濱特爾 (PNR) 2026 Q1 法說會逐字稿

Good morning and welcome to the Pentair first quarter 2026 starting conference call. (Operator instructions) Please also note today's event is being recorded. At this time, I'd like to turn the conference call over to Shelley Hubbard, Vice President of Investor Relations. Ma'am, please go ahead.

早安，歡迎參加 Pentair 2026 年第一季開盤電話會議。（接線員指示）另請注意，今日活動將進行錄音。此刻，我想將電話會議交給投資人關係副總裁 Shelley Hubbard。女士，請開始。

Thank you, operator, and welcome to Pentair's first-quarter 2026 earnings conference call. On the call with me are John Stauch, our President and Chief Executive Officer, and Nick Brazos, our Chief Financial Officer. On today's call, we will provide details on our first-quarter performance as outlined in this morning's press release.

謝謝接線員，歡迎參加 Pentair 2026 年第一季財報電話會議。與我一同出席的有我們的總裁兼執行長 John Stauch，以及財務長 Nick Brazos。在今天的電話會議中，我們將依據今早新聞稿所述，提供第一季表現的相關細節。

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 Pentair 投資人關係網站上，您可以找到我們的財報新聞稿與簡報投影片；該資料旨在補充我們今天電話會議中的預先準備發言，並提供我們將引用之 GAAP 與非 GAAP 財務衡量指標差異的調節表。

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 財務衡量指標不應被視為 GAAP 編製之財務績效衡量指標的替代品或更優者。納入這些指標是作為額外的釐清項目，以協助投資人進一步理解公司表現，以及這些項目與事件對財務結果的影響。

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.

在開始之前，提醒各位，我們今天的簡報將包含前瞻性陳述，也就是對未來事件的預測、推估或其他陳述。敬請聽眾注意，這些陳述受到若干風險與不確定性影響，其中許多難以預測，且通常超出 Pentair 的控制範圍。

These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to carefully review the risk factors in our most recent Form 10-Q and Form 10-K.

這些風險與不確定性可能導致實際結果與我們目前的預期出現重大差異。我們建議聽眾仔細檢視我們最新的 Form 10-Q 與 Form 10-K 中的風險因素。

Please note that during the presentation today, we will be making references to record financial results. These references reflect the time period post the invent separation in 2018, unless noted otherwise. Following our prepared remarks, we will open the call up for questions. Please limit your questions to two and re-enter the queue to allow everyone an opportunity to participate. I will now turn the call over to John.

請注意，我們今天的簡報將提及創紀錄的財務結果。除非另有說明，這些提及係反映 2018 年完成 Invent 分拆之後的期間。在我們的預先準備發言結束後，我們將開放提問。請將問題限制為兩題，並重新排隊，以便讓每位與會者都有機會參與。現在我把電話交給 John。

Thank you, Shelley, and good morning, everyone. We appreciate you joining us today. Let's start with our long-term strategy on slide 4. At our Investor Day in March, we outlined our long-term strategy, growth initiatives, favorable secular trends innovation pipeline and our financial growth outlook.

謝謝你，Shelley，各位早安。感謝各位今天加入我們。我們先從第 4 頁投影片的長期策略開始。在 3 月的投資人日，我們說明了長期策略、成長計畫、有利的長期結構性趨勢、創新管線，以及我們的財務成長展望。

We are very excited about the next level of growth and profitability that we expect will build upon the structural improvements we've made to our operating model over the last several years to drive more durable financial performance during economic cycles.

我們對下一階段的成長與獲利能力感到非常振奮；我們預期這將建立在過去數年我們對營運模式所做的結構性改善之上，以在經濟循環中帶動更具韌性的財務表現。

We believe our balanced water portfolio is uniquely positioned to drive superior value across our move, Improve and enjoy water segments. We are focused on accelerating growth through innovation and elite customer experiences. We expect to continue to see strong execution drive profitable growth and accelerate operational efficiencies over the next few years.

我們相信，我們均衡的水務產品組合具備獨特定位，能在「移動、改善與享受用水」三大事業領域創造卓越價值。我們專注於透過創新與卓越的客戶體驗來加速成長。我們預期未來幾年將持續看到強勁的執行力帶動獲利成長，並加速營運效率提升。

And our strong cash flow and ROIC provide flexibility for enhanced value creation. Let's move to the executive summary on slide 5. In Q1, we delivered another solid quarter supported by disciplined execution and continued focus on our Pentair Business System tools. Sales increased 3%, adjusted operating income increased 7%, ROS expanded by 100 basis points to 25.0%, our 16 consecutive quarter margin expansion, and adjusted EPS rose double-digits to $1.22.

此外，我們強勁的現金流與 ROIC 也提供了更大的彈性，以強化價值創造。接著看第 5 頁投影片的管理層摘要。第一季，我們在嚴謹執行與持續聚焦 Pentair Business System 工具的支持下，再次交出穩健的一季。營收成長 3%，調整後營業利益成長 7%，ROS 擴張 100 個基點至 25.0%，為連續第 16 季的利潤率擴張；調整後 EPS 以雙位數成長至 1.22 美元。

Flow delivered strong financial and operational performance in the quarter, and Water Solutions and Pool also contributed to core sales growth and margin expansion. Our strategy, supported by our Pentair Business System tools, including transformation processes inclusive of 80/20, continues to guide our execution across the company.

Flow 事業群本季交出強勁的財務與營運表現，Water Solutions 與 Pool 也對核心銷售成長與利潤率擴張有所貢獻。我們的策略在 Pentair Business System 工具的支持下（包含涵蓋 80/20 的轉型流程），持續引導我們在全公司範圍內的執行。

At our Investor Day in March, we introduced new long-term financial targets through 2028. Reflecting our confidence in our value creation model, we repurchased $200 million of outstanding shares in the open market during Q1.

在 3 月的投資人日，我們提出了至 2028 年的新長期財務目標。反映我們對價值創造模式的信心，我們在第一季於公開市場回購了 2 億美元的流通在外股份。

We also achieved dividend king status, marking our 50 consecutive year of higher dividends. We continue to see a range of underlying demand drivers, including aging US infrastructure, population growth in Sunbelt states, evolving customer demand in beverage. Premiumization in foodservice with an emphasis on reliability and serviceability and growth in the aftermarket.

我們也達成「股利之王」地位，代表我們連續 50 年提高股利。我們持續看到多元的基本需求驅動因素，包括美國基礎設施老化、陽光帶州人口成長、飲料領域客戶需求演變。餐飲服務領域的高端化趨勢（強調可靠性與可維修性），以及售後市場的成長。

We also had several key wins in Q1, including sales growth with our top customers, Quad one, strong productivity driven by the Pentair business system, a solid innovation pipeline across our segments, and continued execution against our strategy.

第一季我們也取得數項關鍵成果，包括與我們主要客戶的銷售成長、第一季表現亮眼、由 Pentair Business System 帶動的強勁生產力、各事業群穩健的創新管線，以及持續落實我們的策略。

Our 2026 outlook reflects our current expectations and continued confidence in our business model and the resilience of our end markets. We plan to continue investing in digital and AI-enabled solutions, strengthening our portfolio and returning capital to shareholders, while advancing our efforts in sustainable water technologies.

我們對 2026 年的展望反映目前的預期，以及我們對商業模式與終端市場韌性的持續信心。我們計畫持續投資於數位與 AI 賦能解決方案、強化產品組合並回饋股東，同時推進我們在永續水務技術方面的努力。

For full-year 2026, we narrowed our adjusted EPS guidance range to $5.30 to $5.40, raising the low end by $0.05 versus our initial outlook. At the midpoint, this represents 9% growth year-over-year. We remain focused as we navigate macro volatility in the broader operating environment, and we are taking actions to manage risk and support consistent execution.

就 2026 全年而言，我們將調整後 EPS 指引區間收斂至 5.30 至 5.40 美元，較初始展望將下緣上調 0.05 美元。以中位數計算，這代表年增 9%。在更廣泛的營運環境中面對總體波動之際，我們仍保持專注，並採取行動以管理風險、支持一致且穩健的執行。

We are watching housing and related markets closely, along with the pace of non-residential investment, and we remain focused on prudent pricing, productivity, and execution to manage through the environment. Now let's turn to our strategic actions driving performance on slide 6.

