Regal Rexnord Corporation (RRX) 2026 Q1 法說會逐字稿

Good day, and welcome to the Regal Rexnord first quarter 2026 earnings call.

大家好，歡迎參加 Regal Rexnord 2026 年第一季財報電話會議。

All participants will be in a listen-only mode.

所有與會者將以僅收聽模式參與。

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

如需協助，請按星號鍵後再按 0，以示意會議專員。

After today's presentation, there will be an opportunity to ask questions.

在今天的簡報結束後，將有提問時間。

To ask a question, you may press star then one on a touch-tone phone.

如要提問，您可在按鍵式電話上按星號再按 1。

To withdraw your question, please press star then two.

如要取消提問，請按星號再按 2。

Please note this event is being recorded.

請注意，本活動正在錄音。

I would now like to turn the conference over to Robert Berry, Vice President of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 Robert Berry。請開始。

Great.

很好。

Thank you, operator. Good morning. Welcome to Regal Record's first-quarter 2026 earnings conference call. Joining me today are Louis Pinkham, our Chief Executive Officer Rob Rayhart, our Chief Financial Officer and Rakesh Sakha, Chairman of our Board of Directors.

謝謝，接線員。各位早安。歡迎參加 Regal Record 2026 年第一季財報電話會議。今天與我一同出席的有：我們的執行長 Louis Pinkham、財務長 Rob Rayhart，以及董事會主席 Rakesh Sakha。

I'd like to remind you that during today's call, you may hear forward-looking statements related to our future financial results, plans and business operations. Our actual results may differ materially from those projected or implied due to a variety of factors, which we describe in greater detail in today's press release and in our reports filed with the SEC, which are available on regalreichsord.com's website.

提醒各位，在今天的電話會議中，您可能會聽到與我們未來財務結果、計畫及營運相關的前瞻性陳述。由於多項因素，我們的實際結果可能與預測或暗示的結果有重大差異；我們已在今日新聞稿以及向 SEC 提交的報告中更詳細說明，相關資料可於 regalreichsord.com 網站取得。

Also on this slide, we state that we are presenting certain non-GAAP financial measures that we believe are useful to our investors, and we've included reconciliations between the non-GAAP financial information and the GAAP equivalent in the press release and in the presentation materials.

此外，本投影片亦說明我們將呈現若干我們認為對投資人有用的非 GAAP 財務衡量指標；我們已在新聞稿與簡報資料中提供非 GAAP 財務資訊與 GAAP 對應項目的調節表。

Turning to Slide 3, let me briefly review the agenda for today's call. Luis will lead off with brief opening remarks. Rakesh will then share remarks on our CEO Succession, after which Luis will provide an overview of our first-quarter performance. Rob will then present our first-quarter financial results in more detail and discuss our updated 2026 guidance. We'll then move to Q&A, after which Luis will have some closing remarks.

接著看第 3 張投影片，我先簡要說明今天電話會議的議程。Luis 將先做簡短開場。接著 Rakesh 將就我們的執行長接班發表談話，之後 Luis 會概述第一季表現。然後 Rob 將更詳細說明第一季財務結果，並討論更新後的 2026 年財測指引。接著進入問答，最後由 Luis 做結語。

And with that, I'll turn the call over to Luis.

那麼，我把電話交給 Luis。

Great. Thanks, Rob, and good morning, everyone.

很好。謝謝你，Rob，各位早安。

Thanks for joining us to discuss our first quarter results and to get an update on our business.

感謝各位加入我們，一起討論第一季業績並了解我們業務的最新進展。

We appreciate your continued interest in Regal Rexnord.

我們感謝各位持續關注 Regal Rexnord。

Before we get into first quarter performance, I would like to invite our Chairman, Rakesh Sashdev, to spend a few minutes discussing our CEO succession.

在進入第一季表現之前，我想先請我們的董事會主席 Rakesh Sashdev 花幾分鐘談談執行長接班事宜。

Rakesh.

Rakesh。

Thank you, Lois, and good morning, everyone.

謝謝你，Lois，各位早安。

As you likely saw, we announced on April 22 that Amir Paul will succeed Lois as Riegel Rexonaut's sixth CEO.

各位可能已看到，我們於 4 月 22 日宣布 Amir Paul 將接替 Lois，成為 Riegel Rexonaut 的第六任執行長。

Amir is joining Riegel from Schneider Electric, where he has been a member of the executive committee and responsible for managing and growing the North American business, a business with roughly $17 billion in sales.

Amir 將從施耐德電機加入 Riegel；他在施耐德擔任執行委員會成員，並負責管理與拓展北美業務，該業務銷售額約 170 億美元。

An impressive growth track record and deep product and technological capabilities, including in data center and discrete automation, two highly strategic growth vectors for Regal Rexnar.

他擁有亮眼的成長紀錄，以及深厚的產品與技術能力，包括資料中心與離散自動化等領域；這兩者都是 Regal Rexnar 兩個高度策略性的成長向量。

But what really impressed my fellow board members and me about Amir's background and why we believe that he is extremely well positioned to lead Regal through the next phase of growth is his sharp commercial acumen.

但真正令我與其他董事會成員印象深刻、也讓我們相信 Amir 非常適合帶領 Regal 進入下一階段成長的，是他敏銳的商業洞察力。

His focus on driving innovation, guided by a deep understanding of customer needs and priorities, makes us very confident that under Amir's leadership, the strengths of Regal Rexmod of unrivaled scale and scope, incredible brands, solid market positions and engineering and technological expertise can be leveraged to accelerate profitable growth.

他專注於以創新驅動成長，並以對客戶需求與優先事項的深刻理解作為指引；這讓我們非常有信心，在 Amir 的領導下，Regal Rexmod 無可匹敵的規模與廣度、卓越的品牌、穩固的市場地位，以及工程與技術專長等優勢，將能被充分運用以加速獲利性成長。

Given Amir's commitments to his current employer, we expect he will assume the CEO role at Regal Rexnot no later than July 1st, and I'm excited to see what he will accomplish once he is leading the Regal Rexnot team.

考量 Amir 對現任雇主的承諾，我們預期他將不晚於 7 月 1 日在 Regal Rexnot 就任執行長；我也很期待看到他在帶領 Regal Rexnot 團隊後將完成的成果。

I would also like to take this opportunity to thank Luis for many of his contributions to Regal Rexnot during his tenure as CEO.

我也想藉此機會，感謝 Luis 在擔任 Regal Rexnot 執行長期間所做出的諸多貢獻。

Seven years ago, we began a partnership that would reshape this company in ways few could have imagined, from transformational changes to the portfolio, including creating a business with significant exposure to secular markets, more valuable technologies and unrivaled scale and scope to developing a deep bench of strong talent, Lewis is leaving Regal much stronger and better positioned for growth than when he started.

七年前，我們開始了一段合作關係，並以少有人能想像的方式重塑了這家公司：從投資組合的轉型變革開始，包括打造一個在長期趨勢市場具有顯著曝險、擁有更具價值的技術、以及無可匹敵的規模與廣度的企業；到培養深厚的強大人才梯隊。Lewis 讓 Regal 在他上任時相比變得更強大，也更具成長動能。

For this, the Board and I sincerely thank you, Luis, and wish you the best of luck in your retirement and all that the future may hold for you.

為此，董事會與我謹向你致上誠摯的感謝，Luis，也祝福你退休生活一切順利，並祝福你未來一切順心。

And now I will turn the call back to Luis. Luis.

現在我把電話交回給 Luis。Luis。

Great.

很好。

Thank you, Rakesh.

謝謝你，Rakesh。

First, I would like to thank the Board of Directors and in particular, Rakesh, for giving me the opportunity to lead Regal Reich Nord. As well as for their guidance and partnership over these last seven years as we worked hard to build the Regal Resch Nordic today.

首先，我想感謝董事會，特別是 Rakesh，給我機會領導 Regal Reich Nord。也感謝他們在過去七年中，當我們努力打造今日的 Regal Resch Nordic 時，所提供的指導與夥伴關係。

It has been an incredible journey, and now I am excited to watch as Amer leverages what we have built to take this business to what I am confident will be great and new heights.

這是一段令人難以置信的旅程，而現在我也很期待看到 Amer 運用我們所建立的一切，帶領這個事業邁向我深信將會是嶄新且更高的里程碑。

Since this is my last earnings call.

由於這是我最後一次財報電話會議。

I want to also take the opportunity to reiterate what an honor it has been to lead this great company through a transformation that I believe has better positioned Riegel Rechner to create value for all stakeholders.

我也想藉此機會再次強調，能夠帶領這家偉大的公司完成轉型，是我的榮幸；我相信這項轉型讓 Riegel Rechner 更能為所有利害關係人創造價值。

And to our analysts and shareholders in particular, thank you for your support and for your years of valuable feedback and robust dialogue.

也特別向各位分析師與股東致謝，感謝你們的支持，以及多年來寶貴的回饋與深入的交流。

It has been a pleasure interacting with, and in many cases, learning from you.

能與各位互動、且在許多情況下向各位學習，是我的榮幸。

And now on to our results.

接下來進入我們的業績。

Our team delivered solid first quarter performance, which exceeded our enterprise guidance.

我們的團隊在第一季交出穩健的表現，且優於我們對整體企業所提供的財測指引。

So before continuing, I want to thank our 30,000 Regal Regnord Associates for their hard work and disciplined execution.

