濱特爾 (PNR) 2026 Q2 法說會逐字稿

Welcome to the Pentair second-quarter 2026 earnings conference call. (Operator Instructions) Note, this event is being recorded.

歡迎參加 Pentair 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Jeff Thompson, Vice President, Investor Relations. Please go ahead.

現在我想將會議交給投資人關係副總裁 Jeff Thompson。請開始。

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

謝謝，接線員，也歡迎各位參加 Pentair 2026 年第二季財報電話會議。與我一同出席的有我們的總裁暨執行長 John Stauch，以及臨時財務長 Bob Fishman。在今天的電話會議中，我們將依據今早新聞稿所述，提供第二季表現的相關細節。

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. 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.

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；該投影片旨在補充我們今天通話中的預先準備發言，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。所提供的非 GAAP 財務衡量指標不應被視為依 GAAP 編製之財務績效衡量指標的替代或更優者。

They are included as additional clarifying items to aid investors in further understanding the company's performance in addition to the impact these items have these items and events have on the financial results. 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.

這些項目係作為額外的釐清資訊，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。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。

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. 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 will be making references to record financial results.

提醒聽眾注意，這些陳述受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。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。我們建議聽眾仔細閱讀我們最新的 Form 10-Q 與 Form 10-K 中的風險因素。另請注意，在今天的簡報中，我們將提及創紀錄的財務結果。

These references reflect the time period post the nVent 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 reenter the queue to allow everyone an opportunity to participate.

除非另有說明，這些提及係反映 2018 年 nVent 分拆後的期間。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。

I will now turn the call over to John.

現在我把電話交給 John。

Thank you, Jeff, and good morning, everyone. We appreciate you joining us today. As you saw this morning, in addition to our quarterly results, we announced that we have agreed to acquire Taco Group Holdings, a market leader in hydronic and water-based solutions. This exciting transaction aligns with our strategic priorities and allows us to accelerate our growth trajectory. First, let's begin with an executive summary on slide 4.

謝謝你，Jeff，各位早安。感謝各位今天加入我們。如同各位今早所見，除了季度業績外，我們也宣布已同意收購 Taco Group Holdings——一家在水力（hydronic）與水基解決方案領域的市場領導者。這筆令人振奮的交易與我們的策略優先事項一致，並使我們得以加速成長軌跡。首先，讓我們從第 4 頁投影片的管理層摘要開始。

The second-quarter was slightly better than the July 14 preannouncement and reflects efforts to realign pool channel inventory ahead of the 2027 pool season. For remains a fantastic business and we believe it is well positioned for a return to robust growth in 2027. Importantly, Water Solutions and Flow remain on track to deliver full year expectations and we expect to see improved revenue growth from these businesses in the second half of 2026.

第二季表現略優於 7 月 14 日的預先公告，反映我們為 2027 年泳池季節前重新調整泳池通路庫存所做的努力。泳池業務仍是一門非常出色的事業，我們相信其已為 2027 年恢復強勁成長做好準備。重要的是，Water Solutions 與 Flow 仍按計畫達成全年預期，我們預期這兩項業務在 2026 年下半年將呈現更佳的營收成長。

Lastly, the addition of Taco creates another platform in water solutions that aligns with Investor Day themes and accelerates our growth profile. Please turn to the Q2 overview slide on slide 5. As we shared in the preannouncement on July 14, Q2 was a challenging quarter driven by the underperformance of our pool segment and specifically the acknowledgment that we would not realize the pool dealer growth that we had originally planned.

最後，納入 Taco 將在水解決方案領域再打造一個平台，與投資人日主題一致，並加速我們的成長輪廓。請翻到第 5 頁投影片的第二季概覽。如同我們在 7 月 14 日預先公告中所分享，第二季是一個具挑戰性的季度，主要由泳池部門表現不如預期所致，特別是我們確認無法實現原先規劃的泳池經銷商成長。

While we are disappointed with the impact this had on our overall business, I want to emphasize two important points. First, our underperformance was concentrated in pool. The flow & water solutions businesses delivered record return on sales, even when excluding the benefit of tariff refunds, further reinforcing the resilience of our balanced portfolio.

雖然我們對其對整體業務造成的影響感到失望，但我想強調兩個重要重點。第一，我們的表現落後主要集中在泳池業務。Flow 與 Water Solutions 業務創下銷售報酬率（return on sales）新高，即使排除關稅退稅的效益亦然，進一步印證我們均衡產品組合的韌性。

Second, we believe the pool challenges are temporary and we remain confident in the attractive nature of the segment and our position as a market leader. As we'll discuss in the following slide, we have a clear plan to address the near-term challenges we are facing, and we turn the business to robust growth as we have historically realized.

第二，我們認為泳池業務的挑戰是暫時性的，並且仍對該部門的吸引力以及我們作為市場領導者的地位充滿信心。如同我們在下一頁投影片將討論的，我們有明確計畫來因應當前的短期挑戰，並使業務回到我們過去一貫實現的強勁成長。

Second-quarter adjusted operating income included approximately $35 million of tariff refunds across our three reporting segments. During the quarter, we repurchased 150 million shares in the open market as we continue to put our capital to work to drive long-term shareholder returns. For full year 2026, we are reaffirming our adjusted EPS guidance range of $4.60 to $4.80, communicated through our preannouncement on July 14.

第二季調整後營業利益包含約 3,500 萬美元的關稅退稅，涵蓋我們三個報導部門。本季我們在公開市場回購了 1.5 億股股票，持續運用資本以推動長期股東報酬。就 2026 全年而言，我們重申調整後 EPS 指引區間為 4.60 至 4.80 美元，該指引已於 7 月 14 日的預先公告中對外溝通。

Please turn to our pool overview and growth action plans on slide 6. The year-over-year decline in pool sales was largely driven by a more announced inventory alignment with major channel partners than previously expected. Since learning the full magnitude of the inventory reduction during the quarter, we acted with urgency to address the issue, and we are confident that the inventory levels will be optimized by the end of Q3, setting us up nicely for the 2027 pool season.

請翻到第 6 頁投影片，查看我們的泳池業務概覽與成長行動計畫。泳池銷售年對年下滑，主要是因與主要通路夥伴進行的庫存調整幅度高於先前預期。在本季得知庫存削減的完整幅度後，我們即刻採取行動處理此問題；我們有信心在第三季末前將庫存水位最佳化，為 2027 年泳池季節做好準備。

A smaller portion of the sales decline was related to moderating sell-through due to ongoing end market pressure across discretionary residential end markets in North America. In addition, we estimate modest movement in share on some older pool pads where we aren't capturing our fair share of replacement equipment installed 10 to 15 years ago.

銷售下滑中較小的一部分，與北美可選擇性住宅終端市場持續承壓所導致的終端銷售（sell-through）趨緩有關。此外，我們估計在部分較舊的泳池設備組合（pool pads）上，市占率出現小幅變動；在這些設備於 10 至 15 年前安裝的更換需求上，我們未能取得應有的份額。

Our action plan includes initiatives to resolve this issue and increase aftermarket share moving forward. As these dynamics became clear through the course of the quarter, we initiated a comprehensive review of our pool business to determine how best to adapt to our current environment and ensure we are positioned for success heading into next year's pool season.

我們的行動計畫包含解決此問題並在未來提升售後市場市占率的各項措施。隨著這些動態在本季逐步明朗，我們啟動對泳池業務的全面檢視，以判斷如何最佳地因應當前環境，並確保在進入明年泳池季節前具備成功的有利位置。

This review showed us a few key points. First, we remain an industry leader with a premier brand, strong customer base and a large installed base with leading positions in energy-efficient and smart connected pool technologies. We believe the challenges we are facing are temporary and do not reflect a structural change in the full market or our long-term opportunity.

這項檢視讓我們看到幾個關鍵重點。第一，我們仍是產業領導者，擁有頂尖品牌、強大的客戶基礎與龐大的裝機基礎，並在節能與智慧連網泳池技術方面居於領先地位。我們相信目前面臨的挑戰是暫時性的，並不代表整體市場或我們長期機會出現結構性改變。

And finally, we need to deepen dealer engagement and accelerate customer-driven innovation to deliver the value-added differentiated solutions that have become synonymous with the Pentair brand. We have a clear action plan to invest in our highest performing growth initiatives and position the pool business for a return to more normalized performance in 2027.

最後，我們需要深化與經銷商的互動，並加速以客戶為導向的創新，以提供具附加價值且差異化的解決方案——這些已成為 Pentair 品牌的代名詞。我們有明確的行動計畫，將投資於表現最佳的成長計畫，並使泳池業務在 2027 年回到更正常化的表現。

These actions include aligning the pool sales organization and marketing strategies by region and realigning incentives with the industry growth priorities to ensure we have the right products and service levels in our most important geographic markets, implementing a dealer-centric and segmented sales process to enhance engagement with channel partners and increased aftermarket growth, an increasing investment in customer-driven innovations to expand core pool product categories with more differentiated value-added solutions.

這些行動包括：依區域調整泳池銷售組織與行銷策略，並使獎酬機制與產業成長優先事項重新對齊，以確保我們在最重要的地理市場具備正確的產品與服務水準；導入以經銷商為中心且分眾的銷售流程，以強化與通路夥伴的互動並提升售後市場成長；加大對客戶驅動創新的投資，以更具差異化、附加價值的解決方案擴展核心泳池產品類別。

We are focused on the work underway and the opportunities ahead. Pool remains an attractive market with compelling profitable growth opportunities. We are confident the actions we are taking will strengthen the business and position it to deliver on those opportunities, and we expect to build momentum throughout the rest of '26 and beyond.

我們專注於正在推進的工作與未來的機會。泳池仍是具吸引力的市場，擁有令人信服的獲利性成長機會。我們有信心，正在採取的行動將強化業務並使其能把握這些機會；我們預期在 2026 年剩餘期間及其後持續累積動能。

Now let's turn to the strategic rationale and benefits of Taco acquisition on slide 7. We believe Taco is a natural fit for our business. It advances our growth strategy and meets our disciplined M&A criteria. Taco broadens Pentair's innovative suite of water solutions, accelerating growth and strengthening our ability to serve more customers across more commercial, infrastructure and residential applications.

