Perma-Pipe International Holdings Inc (PPIH) 2026 Q2 法說會逐字稿

Good day and welcome to Perma-Pipe International Holding's second quarter fiscal 2026 earnings conference call. All participants are in a listen-only mode. (Operator Instructions) Please note, this call is being recorded. If you require operator assistance, please press star then zero.

大家好，歡迎參加 Perma-Pipe International Holding 2026 會計年度第二季財報電話會議。所有與會者目前為僅收聽模式。(接線員指示) 請注意，本通話將被錄音。如需接線員協助，請按星號再按零。

I will now turn the call over to Chuck Heaton, Chief Compliance Officer and Vice President at Perma-Pipe. Please go ahead.

現在我將把電話交給 Perma-Pipe 的首席法遵長兼副總裁 Chuck Heaton。請開始。

Thank you, Operator. Good morning, everyone, and thank you for joining Perma-Pipe International Holdings' second quarter fiscal 2026 earnings conference call.

謝謝，接線員。各位早安，感謝各位參加 Perma-Pipe International Holdings 2026 會計年度第二季財報電話會議。

With me on the call today are Saleh Sagr, President and Chief Executive Officer, and Matthew Lewicki, Chief Financial Officer.

今天與我一同出席電話會議的還有總裁兼執行長 Saleh Sagr，以及財務長 Matthew Lewicki。

Our second quarter results were issued this morning before market open. If you have not yet seen the release, it is available in the investor section of our website at investors.permapipe.com, where an archive of today's call will also be posted.

我們第二季的業績已於今天開盤前發布。若您尚未看到新聞稿，可至我們網站 investors.permapipe.com 的投資人專區查閱，今日電話會議的錄音存檔也將於該處提供。

Our Form 10-Q for the second quarter was filed this morning and is available on our IR site or at sec.gov. Before we begin, a reminder that our remarks today will include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended.

我們第二季的 Form 10-Q 已於今天上午提交，可在我們的投資人關係網站或 sec.gov 查閱。在開始之前提醒各位，我們今天的發言將包含《1933 年證券法》第 27A 條及經修訂之《1934 年證券交易法》第 21E 條所定義的前瞻性陳述。

These include, without limitation, statements regarding the expected future performance and operations of the company.

其中包括但不限於有關公司預期未來表現與營運的陳述。

These statements should be considered subject to the many risks and uncertainties that exist in the company's operation and business environment, and our actual results could differ materially from what we describe today.

這些陳述應被視為受公司營運與商業環境中眾多風險與不確定性影響；我們的實際結果可能與今日所述內容有重大差異。

Those risks and uncertainties are described in today's earnings release and in our filings with the Securities and Exchange Commission, which are available at sec.gov and in the Investors section of our website.

相關風險與不確定性已載於今日的財報新聞稿以及我們向美國證券交易委員會提交的文件中，可於 sec.gov 及我們網站的投資人專區查閱。

Those include, among others, movement in input prices and our ability to pass through input costs, the timing of order receipt, execution, delivery, and acceptance, and possible reductions or cancellations of backlog.

其中包括但不限於投入品價格變動及我們轉嫁投入成本的能力、接單時點、執行、交付與驗收時程，以及在手訂單可能減少或取消。

The risks of our international operations, competitive pricing, and supplier relationships, the level of government and customer infrastructure spending, and our ability to execute our strategic plan and growth initiatives.

亦包括我們國際營運的風險、競爭性定價與供應商關係、政府與客戶基礎建設支出水準，以及我們執行策略計畫與成長倡議的能力。

A complete discussion of these factors appears in today's earnings release and in our filings with the Securities and Exchange Commission, including but not limited to those under the heading risk factors in the company's latest annual report on Form 10-K.

上述因素的完整討論載於今日的財報新聞稿及我們向美國證券交易委員會提交的文件中，包括但不限於公司最新 Form 10-K 年報中「風險因素」標題下的內容。

We caution you not to place undue reliance on any forward-looking statement. These statements are made only as of today's date, and we undertake no obligation to update them publicly, whether as a result of new information, future events, or otherwise.

我們提醒各位勿過度依賴任何前瞻性陳述。這些陳述僅截至今日為止有效；無論因新資訊、未來事件或其他原因，我們均不承擔公開更新之義務。

In addition, on today's call, management will refer to certain non-GAAP financial measures that management considers to be useful and differ from GAAP. These non-GAAP measures should be considered supplemental to corresponding GAAP figures.

此外，在今天的電話會議中，管理團隊將提及若干非 GAAP 財務衡量指標，管理團隊認為其具有參考價值，且與 GAAP 不同。這些非 GAAP 指標應視為對應 GAAP 數據的補充。

Before turning the call over to our first speaker, in keeping with Perma-Pipe's plans to elevate our visibility and engagement with the investment community on a more proactive basis, we recently engaged Alliance Advisors as our investor relations agency of record.

在把電話交給第一位講者之前，為配合 Perma-Pipe 計畫以更主動的方式提升在投資社群中的能見度與互動，我們近期已聘請 Alliance Advisors 擔任我們的投資人關係（IR）指定代理機構。

To follow up with IR, please contact the 847-area code number listed in our press release or via investor at permapipe.com. With that, I will now turn the call over to Saleh Sagr, President and Chief Executive Officer.

如需與投資人關係聯繫，請撥打我們新聞稿中所列的 847 區碼電話，或寄信至 investor@permapipe.com。接下來我將把電話交給總裁兼執行長 Saleh Sagr。

Please go ahead, Saleh.

Saleh，請開始。

Thank you, Chuck. Good day and welcome to our shareholders, our board members, and our employees. It is a privilege to address you today on Perma-Pipe's second quarter earnings conference call.

謝謝你，Chuck。各位好，歡迎我們的股東、董事會成員以及員工。今天能在 Perma-Pipe 第二季財報電話會議上向各位報告，我深感榮幸。

Today marks an important milestone in how we engage with you. Beginning with this call, we are introducing regular quarterly calls to raise Perma-Pipe's profile with the investment community.

今天標誌著我們與各位互動方式的一個重要里程碑。自本次電話會議起，我們將導入定期的季度電話會議，以提升 Perma-Pipe 在投資社群中的能見度。

Our goal is straightforward, to provide analysts and investors with a consistent forum in which to hear directly from us about our results, our operational progress, where we are taking the business, and to ask questions of us.

我們的目標很明確：為分析師與投資人提供一個一致的平台，讓各位能直接聽取我們對業績、營運進展、公司發展方向的說明，並向我們提問。

I will begin today with an overview of the second quarter performance, with focus on our strategy and operational accomplishments.

我今天將先概述第二季表現，並聚焦於我們的策略與營運成果。

I will then turn the call over to Matthew to review our financial results in detail. Following Matthew's remarks, I will return to discuss our outlook for the second half of the year, after which we will open the call to your questions. First, I would like to take a step back and give everyone a brief overview of Perma-Pipe.

接著我會把電話交給 Matthew，請他詳細說明我們的財務結果。在 Matthew 發言後，我將回來討論我們對下半年展望，之後我們將開放各位提問。首先，我想先退一步，為大家簡要介紹 Perma-Pipe。

Perma-Pipe is a global leader in pre-insulated piping, anti-corrosion coatings, and leak detection systems. We deliver mission-critical infrastructure that moves, monitors, and protects energy, water, and thermal systems in demanding environments around the world.

Perma-Pipe 是預製保溫管線、防腐蝕塗層與漏洩偵測系統的全球領導者。我們提供關鍵任務型基礎設施，在全球嚴苛環境中輸送、監測並保護能源、水資源與熱能系統。

Because our work centers on discrete, custom engineer developments rather than commodity supply, we compete on engineering capability, technology, quality, and execution while manufacturing close to the markets we serve.

