS. We anticipate Water Solutions sales to be down approximately mid-single digits, with core sales approximately flat, reflecting the commercial services sale in Q2.

我們預計第四季銷售額將成長約 3% 至 4%。我們預計流動銷售額將成長約高個位數，其中包括我們收購的 Hydro-Stop，該季度銷售額約為 1,000 萬美元，銷售回報率約為 30%。我們預計水處理解決方案的銷售額將下降約個位數百分比，核心銷售額將基本持平，這反映了第二季商業服務銷售額的成長。

For commercial water sales are expected to be up approximately low single digits. Pool sales are expected to be up approximately mid-single digits. We expect fourth quarter adjusted operating income to increase approximately 4% to 8%. We're also introducing adjusted EPS guidance for the fourth quarter of approximately $1.11 to $1.16, up roughly 3% to 7%.

預計商業用水銷售額將出現個位數低幅的成長。預計泳池銷售額將成長約個位數中段。我們預計第四季度調整後營業收入將成長約 4% 至 8%。我們也推出了第四季調整後的每股盈餘預期，約為 1.11 美元至 1.16 美元，成長約 3% 至 7%。

Let's turn to slide 18. We continue to execute well and are offsetting the impact of tariffs through increased prices and other mitigation strategies. Our total 2025 tariff impact of approximately $75 million remains consistent with our outlook in Q2, but tariff uncertainty continues. Our 2025 guidance does not include further China and Mexico impact, which could go into effect later this year. However, these are expected to be immaterial for this year. We expect to take mitigating actions as needed to offset these additional tariffs if they occur.

讓我們翻到第18張投影片。我們繼續保持良好的執行力，並透過提高價格和其他緩解策略來抵消關稅的影響。我們預計 2025 年關稅影響總額約為 7,500 萬美元，這與我們第二季的預測一致，但關稅的不確定性仍然存在。我們的 2025 年預測不包括中國和墨西哥可能在今年稍後生效的進一步影響。然而，預計這些因素對今年的影響微乎其微。如果出現這些額外關稅，我們將根據需要採取緩解措施來抵消其影響。

We are very pleased with our performance in Q3 and year-to-date. Our teams have been hard at work to mitigate the impact of tariffs while continuing to focus on transformation in 80/20 and continuing to deliver strong results. We are excited to welcome the Hydro-Stop team to pent there and look forward to driving continued success. We are in a solid financial position with a strong balance sheet and record free cash flow, which allows us to continue to invest to drive higher sales growth and profitability over the long term.

我們對第三季和年初至今的業績非常滿意。我們的團隊一直在努力減輕關稅的影響，同時繼續專注於 80/20 轉型，並繼續取得強勁的成果。我們很高興歡迎 Hydro-Stop 團隊加入，並期待繼續取得成功。我們擁有穩健的財務狀況、強勁的資產負債表和創紀錄的自由現金流，這使我們能夠繼續投資，從而在長期內推動更高的銷售成長和獲利能力。

I now would like to turn the call over to the operator for Q&A, after which John will have a few closing remarks. Operator, please open the line for questions.

現在我想把電話交給接線員進行問答環節，之後約翰會做一些總結發言。接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

I think you addressed some of like the tough comp in pool on the margin side, but I think the productivity was definitely weaker than we were expecting there. Could you just talk about what the trend is? And then maybe how you're feeling about that number for the full year for the full company?

我認為你已經解決了一些關於池子利潤率方面比較棘手的問題，但我認為那裡的生產力肯定比我們預期的要低。能談談目前的趨勢嗎？那麼，您對公司全年的這個數字有何感想呢？

And then secondarily, I guess it's good to see the volume picking up there. Is that kind of like signs of life of a little bit of a bounce in the kind of replacement of the aged installed base. And then just talk about how you're measuring -- how you're kind of balancing that against price?

其次，看到那裡的交易量上升也是好事。這是否預示著老舊設備更換方面出現了一絲復甦的跡象？然後談談你是如何衡量的——你是如何權衡價格和效果的？

Very good. Let me go ahead and start with that one. So in terms of transformation as a whole for the company, still driving towards that $80 million commitment we made at the beginning of the year, net of investments. So feel good about that. Also optimistic that pool will rebound in terms of ROS expansion in the fourth quarter and drive transformation savings.

非常好。我就先從那個開始吧。因此，就公司整體轉型而言，我們仍在努力實現年初做出的 8000 萬美元的承諾，扣除投資後。所以，為此感到高興吧。同時樂觀地認為，該資產池將在第四季度實現 ROS 擴張並推動轉型節約。

Frankly speaking, when we compare Pools performance in Q3 this year, last year, their ROS was sitting at 34%, up roughly 500 basis points. So we always knew that was going to be a challenging compare. And then frankly speaking, we had the luxury this quarter to invest in tools to drive that top line growth in the future. We started off the year very strong from a transformation perspective, drove over half of our savings. So we could afford to invest in Q3, especially in Pool. Flow had an amazing quarter in the third quarter. And again, once again, that allowed us to invest in other businesses.

坦白說，如果我們比較 Pools 今年第三季和去年同期的表現，他們的 ROS 為 34%，成長了約 500 個基點。所以我們一直都知道這將會是一次具有挑戰性的比較。坦白說，本季我們有餘力投資於能夠推動未來營收成長的工具。今年年初，我們在轉型方面取得了非常強勁的進展，實現了超過一半的成本節約。因此，我們有能力在第三季進行投資，尤其是在Pool領域。Flow在第三季表現出色。而這又一次讓我們得以投資其他企業。

So that investment in the quarter for Pool has really helped in terms of sales plays, new products, digital solutions. For us, it's all about making the life of the dealers and the distributors easier by making those investments creating an effortless cool experience for the end consumer and then just driving an improved level of customer service.

因此，Pool 在本季的投資確實在銷售策略、新產品和數位化解決方案方面起到了很大的幫助。對我們來說，一切都是為了透過投資讓經銷商和經銷商的生活更輕鬆，為最終消費者創造輕鬆愉悅的體驗，然後提高客戶服務水準。

So we think it was money well spent. But again, from a ROS perspective, I expect pool will end the year very strong. They'll be very close to that 34% ROS. And when you think about the journey Pool's been on, six quarters in a row of strong top line growth and their ROS was 31% back in 2023. So to be approaching 34% this year, really an amazing trajectory for that business.

所以我們認為這筆錢花得很值得。但從 ROS 的角度來看，我預計泳池隊今年的收官表現會非常強勁。他們的ROS將非常接近34%。想想 Pool 的發展歷程，連續六個季度營收強勁成長，2023 年的銷售報酬率高達 31%。今年接近 34% 的成長率，對於這家企業來說真是一個驚人的發展軌跡。

Right. And then I guess just a follow-up on the volume and the sources of upside there and then just how you're balancing that against price.

正確的。然後我想就成交量和上漲空間來源，以及你如何平衡這些因素與價格之間的關係，再做進一步的探討。

Yeah. I would just say, I felt like it was more predictable in Q3, Steve, and I think some of that is -- we're not seeing the levels of decline across the new pool build and we're also not seeing the some of the same challenges that we were seeing in the app market side on when the price first went into place at some of that was consumer shock and looking at substitutions. So it feels stable.

是的。史蒂夫，我只想說，我覺得第三季的情況更可預測，我認為部分原因是——我們沒有看到新用戶池建設出現下滑，也沒有看到應用市場方面在價格剛生效時遇到的一些挑戰，當時的一些挑戰是消費者的衝擊以及尋找替代品。所以感覺很穩定。

We're highly encouraged that we're going to have a volume-based growth plan for pool next year, and prices are holding. I mean, clearly, I don't know if we get this next wave of if China were 100% tariffs, we're going to have to go consider those prices again. But right now, the price cost is in line, and we're doing fine, and we feel comfortable with where we are, Steve.

