Ralliant Corporation (RAL) 2026 Q2 法說會逐字稿

Hello. My name is Donna, and I will be your conference facilitator this morning. At this time, I would like to welcome everybody to Ralliant Corporation's second-quarter 2026 earnings results conference call. (Operator Instructions)

您好。我叫Donna，今天上午將擔任本次會議的主持人。此刻，我謹代表公司歡迎各位參加Ralliant Corporation 2026年第二季財報電話會議。(接線員指示)

I would like to turn the call over to Mr. Nathan McCurren, Vice President of Investor Relations. Mr. McCurren, you may begin your conference.

我想將電話交給投資人關係副總裁Nathan McCurren先生。McCurren先生，您可以開始了。

Thank you, Donna. Good morning, everyone, and thank you for joining Ralliant's second-quarter 2026 earnings call. I'm Nathan McCurren, Vice President of Investor Relations.

謝謝你，Donna。各位早安，感謝各位參加Ralliant 2026年第二季財報電話會議。我是投資人關係副總裁Nathan McCurren。

Today, we'll walk through our results, highlight key operational progress and provide our outlook for the third quarter and full year 2026. I'm joined today by Tammy Newcombe, our President and Chief Executive Officer; and Neill Reynolds, our Chief Financial Officer.

今天我們將說明本季業績、重點營運進展，並提供對2026年第三季及全年展望。今天與我一同出席的有：總裁暨執行長Tammy Newcombe，以及財務長Neill Reynolds。

Our earnings release issued this morning and today's presentation can be accessed on the Investors section of our website at ralliant.com.

我們今早發布的新聞稿與今天的簡報，可於ralliant.com網站的投資人專區取得。

Please note that we'll be discussing certain non-GAAP financial measures on today's call. A reconciliation of these measures to US GAAP can be found in the appendix to our presentation.

請注意，我們在今天的電話會議中將討論若干非GAAP財務衡量指標。這些指標與美國GAAP之間的調節表可在簡報附錄中找到。

During today's call and unless otherwise stated, we're comparing our second-quarter 2026 results to the same period in 2025.

在今天的電話會議中，除非另有說明，我們將2026年第二季的結果與2025年同期比較。

During the call, we will make forward-looking statements, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, and actual results might differ materially from any forward-looking statements we make today.

在會議過程中，我們將作出前瞻性陳述，包括關於我們預期或預估未來將會或可能發生之事件或發展的陳述。這些前瞻性陳述受到多項風險與不確定性影響，實際結果可能與我們今天所作的任何前瞻性陳述有重大差異。

Information regarding these risks and uncertainties is available in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, and in our Form 10-Q filed with the SEC on May 12, 2026, and to be filed after market today.

有關這些風險與不確定性的資訊，請參閱我們截至2025年12月31日止年度之Form 10-K年報（已於2026年2月26日向美國證券交易委員會SEC申報），以及我們於2026年5月12日向SEC申報之Form 10-Q，並將於今日收盤後提交的Form 10-Q。

With that, I'd like to turn the call over to Tammy.

接下來，我想把電話交給Tammy。

Welcome, everyone, and thank you for joining us for our Q2 2026 earnings call. One year into our journey as an independent company, we're demonstrating that our strategy is working, and I'm incredibly proud of what our team has accomplished. Our progress is translating into growth, margin expansion and strong cash generation.

歡迎各位，感謝各位參加我們2026年第二季財報電話會議。作為一家獨立公司走過一年，我們正展現策略奏效，我對團隊所完成的成果感到無比自豪。我們的進展正轉化為成長、利潤率擴張以及強勁的現金創造能力。

Today, I'll start with results on the quarter and strategic execution. Neill will then walk through the financial results before we open up the call for your questions.

今天我將先說明本季業績與策略執行情況。接著Neill將說明財務結果，之後我們將開放提問。

Let's start on slide 4 with the business and outlook update. First, our Q2 results exceeded the high end of our guidance ranges, and we are raising our full year 2026 outlook as both segments delivered double-digit revenue growth and significant adjusted EBITDA margin expansion.

我們先從第4頁的業務與展望更新開始。首先，我們第二季結果超越指引區間上緣，且由於兩大事業部皆實現雙位數營收成長並帶來顯著的調整後EBITDA利潤率擴張，我們上調2026年全年展望。

Second, we're continuing to capitalize on favorable secular trends in electrification and defense. Our disciplined execution drove Q2 orders growth, resulting in a book-to-bill above 1.1 in both segments, and defense backlog remaining over $1 billion.

第二，我們持續把握電氣化與國防領域的有利長期趨勢。我們以紀律化執行帶動第二季訂單成長，使兩大事業部的出貨比（book-to-bill）皆高於1.1，且國防在手訂單（backlog）仍維持在10億美元以上。

Third, our RBS-led Enterprise Productivity Program is gaining traction. We are moving from foundation building to execution and results, reinforcing our confidence in delivering $10 million to $12 million of in-year savings and $50 million to $60 million of annualized run rate savings by 2028.

第三，由RBS主導的企業生產力計畫正逐步見效。我們正從奠基階段邁向執行與成果，進一步強化我們對於達成當年度節省1,000萬至1,200萬美元，以及至2028年達成每年年化節省5,000萬至6,000萬美元運行率（run rate）節省的信心。

Fourth, we continue to generate strong free cash flow, enabling us to execute our capital allocation priorities. We're investing in manufacturing capacity to support growing demand and returned $161 million to shareholders in the first half of 2026, including the completion of our $100 million accelerated share repurchase program in Q2.

第四，我們持續創造強勁自由現金流，使我們得以執行資本配置優先事項。我們正投資製造產能以支援成長中的需求，並在2026年上半年向股東回饋1.61億美元，其中包括於第二季完成1億美元的加速庫藏股回購計畫。

Next, I'll summarize our Q2 financial results on slide 5. In the second quarter, revenue was $568 million, up 13% year over year on both a reported and organic basis. Both segments delivered double-digit organic revenue growth with Sensors and Safety Systems up 11%, and Test and Measurement up 16%.

接下來，我將在第5頁摘要第二季財務結果。第二季營收為5.68億美元，無論以報表口徑或有機口徑計算，年增13%。兩大事業部皆實現雙位數有機營收成長，其中感測器與安全系統成長11%，測試與量測成長16%。

Adjusted EBITDA margin of 19.8% and adjusted EPS of $0.68 were both above the high end of our guidance ranges, reflecting strong operating leverage on higher volume, disciplined execution and early benefits from productivity actions already underway. We generated $99 million of free cash flow in the quarter, contributing to a trailing 12-month free cash flow conversion of 114%.

調整後EBITDA利潤率19.8%與調整後每股盈餘（EPS）0.68美元皆高於指引區間上緣，反映在更高出貨量下的強勁營運槓桿、紀律化執行，以及已展開的生產力行動所帶來的初步效益。本季我們創造9,900萬美元自由現金流，使過去12個月自由現金流轉換率達114%。

Now turning to slide 6. Our profitable growth strategy is intentionally balanced and designed to perform through the cycle. Our winning growth vectors align with market tailwinds in electrification and defense, where long-standing customer positions and differentiated capabilities position us for elevated growth.

接著看第6頁。我們的獲利成長策略刻意保持均衡，並設計為可穿越景氣循環。我們的致勝成長動能與電氣化與國防的市場順風相一致；憑藉長期的客戶地位與差異化能力，我們具備更高成長的有利條件。

Complementing this, our stronghold positions are anchored in a broad customer base with more modest growth profiles where precision technologies deliver durable demand, attractive margins and recurring revenue. Enabling our strategy is the AI-infused Ralliant Business System, or RBS, which brings discipline, consistency and enterprise scale to how we operate and execute. The outcome is sustained growth and long-term value creation for our shareholders.

與此互補的是，我們的核心優勢地位建立在廣泛的客戶基礎之上，這些市場的成長較為溫和，但精密技術可帶來持久需求、具吸引力的利潤率與經常性收入。支撐我們策略的是導入AI的Ralliant Business System（RBS），為我們的營運與執行帶來紀律、一致性與企業規模化能力。其成果是持續成長並為股東創造長期價值。

Turning to slide 7. I'll share how we are capitalizing on winning growth vectors. Electrification is a compelling growth opportunity where we are well positioned to win. From keeping the lights on to enabling the next generation of intelligent products, we are aligned with the technologies powering an increasingly AI-enabled world.