我們密切關注住宅與相關市場，以及非住宅投資的步調；同時我們仍專注於審慎定價、生產力與執行，以因應當前環境。現在讓我們看第 6 頁投影片：推動績效的策略行動。

We are off to a solid start in 2026 with Q1 performance supported by targeted growth initiatives, strong productivity execution, and disciplined delivery across our water portfolio. Q1 also reflected strong segment income and return on sales performance across all three segments. We delivered 3% sales growth despite ongoing headwinds in the residential markets, driven by execution on our growth initiatives.

2026 年我們開局穩健，第一季表現受惠於聚焦的成長計畫、強勁的生產力執行，以及在整體水務產品組合上的嚴謹交付。第一季也反映三大事業群皆有強勁的部門收益與銷售報酬率表現。儘管住宅市場仍有逆風，我們仍實現 3% 的銷售成長，主要由成長計畫的執行所帶動。

We are investing in technology and capabilities to expand Pool's total addressable market, accelerate growth in commercial buildings and data center infrastructure and support US water infrastructure needs. We've also strengthened digital capabilities and leveraged our global technology and R&D resources across the portfolio, and we continue to maintain a strong balance sheet and a disciplined capital deployment strategy.

我們正投資於技術與能力，以擴大 Pool 的可服務總市場（TAM）、加速商用建築與資料中心基礎設施的成長，並支援美國水務基礎設施需求。我們也強化了數位能力，並在整體產品組合中運用我們的全球技術與研發資源；同時我們持續維持強健的資產負債表與嚴謹的資本配置策略。

Before I turn it over to Nick, I want to thank Jerome Pedretti for 20 years of outstanding leadership. Throughout his career, Jerome has delivered superior results in all of the roles he has held. He has taken on difficult challenges and has always optimized the businesses and engaged employees in the Pentair way, and I in the ELT will personally miss his passionate debates with me and, of course, his enthusiasm for French and Italian food and wines.

在我把電話交給 Nick 之前，我想感謝 Jerome Pedretti 20 年來卓越的領導。在其職涯中，Jerome 在所擔任的每個職位都交出優異成果。他勇於承擔艱鉅挑戰，並始終以 Pentair 的方式優化業務、凝聚員工；我以及高階領導團隊（ELT）也將個人地想念他與我熱情的辯論，當然還有他對法式與義式美食與葡萄酒的熱愛。

I also want to thank Shelley Hubbard for her over three years of superior and professional engagement with shareholders. She has elevated our investor outreach and discussions, and we wish her well in her new role. Shelley has accepted a new position as VP of Investor Relations for a much larger company that helps her to further her development and broaden her experience. An announcement regarding Shelley will be issued by her new company in the near future.

我也要感謝 Shelley Hubbard 三年多來以卓越且專業的方式與股東互動。她提升了我們的投資人觸達與交流，我們祝福她在新職務一切順利。Shelley 已接受一個規模更大的公司之投資人關係副總裁新職，這將有助於她進一步發展並拓展經驗。關於 Shelley 的公告將由她的新公司於近期發布。

Shelley will continue with Pentair through May 1, we are using this opportunity to rotate Jeff Thompson, the CFO of our Flow and Water Solutions segments, into the VP Investor Relations role, and we are confident that Jeff will learn quickly and be able to share unique insights regarding our PBS playbook and business positioning.

Shelley 將在 Pentair 任職至 5 月 1 日；我們將把握這個機會，輪調 Flow 與 Water Solutions 事業群的財務長 Jeff Thompson 接任投資人關係副總裁一職。我們有信心 Jeff 能快速上手，並能就我們的 PBS 作戰手冊與業務定位分享獨到見解。

With that, I'll turn it over to Nick to walk through our financial results and our 2026 guidance in more detail. Nick?

接下來，我把時間交給 Nick，請他更詳細地說明我們的財務結果以及 2026 年的財測指引。Nick？

Thank you, John, and good morning, everyone. Let's start on slide 7. We delivered a first-quarter record for Pentair sales and adjusted operating income. Additionally, we enhanced return on sales across each of our three segments.

謝謝你，John，各位早安。我們先從第 7 頁投影片開始。我們在第一季創下 Pentair 銷售額與調整後營業利益的季度新高。此外，我們在三個事業部門的銷售報酬率皆有所提升。

In Q1, we reported sales of over $1 billion, up 3%, adjusted operating income of $259 million, up 7%. Return on sales of 25.0%, an increase of 100 basis points, and adjusted earnings per share of $1.22, up 10%. Core sales were up 1% year-over-year, driven by a 2% increase in flow and a 1% increase in both water solutions and pool.

第一季，我們的銷售額超過 10 億美元，年增 3%；調整後營業利益為 2.59 億美元，年增 7%。銷售報酬率為 25.0%，提升 100 個基點；調整後每股盈餘為 1.22 美元，年增 10%。核心銷售年增 1%，主要由 Flow 成長 2% 帶動，而 Water Solutions 與 Pool 各成長 1%。

Moving to adjusted operating income. Driven by our long-term plan, our Pentair business system, and our targeted ongoing structural cost improvement actions, we achieved 100 basis points of margin expansion in Q1.

接著看調整後營業利益。在我們長期計畫、Pentair Business System，以及聚焦且持續的結構性成本改善行動帶動下，我們在第一季達成 100 個基點的毛利率（利潤率）擴張。

Price offset inflation, and we delivered net productivity of $21 million while continuing to invest in targeted growth initiatives and our innovation pipeline. Please turn to slide 8. Flow sales were up 11% year-over-year to $258 million, driven by our Hydra-Stop acquisition, growth in Quad one accounts, and a focus on growing flow control equipment and aftermarket sales for the aging US water infrastructure, data centers, and other commercial buildings.

價格調整抵銷了通膨影響；同時在持續投資於聚焦的成長計畫與創新產品管線之際，我們仍實現 2,100 萬美元的淨生產力提升。請翻到第 8 頁。Flow 銷售年增 11% 至 2.58 億美元，主要受惠於 Hydra-Stop 併購、Quad one 客戶成長，以及我們聚焦於美國老化供水基礎建設、資料中心與其他商用建築之流量控制設備與售後市場銷售的成長。

As a reminder, last quarter, we announced that we have strategically combined our flow residential business and our residential business within Water Solutions beginning Q1 2026. Additionally, our long-range plan, as communicated in Q1, aims to deliver mid-single-digit growth within our flow segment with margin and income expansion driven by structural cost improvements and a focus on growth within our Quad one customers.

提醒各位，上季我們宣布，自 2026 年第一季起，我們已策略性地將 Flow 的住宅業務與 Water Solutions 內的住宅業務合併。此外，我們在第一季所傳達的長期計畫，目標是在 Flow 事業部門實現中個位數成長，同時透過結構性成本改善與聚焦於 Quad one 客戶的成長，帶動利潤率與獲利擴張。

Segment income grew 22% and return on sales expanded 210 basis points to 23.7%, driven by strong sales growth, which, as mentioned, includes the acquisition of Hydra-Stop in Q3 last year. Finally, price offset inflation. Please turn to slide 9. In Q1, water solution sales declined 1% to $391 million. Driven primarily by our targeted portfolio shaping and exit of the commercial services business in Q2 of 2025.

部門獲利成長 22%，銷售報酬率擴張 210 個基點至 23.7%，主要由強勁的銷售成長帶動；如前所述，其中包含去年第三季併購 Hydra-Stop 的貢獻。最後，價格調整抵銷了通膨。請翻到第 9 頁。第一季，Water Solutions 銷售下滑 1% 至 3.91 億美元。主要是因為我們聚焦的產品組合調整，以及於 2025 年第二季退出商用服務業務。

The Pro channel grew mid-teens during the quarter, reflecting gains supported by our decision to combine the residential flow and residential Water Solutions businesses to both drive structural cost improvements and bring targeted Quad one channel synergies to our Pro channels.

本季 Pro 通路呈現中十位數成長，反映出我們決定合併住宅 Flow 與住宅 Water Solutions 業務所帶來的成效；此舉同時推動結構性成本改善，並為 Pro 通路帶來聚焦的 Quad one 通路協同效益。

We continue to drive ongoing structural cost improvements and our make-buy strategies and tools. We've made progress on our structural cost initiatives but remain early in those actions and opportunities as we continue to deploy our Pentair business system.