因此，在繼續之前，我要感謝我們 30,000 名 Regal Regnord 同仁的辛勤付出與紀律執行。

In particular, around achieving market share gains and executing strategic investments to support future growth.

尤其是在取得市占率提升，以及執行策略性投資以支持未來成長方面。

Orders in the quarter on a daily basis were up 8.5% versus prior year, which resulted in our backlog rising 6.7% compared to the fourth quarter.

本季訂單以每日基礎計算較去年同期成長 8.5%，帶動我們的在手訂單（backlog）較第四季增加 6.7%。

In short. We are seeing evidence of both improving end markets and of our growth investments paying off.

簡而言之。我們看到終端市場正在改善的跡象，也看到我們的成長投資正在產生回報。

Orders at AMC were a standout positive, up 34% versus the prior year period on strength across all key verticals.

AMC 的訂單表現特別亮眼，受惠於所有主要垂直領域的強勁需求，較去年同期成長 34%。

Orders in IPS were down slightly in the quarter, which is due to large project timing.

IPS 的訂單在本季小幅下滑，原因是大型專案時點的影響。

Offset by orders in our shorter cycle OEM business, which were up high single-digits and orders in distribution, which were up low single-digits versus the prior year.

但被我們較短週期的 OEM 業務訂單所抵銷，該業務訂單較去年同期成長高個位數百分比；同時，通路（distribution）訂單也較去年同期成長低個位數百分比。

We attribute the strength in IPS short cycle and distribution orders to slowly recovering general industrial markets.

我們將 IPS 短週期與通路訂單的強勁表現，歸因於一般工業市場的緩步復甦。

As well as to our outgrowth initiatives, including cross-sell synergies.

以及我們的超越市場成長（outgrowth）計畫，包括交叉銷售綜效。

Finally, orders in PES were down, but better than expected.

最後，PES 的訂單雖然下滑，但表現優於預期。

We are seeing strength in our commercial HVAC business in the U.S. And Asia Pacific and tentative signs that residential HVAC markets are finding a floor.

我們看到美國的商用 HVAC 業務以及亞太地區表現強勁，並且也看到住宅 HVAC 市場似乎正在觸底的初步跡象。

We believe this is encouraging for PES's growth potential, but as Rob will elaborate, we are remaining measured with our outlook, particularly as it relates to residential HVAC due to the very short cycle nature of this business.

我們認為這對 PES 的成長潛力是令人鼓舞的，但正如 Rob 將進一步說明，我們對展望仍保持審慎，特別是在住宅 HVAC 方面，因為這項業務具有非常短週期的特性。

Enterprise orders in April were up 4.6% on a daily basis.

4 月份企業整體訂單以日均口徑計算成長 4.6%。

We are pleased to see continued strength and positive orders in all segments following a strong first quarter.

在第一季表現強勁之後，我們很高興看到所有事業部門的強勢延續且訂單維持正成長。

Shifting to sales, our sales in the quarter were up 4.3% and up 1.6% on an organic basis versus the prior year.

轉到銷售額，本季銷售額成長 4.3%，相較去年同期以有機口徑計算成長 1.6%。

We saw broad-based growth outside of residential HVAC and with notable strength in data center, discrete automation and general industrial markets in IPS and AMC.

我們在住宅 HVAC 以外的領域看到廣泛成長，且在 IPS 與 AMC 的資料中心、離散自動化以及一般工業市場表現尤為強勁。

From a segment perspective, we saw particular strength in AMC, which grew over 12% organically versus the prior year.

從事業部門角度來看，AMC 表現特別強勁，相較去年同期以有機口徑成長超過 12%。

The AMC team continues to do an excellent job executing its backlog and driving share gains in its largely secular markets.

AMC 團隊持續出色地執行其在手訂單，並在其多為長期結構性成長的市場中推動市占提升。

Turning to margins.

接著談毛利率。

Our first quarter adjusted gross margin was 37.7%, roughly in line with prior year.

第一季調整後毛利率為 37.7%，大致與去年同期持平。

Our teams overcame headwinds from mix, higher-than-anticipated inflation, tariffs and rare earth magnets with solid execution on price realization, productivity, leverage from higher volumes and synergies.

我們的團隊克服了產品組合、高於預期的通膨、關稅與稀土磁鐵等逆風，並透過穩健的價格落實、生產力提升、較高出貨量帶來的槓桿效益以及協同效益，取得良好執行成果。

Adjusted EBITDA margin was 20.6%, down 120 basis points versus prior year.

調整後 EBITDA 利潤率為 20.6%，較去年同期下降 120 個基點。

This performance reflects relative stability in our gross margin, volume leverage and disciplined discretionary cost management, net of higher strategic growth investments.

此表現反映了我們毛利率的相對穩定、量增帶來的槓桿效益，以及對可控費用的嚴格管理；但扣除較高的策略性成長投資後，利潤率有所下滑。

As we have indicated previously, having achieved top quartile gross margins versus relevant industrial peers, we are shifting our strategic emphasis to driving stronger growth, including making targeted investments in new product development, our sales force, and e-commerce technologies, among others.

如同我們先前所指出的，在相較相關工業同業已達到毛利率前四分位之後，我們正將策略重心轉向推動更強勁的成長，包括在新產品開發、銷售團隊與電商技術等方面進行有針對性的投資。

I believe the early fruits of such investments are apparent in multiple recent quarterly order rates, and we expect this dynamic to accelerate.

我認為這些投資的初步成果已在近期多個季度的訂單成長率中顯現，且我們預期這股動能將加速。

Shifting to earnings.

接著談獲利。

Adjusted earnings per share for the quarter was $2.17, up roughly 1% over the same period last year, despite significant year-over-year headwinds, including tariffs, rare earth magnet availability and inflation.

本季調整後每股盈餘為 2.17 美元，較去年同期約成長 1%，儘管面臨顯著的年對年逆風，包括關稅、稀土磁鐵供應可得性以及通膨。

The continued benefit of cost synergies was a nice tailwind in the first quarter, and we expect this to continue as we move through the remainder of this year.

成本協同效益在第一季持續帶來正面助力，我們預期在今年剩餘期間這項效益仍將延續。

Lastly, adjusted free cash flow was roughly flat in the quarter, consistent with our historical normal seasonality and our expectations, which included working capital investments to support our growing backlog.

最後，調整後自由現金流本季大致持平，符合我們歷史上的正常季節性與預期，其中包含為支援在手訂單成長而進行的營運資金投資。

Of note, prior year results benefited from one-time working capital optimization initiatives.

值得注意的是，去年同期的結果受惠於一次性的營運資金最佳化措施。

In summary, a really solid quarter.

總結來說，這是一個非常穩健的季度。

And with that, I'll turn the call over to Rob.

接下來我把電話會議交給 Rob。

Thanks, Lois, and good morning, everyone.

謝謝你，Lois，各位早安。

Now let's review our operating performance by segment.

現在讓我們按事業部門回顧營運表現。

Starting with automation and motion control, or AMC, sales in the first quarter were up 12.1% versus the prior-year period on an organic basis, which was above our expectations.

先從自動化與運動控制（AMC）開始，第一季銷售額以有機口徑較去年同期成長 12.1%，高於我們的預期。

The performance reflects broad-based strength, but with especially strong performance in data center, discrete automation, and food and beverage.

此表現反映出廣泛的強勁需求，其中資料中心、離散自動化以及食品與飲料表現尤其突出。

We would attribute the strength to improving underlying end-market momentum in these secular markets, as well as our growth investments, which are contributing to our sales growth.

我們將這股強勁表現歸因於這些長期結構性市場的終端市場動能改善，以及我們的成長投資正在帶動銷售成長。

Notably, it's good to see the medical market improving. This is a market where we have high-margin, technology-rich products and one where improving demand should help us on both the growth and margin fronts in the future.

特別值得一提的是，很高興看到醫療市場正在改善。這個市場我們擁有高毛利、技術含量高的產品，而需求改善在未來應可同時在成長與利潤率兩方面帶來助益。

Earning to margins, AMC's adjusted EBITDA margin in the quarter was 18.2%, which was roughly 2 points below our expectation, similar to a dynamic we experienced last quarter.

回到利潤率，AMC 本季調整後 EBITDA 利潤率為 18.2%，約比我們預期低 2 個百分點，與我們上季經歷的情況類似。

We were pleased the team over-executed on the top-line, but where we saw the strongest growth in the quarter also resulted in greater than anticipated mix pressure.

我們很高興團隊在營收端超額達成，但本季成長最強的領域也帶來了高於預期的產品組合壓力。

The majority of this pressure relates to stronger growth in OEM versus aftermarket and to a lesser extent project timing in our small but high margin industrial automation software business, where we now expect the majority of these deferred shipments to be delivered in Q2.

這些壓力主要來自 OEM 相較於售後市場的成長更強；此外，在我們規模不大但高毛利的工業自動化軟體業務中，專案時點也有一定影響，我們目前預期大部分延後出貨將於第二季交付。

When considering margin performance versus the prior year period, the business also saw headwinds from the anticipated unfavorable tariff price-cost overhang and, to a lesser extent, continued rare earth magnet supply constraints, along with higher growth investments.