接著看第7頁。我將分享我們如何把握致勝成長動能。電氣化是一個極具吸引力的成長機會，我們具備良好條件取得勝利。從維持電力供應穩定到推動下一代智慧產品，我們與驅動日益AI化世界的關鍵技術保持一致。

We help utilities operate a more reliable grid through predictive monitoring of critical infrastructure, while our precision test and measurement instruments enable the electronics breakthroughs behind tomorrow's innovations. As AI accelerates demand for power, compute, connectivity, and intelligent devices, our solutions are becoming increasingly important.

我們透過對關鍵基礎設施的預測性監測，協助公用事業營運更可靠的電網；同時，我們的精密測試與量測儀器也支援推動明日創新的電子技術突破。隨著AI加速對電力、運算、連結性與智慧裝置的需求，我們的解決方案正變得愈發重要。

Defense is another compelling growth opportunity where we are well positioned to win. Our safety-critical systems are embedded in many of today's legacy Missile and Munitions programs. While our precision test and measurement instruments enable the advanced electronics behind next-generation communications, compute, storage and space applications.

國防是另一個極具吸引力的成長機會，我們同樣具備良好條件取得勝利。我們的安全關鍵系統已嵌入於當今許多既有的飛彈與彈藥計畫中。同時，我們的精密測試與量測儀器支援下一代通訊、運算、儲存與太空應用背後的先進電子技術。

As defense modernization accelerates, we build on our positions in trusted legacy platforms by also supporting the technology shaping the future of national security, such as autonomous or unmanned air vehicles.

隨著國防現代化加速，我們在受信賴的既有平台上持續深化既有優勢，同時也支援塑造國家安全未來的技術，例如自主或無人航空載具。

Across both secular trends, we support customers from early-stage innovation to full-scale production and deployment, giving us a unique position at the intersection of infrastructure, electronics and innovation.

在這兩大長期趨勢中，我們從早期創新一路支援客戶到全面量產與部署，使我們在基礎設施、電子與創新的交會點上具備獨特定位。

Turning to slides 8 and 9. My regional and end market commentary will begin with the percentage of year-to-date total company revenue shown on the right side of the page, followed by the year-over-year organic revenue growth for Q2.

接著看第8頁與第9頁。我的區域與終端市場評論將先從頁面右側所示的年初至今公司總營收占比開始，接著說明第二季的年對年有機營收成長。

North America represents 54% of revenue and delivered 13% growth driven by continued momentum in Test and Measurement, Utilities and Defense. Looking forward, we expect elevated demand in North America from ongoing investments in the electric grid, legacy defense programs and technology innovation driven by AI.

北美占營收的54%，在測試與量測、公用事業與國防持續動能帶動下，實現13%的成長。展望未來，我們預期北美需求將維持高檔，受惠於對電網的持續投資、既有國防計畫，以及由AI驅動的技術創新。

Western Europe represents 13% of revenue and delivered 16% growth as we executed well against pockets of opportunity in Defense, Industrial Manufacturing and Advanced Research. Still, the macro environment in Europe remains selective with lower growth expected going forward.

西歐占營收的13%，我們在國防、工業製造與先進研究等機會領域執行到位，帶動16%的成長。不過，歐洲的總體環境仍偏向選擇性，預期未來成長將較低。

China represents 16% of revenue and delivered 7% growth with increasing investments in AI data Center and Energy Infrastructure. We saw an acceleration of activity in the first half, and we expect that to translate into increasing revenue growth in the second half of the year.

中國占營收的16%，在AI資料中心與能源基礎設施投資增加的帶動下，實現7%的成長。我們看到上半年活動加速，並預期這將轉化為下半年營收成長的提升。

The Rest of World region represents 17% of revenue and delivered 14% growth, driven by Test and Measurement and industrial customers.

世界其他地區占營收的17%，在測試與量測以及工業客戶帶動下，實現14%的成長。

Transitioning to our end markets. I'll start with the Sensors and Safety Systems segment. Together, the industrial, manufacturing and other end markets represent approximately 30% of revenue and both delivered double-digit growth in the quarter, with a broadening recovery across most geographies, and particular strength in applications within the AI data center.

接下來談我們的終端市場。我先從感測器與安全系統事業部開始。合計而言，工業、製造及其他終端市場約占營收的30%，本季兩者皆達成雙位數成長；多數地區復甦擴大，且在AI資料中心相關應用上表現尤為強勁。

For example, our precision sensors are embedded within data center liquid cooling systems where customers are accelerating production volume. This is where RBS provides a competitive advantage. Most recently, the team doubled production throughput on humidity and temperature sensors, leveraging the same resources, achieving a 65% cycle time reduction.

例如，我們的精密感測器嵌入於資料中心液冷系統中，客戶正加速提升產量。這正是RBS帶來競爭優勢之處。最近，團隊在不增加資源的情況下，將濕度與溫度感測器的產出吞吐量提升一倍，並將週期時間縮短65%。

Defense and Space represents 17% of revenue and delivered 14% growth. Our defense backlog remains over $1 billion with continued multiyear demand on Legacy Missile Programs where we are a trusted supplier. Over the past quarter, our defense customers have progressed from framework agreements to undefinitized contract actions. Or UCAs, under the Department of War's acquisition transformation strategy.

國防與航太占營收的17%，實現14%的成長。我們的國防訂單積壓仍超過10億美元；在我們作為可信賴供應商的既有飛彈計畫上，需求持續呈現多年期。過去一季，我們的國防客戶已從框架協議推進至未定價合約行動。亦即UCA，屬於戰爭部採購轉型策略之下。

This represents the first full-scale transition toward contract execution and provides increased confidence in elevated multiyear demand.

這代表首次全面轉向合約執行，並提升我們對多年期高檔需求的信心。

As a key supplier to the Pentagon's priority munitions programs, including THAAD, PAC-3 and Tomahawk, we are scaling production across product lines at roughly 2 to 5 times historic levels and making targeted investments in manufacturing capacity to support reliable execution. Utilities represents 14% of revenue and delivered 4% growth.

作為五角大廈優先彈藥計畫（包括THAAD、PAC-3與戰斧飛彈Tomahawk）的關鍵供應商，我們正將各產品線產能擴大至約為歷史水準的2至5倍，並針對製造產能進行重點投資，以支持穩健執行。公用事業占營收的14%，實現4%的成長。

Q2 was another record quarter for orders and revenue, although revenue growth was below expectations due to shipment timing, primarily related to delays into the Middle East. Shipment delays were approximately a 4 percentage point headwind to growth in the quarter. In the second half, we expect Utilities growth of low double digits as first half orders significantly outpaced revenue, and we are further progressing our capacity expansion initiatives.

第二季訂單與營收再創紀錄季度，但由於出貨時點影響，營收成長低於預期，主要與延遲出貨至中東有關。出貨延遲約對本季成長造成4個百分點的逆風。下半年，我們預期公用事業將有低雙位數成長，因上半年訂單明顯超過營收，且我們正進一步推進產能擴充計畫。

Test and Measurement growth broadened across all end markets. Diversified Electronics represents 21% of revenue and delivered 23% growth as customers increased innovation for electronics in energy storage systems, electric vehicles, medical devices, consumer electronics and emerging AI-enabled edge devices.

測試與量測的成長擴大至所有終端市場。多元電子占營收的21%，實現23%的成長，因客戶在能源儲存系統、電動車、醫療器材、消費性電子，以及新興AI賦能的邊緣裝置等領域加大電子創新。

The convergence of higher compute requirements, greater energy efficiency needs and longer battery life expectations is driving a new wave of innovation across these applications. Energy storage systems exemplify the innovation driving growth in diversified electronics. Customers are rapidly increasing system power levels and developing new ways to connect energy storage to the grid and critical infrastructure, including data center backup.

更高的運算需求、更高的能源效率需求，以及更長的電池續航期待，正推動這些應用出現新一波創新。能源儲存系統正是帶動多元電子成長的創新典型。客戶正快速提升系統功率等級，並開發將儲能連接至電網與關鍵基礎設施（包括資料中心備援）的新方式。

TEKTRONIX, DC power supplies and customized power racks help validate these next-generation architectures. In Q2, we secured a production win with a leading energy storage provider, creating an opportunity to scale alongside the customers' future capacity expansion.

TEKTRONIX、直流電源供應器以及客製化電源機櫃，有助於驗證這些次世代架構。第二季，我們取得一家領先能源儲存供應商的量產導入案，創造了可隨客戶未來產能擴張而同步放大的機會。

Communication represents 11% of revenue and delivered 9% growth, reflecting continued technology innovation in advanced communications for AI infrastructure, Aerospace and Defense and Research Laboratories.