我們持續推動結構性成本的持續改善，以及我們的自製/外購（make-buy）策略與工具。我們在結構性成本計畫上已取得進展，但在持續導入 Pentair Business System 的過程中，這些行動與機會仍處於相對早期階段。

Segment income grew 6% to $100 million, and return on sales increased 160 basis points to 25.5%. Primarily driven by our Pentair Business System productivity savings. The contribution of price offset inflation.

部門獲利成長 6% 至 1 億美元，銷售報酬率提升 160 個基點至 25.5%。主要由 Pentair Business System 的生產力節省所帶動。以及價格調整抵銷通膨的貢獻。

Please turn to slide 10. In Q1, pool sales increased 1% to $387 million. Segment income was $128 million, up 2%. Return on sales increased 30 basis points to approximately 33%. Price offset inflation and our Pentair business system drove continued net productivity.

請翻到第 10 頁。第一季，Pool 銷售成長 1% 至 3.87 億美元。部門獲利為 1.28 億美元，成長 2%。銷售報酬率提升 30 個基點至約 33%。價格調整抵銷通膨，加上 Pentair Business System 推動，帶來持續的淨生產力提升。

We're focused on investing in this business through a regional focus with targeted and unique programs in sales and marketing, field service and customer service support, new product innovation and breakthrough innovation that we believe should grow the total addressable market for pool and elevate our brand and offerings.

我們聚焦以區域化策略投資此業務，透過在銷售與行銷、現場服務與客服支援、以及新產品創新與突破性創新等方面的聚焦且差異化方案；我們相信這些作法將擴大泳池市場的總可服務市場（TAM），並提升我們的品牌與產品/解決方案。

Please turn to slide 11. Our balance sheet remains strong and our return on invested capital increased to 16.6% from 15.8% a year ago, reflecting our strong commitment to ongoing shareholder value creation. Our net debt leverage ratio is 1.7 times. In Q1, we repurchased $200 million of shares, reflecting the continued confidence in our strategy, our Pentair business system and our team's ability to execute.

請翻到第 11 頁。我們的資產負債表依然穩健，投入資本報酬率（ROIC）由一年前的 15.8% 提升至 16.6%，反映我們對持續創造股東價值的堅定承諾。我們的淨負債槓桿比率為 1.7 倍。第一季我們回購 2 億美元股票，反映我們對策略、Pentair Business System，以及團隊執行力的持續信心。

We have also increased our dividend by 8% and achieved our 50 consecutive year of dividend increases, making Pentair a dividend king while maintaining our dividend aristocrat status. Our significant annual free cash flow generation has enabled us to strategically deploy capital via dividends, debt paydown, share repurchases, and strategic acquisitions.

我們也將股利提高 8%，並達成連續 50 年調升股利，使 Pentair 成為「股利之王」（dividend king），同時維持「股利貴族」（dividend aristocrat）地位。我們每年可觀的自由現金流，使我們能透過股利、償還債務、股票回購與策略性併購來策略性配置資本。

We plan to remain disciplined with our capital and have flexibility to strategically allocate capital to areas with the highest shareholder returns and are planning additional share repurchases during 2026, reflecting our confidence in our ability to execute on our long-term strategy.

我們計畫在資本運用上維持紀律，並保有彈性，將資本策略性配置至可帶來最高股東報酬的領域；同時規劃於 2026 年進一步進行股票回購，反映我們對長期策略執行能力的信心。

Let's turn to our outlook on slide 12. For the full year, we are increasing our adjusted EPS guidance midpoint to approximately $5.35, with a range of $5.30 to $5.40, which is up roughly 8% to 10% year-over-year. Also, for the full year, we expect total Pentair sales in 2026 to be up approximately 2% to 4%.

接著看第 12 頁的展望。就全年而言，我們將調整後 EPS 指引中位數上調至約 5.35 美元，區間為 5.30 至 5.40 美元，約較去年同期成長 8% 至 10%。同時，就全年而言，我們預期 2026 年 Pentair 總銷售額約成長 2% 至 4%。

We expect flow sales to be up approximately mid-single-digits to high-single-digits and in line with our long-term plan. Water solution sales are expected to be approximately flat, with core sales up approximately low-single-digits and in line with our long-term plan.

我們預期 Flow 銷售約成長中個位數至高個位數，並與我們的長期計畫一致。Water Solutions 銷售預期約持平，核心銷售約成長低個位數，亦與我們的長期計畫一致。

And pool sales are expected to increase approximately 1% to 3% in 2026. While we're encouraged by sell-through dynamics in Q1, sell-through levels for this pool season, which concludes in Q3 of 2026, may require our channel partners to reduce purchases in Q2 and Q3 to reflect 2026 pool industry growth.

而 Pool 銷售預期在 2026 年約成長 1% 至 3%。儘管我們對第一季的終端銷售（sell-through）動能感到鼓舞，但本泳池季（將於 2026 年第三季結束）的 sell-through 水準，可能使通路夥伴需要在第二季與第三季降低進貨（purchases），以反映 2026 年泳池產業的成長幅度。

Therefore, we evaluated a wider range of pool revenue and income scenarios. And we have incorporated these assumptions and scenarios into our guidance update. We expect total Pentair adjusted operating income to increase approximately 6% to 8%, with return on sales expansion of roughly 100 basis points to approximately 26%.

因此，我們評估了更廣泛的 Pool 營收與獲利情境。並已將這些假設與情境納入本次指引更新。我們預期 Pentair 調整後營業利益總額約成長 6% 至 8%，銷售報酬率約擴張 100 個基點至約 26%。

We expect price to offset inflation and expect another strong year of Pentair Business System-driven productivity of approximately $70 million net of investment. We continue to evaluate and respond to ongoing changes in US tariffs, inflation and global supply chain impacts.

我們預期價格可抵銷通膨，並預期在扣除投資後，Pentair Business System 所驅動的生產力今年仍將強勁，約為 7,000 萬美元。我們持續評估並因應美國關稅、通膨以及全球供應鏈影響的持續變化。

We expect tariffs and inflation to have a net neutral impact over the year. For the second quarter, we expect sales to be up approximately 1%. We expect flow sales to be up approximately high single digits, which includes our HydroStop acquisition with approximately $10 million of sales in the quarter at approximately 30% return on sales.

我們預期關稅與通膨在全年將呈現淨中性影響。就第二季而言，我們預期銷售約成長 1%。我們預期 Flow 銷售約成長高個位數，其中包含 HydroStop 併購的貢獻，本季約帶來 1,000 萬美元銷售，銷售報酬率約 30%。

We anticipate water solution sales to be down approximately low single digits. With core sales approximately flat, reflecting the commercial services sale in Q2 2025. Commercial water core sales are expected to be up approximately low single digits.

我們預期 Water Solutions 銷售約下滑低個位數。核心銷售約持平，反映 2025 年第二季出售商用服務業務的影響。商用用水核心銷售預期約成長低個位數。

And pool sales are expected to be approximately flat to up 1%, reflecting our active management of sell-in and sell-out dynamics. We expect second quarter adjusted operating income to increase approximately 5% to 6%. We're also introducing adjusted EPS guidance for the second quarter of approximately $1.47 to $1.50, up roughly 6% to 8%.

而 Pool 銷售預期約持平至成長 1%，反映我們對進貨（sell-in）與終端銷售（sell-out）動態的積極管理。我們預期第二季調整後營業利益約成長 5% 至 6%。我們也首次提供第二季調整後 EPS 指引，約為 1.47 至 1.50 美元，約成長 6% 至 8%。

We're pleased with our performance in Q1. We have a balanced water portfolio and a global team with a proven track record of delivering our near and long-term strategies, and we are focused on delivering our new near and long-term plans for our shareholders, our customers, and our employees.

我們對第一季的表現感到滿意。我們擁有均衡的水務產品組合，以及一支在落實我們中短期與長期策略方面具備良好實績的全球團隊；我們也專注於為股東、客戶與員工交付我們新的中短期與長期計畫。

I'd like to now 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. Thank you.

接下來我想把電話會議交給接線員進行問答，之後 John 會做幾點結語。接線員，請開放提問。謝謝。

(Operator instructions)

(接線員指示)

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Yeah, good morning. This is Adam Farley on for Nathan. My first question is on the full year sales guidance. So price and FX tailwinds are likely to fade through the year as we lap last year's increases on price with volume likely needing to make up the shortfall. Could you talk about areas of the business that are expected to see volume improvement as the year progresses?