現在讓我們轉到第 7 頁，說明收購 Taco 的策略性理由與效益。我們認為 Taco 與我們的業務是天作之合。此舉推進我們的成長策略，並符合我們嚴謹的併購（M&A）準則。Taco 擴大了 Pentair 創新的水解決方案組合，加速成長並強化我們在更多商用、基礎建設與住宅應用中服務更多客戶的能力。

The combination also brings together Pentair's innovation engine and Taco's strong engineering and product development capabilities. Together, we believe there are meaningful opportunities to develop new solutions that address customers' evolving water needs, including efficiency, reliability and sustainability. Importantly, this transaction significantly strengthens our positions in attractive high-growth commercial end markets, including HVAC, data centers and related infrastructure build-outs.

此次結合也將 Pentair 的創新引擎與 Taco 強大的工程與產品開發能力整合在一起。我們相信，雙方將有實質機會開發新解決方案，以滿足客戶不斷演進的用水需求，包括效率、可靠性與永續性。重要的是，這筆交易將顯著強化我們在具吸引力的高成長商用終端市場中的地位，包括 HVAC、資料中心及相關基礎建設建置。

Demand for solutions in these markets is supported by key secular trends including infrastructure investment, digital infrastructure and the AI revolution, energy efficiency and sustainable water management. Our increased exposure in these areas will allow us to create an attractive diversified growth engine and enhance our resilience.

這些市場對解決方案的需求，受到多項關鍵長期趨勢支撐，包括基礎建設投資、數位基礎建設與 AI 革命、能源效率以及永續水資源管理。我們在這些領域的曝險提高，將使我們得以打造具吸引力且多元化的成長引擎，並提升我們的韌性。

During our Investor Day earlier this year, we identified the residential utility room and building a broader, more scaled offering for the North American plumber as a key growth priority. Taco expands the breadth and scale of our plumbing offering and positions us to increase share in this high-growth category. Taco will also expand our channel network, creating compelling cross-selling opportunities.

在今年稍早的投資人日上，我們將住宅設備間（utility room）以及為北美水電工打造更廣泛、規模更大的產品供應，列為關鍵成長優先事項。Taco 擴大我們水電產品供應的廣度與規模，並使我們得以在此高成長類別中提升市占。Taco 也將擴展我們的通路網路，創造具吸引力的交叉銷售機會。

Taco is a strong manufacturer representative model and established relationships with OEMs, distributors, contractors, engineers and end users. Taco's large installed base will allow us to leverage these channel opportunities to expand our aftermarket business. In fact, approximately 85% of its revenue is associated with replacement products, maintenance and system upgrades, that durable demand will create more customer touch points and deepen those relationships, supporting growing recurring revenue streams and enhancing our resilience.

Taco 擁有強大的製造商代表（manufacturer representative）模式，並與 OEM、經銷商、承包商、工程師及終端用戶建立了穩固關係。Taco 龐大的已安裝基礎將使我們能運用這些通路機會，擴大售後市場業務。事實上，其約 85% 的營收來自替換產品、維護與系統升級；這種具持久性的需求將帶來更多客戶接觸點並深化關係，支持經常性營收來源成長並提升我們的韌性。

This isn't just an opportunity to bring in an outstanding business into Pentair, it's an opportunity to bring in an outstanding growth-focused team. We look forward to welcoming the Taco team to Pentair, and we are confident that our shared values and commitment to excellence will allow us to seamlessly integrate our organizations as we work to capture the compelling opportunities ahead.

這不僅是將一家卓越企業納入 Pentair 的機會，更是引進一支以成長為導向的傑出團隊的機會。我們期待歡迎 Taco 團隊加入 Pentair，也有信心我們共同的價值觀與對卓越的承諾，將使我們在把握前方具吸引力的機會之際，能夠順利整合雙方組織。

With that, I'd like to welcome back Bob Fishman, who is rejoining Pentair as Interim CFO while we search for a successor. Bob previously served as the Pentair CFO for six very successful years, and we couldn't be happier to have him back on the team. Bob will walk through our financial results in more detail. Bob?

接下來，我想歡迎 Bob Fishman 回來；在我們尋找接任者期間，他將以臨時 CFO 身分重新加入 Pentair。Bob 先前曾擔任 Pentair CFO 長達六年且非常成功，我們非常高興他能回到團隊。Bob 將更詳細地說明我們的財務結果。Bob？

Thank you, John, and good morning, everyone. I'm excited to be back at Pentair, supporting the CFO transition and working with such a great team. Let's start on slide 8. In Q2, we reported sales of $933 million, adjusted operating income of $237 million, ROS of 25.4% and adjusted EPS of $1.14. These results are slightly better than what we communicated in our pre-announcement on July 14.

謝謝你，John，各位早安。我很高興能回到 Pentair，支持 CFO 交接並與這麼優秀的團隊共事。我們從第 8 頁開始。第二季我們的銷售額為 9.33 億美元，調整後營業利益為 2.37 億美元，銷售報酬率（ROS）為 25.4%，調整後每股盈餘（EPS）為 1.14 美元。這些結果略優於我們在 7 月 14 日預先公告時所傳達的水準。

Sales were down 17% year-over-year, driven primarily by the $170 million pool channel inventory destocking. Moving to adjusted operating income. Lower pool volume was the primary year-over-year headwind. The volume decline and inflation were partially offset by price realization, $14 million of productivity savings and approximately $35 million of tariff refunds.

銷售額年減 17%，主要受泳池通路庫存去化（destocking）1.70 億美元所致。接著看調整後營業利益。泳池業務量下滑是年對年主要逆風。量的下滑與通膨，部分被價格實現、1,400 萬美元的生產力節省，以及約 3,500 萬美元的關稅退稅所抵銷。

Despite the recent challenges in pool, we continue to invest in growth initiatives that support our long-term strategy. Please turn to slide 9. Flow sales were up 5% year-over-year to $264 million, driven by the Hydra-Stop acquisition. Order wins in the quarter across commercial buildings, data center and desalination markets highlight the breadth of the portfolio and provide confidence in our long-term growth trajectory.

儘管泳池業務近期面臨挑戰，我們仍持續投資於支持長期策略的成長計畫。請翻到第 9 頁。Flow 銷售額年增 5% 至 2.64 億美元，主要由 Hydra-Stop 收購帶動。本季在商用建築、資料中心與海水淡化市場的訂單斬獲，凸顯產品組合的廣度，並讓我們對長期成長軌跡更具信心。

Segment income grew 27%, and return on sales increased 470 basis points to 26.5%. Even when excluding the benefit of tariff refunds, flow delivered record return on sales driven by productivity, the acquisition of Hydra-Stop and Price. Please turn to slide 10. In Q2, water solutions sales decreased 5% to $422 million, driven primarily by the sale of our commercial service business in Q2 2025.

部門利益成長 27%，銷售報酬率提升 470 個基點至 26.5%。即使排除關稅退稅的效益，Flow 仍在生產力、Hydra-Stop 收購以及價格因素帶動下，創下銷售報酬率新高。請翻到第 10 頁。第二季水解決方案（Water Solutions）銷售額下降 5% 至 4.22 億美元，主要因我們於 2025 年第二季出售商用服務業務所致。

Core segment sales declined 3%. Commercial sales were down 6%, inclusive of negative 8% impact from the Q2 2025 business exit. Residential sales were down 4% year-over-year as we lapped 1 final quarter of lower-margin portfolio exits in our residential filtration business. The Pro channel continued to grow during the quarter, reflecting gains supported by our 80/20 focus on top customers and strength in our combined product offering as we bring our residential pump and filtration portfolio together.

核心部門銷售額下滑 3%。商用銷售額下降 6%，其中包含 2025 年第二季退出該業務帶來的 -8% 影響。住宅銷售額年減 4%，因我們在住宅淨水業務中，低毛利產品組合退出的最後一季基期已過。Pro 通路在本季持續成長，反映我們以 80/20 聚焦於主要客戶所帶來的增長，以及在整合住宅幫浦與淨水產品組合後，綜合產品供應的強勁表現。

Importantly, this growth came from repeat higher quality demand. Segment income grew 17% to $126 million and return on sales increased 560 basis points to 30%, driven by disciplined pricing and productivity. Water solutions segment income included $18 million of tariff refunds, the largest benefit among the three segments, but similar to flow delivered record return on sales, even when excluding this benefit. Please turn to slide 11.

重要的是，這項成長來自重複性、品質更高的需求。部門利益成長 17% 至 1.26 億美元，銷售報酬率提升 560 個基點至 30%，主要由嚴謹的定價與生產力所驅動。水解決方案部門利益包含 1,800 萬美元的關稅退稅，為三個部門中受益最大；但與 Flow 類似，即使排除此項效益，銷售報酬率仍創下新高。請翻到第 11 頁。

In Q2, pool sales declined 42% to $247 million and segment income was $58 million, down 62%. Return on sales was 23.4%, down from 35.7% in Q2 2025. The reduction in sales and income was mainly driven by the $170 million channel inventory destock in the quarter. Price offset inflation, excluding the onetime tariff refund benefit.

第二季泳池（Pool）銷售額下降 42% 至 2.47 億美元，部門利益為 5,800 萬美元，下降 62%。銷售報酬率為 23.4%，低於 2025 年第二季的 35.7%。銷售與利益的下滑主要由本季 1.70 億美元的通路庫存去化所致。在排除一次性關稅退稅效益後，價格抵銷了通膨。

We expect that the actions that John described earlier will drive significant growth in pool in 2027. Please turn to slide 12. Our balance sheet remains strong. Our net debt leverage ratio was 1.4x as of the end of the second-quarter. In Q2, we repurchased $150 million of shares, reflecting our strong confidence in the long-term strategy.

我們預期 John 先前所描述的行動，將在 2027 年推動泳池業務顯著成長。請翻到第 12 頁。我們的資產負債表仍然強健。截至第二季末，我們的淨負債槓桿比率為 1.4 倍。第二季我們回購了 1.50 億美元的股票，反映我們對長期策略的高度信心。

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

如同今年稍早所溝通，我們將股利提高 8%，並達成連續第 50 年調升股利，使 Pentair 成為「股利之王」（dividend king），同時也很可能維持我們的「股利貴族」（dividend aristocrat）地位。我們每年可觀的自由現金流創造能力，使我們得以透過償還債務、發放股利、股票回購與策略性收購，來策略性地配置資本。

We plan to remain disciplined with our capital deployment while also having the flexibility to strategically allocate excess cash towards areas with the highest shareholder returns. Let's turn to our outlook on slide 13. Our current guidance excludes the Taco acquisition, which is expected to close in the fourth-quarter. For the full year, we are reaffirming our adjusted EPS guidance provided on July 14 of approximately $4.60 to $4.80.