由於我們的工作核心在於離散的、客製化工程開發，而非大宗商品供應，因此我們以工程能力、技術、品質與執行力競爭，同時在貼近服務市場的地點進行製造。

Since I became CEO over one year ago, Perma-Pipe has pursued a clear set of priorities. Sustainable growth, customer-centric innovation, investment in our people and culture, disciplined execution, and consistent communication with our shareholders.

自我在一年多前擔任執行長以來，Perma-Pipe 一直遵循一套明確的優先事項：永續成長、以客戶為中心的創新、投資於人才與文化、紀律執行，以及與股東保持一致且持續的溝通。

We have expanded our manufacturing footprint where demand has grown, extended our reach across MENA through our joint venture in the Kingdom of Saudi Arabia, and continue to develop and commercialize technologies that address increasingly important infrastructure needs.

我們已在需求成長的地區擴大製造版圖，透過在沙烏地阿拉伯王國的合資企業擴展我們在中東與北非（MENA）的觸及範圍，並持續開發與商業化可因應日益重要之基礎設施需求的技術。

Governments and corporations worldwide are investing heavily in infrastructure to support energy security, water security, urban development, and their digital ecosystems. Our products and solutions are increasingly aligned with these global priorities.

全球各地的政府與企業正大幅投資基礎設施，以支援能源安全、水資源安全、城市發展以及其數位生態系。我們的產品與解決方案與這些全球優先事項的契合度正持續提升。

The long-term structural demand trends across the end markets we serve, district heating and cooling, oil and gas, water security, energy, industrial, digital infrastructure are creating durable tailwinds for our business.

我們所服務終端市場的長期結構性需求趨勢——區域供熱與供冷、油氣、水資源安全、能源、工業、數位基礎設施——正為我們的業務帶來持久的順風。

We entered the year following a record fiscal 2025, which was defined by our strong financial performance, disciplined execution, and continued progress in our long-term expansion strategy.

我們在創下 2025 會計年度歷史新高後進入本年度；該年度以強勁的財務表現、紀律執行，以及長期擴張策略的持續進展為特徵。

We delivered net sales of $210.9 million, up 33% year over year. Net income attributable to common stock was $17 million, up 89%, and we ended the year with a backlog of $121.6 million.

我們實現淨銷售額 2.109 億美元，年增 33%。歸屬普通股股東的淨利為 1,700 萬美元，年增 89%，年末在手訂單（backlog）為 1.216 億美元。

Building on that strong foundation, we delivered a second quarter that demonstrated continued momentum across our business.

在此堅實基礎之上，我們交出了一份第二季成績單，展現公司各項業務持續的動能。

Starting with slide two, we delivered net sales of $59.6 million, up 24% year over year. We grew net income attributable to common stock, to $2.5 million, or approximately $0.31 per diluted share, from $0.9 million, or $0.10 per diluted share, in the year-ago period.

從投影片二開始，我們的淨銷售額為 5,960 萬美元，年增 24%。歸屬普通股股東的淨利增至 250 萬美元，或稀釋後每股約 0.31 美元；去年同期為 90 萬美元，或稀釋後每股 0.10 美元。

After absorbing a $3.9 million charge related to an uncollectible accounts receivable balance, partially offset by a related $1.6 million tax benefit, we ended the quarter with a backlog of $142.3 million.

在吸收與一筆無法收回的應收帳款餘額相關的 390 萬美元費用（部分由相關的 160 萬美元稅務利益抵銷）後，我們於本季末的在手訂單為 1.423 億美元。

Importantly, our second quarter was not only about financial performance, but also about operational execution.

重要的是，我們第二季不僅著重於財務表現，也同樣重視營運執行。

We continue to execute against strategic initiatives that we believe will drive Perma-Pipe's growth over the long term.

我們持續推進我們相信將在長期驅動 Perma-Pipe 成長的策略性舉措。

First, our Ohio facility, which serves as an important growth engine for our North American business, went operational and is ramping production.

第一，我們位於俄亥俄州的廠區已投入營運並正逐步提升產能；該廠是我們北美業務的重要成長引擎。

The facility extends our reach, expands our ability to serve customers, supports our North American growth strategy and provides additional capacity as demand continues to develop.

該廠區擴大了我們的服務範圍，提升我們服務客戶的能力，支持我們的北美成長策略，並在需求持續發展之際提供額外產能。

Second, we ramp production at our Qatar facility, which is strategically positioned to serve the world's largest LNG exporter, Qatar Energy, as well as regional and international markets.

第二，我們正在提升卡達廠的產能；該廠在策略上具備優勢，可服務全球最大的 LNG 出口商 Qatar Energy，以及區域與國際市場。

The ramp underscores the growing importance of MENA to Perma-Pipe, and our strategy of establishing manufacturing capacity close to our customers and the markets we serve.

此次產能提升凸顯中東及北非（MENA）對 Perma-Pipe 日益重要，以及我們在靠近客戶與所服務市場處建立製造產能的策略。

Third, we continue to see strong demand across our core markets. During the quarter, we secured $67.8 million of new orders, including significant awards from the oil and gas and infrastructure markets, as well as new mission-critical application for our leak detection solutions. Our quarter-end backlog provides us with a strong foundation for the second half of the year.

第三，我們持續看到核心市場需求強勁。本季我們取得 6,780 萬美元新訂單，包括來自油氣與基礎建設市場的重要得標，以及我們漏洩偵測解決方案的新關鍵任務型應用。季末在手訂單為我們下半年奠定了堅實基礎。

I want to highlight the performance of our leak detection technology. Leak detection is an increasingly important component of our overall strategy.

我想特別強調我們漏洩偵測技術的表現。漏洩偵測正成為我們整體策略中愈來愈重要的一環。

Customers and infrastructure owners are placing greater emphasis on pipeline integrity and asset protection, early detection, operational reliability, and minimizing the potential environmental and financial consequences of leaks.

客戶與基礎設施資產擁有者愈發重視管線完整性與資產保護、早期偵測、營運可靠性，以及將漏洩可能帶來的環境與財務後果降至最低。

We are seeing tangible evidence of this market opportunity in our leak detection business has already secured approximately 80% of its full-year bookings target. This is a significant achievement and provides us with strong visibility into the remainder of the year.

我們已看到此市場機會的具體證據：我們的漏洩偵測業務已取得約全年接單目標的 80%。這是一項重大成就，並使我們對今年剩餘期間具備高度能見度。

More importantly, we believe this is indicative of a broader opportunity. Leak detection allows us to move beyond simply supplying pipes and into providing technology-enabled solutions that monitor and protect critical infrastructure through its operating life.

更重要的是，我們相信這反映出更廣泛的機會。漏洩偵測使我們得以超越單純供應管材，進一步提供以技術驅動的解決方案，在關鍵基礎設施的整個營運生命週期中進行監測與保護。

We see meaningful opportunities to further expand Perma-Pipe and our distributed fiber optic sensing capabilities across water, energy, oil and gas, district heating and cooling, and other critical infrastructure framework applications.

我們看到顯著機會，可在水務、能源、油氣、區域供熱與供冷，以及其他關鍵基礎設施架構應用中，進一步擴展 Perma-Pipe 與我們的分散式光纖感測能力。

This is an area where we believe Perma-Pipe has a differentiated position, and we intend to continue investing in the technology, market development, and commercial capabilities necessary to capture this market potential.

我們認為 Perma-Pipe 在此領域具備差異化定位，並計畫持續投資於技術、市場開發與商業能力，以掌握此市場潛力。

In June, reflecting the growth in our market capitalization, Perma-Pipe joined the Russell 2000 and Russell 3000 indexes, broadening our visibility within the investment community.

6 月，隨著我們市值成長，Perma-Pipe 納入羅素 2000 與羅素 3000 指數，提升了我們在投資社群中的能見度。

Overall, we are pleased with the progress we are making. We are expanding our capacity, strengthening our geographic footprint, growing our technology-enabled offerings, and capitalizing on favorable secular trends across the markets we serve.