我們非常欣慰地看到，明年泳池業務將以銷售成長為目標，而且價格也保持穩定。我的意思是，很顯然，我不知道如果下一波中國商品加徵100%關稅，我們是否還得重新考慮這些價格。但就目前而言，價格成本是合理的，我們做得很好，我們對現狀感到滿意，史蒂夫。

And just to add a few numbers to that. We talked last quarter, our view has not changed. That price would read out about 4% for the company and about 5% for pool. So on track for that. And when you think about our guide, Steve, up 7% this year for Pool, think about 5% being price, 1% to 2% being the Gulfstream acquisition and the market generally flat from a volume perspective.

再補充幾個數字。我們上個季度討論過，我們的觀點沒有改變。這個價格對公司來說大約是 4%，對泳池來說大約是 5%。一切進展順利。史蒂夫，想想我們今年的指導方針是 Pool 上漲了 7%，其中 5% 是價格上漲，1% 到 2% 是灣流收購案帶來的收益，而從交易量的角度來看，市場總體上持平。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Congrats, Bob. Thanks for all your help.

恭喜你，鮑伯。感謝你的幫助。

Thank you, Andy.

謝謝你，安迪。

So you lowered your '25 year-over-year core Water Solutions growth, I think, just a little bit down low single digits flat. So as commercial growth continue to lag a bit for you, I know you -- I think, Bob, you said it will go to a low single-digit growth in Q4. And then any preliminary thoughts on '26 for the segment?

所以，我認為你們將 2025 年核心水務解決方案的年成長預期略微下調至個位數。所以，鑑於你們的商業成長仍然有些滯後，我知道你——我想，鮑勃，你說過第四季度的成長將降至個位數低點。那麼，對於2026年的這一部分，您有什麼初步想法嗎？

Yeah, you're right, Andy. It was the only full year guide we tweaked down a little bit in terms of core water solutions. You'll remember, for Q3, we were saying commercial Water Solutions would be low to mid-single digits. That came in at low single digits, and we guided Q4 for core commercial water to be low single digit.

是的，你說得對，安迪。這是我們唯一一份在核心水處理解決方案方面稍作調整的全年指南。您可能還記得，我們​​曾預測第三季商業水處理解決方案的成長率將達到個位數低至中等水平。實際增幅為個位數，我們預期第四季核心商業用水的增幅也將為個位數。

So it's a little bit off where we like that business to be in kind of that low to mid-single-digit range. But to me, it's reflective of the foodservice industry in general. That's the type of growth we're seeing. We're going to continue to drive optimization in that business from a bottom line perspective, but it is a slower market right now.

所以，這個數字和我們希望的個位數低到中段的水平有點差距。但在我看來，這反映了整個餐飲服務業的現狀。這就是我們目前看到的成長類型。我們將繼續從獲利角度推動該業務的優化，但目前市場成長放緩。

Yeah. And Andy, I would just add to that. I think North America, we continue to do extremely well against the market backdrop, but we do have international sales, and we've seen some softness in 2025 or some of the sales into China. And we're still doing well despite that. And that will level off as we look at next year, and I think we're encouraged by some of the recent volume trends that we've seen in North America.

是的。安迪，我還要補充一點。我認為在北美市場，我們在當前的市場環境下仍然表現非常出色，但我們也有國際銷售，我們看到2025年中國市場的銷售出現了一些疲軟。儘管如此，我們目前的情況依然良好。展望明年，這種情況將會趨於平穩，而且我認為，我們最近在北美看到的一些銷售趨勢令人鼓舞。

Yeah. We did see in Q3, the ICE business had mid-single-digit growth, which was encouraging for us. And in North America filtration, we also hit our 18th consecutive quarter of growth. So that's been a very impressive run for them.

是的。我們在第三季看到，ICE業務實現了中等個位數的成長，這讓我們感到鼓舞。在北美過濾業務方面，我們也連續第 18 個季度實現了成長。所以，他們取得的成績非常令人印象深刻。

That's helpful, guys. And then maybe you could give us an update on the 26% target you're still comfortable with that. As you know, transformation savings really hasn't slowed down now in three years, as you said. Is it reasonable to think that at that March and Investor Day, you can still talk about a significant transformation 80/20 funnel that last well past '26 and drive margin higher. I know I'm asking for car before the horse, but there you go.

這很有幫助，夥計們。然後，您能否為我們更新您仍然認為26%的目標值？正如你所說，轉型帶來的成本節約在過去三年並沒有真正放緩。在三月的投資者日上，我們是否可以合理地認為，我們仍然可以談論一個意義重大的轉型 80/20 漏斗，這個漏斗將持續到 2026 年以後，並推動利潤率上升？我知道我這是先要車後要馬，但沒辦法。

Very comfortable with the '26, let's start there, and very comfortable that when we come to Investor Day, we'll demonstrate a bundle that significantly improves from there. I think every time you -- we have success, we find opportunities that we need to continue to look at. I think we've been reactionary a lot on the tariff mitigation. But now we have an opportunity to study those supply chains to be more opportunistic on how we can drive further savings.

我對 '26 非常滿意，就從這裡開始。而且我們非常有信心，在投資者日上，我們會展示一個比 '26 有顯著改進的方案。我認為每次我們取得成功時，我們都會發現需要繼續關注的機會。我認為我們在關稅緩解方面一直過於被動。但現在我們有機會研究這些供應鏈，以便更積極地尋找進一步節省成本的機會。

And one of the encouraging data points in Q3 is we finally got labor and overhead productivity. You need volume generally to get that labor and overhead productivity. So as we start to bring volume back, we're very comfortable that we'll start to expand margins from the volume which we haven't seen for some time here.

第三季令人鼓舞的數據點之一是，我們終於實現了勞動力和管理費用的生產力。一般來說，你需要一定的產量才能獲得相應的勞動和管理費用生產力。隨著銷量開始恢復，我們非常有信心能夠從銷量中擴大利潤率，而我們已經有一段時間沒有看到這種情況了。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Thank you. Good morning everyone, and I'll add my congrats to Bob. Can we just want to follow up with some of Andy's questions on the transformation, just kind of could you give us some context of where those savings are coming from, kind of what buckets SG&A? And how much more is there to go there?

謝謝。各位早安，我也要向鮑伯表示祝賀。我們能否就 Andy 關於轉型的一些問題做個後續說明，您能否為我們介紹一下這些節省的費用來自哪裡，例如銷售、一般及行政費用中的哪些部分？還有多遠的路要走？

Yeah, I'll go ahead and start. And the transformation journey two years ago, we drove [67] of savings last year, $107 million. This year, we're tracking [80] on the way to that 26% ROS. So really pleased with the transformation reading out. In the early years, it was primarily in that sourcing space. where we were working on Wave 1, Wave 2 of our overall material spend. What we're seeing now is much better balanced across all four pillars of transformation.

好的，那我先開始了。兩年前的轉型之旅，使我們去年節省了[67] 1.07億美元。今年，我們正朝著 26% 的 ROS 目標穩步前進 [80]。我對結果非常滿意。在早期，我們主要專注於採購領域，當時我們正在進行第一階段和第二階段的整體材料支出計畫。我們現在看到的是轉型四大支柱之間更平衡的局面。

So we're doing a really nice job with value-based pricing in the pricing excellence work stream within sourcing. We're on Wave 3, which is looking at really make versus buy. Is there more product we should be making in our plans? Or is there less product we should be making. We're also at the point of revisiting Wave 1 and Wave 2 with more of an 80/20 lens. So a lot of opportunity within sourcing.

因此，我們在採購定價卓越工作流程中，在基於價值的定價方面做得非常出色。我們現在處於第三波浪潮，也就是真正關注自製與外購的對比。我們的計劃中是否應該生產更多產品？或者我們是不是應該減少產量？我們現在也到了重新審視第一波和第二波的時候了，這次我們將採用 80/20 的視角。因此，採購領域有許多機會。

On the productivity side, we're looking at everything from factory automation for a lean, looking at our operational footprint, and driving savings there. To John's point, we've set some pretty aggressive targets for each of our plants around labor and overhead, and we're starting to see that labor productivity start to read out.