我們計畫在資本配置上維持紀律，同時保有彈性，將多餘現金策略性地配置至可帶來最高股東報酬的領域。接著看第 13 頁的展望。我們目前的財測不包含 Taco 收購案，該交易預計於第四季完成交割。就全年而言，我們重申 7 月 14 日所提供的調整後 EPS 指引，約為 4.60 至 4.80 美元。

Also for the full year, we expect total Pentair sales in fiscal 2026 to be down approximately 4% to 7%, consistent with the July 14 pre-announcement, or a midpoint of approximately $3.95 billion. Flow & water solutions are unchanged from the previous guidance given during our Q1 earnings call. We expect flow sales to be up approximately mid-single digits to high single digits.

同時，就全年而言，我們預期 Pentair 在 2026 會計年度的總銷售額將下滑約 4% 至 7%，與 7 月 14 日的預先公告一致；中位數約為 39.5 億美元。流體與水解決方案（Flow & Water Solutions）與我們在第一季財報電話會議中提供的先前指引相比維持不變。我們預期 Flow 業務銷售將成長約中個位數至高個位數。

Water solutions sales are expected to be up approximately flat with core sales up approximately low single digits. And pool sales are expected to decrease approximately 18% to 22% in fiscal 2026, consistent with the July 14 preannouncement. We believe the rightsizing of channel inventory this year positions the company for robust pool growth in 2027.

水解決方案（Water Solutions）銷售預期約持平，核心銷售約成長低個位數。而泳池（Pool）銷售在 2026 會計年度預期將下滑約 18% 至 22%，與 7 月 14 日的預先公告一致。我們相信，今年通路庫存的適度調整（rightsizing）將使公司在 2027 年實現強勁的泳池成長。

Within our down 4% to 7% sales guidance for total Pentair, we expect full year price to be up approximately 3% with FX acquisitions and divestitures providing a net benefit of approximately 50 basis points and the remaining change reflecting lower volume. We expect total Pentair adjusted operating income to decrease approximately 5% to 9%.

在我們對 Pentair 總體銷售下滑 4% 至 7% 的指引中，我們預期全年價格將上升約 3%；匯率、併購與處分合計將帶來約 50 個基點的淨利多，其餘變動反映出較低的銷量。我們預期 Pentair 總體調整後營業利益將下滑約 5% 至 9%。

We expect price to offset inflation and approximately $55 million of productivity savings net of investments. We are executing well on our productivity initiatives, but the savings now include the inefficiencies associated with the lower pool volume. Tariff refunds reflect a range of outcomes from $35 million to $50 million, as described in our pre-announcement on July 14.

我們預期價格將抵銷通膨，以及約 5,500 萬美元（扣除投資後）的生產力節省。我們在生產力計畫的執行上表現良好，但目前的節省也納入了泳池銷量較低所帶來的效率損失。關稅退稅反映的結果區間為 3,500 萬至 5,000 萬美元，如我們在 7 月 14 日預先公告中所述。

For the third-quarter, we expect sales to be down approximately 4% to 6% and or a midpoint of approximately $970 million. We expect flow sales to be up approximately high single digits, which includes our Hydra-Stop acquisition of approximately $10 million of sales in the quarter at approximately 30% ROS. We anticipate Water Solutions sales to be up approximately low single digits.

就第三季而言，我們預期銷售將下滑約 4% 至 6%，中位數約為 9.70 億美元。我們預期 Flow 銷售將成長約高個位數，其中包含我們收購 Hydra-Stop 在本季貢獻約 1,000 萬美元銷售，銷售報酬率（ROS）約 30%。我們預期 Water Solutions 銷售將成長約低個位數。

As a reminder, we divested the commercial services business in Q2 of last year. And as a result, we do not face the sales headwind in Q3 for comparative purposes. Pool sales are expected to be down approximately 23% to 25% as we continue to rightsize channel inventories for the 2027 pool season. We expect third-quarter adjusted operating income to decrease approximately 14% to 16%.

提醒一下，我們在去年第二季已處分商用服務（commercial services）業務。因此，從比較基期角度來看，我們在第三季不會面臨該項銷售逆風。泳池銷售預期將下滑約 23% 至 25%，因我們持續為 2027 年泳池旺季調整通路庫存規模。我們預期第三季調整後營業利益將下滑約 14% 至 16%。

We are also introducing adjusted EPS guidance for the third-quarter of approximately $1.05 to $1.08. We anticipate that the actions underway will support significant sales operating income and EPS growth in 2027. I'd like to now take the opportunity to provide additional detail on the exciting announcement of the Taco acquisition.

我們也提出第三季調整後 EPS 指引，約為 1.05 至 1.08 美元。我們預期目前進行中的行動將在 2027 年支持顯著的銷售、營業利益與 EPS 成長。接下來我想藉此機會，進一步說明令人振奮的 Taco 收購案公告。

Please turn to slide 15, titled Transaction Overview. Under the terms of the agreement, Pentair will acquire Taco for $1.4 billion, subject to customary adjustments. The purchase price represents approximately 10.5x expected 2026 adjusted EBITDA when accounting for estimated tax benefits and run rate cost synergies. The transaction is expected to be approximately $0.10 to $0.15 accretive to adjusted EPS in fiscal 2027.

請翻到第 15 頁投影片，標題為「交易概覽」（Transaction Overview）。依協議條款，Pentair 將以 14 億美元收購 Taco，並依慣例進行調整。在計入預估稅務利益與年度化成本協同效益後，該收購價格約相當於預期 2026 年調整後 EBITDA 的 10.5 倍。預期該交易在 2027 會計年度對調整後 EPS 的貢獻（增厚）約為 0.10 至 0.15 美元。

Taco is a fast-growing business with a large addressable market and will significantly strengthen our Water Solutions segment. The acquisition establishes a new growth engine, enhancing exposure to energy efficiency, comfort cooling and HVAC and data center infrastructure buildouts. While the real opportunity is top line growth, we expect to generate approximately $30 million in run rate cost synergies over the next few years through Pentair's purchasing power and economies of scale.

Taco 是一家快速成長的企業，擁有龐大的可服務市場，並將顯著強化我們的 Water Solutions 事業部。此收購將建立新的成長引擎，提升我們在能源效率、舒適冷卻與 HVAC，以及資料中心基礎設施建置方面的曝險。雖然真正的機會在於營收成長，但我們預期未來幾年可透過 Pentair 的採購力與規模經濟，產生約 3,000 萬美元的年度化成本協同效益。

We will preserve the brand, expertise and customer relationships that have made take o so successful over the last 100 years. We plan to fund the transaction with a combination of cash on hand and committed bridge financing which we intend to refinance through a permanent debt issuance. At closing, we anticipate in the fourth-quarter, which we anticipate in the fourth-quarter we expect net leverage of approximately 2.4 times.

我們將保留 Taco 在過去 100 年來成功所建立的品牌、專業能力與客戶關係。我們計畫以手上現金與已承諾的過橋融資（bridge financing）組合來為交易提供資金，並打算透過發行長期債務進行再融資。在交割時（我們預期在第四季），我們預期淨槓桿約為 2.4 倍。

Supported by Pentair's strong cash flow generation, we expect to reduce net leverage to below 1.5 times and within 2 years following the close. Next, turn to slide 16, highlighting that Taco is a market-leading Hydronics water solutions provider. Taking a step back, this is a business and team we've long admired and have crossed paths with regularly.

在 Pentair 強勁的現金流創造能力支持下，我們預期在交割後 2 年內將淨槓桿降至 1.5 倍以下。接著請看第 16 頁投影片，重點說明 Taco 是水力循環（Hydronics）水解決方案的市場領導供應商。退一步來看，這是一個我們長期欣賞的事業與團隊，我們也經常與其有所交集。

For over 100 years, Taco has built a premier brand and is a trusted market-leading provider of circulator pumps, valves, other pumps, takes, heat exchangers, fabricated solutions and advanced controls. It has done so by maintaining a culture built on innovation with a relentless focus on customer service. Taco is primarily a North American business. with an especially strong presence in the Eastern United States, which we see particularly compelling growth opportunities in the multifamily residential market.

100 多年來，Taco 建立了頂尖品牌，並成為循環泵、閥門、其他泵浦、水箱、熱交換器、客製化製造解決方案與先進控制系統等產品值得信賴的市場領導供應商。其成功來自於維持以創新為核心的文化，並對客戶服務保持不懈的專注。Taco 主要在北美營運，尤其在美國東部具有非常強的市場能見度；我們認為在多戶住宅（multifamily）市場存在特別具吸引力的成長機會。

It brings a large installed base of roughly 40 million units across commercial, industrial and residential markets. What makes this base even more compelling is that Taco products are specified by engineers, which fuels their aftermarket business as customers require like-for-like replacement solutions. The company has a strong growth profile, along with attractive profitability.

其在商用、工業與住宅市場擁有約 4,000 萬台的龐大裝機基礎。使這個基礎更具吸引力的是，Taco 產品常由工程師指定，這會帶動其售後市場業務，因為客戶需要同型同規（like-for-like）的替換解決方案。公司具備強勁的成長特性，同時也擁有具吸引力的獲利能力。

Finally, turn to slide 17 as we highlight the increased scale and enhanced water solutions platform. As we have touched on, this transaction advances our strategic priorities and accelerates growth, strengthening our positions in key high-growth end markets that are supported by secular water and sustainability trends. The addition of Taco will increase the scale and relevance of our water solutions segment.

最後，請看第 17 頁投影片，我們將重點放在規模提升與更強化的水解決方案平台。如同我們先前提到的，這筆交易推進我們的策略優先事項並加速成長，強化我們在關鍵高成長終端市場的地位，而這些市場受到長期性的水資源與永續趨勢所支持。納入 Taco 將提升我們 Water Solutions 事業部的規模與市場相關性。

Just as important, it will enhance the resiliency of water solutions as we expand Taco's installed base and accelerate the growth of our aftermarket business. The transaction will give us a new growth profile. Taco's commercial business is its fastest growing, driven primarily by its HVAC and data center exposure. Data centers represent approximately 15% of Taco's commercial and industrial revenue with a significant pipeline of opportunities expected to support accelerating growth.

