Regal Rexnord Corporation (RRX) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Regal Rexnord second quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

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

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

現在我想將會議交給投資人關係副總裁 Robert Barry。請開始。

Thank you, operator. Good morning, and welcome to Regal Rexnord's second quarter 2026 earnings conference call. Joining me today are Aamir Paul, our Chief Executive Officer; and Rob Rehard, our Chief Financial Officer. 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.

謝謝，接線員。早安，歡迎參加 Regal Rexnord 2026 年第二季財報電話會議。今天與我一同出席的有我們的執行長 Aamir Paul，以及財務長 Rob Rehard。我想提醒各位，在今天的電話會議中，您可能會聽到與我們未來財務結果、計畫及業務營運相關的前瞻性陳述。

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 the regalrexnord.com website. 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 have included reconciliations between the non-GAAP financial information and the GAAP equivalent in the press release and in these presentation materials.

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；我們在今日新聞稿以及提交給美國證券交易委員會（SEC）的報告中有更詳細的說明，相關文件可於 regalrexnord.com 網站取得。此外，本投影片亦說明我們呈列若干我們認為對投資人有用的非 GAAP 財務衡量指標；我們已在新聞稿及本簡報資料中提供非 GAAP 財務資訊與其 GAAP 對應項目的調節表。

Turning to slide 3. Let me briefly review the agenda for today's call. Please note that given Aamir's tenure with the company began on July 1 after the conclusion of our second quarter, we are going to modify our typical approach to the call. Aamir will lead off with some introductory comments, Rob will then provide an overview of our second quarter performance at the enterprise level, review our second quarter financial results in more detail by segment and conclude by discussing our updated 2026 guidance.

請看第 3 張投影片。我先簡要說明今天電話會議的議程。請注意，由於 Aamir 於 7 月 1 日、也就是在我們第二季結束後才加入公司，我們將調整以往電話會議的典型進行方式。Aamir 將先做一些開場說明，接著 Rob 將在企業層級概述我們第二季表現，並依事業部更詳細檢視第二季財務結果，最後討論我們更新後的 2026 年財測指引。

We will then move to Q&A, after which the call will conclude. And with that, I'll turn it over to Aamir.

接著我們將進入問答環節，之後電話會議將結束。那麼，我把時間交給 Aamir。

Thanks, Rob, and good morning, everyone. Thank you for joining us to discuss our second quarter results. We appreciate your interest in Regal Rexnord. I'm honored and excited to be Regal Rexnord 6 CEO in our 71-year history, and I want to thank the Board for entrusting me with the responsibility of leading this exceptional company. I'd also like to thank my predecessor, Louis Menken.

謝謝，Rob，各位早安。感謝各位加入我們，一同討論第二季業績。我們感謝各位對 Regal Rexnord 的關注。我很榮幸也很興奮，成為 Regal Rexnord 71 年歷史中的第 6 任執行長；並感謝董事會信任我，將領導這家卓越公司的責任交付於我。我也要感謝我的前任 Louis Menken。

Given this is my first call, I thought I'd begin by sharing a bit about my background, why I decided to join and how I've spent my time over the past five weeks. I'll conclude with a few initial observations. So starting with my background. I'm a chemical engineer by training. Professionally, I began my career at Dell Technologies, where I spent 13 years, split equally between Austin and London.

由於這是我第一次參與電話會議，我想先分享一些我的背景、我為何決定加入，以及過去五週我如何安排時間。最後我會提出幾點初步觀察。先從我的背景談起。我受過化學工程訓練。在職涯方面，我在 Dell Technologies 開始我的職業生涯，總共待了 13 年，時間平均分布在奧斯汀與倫敦。

My time at Dell was mostly in sales and marketing roles, including the transition to an omnichannel go-to-market. I joined Schneider Electric in 2013, first, in the US business, leading Sales and Operations, and with the last four leading North American operations as a member of the Global Executive Committee. These experiences included global and local roles, they span sales, strategy, operations and business leadership.

我在 Dell 的大部分時間擔任銷售與行銷相關職務，包括推動轉型為全通路（omnichannel）的市場進入策略。我於 2013 年加入施耐德電機（Schneider Electric），先在美國事業部領導銷售與營運；最後四年則以全球執行委員會成員身分，領導北美營運。這些經歷涵蓋全球與在地職務，橫跨銷售、策略、營運與事業領導。

I have worked with customers and partners in markets that include data centers, energy technology, discrete and process automation as well as life cycle services. I came to Regal Rexnord because I see tremendous opportunities across the company's portfolio, strong channel positions, manufacturing scale and healthy balance sheet. This gives us the ability to address customer needs in a range of very attractive end markets.

我曾與客戶與合作夥伴在多個市場合作，包括資料中心、能源科技、離散與流程自動化，以及全生命週期服務。我加入 Regal Rexnord，是因為我看見公司產品組合、強大的通路地位、製造規模與健全資產負債表所帶來的巨大機會。這使我們有能力在一系列極具吸引力的終端市場中滿足客戶需求。

Regal Rexnord today is a highly capable provider of foundational components that are critical in a wide variety of applications. Some of these are tried and true such as factory automation, aerospace and defense and air moving, and some are emerging and exciting like robotics and eVTOL. It's also great to see our participation in the data center space, and I'm spending time with our teams there to explore our solution road map and understand our customer pipeline.

如今的 Regal Rexnord 是一家具備高度能力的基礎零組件供應商，這些零組件在各式各樣的應用中都至關重要。其中有些是成熟且經驗證的領域，例如工廠自動化、航太與國防，以及空氣流動（air moving）；也有一些是新興且令人振奮的領域，例如機器人與 eVTOL（電動垂直起降飛行器）。看到我們參與資料中心領域也令人振奮；我正在與那裡的團隊投入時間，探索我們的解決方案路線圖並了解客戶管線。

Overall, our broad exposure across attractive end markets is exciting as we continue to build for the future. Now since joining the company on July 1, my primary focus has been listening and learning, and this will continue to be my focus in the coming months as I interact with our teams, our customers, channel and supply chain partners and our investors. Specifically to our investors and analysts, I look forward to spending time with you in understanding your perspectives.

整體而言，我們在多個具吸引力的終端市場擁有廣泛布局，隨著我們持續為未來打造能力，這令人振奮。自 7 月 1 日加入公司以來，我的主要重點一直是傾聽與學習；在接下來幾個月，當我與我們的團隊、客戶、通路與供應鏈夥伴以及投資人互動時，這仍將是我的重點。特別是對投資人與分析師，我期待與各位交流，了解你們的觀點。

I want to thank you in advance for your patience as I balance relationship building with better understanding of our business and customers' needs. While I've only been on the job for five weeks, I want to share some early impressions.

我也先行感謝各位的耐心，讓我在建立關係的同時，更深入理解我們的業務與客戶需求。雖然我到任僅五週，但我想分享一些初步印象。

First is the strength of the team. I've been repeatedly impressed with their knowledge of our products, their commitment to serving our customers and their pride in being part of Regal Rexnord. While we have worked to finish on integration, we are increasingly engaging as one team to better serve our customers. Second is around the channel and customer relationships. In the first few conversations, it's clear that we have strong partnerships and trust that has been built over time. We will continue to raise the bar on how we execute to keep earning that trust every day.

第一，是團隊的實力。我一再對他們對產品的了解、服務客戶的承諾，以及以身為 Regal Rexnord 一員為榮的態度感到印象深刻。雖然我們一直在努力完成整合工作，但我們正日益以「一個團隊」的方式更緊密合作，以更好地服務客戶。第二，是通路與客戶關係。在最初幾次對話中，很明顯我們擁有強大的合作夥伴關係，以及長期建立起來的信任。我們將持續提高執行標準，讓我們每天都能持續贏得這份信任。

And finally, the strength of the franchise. We have great technology, trusted brands, a large installed base of products that support attractive aftermarket sales. Couple this with high-quality manufacturing and a culture of continuous improvement, and you have a foundation for building a platform for sustainable and profitable growth.