在生產力方面，我們正在研究從工廠自動化到精益生產，再到審視我們的營運規模，並努力從中節省成本等方方面面。正如約翰所說，我們為每個工廠設定了相當激進的勞動力和管理費用目標，我們開始看到勞動生產力開始顯現成效。

And then finally, on the org excellence piece, again, setting G&A targets, understanding where the spend is, holding the teams accountable for that spend. So I really think about it as balanced across of the four pillars that's driving the transformation savings, and you'll hear a lot more about that as part of Investor Day in March.

最後，關於組織卓越性，再次強調設定一般及行政費用目標，了解支出狀況，並讓團隊對支出負責。所以我認為，推動轉型節約的四大支柱之間實現了平衡，您將在三月份的投資者日上聽到更多相關資訊。

Good to hear. And just a second question, back on pool. There was no mention of an early buy. You don't do that every year, but just is that not needed? And so just to clarify, that's not in your assumption.

很高興聽到這個消息。還有一個問題，關於撞球。文中並未提及提前購買的情況。你不需要每年都這樣做，但這樣做真的沒必要嗎？所以澄清一下，這並不在你的假設之內。

No, the early buys are always there, seeing every single year in Pool. We would say that it was a normally by season, and we're experiencing that carry forward here. And as you know, that's the level to factories, but there has been no abnormal efforts related to early buy.

不，早鳥票一直都有，每年在Pool都能看到。我們認為這通常是季節性的，而我們現在正經歷這種延續現象。如您所知，這是工廠的供貨水平，但目前還沒有出現任何與提前採購相關的異常情況。

Yeah. We're seeing, again, a very typical early buy for the fourth quarter. Think about a quarter's worth of revenue with roughly 50% shipping in Q4 and 50% shipping in Q1; very normal year is what we expect.

是的。我們再次看到，這是第四季非常典型的早期買入行為。想像一下，一個季度的收入，其中大約 50% 在第四季度發貨，50% 在第一季度發貨；我們預計這將是非常正常的一年。

Damian Karas, UBS.

Damian Karas，瑞銀集團。

Good morning, everyone. So I wanted to get in the weeds a little bit on the Flow segment. So you got 3 points of price overall. Could you just talk about -- was there much variation in that? Across residential and commercial versus industrial? And because that Industrial Solutions up 10% really stood out. So maybe you could just kind of talk about what you saw there?

各位早安。所以我想稍微深入探討一下「流程」部分。所以總共價格方面你得了3分。您能談談這方面的情況嗎—這方面差異很大嗎？住宅、商業和工業領域有何不同？而工業解決方案成長 10% 這一點尤其引人注目。所以，或許你可以談談你在那裡看到了什麼？

Yeah. Again, we were really pleased with the performance of flow in the quarter to drive growth across resi, commercial and industrial was excellent for us. We're seeing price reading out across all three of those businesses. We've told the story around commercial before in terms of expanding who they sell to, and that's really paying off for that business.

是的。再次強調，我們對本季流量表現非常滿意，推動了住宅、商業和工業領域的成長，這對我們來說非常棒。我們看到這三家企業的價格都在上漲。我們之前已經講述過商業方面的故事，即擴大他們的銷售對象，而這確實為這家企業帶來了回報。

On the industrial side, just really pleased with both our food and beverage and sustainable gas businesses. Frankly speaking, those were easier compares. But as those businesses have improved their operational performance, we've allowed them to go after more top line growth through standardized offering, and that's really paying off. And then it's really nice to see the resi business starting to stabilize and even grow. And we had a good quarter in brand specialty as well.

在工業方面，我們對我們的食品飲料業務和永續天然氣業務都非常滿意。坦白說，那些比較容易。但隨著這些企業營運績效的提高，我們允許他們透過標準化的產品和服務追求更高的營收成長，而這確實取得了成效。看到住宅業務開始穩定甚至成長，真是令人欣慰。我們的品牌專營業務本季也表現不錯。

Okay. That's really helpful. And John, I think I heard you say Pool pricing kind of has been holding up. Could you guys just confirm that you didn't see any sequential decrease in pricing in the Pool segment?

好的。這真的很有幫助。約翰，我好像聽你說泳池價格一直保持穩定。你們能否確認一下，泳池產品板塊的價格沒有任何連續下降的趨勢？

Well, I'm not going to address it sequentially because I look at them year-over-year, because we have two really busy seasons and -- [quarters in full ] and two softer ones. But we would tell you that the price increases that we put in we helped, and we saw no challenges associated with it. But as a reminder, we didn't put the incremental one in that would have captured the concerns of the incremental bump in the China tariffs that were mentioned before. So we kind our price increases with what known information we had. And therefore, we're very comfortable with what the way that we approached it and implemented it.

嗯，我不會按順序來討論這個問題，因為我是按年來看的，因為我們有兩個非常繁忙的季節和——[完整的季度]，還有兩個較為淡季。但我們可以告訴你，我們實施的價格上漲措施是有幫助的，我們沒有看到任何與之相關的挑戰。但需要提醒的是，我們沒有加入增量條款，而該條款本來可以反映先前提到的對中國關稅逐步提高的擔憂。因此，我們根據當時掌握的資訊來調整價格上漲幅度。因此，我們對我們處理和實施這件事的方式感到非常滿意。

Yeah, again, feel good about pricing and pool readout about 5% this year in terms of price in Q3 of this year, it is bumping up against a large price increase. So these changes that we show in our waterfall or year-on-year. And last year, Q3 was one of the larger price increases. So it had that compare to go up again.

是的，再次對定價和池讀數感到滿意，今年第三季的價格上漲了約 5%，但這與大幅漲價形成了鮮明對比。所以，這些變化體現在我們的瀑布圖或同比圖中。去年第三季是價格漲幅較大的季度之一。所以它還有比較的優勢，可以再上漲。

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

So just carrying through on the pricing there. At this point, what is the carryover pricing into next year from a percentage basis? So in other words, if you didn't implement any incremental price from here? What does that carryover look like?

所以價格方面就複製之前的定價策略。此時，以百分比計算，結轉到下一年的價格是多少？換句話說，如果你沒有從這裡開始實施任何增量價格調整呢？這種結轉情況具體是怎樣的？

It's encouraging for us to kind of start the year with some of that momentum, not only in the overall businesses but also with price carryover at this point, we think it's 1 to 2 points that would help us next year.

令人鼓舞的是，我們以這樣的勢頭開啟了新的一年，不僅在整體業務方面，而且在目前的價格延續方面也是如此。我們認為，1到2個百分點的漲幅將在明年對我們有所幫助。

And then maybe just a thought on the tariffs. Are you seeing any benefit on the competitive side or anything notable on the competitive side associated with how those tariffs are rolling through your footprint versus others in the industries you cover or produce in? Just any thoughts on the competitive dynamics?

然後，或許可以談談關稅問題。您是否看到這些關稅在您所在行業或您所在行業的其他企業中，對您所在地區在競爭力方面有任何好處或顯著影響？對目前的競爭格局有什麼看法嗎？

No, Mike. I mean, I think we're all -- even though we're all different with some of our supply chain and sources, we're all chasing the same commodities and looking for the same access point. And so I think we're all fairly common playing field regarding the competitive challenges. As a reminder, and we haven't in our particular slide, we've whittled down our China purchases to roundly $100 million, inclusive of some tariffs that were there from the 2017 time frame.