同樣重要的是，隨著我們擴大 Taco 的裝機基礎並加速售後市場業務成長，這也將提升 Water Solutions 的韌性。這筆交易將帶來新的成長輪廓。Taco 的商用業務成長最快，主要由其在 HVAC 與資料中心領域的曝險所驅動。資料中心約占 Taco 商用與工業營收的 15%，且有顯著的機會管線，預期將支持加速成長。

On the residential side, Taco's business is heavily weighted towards multifamily, which is a faster growing and more compelling area of the market than single family. This transaction will scale our business, enhance our growth profile and allow us to unlock significant profitability and value creation as we bring our businesses together. We are excited to welcome Taco to the Pentair family.

在住宅端，Taco 的業務高度偏重多戶住宅，這是比獨棟住宅成長更快、也更具吸引力的市場領域。這筆交易將擴大我們的業務規模、提升成長輪廓，並讓我們在整合雙方業務時釋放顯著的獲利能力與價值創造。我們很高興歡迎 Taco 加入 Pentair 大家庭。

I'd now 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.

接下來我想把電話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。

(Operator Instructions) Bryan Blair, Oppenheimer.

(接線員指示) Bryan Blair，Oppenheimer。

It's a level set a bit on pool destocking, how regionalized is the reset? Are there certain geographies driving most of the realignment? And similarly, is the destock concentrated in any product categories?

想先釐清一下泳池去庫存（destocking）的情況，這次的重置有多區域化？是否有特定地理區域推動了大部分的調整？同樣地，去庫存是否集中在任何產品類別？

No, no. I mean, it's broad inventory, and it's broad on the product side. There's no particular subset that's being addressed in this one, in the destocking.

沒有，沒有。我的意思是，這是廣泛的庫存調整，產品面也很廣。這次去庫存並沒有針對任何特定子類別來處理。

And with regard to Taco's financial impact, you outlined some key near-term metrics and expectations. So we know margin dilution at the outset and then synergy capture helping to close that gap over time. I guess two related questions. One, what's the time line to achieve the $30 million in synergies. And then longer term, is there any reason why the gap would not be fully closed to current fleet average margin? Or is there something structural on the Taco's side that may cap profitability below that range?

關於 Taco 的財務影響，你概述了一些關鍵的短期指標與預期。因此我們知道一開始會有毛利率稀釋，之後透過協同效益的實現，隨時間推進來縮小這個差距。我想有兩個相關問題。第一，達成 3,000 萬美元協同效益的時間表是什麼？第二，從更長期來看，有沒有任何原因使得這個差距無法完全縮小到目前車隊平均毛利率水準？或者 Taco 端是否有某些結構性因素，可能使獲利能力被限制在該區間之下？

Yes, I'll start, and I'll let Bob add some color. I mean first of all, I mean we want to honor the fact that this is a growth platform. I mean, this is a 100-year rich and history brand that has done a lot of great things to evolve its product line. And right now, it is growing at a substantial rate. I do think there's some things in the Pentair business system that we think can add to the margin profile, mainly around sourcing and helping them drive operational leverage.

是的，我先開始，然後讓 Bob 補充一些說明。我的意思是，首先，我們想尊重這是一個成長平台這個事實。這是一個擁有百年深厚歷史的品牌，為了演進其產品線做了很多很棒的事情。而且目前它正以相當可觀的速度成長。我確實認為 Pentair 的營運系統中有一些做法可以提升其毛利率結構，主要是在採購，以及協助他們推動營運槓桿方面。

But at the end of the day, I think what we want to do is learn and really open up our eyes to understanding where the continued opportunities are, and we see probably be more growth synergies in the long haul than we are focused on the operating synergies. We're going to run it as a stand-alone unit, honoring its go-to-market capabilities and strategies and we'll have a shorter light touch on the integration, and we see that integration period being somewhere between around three years to fully get those synergies out of the business.

但歸根結底，我認為我們想做的是學習，並真正睜大眼睛去理解持續的機會在哪裡；長期來看，我們看到的可能是成長協同效益多於我們目前聚焦的營運協同效益。我們會把它作為獨立單位來運作，尊重其市場進入（go-to-market）的能力與策略；整合會採取較輕量、較短期的方式，而我們認為要把這些協同效益完全從業務中釋放出來，整合期大約會在三年左右。

Yes, I would agree with that over the next 2 to 3 years, we'll be able to drive those cost synergies. Those are primarily related to the purchasing power of Pentair, the economies scale. And some of those will accrue to us next year, but definitely feel good about the $30 million of cost synergies from a run rate perspective.

是的，我同意；在接下來 2 到 3 年內，我們將能推動那些成本協同效益。這些主要與 Pentair 的採購力、規模經濟有關。其中一部分會在明年就反映到我們身上，但就 run-rate（常態化）角度而言，我們對 3,000 萬美元的成本協同效益非常有信心。

Andrew Krill, Deutsche Bank.

Andrew Krill，德意志銀行。

Digging a little deeper on pool and the 2027 growth prospects. Could you give a finer point maybe on some expectations there? I think Bob said significant, robust -- does this mean it could be double digits? Or should it will just be closer to the mid-single digits Investor Day target?

想更深入談談泳池業務以及 2027 年的成長前景。你能否更精準地說明一些預期？我想 Bob 說過「顯著、強勁」——這是否意味著可能是雙位數成長？還是會更接近投資人日目標的中個位數成長？

Yes. It's important for us first to have dealt with the issue as quickly as possible in Q2. And then as we think through the balance of the year to make sure that the channel inventory is rightsized for success in 2027. I would say that the math that I do, if you put together the guidance that we gave on pool it's going to be roughly a $1,250 million type number for the year for pool.

是的。對我們而言，首先重要的是在第二季盡可能快速地處理這個問題。接著在思考今年剩餘期間時，要確保通路庫存被調整到合適水位，以利 2027 年的成功。我會說，依我計算，如果把我們對泳池業務給出的指引加總起來，今年泳池業務大約會是 12.5 億美元左右的規模。

The way that we start to build up the 2027 number is by looking at the inventory destock. So if you say conservatively inventory destock around $200 million for the year, you can put yourself in a position we're looking at $1,450 million type number next year for pool. Now a lot of things have to happen between now and then in terms of us assessing the pool season, but when you're growing 1,450 million off a $1,250 million base, that's where we get the significant robust growth.

我們建立 2027 年數字的方式，是先看庫存去化（destock）。所以如果你保守地假設今年庫存去化約 2 億美元，那麼明年泳池業務就可能落在約 14.5 億美元左右。當然，從現在到那時之間，關於我們如何評估泳池旺季，還有很多事情要發生；但當你在 12.5 億美元的基礎上成長到 14.5 億美元時，這就是我們所說的顯著、強勁成長的來源。

Great. That's very helpful. And related to that, just margins for pool next year. Any help there just given how big of a reset the deleveraging this year? Do you think you can be back solidly into the 30s next year? Or are there going to be new headwinds from growth investments, et cetera? Just any help there would be great.

很好。這非常有幫助。另外相關的問題是，明年泳池業務的毛利率。考量今年去槓桿（deleveraging）造成的重置幅度很大，你能否提供一些看法？你認為明年能穩健回到 30% 以上嗎？或者會不會因為成長投資等因素而出現新的逆風？任何補充都會很有幫助。

Yes. I'm targeting definitely keeping a three in front as the first digit, and I would start with a zero is the second digit for now. I think we're going to use this -- utilize this opportunity to reestablish a growth mindset in pool, make sure that we're investing appropriately in the growth opportunities. I do think that we've been afforded a small reset on that margin side.

是的。我的目標是第一個數字一定要維持「3」開頭，而目前第二個數字我先以「0」作為起點。我認為我們會利用這個機會，在泳池業務重新建立成長思維，確保我們對成長機會做出適當投資。我確實認為，在毛利率方面我們獲得了一個小幅的重置空間。

And I want to start with a growth orientation and driving a higher level of growth and getting the drop-throughs. Structurally, nothing's really changed, and we would get the leverage on the way back up from all of the growth, and it's really about making sure that we take our higher growth profile that we have in pool and invest in it. These are little things, right?

我想先以成長導向出發，推動更高水準的成長，並取得增量利潤率（drop-through）。從結構上來看，其實沒有什麼改變；隨著成長回升，我們會重新獲得槓桿效益，重點在於確保我們把泳池業務較高的成長特性拿來投資。這些都是一些小事情，對吧？

This is about putting the dealer first, it's about rallying around the seven regional sales leaders that we have today and making sure their voice is heard. It's also about making our product road map reflect our dealer councils and our dealer inputs, and those aren't huge investments, but it's a little bit here and there that I think I want to make sure that the organization feels that they have at their discretion and that the channel knows that we're supporting them.

這關乎把經銷商放在第一位；也關乎凝聚我們目前的七位區域銷售主管，確保他們的聲音被聽見。也關乎讓我們的產品路線圖反映經銷商委員會與經銷商的意見；這些不是巨額投資，但我認為是一些零星的投入，我想確保組織感受到他們有裁量空間，也讓通路知道我們在支持他們。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗。

Just wanted to follow back up with pools. So I appreciate some of the destock details in the bridge there to '27, I guess. Are there any other signals or KPIs that are giving you a little bit more confidence that things do, in fact, come back and the inventory levels are rightsized? Are you seeing any pull forward in orders already? And then, I guess, why does the $200 million come back? I mean, is there some just structural kind of reset on inventory levels in the system?

我想再追問一下泳池業務。我很感謝你們在通往 2027 年的橋接中提供了一些去庫存細節。除了這些之外，還有沒有其他訊號或 KPI 讓你們更有信心，情況確實會回來、而且庫存水位會被調整到合適？你們是否已經看到訂單有任何提前拉貨（pull forward）的跡象？另外，我想問為什麼那 2 億美元會回來？也就是說，系統中的庫存水位是否存在某種結構性的重置？

Yes. I'll have Bob chime in here. I mean, keep in mind, the $1,250 million that Bob is sharing with you is our ship-in number, consistent with all the previously reported numbers that we had in our prior years. The inventory is really a doubling up of any inventory that was in the channel, and it comes out at a two times factor to how it went in, right?