通訊占營收的11%，實現9%的成長，反映AI基礎設施、航太與國防以及研究實驗室之先進通訊領域持續的技術創新。

In the quarter, we had a customer win where engineers are using our Test and Measurement instruments to measure electrical signals with pinpoint accuracy to validate that optical laser chips are working precisely. This supports the build-out of optical infrastructure, which is a technology that underpins data-hungry AI, cloud computing, and high-speed connectivity.

本季我們贏得一項客戶案，工程師使用我們的測試與量測儀器，以極高精準度量測電訊號，驗證光學雷射晶片是否精確運作。這支持光學基礎設施的建置，而該技術是支撐高資料需求的AI、雲端運算與高速連線的基礎。

Semiconductor represents 7% of revenue and delivered 5% growth. Our high-precision instruments are at the forefront of enabling engineers to develop and validate the next generation of semiconductors that enable communication networks, intelligent devices and advanced electronic systems.

半導體占營收的7%，實現5%的成長。我們的高精度儀器站在最前線，協助工程師開發並驗證下一代半導體，以支援通訊網路、智慧裝置與先進電子系統。

During the quarter, we saw broad-based acceleration as semiconductor technologies enable new product innovation across Industrial, Energy, Data Center and Defense markets. Across our Test and Measurement end markets, customer demand remains robust, and our pipeline continues to support confidence in elevated activity levels through the second half.

本季我們看到全面性的加速，因半導體技術正推動工業、能源、資料中心與國防市場的新產品創新。在我們的測試與量測終端市場中，客戶需求仍然強勁，我們的商機管線也持續支撐我們對下半年活動水準維持高檔的信心。

While the business remains inherently short cycle and visibility beyond 90 days is limited, we are encouraged by current demand trends, and we're actively managing supply availability and capacity to support customer requirements.

雖然該業務本質上屬於短週期，且90天以外的能見度有限，但我們對目前的需求趨勢感到鼓舞，並正積極管理供應可得性與產能，以支援客戶需求。

Next, on slide 10, we leverage RBS across the enterprise for both growth and productivity. As I shared earlier, the RBS-led enterprise productivity program is on track to achieve $10 million to $12 million of in-year savings and $50 million to $60 million of annualized run rate savings by 2028.

接下來，在第10頁，我們在全企業範圍內運用RBS，以同時推動成長與生產力。如我先前分享，由RBS主導的企業生產力計畫正按進度推進，預計可在當年度實現1,000萬至1,200萬美元的節省，並在2028年前達到每年5,000萬至6,000萬美元的年化節省運行率。

In Defense and Space, our multiyear RBS-led productivity initiatives have doubled production output within our existing manufacturing footprint. To further increase production going forward, PacSci EMC was awarded $27 million by the Department of War and has expanded into one of our existing manufacturing sites in Ohio.

在國防與航太方面，我們由RBS主導的多年期生產力計畫，已在現有製造據點內將產出提升一倍。為了在未來進一步提高產量，PacSci EMC獲戰爭部授予2,700萬美元，並已擴展進駐我們位於俄亥俄州的一處既有製造基地。

In Utilities, we continue to see robust demand supported by multiyear grid modernization and resiliency initiatives. In July, we broke ground on expanding our Precision Sensor Facility in Upstate New York to support the historic orders growth.

在公用事業方面，我們持續看到強勁需求，並受到多年期電網現代化與韌性提升計畫的支撐。7月，我們在紐約州北部為擴建精密感測器廠房動土，以支援歷史性的訂單成長。

Next, Neill will review our financial results and provide additional perspective on our guidance.

接下來，Neill將回顧我們的財務結果，並就我們的財測提供更多觀點。

Thank you, Tammy. Good morning, everyone. Please turn to slide 12.

謝謝你，Tammy。各位早安。請翻到第12頁。

Q2 results were above our guidance ranges across all metrics, driven by increasing customer demand and strong execution. Q2 revenue of $568 million was up 13% on a reported and organic basis as revenue growth accelerated across our end markets and regions.

第二季結果在所有指標上均高於我們的財測區間，主要受惠於客戶需求增加與強勁的執行力。第二季營收為5.68億美元，以報告基礎與有機基礎計算皆成長13%，因各終端市場與各地區的營收成長加速。

Both segments delivered double-digit organic growth year over year, led by continued execution against our greater than $1 billion of Defense and Space backlog, acceleration in industrial manufacturing and other end markets and continuation of broad-based customer wins across Test and Measurement.

兩大事業部的有機成長皆達到年增雙位數，主要由我們超過10億美元的國防與航太訂單積壓持續執行、工業製造與其他終端市場加速，以及測試與量測領域廣泛的客戶贏單延續所帶動。

As I shift to adjusted EBITDA and EPS, I will be speaking to our comparisons against normalized adjusted metrics for 2025. As a reminder, we have normalized the first three quarters of 2025 results to reflect our fully ramped post-spin costs, which provides a more like-for-like comparison for 2026 results.

接著談調整後EBITDA與EPS時，我將以2025年的常態化調整後指標作為比較基準。提醒一下，我們已將2025年前三季的結果常態化，以反映分拆後成本完全爬坡後的水準，從而使2026年的結果能進行更可比的比較。

Adjusted EBITDA margin in the second quarter was 19.8%. On a normalized basis, this represents a 390 basis point improvement from the prior year, driven by operating leverage on revenue growth and productivity savings realized from the enterprise productivity program actions.

第二季調整後 EBITDA 利潤率為 19.8%。以常態化口徑計，較去年同期提升 390 個基點，主要受惠於營收成長帶來的營運槓桿，以及企業生產力計畫行動所實現的生產力節省。

Margin expansion was partially offset by costs associated with standing up our enterprise productivity office and higher variable compensation on improved operating results. Adjusted EPS of $0.68 increased 58%, driven by revenue growth, adjusted EBITDA margin expansion and the benefit of share repurchases.

利潤率擴張部分被與成立企業生產力辦公室相關的成本，以及因營運成果改善而增加的變動薪酬所抵銷。調整後 EPS 為 0.68 美元，成長 58%，主要由營收成長、調整後 EBITDA 利潤率擴張，以及庫藏股回購帶來的效益所驅動。

Free cash flow was $99 million in the quarter, driven by higher fall-through on increased EBITDA and supported by disciplined working capital management. Trailing 12-month free cash flow conversion was 114%, above our target of greater than 95%.

本季自由現金流為 9,900 萬美元，主要由 EBITDA 增加帶來較高的落袋率所驅動，並受惠於嚴謹的營運資金管理。過去 12 個月自由現金流轉換率為 114%，高於我們大於 95% 的目標。

I'll go through segment performance, starting with Sensors and Safety Systems on slide 13.

我將回顧各事業部門表現，先從第 13 頁的感測器與安全系統開始。

Q2 revenue of $347 million increased 12% on a reported basis and 11% organically, driven by double-digit revenue growth across Defense and Space, Industrial Manufacturing and our other end market. Adjusted EBITDA margin for Sensors and Safety Systems was 29.4%, a 350 basis point improvement on a normalized basis, driven by operating leverage on higher revenue, favorable mix from elevated industrial manufacturing and other contribution and better-than-expected defense margins based on favorable program mix in the quarter.

第二季營收為 3.47 億美元，按報告口徑成長 12%，有機成長 11%，主要由國防與太空、工業製造以及其他終端市場的雙位數營收成長所帶動。感測器與安全系統的調整後 EBITDA 利潤率為 29.4%，以常態化口徑計提升 350 個基點，主要受惠於較高營收帶來的營運槓桿、工業製造及其他業務貢獻提升所帶來的有利組合，以及本季因專案組合有利而優於預期的國防利潤率。

Highlights of our Test and Measurement results are on slide 14. Test and Measurement delivered a strong quarter with revenue of $221 million, up 15% on a reported basis and 16% organically. This was driven by strong orders and revenue growth across all three end markets as we saw a broadening of customer investment across Test and Measurement.

我們的測試與量測業務重點如第 14 頁所示。測試與量測本季表現強勁，營收為 2.21 億美元，按報告口徑成長 15%，有機成長 16%。這主要由強勁訂單與三大終端市場全面的營收成長所驅動，因為我們看到客戶在測試與量測領域的投資更為擴散。

I'll note that in the semiconductor end market, we continue to have year-over-year headwind from lapping a large customer project in 2025. But given project timing, this was less pronounced in Q2 than in the prior two quarters or what we will face in Q3. Test and Measurement adjusted EBITDA margin was 14.7%, an improvement of 750 basis points on a normalized basis due to strong operating leverage on higher revenue and the ramping of productivity savings.