不，麥克。我的意思是，我認為我們所有人——儘管我們在供應鏈和資源方面有所不同，但我們都在追逐相同的商品，尋找相同的切入點。所以我認為，在競爭挑戰方面，我們都處於相當公平的競爭環境。需要提醒的是，雖然我們在本投影片中沒有提及，但我們已經將從中國的採購額削減到大約 1 億美元，其中包括 2017 年的一些關稅。

So I don't -- I think as we continue to evaluate the global landscape, I think all of us are seeking alternatives. But we're also looking for the clarity of where the best alternatives will be. And so [I'm resel] pleased that we've been able to implement what we've done to cover them today, and we're working very, very hard to have alternatives if further challenges arise.

所以我不認為——我認為，隨著我們繼續評估全球局勢，我們都在尋求替代方案。但我們也想知道，最佳替代方案在哪裡。因此，我非常高興我們今天能夠實施我們所採取的措施來應對這些問題，而且我們正在非常努力地制定替代方案，以應對可能出現的進一步挑戰。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

I guess my first question just around when we're thinking about the revenue outlook on organic sales for 2026, just sort of trying to understand the sort of entry rate into the new year. You talked about, I think, the sort of long-term algorithm of mid-single-digit growth on slide 5. And it looks like you're exiting this year in Q4 with maybe low single-digit organic sales in the guide. So I just wondered sort of any initial impressions on that point.

我想問的第一個問題是，當我們考慮 2026 年有機銷售的收入前景時，只是想了解一下新一年的進入速度。我想，您在第 5 張幻燈片中談到了中等個位數成長的長期演算法。根據指南顯示，今年第四季你們的有機銷售額可能只有個位數。所以我想知道大家對這一點有什麼初步印象。

Without giving 2026 guidance at this early stage, I will make mention of the fact that we do feel like we have some tailwinds coming into 2026. So the businesses are performing well, and we have some top line momentum in the back half that should carry forward into the new year. We've got the price carryover that we just talked about in the 1% to 2% range.

雖然現在還不宜對 2026 年做出預測，但我還是要提一下，我們感覺 2026 年我們有一些有利因素。因此，各業務部門表現良好，下半年營收成長勢頭強勁，這種勢頭應該會延續到新的一年。我們剛才提到的價格結轉幅度在 1% 到 2% 之間。

We've got market recoveries that we're slowly starting to see from a relatively low starting point in many of our businesses. I'm also really pleased that the 80/20 focus on our Quad 1 customers and over serving those customers is really beginning to read out. We'll have transformation momentum ending the year with a large funnel.

我們已經開始看到許多業務從相對較低的起點緩慢復甦。我也非常高興地看到，我們80/20的策略重點放在第一類客戶身上，並竭盡全力為這些客戶提供服務，現在看來確實開始奏效了。我們將在年底迎來轉型勢頭，並擁有一個龐大的客戶漏斗。

So those are all positives for us as we look at 2026. We also, though, have to be cautious in terms of looking at potential headwinds. Tariffs still create uncertainty for us, interest rates are remaining high, general sentiment with end consumers, whether it's home sales or eating out with the families. And so for us, we're cautious entering 2026.

所以，展望2026年，這些都是對我們有利的因素。不過，我們也必須謹慎看待潛在的不利因素。關稅仍帶給我們不確定性，利率居高不下，終端消費者的普遍情緒，無論是房屋銷售或與家人外出用餐，都受到影響。因此，我們對2026年持謹慎態度。

Our goal has always been to build a plan around lower top-line growth and really lean in on transformation. And then if markets do recover more than what we had planned, we'll capture that upside. That's the way we're thinking about 2026 at this early point.

我們的目標始終是圍繞較低的營收成長制定計劃，並真正致力於轉型。如果市場復甦幅度超過我們的預期，我們將從中獲利。這就是我們目前對2026年的展望。

That's great. And then just my follow-up would be around the operating margins. So it looks like the sort of guide for the fourth quarter implies less than 100 bps of operating margin expansion year-on-year, you've clearly done well above that year-to-date, and you have the pool business growing margins again in the fourth quarter. So just trying to understand, is that just kind of conservatism for the Q4 margin guide or any particular reinvestment effort underway or something like that in Q4 or something on price net of inflation, that's a headwind?

那太棒了。然後，我的後續問題將圍繞營運利潤率。因此，第四季的業績指引似乎意味著營業利潤率同比增幅不到 100 個基點，但你們今年迄今為止的業績顯然遠超預期，而且泳池業務的利潤率在第四季度再次增長。所以我想了解一下，這僅僅是對第四季度利潤率預期的一種保守估計，還是第四季度正在進行的任何特定的再投資計劃，或者扣除通膨後的價格走勢存在不利因素？

I would say from a full year, ROS expansion story, again, extremely pleased. And even in the fourth quarter, we're seeing ROS expansion across the businesses. So pleased with what's built into the guide, but it does give us the opportunity to invest in the business as well to drive that balance going forward to top line growth with ROS expansion. Again, pleased with the Q4 guide; pleased with the ROS expansion story, and we end the year very strong.

從整整一年的 ROS 擴展故事來看，我再次表示非常滿意。即使到了第四季度，我們也看到各個業務部門的 ROS 都在擴張。我對指南中包含的內容非常滿意，但它也給了我們投資業務的機會，以推動未來在營收成長和 ROS 擴張之間取得平衡。再次強調，我對第四季度業績指南感到滿意；對 ROS 擴展包的故事線感到滿意，我們以非常強勁的勢頭結束了這一年。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Good morning, everyone. Bob, you had emphasized -- I think it was in response to Damian's question, kind of the broadened focus and the growth vectors of the flow business and your team started to call that out publicly there, call maybe a year ago, so extending reach a bit more into data center institutional municipal applications.

各位早安。鮑勃，你曾強調——我想這是為了回應達米安的問題——流量業務的重點和增長方向已經擴大，你的團隊大概在一年前開始公開強調這一點，也就是將業務範圍進一步擴展到數據中心、機構和市政應用領域。

Just wondering if you can speak to the traction to date, offer a little more detail on what that's meant to flows 2025 progression had a funnel of opportunities looks into 2026. And then on the muni side, how Hydro-Stop factors in this [strategy].

想請您談談迄今為止的發展勢頭，並詳細說明這對 2025 年的發展進程意味著什麼，以及 2026 年的發展前景。然後，在市政公車方面，Hydro-Stop系統是如何發揮作用的呢？[戰略]。

I'll go ahead and start there. Overall, for us with Flow, the significant top line growth. And again, we've guided Q4 for Flow to grow high single digits I think about roughly half of that is core growth, the other half benefiting from FX and acquisition of Hydro-Stop.

我就從那裡開始吧。總體而言，對於我們 Flow 來說，營收實現了顯著成長。我們再次預測，第四季業務成長將達到接近兩位數，我認為其中約一半是核心業務成長，另一半則受益於外匯交易和對Hydro-Stop的收購。

So the growth continues to be there. in commercial flow, really pleased with their ability to sell to different types of customers, not necessarily doubling down on any one particular set if a data center opportunity comes up, we'll take advantage of it, but we're not putting all our eggs in one basket. We're more diversifying across that customer base to drive that growth.

所以成長動能依然強勁。在商業領域，我們非常滿意他們向不同類型的客戶銷售產品的能力，我們不一定會全力投入任何特定的客戶群。如果出現資料中心方面的機會，我們會抓住它，但我們不會把所有的雞蛋都放在一個籃子裡。我們正在擴大客戶群的多元化，以推動成長。

Yeah, I'd just add to it. We're looking to sell water supply fire protection and large disposals. And we look at all commercial building opportunities. And what's been really building the momentum is getting more specified across our key product offerings, with our specifiers and the end markets that we serve.

是的，我再補充一些。我們正在尋找銷售供水、消防和大型垃圾處理設備的客戶。我們會考察所有商業建築專案機會。真正推動這一趨勢的是，我們與指定方和我們服務的終端市場在關鍵產品供應方面進行了更詳細的說明。

And we're building momentum, and that's allowing us to get more looks. And we've also improved operational efficiencies that have allowed us to outperform some of the competition of those spaces. We feel really good about the progress there and look forward to further capture a commercial building opportunity.