整體而言，我們對目前取得的進展感到滿意。我們正在擴充產能、強化地理布局、成長以技術驅動的產品與服務，並把握我們所服務市場中的有利長期趨勢。

With that overview, I will now turn the call over to Matthew to take you through our financial results in detail. Matthew?

以上為概述，接下來我將把電話會議交給 Matthew，請他帶各位詳細說明我們的財務結果。Matthew？

Thank you, Saleh, and good morning, everyone. Before I turn to the numbers, I have two brief notes on how we manage the business and report our financial results.

謝謝你，Saleh，各位早安。在我進入數字之前，我先簡要說明兩點我們如何管理業務並報告財務結果。

First, Perma-Pipe operates as a single reporting segment, and we manage performance on a full-year basis.

第一，Perma-Pipe 以單一報導部門運作，我們以全年為基礎管理績效。

As our work is project-based, the timing of individual awards, production, and deliveries can move results meaningfully between periods.

由於我們的工作以專案為主，個別得標、生產與交付的時點，可能使不同期間的結果出現顯著變動。

Second, unless otherwise noted, analysis of our second quarter results will be in comparison to the second quarter last year.

第二，除非另有說明，我們對第二季結果的分析將與去年第二季相比。

Starting on slide three, net sales for the second quarter were $59.6 million compared with $47.9 million last year, an increase of approximately 24%.

從投影片三開始，第二季淨銷售額為 5,960 萬美元，去年為 4,790 萬美元，約增加 24%。

For the first six months, net sales were $109.8 million compared with $94.6 million, an increase of approximately 16%.

前六個月淨銷售額為 1.098 億美元，去年為 9,460 萬美元，約增加 16%。

Growth and business growth both periods reflect higher volumes in both the MENA and North America regions.

兩個期間的成長反映中東及北非（MENA）與北美地區的出貨量均有所提高。

Gross profit for the quarter was $17.4 million, or approximately 29% of net sales, compared with $14.4 million, or approximately 30% last year.

本季毛利為 1,740 萬美元，約占淨銷售額 29%；去年為 1,440 萬美元，約占 30%。

Gross profit dollars increased approximately 21% on higher volume, while gross margins were consistent with the prior year.

受惠於較高出貨量，毛利金額約增加 21%，而毛利率與去年大致一致。

For the first six months, gross profit was $32 million, or approximately 29% of net sales, compared with $31.1 million, or approximately 33% in the same period last year.

前六個月毛利為 3,200 萬美元，約占淨銷售額 29%；去年同期為 3,110 萬美元，約占 33%。

The year-to-date margin comparison reflects product mix across various jurisdictions in the first quarter, particularly in Canada due to seasonal factors, startup and ramp up costs associated with our new Ohio manufacturing facility.

年初至今的毛利率比較，反映第一季在不同司法管轄區的產品組合差異，尤其是加拿大因季節性因素，以及我們新的俄亥俄州製造廠的啟動與產能爬坡成本。

Total operating expenses for the quarter were $13.2 million compared with $11.2 million last year. General administrative expenses were $11.9 million compared with $10 million.

本季營業費用總額為 1,320 萬美元，去年為 1,120 萬美元。一般及行政費用為 1,190 萬美元，去年為 1,000 萬美元。

General administrative expenses for the quarter included a $3.9 million charge related to an uncollectible accounts receivable balance for the specific customer and approximately $0.5 million in startup costs at our Ohio facility.

本季一般及行政費用包含：針對特定客戶之應收帳款餘額無法收回所提列的 390 萬美元費用，以及約 50 萬美元的俄亥俄州廠啟動成本。

Last year's second quarter included a $2 million non-recurring charge related to our CEO transition. Selling expenses were $1.3 million compared with $1.2 million last year.

去年第二季包含一筆 200 萬美元的一次性費用，與我們 CEO 交接相關。銷售費用為 130 萬美元，去年為 120 萬美元。

For the first six months, total operating expenses were $23.2 million compared with $20.1 million, resulting in an increase of approximately 15%.

前六個月營業費用總額為 2,320 萬美元，去年為 2,010 萬美元，約增加 15%。

The increase was driven principally by the $3.9 million charge previously mentioned, partially offset by the non-recurrence of a prior year charge related to an executive departure. Income from operations was $4.3 million for the quarter, compared with $3.2 million last year.

增加主要由前述 390 萬美元費用所致，部分被去年與高階主管離職相關費用不再發生所抵銷。本季營業利益為 430 萬美元，去年為 320 萬美元。

For the first six months, income from operations was $8.9 million, compared with $11.1 million. The second quarter increase reflects higher gross profit partially offset by higher operating expenses. The decline over the first quarter was $1.2 million.

前六個月營業利益為 890 萬美元，去年為 1,110 萬美元。第二季的增加反映較高毛利，部分被較高營業費用抵銷。相較第一季的下降為 120 萬美元。

Six months reflects lower gross profit and higher operating expenses. Net interest expense was $0.5 million for the quarter, compared with $0.4 million, and $1.1 million for the first six months, compared with $0.8 million in the same period last year.

前六個月反映毛利較低且營業費用較高。本季淨利息費用為 50 萬美元，去年為 40 萬美元；前六個月為 110 萬美元，去年同期為 80 萬美元。

Income before income taxes were $3.9 million for the quarter, compared with $2.8 million last year, and $7.8 million for the first six months, compared with $10.2 million in the prior year.

本季稅前利益為 390 萬美元，去年為 280 萬美元；前六個月為 780 萬美元，去年為 1,020 萬美元。

On a non-GAAP basis, income before income tax was $8.3 million compared with $4.9 million last year. For the six-month period, on a non-GAAP basis, income before income tax was $12.5 million compared with $12.3 million in the same period last year. Income tax expense was $0.6 million for the quarter, compared with $1.5 million last year. Our effective tax rate was approximately 16% compared with 54% in the same quarter last year.

以非 GAAP 基礎計算，本季所得稅前利益為 830 萬美元，去年為 490 萬美元。以前六個月期間、以非 GAAP 基礎計算，所得稅前利益為 1,250 萬美元，去年同期為 1,230 萬美元。本季所得稅費用為 60 萬美元，去年為 150 萬美元。我們的有效稅率約為 16%，去年同季為 54%。

The lower rate in the current quarter primarily reflects a tax benefit of approximately $1.6 million related to the uncollectible accounts receivable, recognized during the quarter.

本季較低的稅率主要反映本季確認約160萬美元的稅務利益，與無法收回的應收帳款相關。

The prior year rate reflected changes in the mix of income and loss across the jurisdiction in which the company operates, which can cause the effective rate to vary meaningfully from period to period.

去年同期的稅率反映公司營運所在司法管轄區內，所得與虧損組合的變化，這可能導致有效稅率在各期間之間出現顯著波動。

Our effective tax rate for the six months was approximately 25% compared to approximately 30% in the prior year period.

我們六個月的有效稅率約為25%，相較於去年同期約為30%。

Net income attributable to common stock for the quarter was $2.5 million, or $0.31 per diluted share, compared with $0.9 million, or $0.10 per diluted share, last year.

本季歸屬於普通股的淨利為250萬美元，或每股稀釋後0.31美元；相較去年為90萬美元，或每股稀釋後0.10美元。

For the first six months, net income attributable to common stock was $4.3 million, or $0.53 per diluted share, compared with $5.8 million, or $0.72 per diluted share.

前六個月，歸屬於普通股的淨利為430萬美元，或每股稀釋後0.53美元；相較為580萬美元，或每股稀釋後0.72美元。

Turn it to the balance sheet on slide four.

請翻到第4張投影片的資產負債表。

Cash and cash equivalents were $31.8 million at July 31, 2026, compared with $18.7 million at January 31, 2026. We held an additional $3 million of restricted cash, principally related to security deposits and financial guarantees.