我也要指出，在半導體終端市場方面，我們仍受到 2025 年一項大型客戶專案基期效應所帶來的年對年逆風影響。但由於專案時程因素，第二季的影響較前兩季或我們在第三季將面臨的情況更不明顯。測試與量測調整後 EBITDA 利潤率為 14.7%，以常態化口徑計提升 750 個基點，主要因較高營收帶來強勁的營運槓桿，以及生產力節省逐步放量。

On slide 15, I want to provide a brief update on our enterprise productivity program. As previously announced, we expect $50 million to $60 million of annualized run rate savings by 2028, inclusive of the $20 million we've already actioned.

在第 15 頁，我想就我們的企業生產力計畫提供簡要更新。如先前所宣布，我們預期至 2028 年可達成每年年化節省 5,000 萬至 6,000 萬美元的運行率（run rate）節省，包含我們已採取行動的 2,000 萬美元。

In Q2, we began to realize these savings with $3 million of savings in the quarter, and we are on track to deliver $10 million to $12 million of in-year savings in 2026. Combined with a strong baseline incremental margin, we expect the enterprise productivity program to contribute to approximately 50% incremental adjusted EBITDA margins through 2028. This level of incremental margins assumes an organic revenue growth framework of approximately 5% in 2027 and 2028.

第二季我們開始實現這些節省，本季節省 300 萬美元，且我們正按計畫在 2026 年達成當年度節省 1,000 萬至 1,200 萬美元。結合強勁的基礎增量利潤率，我們預期企業生產力計畫在 2028 年前可貢獻約 50% 的增量調整後 EBITDA 利潤率。此一增量利潤率水準假設 2027 與 2028 年有機營收成長架構約為 5%。

This framework would lead us to deliver the midpoint of our through-cycle adjusted EBITDA margin target range of low to mid-20s by 2028. However, we are not providing guidance for 2027 or 2028 at this time.

在此架構下，我們將於 2028 年達成穿越景氣循環（through-cycle）調整後 EBITDA 利潤率目標區間（低至中 20%）的中位數。不過，我們目前不提供 2027 或 2028 年的指引。

Turning to our balance sheet and cash flow on slide 16. We ended the quarter with $271 million in cash and cash equivalents and $1.15 billion of debt. With $99 million of free cash flow in the quarter, our cash generation is funding our capital allocation priorities and at the same time, has enabled us to maintain net leverage of approximately 1.9 times within our long-term target range.

接著看第 16 頁的資產負債表與現金流。本季末我們持有現金及約當現金 2.71 億美元，負債 11.5 億美元。本季自由現金流 9,900 萬美元，使我們的現金創造得以支應資本配置優先事項，同時也讓我們能將淨槓桿維持在約 1.9 倍，位於我們長期目標區間內。

We returned $161 million of capital to shareholders through the first half of 2026, mostly driven by $150 million of share repurchases, inclusive of our completed $100 million accelerated share repurchase program. This resulted in the repurchase of 2.8 million shares at an average price of $54.74 per share.

2026 年上半年我們透過向股東返還資本共計 1.61 億美元，主要來自 1.5 億美元的股票回購，包含已完成的 1 億美元加速股票回購（ASR）計畫。因此我們以每股平均 54.74 美元的價格回購了 280 萬股。

Shifting to slide 17 to cover our expectations for the third quarter and the full year. In Q3, we expect revenue of $570 million to $590 million. Adjusted EBITDA margin is expected to be between 20.5% and 21.5%, with year-over-year normalized margin expansion driven by operating leverage on higher revenue and savings from our enterprise productivity program.

接著看第 17 頁，說明我們對第三季與全年之預期。第三季我們預期營收為 5.70 億至 5.90 億美元。調整後 EBITDA 利潤率預期介於 20.5% 至 21.5%，年對年常態化利潤率擴張主要由較高營收帶來的營運槓桿，以及企業生產力計畫的節省所驅動。

Adjusted EPS is expected to be between $0.72 and $0.78, driven by revenue growth, margin expansion and a reduction in share count. We expect Q3 weighted average diluted shares outstanding of approximately 112 million.

調整後 EPS 預期介於 0.72 至 0.78 美元，主要由營收成長、利潤率擴張及股數減少所帶動。我們預期第三季加權平均稀釋流通股數約為 1.12 億股。

Based on our Q2 performance and increased confidence in continued customer demand in our short-cycle businesses in the second half, we are raising our full year 2026 guidance. We now expect full year revenue of $2.25 billion to $2.3 billion, adjusted EBITDA margins of 20% to 21% and adjusted EPS of $2.76 to $2.90. This is inclusive of a small benefit from tariff refunds received through Q2 that will be recognized in cost of sales.

基於第二季表現，以及我們對下半年短週期業務客戶需求持續的信心提升，我們上調 2026 全年指引。我們目前預期全年營收為 22.5 億至 23.0 億美元，調整後 EBITDA 利潤率為 20% 至 21%，調整後 EPS 為 2.76 至 2.90 美元。此指引包含截至第二季收到的少量關稅退稅利益，將於銷貨成本中認列。

From a corporate perspective, we now expect corporate and other expenses in the second half to be approximately $20 million to $23 million per quarter, an increase of about $5 million to $6 million per quarter from our prior estimates. This is driven by implementation costs associated with the enterprise productivity program, a rebalancing of support function activities identified within the EPP program that results in net savings but shifts some costs from the segments into corporate.

從公司層面來看，我們目前預期下半年公司及其他費用每季約為 2,000 萬至 2,300 萬美元，較先前估計每季增加約 500 萬至 600 萬美元。這主要由企業生產力計畫的導入成本所致，以及在 EPP 計畫中辨識到的支援職能活動重新平衡；該調整可帶來淨節省，但會將部分成本自各事業部門移轉至公司層級。

Lastly, higher variable compensation due to an increase in expected performance in the year.

最後，因本年度預期績效提升而導致較高的變動薪酬。

Finally, I want to provide an update on our capital allocation priorities on slide 18. Our top priority remains organic reinvestment. We are enabling organic growth by leveraging RBS Everywhere and augmenting it with AI-driven productivity.

最後，我想在第 18 頁更新我們的資本配置優先事項。我們的首要優先仍是有機再投資。我們透過運用 RBS Everywhere，並以 AI 驅動的生產力加以強化，來推動有機成長。

Second is returning capital to shareholders. As mentioned earlier, year to date, we have returned $161 million to shareholders through a combination of share repurchases, including our completed ASR and dividends. We continue to target share repurchases of approximately 50% of free cash flow over time. We have already repurchased approximately 50% of anticipated 2026 free cash flow, and we'll evaluate opportunistically against other uses of capital for the remainder of this year.

第二項是向股東返還資本。如先前所提，截至目前我們已透過股票回購（包含已完成的 ASR）與股利合計向股東返還 1.61 億美元。我們仍以長期將約 50% 的自由現金流用於股票回購為目標。我們已回購約相當於預期 2026 年自由現金流的 50%，今年剩餘期間我們將在其他資金用途之間機會性評估。

Our last priority is focused tuck-in acquisitions. We currently have a robust pipeline of attractive tuck-in acquisition targets. We will continue to target double-digit ROIC by year three for these acquisitions. We are committed to balancing these capital allocation priorities against our target cash balances and our long-term net leverage target of 1.5 to 2 times adjusted EBITDA.

我們最後一項優先事項是聚焦於補強型（tuck-in）併購。目前我們有一條強健的管線，包含具吸引力的補強型併購標的。我們將持續以這些併購在第三年達成雙位數 ROIC 為目標。我們致力於在資本配置優先事項之間取得平衡，同時兼顧我們的目標現金水位，以及長期淨槓桿目標為調整後 EBITDA 的 1.5 至 2 倍。

With that, I'll turn it back to Tammy to wrap before opening it up for questions.

那麼，我把時間交還給 Tammy，請她在開放提問前做總結。

One year into our journey as an independent company, my confidence in what we can achieve has never been stronger. I'll close with a few key takeaways.

作為一家獨立公司走過第一年，我對我們能夠達成的成果之信心從未如此強烈。我將以幾個重點結論作結。

First, our profitable growth strategy is working. We continue to capitalize on attractive secular growth opportunities, and the Ralliant Business System is how we drive disciplined execution across the enterprise.