是的。我讓 Bob 在這裡補充。我的意思是，請記住，Bob 跟你分享的 12.5 億美元，是我們的出貨（ship-in）數字，與我們過去年度先前揭露的所有數字一致。庫存其實是通路端庫存的加倍；它以兩倍的係數從通路中消化出來，相對於它進去的方式，對吧？

Because the first $100 million is going to be serviced through existing inventory and then you've also got the rightsizing inventory to get you back to where you need. We. Expect all of that to be cleared out by Q3 and then we head into next year with moderating prices where our price is not going to be as large as an increase as it was last year, which generated some of this pre-buy into the channel.

因為前 1 億美元會先透過既有庫存來滿足，然後你還需要把庫存調整到合適水位，才能回到你需要的位置。我們。預期這些都會在第三季前清理完畢；接著進入明年，價格將趨於溫和，我們的漲價幅度不會像去年那麼大——而去年較大的漲價幅度，促成了通路端的一些提前備貨（pre-buy）。

And it's going to be a slight add as we build that inventory ahead of season, but we have more clear lines of sight on the sell-through, which is our sales to dealers. And so the numbers that Bob is giving you, if you look at dealer sell-through today, you can actually take the ship in plus the change in inventory, and that's actually what we're selling to the dealer channel.

而且當我們在旺季前建立庫存時，會有小幅增加，但我們對終端銷售（sell-through，也就是我們對經銷商的銷售）有更清晰的能見度。因此，Bob 給你的數字，如果你看今天經銷商的 sell-through，你其實可以用出貨量加上庫存變動，而那就是真正我們賣給經銷商通路的量。

So with no growth next year, we get those types of growth rates that Bob is alluding to. Now we have higher expectations than that with the growth actions we're taking, and we would like to be back to that mid-single-digit sell-through growth that we set in the and we'll build that credibility and trajectory over the next several quarters.

因此，如果明年沒有成長，我們就會得到 Bob 所提到的那類成長率。不過，基於我們正在採取的成長行動，我們對此有更高的期待；我們希望回到先前設定的中個位數（mid-single-digit）的終端銷售（sell-through）成長，並在接下來幾個季度逐步建立那樣的可信度與成長軌跡。

Yes, I would agree with that. Obviously, early to be giving a 2027 view, but important from our perspective because of the challenges we saw in Q2, that $1,450 million type number does approximate sell-through that we've seen over the last couple of years. And so conservatively, you're saying another flattish sell-through year. When you think about maybe get a little bit of price, maybe volume comes back with 5.4 million pools in the ground and pool equipment breaking, you'd like to think that there will be some volume growth next year. But again, we're not going to get ahead of ourselves. The number that I gave, the $1,450 million feels like a reasonable starting point to plan for the year.

是的，我同意。顯然現在要給出 2027 年的看法還太早，但從我們的角度來看很重要，因為鑑於我們在第二季看到的挑戰，14.5 億美元這樣的數字大致接近我們過去幾年看到的終端銷售（sell-through）水準。所以保守來看，你是在說明年終端銷售大致持平。如果你考慮到也許價格能有些微提升、以及在地面上已有 540 萬座泳池、泳池設備會故障需要更換，量能明年有機會回來，你會希望明年能有一些量的成長。但同樣地，我們不會操之過急。我給的那個數字——14.5 億美元——感覺是規劃明年的一個合理起點。

Right. And then just one on flow in Water Solutions to delivered the strong ROS in the quarter. I guess as you strip out tariffs and look at the underlying results between, but productivity actions and maybe some mix benefit from the product exits. What is the jumping off point from here? Is there any kind of onetime noise? Or is this a sustainable run rate that we built off of into next year?

了解。另外再問一題，關於 Water Solutions 的 flow-through（流轉）帶動本季強勁的 ROS（銷售報酬率）。我想如果把關稅因素剔除、看底層表現，在生產力行動以及因產品退出帶來的組合（mix）效益之間，接下來的起跳點（jumping off point）會是什麼？是否有任何一次性雜訊？或者這是我們建立起來、可延續到明年的可持續運行水準（run rate）？

From a both flow and water solutions are both performing well from a profitability perspective. They have a funnel of productivity improvement programs, and we believe ROS will continue to expand a number of complexity reduction plays as well as revisiting Wave 1 and Wave 2 of our sourcing program. So we're optimistic that those businesses can continue to drive ROS improvement, but more importantly, drive top line growth.

從獲利角度來看，Flow 與 Water Solutions 兩個業務目前都表現良好。它們都有一系列生產力改善計畫的管道（funnel），我們相信 ROS 會持續擴張，包含多項降低複雜度的作法，以及重新檢視我們採購計畫的 Wave 1 與 Wave 2。因此我們對這些業務能持續推動 ROS 改善感到樂觀，但更重要的是，推動營收成長。

Those businesses are well positioned now. They've been investing for growth, and we should continue to see those businesses grow nicely. We're going to see some nice back half growth in both Water Solutions and in flow. And that's with a challenging international environment as well. So we're optimistic both from a top line and a ROS expansion for both of those segments.

這些業務現在的定位很好。它們一直在為成長投資，我們應該會持續看到這些業務有不錯的成長。我們預期 Water Solutions 與 Flow 在下半年都會有不錯的成長。而且這還是在國際環境具挑戰的情況下。所以我們對這兩個事業群在營收端與 ROS 擴張方面都抱持樂觀。

Mike Halloran, Baird.

Mike Halloran，Baird。

Couple of questions. First, just on the pool side. How quickly do you think some of these efforts can drive results? So the commercial efforts, innovation, I know some of these you put in place earlier this year, but how quickly can those drive results? And John, is there an implication to pricing in your commentary about maybe being a little less price aggressive in the marketplace as you look to stabilize the business?

兩個問題。第一個，關於泳池業務這邊。你認為這些努力要多快才能帶來成果？例如商業端的努力、創新——我知道其中一些你們今年稍早就已經開始推動——但它們多快能反映成效？另外 John，你在評論中提到定價，是否意味著為了穩定業務，你們在市場上可能會在價格上沒那麼積極？

Yes. I mean when I talk about moderating pricing of your range, I think it's somewhere in the 3% to 5% range next year, and we haven't established those price increases yet. But we think we're covering some levels of freight, and we've got some unique inflation on some of the core product lines, and we think we cover within that context. There's really a reference, Mike, that last year, we had 7% to 8% price forecasted, and it really drove a prebuy energy level across the entire channel, right, to get ahead of those price increases.

是的。我的意思是，當我談到把定價幅度放緩（moderating pricing of your range），我認為明年大概會在 3% 到 5% 的區間，而我們尚未正式確定這些漲價幅度。但我們認為我們是在涵蓋部分運費水準，而且在一些核心產品線上也有特定的通膨壓力，我們認為在這樣的背景下，這個幅度可以覆蓋成本。Mike，這其實是相對於去年——去年我們預估價格上調 7% 到 8%，而那確實在整個通路引發了提前備貨（prebuy）的動能，對吧，大家都想在漲價前先買進。

I think the prices that I'm talking about are more moderating, which doesn't generate that net need to get ahead of it at the same rate of last year. I think when we talk about investment and how long it's going to take, I think credibility with the dealers that we've got there back and that we're supporting them on a consistent basis. We started that already. But we've got to build that quarter by quarter by quarter over time.

我現在談的價格是更溫和的調整，因此不會像去年那樣，以同樣的程度產生「必須提前買」的需求。至於投資以及需要多久才會見效，我認為關鍵在於重新建立我們與經銷商之間的可信度——讓他們相信我們回來了，並且會持續一致地支持他們。我們已經開始做了。但我們必須一季一季、一季一季地長期累積。

It's really in the way that we take our strategic advantages of our technical service reps and our field service support, and we make sure that they're backing them to get the product up and running and support them when it doesn't. It's also about making sure that we're understanding that the various regions that we participate in all have different competitive dynamics and that we're competing effectively in that channel.

這真正體現在我們如何運用策略優勢：我們的技術服務代表（technical service reps）與現場服務支援（field service support），確保他們在協助經銷商把產品安裝啟用、以及在產品無法正常運作時提供支援。同時也要確保我們理解各個參與的區域都有不同的競爭動態，並且在該通路中有效競爭。

And then the primary place that we're acknowledging that we lost share is we put pads in 10 to 15 years ago, and our technology on the premium pools we're building has evolved at a very rapid rate. And so we got to just make sure we have product that can go back and address the like-for-like replacement on the pads that we had established at a significant rate 10 to 15 years ago.

另外，我們承認主要流失市占的地方在於：我們在 10 到 15 年前安裝了很多設備組（pads），而我們在高階泳池所建置的技術演進速度非常快。因此我們必須確保我們有產品能回頭去滿足「同規格替換」（like-for-like replacement）的需求，去替換那些我們在 10 到 15 年前以相當規模建立的設備組（pads）。

When I put that into a context, Mike, we can make progress here in the back half of the year, I'm convinced. But I think you're looking at a 6-month to 18-month time frame to get back to where we feel we should be and to maintain the to getting back share or winning share again versus just defending our share.

Mike，把這放在脈絡裡看，我相信我們在今年下半年就能取得進展。但我認為要回到我們覺得應有的位置，並且從「只是守住市占」回到「拿回市占或再度贏得市占」，你大概得看 6 個月到 18 個月的時間範圍。

And then just a balancing question here, 2.4 times, I think is what the leverage is. Is the plan to let growth in EBITDA normalization pool, et cetera, inherently or naturally lower that leverage level over the next couple of years meaning -- are you willing to deploy capital for buybacks beyond that or for other things? Or is there a targeted that play down plan concurrent?

再來是一個平衡性的問題，槓桿倍數我想是 2.4 倍。計畫是否是讓 EBITDA 的成長、泳池業務正常化等因素，在未來幾年內在本質上或自然地把槓桿降下來——也就是說，你們是否願意在此之外動用資本做更多回購或其他用途？或者同時也有一個明確的去槓桿（play down）目標與計畫？

We would run a similar play to what we ran with Manitowoc ice that was successful from a balanced capital allocation story, but leaning in on debt pay down, so we delevered quickly. So our expectation is that we would utilize some amount of Pentair is free cash flow for debt pay down. That would be the main driver to get us from the 2.4 times down to the 1.5 times, two years later.