最後，是事業版圖的強韌性。我們擁有優秀的技術、值得信賴的品牌，以及龐大的產品裝機基礎，支撐具吸引力的售後市場銷售。再加上高品質製造能力與持續改善的文化，便奠定了打造可持續且獲利成長平台的基礎。

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

那麼，我把電話會議交給 Rob。

Thanks, Aamir, and good morning, everyone. I'll begin by covering our enterprise performance and then move to the segment discussions, followed by a guidance update. Our team delivered solid second quarter performance, and I want to begin by thanking our 30,000 Regal Rexnord associates for their hard work and disciplined execution.

謝謝，Aamir，各位早安。我將先說明我們在企業層級的表現，接著進入各事業部討論，最後更新財測指引。我們的團隊在第二季交出穩健的表現；我想先感謝 30,000 名 Regal Rexnord 同仁的辛勤付出與紀律執行。

Orders in the quarter on a daily basis were up 8.8% versus the prior year or 8.1% excluding data center. Encouragingly, orders, excluding our consumer leading businesses, residential HVAC and pool, were up low double digits in the quarter. We are seeing evidence of both improving end markets and further returns on our growth investments.

本季以每日基準計算的訂單量較去年同期成長 8.8%；若排除資料中心，則成長 8.1%。令人鼓舞的是，若排除我們以消費者為主的領先業務——住宅 HVAC 與泳池——本季訂單量呈現低雙位數成長。我們看到終端市場改善的跡象，也看到我們成長投資帶來的進一步回報。

Orders at AMC were a standout positive, up 17.1% versus the prior year period, and up 15% excluding data center on broad-based positive momentum. Orders in IPS were up 6.7% versus the prior year, on strength in the energy and general industrial markets. In PES, orders were up 3.5%, on strength in commercial HVAC, which was largely offset by weakness in the consumer weighted residential HVAC and pool markets.

AMC 的訂單表現特別亮眼，較去年同期成長 17.1%；若排除資料中心，則成長 15%，呈現廣泛的正向動能。IPS 的訂單較去年同期成長 6.7%，主要受惠於能源與一般工業市場的強勁表現。PES 的訂單成長 3.5%，主要來自商用 HVAC 的強勁需求，但多數被以消費者為主的住宅 HVAC 與泳池市場疲弱所抵銷。

Enterprise orders in July were up 7% on a daily basis. Shifting to sales. Our sales in the quarter were up 4.2% versus the prior year and at 3.3% on an organic basis, or up 6.1% excluding residential HVAC and pool. We saw broad-based growth with notable strength in data center, commercial HVAC, discrete automation and energy markets. AMC led the way on growth, up over 15% organically versus the prior year and up 8% excluding data center. The AMC team continues to execute its backlog and drive share gains in its largely secular markets.

7月企業訂單以每日基準計算成長7%。接著談銷售。本季銷售額較去年同期成長4.2%，以有機基準計算成長3.3%；若排除住宅HVAC與泳池業務，則成長6.1%。我們看到廣泛的成長，其中資料中心、商用HVAC、離散自動化與能源市場表現尤為強勁。AMC在成長方面領先，以有機基準較去年同期成長超過15%；若排除資料中心，則成長8%。AMC團隊持續執行其在手訂單，並在其以長期結構性成長為主的市場中推動市占提升。

Turning to margins. Our second quarter adjusted gross margin was 39.8% or 37.8%, excluding IEEPA tariff refunds. We recorded $32 million of refunds in the quarter. I will discuss these refunds in greater detail in the guidance section of the presentation.

接著談毛利率。我們第二季調整後毛利率為39.8%；若排除IEEPA關稅退稅，則為37.8%。本季我們認列3,200萬美元的退稅。我將在簡報的財測指引部分更詳細說明這些退稅。

Our second quarter gross margin performance versus prior year, excluding refunds, largely reflects our team's ability to overcome headwinds from a higher-than-anticipated inflation, mix, tariffs and rare earth magnets with leverage from higher volumes and benefits from synergies.

我們第二季毛利率相較去年同期的表現（排除退稅）主要反映團隊克服高於預期的通膨、產品組合、關稅與稀土磁鐵等逆風的能力，同時受惠於較高出貨量帶來的槓桿效應以及協同效益。

Adjusted EBITDA margin was 23.5% or 21.5% excluding refunds. Versus the prior year, the second quarter margin performance reflects the gross margin drivers I mentioned as well as growth investments. Notably, AMC's adjusted EBITDA margin improved this quarter and has room for further improvement, especially in the fourth quarter, which I will discuss in more detail later in the presentation.

調整後EBITDA利潤率為23.5%；若排除退稅，則為21.5%。相較去年同期，第二季利潤率表現反映我先前提到的毛利率驅動因素，以及成長投資。值得注意的是，AMC本季調整後EBITDA利潤率有所改善，且仍有進一步改善空間，尤其在第四季；我稍後會在簡報中更詳細說明。

Shifting to earnings. Adjusted earnings per share for the quarter was $2.99 or $2.60 excluding the benefit from refunds, which equates to 5% adjusted earnings growth versus the prior year excluding the refunds. Lastly, adjusted free cash flow was $154 million in the quarter, a nice sequential improvement aided by higher EBITDA, lower interest costs and normal seasonality.

接著談獲利。本季調整後每股盈餘為2.99美元；若排除退稅帶來的利益，則為2.60美元。以排除退稅後口徑計算，調整後獲利較去年同期成長5%。最後，本季調整後自由現金流為1.54億美元，在較高EBITDA、較低利息成本與正常季節性因素帶動下，較前一季有不錯的改善。

When comparing our second quarter cash flows to the prior year quarter, keep in mind that our cash flows in the second quarter of 2025 benefited from $369 million of proceeds from our accounts receivable securitization program. On the whole, a solid quarter. I'll now review our operating performance by segment. Starting with Automation and Motion Control, or AMC, Sales in the second quarter were up 15.6% versus the prior year period on an organic basis.

將我們第二季現金流與去年同期相比時，請留意：2025年第二季的現金流受惠於應收帳款證券化計畫帶來的3.69億美元款項。整體而言，本季表現穩健。接下來我將按事業部門回顧營運表現。先從自動化與運動控制（Automation and Motion Control，AMC）開始，第二季銷售額以有機基準較去年同期成長15.6%。

This performance reflects broad-based strength, but with a especially strong growth in data center, discrete automation and aerospace and defense. We attribute the strength in improving underlying end market momentum in AMC's largely secular markets and traction in our growth investments.

此一表現反映全面性的強勁動能，其中資料中心、離散自動化以及航太與國防的成長尤為突出。我們將此強勁表現歸因於AMC以長期結構性成長為主的市場中，終端市場動能改善，以及我們成長投資所帶來的進展。

Turning to margins, AMC's adjusted EBITDA margin in the quarter was 21.1% or 19.9% excluding refunds. Versus the prior year, AMC margins were up 40 basis points, mainly reflecting higher volumes, partially offset by growth investments. Orders in AMC in the second quarter were up 17.1% versus the prior year, which reflects broad-based growth, but with particular strength in aerospace and defense, discrete automation and data center.

接著談利潤率，AMC本季調整後EBITDA利潤率為21.1%；若排除退稅，則為19.9%。相較去年同期，AMC利潤率上升40個基點，主要反映出貨量增加，部分被成長投資所抵銷。AMC第二季訂單較去年同期成長17.1%，反映廣泛成長，其中航太與國防、離散自動化與資料中心表現尤為強勁。

As stated earlier, excluding data center, AMC's orders were up 15%. Book-to-bill in the second quarter for AMC was 1.02. July orders for AMC were up 7.4% on a daily basis versus the prior year period. Before I leave AMC, I'd like to highlight that, in the first half, AMC's daily orders were up over 25% versus the prior year period. This performance is supporting the healthy top line growth AMC has been delivering, and which we expect to continue.