截至2026年7月31日，現金及約當現金為3,180萬美元，相較於2026年1月31日的1,870萬美元。我們另持有300萬美元的受限制現金，主要與保證金及財務保證相關。

Total debt was $36.1 million at the end of the second quarter, compared with $32.5 million at the end of the previous fiscal year.

第二季末總負債為3,610萬美元，相較於上一財政年度末的3,250萬美元。

The increase in cash, alongside a modest increase in total debt, brought net debt to approximately $4.3 million at quarter end and approximately $13.8 million at the end of the previous fiscal year.

現金增加，加上總負債小幅上升，使淨負債在季末約為430萬美元，而在上一財政年度末約為1,380萬美元。

Subsequent to quarter end, we closed on a new global credit facility with JPMorgan Chase that replaces our prior revolving credit agreement we entered into with JPMorgan in April this year.

在季末之後，我們與摩根大通（JPMorgan Chase）完成一項新的全球信貸融資，取代我們今年4月與摩根大通簽訂的先前循環信貸協議。

The new facility consists of a $75 million revolving credit facility and a $14 million term loan, representing approximately $90 million of commitments in place at closing.

新融資包含7,500萬美元的循環信貸額度及1,400萬美元的定期貸款，於交割時合計約9,000萬美元的承諾額度。

It also gives us access to up to an extra feature for an additional $50 million of incremental capacity in the form of increased revolving capacity or incremental term loans.

該融資亦提供額外最高5,000萬美元的增量額度選項，可透過提高循環額度或新增增量定期貸款的形式取得。

At closing, we drew down the $14 million term loan and, together with available cash, repaid the outstanding balance under the prior JP Morgan credit agreement, and subsequently we repaid in full the mortgage note of our Alberta Canada plant.

在交割時，我們提取了1,400萬美元的定期貸款，並結合可用現金償還先前摩根大通信貸協議下的未償餘額；其後我們也全額償還加拿大亞伯達工廠的抵押票據。

This new facility materially increases our revolving credit capacity and includes availability for letters of credit of up to $30 million, giving us greater flexibility to support working capital requirements, letters of credit, and general corporate purposes, including permitted acquisitions as we continue to expand in key markets.

此新融資大幅提高我們的循環信貸能力，並包含最高3,000萬美元的信用狀額度可用性，使我們在支援營運資金需求、信用狀及一般公司用途（包括在持續擴張關鍵市場過程中允許的併購）方面更具彈性。

Net cash provided by operating activities was $13.3 million for the first six months, compared with a use of cash of $1.3 million in the prior year period.

前六個月營運活動提供的淨現金為1,330萬美元，相較去年同期為使用現金130萬美元。

Capital expenditures were $3.2 million. Backlog on July 31, 2026 was $142.3 million, compared with $121.6 million at January 31, 2026.

資本支出為320萬美元。截至2026年7月31日，在手訂單為1億4,230萬美元，相較於2026年1月31日的1億2,160萬美元。

Backlog represents awards we hold under contract, and substantially all of it is expected to be completed within the next 12 months.

在手訂單代表我們在合約下已取得的授標，且其中幾乎全部預期將於未來12個月內完成。

We expect approximately 40% to 50% of backlog to revenue in the third quarter. Stepping back at the first half mark, Perma-Pipe has a stronger balance sheet, a materially lower net debt position, and a backlog that has grown since year end.

我們預期第三季約有40%至50%的在手訂單將轉為營收。回顧上半年，Perma-Pipe 的資產負債表更為強健，淨負債水位顯著降低，且在手訂單自年末以來持續成長。

As I noted at the start of my remarks, we manage this business on a full year basis and our first half performance positions us well for a strong 2026.

如我在開場時所提，我們以全年為基礎管理此業務，而上半年的表現使我們有利於在2026年展現強勁表現。

With that, I will turn it back to Saleh for additional remarks.

接下來我把時間交回給 Saleh，請他補充說明。

Thank you, Matthew. At the midpoint of the year, let me share how we see the second half of the year unfolding. We enter the back half of fiscal 2026 with a healthy momentum, supported by our backlog, a growing pipeline of RFP and quoting opportunities, and business development initiatives across each of our regions.

謝謝你，Matthew。在年度過半之際，我想分享我們如何看待下半年走勢。我們以良好的動能進入2026財年的後半段，動能來自在手訂單、持續成長的RFP與報價機會管線，以及我們在各區域推動的業務開發計畫。

We are well positioned for a strong second half of the fiscal year, barring a material worsening of market and geopolitical conditions.

在市場與地緣政治情勢未出現重大惡化的前提下，我們已為本財年下半年強勁表現做好準備。

That confidence reflects the resilience of the markets we serve and increasing alignment between our solutions and the infrastructure priorities of our customers.

這份信心反映我們所服務市場的韌性，以及我們的解決方案與客戶基礎建設優先事項之間日益提高的一致性。

Let me take you through where we see momentum. Within digital infrastructure, we are building on our US strength to extend into Canada and the Middle East.

我將帶各位看看我們認為動能所在。在數位基礎建設方面，我們正以美國的優勢為基礎，延伸至加拿大與中東。

We recently secured an award for a project in the Middle East presenting a greenfield opportunity for us with commercial providers and as nations across the region invest in sovereign digital infrastructure. We view this as an important proof point for our leak detection technology beyond North America.

我們近期取得中東一項專案的授標，為我們在商業供應商領域帶來綠地機會，且隨著該區各國投資主權數位基礎建設而擴大。我們將此視為我們漏水偵測技術在北美以外的重要驗證。

It is also a reflection of the growing global demand for our solutions. We are also expanding our business development efforts to grow our leak detection market share.

這也反映全球對我們解決方案日益成長的需求。我們也正在擴大業務開發投入，以提升我們在漏水偵測市場的市占率。

We are working to formalize relationships with select equipment manufacturers to embed our leak detection sensing technology into their product offerings.

我們正致力於與特定設備製造商建立正式合作關係，將我們的漏水偵測感測技術嵌入其產品供應中。

This approach allows us to leverage their established sales and marketing capabilities and extend our reach into attractive opportunities while creating a more scalable path for growth.

此作法讓我們能運用其既有的銷售與行銷能力，將觸角延伸至具吸引力的機會，同時打造更具可擴展性的成長路徑。

By detecting and cooling, we are developing multi-year service agreements that pair the systems we install with ongoing monitoring and support, turning a one-time product sale into a recurring service-based revenue stream over the life of the asset.

透過偵測與冷卻，我們正在開發多年期服務合約，將我們安裝的系統與持續監測及支援配套，讓一次性的產品銷售在資產生命週期內轉化為可重複的服務型營收來源。

We believe this can create a more durable and predictable revenue opportunity while deepening our service. our relationships with our customers.

我們相信這能創造更持久且更可預測的營收機會，同時深化我們的服務與我們與客戶的關係。

In oil and gas, Saudi Aramco has qualified our new product line specifically designed to serve the kingdom's energy expansion program.

在油氣領域，沙烏地阿美（Saudi Aramco）已認證我們專為王國能源擴張計畫所設計的新產品線。

This gives us access to one of the world's largest markets for pipe coating solutions, provides an important competitive advantage in the region.

這使我們得以進入全球最大的管線塗層解決方案市場之一，並在該地區提供重要的競爭優勢。

Our local presence, established customer relationships, technical capabilities, and ability to provide specialized coating technologies and manufacturing support position us well to compete for opportunities as Saudi Arabia continues to invest in its energy infrastructure.

我們的在地布局、既有客戶關係、技術能力，以及提供專業塗層技術與製造支援的能力，使我們在沙烏地阿拉伯持續投資其能源基礎建設之際，具備良好條件競逐相關機會。

In parallel, we saw a recovery in the Canadian market activity in Q2, and together these developments support our expectations for a stronger second half.