我們正在積蓄力量，這讓我們獲得了更多關注。此外，我們還提高了營運效率，使我們能夠在這些領域的一些競爭對手中脫穎而出。我們對那裡的進展感到非常滿意，並期待進一步抓住商業建築的機會。

Understood. That's encouraging. And in terms of Hydro-Stop, Bob, I believe you mentioned $10 million in contribution top line in Q4. I assume that that's seasonally a bit muted should we assume $50 million at 30% ROS for 2026 as a baseline or factor in any variance to those numbers?

明白了。這令人鼓舞。鮑勃，關於 Hydro-Stop，我記得你提到該公司第四季度貢獻了 1000 萬美元的收入。我假設這在季節性因素的影響下會略顯疲軟，我們應該假設 2026 年的銷售額為 5000 萬美元，銷售回報率為 30% 作為基準，還是應該考慮這些數字的任何偏差？

That would be a good number to use.

這個數字很合適。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Congratulations, Bob, Nick's got big sure to fill. I guess I'll start with a question on Pool. You're obviously into the pre-buy season, and that gives you some visibility into what your customers are expecting in [2028] -- I mean I know the aftermarket part of your business is generally pretty consistent, but maybe you could give any preliminary commentary on what you're thinking about the new and refurbished side of pull in 2026.

恭喜你，鮑勃，尼克肯定有大事要處理。我想先問一個關於撞球的問題。顯然，你們已經進入了預購季，這讓你們對客戶在 [2028 年] 的期望有了一些了解——我的意思是，我知道你們的售後市場業務總體上相當穩定，但也許你們可以就你們對 2026 年新車和翻新車市場的一些想法發表一些初步評論。

Yeah, it's a little early, Nathan. I think what we're encouraged by is the way we end the year is we're just not seeing the declines and decreases that we were seeing in the previous couple of years. I also think that it's an industry that doesn't usually see price decreases. So we're getting stabilization and realization that the prices that are in the market today are roughly what they're going to be in the future, which allows people to quote pools, deliver the customer pool pads that trying to deliver and have some continuity around that.

是的，現在有點早，內森。我認為讓我們感到鼓舞的是，今年的收官階段，我們沒有看到像前幾年那樣的下滑和下降。我也認為這是一個通常不會出現價格下降的行業。因此，市場趨於穩定，人們也逐漸意識到，如今市場上的價格大致就是未來的價格，這使得人們能夠對泳池進行報價，向客戶交付他們想要交付的泳池墊，並保持一定的連續性。

So I think it feels more like a break and fix is being serviced appropriately. And as the remodels and the new pool builds come online, we feel like we're well positioned with the dealers to support them. So that's the way I would describe it. I mean we'll get a better look as we close out the year here and get some indications on new housing starts for next year and how a Pool attachment rates are there and what the potential opportunities are for us. But it's a little early to tell.

所以我覺得這更像是適當的維修和保養。隨著改造項目和新泳池的建成，我們感覺我們已經與經銷商建立了良好的合作關係，可以為他們提供支援。這就是我的描述方式。我的意思是，隨著今年臨近尾聲，我們將更清楚地了解情況，並獲得一些關於明年新房開工量、房產池附加率以及我們潛在機會的跡象。但現在下結論還為時過早。

Fair enough. Follow-up questions on 80/20 and the comment that you made there about focusing on Quad 1 and growing there is really starting to read out, which I find interesting, typically, I think 80/20 is usually associated with margin expansion and focusing on Quad 4 to begin with. So I'd be very interested to hear a little bit more about the 80/20 focus on Quad 1 and what kind of growth initiatives you're putting in there? And then maybe just a comment on how you're addressing Quad 4 as part of 80/20 and the margin potential there?

很公平。關於 80/20 法則的後續問題，以及您之前關於專注於第一象限並在此發展的評論，現在看來確實很有意思。通常情況下，我認為 80/20 法則通常與利潤率擴張以及首先專注於第四象限相關。所以我很想多了解你們在第一象限中採取的 80/20 策略，以及你們正在推行哪些成長舉措？然後，能否簡單談談您是如何將第四象限納入 80/20 法則的，以及其中的利潤潛力？

Yeah. I mean I think really quickly, and we'll give quite a few business cases and share some insights in our March Analyst Meeting when we roll it out because I think it is time to share details and stories and share with you kind of where we're winning. But when you start a business, you generally started and become successful with a set of core customers and you become great partners with them. But then typical public company mentality will be when you stretch to get volume growth and you need to make orders, you bring on other customers, and you give deeper discounts or you offer different ways to serve that new customer base and you are not taking care of your top customers where you should.

是的。我的意思是，我的想法很快，我們會在三月的分析師會議上提出很多商業案例並分享一些見解，因為我認為現在是時候分享細節和故事，並與大家分享我們在哪些方面取得了成功。但是，當你創業時，你通常會從一群核心客戶開始，並與他們建立良好的合作關係，從而獲得成功。但典型的上市公司心態是，為了追求銷售成長，需要下訂單，於是就拉攏其他客戶，提供更大幅度的折扣或不同的服務方式來服務新客戶群，卻忽略了應該照顧的頂級客戶。

And so by deemphasizing the Quad 4 or [the lesser] customers today, you have an opportunity to go back to those top customers and say, how do we grow together and really think of our partnership that we have built together. So that's what we're talking about. And it's a leap of faith to say, I'm going to give away my growth to the lesser performing customers, and I'm going to get that double-digit growth for my core customers.

因此，透過降低對第四類客戶或（次要的）客戶的重視程度，你就有機會回到那些最重要的客戶那裡，問問他們，我們如何共同成長，並真正思考我們共同建立的夥伴關係。這就是我們討論的內容。這需要極大的勇氣，才能決定放棄成長機會為業績較差的客戶，進而為核心客戶帶來兩位數的成長。

But when you start to see it, you start to build momentum and then you build more programs with those individuals to be more successful. And that's the stage we're at in some of our businesses, and that's building momentum and best case examples that we share across the rest of the portfolio.

但當你開始看到成效時，你就會開始累積勢頭，然後你就可以和這些人一起制定更多計劃，從而取得更大的成功。我們部分業務目前就處於這個階段，我們正在累積勢頭，並總結出最佳案例，這些案例我們將分享給投資組合中的其他業務。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

This is Nick Cash on for Brian Lee. Just one follow-up question on the Hydro-Stop acquisition. I mentioned doing -- the company is doing [$15 million] revenue in '25. And I think in the previous answer, you said as a decent number to model for year '26. Are there any cross-selling opportunities or abilities to accelerate that growth in '26? And have you guys given any color on what the growth was from '24 to '25?

這裡是尼克·卡什，替布萊恩·李報道。關於Hydro-Stop的收購，我還有一個後續問題。我提到過——該公司在 2025 年的收入為 1500 萬美元。我認為你在之前的回答中提到過，這是一個可以作為 2026 年模型的合理數字。2026年是否有任何交叉銷售機會或能力來加速成長？你們有沒有透露一下 2024 年到 2025 年的成長情況？

Roughly high single digits on the growth side that's been performing historically. We don't see a reason why that would slow down as we head into 2026. We do think there's cross-selling opportunities as we look at where they're specified and where they're currently providing value and where we're specified in providing value and how do we go work with those testifiers to get an extended offering similar to what we did with Manitowoc and Everpure when we put those businesses together. So it's a really nice adjacency. It's a unique product that allows water to run the critical application areas while you're trying to work on the infrastructure opportunities, and we think that's going to open up a great opportunity for us to cross sell aggressively in '26 and '27.