如先前所述，若排除資料中心，AMC訂單成長15%。AMC第二季接單出貨比（book-to-bill）為1.02。7月AMC訂單以每日基準計算較去年同期成長7.4%。在結束AMC之前，我想強調上半年AMC的每日訂單較去年同期成長超過25%。此一表現支撐AMC持續交出的健康營收成長，我們也預期將延續。

Keep in mind, however, that nearly half of this order growth reflects longer cycle projects and blanket orders that are expected to benefit the P&L in 2027, and, in some cases, 2028. Turning to Industrial Powertrain Solutions, or IPS. Sales in the second quarter were up 2% versus the prior year on an organic basis, which was in line with our expectations.

但也請留意，這些訂單成長中近一半來自週期較長的專案與框架訂單（blanket orders），預期將在2027年、部分甚至在2028年反映至損益表。接著談工業動力傳動解決方案（Industrial Powertrain Solutions，IPS）。IPS第二季銷售額以有機基準較去年同期成長2%，符合我們的預期。

Growth in the quarter was led by the energy market, which includes power gen, where we are benefiting from strong growth in the data center market. A notable area of weakness was machinery off-highway which includes pressure we are seeing in the ag market. I will also share some detail by chance. Our short-cycle OEM sales were up mid-single digits, which we believe is consistent with favorable ISM data, and our distribution channel sales were up low single digits.

本季成長主要由能源市場帶動，其中包含發電（power gen）；我們正受惠於資料中心市場的強勁成長。較明顯的疲弱領域是非公路機械（machinery off-highway），其中包含我們在農業市場看到的壓力。我也會按機會分享一些細節。我們的短週期OEM銷售成長中個位數百分比，我們認為這與有利的ISM數據一致；而我們的經銷通路銷售成長低個位數百分比。

Adjusted EBITDA margin for IPS in the quarter was 27.1% or 25.9% excluding refunds. Compared to the prior year, margins were down as expected due to the impact of product mix, growth investments and higher inflation. Orders in IPS on a daily basis were up 6.7% in the second quarter. The growth was broad-based, but with the largest contributions coming from the general industrial and energy markets. Notably, orders into the distributor channel accelerated, tracking up 8% in the quarter and consistent with a stronger short-cycle outlook.

IPS本季調整後EBITDA利潤率為27.1%；若排除退稅，則為25.9%。與去年同期相比，利潤率如預期下滑，主要受產品組合、成長投資與較高通膨影響。IPS第二季訂單以每日基準計算成長6.7%。成長相當廣泛，其中貢獻最大的是一般工業與能源市場。值得注意的是，進入經銷通路的訂單加速成長，本季成長8%，與較強的短週期展望一致。

Orders for short-cycle OEM were up 4%, but that follows 9% growth last quarter, equating to just over 6% growth from the first half. So we continue to feel good about what we are seeing in short cycle OEM. Finally, large project orders also accelerated, up 8%, aided by wins in metals and mining.

短週期OEM訂單成長4%，但這是在上季成長9%之後，換算上半年合計成長略高於6%。因此，我們對短週期OEM目前所見的狀況仍然感到樂觀。最後，大型專案訂單也加速成長至8%，受惠於我們在金屬與礦業的得標。

This project strength has helped put our IPS shippable backlog for 2027 up over 20% versus where our 2026 shippable backlog stood at this time last year, an early positive sign for 2027. Book-to-bill in the second quarter for IPS was $1.06. July orders for IPS were up 7.7% on a daily basis versus the prior year period.

這股專案動能使我們IPS在2027年的可出貨在手訂單（shippable backlog）較去年此時的2026年可出貨在手訂單水準高出逾20%，這是2027年的一個早期正面訊號。IPS第二季接單出貨比為1.06。7月IPS訂單以每日基準計算較去年同期成長7.7%。

Turning to Power Efficiency Solutions, or PES. Sales in the second quarter were down 6.6% versus the prior year on an organic basis. The year-over-year decline was primarily driven by weakness in residential HVAC and pool. We believe that demand in residential HVAC remained weak due to a soft housing market, low consumer confidence and lingering pockets of excess channel inventories. At the same time, commercial HVAC remains a clear positive offset, aided by data center construction and continued traction in regional outgrowth initiatives.

接著談電力效率解決方案（Power Efficiency Solutions，PES）。PES第二季銷售額以有機基準較去年同期下滑6.6%。年對年下滑主要由住宅HVAC與泳池業務疲弱所致。我們認為住宅HVAC需求仍偏弱，原因包括房市疲軟、消費者信心偏低，以及通路庫存過剩仍有零星殘留。同時，商用HVAC仍是明顯的正向抵銷因素，受惠於資料中心建設，以及區域成長（regional outgrowth）計畫持續取得進展。

In the quarter, we also experienced incremental friction related to changes in Section 232 tariffs as some OEMs appear to delay orders and production decisions ahead of the anticipated changes, and then again, as they reevaluated production plans following the tariff proclamations. In contrast, our commercial HVAC business remains strong and is gaining momentum, aided significantly by data center construction and in Asia continued demand from data center, along with traction on the team's regional outgrowth initiatives.

本季我們也因《232條款》關稅變動而遭遇額外摩擦；部分OEM似乎在預期變更前延後下單與生產決策，並在關稅公告後重新評估生產計畫時再次延宕。相較之下，我們的商用HVAC業務仍然強勁且動能提升，主要受資料中心建設顯著帶動；在亞洲亦受惠於資料中心的持續需求，同時團隊的區域成長（regional outgrowth）計畫也持續取得進展。

Turning to margins. Adjusted EBITDA margin in the quarter for PES was 20.5% or 16.2% excluding refunds. This reflects weaker performance in the residential HVAC aftermarket due to greater caution in the channel and pockets of elevated distributor inventory as well as underperformance in pool distribution.

接著談毛利率。本季PES的調整後EBITDA利潤率為20.5%，若不含退稅則為16.2%。這反映住宅HVAC售後市場表現較弱，原因包括通路更為審慎、部分經銷商庫存偏高，以及泳池分銷業務表現不如預期。

Orders in PES for the second quarter were up 3.5% on a daily basis, with strength in commercial HVAC largely offset by weakness in residential HVAC and pool. Book-to-bill in the quarter for PES was 1.0. July orders for PES were up 5.4% on a daily basis versus the prior year period.

PES第二季訂單以日均計成長3.5%，商用HVAC的強勁表現大致抵銷了住宅HVAC與泳池業務的疲弱。本季PES的接單出貨比（book-to-bill）為1.0。PES 7月訂單以日均計較去年同期成長5.4%。

Turning to the outlook. We are making some updates to reflect the dynamic environment. Before reviewing the specifics, I'll make a few high-level comments. We're very encouraged by the positive order momentum we're seeing, which is broad-based with growth in all three segments. We also continue to make progress paying down our debt and expect to be below 3 times net debt leverage in the second half, an important milestone in our delevering journey.

接著談展望。我們正在進行一些更新，以反映多變的環境。在檢視細節之前，我先做幾點高層次的說明。我們對目前看到的正向接單動能感到非常振奮，這是廣泛性的，三個事業部門皆呈現成長。我們也持續在償還債務方面取得進展，並預期下半年淨負債槓桿將降至3倍以下，這是我們去槓桿化旅程中的重要里程碑。

On Slide 10, the table on the left presents our principal guidance assumptions for 2026 as of today's update, compared to our prior guidance when we reported first quarter results. The first column is our guidance provided on our first quarter call. The middle column is for reference, and provides our current view on operating performance, excluding the impact of refunds, which is comparable view to our guidance at first quarter.

在第10頁投影片，左側表格呈現截至今日更新時我們對2026年的主要指引假設，並與我們在公布第一季業績時的先前指引比較。第一欄為我們在第一季電話會議提供的指引。中間欄僅供參考，提供我們目前對營運表現的看法（不含退稅影響），其可比性與第一季時的指引一致。

The third column incorporates the benefit of refunds, which are now incorporated into our guidance. Our guidance now reflects an expected $48 million of refund benefits to EBITDA or $0.57 per share. This includes $32 million recorded in the second quarter and $8 million to be recorded in each of the second half quarters.