是的，早安。我是 Adam Farley，代替 Nathan 發言。我的第一個問題是關於全年銷售指引。因此，隨著我們在今年逐步消化去年提價所帶來的比較基期，價格與匯率的順風可能會在全年逐漸減弱，而銷量可能需要補上缺口。能否談談隨著年度推進，哪些業務領域預期會看到銷量改善？

Yeah, thanks for your question. We're seeing green shoots in our Commercial Water and Water Solutions business. We're seeing volume improvements across pockets of our Flow business as well several of our innovation and targeted market efforts in those businesses are reading out. As communicated in our Investor Day back in Q1, we're really working to drive both margin expansion and volume expansion in our Commercial Water Solutions business, and of course, in our pool business as well. with margin expansion from our flow and water quality management businesses coming more from our structural cost efforts.

好的，謝謝你的提問。我們在商用水務（Commercial Water）與水務解決方案（Water Solutions）業務看到一些復甦跡象。我們也在 Flow 業務的部分領域看到銷量改善，因為我們在這些業務中的多項創新與聚焦市場的投入開始產生成效。如同我們在第一季投資人日所溝通的，我們正努力在商用水務解決方案業務推動毛利率擴張與銷量擴張；當然，在泳池業務也是如此。而 Flow 與水質管理業務的毛利率擴張，更多來自我們在結構性成本方面的努力。

All right, thank you for that. And then thinking about -- following up on that margin expansion, you can talk about where you're seeing better-than-expected productivity? And then again, maybe talk about the impact of volume on net productivity. And I'll leave it there.

好的，謝謝。接著延伸剛才的毛利率擴張，你能談談你們在哪些地方看到優於預期的生產力提升嗎？另外，也請再談談銷量對淨生產力的影響。我就先問到這裡。

Yes, we saw productivity gains that exceeded our plan really across the enterprise, but specifically within our Commercial Water Solutions and within our Water Quality Management business. So our Water Solutions business in aggregate drove incremental net productivity.

是的，我們在整個企業範圍內看到超出計畫的生產力提升，尤其是在商用水務解決方案以及水質管理業務。因此，我們整體的水務解決方案業務帶動了額外的淨生產力提升。

And I would just remind everyone that our transformation and productivity numbers are net of investment. And so driving that margin expansion within the Commercial Water business and incremental volume beyond what we had originally planned for Q1 really rode out nicely in the Water Solutions business.

我也想提醒大家，我們的轉型與生產力數字是扣除投資後的淨額。因此，在商用水務業務推動毛利率擴張，以及第一季實際銷量高於我們原先規劃的增量，都在水務解決方案業務中有很好的體現。

And then in pockets of our Flow business, we saw additional productivity gains, and of course, about 30 basis points of margin improvement in pool, but really drove nice productivity gains within the Water Solutions business in Q1, and we're working to continue to drive that through the year.

此外，在 Flow 業務的部分領域，我們也看到額外的生產力提升；當然，泳池業務的毛利率也改善了約 30 個基點。不過，第一季水務解決方案業務確實帶動了不錯的生產力提升，我們也會努力在全年持續推進。

Steve Volkmann, Jefferies.

Steve Volkmann，Jefferies。

Hi, good morning, guys. Thank you for taking my question. I guess, I wanted to focus a little on the Pool segment. I guess, I was a little surprised by the decline there given sort of what we hear from other players in the channel doing some strong early buys. Maybe that's consistent. Do you think maybe they overdid it on the early buys? I guess you had some commentary about some potential destocking as the year progresses. Can you just tease that out a little for us?

嗨，早安，各位。謝謝你們回答我的問題。我想稍微聚焦在泳池（Pool）事業部。考量到我們從通路其他業者那邊聽到一些強勁的提前採購（early buys），我對你們那邊的下滑有點意外。也許這其實是一致的。你覺得他們是不是提前採購做得太多了？我想你們提到今年推進過程中可能會有一些去庫存（destocking）。能否幫我們再拆解說明一下？

Yeah, I mean, again, I think we have two components to our growth. The first one is we measure and manage sell-through growth, which is equal to what you see as the channel distribution measurements, right? So generally in line with all of those external pulse points that you're hearing, but we also have ship-in growth or sell-in growth that goes into the channel.

是的，我的意思是，我們的成長基本上有兩個組成。第一個是我們衡量與管理的終端銷售（sell-through）成長，也就是你在通路分銷數據中看到的衡量方式，對吧？因此大致上與你聽到的那些外部脈動指標一致；但我們也有出貨到通路的出貨成長（ship-in growth）或通路進貨成長（sell-in growth）。

And as we shared at the end of Q4 and into our full year guidance, we think that the current sell-through activity doesn't warrant a big pickup in the sell-in activity and we're expecting that to work its way out through Q2 and Q3 with lower shipments for us and then ultimately, better long-term dynamics as we head into 2027 pool season.

如同我們在第四季末以及全年指引中分享的，我們認為目前的終端銷售活動並不足以支撐通路進貨活動大幅回升；我們預期這會在第二季與第三季逐步反映出來，對我們而言出貨量會較低，然後隨著我們邁向 2027 年泳池旺季，長期動能將會更好。

Okay, great, that's helpful. And any comment on any trends you're seeing relative to market share in the pool business?

好的，很好，這很有幫助。另外，關於泳池業務的市占率，你們看到的趨勢有什麼可以分享的嗎？

Yes, we feel good about our positions. I mean I think what we're seeing in the dynamics is we have high-end premium pools, we have midrange goals and remodeling and then you ultimately have the aftermarket. And the challenge is that we're just not seeing overall volume growth across that pool industry as a whole. .

是的，我們對自身的市場地位感到不錯。我的意思是，我們看到的市場動態是：有高端的高價位泳池、有中階的新建與翻修，最後則是售後市場（aftermarket）。而挑戰在於，我們並沒有看到整體泳池產業的總體銷量出現成長。.

And what you're seeing is a series of defeaturing that's happening in the aftermarket or pushouts from consumer discretionary. But overall, I think we're looking at overall volume flat on the sell-through side and taken a lot of activity and energy to achieve that. But ultimately, we're hanging in there in what I would say is a flattish market.

你看到的是售後市場出現一連串的功能精簡（defeaturing），或是受到消費者可支配支出影響而延後（pushouts）。但整體而言，我認為在終端銷售端，我們看到的總體銷量大致持平，而要達成這點需要投入很多活動與精力。不過最終來看，在我所說的偏平的市場中，我們仍然維持住表現。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Please go ahead with your question. Maybe can we just touch on the tariffs. We've obviously seen some changes in the regime during the quarter. I think you said $30 million of impact this year. Just curious how that might be changing.

請提出您的問題。也許我們可以談一下關稅。我們顯然看到本季期間制度上有一些變化。我記得你提到今年影響約 3,000 萬美元。想請教這個數字可能會如何變動。

Yes, I mean I think tariffs are net-net slightly more than we currently expected, not by a lot, Nigel, but a little bit more. And we feel that we've pushed that price appropriately to the channel. I do want to also mention that there is the tariffs and then what I would call incremental inflation. We are seeing some commodities running hotter right now than they were initially expected.

是的，我的意思是，整體來看關稅的影響比我們目前預期的略高一些，不是很多，Nigel，但確實高一點。我們認為已經把相應的價格適當地轉嫁到通路。我也想補充，除了關稅之外，還有所謂的額外通膨。我們看到部分大宗商品目前的漲勢比原先預期更熱。

And again, we have taking price actions to neutralize those in our full year guidance forecast. So a little bit of benefit from one side of the tariffs. After the Supreme Court, it was little, and then we had the incremental 232 tariffs that offset it, and then we priced effectively on both of those elements.

同樣地，我們已採取調價行動，並在全年指引預測中把這些因素中和掉。關稅方面一邊有些許利多。在最高法院之後，影響不大；接著新增的 232 條款關稅把它抵銷掉，而我們也針對這兩個要素都有效地完成定價。

And, John, just a reminder, Nigel, about 70% of our sales go through two-step distribution and when we think about the year, we're planning for price to offset those inflationary headwinds, whether they be tariff, commodity or otherwise.

另外，John，提醒一下，Nigel，我們約 70% 的銷售是透過兩級分銷（two-step distribution）進行；當我們看今年時，我們規劃以價格來抵銷這些通膨逆風，不論是關稅、大宗商品或其他因素。

Okay. That's great. And just curious then how is price looking over the balance of the year from here?