第一，我們的獲利性成長策略正在奏效。我們持續把握具吸引力的長期結構性成長機會，而 Ralliant Business System 正是我們推動全企業紀律執行的方式。

Second, we're making meaningful progress on margin expansion through the combination of strong incremental margins and the execution of our enterprise productivity program.

第二，透過強勁的增量毛利率表現與企業生產力計畫的落實，我們在利潤率擴張方面取得了實質進展。

Third, we remain confident in Ralliant's long-term value creation potential. Strong free cash flow generation is enabling us to execute our capital allocation priorities, including reinvestment in the business, returning capital to shareholders and pursuing a robust pipeline of attractive tuck-in acquisitions.

第三，我們對 Ralliant 長期創造價值的潛力仍然充滿信心。強勁的自由現金流生成，使我們得以執行資本配置優先事項，包括再投資於業務、回饋股東，以及推進一條強健的、具吸引力的小型併購（tuck-in acquisitions）案源管線。

Finally, I want to thank our 7,000 team members from around the world. Their commitment, dedication and relentless focus on customers are what make these results possible.

最後，我要感謝來自全球的 7,000 位團隊成員。他們的承諾、投入，以及對客戶不懈的專注，讓這些成果成為可能。

With that, I'll open up the lines for QandA.

那麼，我們現在開放 QandA 線路。

(Operator Instructions) Chris Snyder, Morgan Stanley.

(接線員指示) Chris Snyder，Morgan Stanley。

I wanted to ask about Test and Measurement and specifically the Diversified Electronics. So we've seen a really nice acceleration there year to date after declines a year ago. And I know you guys don't have a lot of visibility in the backlog. I think you guys said maybe only 90 days.

我想問一下測試與量測（Test and Measurement），特別是多元電子（Diversified Electronics）。我們看到今年迄今在去年下滑之後出現非常不錯的加速成長。我知道你們在積壓訂單（backlog）方面的能見度不高。我記得你們說可能只有 90 天。

But I wanted to ask about how you think about the duration of this cycle, whether in the context of a typical up cycle for Diversified Electronics, but then also thinking about all of the secular tailwinds that are coming through for that business.

但我想問的是，你們如何看待這一輪循環的持續時間：一方面以多元電子典型的上行周期為背景，另一方面也考量該業務所受惠的各種長期結構性順風。

You highlighted a number of them, I think, energy storage systems, we're seeing AI come through. So just whether it's conversations with investors, what you see in the future, how do you feel about the duration of strength there?

你們提到其中幾項，我想包括儲能系統，我們也看到 AI 的帶動。所以不論是你們與投資人的對話、你們對未來的觀察，你們對那邊強勢表現的持續性有何看法？

Chris, thanks for raising that question. And I'd start with what we know today, and we'll specifically talk about Test and Measurement. It's about 40% of the overall business. You had started with Diversified Electronics. That's about 20% where we've seen really strong growth the last two quarters.

Chris，謝謝你提出這個問題。我先從我們目前已知的情況談起，並會特別談測試與量測。它約占整體業務的 40%。你一開始提到多元電子。那部分約占 20%，而我們在過去兩個季度看到非常強勁的成長。

But in that -- in the space, the second quarter, headline last quarter was return to growth. This is the second quarter of really strong growth in TandM. Inherently, it is a 90- to 120-day short-cycle business. But we like the book-to-bill. We talked about 1.1 across both segments.

不過在那個領域，第二季——上一季的重點是回到成長。這是測試與量測連續第二季的強勁成長。本質上，這是一個 90 到 120 天的短週期業務。但我們喜歡目前的接單出貨比（book-to-bill）。我們提到兩個事業部合計約為 1.1。

In TandM, that's up over 1.2 right now. So we do see some strength there. I spoke about the elevated demand in China. A lot of activity there in the first half, which is going to translate into some higher revenue in the second half. And that's an area we're still assessing.

在測試與量測方面，目前已升至 1.2 以上。因此我們確實看到一些強勢。我也提到中國需求偏高。上半年那裡活動量很大，將轉化為下半年較高的營收。而這也是我們仍在評估的領域。

Is this a buildout tied to AI and Energy, more episodic or event-driven? Or is that something that's going to drive some structural growth along the way? Overall, we see strong first year kind of coming out of the downturn and TandM is having a strong first year. Expect that to moderate in the second year, if you look at history, probably more mid-single digit coming out of a really strong first year.

這是否是與 AI 與能源相關的建置，較偏向階段性或事件驅動？還是會在過程中帶來一些結構性成長？整體而言，我們看到在走出下行後的第一年表現強勁，而測試與量測在第一年也很強。若看歷史，第二年預期會趨於溫和，可能從非常強勁的第一年回落到中個位數成長。

I appreciate that. And then maybe if I could follow up on PacSci. I mean, so -- I think everybody appreciates there's a lot of demand in the world for the products that PacSci sells. But I wanted to ask about capacity and just the ability for you guys to ramp there. So can you just maybe talk a little bit about some of the actions that you guys have taken to improve that supply chain and production capacity?

了解，謝謝。接著我想追問一下 PacSci。我想大家都認同，全球對 PacSci 所銷售產品的需求很大。但我想問的是產能，以及你們提升產能的能力。你能否談談你們為改善供應鏈與生產能力所採取的一些行動？

And then I believe you guys maybe -- I think when you guys talk to mid-singles in the out years, I think it assumes maybe like low doubles for PacSci is kind of my understanding. But if we do get these surge programs come through, is there ability to flex that up to something higher and meet that demand should it come through?

另外，我相信你們談到未來幾年中個位數成長時，我的理解是其中假設 PacSci 可能是低雙位數成長。但如果這些需求激增（surge）計畫真的出現，你們是否有能力把成長彈性拉到更高，並在需求到來時滿足它？

Yes. Thanks, Chris. The demand, we talked about remaining over $1 billion of backlog in the Defense business, and that's following a strong quarter that we had where we saw double-digit growth in Q2. A couple of things that we're doing to continue to increase capacity. And this is an extension of what we've been doing over the last several years.

是的。謝謝，Chris。需求方面，我們談到國防業務仍有超過 10 億美元的積壓訂單，而這是在我們第二季看到雙位數成長、表現強勁之後。我們正在做幾件事來持續提升產能。這也是我們過去幾年所做工作的延伸。

We've doubled the throughput in our existing footprint. Now we've had the opportunity to create a center of excellence around electronics in our Ohio site. That's a place that we've begun investing and getting some help also from the government as we are a critical supplier in many of the top priority munitions programs. And that will take us eventually to a fourth site.

我們已在現有廠區把產出吞吐量提升了一倍。現在我們也有機會在俄亥俄州據點打造以電子為核心的卓越中心（center of excellence）。我們已開始在那裡投資，並且也獲得政府的一些協助，因為我們是多項最高優先彈藥計畫中的關鍵供應商。而這最終將使我們擴展到第四個據點。

But the team has got good line of sight here out through 2030 in our capacity needs. I think the second part of your question is double digit, could that be higher? We are actively working with our customers in the defense space on the programs. There's a variety of scenarios as far as volume and a variety of scenarios on time frame.

不過，團隊對於一直到 2030 年的產能需求有相當清晰的掌握。至於你問題的第二部分：雙位數是否可能更高？我們正與國防領域的客戶就相關計畫積極合作。在數量上有多種情境，在時間框架上也有多種情境。

Of course, our customers are trying to line up their supply chains. And when they have firm commitments there, we'll start to see orders, which we'll represent in our backlog to you.

當然，我們的客戶也在努力把供應鏈配置到位。當他們有了明確承諾後，我們就會開始看到訂單，並會在積壓訂單中反映給各位。

Alexander Virgo, Evercore ISI.

Alexander Virgo，Evercore ISI。

I wondered if you could just dig a little bit into your Utilities comments and the Semis comments. So I guess the first question is just to understand -- make sure I understand the clarifying point of the 4 percentage points of impact from the Middle East that was in the Utility segment, right? So the underlying growth is more like 8%, if that's correct? And therefore, how would you expect that to trend through the second half? Are you going to be able to catch up on some of that?

我想請你再深入談一下你對公用事業（Utilities）以及半導體（Semis）的評論。第一個問題是想確認——我理解你提到的來自中東、對公用事業事業部造成 4 個百分點影響的澄清點，對嗎？所以若如此，底層成長更像是 8%，對嗎？那麼你預期這在下半年會如何走勢？你們是否能追回其中一部分？

I appreciate that right now, it's probably quite tough, but thinking about how that plays through in the rest of the year.