第三欄納入退稅帶來的效益，而退稅目前已納入我們的指引。我們的指引現反映預期退稅對EBITDA帶來4,800萬美元的效益，或每股0.57美元。其中包含第二季已認列的3,200萬美元，以及下半年每一季各將認列的800萬美元。

Now returning to the table on this slide. Starting with sales, our guidance is unchanged at $6.2 billion and 4.5% growth. It now factors stronger growth in AMC, offset by weaker assumed growth in PES and IPS. Shifting to the margin outlook. Our adjusted EBITDA margin is now forecast to be 22.1% for this year, or 21.3% excluding the impact of refunds.

回到本頁投影片的表格。先看營收，我們的指引維持不變，為62億美元與4.5%的成長。其中已納入AMC較強的成長，但被PES與IPS較弱的假設成長所抵銷。接著看利潤率展望。我們目前預估今年調整後EBITDA利潤率為22.1%，若不含退稅影響則為21.3%。

The decline in our margin outlook excluding these refunds, is being driven by three factors - one, a longer time line to realize planned productivity gains, in some cases, to prioritize service levels; two, a lag in price realization relative to a faster pace of inflation; three, modest mix impacts related to our revised segment growth outlooks. Regarding longer lead times to realize planned productivity savings, in some cases, we are slowing productivity actions to prioritize growth, particularly in AMC.

若不含這些退稅，我們利潤率展望下修主要由三項因素驅動：第一，實現既定生產力提升的時程拉長，在某些情況下是為了優先確保服務水準；第二，相較於通膨加速，價格落實（price realization）存在滯後；第三，因我們修訂各事業部門成長展望而帶來的溫和產品組合（mix）影響。就生產力節省的較長實現期而言，在某些情況下，我們放慢生產力措施以優先推動成長，特別是在AMC。

In other cases, we are adding incremental conservatism on the time it takes to realize savings from our productivity actions. The last two factors, inflation and segment sales mix, tend to be shorter cycle and now reflect the latest market conditions. Regarding inflation, in particular, all of our segments are seeing higher material, freight and energy costs in excess of our prior forecast.

在其他情況下，我們對生產力措施節省實現所需時間加入了額外的保守假設。後兩項因素——通膨與事業部門銷售組合——通常屬於較短週期，並已反映最新市場狀況。就通膨而言，尤其是我們所有事業部門都面臨高於先前預測的原物料、運輸與能源成本。

Further down on the table, we also outlined relevant below-the-line items, which are fairly consistent with prior guidance. Though I will flag our lower adjusted effective tax rate primarily resulting from the regional mix of earnings in Q2 and benefits from our tax planning strategies. These assumptions resulted in adjusted earnings per share guidance midpoint of $10.60, which is unchanged from our prior view.

在表格更下方，我們也列示了相關的稅後（below-the-line）項目，整體與先前指引大致一致。不過我要特別指出，我們較低的調整後有效稅率主要源自第二季獲利的區域組合，以及我們稅務規劃策略帶來的效益。上述假設使調整後每股盈餘（EPS）指引中位數為10.60美元，與我們先前看法一致。

Given we are now halfway through the year, we have also narrowed our adjusted EPS guidance range to $10.35 to $10.85. For 2026, our cash flow guidance is now $600 million, down $50 million versus our prior target. The change primarily reflects improved order strength since we originally set our guide, which has become increasingly weighted to AMC, requiring incremental working capital investments. We are also assuming a more measured pace on executing our working capital reduction initiatives in light of the higher growth trajectory.

鑑於目前已過半年，我們也將調整後EPS指引區間收斂至10.35至10.85美元。就2026年而言，我們的現金流指引目前為6億美元，較先前目標下調5,000萬美元。此變動主要反映自我們最初設定指引以來訂單強度改善，且成長愈來愈偏向AMC，因而需要額外的營運資金投資。在較高的成長軌跡下，我們也假設執行營運資金降低計畫將採取更為審慎的步調。

Our healthy cash generation continues to enable good progress in paying down our debt, and we expect to see net debt leverage below 3 times in the second half. Finally, regarding tariffs, the transition from Section 122 to announced Section 301 tariffs is minimal and is factored into our guidance. We continue to monitor this situation as it is rapidly evolving.

我們健康的現金創造能力持續支持我們在償還債務方面取得良好進展，並預期下半年淨負債槓桿將低於3倍。最後，關於關稅，從第122條（Section 122）轉換至已宣布的第301條（Section 301）關稅影響很小，且已納入我們的指引。我們將持續監控此情況，因其正快速演變。

On slide 11, we provide more specific expectations for our performance by segment on revenue and adjusted EBITDA margin for third quarter and for the full year. For reference and comparability to our prior outlook, we are providing our margin assumptions for third quarter and the full year, both including and excluding IEEPA refund impacts. I will reference values excluding IEEPA tariff refunds in discussing this slide.

在第11頁投影片，我們提供按事業部門區分、對第三季及全年營收與調整後EBITDA利潤率的更具體預期。為了參考並與先前展望具可比性，我們提供第三季與全年利潤率假設，分別包含與不包含IEEPA退稅影響。在討論本頁投影片時，我將引用不含IEEPA關稅退稅的數值。

First, a few dynamics to note for the third quarter. In AMC, we expect sales to be modestly lower sequentially, reflecting some project activity that moved out of the quarter, including some that pulled into second quarter and some that shifted to fourth quarter. These product shifts, which carry favorable mix, contributed to a modest sequential margin decline in third quarter, followed by a step higher in fourth quarter.

首先，第三季有幾項動態值得注意。在AMC，我們預期營收較前一季小幅下降，反映部分專案活動移出本季，包括有些提前至第二季、有些延後至第四季。這些產品時點的變動（其組合較有利）導致第三季利潤率較前一季小幅下滑，隨後在第四季再上台階。

Despite these shifts, big picture, we believe AMC's margins have stabilized and expect the segment's second half margins to be above first half. We expect further margin expansion in AMC as we move through next year, but we are not providing any further guidance in that regard at this time. Our fourth quarter revenue outlook for AMC is now also benefiting from $15 million of ePod sales.

儘管有這些變動，從大方向來看，我們認為AMC的利潤率已趨於穩定，並預期該事業部門下半年利潤率將高於上半年。我們預期隨著進入明年，AMC利潤率將進一步擴張，但目前不就此提供更多指引。我們對AMC第四季營收展望也因1,500萬美元的ePod銷售而受惠。

As a reminder, we have been waiting for build schedules tied to our initial ePod orders to firm and had expected the majority of these sales to impact 2027 with some spillover into 2028, and potential for a modest amount of revenue to be recorded this year. We plan to provide further updates on the cadence of ePOD revenues when we have better clarity.

提醒一下，我們一直在等待與初始ePod訂單相關的建置排程確定，並原先預期這些銷售大多將在2027年反映，部分延伸至2028年，且今年可能僅會認列少量營收。當我們對ePOD營收節奏有更清楚的掌握時，我們計畫提供進一步更新。

Turning to IPS. We expect sales and margins to be higher in the second half versus the first half, reflecting orders performance and project shipment timing. However, within the back half, we do see sales and margins being modestly higher in the fourth quarter versus in the third quarter.

接著談IPS。我們預期下半年營收與利潤率將高於上半年，反映接單表現與專案出貨時點。不過在下半年內部，我們確實看到第四季的營收與利潤率將較第三季小幅提高。

For PES, sales and margins are expected to rise sequentially, largely due to normal seasonality. As a reminder, third quarter is the typical seasonal high point for PES margins, and we expect this year to follow that historic pattern and step down sequentially in the fourth quarter. This year, we expect that fourth quarter step down to be larger because we anticipate less high-margin pool distribution pre-buy activity than in a typical year given apparent destocking in the pool distributor channel.