好的。很棒。那我也想問，從現在到今年剩餘期間，價格表現看起來如何？

Yeah, I would say for the aggregate of Pentair, we're looking at low single-digit price across the year and expected approximately flat volume across the full year.

是的，我會說就 Pentair 整體而言，我們預期全年價格為低個位數成長，並預期全年整體銷量約為持平。

Patrick Baumann, JPMorgan.

Patrick Baumann，JPMorgan。

Hi, good morning. I had a quick question on your assumptions related to sell-through for the pool market this year. What is embedded in kind of your new guide of 1% to 3% for the segment for industry sell-through?

嗨，早安。我有個關於你們今年泳池市場終端銷售（sell-through）假設的快速問題。在你們對該事業部最新 1% 到 3% 的指引中，對產業終端銷售的假設大概包含了什麼？

Flattish on volume, plus price. So that's generally what we've assumed in this current outlook.

銷量大致持平，加上價格。這就是我們在目前展望中一般所採用的假設。

Flattish volume sell-through for the industry.

產業的終端銷量大致持平。

Plus, price, yes. So you have price plus flattish volume for sell-through?

再加上價格，是的。所以就是價格加上終端銷量大致持平？

Understood. and then a quick one on the capital allocation side. Did I hear you say you're going to do additional share repurchases this year? Is that embedded in guidance? Or did I make sure of that?

了解。那再快速問一個關於資本配置。我是否聽到你說今年會進行額外的庫藏股回購？這已經包含在指引裡了嗎？還是我聽錯了？

No, that's a great question. We expect to generate strong free cash flow in 2026 like we have historically about 100% of our net income converting into free cash flow. We did buy $200 million worth of shares in Q1 and we expect to remain active in 2026 in share repurchases, but none of those additional share repurchases are reflected in our current 2026 full year guide.

不，這是個很好的問題。我們預期在 2026 年將如同過往一樣產生強勁的自由現金流，歷史上大約有 100% 的淨利會轉換為自由現金流。我們在第一季回購了 2 億美元的股票，並預期在 2026 年仍會積極進行股票回購，但目前 2026 年全年指引並未反映任何額外的股票回購。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC 資本市場。

Thank you. Good morning, everyone, and I also want to wish Shelly all the best. Just a question, this came up at the Analyst Day but just want to see if we've seen any evidence of this. You said there's still lots of opportunities in 80/20. Are there part of it is the walk away revenues to walk away from some customers, walk away shutting down some product lines? Have we seen any of the net effects on the those revenues going away? Just what's baked into the guide there?

謝謝。各位早安，我也想祝 Shelly 一切順利。我有個問題，這在分析師日曾被提到，但我想確認我們是否看到任何相關跡象。你提到 80/20 仍有很多機會。其中一部分是否包含「放棄營收」——也就是放棄某些客戶、停止供應並關閉某些產品線？我們是否已看到這些營收流失的淨影響？在指引中已納入哪些假設？

Yes, we saw some of that in 2025, Dean. We're actively managing our Quad one customers, which are our top-tier customers, finding our top-tier products and ultimately seeing really good results across the portfolio regarding that. There are temptations of the businesses to go back after some of those 20s, as we mentioned, and we're really pushing back on those efforts unless it is a misplaced 20, maybe they were a big customer regionally and we looked at them nationally. That would be the only reason that we'd go back to that, Dean, but we're not seeing further headwinds from 80/20 actions in 2026 results.

是的，Deane，我們在 2025 年看到了一些。我們正積極管理我們的 Quad one 客戶，也就是我們的頂級客戶，聚焦於我們的頂級產品，並且最終在整個產品組合上看到非常好的成果。如同我們提到的，業務單位確實會有誘惑想回頭去追那些「20」的客戶，但除非那是被錯置的 20——例如他們在區域上是大客戶，但我們用全國尺度去看——否則我們會強力反對這些作法。Deane，這會是我們唯一會回頭的理由；但我們在 2026 年的結果中並未看到因 80/20 行動而帶來進一步的逆風。

Yes, in pockets of our businesses, we are seeing growth with our Quad one customers. And so you've got that balance of the exits we made and then the growth with Quad one. I mentioned it on the prepared remarks in our Water Solutions business. We grew mid-teens with our Pro channel while we continue to drive out some of the structural cost opportunities within water quality management. So those Quad one growth opportunities are starting to read out for us, and we're excited about what that's going to continue to deliver.

是的，在我們部分業務中，我們看到 Quad one 客戶帶來的成長。因此你會看到我們退出所帶來的影響，與 Quad one 成長之間的平衡。我在事先準備的講稿中提到我們的 Water Solutions 業務。我們在 Pro 通路實現了中十位數的成長，同時持續在水質管理中推動一些結構性成本機會的釋放。因此，這些 Quad one 的成長機會開始對我們產生成效，我們也很期待它接下來能持續帶來的貢獻。

Good to hear. And then just a second question on can you expand on the point in Pool on some of the new product innovation and expansion of the TAM. I know there are some product areas that you've said Pentair is not interested, like we wouldn't expect to see it to be in chemicals, for example. But just kind of where are attractive areas they might be? Is it in the automation side? And how much did the TAM increase? Thanks.

很高興聽到。第二個問題，能否再多談談泳池業務中新產品創新以及 TAM 擴張的部分？我知道你們曾說有些產品領域 Pentair 不感興趣，例如我們不預期會進入化學品。但大致上有哪些可能是具吸引力的領域？是在自動化那一端嗎？TAM 增加了多少？謝謝。

Yes, it is partially in the automation side. So we have a great and sticky product offering already with our IntelliCenter and with our pumping technology. So we do expect to continue to expand the TAM with the automation capabilities that we deliver and are expecting to deliver in the future.

是的，部分是在自動化端。我們目前已經有很強且黏著度高的產品組合，包括 IntelliCenter 以及我們的泵浦技術。因此，我們確實預期會透過我們目前提供、以及未來預計提供的自動化能力，持續擴大 TAM。

And then additionally, at our Investor Day, we talked about some new purification and membrane technologies that we're excited about bringing to market. So both of those are TAM expanders for us and we're excited to continue to develop those in addition to that digital connectivity of the pad.

此外，在投資人日我們也談到一些新的淨化與膜技術，我們很期待把它們推向市場。因此這兩者都能為我們擴大 TAM，我們也很期待在持續開發這些技術的同時，進一步強化設備端的數位連結能力。

Julian Mitchell, Barclays.

Julian Mitchell，巴克萊。

Hi, good morning. I just wanted to echo Deane's thanks and best wishes to Shelly. Just first off, just trying to understand the overall sort of headline company-wide slight guidance changes. So you have a slightly lower sales guide because of the Pool uncertainty. But I think you pushed up your op profit guide slightly, but that's with sort of an unchanged productivity savings guide at $70 million, and that's with the sales guide coming down a touch. So maybe help us understand sort of the moving parts within that? And anything by segment that's changed in your line of thinking versus prior guide?

嗨，早安。我也想呼應 Deane 的感謝並祝 Shelly 一切順利。首先，我想了解一下公司整體層面、指引小幅調整的主要原因。你們因泳池業務的不確定性而把銷售指引略微下調。但我認為你們把營業利潤指引略微上調；然而生產力節省指引仍維持在 7,000 萬美元不變，而且銷售指引還小幅下修。所以能否協助我們理解其中的變動因素？以及各事業部門相較於先前指引，你們的看法有哪些改變？

Real quick, Julian. Just to remind you, we have a large -- we're $4 billion plus, and we do have general revenue in Europe and Asia as well. And in this guide, we've reflected a little bit lower outlook in those regions relative to some of the supply chain challenges related to what's going on in the Middle East. We are seeing those and reflected those in the guide.

Julian，我很快補充一下。提醒你，我們的規模很大——超過 40 億美元——而且在歐洲與亞洲也有一般性營收。在這次指引中，我們已反映相較先前對這些地區略為偏低的展望，原因是與中東局勢相關的一些供應鏈挑戰。我們確實看到這些情況，並已在指引中反映。

Some of that is being made up by North America, and you got a positive mix on US revenue, offsetting what is lower margin mix in Europe and Asia. So I just wanted to share that insight as to what's in the guide as well that's helping margins.