與去年同期相比，該業務也如預期受到關稅價格—成本落差的不利影響，另外也在較小程度上受到稀土磁鐵供應持續受限的影響，同時還有較高的成長投資。

This business is making targeted, strategic investments to pursue highly attractive growth opportunities where adjusted EBITDA margins may, at least initially, be slightly below our mid-20s expectation for where AMC should operate longer-term.

該業務正進行有針對性的策略投資，以把握極具吸引力的成長機會；在這些機會上，調整後 EBITDA 利潤率至少在初期可能會略低於我們對 AMC 長期應運行於 20% 中段水準的預期。

We saw some pressure related to this dynamic in the quarter, but expect it to alleviate as volumes associated with these opportunities rise.

本季我們看到與此動態相關的一些壓力，但隨著這些機會帶來的出貨量提升，我們預期壓力將逐步緩解。

While not impacting the first quarter, EPODs are a great example with their targeted 20%-plus adjusted EBITDA margins, but with high volumes that are expected to make meaningful contributions to EBITDA and earnings growth in future quarters.

雖然第一季尚未產生影響，EPODs 是一個很好的例子：其目標調整後 EBITDA 利潤率在 20% 以上，且預期將以高出貨量在未來季度對 EBITDA 與獲利成長做出有意義的貢獻。

Orders in AMC in the first quarter were up 34%, which as Louis mentioned, reflects broad-based growth.

AMC 第一季訂單成長 34%，如 Louis 所提到的，反映出廣泛的成長。

Excluding data center, AMC's orders were up 28%.

若排除資料中心，AMC 訂單成長 28%。

A few notable highlights include aerospace and defense orders up 76%, medical up 53% and discrete automation up 18%.

幾個值得注意的亮點包括：航太與國防訂單成長 76%、醫療成長 53%，以及離散自動化成長 18%。

Book-to-bill in the first quarter for AMC was 1.24.

AMC 第一季的接單出貨比（book-to-bill）為 1.24。

The strong AMC order momentum carried into April with orders up 14% on a daily basis compared to April of the prior year.

AMC 強勁的訂單動能延續到 4 月，以日均口徑計算，訂單較去年 4 月成長 14%。

As in the quarter, growth remained broad-based with data center, aerospace and defense, discrete automation and medical particularly strong.

如同本季，成長仍然相當廣泛，其中資料中心、航太與國防、離散自動化以及醫療表現特別強勁。

In summary, we are very pleased with the order strength we are seeing in AMC.

總結來說，我們對 AMC 目前看到的訂單強度感到非常滿意。

Our growth investments are paying off and the secular tailwinds that characterize most of AMC's markets are increasingly apparent. Which bolsters our confidence in the high-single-digit organic growth outlook we have for this segment in 2026.

我們的成長投資正在開花結果，而 AMC 多數市場所具備的長期結構性順風也愈發明顯。這進一步強化我們對該事業部門在 2026 年達成高個位數有機成長展望的信心。

Turning to Industrial Powertrain Solutions or IPS, sales in the first quarter were up 2.8% versus the prior year on an organic basis, which was ahead of our expectations.

接著談工業傳動系統解決方案（IPS），第一季銷售額以有機口徑較去年成長 2.8%，高於我們的預期。

Growth in the quarter was broad-based, but with particular strength in the general industrial market. We believe this is consistent with signs of recovery in U.S. Industrial markets as reflected in recent ISM data and with the gains we continue to achieve from our cross-sell and powertrain initiatives.

本季成長相當廣泛，其中一般工業市場表現尤為強勁。我們認為這與美國工業市場復甦的跡象一致，這些跡象反映在近期 ISM 數據中，也與我們透過交叉銷售與傳動系統計畫持續取得的成果相符。

We see these dynamics impacting IPS orders as well, which I will discuss shortly.

我們也看到這些動態正在影響 IPS 的訂單，我稍後會說明。

Adjusted EBITDA margin for IPS in the quarter was 25%. Within our margin guidance range, reflecting a higher mix of OEM versus aftermarket sales and modestly higher than planned commodity inflation.

IPS 本季調整後 EBITDA 利潤率為 25%。落在我們利潤率指引區間內，反映 OEM 相較於售後市場銷售占比提高，以及商品通膨略高於原先規劃。

Versus prior year, margins were down as expected due to the impact of tariff price cost, higher growth investments and unfavorable mix, partially offset by synergy benefits.

與去年相比，利潤率如預期下滑，主要受關稅價格—成本影響、較高的成長投資與不利的產品組合所拖累，部分由協同效益抵銷。

Orders in IPS on a daily basis were down 1.4% in the quarter.

IPS 本季以日均口徑計算的訂單下滑 1.4%。

The decline was driven by the cadence of large project orders in the mining industry, which were very strong in the prior-year period and often can be lumpy.

下滑主要是由礦業大型專案訂單的下單節奏所致；去年同期表現非常強勁，而此類訂單往往具有不均勻、波動較大的特性。

Orders from our short-cycle OEM customers were up almost 9%, with distribution orders up low single-digits and project orders down in the low 10s.

來自我們短週期 OEM 客戶的訂單成長近 9%，其中通路訂單為低個位數成長，而專案訂單則下滑至低兩位數。

These short-cycle OEM orders are where we would expect to see the earliest benefits from a U.S. Industrial cycle recovery.

這些短週期 OEM 訂單，是我們預期最早能看到美國工業景氣循環復甦效益的領域。

Book-to-bill in the first quarter for IPS was 1.09.

IPS 第一季的接單出貨比（book-to-bill）為 1.09。

April orders were up about 2% on a daily basis versus the prior-year period.

以每日基準計算，4 月訂單較去年同期約成長 2%。

Turning to Power Efficiency Solutions, or PES. Sales in the first quarter were down 10.3% versus the prior year on an organic basis, which was in line with our expectations.

接著談 Power Efficiency Solutions（PES）。第一季銷售額以有機基礎計算較去年同期下滑 10.3%，符合我們的預期。

While the outlook for residential HVAC is showing some signs of brightening, including in the AHRI data, our sales in the quarter for this business were down over 20%, as expected. On the flip side, we continue to see growth in our North America and Asia commercial HVAC businesses.

雖然住宅 HVAC 的展望出現一些轉亮跡象（包括 AHRI 數據所示），但本業務本季銷售仍如預期下滑超過 20%。相對地，我們在北美與亞洲的商用 HVAC 業務仍持續成長。

Now turning to margins.

接下來談毛利率。

Adjusted EBITDA margin in the quarter for PES was 15.8%, which was above the high end of our guidance range and up 160 basis points versus the prior year.

PES 本季調整後 EBITDA 利潤率為 15.8%，高於我們指引區間的上緣，且較去年同期提升 160 個基點。

This strong performance was achieved despite challenging end-market conditions and largely reflects positive mix benefits.

在終端市場環境具挑戰的情況下仍能達成此一強勁表現，主要反映產品組合帶來的正向效益。

Orders in PES for the first quarter were down 60 basis points on a daily basis, and while down. Exceeded our expectations on stronger performance in the residential distribution and commercial HVAC markets.

PES 第一季訂單以每日基準計算下滑 60 個基點，雖然下滑。但在住宅通路與商用 HVAC 市場表現較強的帶動下，仍優於我們的預期。

Book-to-bill in the quarter for PES was 1.13.

PES 本季的接單出貨比為 1.13。

April orders in PES were up slightly on a daily basis.

PES 4 月訂單以每日基準計算小幅上升。

Now turning to the outlook on Slide 10.

接著看第 10 頁的展望。

The table on the left outlines our principal assumptions for 2026 with today's update compared to our original guidance when we reported fourth quarter results.

左側表格概述我們對 2026 年的主要假設，並將本次更新與我們在公布第四季結果時的原始指引進行比較。

Starting with sales, as outlined in the table on the upper right corner of this slide, our guidance now assumes growth of roughly 4.5%, up 150 basis points versus our prior assumption, reflecting better than expected performance with almost all of our markets improving from where we entered 2026, which we haven't seen for a number of years.

先從營收開始，如本頁右上角表格所示，我們目前的指引假設成長約 4.5%，較先前假設上調 150 個基點，反映幾乎所有市場的表現均優於預期，且相較於我們進入 2026 年時的狀況有所改善——這是我們多年來未曾見到的情況。

As we discussed last quarter.

如同我們在上季所討論的。

Several of our end markets have the potential for stronger growth in 2026, in particular, general industrial and discrete automation, given recent expansionary ISM readings.

我們的若干終端市場在 2026 年有機會出現更強勁的成長，尤其是一般工業與離散自動化，考量近期 ISM 指數呈現擴張。

One quarter into the year, we believe we are seeing ISM-related tailwinds in our sales and orders, both in IPS and AMC, and are also a bit more optimistic about commercial and residential HVAC markets in PES.

今年進入第一季後，我們認為在 IPS 與 AMC 的銷售與訂單上，已看到與 ISM 相關的順風，同時對 PES 的商用與住宅 HVAC 市場也稍微更為樂觀。

In addition.

此外。

In AMC, we are seeing acceleration in aerospace and defense, discrete automation and medical.

在 AMC，我們看到航太與國防、離散自動化以及醫療領域的成長正在加速。

Shifting to the margin outlook, our adjusted EBITDA margin is now forecast at 22.2% for this year, up 20 basis points over the prior year, but down modestly versus our prior guidance.