同時，我們在第二季看到加拿大市場活動回升，這些發展共同支撐我們對下半年更強勁表現的預期。

Water security has taken on greater importance across MENA. As governments in the region continue to make substantial investments in water infrastructure, our business development efforts are especially focused on capitalizing on this infrastructure spend.

水資源安全在中東與北非（MENA）各地的重要性日益提升。隨著該區各國政府持續大幅投資水利基礎建設，我們的業務開發工作特別聚焦於把握這些基建支出所帶來的機會。

More broadly, evolving geopolitical dynamics across MENA are intensifying the focus on regional infrastructure resilience, localization, and supply chain security.

更廣泛而言，MENA地區不斷演變的地緣政治動態，正加強對區域基礎建設韌性、在地化與供應鏈安全的關注。

Our established footprint, technical expertise, and customer relationships position us to benefit from that shift.

我們既有的布局、技術專長與客戶關係，使我們有望受惠於這一轉變。

Our recent Middle East Digital Infrastructure Award is a clear example. As nations across the region move to build sovereign assets closer to home, they are turned into partners that are already established locally and understand the requirements of these markets.

我們近期取得的中東數位基礎建設授標就是明確例證。當該區各國著手在更靠近本土的地方建置主權資產時，他們會轉向已在當地建立據點、並了解這些市場需求的合作夥伴。

We are also encouraged by the growing engagement and support we are receiving from the US government in helping Perma-Pipe pursue and convert infrastructure opportunities in the Middle East.

我們也對美國政府在協助 Perma-Pipe 於中東追求並轉化基礎建設機會方面，所提供的日益增加的參與與支持感到鼓舞。

For us, this is meaningful, and we believe it strengthens our ability to compete for and win larger cross-border infrastructure projects over time.

對我們而言，這具有重要意義，我們相信這將強化我們隨時間推進競爭並贏得更大型跨境基礎建設專案的能力。

Staying with MENA region, I want to spend a few minutes on our MoU in Jordan. Because we believe this is much more significant than a single product award.

延續中東與北非（MENA）地區的話題，我想花幾分鐘談談我們在約旦的諒解備忘錄（MoU）。因為我們相信，這件事的重要性遠超過單一產品的得標。

The joint venture the MoU proposes is consistent with our broader strategy of moving Perma-Pipe closer to our customers, expanding our addressable markets, increasing our participation in large infrastructure programs, and creating new avenues for long-term profitable growth.

該諒解備忘錄所提議的合資企業，與我們更廣泛的策略一致：讓 Perma-Pipe 更貼近客戶、擴大我們可觸及的市場、提高我們參與大型基礎建設計畫的程度，並開創長期獲利成長的新途徑。

The MoU benefits us in several ways. First, it gives us an immediate project opportunity in our core business of corrosion protection through Jordan's National Water Carrier Program (NCP).

這份諒解備忘錄在多方面讓我們受益。首先，它透過約旦國家輸水計畫（NCP），在我們核心業務—防腐蝕保護—上，為我們帶來立即的專案機會。

The NCP is a major national infrastructure program addressing Jordan's long-term security requirements. Our partnership with Welspun brings us into pipe manufacturing, expanding our addressable market and complementing our existing coating and piping capabilities.

NCP 是一項重大的國家級基礎建設計畫，用以因應約旦長期的安全需求。我們與 Welspun 的合作使我們進入管材製造領域，擴大可觸及市場，並補強我們既有的塗層與管線能力。

Third, it establishes a manufacturing platform that can support a broader pipeline of water, energy, and infrastructure projects in Jordan and across the Levant region, as reconstruction and infrastructure investments accelerate.

第三，它建立了一個製造平台，可支援約旦以及整個黎凡特地區更廣泛的水務、能源與基礎建設專案管線，隨著重建與基礎建設投資加速而成長。

The NCP is the initial anchor opportunity, not our endgame. Based on our market intelligence, a manufacturing presence in Jordan puts us at the start of a multi-year, multi-sector demand opportunity.

NCP 是最初的錨定機會，但不是我們的終局。根據我們的市場情報，在約旦設立製造據點，將使我們站在一個多年期、跨產業需求機會的起點。

The region's opportunities include additional water infrastructure projects, such as the Redence Water Project and other related to water transmission and infrastructure programs driven by Jordan's need to strengthen and expand its water network.

該地區的機會包括更多水務基礎建設專案，例如 Redence 水務專案，以及其他與輸水與基礎建設計畫相關的專案，這些都源自約旦強化並擴充其供水網路的需求。

In energy, opportunities associated with Arisha gas field and the land connection to the Arab gas pipeline. The Jordanian government has identified this as an important strategic energy project, with plans to significantly increase domestic gas production and develop the associated transportation infrastructure.

在能源方面，機會包括與 Arisha 氣田以及連接阿拉伯天然氣管線的陸上連結相關的機會。約旦政府已將此列為重要的策略性能源專案，並計畫大幅提高國內天然氣產量，並建置相關的運輸基礎設施。

The reconstruction of Syria, Gaza, Palestine, Lebanon, and Iraq points to significant longer-term demand for water, energy, district cooling, and oil and gas infrastructure. The scale is meaningful.

敘利亞、加薩、巴勒斯坦、黎巴嫩與伊拉克的重建，預示著對水務、能源、區域冷卻，以及油氣基礎設施的顯著長期需求。其規模相當可觀。

In Iraq and Syria, for example, there is a multi-year initiative to rebuild the 1,100 kilometer Kirkuk to Baniyas oil pipeline corridor that is expected to draw major international participants.

例如在伊拉克與敘利亞，有一項多年期計畫要重建長達 1,100 公里的 Kirkuk 至 Baniyas 原油管線走廊，預期將吸引主要國際參與者。

A manufacturing platform based in Jordan would position Perma-Pipe as an in-region source of pipe manufacturing and coating as regional projects of this scale advance.

以約旦為基地的製造平台，將使 Perma-Pipe 在此類規模的區域專案推進時，成為區內管材製造與塗層的供應來源。

Supporting our growth aspirations is the new global credit facility with JPMorgan Chase. Our new facility is a powerful, non-dilutive tool through which to deploy capital into operations and assets that drive growth and create value for our shareholders.

支撐我們成長願景的是與摩根大通（JPMorgan Chase）簽訂的新全球信貸融資。我們的新融資是一項強而有力、非稀釋性的工具，可用以將資本投入能推動成長並為股東創造價值的營運與資產。

In closing, the opportunities before us are broader and greater than ever before, as is our capacity to pursue and win them.

最後總結，我們眼前的機會比以往任何時候都更廣、更大，而我們追求並贏得這些機會的能力也同樣更強。

We are confident in our ability to convert them into sustainable growth and long-term value for our shareholders. With that, operator, please open the call to questions.

我們有信心將其轉化為可持續的成長與為股東帶來的長期價值。接下來，接線員，請開放提問。

(Operator Instructions) Aruzhan Seifulla, Freedom Broker.

（接線員指示）Aruzhan Seifulla，Freedom Broker。

Good morning. Good morning and congratulations on the strong quarter. Thanks for taking my question. Can you hear me? Yes, please go ahead with your question.

早安。早安，恭喜本季表現強勁。謝謝讓我提問。你們聽得到我嗎？是的，請開始提問。

Sorry, my question is, do you expect the recent introduced US and Canadian tariffs to have any meaningful impact on the business, particularly on input costs? If so, how significant could that impact be?

不好意思，我的問題是：你們預期近期美國與加拿大新推出的關稅，是否會對業務造成任何實質影響，特別是對投入成本？如果會，影響可能有多大？

Thank you for this question. So tariffs globally are having impact in a certain amount of operations everywhere.

謝謝這個問題。關稅在全球範圍內，確實在各地的部分營運上造成影響。

Now we obviously try to mitigate some of these tariff issues by trying to outsource locally. However, it's not always possible to outsource everything that we need to continue our operations from the local markets. So while some of this impact that we expect and have experienced over the first couple of quarters, we expect this to subside and go back to normal in the future.