成長方面，基本上維持了較高的個位數，這與歷史表現相符。我們看不出有什麼理由說明這種趨勢會在2026年放緩。我們認為存在交叉銷售機會，因為我們需要了解他們的產品在哪些領域有特定用途，在哪些領域目前提供價值，以及我們在哪些領域提供價值，以及我們如何與這些客戶合作，以提供類似於我們之前將 Manitowoc 和 Everpure 合併時所做的擴展服務。所以這是一個非常好的鄰近關係。這是一款獨特的產品，它能讓水在關鍵應用領域持續流動，同時您也能專注於基礎設施建設，我們認為這將為我們在 2026 年和 2027 年積極開展交叉銷售創造絕佳機會。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Good morning, everyone. I just want to follow up on the data center comment. Just as I understand, the pump bell market as it plays into that application can be competitive? And wondering what you're finding in terms of margins and how you go about capturing volume but at the right margin in this kind of market?

各位早安。我只是想就資料中心的評論做個補充說明。據我了解，泵罩市場在該應用領域可能競爭激烈？我想知道在這種市場環境下，利潤率如何，以及如何在保證合適利潤率的前提下獲得銷售？

Yeah, I want to be clear. I mean I think you got to look at data centers is the infrastructure to support the data center and then the product requirements inside the data center for their particular unique needs, primarily cooling. We're looking at a building. It doesn't matter if it's a hospital, it doesn't matter if the commercial warehouse structure. It doesn't matter the manufacturing or if it's a data center.

是的，我想把話說清楚。我的意思是，我認為你應該專注於資料中心，首先是支撐資料中心的基礎設施，然後是資料中心內部針對其特定獨特需求的產品要求，主要是冷卻。我們正在看一棟建築物。無論是醫院還是商業倉庫，都無關緊要。製造領域或是否是資料中心都無關緊要。

And we're working with the engineers and the specifiers to get water to those sites, try to be the choice for fire inside of that building in fire protection, which is critical, in all applications and then be the water disposal partner as well as we extract water from that site or reuse the water connect site. And that's how we're looking at the build permit and the specification.

我們正在與工程師和規範制定者合作，將水輸送到這些地點，努力成為建築物內消防的首選方案，這在所有應用中都至關重要，然後成為水處理合作夥伴，因為我們會從該地點抽取水或重複利用水連接地點。這就是我們審視建築許可證和規範的方式。

Some of them have to be data centers, some of them have to be hospitals, some of them happen to be manufacturing expenses in the United States. And that's how we're trying to win. And you win those by local municipality specifications you win by the engineers being localized to the builders in those regions, and you have to have an outward sales program to do that.

有些必須是資料中心，有些必須是醫院，有些剛好是美國的製造成本。這就是我們爭取勝利的方式。要贏得這些項目，你需要滿足當地市政規範，你需要讓工程師與當地的建築商合作，而要做到這一點，你必須制定對外銷售計畫。

Yeah. Okay. Yes. Maybe, Bob, first off, congratulations, but I wanted to check in maybe one of the last few times on your capital allocation into year-end and pretty active with repurchases and M&A. And I'm wondering if maybe we're seeing some increased activity on the M&A front with some optimism around interest rates I don't know how are you seeing that balance those capital allocation into year-end and into next year?

是的。好的。是的。鮑勃，首先恭喜你，但我想在年底前最後一次了解你的資本配置情況，以及你在回購和併購方面是否相當活躍。我想知道，隨著利率情勢趨於樂觀，併購活動是否增加？我不知道您如何看待年底和明年資本配置的平衡問題？

Yeah. And by the way, Bob is going to have his signature authority all the way through February, just going to have a tight hold on that checkbook and he's continued to get to manage cash the way he has. And I think you'll see that Nick being the treasurer understands that playbook as well.

是的。順便說一句，鮑勃在整個二月都擁有簽字權，他會嚴格保管支票簿，並繼續以他以往的方式管理現金。我認為你會發現，身為財務主管的尼克也深諳此道。

Right now, we couldn't be more pleased with the balanced approach to the capital allocation story. We've got a little bit of M&A contribution here that we think was well spent. We continue to demonstrate buying back our stock, and we're continuing to pay a dividend, as we mentioned for 49 years. Next year is a big round number that we hope to continue. And we like that balanced approach.

目前，我們對這種平衡的資本配置方式感到非常滿意。我們在這裡投入了一些併購資金，我們認為這筆錢花得很值得。我們將繼續回購股票，正如我們之前提到的，我們將持續派發股息，至今已有 49 年了。明年是一個重要的整數年，我們希望能夠延續這股勢頭。我們喜歡這種平衡的做法。

And I'm an ROIC person, so I think ROIC is a measurement of how you're performing on that capital allocation. And we're very proud of where we sit right now in the high teens regarding that, which demonstrates that we're putting cash towards and getting a return. So I don't think anything changes in this area. And I do think we're encouraged that there's more of an M&A pipeline to consider, but we're going to be extremely disciplined as we look at those opportunities.

我比較關注投資報酬率（ROIC），所以我認為 ROIC 是衡量你在該資本配置上表現如何的指標。我們目前在這方面的成就感到非常自豪，達到了十幾個百分點，這表明我們投入的資金得到了回報。所以我認為這方面不會有任何變化。我認為，我們感到鼓舞的是，有更多併購項目可供考慮，但我們在審視這些機會時會非常謹慎。

Andrew Krill, Deutsche Bank.

安德魯·克里爾，德意志銀行。

Congratulations, Bob. I wanted to ask on the new elevated the IO role with Heather and I think there's a little bit of a shift on focusing more on digital. Can you just level set us on what percent of sales right now, if you consider digital or digital enabled maybe any views on where this could go over time?

恭喜你，鮑伯。我想問 Heather 關於 IO 角色提升的問題，我認為他們正在稍微調整策略，更加重視數位化。您能否先給我們說明一下，如果將數位化或數位化賦能的銷售額考慮在內，目前銷售額的百分比是多少？您對未來發展趨勢有什麼看法？

Yeah. I didn't -- I haven't ever quantified it that way. I do think that it is the time to consider how we're going to use artificial intelligence, how we're going to look at our enterprise product technology opportunities, how we're going to digitize factories and how we're going to provide elite customer experiences. And I don't think you could do any of that without software that makes it easier for your customers to do business with you and making sure that you have end-to-end usage of simple-to-use technology so that end consumers can work with the dealer partners to optimize those dealer routes, and we can help utilize our product to enable it.

是的。我沒有——我從來沒有那樣量化過它。我認為現在是時候思考我們將如何使用人工智慧，我們將如何看待我們的企業產品技術機遇，我們將如何實現工廠數位化，以及我們將如何提供卓越的客戶體驗。我認為，如果沒有軟體讓客戶更容易與您開展業務，並且確保您擁有端到端的簡單易用的技術，以便最終消費者可以與經銷商合作夥伴合作，優化經銷商路線，而我們可以幫助利用我們的產品來實現這一點，那麼您就無法做到這一切。

Obviously, Pool does most of its product offering through an intelligence offering. And we're encouraged with some of the progress that we've had in our Industrial Solutions business, which is where a lot of the growth is coming from, measured performance. And then ultimately, we're doing the same thing in ICE and the expansion there.

顯然，Pool 的大部分產品都是透過智慧服務提供的。我們對工業解決方案業務的一些進展感到鼓舞，而這項業務的許多成長都來自可衡量的業績。最終，我們在 ICE 及其擴張中也做了同樣的事情。

Our businesses need to create end-to-end digital strategies, and we're going to work hard to do that. And then we have to have an accelerated way to implement the IT technology necessary to create those experiences. So it's a great opportunity to look at it now. And I think Heather is a great partner and a great contributor to the organization. Bob has done a great job stewarding and leading IT. But I think we're moving a little bit from the infrastructure and the foundational part and we need to invest in the digital front end of our business. And that's why she's going to have a seat at the executive table.