轉向利潤率展望，我們目前預估今年調整後 EBITDA 利潤率為 22.2%，較去年提升 20 個基點，但較先前指引小幅下調。

This change largely reflects weaker assumed short-cycle mix in AMC. Which we experienced in Q1 due to a mix that was more weighted to OEM versus aftermarket sales, which we now assume continues for the rest of the year.

此一變動主要反映我們對 AMC 短週期產品組合的假設較弱。我們在第一季已經歷此情況，因產品組合更偏向 OEM 而非售後市場銷售；我們現在假設此趨勢將延續至今年其餘期間。

We see this as a more measured assumption for our full-year guide.

我們認為這是對全年指引更為審慎的假設。

This change also contemplates stronger OEM growth in IPS and in our residential HVAC OEM business in PES.

此一變動也納入 IPS 的 OEM 成長更強，以及 PES 住宅 HVAC OEM 業務的 OEM 成長更強。

At the midpoint of our guidance. We assume that as our end markets improve, growth is stronger in our OEM versus aftermarket sales, which creates unfavorable mix pressure on margin.

在我們指引的中位數。我們假設隨著終端市場改善，OEM 銷售的成長將強於售後市場銷售，從而對利潤率造成不利的組合壓力。

At the higher end of our range, we assume a more favorable aftermarket OEM mix dynamic and a more historic short-cycle margin mix profile.

在區間上緣，我們假設售後市場與 OEM 的組合動態更為有利，且短週期利潤率組合更接近歷史水準。

In addition, our current backlog. Particularly in AMC, supports an even stronger margin profile in the second-half.

此外，我們目前的在手訂單。特別是在 AMC，支撐下半年出現更強的利潤率表現。

However, we are intentionally remaining measured given what we have described, along with current geopolitical and macro uncertainties.

然而，基於我們所描述的情況，以及當前地緣政治與總體環境的不確定性，我們刻意維持較為審慎的態度。

Further down on the table, we also outline relevant below-the-line items, which are fairly consistent with prior guidance.

在表格更下方，我們也列示了相關的損益表下方項目，與先前指引大致一致。

These assumptions result in an adjusted earnings per share guidance range of $10.20 to $11, which is unchanged, and the midpoint equates to approximately 10% adjusted earnings per share growth.

在這些假設下，我們的調整後每股盈餘指引區間為 10.20 美元至 11 美元，維持不變；其中位數相當於調整後每股盈餘約 10% 的成長。

For 2026, our cash flow guidance also remains unchanged at $650 million.

2026 年的現金流指引亦維持不變，為 6.5 億美元。

Our cash flow in the first quarter was roughly flat, which was consistent with our expectations and reflects normal seasonality in the business, as well as investments in working capital that we are making to support our growth.

第一季現金流大致持平，符合我們的預期，反映業務的正常季節性，以及我們為支持成長而進行的營運資金投資。

Finally, regarding tariffs, we are lowering our estimated unmitigated annual impact to $127 million from $155 million previously.

最後，關於關稅，我們將未採取緩解措施下的年度影響估計，自先前的 1.55 億美元下調至 1.27 億美元。

The change since our fourth quarter report factors the replacement of IEPA tariffs with Section 122 tariffs at 10% and recent revisions to Section 232 tariffs.

相較於第四季報告，本次變動納入以 10% 的第 122 條關稅取代 IEPA 關稅，以及近期對第 232 條關稅的修訂。

This revised impact estimate neither accounts for new Section 301 tariffs, which could be implemented later this year, nor potential IEPA refunds.

此一修訂後的影響估計，既未納入可能於今年稍晚實施的新增第 301 條關稅，也未納入 IEPA 可能的退稅。

Specific to the status of potential IEPA tariff refunds, we are actively monitoring the refund process.

就 IEPA 潛在關稅退稅的狀態而言，我們正積極監控退稅流程。

However, it is new, complex and evolving.

然而，該流程是新的、複雜且仍在演變中。

At this point, we have not received any tariff refunds.

截至目前，我們尚未收到任何關稅退稅。

Despite these various fluctuations in tariffs, our outlook is consistent with our previous views. We still expect to be dollar cost neutral by the middle of 2026 and be margin neutral by the end of the year.

儘管關稅出現各種波動，我們的展望仍與先前觀點一致。我們仍預期在 2026 年年中達成美元成本中性，並在年底達成利潤率中性。

Before I leave this slide, it is noteworthy that the revisions to the 232 tariffs are creating new share gain opportunities for our PES business.

在離開本頁之前，值得注意的是，第 232 條關稅的修訂正在為我們的 PES 業務創造新的市占提升機會。

We have high levels of U.S. Steel content in many of our motors, which is enabled by our in-region manufacturing footprint.

我們許多馬達含有高比例的美國鋼材成分，這得益於我們在區域內的製造佈局。

Some of our OEM customers are interested in buying these motors to increase the percentage of U.S.-sourced metal content in their products to qualify for a lower tariff rate when those finished goods are imported into the U.S. We expect to comment more on this opportunity as it evolves.

部分 OEM 客戶有興趣購買這些馬達，以提高其產品中美國來源金屬成分的占比，從而在成品進口至美國時符合較低的關稅稅率。我們預期將隨著此機會的發展，提供更多評論。

On Slide 11.

在第 11 頁。

We provide more specific expectations for our performance by segment on revenue and adjusted EBITDA margin for second quarter and for the full year.

我們針對第二季與全年，按事業部別提供更具體的營收與調整後 EBITDA 利潤率表現預期。

First, a few dynamics to note for the second quarter.

首先，先說明第二季幾個需要注意的動態。

In AMC, we expect sales to be modestly higher sequentially, consistent with AMC's strong orders and its shippable backlog.

在 AMC，我們預期銷售額將較前一季小幅增加，與 AMC 強勁的訂單以及可出貨的在手訂單相一致。

AMC margins should also improve sequentially.

AMC 的利潤率也應會較前一季改善。

On slightly better mix and less tariff price-cost pressure.

主要受益於產品組合略為改善，以及關稅價格與成本壓力降低。

For IPS, we expect sales to rise sequentially, mainly reflecting its shippable backlog, which we believe is benefiting from slowly recovering short-cycle industrial OEM markets and continued progress on our cross-sell initiatives.

對於 IPS，我們預期銷售額將較前一季上升，主要反映其可出貨的在手訂單；我們認為這受益於短週期工業 OEM 市場的緩慢復甦，以及我們交叉銷售計畫的持續進展。

Margins should rise sequentially on improving tariff price-cost dynamics and higher volumes.

利潤率應會因關稅價格與成本動態改善以及出貨量增加而較前一季上升。

For PES.

至於 PES。

Sales are also expected to rise sequentially due to normal seasonality and less pressure on residential HVAC volumes.

由於正常季節性因素，以及住宅 HVAC 出貨量壓力減輕，銷售額也預期將較前一季上升。

PES margins are expected to rise on the higher volumes and improving tariff price cost.

PES 的利潤率預期將隨著出貨量提高以及關稅價格成本改善而上升。

Now, let me flag annual assumptions that are changing.

接下來，我想提示一下正在變動的年度假設。

For AMC, we are raising our annual sales growth guidance to high-single-digits from mid-single-digits, consistent with the stronger Q1 performance in this business.

就 AMC 而言，我們將年度銷售成長指引由原先的中個位數上調至高個位數，與該業務第一季更強勁的表現一致。

The improvement spans AMC's end markets, consistent with the broad-based strength in orders we have seen, but with more notable acceleration in our OEM markets.

這項改善涵蓋 AMC 的終端市場，與我們所看到的訂單廣泛走強一致，但在我們的 OEM 市場加速更為明顯。

As I stated earlier, this acceleration in our OEM markets contributes to us lowering the high end of AMC's guided adjusted EBITDA margin range for a midpoint of approximately 20.5%.

如我先前所述，我們 OEM 市場的這一加速，促使我們下調 AMC 指引的調整後 EBITDA 利潤率區間上緣，使其中點約為 20.5%。

And as I also stated previously, we see an opportunity to achieve the higher end of this range given our current backlog profile and potentially stronger shorter cycle margins, but are intentionally remaining measured at this point in the year.

同樣如我先前所說，鑑於目前的在手訂單結構，以及短週期利潤率可能更強，我們看到有機會達到該區間的較高端；但在今年此時，我們刻意保持審慎。

For IPS, we are raising our annual sales growth guidance to mid-single-digits from low-single-digits, reflecting signs of improving short-cycle industrial end markets evident in our orders. However, the midpoint of our margin outlook for IPS is down 50 basis points versus our prior assumption, reflecting an expectation based on current run rates of stronger growth in the OEM business, which creates a modest mix headwind.

就 IPS 而言，我們將年度銷售成長指引由原先的低個位數上調至中個位數，反映出我們在訂單中看到短週期工業終端市場改善的跡象。然而，IPS 的利潤率展望中點較我們先前假設下調 50 個基點，反映基於目前運行水準，我們預期 OEM 業務成長更強，這會帶來些許產品組合的不利影響。

Finally, for PES, we are raising our sales growth guidance from flat to flat to low single-digit growth, which reflects an incrementally less weakness in residential HVAC.

最後，就 PES 而言，我們將銷售成長指引由持平上調至持平至低個位數成長，反映住宅 HVAC 的疲弱程度略低於先前預期。

Specifically, we now assume residential HVAC volumes are down mid-single-digits versus high-single-digits previously.