我們當然會嘗試透過在地採購來緩解部分關稅問題。然而，並非總是能在當地市場外包我們維持營運所需的一切。因此，雖然我們在前一兩個季度預期並已經歷了一些影響，但我們預期未來這種影響會逐步消退並回歸正常。

Okay, thank you. And my second question is with like a new facility now operating and production ramping up, how do you expect utilization to develop over the next few quarters and how much of the ramp is being driven by data centers?

好的，謝謝。我的第二個問題是：隨著新廠目前開始運作、產能逐步爬升，你們預期未來幾個季度的產能利用率會如何發展？以及這次爬坡有多少是由資料中心需求所帶動？

Okay, so I didn't catch the first part of the question.

好的，我沒有聽清楚問題的第一部分。

Now, like a higher facility now operating production ramping up. How do you expect utilization to develop over the next few quarters? Like when it comes to full utilization?

就是新廠現在在運作、產量正在爬升。你們預期未來幾個季度的利用率會如何發展？例如何時能達到滿載利用？

Okay, so if I got your question right, so the question relates to utilization and our market our participation in data centers market and market opportunities. She's also talking about the Ohio facility. Ohio facility as well. Okay, well. We've got two production facilities that are ramping up right now.

好的，如果我理解正確，問題是關於利用率，以及我們參與資料中心市場與市場機會。她也在問俄亥俄州的工廠。也包括俄亥俄州工廠。好的。我們目前有兩座生產設施正在爬坡。

So we have the Ohio facility, which is primarily geared towards to serve the data centers market, as well as other product offerings to support the district cooling and district heating market.

我們有俄亥俄州工廠，主要是為資料中心市場提供服務，同時也提供其他產品，以支援區域冷卻與區域供熱市場。

Now this facility is in the ramp up phase and it's a standard procedure within Perma-Pipe that we take the ramp up gradually based on actual plans.

目前該工廠正處於爬坡階段，而在 Perma-Pipe 內部，依據實際計畫逐步爬坡是標準作業流程。

We have to take into consideration quality and safety matters. So before we go ahead and ramp it up to full capacity production. We expect this to this facility to ramp up to full production by early 2027.

我們必須將品質與安全事項納入考量。因此，在將產能提升至滿載生產之前，我們預期該工廠將於 2027 年初達到全面量產。

While the same is also true for the Qatar facility. As far as the data center's market, we believe Perma-Pipe has already captured significant market share in terms of supply of leak detection systems, especially in the North American market, and also other associated piping systems that we have. specifically to AI data centers based on engineering capability.

卡達工廠的情況也同樣如此。至於資料中心市場，我們相信 Perma-Pipe 已在洩漏偵測系統供應方面取得可觀的市占率，特別是在北美市場；此外，基於工程能力，我們也提供其他相關的管線系統，專門服務 AI 資料中心。

And we expect this market to be very active for the next few years. As per our market intelligence, this will last until about 2030 or 2031. And we plan to further expand. expand our capabilities across the United States.

我們預期這個市場在未來幾年會非常活躍。依據我們的市場情報，這波需求將持續到約 2030 或 2031 年。我們也計畫進一步擴大在美國各地的能力。

Okay, thank you. This is all from me.

好的，謝謝。我這邊就這些。

Thank you.

謝謝。

Tom Thiel, Thiel Partners.

Tom Thiel，Thiel Partners。

Hey guys, thanks for doing this call today can you talk a bit more about the magnitude and scale of the Welspun joint venture? And are there any other opportunities elsewhere around the world with Welspun? Yes, sir. Thank you, Tom. Great question.

各位好，謝謝今天舉行這通電話會議。你們能否再多談一些 Welspun 合資案的量級與規模？另外，與 Welspun 在全球其他地區是否還有其他機會？是的，先生。謝謝你，Tom。很好的問題。

In brief, the Welspun partnership is intended to establish local manufacturing capability in Jordan and to position us for a significant pipeline of infrastructure opportunities. Now, the National Carrier Water Project, or NCP, is the immediate anchor opportunity, as we mentioned earlier.

簡而言之，與 Welspun 的合作旨在於約旦建立在地製造能力，並讓我們能掌握一條可觀的基礎建設機會管線。如同先前提到的，國家輸水計畫（NCP）是眼前的錨定機會。

The MoU really represents an important step forward to this, establishing the local manufacturing platform and position Perma-Pipe by this opportunity. Now the project is not yet a definitive award and therefore has not been included in our backlog. Just for info.

這份諒解備忘錄確實代表重要的向前一步：建立在地製造平台，並讓 Perma-Pipe 能藉由此機會取得有利定位。目前該專案尚未獲得最終確定的授標，因此尚未納入我們的在手訂單（backlog）。提供資訊供參考。

However, once it is secured, we believe it will be a significant product for Perma-Pipe and an important contributor to our growth in the region. Keep in mind that when we always talk about the Middle East, we it's a broader Middle East region, but internally we actually break this region into several sub-regions.

然而，一旦取得該項目，我們相信這將成為 Perma-Pipe 的一項重要產品，並將成為我們在該地區成長的重要貢獻者。請記住，當我們一直談到中東時，我們指的是更廣義的中東地區，但在內部我們實際上會將該地區劃分為數個次區域。

So we have the GCC market, which includes the six Gulf countries, including Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait, and Oman, while the Levant region includes Syria, Iraq, Palestine, Lebanon, and Jordan.

因此我們有 GCC 市場，涵蓋六個海灣國家，包括沙烏地阿拉伯、阿拉伯聯合大公國、卡達、巴林、科威特與阿曼；而黎凡特地區則包括敘利亞、伊拉克、巴勒斯坦、黎巴嫩與約旦。

Our investment in Jordan will enable us to serve these uh all these countries in the Levant region. Most of these countries are under reconstruction.

我們在約旦的投資將使我們能夠服務這些——呃——黎凡特地區的所有國家。其中多數國家正處於重建之中。

There are great opportunities in terms of infrastructure projects, including oil and gas, water projects, and the rebuild of major infrastructure, such as airports, seaports, and so on.

在基礎建設專案方面存在很大的機會，包括油氣、水務專案，以及主要基礎設施的重建，例如機場、海港等等。

So the entry to Jordan and the joint venture with Welspun will enable Perma-Pipe to enter the pipe manufacturing market for the first time ever, and will allow us basically a great opportunity to compete for and win some of these major projects, if not most of them.

因此，進入約旦並與 Welspun 成立合資企業，將使 Perma-Pipe 首次進入管材製造市場，並基本上讓我們有很好的機會去競標並贏得其中一些（若非大多數）重大專案。

Great, thank you. And then can you guys talk a bit about the bad debt charge? Is there a decent likelihood of recovering any of that?

很好，謝謝。接著你們能否談談壞帳費用？有相當大的可能性可以回收其中任何部分嗎？

Yeah. Thanks, Tom. Yes, so the $3.9 million charge does relate to a specific receivable. There was an extensive review based on just overall assessment of the consideration of the customer's financial position, intent and ability to pay, and just overall the underlying collection process. Ultimately, we concluded that, you know, a full write-off was appropriate at this time.

是的。謝謝你，Tom。是的，這筆 390 萬美元的費用與一筆特定應收款項有關。我們進行了廣泛的審查，基於對客戶財務狀況、付款意圖與能力的整體評估，以及整體的催收流程。最終我們得出結論，你知道，目前進行全額沖銷是適當的。

You know, this was not just, you know, based on just a simple aging matter or aging issue. The just overall assessment, you know, changed based on all of our different considerations during the quarter, to which we felt that that was the appropriate time.

你知道，這不只是——你知道——單純基於帳齡或帳齡問題。在本季期間，基於我們各項不同考量，整體評估——你知道——有所改變，因此我們認為那是適當的時點。

Now to answer your question directly, at this time we're not pursuing recovery of this amount. We're taking a relatively conservative position. However, you know, if at some point in the future that were to change and collection were to be realized, that would be a subsequent recovery and overall recovery to the income statement as well.