就PES而言，預期營收與利潤率將較前一季上升，主要由正常季節性所帶動。提醒一下，第三季通常是PES利潤率的季節性高點，我們預期今年將遵循歷史模式，並在第四季較前一季下滑。今年我們預期第四季的下滑幅度會更大，因為鑑於泳池分銷通路顯示正在去庫存，我們預期高毛利的泳池分銷提前備貨（pre-buy）活動將少於一般年度。

Now let me flag some annual assumptions that are changing. For AMC, we are raising our annual sales growth guidance to low double digits from high single digits, consistent with the segment's strong order performance, along with the addition of the $15 million of ePOD revenue expected in the year. However, we are lowering the back half margin expectation due largely to the factors I covered earlier in the presentation.

現在讓我指出一些正在變動的年度假設。就 AMC 而言，基於該事業群強勁的接單表現，並加上預期今年將新增 1,500 萬美元的 ePOD 營收，我們把年度銷售成長指引從高個位數上調至低雙位數。不過，由於我在簡報前面提到的因素，我們下調了下半年的利潤率預期。

For IPS, we are lowering our annual sales growth guidance to low single digits from mid-single digits, primarily reflecting a weaker outlook for our large projects business primarily tied to prior year metals and mining projects rolling off. Encouragingly, as I mentioned earlier, recent large project momentum has improved, though the benefits are likely to accrue in 2027. These headwinds are temporarily muting the benefits we are seeing from a recovery in short-cycle industrial markets. Shifting to margins.

就 IPS 而言，我們將年度銷售成長指引從中個位數下調至低個位數，主要反映大型專案業務展望轉弱，這主要與前一年度的金屬與礦業專案逐步結束（rolling off）有關。令人鼓舞的是，如我先前提到，近期大型專案動能已有改善，但效益可能要到 2027 年才會顯現。這些逆風正暫時削弱我們從短週期工業市場復甦所看到的效益。接著談利潤率。

Our margin outlook for IPS is down about 80 basis points versus our prior assumption. Just under half of this decline is related to the lower top line outlook. And the remainder is associated with the factors I discussed earlier that are driving our enterprise EBITDA margin guidance revision.

我們對 IPS 的利潤率展望較先前假設下調約 80 個基點。其中略低於一半的下滑與較低的營收（top line）展望有關。其餘則與我先前討論、推動我們修正企業 EBITDA 利潤率指引的因素相關。

Finally, for PES, we are lowering our sales growth guidance to a flat to low single-digit decline. The change primarily reflects weaker residential HVAC and pool distribution markets that are mix accretive to the segment, partially offset by a stronger outlook for the commercial HVAC market.

最後，就 PES 而言，我們將銷售成長指引下調至持平至低個位數下滑。此變動主要反映住宅 HVAC 與泳池通路市場走弱；這些市場對該事業群的產品組合（mix）具有增益（accretive），但部分被商用 HVAC 市場較強的展望所抵銷。

Our adjusted EBITDA margin outlook for PES is now expected to be about 1 point lower versus our prior assumption, reflecting higher inflation, lower volumes, less productivity and weaker mix. Before we open it to questions, I want to take a minute to reflect on the outlook for our business. For those who have been following us for some time, you know we have been focused on growth and deleveraging.

我們對 PES 的調整後 EBITDA 利潤率展望，現預期較先前假設低約 1 個百分點，反映通膨較高、銷量較低、生產力較弱以及組合較差。在開放提問之前，我想花一點時間回顧我們業務的展望。對於長期關注我們的人來說，你們知道我們一直聚焦於成長與去槓桿。

Our order growth is approaching double digits, and our leverage is tracking to get below 3 times in the back half. This trajectory should provide value creation opportunities for all our stakeholders, our customers, our associates and our shareholders.

我們的訂單成長正接近雙位數，而我們的槓桿率也正朝著在下半年降至 3 倍以下的方向發展。這樣的軌跡應能為所有利害關係人、客戶、同仁以及股東帶來價值創造的機會。

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

那麼，接線員，我們現在準備開始提問。

(Operator Instructions)

(接線員指示)

Mike Halloran with Baird.

Baird 的 Mike Halloran。

Welcome, Aamir. Looking forward to work with you.

歡迎你，Aamir。期待與你合作。

Likewise. Thank you.

我也是。謝謝。

So a couple of questions here. First, can we start kind of where you left off there, the order trends have been really good for a chunk of quarters here, even if you exclude the Chunky ePOD orders. The revenue has lagged a lot of the commentary you've had in the prepared remarks was setting up for 2027 with longer cycle type projects that are coming in. So maybe you can help put in context when you start thinking that the orders and revenue numbers can start converging. It feels like you feel cumulatively good about what the momentum on the orders look like, July so to support that.

我這邊有幾個問題。首先，我們可以從你剛才結尾提到的地方開始：過去好幾個季度的訂單趨勢都非常好，即使排除那些大額的 ePOD 訂單也是如此。但營收一直落後；你在事先準備的講稿中有不少評論是在為 2027 年、以及正在進來的較長週期專案做鋪陳。所以也許你可以協助我們理解，你何時開始認為訂單與營收數字會開始收斂。感覺你對訂單動能的累積表現相當有信心，而 7 月的情況也支持這點。

And then any moving pieces that you think will prevent you from getting there as we exit this year into next year?

另外，你認為有哪些變動因素可能會阻礙你們在今年結束、進入明年時達成這個目標？

Yes, Mike, thanks for the question. So first of all, orders certainly do look to be very strong. As you said, we exited Q2 in a very good place. We, again, in July, saw orders strength at 7% overall for the business. So that's very good.

是的，Mike，謝謝你的問題。首先，訂單看起來確實非常強勁。如你所說，我們在第二季結束時處於非常好的位置。而且同樣地，我們在 7 月看到整體業務的訂單強度為 7%。所以這非常好。

There are some things that are lagging in terms of the sell side. I mean from an IPS perspective, we are seeing the large project activity, as we said, in mining, in particular. That's certainly weighing down on some of the the growth rates that we're seeing this year. But that's really a timing issue. It's really an air pocket, if you will, and it should absolutely free up as we move into '27.

在出貨端（sell side）方面，有些事情確實存在落後。以 IPS 的角度來看，我們如先前所說，正在看到大型專案活動，特別是在礦業領域。這確實壓抑了我們今年所看到的一些成長率。但那其實是時點問題。可以說是一段短暫的空窗期（air pocket），而隨著我們邁向 2027 年，它應該會完全釋放。

As I said on the call, we have about 20% higher shippable backlog in '27 at this time versus what we would have had at the same time last year. So that gives us quite a bit of confidence as we move into the back half of this year and move into '27. From a PES standpoint, certainly, lots of noise there, market-driven, but feel very good about the order rates we're now starting to see. I'll point out that, in PES, we saw orders in the second quarter about 5% -- I'm sorry, at about 6.7%. We're now moving to about 5 -- a little over 5% in July.

如我在電話會議上所說，以目前時間點來看，我們在 2027 年可出貨的在手訂單（shippable backlog）比去年同一時間高約 20%。因此，當我們進入今年下半年並邁向 2027 年時，這給了我們相當大的信心。就 PES 而言，確實有很多雜訊，主要由市場驅動，但我們對目前開始看到的接單率感到非常樂觀。我補充一下，在 PES，我們第二季的訂單約為 5%——抱歉，約為 6.7%。而在 7 月，我們現在約為 5%多一點。

That's good to see continuation there. That's more of a market issue.

很高興看到這樣的延續。這更多是市場面的問題。

And then from an AMC perspective, we've talked about a 15% excluding data center in the second quarter, very strong. So we really -- and this is why we took up the back half of the year for AMC the way that we did. We do see that there's an opportunity to perform a little better within the range, but we are going to be a bit measured as we move into the back half of the year. But again, we don't see any visible obstacles beyond the macro. Most end markets feel very good to us.