其中一部分由北美所彌補，而且美國營收的組合更為有利，抵消了歐洲與亞洲較低毛利的組合。我也想分享這個關於指引內容的觀察，這同樣有助於毛利率。

Yes, that's right. It's a combination of mix, transformation and then driving a little bit of benefit below the line, but these are really strong transformation net of investments that we're driving within the businesses.

是的，沒錯。這是組合、轉型，以及在業外（損益表下方）帶來一些效益的綜合結果；但這些其實是我們在各業務中推動的、扣除投資後仍非常強勁的轉型成效。

That's helpful. Thank you. And then just to circle back to the pool business. So is the sort of core assumption that market sells through is pretty flat kind of year-on-year each quarter and the year in terms of volumes and then the sell in, there's a bit of pressure sort of second quarter from channel partners and then your sell-in kind of returns to growth perhaps later in the year? Just trying to understand the sort of sell-in, sell-through as we go through the year, understanding it's a very seasonal business.

這很有幫助。謝謝。再回到泳池業務。核心假設是否是：市場 sell-through（終端銷售）在每一季以及全年，年對年大致持平、以量來看相對平坦；而 sell-in（出貨至通路）在第二季因通路夥伴而有些壓力，之後你們的 sell-in 可能在下半年回到成長？我想理解一下隨著年度推進，sell-in 與 sell-through 的節奏，畢竟這是高度季節性的業務。

Yes, she nailed it. We expect most of the sell-in pressure to be Q2 and Q3. We reflected that in this guide, and we're continuing to drive sell-through actions. Right now, the assumption is flattish, and we're looking to drive higher than that on the volume side. And I think we're encouraged by what could be there in Q4 next year.

是的，你說得很到位。我們預期 sell-in 的壓力主要會在第二季與第三季。我們已在這次指引中反映，並且持續推動 sell-through 的相關行動。目前假設是大致持平，而我們希望在出貨量方面推動高於此的表現。我想我們也對明年第四季可能出現的情況感到鼓舞。

But this industry has been hoping for that volume growth for the last couple of years. And I think with all the price activity that's happening in tariffs and inflation, they've generally bought ahead at a pace that we don't think will continue, which is why we're addressing that in Q2, Q3 this year.

但這個產業過去幾年一直在期待那樣的量成長。而且在關稅與通膨帶來的各種價格變動下，整體而言他們以我們認為不會持續的速度提前備貨，這也是為什麼我們今年會在第二季、第三季處理這件事。

Andrew Krill, Deutsche Bank.

Andrew Krill，德意志銀行。

Hi, thanks. Good morning, everyone. Going back to margins, could you give us some directional help on which segments you expect to lead the margin expansion this year? And for Pool, in particular, I believe, before it was going to be one of the lower expansion of the three. Can you expand margins there this year with the modestly lower sales outlook?

嗨，謝謝。各位早安。回到毛利率/利潤率的問題，你能否提供一些方向性說明：今年你們預期哪些事業部門會領先帶動利潤率擴張？就泳池業務而言，我記得之前它會是三個部門中擴張幅度較小的。在銷售展望小幅下調的情況下，今年泳池業務仍能擴大利潤率嗎？

Yeah, that's a good question. What we guided at Investor Day is that our long-term plan is that Pool will modestly expand margin. whereas our Water Quality Management and Flow businesses will have margin expansion that outpaces the aggregate of Pentair.

是的，這是個好問題。我們在投資人日所給的指引是：長期計畫中，泳池業務的利潤率將溫和擴張；而我們的 Water Quality Management 與 Flow 業務的利潤率擴張，將快於 Pentair 整體的平均水準。

And so when you look for the margin expansion within our businesses, it's really about Water Quality Management and Flow business that's going to drive the additional structural cost improvement that drives the margin expansion. And then the remainder of our businesses, effectively, you see margin expansion in line with the portfolio.

因此，當你在我們各業務中尋找利潤率擴張的來源時，主要會是 Water Quality Management 與 Flow 業務，透過推動更多結構性成本改善來帶動利潤率擴張。至於其餘業務，基本上你會看到利潤率擴張與整體產品組合大致一致。

Okay. Great. And for productivity, the $21 million in the quarter, if you annualize that, you're tracking pretty nicely above the $70 million for the year. For the remaining three quarters, should we be expecting that about $50 million or so to be linear? Or is there any reason it's going to vary by quarter? Can you give us some help there? Thank you.

好的。很好。另外，關於生產力，本季是2,100萬美元；如果把它年化，你們的進度看起來相當不錯，會高於全年7,000萬美元的目標。那接下來三個季度，我們是否可以預期大約5,000萬美元左右會線性分布？還是有任何原因會讓它按季度有所波動？能否請你們提供一些指引？謝謝。

Yeah, I think a linearization is appropriate, and we're still holding to the $70 million for the year.

是的，我認為採用線性化的假設是合適的，而且我們仍然維持全年7,000萬美元的目標。

Andy Kaplowitz, Citigroup.

花旗集團（Citigroup）的Andy Kaplowitz。

Good morning, everyone.

各位早安。

Good morning.

早安。

Thanks for everything.So I think Flow revenue was slightly ahead of forecast for Q1. Maybe give a little more color on what you're seeing out of your CapEx businesses there? Obviously, you're also focused on significant commercial initiatives in that segment. So maybe talk about what you're seeing in the market versus your own improvements towards growth.

謝謝各位。所以我認為第一季Flow的營收略高於預期。能否多談一些你們在那邊資本支出（CapEx）相關業務所看到的情況？顯然你們也在該事業部聚焦於重大的商業化舉措。所以也請談談你們看到的市場狀況，與你們自身為了恢復成長所做的改善之間的對比。

Yeah, the flow business, you're right, Andy, did generate a little bit of incremental top line in Q1. We're expecting full year for flow to be up approximately mid-single digits to high single digits, which is in line with where we had guided for the full year.

是的，Andy，你說得對，Flow業務在第一季確實帶來了一些額外的營收增量。我們預期Flow全年將成長約中個位數到高個位數百分比，這與我們先前對全年所給的指引一致。

There are green shoots because of our efforts, specifically focused on commercial buildings. That's K through 12, that's hospitals, universities and even a little bit of data centers. in the pumping technology space. So we do have targeted technology and market investments to continue to grow Flow and those are reading out for us. You saw that in Q1, and we feel good about the full year guide.

由於我們的努力，確實出現了一些正向跡象（green shoots），特別是聚焦在商用建築。包括K到12年級學校、醫院、大學，甚至在泵浦技術領域也涵蓋了一些資料中心。因此，我們有針對性的技術與市場投資來持續推動Flow成長，而這些投資正在產生效果。你們在第一季已經看到，我們對全年指引也感到樂觀。

Helpful, and then maybe give us a little more color about what's going on in water solutions with ice, Manitowoc Ice and Everpure. I think you did return to growth, very modest growth. I think you talked about North America sort of leading the charge. Are you seeing international stabilize, like what are you seeing in that business?

很有幫助。接著能否再多談一些Water Solutions在製冰（ice）、Manitowoc Ice與Everpure方面的情況？我想你們已回到成長，雖然幅度很小。我記得你們提到北美算是帶頭。國際市場是否正在趨於穩定？你們在那個業務看到什麼？

Yes, I think that some of the changes we've made within Water Solutions, particularly our Commercial Water Solutions business are reading out nicely. And the targeted efforts, as we talked about at Investor Day, as we're seeing some of the retail shoppers moving from stopping at a drive-through to stopping at a convenience store, some of our efforts in those spaces are reading out for us in both the commercial filtration and the commercial ice space. And we expect those to continue. We have ongoing efforts across North America to continue to develop those channel partnerships and to drive sales in that space.

是的，我認為我們在Water Solutions內部所做的一些調整，特別是在商用水解決方案（Commercial Water Solutions）業務，正在帶來不錯的成效。而且如同我們在投資人日所談到的，隨著部分零售消費者從原本只在得來速停留，轉為到便利商店停留，我們在那些場景的投入，正在商用過濾與商用製冰兩個領域展現成果。我們預期這些趨勢會延續。我們在北美各地也持續推動相關工作，持續發展這些通路夥伴關係，並帶動該領域的銷售。

Scott Graham, Seaport.