現在直接回答你的問題，目前我們不打算追討回收這筆金額。我們採取相對保守的立場。不過，你知道，如果未來某個時間點情況改變且實際收回款項，那將會是後續回收，並同樣反映為損益表上的回收收益。

Okay, thank you guys.

好的，謝謝各位。

Maj Soueidan, GeoInvesting.

Maj Soueidan，GeoInvesting。

Hello, thanks for taking the call here. I have one question to understand where you see margins going over time and gross margins, as you're kind of getting, you know, broadening your business and getting some new areas, especially in the Middle East where some things are maybe going to happen faster now, for example, the, you know, bypassing of the Hormuz infrastructure and stuff like that, and also, how your operating expenses will move through time here as you expand your business. here. So just trying to understand gross margins and kind of loose targets or loose kind of where you think it's going and maybe what kind of operating leverage you have below the gross margin line over time.

你好，謝謝讓我參與這通電話。我有一個問題，想了解你們如何看待隨時間推移的利潤率與毛利率走勢；因為你們正在擴大業務、進入一些新領域，特別是在中東，有些事情可能會更快發生，例如——你知道——繞過荷姆茲的基礎設施之類的；另外，隨著你們擴張業務，你們的營業費用未來會如何變動。所以我主要想了解毛利率，以及一些大致的目標或你們認為會走向哪裡；以及在毛利線以下，隨時間推移你們可能具備的營運槓桿。

Great question, Maj. Thank you for that. So let me begin basically with the two new facilities that we have ramping up, which have some impact on our margins so far. Ohio and Qatar facilities are both progressing through their utilization ramps. The primary near-term impact is the absorption of the fixed costs before the facilities are fully utilized.

很好的問題，Maj。謝謝你。我先從我們正在爬坡的兩座新廠談起，迄今它們對我們的利潤率有一些影響。俄亥俄與卡達廠都在利用率爬坡的進程中。短期內的主要影響，是在廠房尚未完全利用前，固定成本的吸收（分攤）。

Increased, of course, any increase in volumes, we expect operating leverage, improved product mix, and higher utilization to drive our margin expansions. Our objective is to uh objective remains to return consolidated gross margins to higher than 30s.

當然，隨著出貨量增加，我們預期營運槓桿、產品組合改善以及更高的產能利用率，將推動利潤率擴張。我們的目標——呃——仍是讓合併毛利率回到 30% 後段以上。

But also keep in mind that some of the impact in our margins currently is due to the ongoing conflict in the Middle East. Now, shipping costs have risen significantly. Commodity prices have also increased and a lot of cases, or in some cases, we're able to pass this cost back to our customers.

但也請記住，我們目前毛利率的一部分影響，來自中東持續的衝突。目前運輸成本已大幅上升。大宗商品價格也在許多情況下上漲；在某些情況下，我們能將這些成本轉嫁給客戶。

In other cases, we are not able to do so, simply because these awards are based on short-term execution and our contracts do not allow us to basically return to our customers and ask for increased costs.

但在其他情況下，我們無法這麼做，原因很單純：這些得標案是以短期執行為基礎，而我們的合約不允許我們回頭向客戶要求提高成本。

Now if we talk about the general fixed costs or G&A in this case, we remain focused on disciplined G&A management.

若談到一般固定成本或在此情況下的 G&A（一般及行政費用），我們仍專注於有紀律的 G&A 管理。

We have made investments in people, systems and infrastructure to support our growth for businesses globally and particularly in MENA because we see a huge potential for growth while we continue to identify efficiencies and control discretionary spending.

我們已在人員、系統與基礎設施上進行投資，以支持我們在全球、尤其在 MENA（中東及北非）的業務成長，因為我們看到巨大的成長潛力；同時我們也持續找出效率並控管可自由裁量的支出。

As the business scales, we expect revenue growth to outpace corporate overheads and to provide operating leverage.

隨著業務規模擴大，我們預期營收成長將快於公司間接費用，並帶來營運槓桿。

Excellent. Thanks. And how do you see your sales organization, you know, moving here and expanding? Do you think you'll have to add, um, you know, staff for your marketing as you get into these other areas. Like, for example, I'm curious how you're penetrating the data center, you know, opportunity, just things like that.

很好。謝謝。那你們如何看待你們的銷售組織——你知道——接下來的調整與擴張？你們認為在進入其他領域時，是否需要增加——嗯——行銷人員之類的編制？例如，我很好奇你們如何切入資料中心的——你知道——機會，或類似這樣的事情。

Yeah, again, another good question, Maj. So we've done and what we've been doing, working on the past, say, half year together with the corporate HR, we are restructuring our sales network globally.

是的，Maj，再次是個好問題。過去大約半年，我們與集團人資一起在做的事情，是重整我們全球的銷售網絡。

We've basically added additional horsepower and resources, both in business unit level, regional level, and also at corporate level.

我們基本上已增加更多戰力與資源，涵蓋事業單位層級、區域層級以及公司層級。

So we are adding additional resources to have an oversight of the entire group's business opportunities, both in terms of sales and business development. So we continue to upgrade our talent in Perma-Pipe, and bring in the right resources to help us scale this business over the next few years.

因此我們正在增加額外資源，以便對整個集團的商機進行監督，涵蓋銷售與業務開發兩方面。所以我們持續提升 Perma-Pipe 的人才，並引進合適資源，協助我們在未來幾年擴大這項業務規模。

Thank you very much. Look forward to your future calls. Thanks much.

非常感謝。期待你們未來的電話會議。非常謝謝。

[Tyler McCullough], Raymond James.

[Tyler McCullough]，Raymond James。

Thanks, Mike. Hey, good morning. Congrats on a great quarter and really looks like we're entering an inflection point for Perma-Pipe. It's exciting to see. I'm hoping that you can help us understand operationally what the new global credit facility changes.

謝謝你，Mike。嗨，早安。恭喜本季表現出色，而且看起來 Perma-Pipe 真的正進入一個拐點。看到這樣很令人振奮。我希望你們能協助我們從營運角度理解新的全球信貸融資安排帶來了哪些改變。

And without discussing any individual customer, can you give us a little bit more about the new credit facility? a sense of how the practical size of projects you can pursue has changed under this facility. And specifically on the Jordan water carrier project, what portion of that opportunity will potentially fall within the Welspun Perma-Pipe joint venture?

在不討論任何單一客戶的前提下，你們能否再多談一點新的信貸融資安排？例如在此融資安排下，你們可追求的專案實際規模有何變化。另外，針對約旦輸水管線（water carrier）專案，該機會中有哪一部分可能會落在 Welspun Perma-Pipe 合資企業之內？

Okay. You want to go ahead about the J.P. Morgan? Appreciate the kind words. And certainly to answer your question. So, you know, the global facility is really about positioning the company for, you know, continued growth and strengthening, you know, our ability to just manage the liquidity across the global entities. So from a strategic standpoint, you know, this is bringing our operations together, and their common lending relationship, you know, providing, you know, more integrated and overall integrity and efficiency to the treasury function, treasury platform, while also improving, you know, visibility and flexibility in how we manage liquidity. So this will support, you know, the growth plans of the organization and then, you know, as Saleh kind of spoken to, you know, Jordan being definitely a significant component of that. So, mainly it's about, you know, having, you know, that flexibility with the additional capacity.