具體而言，我們現在假設住宅 HVAC 出貨量下降中個位數，而先前為下降高個位數。

Our revision reflects slightly more positive industry data points and recent OEM commentary.

我們的修正反映略為更正面的產業數據點以及近期 OEM 的評論。

Even with our strong first quarter margin execution, given the better performance we now see in residential HVAC and other mix headwinds, we have slightly lowered our margin guidance range midpoint.

即使我們第一季利潤率執行表現強勁，鑑於我們現在看到住宅 HVAC 表現較佳以及其他組合逆風，我們仍略微下調了利潤率指引區間的中點。

As I close out my prepared remarks and reflect on our performance through the first quarter, we're off to a solid start.

在結束我預先準備的發言並回顧我們截至第一季的表現時，我們有一個穩健的開局。

Our end markets are improving, our growth investments are paying off, and these dynamics are visible in our orders.

我們的終端市場正在改善，我們的成長投資正在見效，而這些動態也反映在我們的訂單上。

We are seeing particular strength in AMC, but also growth in our short-cycle OEM business within IPS and are encouraged by our April orders and PES stabilizing.

我們在 AMC 看到特別強勁的表現，同時也看到 IPS 內短週期 OEM 業務的成長；我們對四月訂單表現感到鼓舞，且 PES 正在趨於穩定。

Margins faced a little more pressure than originally planned in the first quarter, but we see a path to sequential margin improvement in each of the next three quarters based on our current backlog position.

第一季利潤率承受的壓力略高於原先規劃，但基於目前在手訂單部位，我們看到未來三個季度每一季都有逐季改善利潤率的路徑。

We are holding our earnings guidance, but believe there are opportunities for upside if the positive demand momentum proves durable and if the margin mix currently in our backlog maintains.

我們維持獲利指引不變，但若正向需求動能證明具有持續性，且目前在手訂單中的利潤率組合得以維持，我們相信仍有上行機會。

Consistent with our prior approach, we are excluding our remaining cost synergies. Our guidance, which continues to help derisk our forecast. In short, we feel very good about how the year is tracking and believe the growth potential for our transformed portfolio and its associated secular markets is accelerating, making it an exciting time to be a part of Regal Rexnor.

延續我們先前的做法，我們將剩餘的成本綜效排除在外。我們的指引持續有助於降低預測風險。總之，我們對今年的進展感到非常良好，並相信我們轉型後的產品組合及其所對應的長期結構性市場之成長潛力正在加速，讓此刻成為加入 Regal Rexnord 的令人振奮時點。

And with that, operator, we are now ready to take questions.

那麼，接線員，我們現在準備開始回答問題。

(Operator Instructions) Mike Halloran, Baird.

(接線員指示) Baird 的 Mike Halloran。

Good morning, everyone.

各位早安。

And congratulations, Louis.

也恭喜你，Louis。

Enjoyed the time off. Obviously, enjoyed working with you quite a bit and wish you nothing but the best moving forward.

希望你休假愉快。顯然，我很享受與你共事的時光，也祝你未來一切順利。

So can we start on the guidance a little bit here and just kind of dovetailing off of Rob's comments at the end there?

那我們能否先從指引談起，並稍微承接 Rob 在最後的評論？

I think it's essentially one of those, can we just dig into the points of conservatism in the moving pieces here? It seems like the daily order rates suggest there's upside potential to the guidance if the trajectory continues.

我想本質上是這樣：我們能否深入拆解一下這些變動因素中偏保守的部分？看起來每日訂單率顯示，如果這個趨勢延續，指引可能有上行空間。

Could you confirm that one way or another, but then maybe also talk about the moving pieces between mix, which seems like a bigger headwind although some conservatism there maybe. As well as the tariffs being a positive for you and then obviously the synergy is not being included. So can you just wrap that together in a more holistic thought process on where the conservatism is in here and then why the philosophy behind that?

你能否以某種方式確認這點，並也談談其中的變動因素：例如產品組合，似乎是更大的逆風，雖然可能也帶有一些保守假設。另外關稅對你們是正面因素，然後顯然綜效並未納入。所以能否把這些整合起來，用更全面的思路說明保守性在哪裡，以及背後的理念為何？

Yeah, Mike, thanks for the question. So really, when you think about the conservatism, as you look at the kind of midpoint of where we're staying on earnings at this point versus the high end of the range, it really the conservatism really is around it's really a mix more than anything. Look, we are seeing a mix closer to OEM versus aftermarket, which is primarily in ANC, which is most of the impact that you saw in the first quarter. And what we're doing is we're profiling the rest of the year based on that dynamic. And so if the.

好的，Mike，謝謝你的問題。所以當你思考保守性時，看看我們目前在獲利上維持的中點相對於區間上緣，保守性其實主要在於產品組合，勝過其他因素。你看，我們看到的組合更偏向 OEM 而非售後市場，這主要發生在 ANC，也是你在第一季看到影響的大部分來源。而我們正在基於這個動態來規劃今年剩餘時間的表現。因此如果。

Rest of the year ends up closer to our historical mix of OEM versus aftermarket and starts to pick up more aftermarket in that short-cycle demand, we will see likely closer to the higher end of the range, along with the profile of our current backlog does support.

如果今年剩餘時間最終更接近我們歷史上 OEM 與售後市場的組合，並在短週期需求中帶動更多售後市場回升，我們很可能會更接近區間上緣；同時，我們目前在手訂單的結構也支持下半年略高的利潤率輪廓。但考量到我們今天所處的環境仍有不確定性、地緣政治風險以及我們在全球看到的其他情況，我們覺得現在最好稍微審慎一些。

A slightly higher margin profile in the back half of the year, but given where we are today with continued uncertainty, the geopolitical risk, everything else that we see going on in the world, we're feeling a little bit it's best to be a bit measured right now. Hey, the other thing I would tell you, Mike, I don't want to lose sight of this is.

我們目前在手訂單的結構也支持下半年略高的利潤率輪廓，但考量到我們今天所處的環境仍有不確定性、地緣政治風險以及我們在全球看到的其他情況，我們覺得現在最好稍微審慎一些。另外一點我想提醒你，Mike，我不想忽略的是。

We continue to be very confident in our guide. The reason is because we don't have the cost synergies embedded for the rest of the year. We have potential for EPOD shipments coming into 2026 that have not been embedded in our guidance today. But if it does come in, it's a fourth-quarter event. And the potential for IEPA refunds, which, as I said, we don't have embedded because we haven't received any yet, but that could also be something that helps us. Either achieve or exceed the guidance that we've put out there today. So hopefully, that helps a little bit, just kind of getting you to where we feel good about the guide and the potential for higher end. And I think, Louis, you also had a few things you wanted to add.

我們對指引仍然非常有信心。原因在於，我們並未把今年剩餘時間的成本綜效納入其中。我們也有可能在 2026 年開始的 EPOD 出貨，這目前也尚未納入我們今天的指引。但如果真的發生，會是第四季的事件。另外還有 IEPA 退款的可能性；如我所說，我們沒有納入，因為我們尚未收到任何款項，但這也可能成為幫助我們。達成或超越我們今天所提出指引的因素。希望這能稍微幫助你理解我們為何對指引感到良好，以及達到較高端的可能性。我想 Louis 你也有幾點想補充。

Yes.

是的。

Thanks, Robin. That's spot on. And then I would just add to the first part of your question, Mike.

謝謝，Robin。說得非常到位。另外我也想回到你問題的第一部分，Mike。

Yes, we feel good about our order rates right now. And this is the first time in a while where we're confident in our. Revenues. I mean, we always set what's closest to the pin, but we see a path with 8.5% orders in the first quarter, 4.6% orders in April, that if this momentum continues, revenue will help us as well get to the top end. Right now, though, we're going to be measured. We've got some changes going on, as you well know, and it's just the right thing to do, we think.

是的，我們對目前的訂單率感到良好。而這也是一段時間以來，我們第一次對我們的。營收。我是說，我們一向會把目標設得最貼近實際，但我們看到一條路徑：第一季訂單成長 8.5%、四月訂單成長 4.6%，如果這股動能延續，營收也會幫助我們達到上緣。不過就目前而言，我們會保持審慎。如你所知，我們正在經歷一些變動，我們認為這樣做是正確的。

No, that makes sense. And then maybe just give a state of the unit on the data center side of things.

不，這很合理。那接著也許請你們談談資料中心那邊的最新狀況。

Last couple of quarters, you've been a little more forthcoming in the deck specifically about where you were in terms of EPOD funnel, where the traditional business funnel was on the data center side and then where you were in the.

過去幾個季度，你們在簡報中對於你們在 EPOD 漏斗中的進展、資料中心端傳統業務漏斗的狀況，以及你們在……方面的進度，都更願意提供資訊。

Manufacturing plant build out, could you just update us on those topics holistically and anything else you think might be relevant to that conversation?

製造工廠擴建進度，能否就這些主題做一個整體更新，以及你認為與這段討論相關的其他事項？

Sure, Mike, I'll be too, and I might jump around. A couple of things. We talked about an expansion in our Canada facility. We're already using that operation, and I was there at the beginning of April, and we're producing switchgear through that facility today.

當然可以，Mike，我也會回答，而且我可能會跳著講。有幾點。我們談到加拿大廠區的擴建。我們已經在使用那個營運據點，我在四月初也去過，目前我們已經透過該廠區生產開關設備（switchgear）。

I then went on to our new Texas facility, and we're well on our path. We've got material already coming in. We will be producing in that facility by mid-year, ERPs up and running.