Seaport的Scott Graham。

Yes, hi. Good morning. Thanks for taking the question. And Shelly, you've been excellent. Best of luck to you. I wanted to ask about the quarter's pricing and just with your guide for the year for pricing being sort of up low single, the decline there as we move through the quarters, is that maybe level set by first quarter having maybe 2 points of carryover price from last year?

是的，你好。早安。謝謝讓我提問。Shelly，你表現非常出色。祝你一切順利。我想問本季的定價情況；以及你們對全年定價的指引大概是低個位數上升，隨著季度推進而下滑的情況，是否可能是因為第一季包含了去年遞延帶入（carryover）的價格影響，大概有2個百分點？

There is a little bit of carryover and then there's -- so the year-over-year comp as well between Q1 of this year and last year. And then pricing, we expect, again, low single-digit price take on the year. So you're right on the Q1. And just reflecting on that, keep in mind that the tariff impact came at us and most of the price increases put in, in Q2 in last year. And so that's why you're seeing a slightly higher readout in Q1.

確實有一些遞延帶入，另外還有——也就是今年第一季相較去年第一季的年對年比較（comp）。而在定價方面，我們仍預期全年價格實現（price take）為低個位數。所以你對第一季的理解是對的。補充一下，請記得關稅影響是突然出現的，而我們大多數的漲價是在去年第二季才導入。因此你會在第一季看到略高的反映。

Understood. The other question was simply on the Flow business, and you kind of gave us one liner there. In the past, you've talked about markets specifically with percentages. I know you indicated also some of your initiatives, but maybe if you could delineate specifically how is industrial versus how is commercial?

了解。另一個問題是關於Flow業務，你剛剛算是用一句話帶過。過去你們會針對市場用百分比來說明。我知道你也提到一些舉措，但能否更具體區分一下：工業端表現如何？商業端表現如何？

Both businesses performed well in the quarter, both from a top line and a margin expansion perspective. And both the commercial businesses and the industrial businesses and the businesses underneath them. are expected to continue on that track, specifically with the margin expansion initiatives that we've already seen readout and continuing to drive that into the rest of '26 and into our '28 longer-term plan horizon.

本季兩個業務都表現良好，無論是營收端或毛利率擴張（margin expansion）的角度。而商業端與工業端，以及其下各個子業務，預期都會延續這樣的走勢，特別是我們已經看到成效、並將持續推進的毛利率擴張舉措，會一路推動到2026年剩餘期間，並延伸到我們以2028年為期的長期計畫視野。

Amit Mehrotra, UBS.

瑞銀（UBS）的Amit Mehrotra。

Thanks. Morning. I guess I just want to start on Pool really quickly. And just get your color commentary, if you think there's evidence that price is affecting demand elasticity or even share. And within the different categories, whether it's new pool remodel, replace and aftermarket, et cetera, any noteworthy inflections either positive or negative within each of those sort of subcategories?

謝謝。早安。我想先很快從Pool談起。想請你分享一些看法：你是否看到價格正在影響需求彈性，甚至影響市占？另外在不同類別中，不論是新建泳池、翻新、汰換與售後市場等，各子類別是否有任何值得注意的轉折點（不論正面或負面）？

No, I mean I think Pool is playing out generally the way we anticipated it to. Just as a reminder, we have decently high interest rates in the United States right now that didn't get any better after the Middle East war started.

沒有，我的意思是，我認為Pool的發展大致符合我們的預期。提醒一下，目前美國利率相當高，而中東戰爭爆發後也沒有變得更好。

We have higher levels of HELOCs on home remodeling, which would affect the remodeling spaces. And we have pressure on consumers in the form of overall cost of living. And if you play that out over the new pool builds, you've got the mid-market pools and remodels and you've got the service side.

在房屋翻修方面，房屋淨值信用貸款（HELOC）的使用水準更高，這會影響翻修相關領域。同時，消費者也承受整體生活成本的壓力。如果把這些因素套用到新建泳池，你會看到中階市場的泳池與翻修，以及服務端。

What we're just seeing is people focused on break and fix repair, but not taking the opportunity to upgrade and those upgrades are a big part of the long-term growth drivers. Now we're going to have to work harder to build programs around it. But prices over the last three, four years is pretty high. And ultimately, we needed to level off at these levels, and then we have to go work and drive the growth actions by region.

我們看到的是，人們更專注於「壞了就修」（break and fix）的維修，但不太把握機會去升級，而升級其實是長期成長驅動因素的重要一環。因此我們必須更努力去建立相關方案。但過去三、四年的價格確實偏高。最終我們需要在這些水準上趨於平穩，接著就必須按區域去推動成長行動。

So in a region, you'd look at new pool builds separately than aftermarket and service you're making sure you've got the right product availability and the lineup and you have the right value proposition. And then you have the right marketing and sales programs to go penetrate the opportunities.

因此在某個區域，你會把新建泳池與售後市場、服務分開來看，確保你有正確的產品供應與產品組合，並且有正確的價值主張。然後再搭配正確的行銷與銷售方案，去滲透這些機會。

And so that's the playbook. And I think we're encouraged by the way that we've flattened out here on sell-through on volume plus the price. And we think that's more balanced as we look into '27 and beyond, and we'll get this sell-in behind us, and we'll be off to mid-single-digit growth plus in the future.

這就是我們的作戰手冊。我們對目前在終端銷售（sell-through）上、量與價都已趨於平坦的走勢感到鼓舞。我們認為，展望2027年及以後，這樣的狀態更為均衡；等我們把通路進貨（sell-in）的影響消化完，未來就有望回到中個位數以上的成長。

And I just wanted to maybe ask -- end on a more positive question. around green shoots because you mentioned green shoots, and we're all kind of trying to figure out whether in the broader industrial space of green shoots are really green shoots or are they, in fact, leads.

我最後想用一個更正面的問題作結，談談你提到的正向跡象（green shoots）。我們都在試著判斷，在更廣泛的工業領域裡，所謂的green shoots到底是真的green shoots，還是其實只是一些線索（leads）。

And we're not really sure. It feels like there's really more green shoots you're building. So maybe just give us a little bit more color, products, regions, why you feel comfortable that they're actually green shoots and maybe any other additional information on that side.

我們其實不太確定。感覺你們正在建立更多的green shoots。所以能否再多給一些細節：哪些產品、哪些地區、為什麼你們有信心它們確實是green shoots？以及在這方面是否還有其他補充資訊？

Yeah, and for clarity, when I say green shoots, I mean a result of our Pentair efforts and what we're doing to win commercial building opportunities, municipal opportunities and industrial opportunities, even if there aren't green shoots in those macro markets, particularly in Europe.

是的，先澄清一下，我所說的green shoots，是指我們Pentair自身努力的成果，以及我們為了贏得商用建築、市政與工業機會所做的事情；即使那些總體市場本身未必出現green shoots，尤其是在歐洲。

And so our teams are doing a good job with targeted selling efforts by region, by city, within those commercial and industrial opportunities for municipals and commercial buildings and by project. So green shoots there are really the result of our team's efforts to take those opportunities and to drive the growth at healthy margins that are nice mix balance within each of those flow businesses.

因此，我們的團隊正透過按區域、按城市，以及在市政與商用建築的商業與工業機會中、並按專案進行的精準銷售努力，做得相當出色。所以，那些「綠芽」確實是我們團隊把握這些機會、並以健康的利潤率推動成長所帶來的成果，且在各項流體業務中形成良好的組合平衡。

Got it. Okay. Thank you very much. Appreciate it.

了解。好的。非常感謝。感激不盡。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

Hey, good morning, everyone.

各位早安。

Good morning, Jeff.

早安，Jeff。

Just on the -- if you look at the 2Q guide, like first half is a little bit lower than kind of the midpoint of your revenue growth. Just talk through the moving pieces that get you to kind of a better second half to start? Thanks.

就——如果你看第二季的指引，上半年似乎比你們營收成長中位數略低一些。能否談談有哪些變動因素，讓你們一開始就能在下半年表現得更好？謝謝。

Yes, I'm going to simplify Q2 just reminding you and everyone that, that's when we started to see the heavier price increases that followed the tariff actions last year. So in our particular guide in Q2 is the anticipation that people jumped ahead of those price increases and bought a little bit more in Q2, and we going to be mindful that our year-over-year results reflect that. As you head into Q3, Q4, things leveled out. And quite frankly, we should have some more easier compares across the portfolio across those actions last year.