我們的企業需要製定端到端的數位化策略，我們將為此付出努力。然後，我們必須加快實施創造這些體驗所需的IT技術。所以現在正是研究它的好時機。我認為希瑟是一位優秀的合作夥伴，也是組織的重要貢獻者。Bob在管理和領導IT部門方面做得非常出色。但我認為我們正在逐漸偏離基礎設施和基礎部分，我們需要投資於我們業務的數位化前端。這就是為什麼她將在高階主管佔有一席之地的原因。

Yeah, I couldn't be more pleased for Heather so often sitting in the executive leadership team meetings I'm thinking to myself. Boy, it would be nice for Heather to hear this firsthand as we try to make the lives easier for our distributors and our dealers. So I think this will allow faster decision-making and also better decision-making on that part.

是啊，我真為Heather感到高興，她常常能參加高階主管領導團隊會議，我心裡想著。如果 Heather 能親耳聽到這些就好了，因為我們正在努力讓我們的經銷商和經銷商的生活更輕鬆。所以我認為這將有助於加快決策速度，並提高決策品質。

And while I am talking about my team, I am extremely proud. Earlier this year, we took a very strong Corporate Controller, Jennifer Hensley and promoted her to Chief Accounting Officer. Heather now moves up to the executive leadership team, and Nick is more than ready to take on the CFO role with this strength in the industry overall and its industry knowledge, FP&A and transformation in 80/20. So we're just in a really good place from that perspective.

說到我的團隊，我感到無比自豪。今年早些時候，我們提拔了一位非常優秀的財務總監詹妮弗·亨斯利擔任首席會計官。Heather 現在晉升為執行領導團隊，而 Nick 憑藉其在整個行業的優勢、行業知識、財務規劃與分析以及 80/20 轉型方面的能力，已經完全準備好擔任財務長一職。所以從這個角度來看，我們現在處境非常好。

Okay. Great to hear. And then as a follow-up, I was hoping, could you comment a little on just inventory in the channel across your different segments? And just if you're seeing anything that seems a bit out of balance at this point?

好的。很高興聽到這個消息。然後，作為後續問題，我希望您能就您不同細分渠道的庫存情況簡單談談。如果你發現任何看起來不太平衡的地方，請告訴我。

No, not seeing anything unusual and out of balance.

不，沒發現任何異常或不平衡的地方。

We really are at historical levels in almost all of our industries that we serve. So in good shape as we turn the page into 2026.

在我們所服務的幾乎所有行業中，我們都確實處於歷史最高水準。所以，展望2026年，我們一切進展順利。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

I know you've covered a lot of ground here. So just maybe a few more clarifications. John, last quarter, you mentioned price fatigue and a bit more repair activity amongst the contractors. Are you seeing any change in that? It certainly seems like the price increases for next year seems to indicate that it seems like quite a healthy environment. So just wondering if you could maybe just touch on those points.

我知道你已經做了很多工作。所以可能還需要一些澄清。約翰，上個季度你提到了價格疲勞以及承包商維修活動增加的問題。你覺得這方面有什麼改變嗎？明年的價格上漲似乎表明，目前的市場環境相當健康。所以，我想問您是否可以稍微談談這些要點。

Yeah. I mean I just want to recognize and acknowledge that if you take a look at cumulative price increases over the last several years, you wouldn't have been here in 2023, if we said the price is going to represent just much more of the cost of our product. I do think I'm proud of the fact that we've been able to capture that and expand margins and generally produce profit for shareowners.

是的。我的意思是，我想承認並承認，如果你看一下過去幾年的累計價格上漲情況，如果我們當初說價格將占我們產品成本的更大比例，那麼到了 2023 年你就不會站在這裡了。我確實為我們能夠抓住機會、擴大利潤率並為股東創造利潤而感到自豪。

But I think you got to start looking at through value propositions, dealer enablement and consumer lenses and say you got to make sure that your product still is the highest quality in the industry that has reliability, that matches that new price point, and that you're not having dealers come back with no dollars sales calls, right? They have to generate revenue from every sales call because the cost of inflation regarding wages and the cost of their route.

但我認為，你應該從價值主張、經銷商賦能和消費者角度來看待這個問題，確保你的產品仍然是業內質量最高、可靠性最強、價格與新價格相匹配的產品，並且不會讓經銷商空手而歸，對吧？由於工資和路線成本的通貨膨脹，他們必須從每一次銷售拜訪中創造收入。

So we just have to, as an organization and team continue to give the best value and make sure that our products are cutting edge from a technology standpoint. Recognizing that things are a lot more expensive today than they used to be three years ago. That's the point I'm making. And we got to have NPI lens on this. We've got to have innovation and we've got to make sure that our dealers are getting the best value from Pentair when they work with us. That's what I meant, Nigel.

所以，作為一家公司和一個團隊，我們必須繼續提供最佳價值，並確保我們的產品在技術上處於領先地位。意識到如今的物價比三年前高得多。這就是我想表達的觀點。我們必須從NPI的角度來審視這件事。我們必須不斷創新，並且要確保我們的經銷商在與我們合作時能夠從濱特爾獲得最大的價值。我的意思就是這個，奈傑爾。

Okay. No, that's clear. There's been a lot of price going through no question about that. And then my follow-on for Bob. I want to throw in a couple of quick ones for you before you desperate your retirement. On page 12, on the profit bridge. There's $48 million from price volume, net M&A. And we know the $37 million in price, which implies $11 million from other things for ex price I'm just wondering if there's a big mix contribution in that number. Just curious what gets us to full year [number].

好的。不，這很清楚。毫無疑問，價格經歷了很大的波動。然後，我接著問鮑伯。在你開始規劃退休生活之前，我想再補充幾個簡單的問題給你。第 12 頁，關於利潤橋。價格成交量為 4,800 萬美元，淨併購額為 4,800 萬美元。我們知道價格是 3700 萬美元，這意味著除價格外還有 1100 萬美元來自其他方面。我只是想知道這個數字中是否有很大的混合貢獻。只是好奇是什麼讓我們達到全年。[數字]。

Yeah, we had a good mix [contribution].

是的，我們搭配得很好。[貢獻]。

Yeah. I'd tell you what, when we get sales growth, and volume, that tends to drive mix for us with all of the work that we're doing in slide 1 to overserve those customers and focus on certain product lines. So that's a nice trend for us as we start to drive that top line growth, mix has been benefiting.

是的。我告訴你，當我們實現銷售成長和銷售提升時，這往往會推動我們調整產品組合，就像我們在投影片 1 中所做的那樣，竭盡全力服務這些客戶，並專注於某些產品線。所以，隨著我們開始推動營收成長，這是一個不錯的趨勢，產品組合也從中受益。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

We've been hearing -- just given kind of building on what Nigel was just talking about, just given the amount of price that's been put through over the last several years, we're hearing a little bit more about like dealers and installers kind of using some more foreign product in some like low-cost product maybe from Asia, something like that. I'm just curious what -- if you're seeing any of that and any color on that you have there?

我們一直聽到——就像奈傑爾剛才談到的那樣，就像過去幾年價格上漲的幅度一樣，我們聽到越來越多的經銷商和安裝商開始使用一些外國產品，比如來自亞洲的低成本產品，諸如此類。我只是好奇──你那邊有沒有看到這些東西，有沒有看到任何顏色？

Short answer is yes. It's starting to emerge. Long answer is it's not going to be a huge impact in the short run, but we have to make sure that we're offering better value to our customers. We're innovating, we're building content in all of our channels that we're making sure that we're offering superior quality in our brand fans or what we're positioning them to stand for.

簡而言之，答案是肯定的。它開始顯現出來了。長話短說，短期內不會產生巨大影響，但我們必須確保為客戶提供更好的價值。我們不斷創新，在所有管道中打造優質內容，確保為我們的品牌粉絲提供卓越的品質，或者說，確保我們品牌所代表的理念得以實現。

So it's a longer-term issue, and we have to be very cognizant that when markets are more stable from a volume perspective and price starts to be introduced, people are going to look for lower cost alternatives. Especially when supply chains are disrupted and there's other opportunities. So nothing unusual, but we have to acknowledge that these entrants are going to be here, and we've got to outperform them.