我們會採取類似於我們在 Manitowoc Ice 時期所採用、且在平衡資本配置（balanced capital allocation）方面很成功的策略，但會更偏向加大力道償還債務，讓我們能快速去槓桿。因此我們的預期是，會運用 Pentair 的部分自由現金流來償還債務。這將是把槓桿從 2.4 倍降到 1.5 倍（兩年後）的主要驅動因素。

But that still allows us room to continue to make the dividend payment and increase it and keep that 50-year streak alive to do share buybacks at least from a dilution perspective and to have some optionality with other free cash flow that we have. But I would say we will prioritize the debt pay down, drive that leverage ratio down, and that's on the strength of the Pentair and the Taco free cash flow.

但這仍然讓我們有空間持續支付股利並提高股利，維持那個 50 年的連續紀錄；也能至少從抵銷稀釋（dilution）的角度進行庫藏股回購，並且對我們其他自由現金流用途保有一些選擇權。不過我會說，我們會優先償還債務、把槓桿比率降下來，而這是建立在 Pentair 與 Taco 自由現金流的強勁基礎之上。

Nathan James, Stifel.

Nathan James，Stifel。

I guess I'll just -- I'll start with another one on the pool inventory buildup. Can you -- I mean, I think you've kind of, I don't know whether explicitly or implicitly talked about the big price increases coming into this year is responsible for the pre-buy. Can you -- it doesn't seem like a lot of the other suppliers are seeing the destocking at least to the same level that Pentair is.

我想我就——我先再問一題關於泳池通路庫存累積。你們似乎已經——不管是明講或暗示——提到今年初的大幅漲價是造成提前備貨（pre-buy）的原因。但看起來其他供應商至少沒有像 Pentair 一樣，看到同等程度的去庫存（destocking）。

Can you just provide a little more color on how this inventory build got into the channel. And then I guess you guys gave guidance at the end of April. Did you have any indication that there was a big inventory stock coming there. I guess the question then is there some review of business processes that needs to be made so that you guys have better intelligence on what's actually going on with your dealers and in the market.

你能否再多提供一些背景，說明這次庫存是如何累積到通路裡的？另外我想你們在 4 月底給了指引。當時你們是否有任何跡象顯示通路會出現大量庫存堆積？那麼問題是：你們是否需要檢視某些業務流程，讓你們能更好地掌握經銷商端以及市場上實際正在發生的狀況，取得更好的情報？

Yes, I appreciate the question. I can't speak to our competitors. I've said this often. We had a double-digit growth expectation on the sell-through side, Nate, as we headed into this year. That was made up about 7 to 8 points of price, and we had about 2 to 3 points of volume, which felt normal. We did our channel checks, we talked to our dealers and people were encouraged and optimistic that we would enter the year, and we would see that type of growth rate.

是的，我很感謝這個問題。我無法評論我們的競爭對手。我經常這麼說。Nate，在進入今年時，我們對終端銷售（sell-through）端的成長預期是雙位數。其中大約有 7 到 8 個百分點來自價格，約有 2 到 3 個百分點來自銷量，這看起來屬於正常水準。我們做了通路查核，也和經銷商溝通，大家都受到鼓舞且樂觀，認為我們在進入今年時會看到那樣的成長率。

A lot of things happened throughout the first-quarter. We had a war started in the Middle East. We saw gasoline spike. We saw interest rates that actually weren't declining but actually went up. And we did our sell-through checks in Q1, and we did actually okay. I mean, it wasn't a great sell-through period, didn't hit that double digit, but it was mid-single-digit type of growth.

第一季期間發生了很多事情。中東爆發了戰爭。我們看到汽油價格飆升。我們看到利率不但沒有下降，反而上升。而我們在第一季做了終端銷售查核，實際上表現還可以。我的意思是，終端銷售不是一段很亮眼的期間，沒有達到雙位數，但屬於中個位數的成長。

What happened in Q2 is we saw that there might have been some pull ahead from the channel from Q2 into Q1, and that we also noticed that there's a fair amount of rebates to dealers and encouragement of dealers to buy product. And we learned that we weren't going to hit those sell-through rates, which is where we started to soften the guide in the April time frame, we brought -- came out with a lower pool forecast, if you recall. And we had a little bit of the inventory correction in our Q3 numbers.

第二季發生的是，我們看到通路可能把原本第二季的需求提前拉到第一季，同時我們也注意到，對經銷商有相當程度的回扣，以及鼓勵經銷商進貨的措施。我們也了解到我們無法達到那些終端銷售率，這也是我們在 4 月左右開始下修指引、並且如你所記得的，我們提出了較低的泳池市場（pool）預測。而在我們第三季的數字中，也反映了一點庫存修正。

And then it became apparent that we were going to be in an excess inventory situation in Q2 and we worked with the channel to actively try to rightsize everything so that we could get it all behind us by the end and begin to get back to a sell-out mentality next year and also just make sure that inventory coming in equals the inventory that's going to -- it's that simple. I can't speak for the competition.

接著就很明顯，我們在第二季會處於庫存過剩的狀況，因此我們與通路合作，積極嘗試把整體規模調整到合適水位，好讓我們在年底前把這件事處理完，並在明年開始回到以終端出貨（sell-out）為核心的思維；同時也確保進入通路的庫存等於將要流出的庫存——就這麼簡單。我無法替競爭對手發言。

These numbers get large because when you have a large business, just a little bit of percentage miss on the way up, doubles the impact on the way down. Now usually, you'll live with a little bit of excess inventory in the channel. But I think this one got to the point where we're just uncomfortable that it would affect our long-term growth rates, and we would be out trying to incentivize the channel differently to get beyond where the inventory levels are.

這些數字之所以會變得很大，是因為當你是一個大型企業時，上行時只要有一點點百分比的落差，下行時影響就會加倍。通常，你會容忍通路中有一些多餘庫存。但我認為這次已經到了讓我們不舒服的程度，因為它可能影響我們的長期成長率，而我們也會不得不以不同方式去激勵通路，以便把庫存水位降到合理範圍。

So I'm comfortable with what we did. I think as far as going forward, we have the ability to measure sell-through and sell-in across all the regions and just keeping an eye on making sure that we understand what's going into the channel, what's going out of the channel. It will be different within a full year by quarter because there's seasonality in the business, but it's really easy to get your head around that, Nathan.

所以我對我們所做的事情感到放心。我認為就未來而言，我們有能力在所有區域衡量終端銷售（sell-through）與通路進貨（sell-in），並持續留意、確保我們理解進入通路的是什麼、以及從通路流出的是什麼。在完整年度中按季度來看會有所不同，因為業務有季節性，但其實很容易理解，Nathan。

On Taco, you you're talking here in the slide deck about mid-teens 2026 revenue growth. Can you put that in a bit of context with where it's been historically, what the expectations for that are going forward? I assume that the revenue from data center is a big driver of the growth in there? If you could just parse that out maybe what the growth rate is ex the data center growth?

關於 Taco，你在簡報中提到 2026 年營收成長為中十位數（mid-teens）。你能否把這放在一些背景脈絡中：歷史上表現如何、未來的預期是什麼？我猜資料中心帶來的營收是其中成長的重要驅動因素？如果可以的話，能否拆解一下，扣除資料中心成長後的成長率大概是多少？

Yes. And I'll let Bob handle a piece of this. But I do want to acknowledge that our plumbing business exposure never included the HVAC channel. And those of you that follow the HVAC channel, it's always been a really good spot to service plumbers into. And that is historically, what Taco is really good at is the number one and number two brand in the climate and hydronic and HVAC space, and they play in some really good core regions where they take advantage of multiunit housing as well where we have not historically played.

是的。我會讓 Bob 來回答其中一部分。但我確實想先說明，我們在管路（plumbing）業務的曝險從未包含 HVAC 通路。而對於關注 HVAC 通路的人來說，那一直是服務水電工（plumbers）的很好切入點。而 Taco 歷來最擅長的是：在氣候控制、熱水循環（hydronic）與 HVAC 領域，他們是第一或第二大品牌，並且在一些非常好的核心區域經營，能夠受惠於多戶住宅（multiunit housing），而這些領域我們過去並未涉足。

And so their growth rate has always been mid- to high single digit is kind of range. And then obviously, when you start adding data centers onto that, you get this ramp and this incremental growth related to those data centers. Bob?

因此，他們的成長率一向大致落在中到高個位數的區間。而當你把資料中心的業務加進來時，就會出現這樣的爬坡，以及與資料中心相關的增量成長。Bob？

Yes. They're really taking advantage of some fast-growing markets. We're excited with the fact that we will add roughly $10 billion of addressable market to Pentair. Taco has been taking advantage of that addressable market. Historically, they've been a high single-digit grower. They're having nice growth this year as they expand into data centers, including expanding their product offerings.

是的。他們確實正在把握一些快速成長的市場。我們很興奮的一點是，這將為 Pentair 增加約 100 億美元的可服務市場（addressable market）。Taco 一直在善用這個可服務市場。歷史上，他們是高個位數成長的公司。今年隨著他們擴展到資料中心（包括擴充產品組合），成長表現也不錯。

But the commercial side of their business overall is doing well. They're right in the sweet spot of efficiency plays, sustainability plays. The residential business is doing well because of the focus on multifamily units. So it's really across-the-board growth. They're building a nice funnel, and we're excited about not only Taco's growth, but being able to add what Pentair has to offer.

而他們整體的商用端業務表現良好。他們正處於效率提升與永續發展的甜蜜點。住宅端業務也表現不錯，因為他們聚焦於多戶住宅單位。所以這真的是全面性的成長。他們正在建立很好的商機漏斗，我們不僅對 Taco 的成長感到興奮，也對能把 Pentair 的能力加入其中感到期待。

They sell primarily through manufacturing reps. We sell through distribution. There's a nice cross-sell opportunity there. So overall, excited about the business. And again, it will be a stand-alone business unit within the water solutions segment.

他們主要透過製造商代理（manufacturing reps）銷售。我們則透過經銷通路（distribution）銷售。這之間有很好的交叉銷售機會。所以整體而言，我們對這項業務感到興奮。而且再次強調，它將作為水解決方案（water solutions）事業群中的一個獨立事業單位運作。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC Capital Markets。

Bob, welcome back, and I do believe you lead the league now in most comebacks and retirements. Is that true?