接著我去了我們新的德州廠，我們進度很順利。材料已經開始進廠。我們將在年中前於該廠開始生產，ERP 也已上線運作。

We're well suited to the capacity expansion that we need.

我們已具備所需的產能擴張條件。

Specific to data center, I mean, we're still very bullish. This is a market where we're nicely positioned and we've been winning quite a bit. We had significant orders growth, but remember, the business is pretty lumpy.

就資料中心而言，我們仍然非常看好。這是一個我們定位良好、且贏得不少案子的市場。我們的訂單成長顯著，但請記得，這個業務波動性很大。

They tend to be larger projects, and they're getting even larger.

它們通常是較大型的專案，而且規模還在變得更大。

The $735 million order we announced coming out of fourth quarter, beginning of first quarter, is a great example of that.

我們在第四季結束、第一季初宣布的 7.35 億美元訂單，就是很好的例子。

I think the real question is... So we really don't have any more of an update on the funnel itself. We talked about a $600 million switchgear funnel coming out of last quarter. It's about the same. Our win rates are pretty stabilized. And again, we had some nice orders growth in switchgear in first quarter. Now, specific to EPOT.

我想真正的問題是……所以我們對漏斗本身沒有更多更新。我們上季提到約 6 億美元的開關設備漏斗。目前大致相同。我們的得標率相當穩定。而且同樣地，我們第一季在開關設備也有不錯的訂單成長。接著談 EPOT。

Nothing has changed in our expectation here. We are in discussion with our customers about future demand beyond 2027 when the majority of our current EPOD backlog will ship.

我們在這方面的預期沒有改變。我們正與客戶討論 2027 年之後的未來需求，屆時我們目前 EPOD 在手訂單的大部分將會出貨。

Our customers expect this market to continue to grow into the foreseeable future. And so...

我們的客戶預期這個市場在可預見的未來仍會持續成長。所以……

The best way to think about this is our expectation is that our sales in '27 are probably somewhere around the $900-ish million, and we expect that we would be able to grow off of that in '28.

最好的理解方式是：我們預期 2027 年的銷售額大概在 9 億美元左右，並且預期 2028 年能在此基礎上繼續成長。

And so, therefore, even though we're not giving you clarity on the funnel.

因此，即使我們沒有就漏斗提供更明確的資訊。

We would expect to see orders towards the end of this year or the beginning of next year to fill in the demand for '28, but everything we're steering from our customers suggests that that is going to occur.

我們仍預期在今年年底或明年年初看到訂單，用以補足 2028 年的需求；而我們從客戶端得到的所有訊號都顯示這將會發生。

Hopefully, that packages everything in your question and happy to clarify anything if you'd like.

希望這樣已涵蓋你問題的所有面向；如果你希望我釐清任何部分，我也很樂意。

No, that was great, Louis. Appreciate it, and best of luck again.

不，這很棒，Louis。謝謝你，也再次祝你一切順利。

Thank you.

謝謝。

Jeff , KeyBanc. Please go ahead.

Jeff，KeyBanc。請發言。

Hey, good morning, everyone. This is David Tarantino on for Jeff. And Luis, I want to pass along our thanks and good luck from both Jeff and I.

嗨，各位早安。我是 David Tarantino，代 Jeff 發言。Luis，我想代表 Jeff 和我向你致謝並祝你順利。

On IPS, it's great to see some more positive momentum here. So maybe could you give us some color on what's reflected in the guide here relative to what you're hearing from your customers, particularly around the short-cycle distribution customers?

關於 IPS，很高興看到這裡出現更正向的動能。所以你能否談談，指引中反映了哪些內容，與你從客戶那裡聽到的情況相比如何，特別是短週期的通路（distribution）客戶？

Yes, we're being a little more measured than maybe what you've heard from some of our distribution customers in the public statements.

是的，我們的態度會比你可能從一些通路客戶公開說法中聽到的更為審慎一些。

The distribution orders in the first quarter were up low-single-digit. Distribution orders in April were up mid-single-digit. So it does feel like it's accelerating a little bit, but we're being measured with an expectation of full-year sales for ITS at mid-single-digit.

第一季通路訂單年增為低個位數。四月份通路訂單年增為中個位數。所以確實感覺有些加速，但我們仍採取較審慎的假設，預期 ITS 全年銷售為中個位數成長。

Okay, great. And then maybe on the margins more specifically in AMC, could you give us some color on the degree of mix in rare earth headwinds and how you expect this to evolve moving forward? Any more color on that margin bridge year-over-year would be helpful.

好的，很好。接著更具體談 AMC 的毛利率，你能否說明稀土逆風的組合（mix）影響程度，以及你預期未來會如何演變？若能提供更多關於年對年毛利率橋接（margin bridge）的細節會很有幫助。

Yeah, so specific to rare earth, just I'll cover up, there's probably about 30 basis points of headwinds related to rare earth. But the mixed impact that I described in my prepared remarks related to the short cycle waiting towards OEM versus aftermarket, that mix was maybe just north of maybe 100 basis points of impact to EBITDA. The second.

好的，就稀土而言，我先說明：與稀土相關的逆風大約是 30 個基點。但我在事先準備的發言中提到的組合影響，與短週期業務偏向 OEM 相對於售後市場（aftermarket）有關，該組合對 EBITDA 的影響可能略高於 100 個基點。第二個。

Was really related to that high-margin automation software sell that slipped from Q1 to Q2. That's probably another 50 basis points of headwind in the first quarter. And then finally, the last, there's another 50 as well, because we're about two full points below where we thought we would be. So there's about another 50 basis points related to the timing of tariff price cost. It's never perfect. We're a little bit off, as I said, about 50 basis points.

主要是因為一筆高毛利的自動化軟體銷售從第一季延後到第二季。這在第一季大約帶來另外 50 個基點的逆風。最後，還有另外 50 個基點，因為我們的表現比原先預期低了大約 2 個百分點。所以還有約 50 個基點與關稅的價格與成本傳導時點有關。這從來不會完全精準。如我所說，我們有點偏差，大約 50 個基點。

Relative to what we had expected, but fully expect to resolve that as we move through Q2.

相較於我們原先的預期，但我們完全有信心在第二季推進過程中把這個問題解決。

Kyle Menges, Citigroup.

Kyle Menges，花旗集團。

Thank you. I was hoping to get a little bit of clarification just on the data center sales cadence that you guys are laying out.

謝謝。我希望能釐清一下你們所描述的資料中心銷售節奏。

It seemed like data center sales might have been $175 million or so in 2025, and I'm curious what that would look like in 2026, and then I believe you had said $900 million for 2027. Is that total data center sales that you're referencing, and how much of that is the EPARD?

看起來 2025 年資料中心銷售可能約 1.75 億美元左右，我想了解 2026 年會是什麼樣子；然後我相信你提到 2027 年是 9 億美元。你指的是資料中心總銷售額嗎？其中有多少是 EPARD？

Yeah, so, Kyle, good morning. So, actually, 2025 for Data Center was $120 million for Regal.

是的，Kyle，早安。其實，Regal 在 2025 年的資料中心業務是 1.2 億美元。

And our expectation for Data Center for '26 is $180 million, no EPOD in that number.

我們對 2026 年資料中心的預期是 1.8 億美元，這個數字不包含任何 EPOD。

And our expectation for '27 -- but we're not guiding yet, we've got to figure it all out -- would be to see growth.

而我們對 2027 年的預期——但我們還沒有提供指引，我們還得把一切釐清——會是看到成長。

On that piece. That's the switchgear piece with an expectation of switchgear probably being at about 240.

在那一塊。那是開關設備（switchgear）那一塊，我們預期開關設備大概在 2.4 億左右。

And EPOD then would be additive to that and anywhere from, call it 700.

而 EPOD 則會在此基礎上再加上去，大約在 7 億左右。

And that's how we get to the 900-plus for 2027.

這就是我們如何在 2027 年達到 9 億以上。

Hopefully, that was helpful.

希望這對你有幫助。

That was helpful, and to think about just maybe margin as well in 2027 within AMC, if I think about maybe you're on a path to get to the higher end of the margin guide for this year closer to 21%.

這很有幫助。再談一下 2027 年 AMC 的利潤率：如果我想像你們今年正朝著利潤率指引上緣、接近 21% 的方向前進。

With the EPOD and more switchgear sales coming in in 2027, maybe you get some growth from the other end markets in AMC. Just what's your level of confidence that AMC could continue to see margin expansion in '27?

隨著 2027 年 EPOD 與更多開關設備銷售進來，加上 AMC 其他終端市場可能也有成長。你對 AMC 在 2027 年仍能持續擴大利潤率的信心程度如何？

Yeah, Kyle, this is Rob. So I absolutely think we're going to continue to see margin expansion. Remember, we're battling through first half of this year where we're trying to catch up.

是的，Kyle，我是 Rob。所以我絕對認為我們將會持續看到毛利率擴張。請記得，我們正在度過今年上半年，我們正努力追趕進度。

Both on the rare earth side and on the tariff price cost side that we do expect, as I said, to be overall for the business and within AMC to be margin neutral by the time we exit the year. Now from that point, and given the backlog profile and the orders performance in the higher margin.