我理解目前可能相當艱難，但也要思考這在今年剩餘時間會如何反映出來。

And then on Semicon, I just wanted to make sure, given the point regarding lapping the contract last year, the 8% to 12% guide in Q3 would imply quite limited impact, and you obviously have 5% in Q2, -- 5% growth in Semicon in Q2. So just again, wondering how that plays through in the very near term.

另外關於半導體（Semicon），我想確認一下，考量到去年合約到期的比較基期因素，第三季8%到12%的指引似乎意味著影響相當有限，而你們第二季是5%，也就是半導體第二季成長5%。所以再請教一次，這在非常短期內會如何體現？

Alex, I'll start with utilities. And utilities represents 14% or so of total company revenues. And the demand has continued to be strong. Recognize Q2 is our largest orders and our largest revenue quarter historically. We grew from Q1 to Q2.

Alex，我先從公用事業（utilities）談起。公用事業約占公司總營收的14%左右。需求持續強勁。請注意第二季歷來是我們訂單量最大、營收最高的一季。我們從第一季到第二季是成長的。

We grew revenue about 11% quarter over quarter. Still, I called out the 4% year over year was below our expectations. And it was a handful of customers in Middle East that asked us to adjust timing on shipments for them, which we have done. That's the 4-point headwind that I called out. We expect both from shipments that we're catching up on in the second half as well as some of the capacity that we're bringing online.

我們營收季增約11%。不過我也提到，年增4%低於我們的預期。原因是中東有少數客戶要求我們調整出貨時點，我們也已配合調整。這就是我提到的4個百分點逆風。我們預期下半年一方面會補上這些延後的出貨，另一方面也會有我們新增上線的產能貢獻。

At that site, we've brought on additional shift -- we've also expanded some cells for additional capacity and expect that to move to double-digit revenue growth as we get into the second half. So that is your utilities question.

在那個據點，我們新增了一個班次——也擴增了一些產線單元以提升產能，並預期進入下半年後，營收成長可回到雙位數。以上回覆你的公用事業問題。

You had a separate question around Semi. And as a reminder, the Semi end market for us is about 7% of overall company revenues. We did see 5% growth in this quarter. And the headwinds on the large deal we talked about in the comps was a little favorable for us this quarter, not as much. That will come back in the third quarter.

你另外還問到半導體（Semi）。提醒一下，半導體終端市場對我們而言約占公司整體營收的7%。本季我們確實看到5%的成長。我們先前談到、在比較基期中那筆大型專案帶來的逆風，本季對我們稍微有利一些，但幅度不大。這個影響會在第三季回來。

I guess -- sorry, Tammy, that's kind of what I was getting at. So the 5% in Q2 is an underlying number, but we're going to have to factor in headwinds in Q3, so that number will be lower. Is that the right way to take that comment?

我想——抱歉，Tammy，我就是在問這個。所以第二季的5%是基本面的數字，但第三季要把逆風因素算進去，因此那個數字會更低。這樣理解你的說法對嗎？

Yes. I don't -- we have not given a specific number for Semiconductor. We have talked in the past that it's about a $10 million headwind each quarter in our Semi end market. It was less this quarter. It will be below that this quarter in Q2, what we saw and more than that in Q3, a little direction.

是的。我們——我們尚未提供半導體的具體數字。我們過去提過，在我們的半導體終端市場中，每一季大約有1,000萬美元的逆風。本季這個逆風較小。第二季會低於我們看到的那個水準，而第三季會高於那個水準，提供你一點方向。

Yes. And outside of that project, we've had some very solid growth numbers in Semis, as you'd expect. And we will see that, I think, a bit of a headwind in Q3, and it will unlap itself in Q4. So Q4 should be clean.

是的。除了那個專案之外，我們在半導體的成長數字其實相當穩健，這也符合你的預期。我認為第三季會看到一些逆風，而第四季就會解除比較基期影響（unlap）。所以第四季應該會比較乾淨。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

I wanted to push on Test and Measurement a little bit, too. I understand the desire to keep us all in check to some extent. But like when I look at this, it just went positive last quarter. It grew very nicely in 2Q. And modeling like kind of somewhat meaningful decell in the second half and into next year feels very conservative.

我也想再追問一下測試與量測（Test and Measurement）。我理解你們希望在某種程度上讓大家保持審慎。但我看這個業務，上季才剛轉正。第二季成長得非常不錯。而模型假設下半年以及到明年出現相當明顯的成長降速，感覺非常保守。

Like how long do these -- when things just start to inflect, how long until you typically see a peak growth number in a business like that historically?

像這種剛開始出現拐點的情況，歷史上通常要多久才會在這類業務看到成長率的高峰？

Joe, maybe I'll start with what we're seeing today in the demand environment, and I'll start with the change from Q1 to Q2. So we increased our full year outlook at midpoint $60 million, $20 million of that was what we saw in Q2. And the point of the raise is really around our industrial end markets.

Joe，我先從我們目前在需求環境中看到的狀況談起，先說第一季到第二季的變化。我們把全年展望的中位數上調了6,000萬美元，其中2,000萬美元來自我們在第二季看到的表現。這次上調的重點主要在於我們的工業終端市場。

We've just seen robust demand there. It was broad-based across all regions and double digit in both of the other and industrial end markets. So those are strong.

我們在那裡看到非常強勁的需求。各區域表現都很廣泛，而且在「其他」與工業終端市場兩者都達到雙位數成長。所以這些都很強。

Grid and Defense, we think those -- we've got pretty long sight on those secular trends in the high singles and probably low double digit for Defense. At TandM, this is the first year of recovery. And what's embedded in the full year guide is double digit on Test and Measurement this year. And if I started to allude to this in the first question, in a second year, that moderates to the low single, mid-single type range.

電網（Grid）與國防（Defense）方面，我們認為這些長期結構性趨勢的能見度相當長，電網大概是高個位數，而國防可能是低雙位數。至於測試與量測（TandM），今年是復甦的第一年。而全年指引中隱含的是測試與量測今年為雙位數成長。如果我在第一個問題中有稍微提到，到了復甦的第二年，成長通常會放緩到低個位數、或中個位數的區間。

That's what we've seen historically. We also have not seen historically Industrials be in the double digits. So I don't know the duration of that. As I said, we look at about 90 to 120 days. We're going to assess that, keep our eyes on it in the second half.

這是我們歷史上看到的情況。我們過去也沒有看到工業（Industrials）能維持在雙位數成長。所以我不確定那會持續多久。如我所說，我們大概看90到120天的能見度。我們會在下半年持續評估並密切關注。

And probably the last one, I spoke about this, but it goes in what we're keeping track of. It's what's happening in China around TandM. Is that going to be something that continues? Or is that going to be episodic for us here as they are funding investments in AI data center and energy. So those are the things we're keeping our eye on as we move into the Q3 and Q4.

最後一點，我也提過，這是我們正在追蹤的事項之一。也就是中國在測試與量測（TandM）方面的情況。這會是持續性的趨勢嗎？還是對我們而言只是階段性事件，因為他們正在為AI資料中心與能源的投資提供資金？因此，這些都是我們在進入第三季與第四季時會持續關注的重點。

Yes, Joe, let me just add to that a little bit. So if you take a step back for the '26 guide, we've talked about 9% to 11% (sic - see slide 17, "8% to 11%") kind of organic growth. So it is double digit at the midpoint. And Test and Measurement, these are either at or above the high end of that with Sensors and Safety Systems being just down kind of towards the lower end of that. So I think both segments growing strongly.

是的，Joe，我再補充一點。如果你退一步看我們對2026年的指引，我們談到約9%到11%（原文誤植——見投影片17，「8%到11%」）的有機成長。所以以中位數來看是雙位數。而測試與量測的成長是在該區間的高端或以上；感測器與安全系統（Sensors and Safety Systems）則略偏向該區間的低端。所以我認為兩個事業部都在強勁成長。

And that is a strong kind of recovery year for Test and Measurement coming off a tough year or so in terms of the cycle.

而測試與量測在經歷了大約一年的景氣循環低迷後，今年算是相當強勁的復甦年。

And the second thing I would add is last time we talked, we talked about having seasonality in the business, and we had guided 49% of revenue in the first half of the year and 51% in the second half of the year. When you look at this guidance range and what we projected here, that would be about 48% in the first half of revenue and 52% of revenue in the second half, which is pretty consistent with what we see seasonally normally.