好的。你要先談一下摩根大通（J.P. Morgan）的部分嗎？感謝你的好話。當然來回答你的問題。所以，你知道，這個全球融資安排主要是為了讓公司在持續成長的同時做好定位，並強化——你知道——我們在全球各法人之間管理流動性的能力。因此從策略角度來看，這是把我們的營運整合在一起，並建立共同的授信關係——你知道——讓財務（資金）職能、資金平台更整合、整體性更高且更有效率，同時也提升——你知道——我們在管理流動性時的可視性與彈性。因此這將支持組織的成長計畫；而且——你知道——如 Saleh 先前提到的，約旦肯定是其中一個重要組成部分。所以主要就是——你知道——透過額外的額度容量，取得那樣的彈性。

So I'll go ahead and is there anything you'd like to add to that? Yes. So with having this facility in place, Tyler, would really enable us to be able to compete for and win large projects.

那我就繼續，您還有什麼想補充的嗎？有。因此，有了這項融資安排到位，Tyler，確實能讓我們有能力去競爭並贏得大型專案。

Now, as you probably know already, the past several years because of the value and the size of Perma-Pipe, we were hugely disadvantaged in terms of trying to compete for large opportunities. I mean, by large opportunities, anything in excess of $100 million.

如您可能已經知道，過去幾年由於 Perma-Pipe 的價值與規模，我們在競爭大型機會方面處於極大的劣勢。我所說的大型機會，是指任何超過 1 億美元的案子。

Now, we didn't have the financial capability to try and support such projects. In this case, this opportunity or this new facility, gives us a huge leverage to be able to fund such, compete for and, you know, win and execute such projects.

當時我們沒有足夠的財務能力去支撐這類專案。在這個情況下，這個機會或這項新的融資安排，讓我們擁有很大的槓桿，能夠為此類專案提供資金、參與競爭，並且你知道，贏得並執行這些專案。

The opportunities before us are huge in Jordan and globally, so we are not just focusing on the Middle East just for information. So we have also further opportunities and expansion plans in the North America region, specifically in the US Our product pipeline is huge.

我們在約旦以及全球面前的機會都非常巨大，所以僅供參考，我們不只是聚焦在中東。我們在北美地區也有更多機會與擴張計畫，特別是在美國。我們的產品案源（pipeline）非常龐大。

It's in excess of $900 million so far. I'm not saying we're going to win them all, but what we can say at this stage, we are far better positioned today to try and compete for these major opportunities than ever before. Now, of course, our priorities remain straightforward. So we want to fund our expansion plans where we basically see organic growth, including Qatar and the broader Middle East or MENA region. We also want to focus on Jordan.

到目前為止已超過 9 億美元。我不是說我們會全部拿下，但我們此刻可以說的是，相較以往任何時候，我們今天在競爭這些重大機會方面的定位要好得多。當然，我們的優先事項仍然很明確。我們希望為擴張計畫提供資金，主要是在我們看到有機成長的地方，包括卡達以及更廣泛的中東或 MENA 地區。我們也希望聚焦在約旦。

This is an immediate opportunity, and in the back of this we are confident we're going to win more and more products in the Levant region. And after, in the back of that as well, we are not dismissing any opportunities in terms of M&A, but it has to add, you know, or new customers base for us, geographic outreach, and more important for us to enter markets where we see recurring revenue in the long term.

這是一個立即的機會，而在此基礎上，我們有信心在黎凡特地區贏得越來越多的產品/專案。此外，我們也不排除任何併購（M&A）機會，但它必須能為我們帶來新增的客戶基礎、地理覆蓋範圍，更重要的是，讓我們進入那些我們看到長期經常性收入的市場。

That's great. You had mentioned the US and as we've we've had this situation in the Middle East has made logistics a little bit more difficult. Can you speak a little bit to the product mix? I know that you're not breaking that out specifically, but has US and Canada been picking up? We're building a new facility here. And uh it it would seem to reason that other parts of the world are picking up to what they were previously.

很好。你提到美國，而由於我們在中東的這種情況，物流變得更困難了一些。你能談談產品組合嗎？我知道你們沒有特別拆分揭露，但美國和加拿大的業務是否有回升？我們正在這裡建一座新廠。而且看起來，世界其他地區也正在回到先前的水準。

Yeah, great question, [Tyler]. Thank you. So again, let me just take you back in time. So Perma-Pipe was founded on district energy, heating in the US or North America region and district cooling in the Middle East, with some oil and gas activities in Canada.

是的，問題很好，[Tyler]。謝謝。我再帶你回顧一下。Perma-Pipe 最初是以區域能源為基礎：在美國或北美地區做區域供熱，在中東做區域供冷，並在加拿大有一些油氣相關業務。

Now we have diversified our geographic spread. So we are into different geographies within the Middle East and within the North America region. With that also we have diversified the markets that we target, so we are no longer sorry dependent on the DHT market. We served the oil and gas market both in Canada, while the US market mostly focused on data centers and district energy, as well as some industrial projects, some of them related to defense, some of them related to the laboratories and medical market.

現在我們已經分散了地理布局。因此，我們在中東以及北美地區內部都進入了不同的地理市場。同時我們也分散了所鎖定的終端市場，所以我們不再（抱歉）依賴 DHT 市場。我們在加拿大服務油氣市場，而美國市場則主要聚焦在資料中心與區域能源，另外也有一些工業專案，其中部分與國防相關，部分與實驗室及醫療市場相關。

In the MENA region, we are focused on district cooling as our core business, but we are slowly also moving towards the oil and gas market. Doesn't mean that we're going to abandon the district cooling, of course, because we have the biggest market share in the Middle East, but we see the oil and gas market exploding, not in the exact terms. There are huge opportunities in the back of this conflict and the closure of the Strait of Hormuz. And these opportunities are not in the too far distant future. Some of them are immediate.

在 MENA 地區，我們以區域供冷作為核心業務，但也正逐步轉向油氣市場。這並不代表我們會放棄區域供冷，當然不會，因為我們在中東擁有最大的市占率，但我們看到油氣市場正在爆發式成長——不是用字面上的意思。在這場衝突以及荷姆茲海峽封鎖的背景下，存在巨大的機會。而且這些機會並不是很遙遠的未來。其中一些是立即的。

Some of them we are already tending for right now. And what we also see, another new means of diversification for Perma-Pipe is the water market. Right now the demand, there's a huge demand for it in the Middle East because of water shortages. Jordan expansion is the initial anchor for us. And this will also give us a track record that allows us to pursue major water pipeline in MENA and North America region as well.

其中一些我們現在就已經在投標。另外我們也看到，Perma-Pipe 的另一個新的多元化方向是水務市場。目前中東因缺水而對此有非常龐大的需求。約旦的擴張是我們的初始錨點。這也將為我們建立實績，使我們能在 MENA 與北美地區追求大型輸水管線專案。

So in all, with the closure of the Strait of Hormuz, we believe this has created opportunities in the Middle East and globally for us.

總而言之，隨著荷姆茲海峽的封鎖，我們相信這為我們在中東以及全球創造了機會。

That's great. Well, congrats again on an inflection point for the company and creating something that is now scalable. We look forward to see what the future quarters have in store.

很好。再次恭喜公司迎來轉折點，並打造出如今可擴展的模式。我們期待看看未來幾季會帶來什麼。

Thank you, Jeff. Thank you. This concludes the question and answer session. I will now turn the call over to Mr. Sagr for closing remarks.

謝謝你，Jeff。謝謝。問答環節到此結束。我現在把電話交給 Sagr 先生作結語。

Thank you. Before we close, I would like to thank our employees around the world for their hard work and dedication, our customers and partners for their trust, our shareholders for their continued confidence in Perma-Pipe. Together, we are building a company that delivers results today while creating sustainable value for the future. We look forward to continuing to do so. continuing this dialogue with you and to updating you on our progress next quarter.

謝謝。在結束之前，我想感謝我們全球的員工辛勤工作與投入，也感謝我們的客戶與合作夥伴的信任，以及股東們對 Perma-Pipe 持續的信心。我們正共同打造一家能在今天交付成果、同時為未來創造永續價值的公司。我們期待持續做到這一點，並持續與各位對話，並在下個季度向各位更新我們的進展。

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

謝謝。謝謝。本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。