無論是在稀土端，或是在我們預期的關稅價格/成本端，如我所說，對整體業務以及在 AMC 內部而言，到今年年底時我們預期在毛利率層面將大致持平（margin neutral）。從那之後，考量到積壓訂單的結構以及在較高毛利業務中的接單表現。

Businesses within AMC, I would expect that mix will play a nice part in improving margins as we move through '27. It is a bit premature to guide at this time, but there's absolutely a path to get back to that range that we had previously provided within a reasonable period of time. We aren't quite ready to say what that is yet because of the headwinds we have this year.

在 AMC 內的這些業務，我預期產品組合（mix）將在我們邁向 2027 年的過程中，對改善毛利率發揮不錯的作用。現在就提供指引還稍嫌過早，但在合理的時間內，確實有一條路徑可以回到我們先前提供的那個區間。我們還沒準備好說那會是什麼時點，因為今年我們面臨一些逆風。

But we and and also the fact that we're bringing in so much in terms of the EPOD order, which in 2027, which we said should be 20% plus margins. And so therefore, that's going to weigh a bit on the mix, but we will happily trade a bit of margin for the growth we're getting out of that business.

但我們——以及另外一個事實是，我們正在導入大量 EPOD 訂單，而在 2027 年，我們說過那應該會有 20% 以上的毛利率。因此，這會在產品組合上帶來一些壓力，但我們很樂意用些許毛利率去換取這項業務帶來的成長。

Helpful. Thanks, guys. And Louis, best of luck to you and it's been a pleasure working with you.

很有幫助。謝謝各位。Louis，祝你一切順利，與你共事很愉快。

Thank you, Kyle.

謝謝你，Kyle。

Julian Mitchell, Barclays. Please go ahead.

Julian Mitchell，Barclays。請發言。

Thanks a lot. Yes, I wish you well, Lewis, and good to have you on the call, Rakesh.

非常感謝。是的，Lewis，祝你一切順利，也很高興你加入這通電話，Rakesh。

Maybe first question is just trying to understand again the AMC margin framework. So I understand there's some near-term headwinds, but I think this was the 11th quarter in a row of AMC margins falling year-on-year in Q1, and you're assuming that they expand year-on-year in the back half.

也許第一個問題是想再理解一下 AMC 的毛利率架構。我理解短期有一些逆風，但我想這已經是第一季 AMC 毛利率連續第 11 個季度年對年下滑，而你們假設下半年會年對年擴張。

I just wondered, there are those very specific items that might turn around, but there's been a longer-term margin deterioration, so maybe any context around the confidence that that reverses. And then mix has been mentioned many times as to a firm-wide margin headwind. Maybe just help us understand the delta of OEM versus aftermarket margin for Regal company-wide, please?

我只是想知道，雖然有一些非常具體的項目可能會反轉，但毛利率惡化已經是較長期的趨勢，所以能否提供一些背景，說明為何有信心它會扭轉。另外，產品組合已多次被提到是全公司毛利率的逆風。能否協助我們理解 Regal 全公司 OEM 與售後市場（aftermarket）毛利率的差異（delta）？

Yeah, let me take the first part and then, Lois, you can add as we move forward. So let's talk a little bit about AMC margins because you brought up something in terms of the historical performance of this business and how we have .

好的，我先回答第一部分，然後 Lois 你可以再補充。我們來談談 AMC 毛利率，因為你提到這項業務的歷史表現，以及我們如何。

I think this is maybe four quarters now that we've had rare earth magnet supply issues. That certainly has weighed on the margins within the business, as have tariffs.

我想這大概已經有四個季度出現稀土磁鐵供應問題。這確實壓抑了該業務的毛利率，關稅也是如此。

Last year, we saw a lot in terms of the medical D stock that was much worse than what we planned.

去年，我們在醫療 D 庫存方面看到的情況比我們規劃的糟得多。

And then most recently, we've seen a stronger-than-expected growth in the OEM business. So that's and the OEM is at a lower margin profile than you would see on the aftermarket, some of the stronger margin businesses within AMC. So the good news is that we're seeing acceleration across.

而最近，我們看到 OEM 業務的成長強於預期。因此——而且 OEM 的毛利率結構低於售後市場，以及 AMC 內某些毛利率較高的業務。所以好消息是，我們看到各項業務正在加速。

Most of those ANC markets with some of those like medical and discrete automation having well above fleet average margin profiles. So we have based on the profile of our backlog today, we feel very good about the improvements that we see going into the back half of the year, coupled with the fact that we do believe will be past the rare earth magnet issue that I just talked about and we believe that tariff price cost will become neutral on a margin basis by the end of the year, all of that gives us confidence as we move into the back.

在多數 AMC 市場中，其中像醫療與離散自動化（discrete automation）等，毛利率結構明顯高於整體平均。因此，基於我們目前的積壓訂單結構，我們對下半年將看到的改善感到非常有信心；再加上我們相信稀土磁鐵問題將會過去，以及我們相信關稅的價格/成本到年底在毛利率層面將轉為中性，這些都讓我們對進入下半年更有信心。

And Julian, to the second part of your question, OEM versus aftermarket margin, there's anywhere from a 10 to 20-point differential between OEM and aftermarket. But as you well know, with our business, we need the OEM to drive the installed base.

Julian，關於你問題的第二部分，OEM 與售後市場的毛利率差異大約在 10 到 20 個百分點之間。但如你所知，以我們的業務而言，我們需要 OEM 來推動裝機基礎（installed base）。

And we expect over a 20-year period, six times that revenue in the aftermarket at 10 to 20 points higher. And so we're thrilled to see OEM starting to accelerate as well because that is the long-term benefit for Regal.

而我們預期在 20 年期間，售後市場的營收會是 OEM 的 6 倍，且毛利率高出 10 到 20 個百分點。因此，我們也很高興看到 OEM 開始加速，因為那對 Regal 來說是長期的利多。

That's very helpful, Carla.

這非常有幫助，Carla。

Thank you. And then just to follow-up on this point on data centers, a couple of things there. One is. Lewis, you made it sound like maybe I misunderstood that there might not be EPOD orders of any scale before perhaps toward the end of the year. I just wanted to check if that's the base assumption. And also, that $900 million of revenue-ish in 2027 for data center.

謝謝。接著就資料中心這點再追問一下，有幾件事。第一個是。Lewis，你的說法讓我覺得也許是我誤解了：在今年接近年底之前，可能不會有任何具規模的 EPOD 訂單。我想確認這是否是基本假設。另外，2027 年資料中心約 9 億美元左右的營收。

Am I right in thinking you have the capacity to do a lot more, it's a sort of outsourced low vertical integration kind of assembly model, so I'm assuming you could do a lot higher than that if the orders come in.

我是否可以理解你們有能力做得更多？這是一種外包、垂直整合程度較低的組裝模式，所以我假設如果訂單進來，你們可以做到遠高於這個數字。

And the answer is yes to both of your questions, we put a plan together and the Texas expansion does allow us to expand our first path is really a single shift of production that then would allow us to meet the current demand profile and we could easily expand to a second shift.

對你兩個問題的答案都是肯定的。我們制定了一個計畫，而德州的擴產確實讓我們能擴大產能；我們的第一步基本上是先採單班制生產，以滿足目前的需求結構，之後也可以很容易擴增到第二班。

Specific to your order question, I mean, right now, our planning has us forecasted orders, large orders at the end of the year. You are spot on.

就你問的訂單而言，我的意思是，目前我們的規劃預測大型訂單會在年底進來。你說得完全正確。

Doesn't mean we're not talking to our customers and perhaps there'll be some drop-ins before that, but our expectation is that the orders to fill 28 will come in towards the end of this year, beginning of next.

這不代表我們沒有和客戶持續溝通，或許在那之前會有一些插單（drop-ins），但我們的預期是，用來填滿 2028 年的訂單會在今年年底、明年年初進來。

That's super helpful. Thanks, Lewis, and wish you all the best.

這非常有幫助。謝謝你，Lewis，也祝你一切順利。

Thank you.

謝謝。

Thanks again, Julia.

再次感謝，Julia。

Tomo Sano, JPMorgan.

Tomo Sano，JPMorgan。

Hello.

你好。

This is Ethan on for Tomo, and we both want to say thanks to Lewis.

我是 Ethan，代 Tomo 發言，我們兩位都想對 Lewis 表達感謝。

Thank you, Ethan.

謝謝你，Ethan。

So our question is today is orders were really strong in AMC regarding outside of the data centers.

我們今天的問題是：在 AMC 中，除了資料中心之外，訂單其實非常強勁。

Can we get an update on maybe the $200 million pipeline and potential progress within robotic actuation?

能否請你更新一下大約 2 億美元的管線（pipeline），以及在機器人致動（robotic actuation）方面的潛在進展？

Yeah, Ethan, you're absolutely correct. Orders were strong outside of data center. Orders in AMC, not including our data center business, were up 28%.

好的，Ethan，你說得完全正確。資料中心以外的訂單很強。AMC 的訂單（不含我們的資料中心業務）成長了 28%。

Discrete automation was up 18%.

離散自動化成長了 18%。

The automation. Funnel is actually growing. So it's growing beyond that $200 million, but your question was specific to humanoid. Humanoid in the quarter.