Bob，歡迎回來，而且我相信你現在在「復出與退休次數最多」這項紀錄上領先全場。是真的嗎？

I don't know if I'd leave, but I do like coming back and I'm going to getting this is such a great company. So excited to be back.

我不知道是不是領先，但我確實喜歡回來，而且我會——能回到這麼棒的公司，真的很令人振奮。所以很高興能回來。

Yes. And Pentair is fortunate to have you ready to step back in. So we really appreciate that. So look, on the Taco deal, we know this brand. It's the top brand great aftermarket, a full disclosure. Our HVAC in my home has all Taco mixing valves. So I know that the business from the user standpoint as well, this feels a lot like the Manitowoc deal where you're buying a top brand with really good aftermarket and you're going to run it like its own platform. And maybe is that right?

是的。而 Pentair 很幸運你願意準備好再度出馬。所以我們非常感謝。那麼，談到 Taco 這筆交易，我們了解這個品牌。它是頂尖品牌、售後市場很強——先完整揭露一下。我家裡的 HVAC 系統全部使用 Taco 的混水閥（mixing valves）。所以我也從使用者角度了解這門生意；這感覺很像 Manitowoc 那筆交易：你買進一個頂尖品牌、擁有很好的售後市場，然後把它當作自己的平台來運營。這樣理解對嗎？

And then can you expand a bit on where there are adjacencies where you can build out this platform further I don't like to use the word plumbing, but just the idea here on some of the fluid handling side, but maybe we can start there.

另外，你能否再多談一些有哪些相鄰領域（adjacencies）可以進一步擴建這個平台？我不太想用「plumbing」這個詞，但大概是流體處理（fluid handling）這一側的一些概念；也許我們可以從這裡開始。

Deane, thank you for the question. By the way, congratulations on your news as well. So -- but I will say that without a doubt, we plan to run it and learn from the Manitowoc way. We expect -- it's a proud rich heritage as a brand. The Taco brand has a lot to be proud of. It's fourth generation business, and we are going to run as a stand-alone entity and take the Manitowoc playbook in that regard.

Deane，謝謝你的提問。順帶一提，也恭喜你那邊的消息。所以——但我會說，毫無疑問，我們計畫以 Manitowoc 的方式來運營並從中學習。我們預期——這個品牌有著令人自豪且深厚的傳承。Taco 這個品牌有很多值得驕傲的地方。它是第四代家族企業，而我們將以獨立實體來運作，並在這方面採用 Manitowoc 的作法手冊（playbook）。

I want to focus the potential synergies on the fact that they participate in the mechanical side of data centers in a meaningful way. And we're starting to enter into the data center markets with a large HVAC offering, which takes you to the bigger side of the chilling and cooling aspects with our water solutions. I think that's our biggest meaningful synergy that we see that would be worth focusing on. is introducing each other to the products and making sure that we can share those leads and begin to work together to support that opportunity.

我想把潛在的協同效益聚焦在一點：他們以相當有意義的方式參與資料中心的機電端。而我們也開始以大型 HVAC 產品組合切入資料中心市場，透過我們的水處理解決方案，延伸到更大範疇的冷卻與降溫面向。我認為這是我們看到最具實質意義、值得聚焦的協同效益：彼此導入對方的產品，並確保我們能共享這些商機線索，開始攜手合作以支援這個機會。

And then again, through the plumbing channel, just making sure we're expanding the live card and making sure that we give our plumbers access to their products and that their plumbers have access to our products. We think those are meaningful synergies both.

然後同樣地，透過管路（plumbing）通路，確保我們擴充產品型錄，並確保讓我們的水電師傅能取得他們的產品、也讓他們的水電師傅能取得我們的產品。我們認為這兩者都是有意義的協同效益。

And then just a follow-up on the pool side. One of the questions that we get is, has there been any fallout from all of the 80/20 kind of disruptions on the customer side. So as you switch someone from direct sales to distribution there can be some relationship disruption. That question has come up. Is there any validity applicability to this for you guys in your situation?

接著再追問一下泳池業務這邊。我們常被問到的一個問題是：在客戶端，所有 80/20 這類調整造成的擾動，是否帶來任何負面外溢影響。因此當你把某些客戶從直銷切換到經銷通路時，關係上可能會有一些擾動。這個問題確實有人提過。在你們的情況下，這件事是否也適用、是否確有其事？

The answer, Dean, is yes. It's not 80/20 as a tool. It's the way you implement 80/20. And I think we made some assumptions on some of the smaller distributors, buying groups and small dealers that are independent and don't necessarily buy from the two largest distributors. And those actions did create disruptions and some of the lost share that we had alluded to in the aftermarket side of our business.

Dean，答案是有。問題不在 80/20 這個工具本身。而在於你如何落實 80/20。我想我們對一些較小的經銷商、採購聯盟（buying groups）以及獨立的小型經銷商做了一些假設；他們不一定向兩大經銷商採購。而那些作法確實造成了擾動，也導致我們先前提到在售後市場（aftermarket）業務端流失了一些市占。

And we are actively pursuing getting that back and reestablishing of those relationships. They're long-term relationships and we made some decisions that need to be reversed. And again, I won't blame that on the 80/20 tool. I'll acknowledge we didn't implement the tool with the right assumptions, the right industry knowledge that we should have utilized.

我們正積極把這些拿回來，並重新建立那些關係。那是長期關係，而我們做了一些需要被逆轉的決策。同樣地，我不會把這怪到 80/20 工具上。我會承認我們在導入這個工具時，沒有用對假設、也沒有運用我們本應具備的正確產業知識。

Well, look, I really appreciate the candor there. And I also appreciate all the support and insight you and the team have provided me over the years, and I wish you best of luck. Thank you.

好，我非常感謝你如此坦率。我也感謝你和團隊多年來給我的所有支持與洞見，並祝你一切順利。謝謝。

Best luck to you, Deane.

也祝你順利，Deane。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Bob, great to have you back, and maybe Deane can actually start rifling you for the comebacks here. So never say never, but Bob, good to see you back. We talked a lot of grounds, John. So it sounds like you've lost most ground with the smaller distributors, small contractors. So with the larger players, you feel like you're in good shape?

Bob，很高興你回來了，也許 Deane 其實可以開始向你請教怎麼反擊了。所以永遠別說不可能，但 Bob，很高興見到你回來。John，我們談了很多面向。所以聽起來你們主要是在較小的經銷商、小型承包商那邊流失了大部分的市占。那在大型業者那邊，你覺得狀況還不錯？

Or do you think there's more to do there? And this new growth mindset and pool, is there anything on the product side or in terms of customer targeting, I'm thinking about some of the larger pool builders where you need to maybe reestablish a presence.

還是你覺得那邊還有更多要做？另外，這個新的成長思維與泳池業務，在產品端或客戶鎖定上有沒有什麼作法？我想到的是一些較大型的泳池建造商，你們可能需要重新建立存在感。

Yes. So I'll address that real quickly too. I mean we segment the market, and we have premium large builders. Think of those as your regional large, making the multi-body pools highly innovative highly technologically advanced. I think we still feel like our product positioning and our dealer positioning there is where it needs to be, and we continue to serve those dealers.

有。我也很快回應一下。我們會做市場分群，我們有高端的大型建造商。把它想成區域型的大型業者，打造多池體（multi-body）泳池，非常創新、科技含量很高。我認為我們仍然覺得在那裡的產品定位與經銷商定位都符合需求，我們也持續服務那些經銷商。

We have not historically played in larger pool builders that serve the mid-tier of the market. These would be the more mass-produced homes that have more single body pools. It's a segment of the market that's actually growing faster right now than the premium pool builds, price-conscious buyers good enough equipment. And it's one that we have to explore.

我們過去並沒有在服務中階市場的大型泳池建造商這一塊深耕。這些通常是較大量興建的住宅，配置較多單池體（single body）泳池。這個市場區隔目前的成長其實比高端泳池建案更快，買方更在意價格、設備「夠用就好」。而這也是我們必須探索的一塊。

Do we want to participate or not, but we don't currently serve the top 20 builders in that space. We're looking at the economics of entering that space and understanding what that aftermarket and service tail would be. And then where I'm candidly saying we've got to get better is making sure that we've got product that replaces our existing product in a very simple service, user-friendly way.

我們要不要參與，但目前我們並沒有服務該領域前 20 大建造商。我們正在評估切入該領域的經濟性，並了解其售後市場與服務的長尾會是什麼樣子。然後我坦白說我們必須做得更好的一點是：確保我們有產品能以非常簡單、易於維修、使用者友善的方式，替換我們既有的產品。

In a lot of cases, that aren't -- those aren't the installers or builders that place that product that are now servicing those pools. And we've got to make it easier for those -- that service channel to be able to have a product that replaces our product. And it's not a long length of time. We do have product availability today. We just need to make people aware of it.

很多情況下，現在在維護那些泳池的，並不是當初安裝或建造時放置該產品的安裝商或建造商。我們必須讓那些服務通路更容易取得能替換我們產品的產品。而且不需要很長時間。我們今天其實就有產品供應。我們只是需要讓大家知道。

And we need to make sure it's being focused on the areas that can recapture and regain our share. And then long-term, I think our innovation has to be more iterative and has to be easy to use, easy to install, easy to sell. And I think we've gotten into a little bit more breakthrough thinking, which is a big leap for the channel. And I think we're going to bring that product road maps into more every single year having a slight improvement versus having these more radical improvements in the product designs.

我們也需要確保把重點放在能重新捕捉並奪回市占的區域。長期來看，我認為我們的創新必須更偏向迭代式，並且要易用、易裝、易賣。我覺得我們有點走向更「突破式」的思維，但對通路而言那是很大的跨越。我想我們會把產品路線圖調整為每一年都有些微改良，而不是在產品設計上做更激進的改變。

John, that's great color and good luck with that transition. Just a quick clarification on the margin question. You indicated something close to 30% is where you see the business maybe trending longer term. Do you think that's a good number for 2027? Or do you think this transition period means it could put up a 2 handle on margins next year?