再來從 AMC 的角度，我們談到第二季若排除資料中心，成長為 15%，非常強勁。所以我們確實——這也是我們為何以那樣的方式上調 AMC 下半年的原因。我們確實看到在區間內表現得更好一些的機會，但在進入下半年時我們會稍微更審慎一些。但同樣地，除了總體環境之外，我們沒有看到任何明顯的障礙。大多數終端市場對我們而言感覺都非常好。

And we do think there's some opportunity in some that are very good with some outgrowth momentum there, especially in the areas of discrete automation, which we were moving up our assessment there from mid-single digit to high single digit in the year.

而且我們也認為在某些表現非常好的領域仍有機會，並且存在一些超越市場的成長動能，特別是在離散自動化（discrete automation）領域；我們已將該領域今年的評估從中個位數上調至高個位數。

And then aerospace and defense, from there, we're seeing that move stronger, data center from the 20s to high 20s now because of that market strength. So again, across the board, we feel very good about the future and about '27 in particular getting back to where we know we are entitled and where we should be.

另外，航太與國防方面，我們看到走勢更強；資料中心則因市場強勁，從 20%多提升到接近 30%（high 20s）。所以再次強調，整體而言我們對未來、尤其是 2027 年，能回到我們認為理應達到、也應該達到的水準感到非常有信心。

And then related then maybe a similar thought process on margins, and when do you think you can get that more normal flow-through into the profitability line, maybe a finer point on that, just specifically around when mix starts normalizing, when you think you catch up on price cost, any nuance there? And I know people probably specifically care about the AMC segment with those comments. So any help you could give us would be great.

接著可能是類似的思路，關於利潤率：你認為何時能在獲利端看到更正常的流量轉換（flow-through）？也許更具體一點：例如組合何時開始正常化、你們何時能追上價格與成本（price cost），這方面有沒有什麼細節？我知道大家可能特別關注 AMC 事業群以及你剛才的評論。所以如果你能提供一些說明會很有幫助。

Sure. We do think that from a forward progression standpoint on rates, on margins, in particular, in AMC, as you mentioned, absolutely expect that we will continue to make progress as mix improves, especially in some of those businesses that tend to be higher margin within that business such as discrete automation. And then data center will come through for the switchgear side of the business.

當然。我們確實認為，從未來的推進來看，在費率與利潤率方面，特別是你提到的 AMC，我們絕對預期隨著組合改善會持續取得進展，尤其是在該事業中通常具有較高利潤率的一些業務，例如離散自動化。此外，資料中心也會在配電盤（switchgear）業務端逐步反映出來。

Those things are going to certainly come as we exit this year and move into next year. From a rate progression standpoint, the way we're looking at it right now is, if you take -- from a modeling perspective, you take kind of the jump-off point from this year and use those rates as we exit the year and then assume a bit of progress on price, productivity and of course, volume, that's how I would model it going forward.

這些事情在我們結束今年、邁入明年時，肯定會逐步到位。從費率推進的角度來看，我們目前的看法是：如果你從建模的角度出發，以今年作為起跳點，使用我們在年底退出今年時的那些費率，然後再假設價格、生產力，當然還有銷量有一些進展，我會用這樣的方式來建模並往後推演。

It's a little bit dependent upon the inflation that we continue to see through the business, our price capture and our ability to be a bit more margin accretive as we move forward. We have to get past the point we are today. But at this point, that's kind of the directional guidance I would provide, but we'll certainly provide more detail as we move into next year.

這在某種程度上取決於我們在業務中持續看到的通膨、我們的價格落地（price capture）情況，以及我們在往前推進時提升利潤率貢獻的能力。我們必須先度過目前所處的這個階段。但就目前而言，這大致是我能提供的方向性指引；不過，隨著我們進入明年，我們肯定會提供更多細節。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

So I want to really drill down on the service level issue. I'm wondering, one, do you feel like you're losing any share because your service levels are lighter? I think you mentioned AMC, but it's just a little surprising to see you lower IPS as we start to inflect on short cycle. Are you seeing those service level issues outside of AMC as well? Maybe just more color on the service level issue.

所以我想深入追問一下服務水準的問題。我想知道，第一，你們是否覺得因為服務水準較弱而流失了任何市佔？我知道你們提到了 AMC，但在短週期開始回升之際看到你們下調 IPS，還是有點令人意外。除了 AMC 之外，你們也看到那些服務水準問題嗎？能否再多補充一些關於服務水準問題的細節？

Yes, sure. Thanks, Jeff. And let me be very clear. It is not that our service levels are declining. It's more to protect the service levels and continue. And sometimes, when you have the kind of growth that we're seeing flow through the business, in particular, in AMC, we would look to slow down some of those productivity programs so that we can ensure that those service levels maintain. We have zero instances of service levels declining though. And outside of AMC, it's more conservatism on timing than it is the service level protection.

是的，當然可以。謝謝你，Jeff。我想講得非常清楚。並不是我們的服務水準在下降。而是為了保護並持續維持服務水準。有時候，當我們看到像目前這樣的成長在業務中流動，特別是在 AMC，我們會考慮放慢某些生產力方案，確保服務水準得以維持。但我們完全沒有任何服務水準下降的案例。而在 AMC 之外，更多是對時程的保守處理，而不是為了保護服務水準。

The only thing I would add, and it's week five, so there's still a lot for me to learn. But as we looked at this, I think one of the assessments that was made was, we're seeing more growth than even the teams were projecting from an order standpoint. And given this team has been working so hard to secure that, we wanted to make sure we didn't disrupt anything.

我唯一想補充的是，這是我上任的第 5 週，所以我還有很多要學。但當我們檢視這件事時，我認為其中一個評估是：從訂單的角度來看，我們看到的成長甚至高於團隊原先的預估。而且鑑於這個團隊為了爭取到這些成果付出了非常多努力，我們希望確保不會干擾任何事情。

Now some of these plant moves were part of sort of scheduled consolidation of our footprint. And we decided to make a choice to say, Look, let's make sure we get the growth curve right. So that's just strategically how we have thought about it and reset that timing a little bit.

現在，其中一些工廠搬遷是我們既定的產能版圖整併計畫的一部分。我們做了一個選擇：我們要確保把成長曲線掌握好。所以這就是我們在策略上如何思考這件事，並把時程稍微重新調整。

Okay. Great. And then just on ePod, can you just talk about the new facility ramp? It sounds like you're going to ship some, so that's good. You talked, I think, initially about margin profile. Are you thinking about -- of the ePod business? Are you thinking about that any differently? And then visibility on when you would see additional orders? I think you've been talking about 4Q, 1Q, but maybe just talk about the pipeline there?

好的。很好。接著關於 ePod，你能談談新廠的爬坡進度嗎？聽起來你們會開始出貨一些，這是好消息。我記得你們一開始談到過利潤率輪廓。你們對 ePod 業務的利潤率輪廓有不同的想法嗎？你們是否以不同方式看待這件事？另外，何時能看到更多訂單的能見度？我想你們一直在談第 4 季、第 1 季，但能否談談那邊的管線情況？

Yes. First of all, let me -- I'll kick this off as it relates to the facility. It's on schedule. The infrastructure is nearly complete. The leadership team has been hired. We're in the process of ramping up direct labor. So we're on track to be operational in time to support customer production schedules. So we're very close to being capable of producing at this time.

是的。首先，讓我先就廠房相關部分開頭說明。目前進度符合時程。基礎設施幾乎已完成。領導團隊已完成招募。我們正在逐步擴增直接人力。因此我們正按計畫在適當時間具備營運能力，以支援客戶的生產排程。所以我們距離目前就能具備生產能力已非常接近。

As it relates to the margin profile and the -- we're still assuming at this time, since we haven't produced on ePod yet that our prior projections are still on track, which we've communicated was approximately 20%. And then as you look forward and look to additional ePod orders, we have said that we might expect something on that front maybe late in the year or early next year to those customers. And Aamir, you may have some additional commentary on that front.