是的，我會把第二季簡化來說，提醒你以及各位，那正是我們開始看到更大幅度漲價的時點，而那是去年關稅措施之後所帶來的。因此，在我們的第二季指引中，我們預期客戶會在這些漲價前提前採購，於是第二季買得多一些；我們也會留意，我們的年對年結果會反映出這點。進入第三季、第四季後，情況就趨於平穩。坦白說，針對去年這些措施，我們在整體產品組合上也會有更容易的比較基期。

And then it seems like that the preference is buybacks over deals, but maybe just talk about the pipeline and then where the focus is? I know historically, you weren't doing much in Flow, but that was your last deal. Do we start to see more activity in the Flow business going forward? Thanks.

另外，看起來你們偏好回購多於併購交易，但能否談談併購案源（pipeline）以及目前的重點方向？我知道過去你們在 Flow 業務上並沒有做太多，但你們上一筆交易是在 Flow。未來我們是否會看到 Flow 業務有更多活動？謝謝。

Yes, I mean, we're actively in the pipeline, but it's hard to say that it's a robust pipeline at the moment, right? A lot of sponsor-based deals are waiting for a better backdrop in climate to come out. and the deals that are in the market today, we're looking at, but we have to be thoughtful and careful is what are the returns on those assets.

是的，我們確實在積極看案源，但很難說目前的案源非常充沛，對吧？許多由贊助方主導的交易都在等待更好的市場環境；而對於目前在市場上的交易，我們也在評估，但必須審慎、謹慎，重點是這些資產的報酬率如何。

And we have to look at them in the tariff environment, the inflation environment, the regional impacts and also across the vertical market landscape. And so we're active, but we want to make sure that we're always looking at long-term value creation and comparing that against our own organic growth opportunities.

而且我們必須在關稅環境、通膨環境、區域性影響，以及各垂直市場版圖的脈絡下來評估。因此我們很積極，但也要確保我們始終以長期價值創造為依歸，並將其與我們自身的有機成長機會加以比較。

(Operator instructions)

（接線員指示）

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Hey, guys. Good morning to take my questions. Just curious, when we look at your performance in Pool versus your biggest channel partner, like it historically was a very tight relationship in terms of their tracking like your performance versus their purchases of inventories. And it's just -- it hasn't been nearly as reliable an indicator over the last year plus. Just curious how you think we should think about that relationship going forward?

各位好。早安，謝謝讓我提問。我想請教，當我們看你們在泳池（Pool）業務的表現，對比你們最大的通路合作夥伴時，過去在追蹤上一直非常緊密，也就是你們的表現與他們的庫存採購之間高度一致。但在過去一年多，這個指標就——不再那麼可靠了。想請問你們認為未來我們應該如何看待這個關係？

I think you should use that indicator as how sell-through is tracking for us. And I would say that we are very mindful of that one channel partner's sell through. I'd remind you that there's other channel partners as well. But I would say that we feel and from our equipment performance, it was slightly higher than their equipment sell-through in the quarter.

我認為你應該把那個指標視為我們的終端銷售（sell-through）追蹤情況。我會說，我們非常留意那一家通路合作夥伴的終端銷售。也提醒你，還有其他通路合作夥伴。但我會說，就我們的設備表現來看，本季我們的表現略高於他們的設備終端銷售。

And then you have to think about our sell-in and that should be equal to sell-through over time. But what we have been clear about is that our sell-in outpaced our sell-through at the end of last year, probably in anticipation of what the '26 full year would look like and also people trying to get ahead of incremental tariff and pricing, and that needs to come back in line, which is why we're adjusting Q2 and Q3 appropriately.

接著你還得考量我們的鋪貨（sell-in），長期來看應該會與終端銷售相等。但我們一直很清楚地說，去年年底我們的鋪貨速度超過了終端銷售，可能是因為大家預期 2026 全年的情況，以及有人想提前因應額外的關稅與漲價；而這需要回到一致，這也是為什麼我們會相應調整第二季與第三季。

And then if I think about automation, can you talk about how much this causes like a lock-in of equipment? Like if I use Pentair automation on the top, like as an overarching, do I need -- how much does that lock you into using Pentair equipment underneath it?

另外，如果我想到自動化（automation），你能談談這會在多大程度上造成設備的「綁定」嗎？例如如果我在上層使用 Pentair 的自動化系統，作為整體的控制中樞，那在下層使用 Pentair 設備的綁定程度有多高？

And the counterpoint is like I've heard there's been more kind of ability for other companies kind of automation solutions to sit on top of like an agnostic kind of hardware platform. So just curious how that has changed or evolved and how you think you're positioned there from like a lock-in from automation.

相對地，我也聽說其他公司的自動化解決方案，似乎更能架在一個更中立（agnostic）的硬體平台之上。所以想請教這點如何改變或演進，以及從自動化帶來的綁定角度，你們認為自身的定位如何？

Yes, I think you got to look at where we're really well positioned on a premium pool, multi-body large water features, high-end aspects, and when you talk about automation at that level, you've got a lot of optimization of products. You turn on a spa, you want to move valves to change the flow of water. You want to flip on and off on heat pumps versus maybe natural gas heat to optimize your energy capability, you want to optimize energy of pumps.

是的，我認為你得看我們在哪些領域的定位特別強：高端泳池、多水體（multi-body）、大型水景，以及高端配置；當你談到那個層級的自動化時，會涉及大量的產品最佳化。你啟動 SPA 時，你希望透過移動閥門來改變水流。你希望在熱泵與可能的天然氣加熱之間切換，以最佳化能源使用能力；你也希望最佳化幫浦的能耗。

That is what high-end automation looks like. If you're looking for simple control features on off and the time that you go on off, there are a lot of lower-cost automation solutions. And we will also have a low-end automation solution in 2027 to take care of that small or simple pad that you're referring to.

這就是高端自動化的樣貌。如果你只需要簡單的控制功能，例如開關與定時開關，市場上有很多更低成本的自動化方案。而我們也會在 2027 年推出一個入門級自動化方案，以滿足你所提到的那種小型或簡單設備平台（pad）。

I'm optimistic that it could change the automation penetration, but you still need a consumer to say, I want automation. You want a service provider that wants to utilize that automation and you ultimately have to create value at a certain price point and the channel to sell it.

我樂觀認為這可能改變自動化的滲透率，但你仍需要消費者說「我想要自動化」。你也需要服務提供者願意使用那套自動化；而最終你必須在某個價格帶創造價值，並透過通路把它賣出去。

And so we have it in our pipeline. It is an opportunity. We talked about the TAM that it will produce at Analyst Day and we're going to work really, really hard to get that automation of simple pools to get to breakthrough levels.

因此我們已把它納入我們的產品開發案源中。這是一個機會。我們在分析師日談到它將帶來的 TAM（可服務總市場），而我們會非常、非常努力，讓簡易泳池的自動化達到突破性的水準。

And with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

接下來，我們將結束今天的問答環節。我想把時間交回管理團隊，請他們做結語。

Thank you for joining us today. In closing, I'd like to reinforce some key takeaways on Slide 13. We have a balanced and resilient water portfolio that has delivered superior value over the last several years. We have a clear strategy, proven operating model and an energized leadership team. We expect to accelerate long-term growth through innovation and elite customer experiences.

感謝各位今天加入。在結語中，我想重申第 13 頁投影片上的幾個重點。我們擁有均衡且具韌性的水務產品組合，過去幾年已創造優異價值。我們有清晰的策略、經驗證的營運模式，以及充滿動能的領導團隊。我們預期將透過創新與卓越的客戶體驗，加速長期成長。

We expect our focused water strategy and strong execution to continue to strengthen our foundation and drive operational efficiency, supporting long-term growth, profitability and shareholder value. Finally, we believe that we are well positioned to participate in growth opportunities supported by long-term water-related trends consistent with our focused strategy. Thank you, everyone, and have a great day.

我們預期，聚焦的水務策略與強勁的執行力將持續強化我們的基礎並提升營運效率，支撐長期成長、獲利能力與股東價值。最後，我們相信，依循我們的聚焦策略，我們已具備良好定位，可參與由長期水相關趨勢所支持的成長機會。謝謝各位，祝大家有美好的一天。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

各位女士先生，至此我們將結束今天的電話會議與簡報。感謝各位的參與。您現在可以掛斷電話。