第二點我要補充的是，上次我們談到這個業務具有季節性，我們當時指引全年營收上半年占49%、下半年占51%。當你看這次的指引區間以及我們在此所做的預估，上半年約占48%、下半年約占52%，這與我們通常看到的季節性相當一致。

So I think when you start to frame up the pieces here, a lot of strength in Test and Measurement, I think, at the higher end or above the high end of this range as well as kind of framing that up with the normal seasonality that we see. I think that's a good solid place to be in right now.

所以我認為，當你開始把這些要素架構起來時，測試與量測（Test and Measurement）有很大的強勁動能；我認為，在這個區間的高端、甚至高於高端的水準，同時也要結合我們所看到的正常季節性來看。我認為就目前而言，這是一個相當穩健、扎實的位置。

And can you just give us a little bit more detail on the defense solution at Sensors? I know you said it was favorable mix this quarter on what programs were active. But how should we think about that for the rest of the year and into next year?

另外，能否請你再多提供一些關於感測器（Sensors）業務中國防解決方案的細節？我知道你提到本季因為啟動的專案組合較有利，所以產品組合（mix）偏正面。但我們應該如何看待今年剩餘時間以及明年的走勢？

Yes. The Defense business is large programs and our shipment timing is based on customer need. And we had a quarter here where it turns out the programs that ended up shipping for those customers, the margins were better than we had expected.

是的。國防業務是大型專案，我們的出貨時點是依客戶需求而定。而本季剛好出貨給這些客戶的專案，其毛利率比我們原先預期更好。

Still expect the same degradation that we've talked about in the Defense end market due to high-volume programs that we're seeing in the future are our lower-margin programs.

我們仍然預期，國防終端市場會出現我們先前談到的同樣幅度的毛利率下滑，因為未來我們看到的高出貨量專案屬於較低毛利的專案。

Yes. And I think if you take a step back and look at the overall Sensors and Safety Systems segment, we were at the high 20s, over 29% this quarter based on that favorable mix. The other thing I'd add is the industrial benefit that we're seeing in terms of the pickup in industrials, those have very strong margins for us as we start to look forward.

是的。我想如果你退一步看整體的感測器與安全系統（Sensors and Safety Systems）部門，本季在這個有利的產品組合帶動下，我們的利潤率落在接近 30%、超過 29% 的高 20% 區間。另外我想補充的是，我們在工業（Industrial）端看到的好處，也就是工業需求回升；這些對我們而言毛利率非常強勁，展望未來會更明顯。

So as you think about the segment, we will see some degradation in the margins related to Defense, I think, over time, although we've had a couple of -- I think, better quarters here. I think, however, with the better performance we're seeing in Industrial, we do expect the Sensors and Safety Systems segment to stay kind of at that high 20s level for the remainder of the year.

因此，當你思考這個部門時，我認為隨著時間推移，我們會看到與國防相關的毛利率有一些下滑，雖然我們最近有幾個季度——我認為表現更好。不過，鑑於我們在工業端看到更佳的表現，我們確實預期感測器與安全系統部門在今年剩餘時間，將大致維持在高 20% 的水準。

However, over time, given that those Defense margins that we will see over time, we do expect to see that kind of revert back to kind of that mid- to high 20s over the longer period. But I think for the remainder of the year, high 20s is a reasonable place to be at.

然而，從較長期來看，考量到國防毛利率隨時間的變化，我們確實預期會回到大約中到高 20% 的區間。但我認為就今年剩餘時間而言，高 20% 是一個合理的水準。

Kevin Wilson, Truist Securities.

Kevin Wilson，Truist Securities。

I wanted to ask on capital allocation, just how we're thinking about maybe opportunities for tuck-in MandA, understanding it's your third of three priorities there. I think you mentioned a robust pipeline of opportunities, which I think is new language on that front.

我想就資本配置（capital allocation）提問：我們如何看待小型併購（tuck-in M&A）的機會？我理解這是你們三項優先事項中的第三項。我記得你提到有一個強勁的機會管線（robust pipeline of opportunities），我覺得這是新的說法。

So maybe just what are the areas we're looking at there and just how we're thinking about that leg of the capital allocation strategy going forward?

所以，能否談談我們正在關注哪些領域，以及未來我們將如何看待資本配置策略中這一環？

Yes. Thank you for the question. Yes. So from a capital allocation perspective, look, we want to be disciplined in this as we are in terms of how we operate the business. And we talked about three things: organic growth, returning -- investing in organic growth, returning cash to shareholders.

是的。謝謝你的提問。是的。從資本配置的角度來看，我們希望在這方面保持紀律，就像我們經營業務一樣。我們談到三件事：有機成長、投資於有機成長，以及把現金回饋給股東。

We obviously completed the ASR this quarter. So we've given over $160 million back to shareholders or plan to this year between the share buybacks and the dividends. So that leaves us with number three, which is our kind of tuck-in acquisition strategy as you asked about.

我們本季顯然已完成加速股票回購（ASR）。因此，今年透過庫藏股回購與股利，我們已經或計畫回饋股東超過 1.6 億美元。這樣一來，就剩下第三項，也就是你問到的我們的小型併購策略。

So look, we talked about 50% of free cash flow within a year going back to investors. I think we're more or less in that zone with what we've already done. So now we'll kind of focus our attention to that third one.

我們先前談到，在一年內將自由現金流（free cash flow）的 50% 回饋給投資人。以我們目前已經做的事情來看，我認為大致上已在那個區間。所以接下來我們會把注意力更多放在第三項。

And look, I think staying within the leverage is important. That 1.5 to 2 turns leverage is important. We'll continue to look to manage within that. And as we go through that list for tuck-in acquisitions, you can think of these as smaller deals that we're looking at, things that -- I like to think of it as supplementing or supporting our organic strategy.

另外，我認為維持在既定槓桿水準內很重要。1.5 到 2 倍的槓桿（leverage）區間很重要。我們會持續在這個範圍內管理。而在檢視小型併購清單時，你可以把它們視為我們正在評估的較小型交易；我喜歡把它想成是補強或支持我們的有機策略。

So things that really help us from either a technology perspective or a gap we may have somewhere that can fill those things in. But they also have to give us a chance at very high returns. We want to see kind of a three-year ROIC at double-digit range. So that's really what we're focused in on now. And I think the team has done a nice job of identifying the target list that we're working through.

也就是那些能在技術面幫助我們，或是填補我們某些缺口的標的。但同時它們也必須讓我們有機會取得非常高的報酬。我們希望看到三年期投入資本報酬率（ROIC）落在雙位數區間。這就是我們目前聚焦的重點。我認為團隊在辨識我們正在推進的目標清單方面做得很好。

And then I'm wondering if you could maybe flesh out the corporate costs. I appreciate some costs shifting from the segments to that corporate and other line. You're now assuming $20 million to $23 million a quarter. I think that was closer to $13 million a quarter earlier. Some of that's EPP costs, variable comp.

另外我想請你更具體說明一下公司層級成本（corporate costs）。我理解有些成本從各事業部轉到「公司及其他」那一行。你們現在假設每季為 2,000 萬到 2,300 萬美元。我記得先前比較接近每季 1,300 萬美元。其中一部分是 EPP 成本、變動薪酬（variable comp）。

So maybe if you could just size the pieces there. And I guess, will that -- should we expect that to normalize a bit in 2027 after most of the EPP cost actions are taken?

所以能否請你把各個組成大概量化一下？另外，我想問的是——在大部分 EPP 成本行動都完成後，2027 年是否應該預期會稍微正常化？

Yes, good question. So yes, this is moving around a little bit. I think also as we're kind of getting our legs under us with the productivity program. So a couple of things here. So one is we did see a corporate cost of about $21 million in the quarter.

是的，這是個好問題。所以是的，這部分確實有一些變動。我想也因為我們正在逐步把生產力計畫（productivity program）運作上軌道。這裡有幾點。第一，本季我們看到公司層級成本大約是 2,100 萬美元。

That consists of standing up the EPP program office, as you mentioned. We've also centralized some costs where we moved costs from the segments into corporate. And the reason we did that is because we think that provides us a more kind of focused kind of execution mechanism for how we drive the productivity program across the company.

其中包含如你提到的，建立 EPP 計畫辦公室（program office）。我們也把一些成本集中化，將成本從各事業部移到公司層級。我們這麼做的原因是，我們認為這能提供更聚焦的執行機制，讓我們在全公司推動生產力計畫。

So it's not just the EPP standup costs or the enterprise productivity program standup costs. It's also a little bit of shift, right pocket, left pocket, so to speak, not an overall increase in costs. And as you mentioned, some higher variable costs related to the better performance this year from a variable comp perspective. So I think overall, we look to be in this 20 to 23 zone with those things in there.