至於利潤率輪廓方面——由於我們尚未開始 ePod 的實際生產，我們目前仍假設先前的預測仍在軌道上；我們已對外溝通約為 20%。再往前看、關於額外的 ePod 訂單，我們曾表示可能在今年稍晚或明年初，來自這些客戶會有一些進展。Aamir，你或許可以就這部分再補充一些看法。

Yes. Thanks, Rob. Look, If you step back, we were invited to enter the space through customer relationships we've had in Thompson Power for some time. And as you know, this is simply about time to power. The labor issues and construction are such that modular delivery allows for time to power to be accelerated.

好的。謝謝你，Rob。你看，如果退一步來看，我們是透過與 Thompson Power 長期以來的客戶關係，被邀請進入這個領域。而如你所知，這本質上就是關於「通電時間」（time to power）。勞動力問題與施工條件使得模組化交付能夠加速通電時間。

And so these customers and their set of them asked us to enter the space because they weren't satisfied with the quality and delivery that we're getting, and they've had that relationship with us. Now we've been working with those customers to lock design that's done. And those customers alone have a pipeline that we can scale with.

因此，這些客戶以及其中一部分客戶要求我們進入這個領域，因為他們對目前所獲得的品質與交付並不滿意，而他們與我們一直有合作關係。目前我們已與這些客戶合作完成設計定案。而僅這些客戶本身就有一條我們可以隨之擴張的管線。

Of course, once we get through the first set of deliveries, we'll assess our profitability, as Rob mentioned, and also look at sort of how much we want to expand outside of those set of customers. But that available volume, even within that set, can allow us to grow. The key is that we understand the pacing of that from their standpoint and our standpoint.

當然，一旦我們完成第一批交付，我們會如 Rob 所提到的，評估我們的獲利能力，並且也會考量我們希望在這些客戶群之外擴張到什麼程度。但即使只在這一組客戶之內，可取得的量能也足以讓我們成長。關鍵在於，我們要理解他們端與我們端的節奏安排。

Kyle Menges, Citigroup.

Kyle Menges，Citigroup。

Great. And Aamir, I look forward to working with you. Maybe starting just on the data center orders in the quarter. I mean, it didn't seem like much -- and I mean, I'd just love to hear an update on the pipeline of traditional switch gear. I think last quarter, it had been around $600 million. So I'm just curious, maybe why we haven't seen more conversion on that pipeline over the last couple of quarters, and just how to think about that going forward?

很好。Aamir，我也期待與你合作。先從本季資料中心訂單談起。我的意思是，看起來並不多——我很想聽聽傳統開關設備（switchgear）管線的最新情況。我記得上季大約是 6 億美元。所以我很好奇，為什麼在過去幾季我們沒有看到更多從該管線轉換成訂單，以及未來該如何看待？

Well, first of all -- and thanks, Kyle, for the question. We do see Switch here growing at market level and have that pipeline to support for sure. So from a switchgear standpoint, we still expect that this year, we should be around $180 million in switchgear, moving higher than that next year, maybe as much as $240 million or so, $250 million next year.

嗯，首先——也謝謝你，Kyle 的提問。我們確實看到 Switch 這邊以市場水準成長，並且也有那條管線來支撐，這點毫無疑問。因此就開關設備而言，我們仍預期今年開關設備營收應該約為 1.8 億美元，明年會再提高，明年可能高達約 2.4 億美元到 2.5 億美元。

So switchgear is very much on track, and we feel very good about that. And as we move through the remainder of this year, as I said, ePods, we did not expect to get anything from an order standpoint. Our switchgear funnel still remains around the same level as what we've communicated previously. So that really hasn't changed.

所以開關設備的進度非常符合預期，我們對此感到非常有信心。而在今年剩餘期間，如我所說，ePod 在訂單面我們原本就不預期會有任何貢獻。我們的開關設備漏斗（funnel）仍維持在我們先前對外溝通的大致水準。所以這部分其實沒有改變。

Got it. And then just curious on the July orders, it sounds like decelerated a little bit versus the second quarter. Would just be helpful to unpack the July orders, maybe what you're seeing by segment and what's decelerating versus accelerating perhaps?

了解。接著我只是好奇 7 月的訂單，聽起來相較第二季有稍微放緩一些。想請你們協助拆解一下 7 月的訂單狀況，或許按事業部別你們看到什麼，以及哪些在放緩、哪些可能在加速？

Yes. So it really -- it's just AMC primarily that's decelerating and that really is just timing. We've got -- it's a project business. It's very lumpy. You can see movement up and down in AMC for sure, as you go through a particular quarter. But we still feel very good about the backlog and the order rates that we see. From the other segments, we feel very good. We saw IPS accelerate.

是的。所以其實——主要是 AMC 在放緩，而那真的只是時點問題。我們——這是專案型業務。波動很大。你確實會看到 AMC 在某一季內上下起伏。但我們對在手訂單（backlog）以及我們看到的接單速度仍然非常有信心。其他事業部方面，我們也覺得非常好。我們看到 IPS 加速。

So that was great to see. And then PES, we -- as I said before, PES also is starting to show a little bit of strength as we move through July. So feel good about that as well. There's no markets that we feel that, based on July results, we would change our perspective as we look towards the back half of the year. Things are very much aligned to our expectations.

所以看到這點很棒。然後 PES，我們——如我先前所說，PES 在 7 月推進的過程中也開始展現一些強勁跡象。所以對此也感覺不錯。基於 7 月的結果，沒有任何市場會讓我們在看向下半年時改變觀點。整體都非常符合我們的預期。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

I guess maybe just starting with the guidance change. You guys are embedding a step up to 5% growth in the second half versus, I think, 3% in 2Q. I know orders have been better, which helps provide confidence, but the comp is a bit tougher relative to the first half. So just thinking through like the level of confidence that you guys have in the second half second half outcome. And if you've embedded any sort of contingencies to make that guidance a bit more conservative?

我想先從指引的變動開始。你們在下半年隱含的是成長提升到 5%，相較之下，我記得第二季大概是 3%。我知道訂單表現更好，這有助於提供信心，但相較上半年，基期也更具挑戰。所以想請你們談談，對下半年結果的信心程度。以及你們是否納入任何應變措施，讓這個指引更保守一些？

Well, certainly, the orders underpin the confidence that we see as we move into the back half. And the step-up is very much informed by what we're seeing on those order rates and the backlog, the shippable backlog in particular as we set up both Q3 and Q4.

嗯，當然，訂單是支撐我們在進入下半年時所看到信心的基礎。而這個成長的提升，很大程度上是根據我們在接單速度與在手訂單（backlog）——特別是可出貨的在手訂單（shippable backlog）——所看到的狀況，來為第三季與第四季做準備。

So there is additional upside opportunity for sure as we move through the back half of the year, where we saw the greatest change from a positive perspective would be AMC. We did step down both IPS and PES, but again, feel very good about the back half with, as I said, opportunity in the range within the range.

因此，隨著我們進入下半年，確實還有額外的上行機會；從正面角度看，變化最大的是 AMC。我們確實下調了 IPS 與 PES，但同樣地，對下半年仍然非常有信心，而且如我所說，在區間內仍有機會。

Okay. And then maybe just if we could put a finer point on price or cost, how would you think about what's embedded in the second half, like if price or cost still a headwind throughout both 3Q and 4Q? And have you already taken pricing actions necessary to get back to price or cost neutral? And whether that happens in the second half or more in 2027?

好的。那再更聚焦在價格或成本上，你會如何看待下半年隱含的狀況？例如價格或成本在第三季與第四季是否仍是逆風？以及你們是否已經採取必要的定價行動，讓價格/成本回到中性？這會在下半年發生，還是要到 2027 年才會？

Right. So we absolutely expect modest headwinds in the second half as it relates to price or cost. And it's really around the inflation side on price or cost. There's the price tariff recovery, which we still see that will be margin neutral by the end of the year. The price or cost, we do expect that we will be a bit behind from a price or cost standpoint.