自動化的漏斗（funnel）其實正在成長。所以它已經超過那 2 億美元，但你的問題是特別針對人形機器人（humanoid）。人形機器人在本季度。

We only saw a little bit over $1 million of orders, but I remind you that last year we saw $40 million of orders. What gives us confidence in our position in humanoids is we're seeing more and more cross-sell opportunity. So we saw about $0.5 million in our microgearing business to another OEM.

我們只看到略高於 100 萬美元的訂單，但我提醒你，去年我們看到的是 4,000 萬美元的訂單。讓我們對人形機器人領域的定位有信心的是，我們看到越來越多的交叉銷售機會。因此，我們在微型齒輪傳動（microgearing）業務上，對另一家 OEM 約看到 50 萬美元的訂單。

We're seeing more positioning for our brake and clutches business, and that's really reinforces the strength of Regal Rexnord in our scale and scope and leveraging our cross-sell drive to accelerate the growth of the business. And I'll remind you, cross-sell strategically is important to Regal. In Q1, and so I'm pivoting a little bit because I think it's an important point, Ethan, in Q1 '26, we.

我們看到在煞車與離合器業務上的布局增加，而這確實強化了 Regal Rexnord 在規模與範疇上的優勢，並透過槓桿運用我們的交叉銷售推動力來加速業務成長。我也提醒各位，從策略面來看，交叉銷售對 Regal 很重要。在第一季，所以我稍微轉個方向，因為我認為這是一個重要的點，Ethan，在 2026 年第一季，我們。

We saw a 34% increase in our cross-sell, and our funnel grew by 18%. So we are well on our path to our target. Last year, we saw $210 million of cross-sell.

我們的交叉銷售增加了 34%，而我們的商機漏斗成長了 18%。因此我們正穩步朝目標前進。去年，我們的交叉銷售達到 2.10 億美元。

This year, we'll likely get to our target a year early of $250 million-plus. So maybe a little more answer than you wanted, Ethan, so I apologize for that, but hopefully that was helpful.

今年，我們很可能會比原定時間提前一年達成 2.50 億美元以上的目標。所以也許回答得比你想要的多一點，Ethan，對此我表示抱歉，但希望這對你有幫助。

Yes, that was helpful. And just following up on the cross-selling and potential synergies, is there an update on the synergies that were realized during the quarter as well as potential ones for this year if there's any additional outlook that we could see in the future potentially?

是的，這很有幫助。另外就交叉銷售與潛在綜效再追問一下，關於本季已實現的綜效，以及今年可能實現的綜效是否有更新？未來是否可能提供任何額外展望？

Well, listen, we're going to continue to drive our cross-sell initiatives. So we've said it many times. If a customer is buying one of our products, they need to buy all of our products, yet less than 20% of our customers are buying two or more of our product families. And so there's plenty of upside. And so for now, we're still on our path to a $250 million target of cross-sell, and like I said, we will. Achieved -- actually exceed that this year. And so feel really good about our cross-sell and the activity there.

嗯，聽著，我們會持續推動交叉銷售的各項倡議。我們已經說過很多次。如果客戶在買我們其中一項產品，他們就應該買我們所有的產品；然而，購買我們兩個以上產品家族的客戶不到 20%。因此上行空間很大。所以目前我們仍在朝 2.50 億美元的交叉銷售目標前進，而且如我所說，我們會。達成——其實今年會超越該目標。因此我們對交叉銷售及相關活動感到非常有信心。

Thank you.

謝謝。

(Operator Instructions) Joe Ritchie, Goldman Sachs.

(接線員指示) Joe Ritchie，高盛。

Guys, and Louis, I can't believe it's been seven years. Wish you the best and thank you for everything.

各位，Louis，我真不敢相信已經七年了。祝你一切順利，也謝謝你所做的一切。

Yeah, thanks, Joe. I can't believe it's been seven years either.

是的，謝謝你，Joe。我也不敢相信已經七年了。

Yeah, it's crazy.

是啊，太瘋狂了。

So my first question, look, it's great to see the order momentum across the other businesses outside of data center.

那我第一個問題，坦白說，很高興看到資料中心以外的其他業務訂單動能。

I guess just with the disruption that we're seeing in the Middle East, I'm curious whether your customers have said anything about trying to secure their supply chains earlier, maybe kind of purchasing ahead of schedule, just any commentary around that, obviously, some of the end markets that you called out, things like discrete automation and Arrow have had supply chain issues in the past, I'm just trying to understand that dynamic a little bit better.

我想，鑑於我們在中東看到的擾動，我很好奇你們的客戶是否有提到想更早確保其供應鏈，也許有點提前採購、早於原定時程下單之類的情況？想請你們就此做些評論。顯然你們提到的一些終端市場，例如離散自動化和 Arrow，過去曾有供應鏈問題；我只是想更了解這個動態。

Yeah, Joe, we've really not heard any of that from our customers.

是的，Joe，我們確實沒有從客戶那邊聽到任何這類情況。

A couple of things I would note, we first first of all, our exposure to the Middle East is low, it's less than 1%. We do not leverage the Strait of Hormuz or any of the logistics.

我想補充幾點：首先，我們對中東的曝險很低，不到 1%。我們不依賴荷姆茲海峽或任何相關物流。

In the region. Certainly, the oil and gas inflation is going to have an impact on logistics costs, but that's the only thing that we see as a concern. And it's unfortunate, to put it this way, because I think it's an unfortunate situation, but the war likely will be a benefit to Regal. We're seeing incredible strength in our defense business, and although oil and gas is. Only a couple percent of our revenue, we're seeing significant strength there right now. So unfortunately, the war is a benefit to Regal, and we're not hearing anything from our customers that says they're pulling forward, they're concerned about the supply chain, at least not at this time.

在該地區。當然，油氣通膨會對物流成本造成影響，但這是我們唯一看到可能的疑慮。而且很遺憾地說，我認為這是一個不幸的情勢，但這場戰爭很可能會讓 Regal 受益。我們看到國防業務非常強勁；雖然油氣只占。我們營收的幾個百分點，但我們目前也看到那邊顯著走強。所以很不幸地，戰爭對 Regal 是有利的；而我們沒有從客戶那邊聽到任何表示他們在提前拉貨、擔心供應鏈的訊息，至少目前沒有。

Okay, great. That's really good to hear. And then I guess my follow-up to Rob, just on the tariff impact going forward. So clear that the unmitigated piece has gone down since last quarter, pricing has kind of remained the same. As you're thinking about kind of like the cadence for QQ, I'm trying to understand whether this is net positive in the second quarter, is it positive from a margin standpoint in the second quarter? Just help me understand that just based on the impact that you saw in the first quarter.

好的，很棒。這真的很高興聽到。接著我想追問 Rob，關於未來關稅影響。很清楚未緩解的部分比上季下降了，定價大致維持不變。當你們在思考季度對季度的節奏時，我想了解第二季是否是淨正面？從毛利角度看第二季是否為正面？請協助我理解，基於你們在第一季看到的影響。

Yeah, no, there won't be much of any impact at all in the second quarter. We capitalized tariffs into our inventory and therefore, based on our terms, we wouldn't expect to see much of anything until maybe the fourth quarter and even then, we're probably talking a few $3 million, $4 million.

是的，不會，第二季幾乎不會有任何影響。我們已將關稅資本化計入存貨，因此依照我們的條款，我們預期要到第四季左右才可能看到一些影響；即便如此，可能也只是 300 萬到 400 萬美元左右。

If that is as it comes through the year based on our capitalization and those turns. So we're not expecting anything in the second quarter.

如果依照我們的資本化處理與存貨周轉，在年度中逐步反映出來的話。所以我們不預期第二季會有影響。

We would expect maybe a bit in the fourth.

我們預期第四季可能會有一點。

Okay, thank you. Again, best of luck, Louis.

好的，謝謝。再次祝你好運，Louis。

This concludes our question-and-answer session. I would like to turn the conference back over to Louis Pinkham for any closing remarks.

問答環節到此結束。我想把電話會議交回 Louis Pinkham，請他做結語。

Thank you, operator, and thanks to our investors and analysts for joining us today. It is with mixed emotions that I close my last earnings call.

謝謝你，接線員，也感謝今天加入我們的投資人與分析師。我帶著複雜的心情結束我最後一次的法說會。

I am so proud of all that our team has accomplished.

我為我們團隊所完成的一切感到非常自豪。

We have transformed Regal Restaurant into a higher-performing enterprise with a differentiated portfolio, an incredibly strong team. Well positioned to accelerate profitable growth.

我們已將 Regal Restaurant 轉型為一個績效更高的企業，擁有差異化的產品組合與一支極其強大的團隊。並且具備良好定位，以加速獲利性成長。

I am also extremely excited about Regal's future under the leadership of our newly announced CEO, Amir Paul.

我也對 Regal 在我們新公布的執行長 Amir Paul 領導下的未來感到非常振奮。

I believe that he will help our team capitalize on all that we have built to create tremendous value for our key stakeholders.

我相信他將協助我們的團隊把我們所建立的一切發揮到極致，為關鍵利害關係人創造巨大的價值。

Once I pass the baton. I am looking forward to watching Regal's journey progress as one of those stakeholders.

當我交棒之後。我也期待以其中一位利害關係人的身分，見證 Regal 的旅程持續向前。

Thank you again for joining us today, and thank you for your interest in Regal Rexnorc.

再次感謝各位今天加入我們，也謝謝各位對 Regal Rexnorc 的關注。

The conference is now concluded.

本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的簡報。您現在可以掛線。