John，這些說明很有幫助，也祝你們轉型順利。就毛利率問題再快速釐清一下。你提到長期來看你認為這個業務可能會往接近 30% 的水準走。你覺得 2027 年用這個數字合理嗎？或者你覺得這段轉型期意味著明年毛利率可能會掉到 2 字頭？

No, I think there's no need to put a two in front of it. right now before this reset, we were tickling mid-30s. I think if you look at the things we want to do, we want to build our brand. We want to put the brand in front of consumers in a way where they know where Pentair pool is, so they may Google. Our dealers are supported by brand, and we want to make that a localized regional approach.

不，我認為沒有必要讓它變成 2 字頭。現在在這次重置之前，我們其實已經接近 30% 中段（mid-30s）。我想如果你看我們想做的事情：我們想建立品牌。我們希望以一種讓消費者知道 Pentair 泳池在哪裡的方式，把品牌推到消費者面前，讓他們可能會去 Google。我們的經銷商會受到品牌支持，而我們希望把這做成在地化、區域化的做法。

We want to do a little bit more demand generation to bring leads to our core dealers to service pools. So I see some early investment there. And I want to set this up as we're recovering in those low 30 ranges as a more systemic place that I think we can be in pool. This is still a rule of 40 business, right? So you can get to 30 plus 10% growth. You could be at 33% with 7% growth, that's the way I'm looking at it.

我們也想做更多需求創造（demand generation），把商機線索帶給我們的核心經銷商來服務泳池。所以我看到那裡會有一些前期投資。而我想把這設定為：當我們回升到 30% 出頭區間時，這會是我認為泳池業務可以更系統性維持的水準。這仍然是一個「40 法則」（rule of 40）的業務，對吧？所以你可以做到 30% 以上毛利率加上 10% 成長。你也可以是 33% 毛利率搭配 7% 成長，我是用這樣的方式來看。

And I think there's plenty of room to deliver income growth and a lot of value by having more of an emphasis on the top line here.

我認為只要更強調營收端（top line），就有很大的空間可以帶來獲利成長並創造大量價值。

Andy Kaplowitz, Citi Group.

Andy Kaplowitz，花旗集團。

John, so how difficult do you think it is to pivot from this sort of 80/20 mine set in pool to this maybe more innovation-based focus. And I think you mentioned replacing products, but maybe some examples of where you're going to lean in to drive the growth? Is it more on the automation side, is it more in specific products where you've lost share? Like how do you think about that?

John，所以你認為要從這種在泳池業務上偏向 80/20 的既有思維，轉向可能更以創新為導向的重點，有多困難？我想你提到替換產品，但能否舉一些你們將加大投入以推動成長的例子？是更偏向自動化端，還是更偏向你們曾經流失市占的特定產品？你們是如何思考這件事的？

No. I mean, stepping back, I mean, we've always been historically a customer-led sales-led organization. When we experienced some of the supply chain disruptions during COVID, we had to solve more of the issues more centrally. And I think we stop listening at a rate that we needed to at the localized dealer needs and some of the segmentation.

不。我的意思是，退一步來看，我們一直以來在歷史上都是以客戶為導向、以銷售為導向的組織。在 COVID 期間我們遭遇一些供應鏈中斷時，我們不得不更集中地去解決更多問題。我認為我們在傾聽在地經銷商需求以及某些細分面向上，沒有以應有的頻率持續進行。

This is not going to be hard to get back to, but I'm not going to suggest it's immediate, right? We've got to go back and we've got to commit to supporting our dealers and making sure they recognize that they have that support behind them. And our salespeople have to have the empowerment to be able to say yes to what that dealer needs. It sounds simple. We also have to support them.

要回到那個狀態不會很難，但我不會說能立刻做到，對吧？我們必須回去並承諾支持我們的經銷商，確保他們知道背後有我們的支援。而我們的業務人員必須被賦權，能夠對經銷商需要的事情說「可以」。聽起來很簡單。我們也必須在資源上支持他們。

And so it's going to be progress here already within the quarter and ultimately throughout the back of the year and making sure that, that consistency of voice is supported in '27, '28 and beyond.

因此，本季內就會看到一些進展，並且在今年下半年持續推進，同時確保這種一致的聲音在 2027、2028 以及更往後都能被延續與支持。

And then maybe I can ask you guys about flow in general. For mid- to high single-digit growth for the year, I think Hydra-Stop is doing well, as you said, core sales down 1%. So maybe talk about the different businesses, John or Bob, and like CapEx doing reasonably well, but anything sort of slowing you down there?

另外我想問你們關於 Flow 整體的情況。若全年要達到中到高個位數成長，我想如你所說 Hydra-Stop 表現不錯，但核心銷售下滑 1%。所以能否談談不同業務的狀況，John 或 Bob，例如資本支出（CapEx）表現還算不錯，但那邊是否有任何因素在拖慢你們？

Nothing really slowing us down in line with expectation, I would say. If anything, perhaps a headwind in regions in Europe as an example, that should come back once the economy and overall global conditions improve. So overall, it's more a macroeconomic that drove some of the core sales growth in the second-quarter, but that rebounds quickly.

我會說沒有任何事情真的在拖慢我們，整體都符合預期。如果要說的話，可能有些逆風來自例如歐洲的某些地區；一旦經濟與整體全球環境改善，應該就會回來。所以整體而言，第二季核心銷售成長更多是由總體經濟因素所驅動，但那會很快反彈。

We're optimistic that we can drive that high single-digit growth in the back half of the year. And so flow performing well, continue to be focused on Ross expansion. So overall, nothing particular with any of the different business units within flow, more just a geographic challenge at this point in time.

我們對於在今年下半年推動高個位數成長感到樂觀。因此 Flow 表現良好，並持續聚焦於 Ross 的擴張。總體來說，Flow 內各個事業單位沒有特別的問題，目前比較像是地理區域上的挑戰。

Brian Lee, Goldman Sachs.

Brian Lee，高盛。

This is Tyler Bisset on for Brian. I wanted to dig into the Flow segment. Sales were up 5%. You called out some key order wins in commercial buildings, data centers and desalination end markets. Can you provide some more details on these order wins? Or you've seen any market share gains here? And is this business performing a little better than expected?

我是代替 Brian 的 Tyler Bisset。我想深入了解一下 Flow 部門。銷售成長 5%。你們提到在商用建築、資料中心與海水淡化等終端市場拿下了一些重要訂單。能否提供更多這些訂單勝出的細節？或者你們是否看到市占有所提升？這項業務的表現是否比預期稍好一些？

It really reflects -- we talked about driving productivity improvements. What we do reinvest some of those savings back into growth initiatives. And so the work that we're doing around data centers is a reflection of some of the investments that we've made, either in the channel or with the products themselves -- those were nice wins in the quarter that will drive revenue growth in future quarters.

這其實反映了——我們談到推動生產力改善。我們確實會把其中一部分節省下來的成本再投資回成長計畫。因此，我們在資料中心相關所做的工作，反映了我們所做的一些投資，不論是在通路端或產品本身——這些都是本季不錯的勝出，將在未來幾季帶動營收成長。

So we like the breadth of the portfolio within flow right now, and that's what's giving us confidence that we can drive that type of growth. You'll remember, flow used to be a low single-digit grower, growing in line with GDP. We now believe we can do better than that.

所以我們喜歡目前 Flow 產品組合的廣度，這也是讓我們有信心能推動那種成長的原因。你會記得，Flow 過去是低個位數成長者，成長大致與 GDP 同步。我們現在相信我們可以做得更好。

And just wanted to dig back into the pool. And can you guys provide some more details on the plans you outlined to regain aftermarket share going forward? Like what's some of the low-hanging fruit on more near-term opportunities? And what do you see as more medium-term impacts?

另外我想再回到泳池業務。你們能否提供更多關於未來重新奪回售後市場市占的計畫細節？例如短期有哪些比較容易先拿下的機會？而中期你們預期會有哪些影響？

The low-hanging fruit in the short term is just making sure that the industry understands our like-for-like replacements, maybe the name of the brand is slightly different. So for instance, iF2 is on the pads. It was one of the best pumps ever invented, making sure people know that the WhisperFlo is a like-for-like replacement that can give the customer what they need.

短期的「低垂果實」就是確保產業了解我們的同級替換產品，即使品牌名稱可能略有不同。例如，iF2 是用在設備墊（pads）上的。它曾是史上最好的幫浦之一；我們要確保大家知道 WhisperFlo 是一個同級替換品，能提供客戶所需要的功能。

What we were trying to do is promote our iF3, which has the automation baked into it and can allow you to have app-based capability and control of the pad. That's great for the person who actually wants that offering, but we got to make sure if that individual doesn't prefer that offering, that there's an alternative that is ours. That's as simple as I can make it for now.

我們原本想推廣 iF3，它把自動化功能內建其中，並能讓你具備以 App 為基礎的能力與對設備墊的控制。這對真正想要那種方案的人很棒，但我們必須確保如果那位客戶不偏好那種方案，仍然有一個替代選項，而且是我們自己的產品。目前我只能把它講得這麼簡單。

Okay. So I want to thank you for joining us today. In closing, I'd like to reinforce some key takeaways on slide 18. We have taken actions to address near-term pool dynamics while maintaining long-term growth priorities, and we anticipate robust growth in 2027. Flow & water solutions remain on track and continue to perform in line with our expectations.

好的。因此，感謝各位今天加入我們。最後，我想強調第 18 頁投影片上的幾個重點。我們已採取行動以因應短期的泳池市場動態，同時維持長期成長優先事項，並預期 2027 年將有強勁成長。Flow 與水解決方案仍按計畫推進，並持續以符合我們預期的方式表現。

Our acquisition Taco expands our suite of innovative water solutions, strengthening our position in high-growth end markets and expanding our channel network and aftermarket exposure. This transaction will create an attractive and diversified growth for our platform. We are confident that our focused water strategy and disciplined execution will further strengthen the business, enhance operational efficiency and position us to deliver long-term growth, profitability and value creation for customers and shareholders. Thank you, everyone. Have a great day.

我們收購 Taco 擴大了我們創新水解決方案的產品組合，強化我們在高成長終端市場的地位，並擴展我們的通路網路與售後市場曝險。這筆交易將為我們的平台創造具吸引力且多元化的成長。我們有信心，聚焦的水策略與嚴謹的執行將進一步強化業務、提升營運效率，並使我們能為客戶與股東帶來長期成長、獲利能力與價值創造。謝謝各位。祝各位有美好的一天。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。