因此，這不只是 EPP 建置成本或企業生產力計畫（enterprise productivity program）的建置成本。也有一點像是把成本從這個口袋移到那個口袋（right pocket, left pocket），也就是說整體成本並沒有增加。另外，如你所提到的，因今年表現較佳，從變動薪酬角度也帶來一些較高的變動成本。所以整體而言，我們預期會落在 2,000 萬到 2,300 萬美元這個區間，並包含上述因素。

And look, I think some of this, as you look out over time, will come back to us. We also -- we also think that will drive significant savings and support the program over time. So we'll continue to manage this and then manage it within the margin framework that we've provided and continue to do that going forward.

另外，從時間拉長來看，我認為其中一部分會回到我們這邊。我們也——我們也認為這將在時間推移中帶來顯著的節省，並支撐該計畫。因此我們會持續管理這部分，並在我們提供的利潤率架構內加以控管，未來也會持續如此。

Ian Zaffino, Oppenheimer & Company.

Ian Zaffino，Oppenheimer & Company。

And I wanted to maybe drill down on TandM a little bit more in the Diversified Electronics, what drove that growth, right? Because if I'm looking at Western Europe, I'm looking at China, they didn't grow to the extent that the whole segment grew. And so just kind of trying to understand what drove all that strong growth.

我想再更深入談一下多元化電子（Diversified Electronics）中的測試與量測（T&M），是什麼驅動了那個成長，對吧？因為如果我看西歐、看中國，它們的成長幅度並沒有像整個部門那樣大。所以我只是想了解，是什麼帶動了那麼強勁的成長。

Ian, thanks for the question. Diversified Electronics is 21% or so of overall revenue. And from a Test and Measurement standpoint, think of that as like broad-based electronics. The other two end markets, comms is predominantly our Aerospace and Defense, Semiconductor is pretty well defined as to who those large semiconductor players are globally.

Ian，謝謝你的問題。多元化電子約占整體營收的21%左右。從測試與量測的角度來看，可以把它視為廣泛的電子應用。另外兩個終端市場，通訊主要是我們的航太與國防；半導體方面，全球有哪些大型半導體業者也相當明確。

Diversified electronics is every place else that electronics are being innovated around, and we sit right in those labs. I mean, TEKTRONIX is the pioneer in the oscilloscope and the oscilloscope is the core foundational instrument sitting in the electronics lab for the engineers, whether they're doing energy storage systems, electronics for any type of mobility, including cars, medical devices and a lot of AI edge devices that are full of electronics.

多元化電子就是其他所有正在進行電子創新的地方，而我們就坐落在那些實驗室裡。我的意思是，TEKTRONIX 是示波器的先驅，而示波器是工程師在電子實驗室裡的核心基礎儀器，不論他們是在做儲能系統、任何形式的移動載具電子（包含汽車）、醫療設備，以及許多充滿電子元件的 AI 邊緣裝置。

So you'll see when that is broad-based, like it's been in the last two quarters, it's a good sign for electronics innovation and the test and measurement equipment that enables those engineers to do that innovation.

所以當這種廣泛性的需求像過去兩個季度那樣出現時，這對電子創新以及讓工程師能夠進行創新的測試與量測設備而言，都是一個好跡象。

Okay. And then on margins in TandM, is there a path back to 20% here anytime soon? Or how do you think about maybe getting back to where you were previously?

好的。那麼在 T&M 的利潤率方面，近期有機會回到20%嗎？或者你們怎麼看待回到先前水準的路徑？

Yes. As we put the framework together for our margins back at Investor Day about a year ago, the Test and Measurement segment, we've always thought of through the cycle in the mid-teens to the low 20s. That's still our expectation on this business.

有的。大約一年前在投資人日我們提出利潤率框架時，對於測試與量測部門，我們一直認為在景氣循環中，利潤率大致會落在十幾個百分點中段到20%出頭。這仍然是我們對這項業務的預期。

And I think what you're seeing here as we've come through four quarters now is continuous improvement there will be helped by some of the actions that we took in the first quarter. And then the -- we've got an enterprise productivity program here to drive our structural cost across the enterprise down.

我認為你現在看到的是，過去四個季度以來的持續改善，將會受益於我們在第一季採取的一些行動。另外——我們也有一個企業生產力計畫，用來推動全公司結構性成本下降。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Congratulations on your quarter. I really have just two -- well, I have a lot more, but I'll only ask two. TEKTRONIX, there was a big movement afoot with new products in the second half of last year, I think nine covering several platforms.

恭喜你們這一季的表現。我其實只有兩個——嗯，我還有更多，但我只問兩個。TEKTRONIX 在去年下半年推出了很多新產品，我記得大概有九項，涵蓋好幾個平台。

I was just wondering, it looks like you have traction on that already, whereas I thought that was maybe more of a 12- to 18-month thing. Can you talk about how those new products at Tek are faring in the market?

我只是想問，看起來你們已經開始有進展了，而我原本以為那可能會是12到18個月的事情。你能談談 Tek 的這些新產品在市場上的表現如何嗎？

Absolutely, Scott. Nice to hear from you. Thanks for the kind words on the quarter. The team will appreciate that. TEKTRONIX continues to increase the velocity of new products.

當然可以，Scott。很高興聽到你的聲音。謝謝你對本季表現的肯定。團隊會很感激的。TEKTRONIX 持續提升新產品推出的速度。

In Q4 last year, there were two major platforms announced. One of the platforms, I mentioned oscilloscopes. It was the high-performance state-of-the-art industry-leading oscilloscope that is used in a lot of the R&D that's going on today for energy, for AI data center, anything around electronics.

去年第四季，發布了兩個主要平台。其中一個平台，我剛才提到示波器。那是一款高效能、最先進、業界領先的示波器，廣泛用於目前許多研發工作，包括能源、AI 資料中心，以及任何與電子相關的領域。

The team continues -- because it's a platform, they will continue to bring out modules and software updates as we move through this year. But that really is a place -- new products and new innovation go hand-in-hand.

團隊持續——因為這是一個平台，他們會在今年持續推出模組與軟體更新。但那確實是一個——新產品與新創新是相輔相成的。

And yes, they have started to get good traction on the 7 Series, the probes and also the platform for their power supplies. So very, very positive on velocity at TEKTRONIX.

而且是的，他們在 7 Series、探棒（probes），以及電源供應器平台方面，已經開始取得不錯的市場動能。所以 TEKTRONIX 在新產品推出速度方面非常、非常正面。

And then also, I know that part of this initiative was your indication back from a year ago at the Investor Day of moving TEKTRONIX from more of a just a research standpoint more into manufacturing.

另外，我知道這項計畫的一部分，是你們在一年前投資人日提到，要把 TEKTRONIX 從較偏研究的定位，更多延伸到製造端。

And just wondering kind of the same question, how is that going and acceptance? And how many of these products, these nine are half of them focused on manufacturing? Maybe just some color there.

我也想問同樣的問題，進展如何、客戶接受度如何？這九項產品中，有多少是聚焦在製造端的？大概有一半嗎？能否提供一些補充說明。

Yes. I would tie back to the platform approach. So the NP5000 platform is one that can be taken from research into the validation phase into production. So that's one place where new products are showing up.

是的。我會回到平台策略來說。所以 NP5000 平台可以從研究階段一路延伸到驗證階段再到量產。因此這是新產品落地的一個方向。

As one of my stories in the opening was around the testing of optical transceivers, and that's another place where their KEITHLEY portfolio plays really well in the validation and production side of the workflow. So they continue to expand out of R&D into other parts of the workflow.

我在開場提到的一個案例，是光收發器（optical transceivers）的測試；這也是他們的 KEITHLEY 產品組合在工作流程的驗證與量產端表現很好的另一個領域。所以他們持續從研發擴展到工作流程的其他環節。

This will conclude our question-and-answer session. I would like to turn the call over to Ms. Newcombe for closing comments.

問答環節到此結束。我想把電話會議交回 Newcombe 女士作結語。

Thank you, everyone. Thanks for joining us today. We appreciate your interest in Ralliant, and I hope you have a fantastic day.

謝謝各位。感謝今天加入我們。我們感謝各位對 Ralliant 的關注，並祝各位有美好的一天。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。您現在可以中斷連線，感謝您的參與。