所以這是一個長期問題，我們必須非常清楚，當市場從數量上看起來更穩定，價格開始出現時，人們就會尋找成本更低的替代品。尤其是在供應鏈中斷且有其他機會的情況下。所以沒什麼不尋常的，但我們必須承認這些參賽者都會來，我們必須超越他們。

Is it targeted to a specific type of application set or product type? Or is it kind of pervasive?

它針對的是特定類型的應用場景還是產品類型？或者說，這種現象相當普遍？

I would say, right now, you're looking at more commodity-based products, more lower end, something that's not intelligent or connected to technology. It's an easier substitution at that level. So like, for instance, in Pool, you might see it in the lower end of the filter, right? So our filter is not doing the intelligence work, you might have other places that you do in that water chemistry. And you're seeing it on lower-end applications in filtration as well across the rest of our businesses. And we just have to be cognizant that our value promises and our efforts around what our brand is promising and our service levels and warranties are worth the difference in price.

我認為，目前市面上更多的是商品化產品，更偏向低階產品，而不是智慧產品或與科技相關的產品。在這個級別，替換起來更容易。例如，在 Pool 中，你可能會在過濾器的下端看到它，對吧？所以我們的過濾器並沒有進行智慧工作，你可能在水化學方面有其他地方在做這項工作。而且，在我們其他業務的低階過濾應用中也能看到這種情況。我們必須意識到，我們為品牌所做的價值承諾、我們為實現品牌承諾所做的努力、我們的服務水準和保固服務，都是值得我們付出價格差異的。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

I just staying on price. It looks like your '26 pricing for Pool is [6.5% or 6% to 7%] versus kind of normal [4%]. Just wondering what that contemplates for incremental tariffs. And then should we expect something similar from the other businesses where there's maybe an above-normal price increase because some carryover tariff impact.

我只是關注價格。看起來你們2026年泳池的定價是[6.5%或6%到7%]，而不是正常的水平。[4%]。想知道這對於逐步提高關稅有什麼規定。那麼，我們是否應該預期其他企業也會有類似的情況，例如由於某些關稅延續影響而導致價格出現高於正常水平的上漲？

Yeah. So Pool goes first. As you know, in the end of the Pool season in September, we went out with roughly 6%-ish price increases, we've captured all the things we knew at that point in time. We don't always net that full amount as we do work with our dealers and have dealer incentives that give them discounts on volumes or certain levels that they achieve.

是的。所以Pool先來。如您所知，在九月泳池季末，我們進行了大約 6% 左右的價格上漲，我們已經記錄了當時我們所知道的所有情況。我們並不總是能拿到全部淨額，因為我們會與經銷商合作，並向經銷商提供激勵措施，根據銷量或達到的特定水平給予折扣。

And I think all the other businesses are looking at the same way, what do we know at the point of January 1 when we put the prices in and what's fair? And how do we feel we're going to realize in net out price Yes. So hopeful that we don't see anything disruptive between now and the end of the year. But if we do, we would have to adjust our prices at [that point].

我認為其他所有企業都在以同樣的方式看待這個問題：到了 1 月 1 日，當我們制定價格時，我們究竟知道些什麼，什麼才是公平的？我們認為最終的淨售價會是多少？是的。希望從現在到年底不會有任何干擾因素。但如果我們這樣做，我們就必須調整價格。[這一點]。

Scott Graham, Seaport Research.

Scott Graham，Seaport Research。

Bob, congratulations on really being part of a significant increase in earnings consistency. I think you guys have done a phenomenal job in the face of very little organic. What I wanted to kind of get into was the organic growth investments. It sounds to me like you're doing a lot of investment on the front end, understandable given your distribution sort of pie chart. So when your end markets improve, does that percentage of front-end maybe shift toward new product orientation? Or would that be incremental growth investment that you deem necessary in better end markets?

鮑勃，恭喜你為公司獲利穩定性的顯著提升做出了貢獻。我認為在有機資源極度匱乏的情況下，你們做得非常好。我想深入探討的是有機成長投資。聽起來你前期投入了很多資金，考慮到你的分銷分佈圖，這也可以理解。那麼，當你的終端市場有所改善時，前端投入的比例是否會轉向新產品導向？或者，這是否意味著在更好的終端市場中進行必要的增量成長投資？

So I'd put it into three major categories, Scott, real quickly. I think we want to drive demand to our dealer channels, right? We've been a little passive the last few years and letting the dealers find their own path towards creating the demand. We've got to pull demand, right? We've got to have consumers that are interested in product upgrades, new technologies and reach out to a set of dealers that we recommend that helps create the demand in our industry. That would be one area.

史考特，我很快會把它歸類為三大類。我認為我們希望推動需求流向我們的經銷商通路，對嗎？過去幾年我們一直比較被動，讓經銷商自己去找創造需求的方法。我們必須刺激需求，對吧？我們需要有對產品升級、新技術感興趣的消費者，並讓他們聯繫我們推薦的經銷商，這有助於在我們行業內創造需求。那將是一個方面。

Number 2 is the sale of excellence. How do we cover the markets and the regions of the United States and the world more effectively and how do we incentivize our sales team to sign up dealers and promote our value proposition. And then it's marketing efforts. How do we build the momentum around value propositions around branding, et cetera. And all of that has a digital lens to it. And all of that has an increase in talent bill to it.

第二點是銷售卓越品質。我們如何更有效地覆蓋美國和世界各地的市場和地區？我們如何激勵銷售團隊簽署經銷商並推廣我們的價值主張？然後是行銷工作。我們如何圍繞品牌價值主張等建立動能？而這一切都帶有數位色彩。而所有這些都會導致人才成本的增加。

The fourth component would be technology, right, and making sure that we're investing in both innovative technology for today and innovative technology in the future. And across our great businesses, they're prioritized tool, CWS, which is our commercial water business and basically C&I is the top three businesses. We want to hit the accelerator for organic growth and drive value in those three businesses. And that's what we're doing, Scott.

第四個組成部分是技術，對吧？我們要確保既投資於當今的創新技術，也投資於未來的創新技術。在我們所有重要的業務中，優先工具是 CWS，也就是我們的商業用水業務，而 C&I 基本上是前三大業務。我們希望加快這三項業務的內生成長，並創造價值。史考特，我們正在做的就是這件事。

Okay. Thank you for joining the call today. In closing, I want to reiterate some key themes on slide 19. We delivered our 14th consecutive quarter of margin expansion and drove double-digit adjusted earnings growth as a result of solid execution and transformation. We increased our 2025 sales and adjusted EPS outlook and remain confident in our long-term strategy. We expect a long runway of productivity savings driven by transformation and 80/20.

好的。感謝您今天參加電話會議。最後，我想重申第 19 張投影片上的一些關鍵主題。由於穩健的執行和轉型，我們實現了連續第 14 季的利潤率成長，並推動了兩位數的調整後收益成長。我們提高了 2025 年的銷售額和調整後每股收益預期，並對我們的長期策略充滿信心。我們預計，在轉型和 80/20 法則的推動下，生產力節約將持續很長時間。

Our focused water strategy and strong execution continued to build a solid foundation with optimal operational efficiency, which we believe will drive long-term growth, profitability and shareholder value. Lastly, we believe we are well positioned to address opportunities from favorable secular trends in water with the right long-term strategy. We look forward to seeing you at our 2026 Investor Day in March. Thank you, everyone, and have a great day.

我們專注的水資源策略和強有力的執行，持續建立堅實的基礎，實現最佳營運效率，我們相信這將推動長期成長、獲利能力和股東價值。最後，我們相信，憑藉正確的長期策略，我們能夠很好地掌握水資源領域有利的長期趨勢所帶來的機會。我們期待在2026年3月的投資者日上見到您。謝謝大家，祝大家今天過得愉快。

Ladies and gentlemen, the conference has now concluded. We thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了。