對。所以我們確實預期下半年在價格或成本方面會有溫和的逆風。主要是價格/成本中的通膨面向。至於價格對關稅的回收（price tariff recovery），我們仍然認為到年底會達到毛利中性（margin neutral）。但在價格/成本方面，我們確實預期從價格/成本的角度來看，我們會稍微落後一些。

But again, it's very hard to size. It's very much dependent upon the rate of inflation and the level of inflation flowing through the business as well as other mitigating actions that we can take, but we are absolutely implementing price increases.

但同樣地，這很難量化。這很大程度取決於通膨的速度與通膨程度在業務中的傳導，還有我們能採取的其他緩解措施；但我們確實正在推動漲價。

We have scheduled price increases as we move through the back half of this year, have been implementing price increases along the way as we move through Q2 and do that consistently, even as much as adding surcharges in certain cases where when you've got the war going on and oil and gas doing what it's doing and its impact on resins and the like, sometimes you have to surcharge things.

我們已排定在今年下半年逐步調漲價格；在第二季推進的過程中也一直在實施漲價，並且持續這麼做，甚至在某些情況下加收附加費（surcharge）。例如當戰爭持續、油氣價格波動，以及其對樹脂等原料的影響時，有時候你就必須對某些項目加收附加費。

But bottom line is, look, we're going to continue to execute our discipline around price or cost, and we feel good about what we have embedded in the back half, and we will continue to raise prices to ensure that we can get back to a reasonable margin on those areas where we're seeing the most pressure.

但總結來說，我們會持續執行我們在價格/成本上的紀律；我們對下半年所納入的假設感到有信心，並且會持續調漲價格，以確保在那些壓力最大的領域，我們能回到合理的利潤水準。

And the only thing I would add is just on the channel side, there is specific timing effects here, right, because we have a mechanism where it takes a certain amount of time for that price to flow through. So we can even work with our partners to announce it. But by the time it shows up in the sell-out numbers, there's a lag, whereas the inflation numbers are pretty much immediate.

我唯一想補充的是通路端的部分，這裡有特定的時點效應，對吧？因為我們有一套機制，價格需要一段時間才會傳導。所以我們甚至可以和合作夥伴一起對外公告。但等到它反映在終端銷售（sell-out）數字上時，會有落後期；相對地，通膨數字幾乎是立即反映。

So there's a timing in terms of understanding what we're chasing in terms of net coverage numbers are offset, and then there's the timing of the effect of the increases we've put in the market. And so both of those are factors that we're working through.

所以在理解我們追趕的淨覆蓋（net coverage）數字如何被抵銷方面有時點差；同時，我們已投放到市場的漲價措施，其效果也有時點差。因此這兩者都是我們正在處理的因素。

Tom Sano, JPMorgan.

Tom Sano，摩根大通。

As you ramp into the CEO role, could you share your first 100-day priorities? And why you expect to spend the most time, customers, operations, portfolio, talent and capital allocation?

在你逐步接任 CEO 角色之際，你能分享你上任前 100 天的優先事項嗎？以及你預期會把最多時間花在哪些方面：客戶、營運、投資組合、人才與資本配置？

That's a pretty good list you have there. No. Look, I mean, in all seriousness, I have sectorial experience in many of the businesses, but I think it's really important to do exactly what you just mentioned, which is get out there and meet customers, meet partners. We have the privilege in some cases, of decade-long relationships with our channels and end customers and just get their perspective. What are we doing well?

你列的清單相當不錯。不。你看，我是認真的，我在許多業務領域都有產業經驗，但我認為非常重要的是做你剛提到的事：走出去拜訪客戶、拜訪合作夥伴。我們很榮幸在某些情況下，與通路與終端客戶建立了長達數十年的關係，並且去了解他們的觀點。我們做得好的地方是什麼？

What can we do better? Where are we best in class, and where are we chasing best in class? We have gone through a lot of consolidation work as we went through the acquisitions and portfolio changes. So culture, even the teams and understanding where we are on that, and how we move towards one legal Rexnord and the solutions we can provide. So that means spending time in region with our teams.

我們可以做得更好的地方是什麼？我們在哪些方面是同業最佳（best in class），又在哪些方面仍在追趕同業最佳？我們在併購與投資組合調整的過程中，做了大量整併工作。因此企業文化，甚至團隊本身，以及我們目前的狀態、如何朝向「一個法律實體的 Rexnord」以及我們能提供的解決方案前進，這些都很重要。所以這代表要在各地區與我們的團隊一起花時間。

And then we talked about some of these factory consolidation moves and our execution on that front. Getting an industrial company to get into growth mode is exciting, but it's a step function change in how you operate, so making sure we're ready for that.

然後我們也談到一些工廠整併的動作，以及我們在這方面的執行。讓一家工業公司進入成長模式很令人振奮，但這會帶來營運方式的階躍式改變，因此要確保我們已準備好。

So yes, a lot of time on the road. With Rob Barry, I will also be carving out time to come meet with our investors and analysts, and I look forward to spending time with many of you as we do that. But understanding the business through the lens of our people, our customers and our operations is priority number 1.

所以是的，會有很多時間在路上。我也會和 Rob Barry 一起挪出時間來拜會投資人與分析師，我也期待在這個過程中與各位中的許多人見面。但透過我們的人、我們的客戶與我們的營運來理解這門生意，是第一優先。

And how does your experience running Schneider's North American business shape your view of eVTOL, robotics, including humanoid and data centers? And now that you're in seat, how has that influenced your early priorities?

那麼，您在施耐德負責北美業務的經驗，如何形塑您對 eVTOL、機器人（包括人形機器人）以及資料中心的看法？而現在您已就任，這又如何影響您上任初期的優先事項？

Yes, that's a great question. If you look at my career, I was at Dell and then I went to Schneider. And when I joined Schneider in 2013, the way we talk about energy technology today and energy being intertwined with data centers was not as obvious, certainly, to me. It may have been to sort of some folks in Silicon Valley, but for me, watching that journey and things going from sort of not being obvious to becoming so critical was an interesting view.

是的，這是個很好的問題。如果回顧我的職涯，我先在戴爾，之後去了施耐德。我在 2013 年加入施耐德時，我們今天所談的能源科技，以及能源與資料中心彼此交織的關係，對我來說並沒有那麼明顯。也許對矽谷的一些人而言多少早就看得出來，但對我而言，親眼看著這段旅程、看著事情從不那麼顯而易見到變得如此關鍵，是一個很有意思的視角。

And what attracts me to Regal is not only do we have a footprint today in exciting parts of our business, but we are building the foundation layer for tomorrow. If you think about the biggest application of AI and physical AI and the introduction of robotics, the fact that we are such a core part of those systems is terribly exciting.

而吸引我加入 Regal 的，不只是我們今天在一些令人振奮的業務領域已經有足跡，更在於我們正在為明天打造基礎層。如果你想想 AI、實體 AI 的最大應用，以及機器人的導入，我們是這些系統中如此核心的一部分，這真的令人非常興奮。

So I've had already the opportunity to meet with the CEO of one of the largest US robotic companies, and I plan to go down Austin and spent some time with them. And same thing on the eVTOL side. Those are longer cycle things, but it's great to see us on the ground floor co-engineering those solutions. And those markets will develop slowly until they happen overnight, and we plan to be ready.

所以我已經有機會與美國最大機器人公司之一的執行長會面，我也計畫去奧斯汀，和他們一起待一段時間。在 eVTOL 方面也是一樣。那些是較長週期的事情，但很高興看到我們能在最初階段就參與、共同工程設計這些解決方案。而那些市場會緩慢發展，直到某天一夕之間爆發，我們計畫要做好準備。

Tim Thein, Raymond James.

Tim Thein，Raymond James。

Maybe, Rob, just on IPS. The guidance for the third quarter effectively flattish revenue sequentially. We talked a lot about some of the building momentum in the order board and some of the short-cycle indicators. So is that a -- is there a seasonal element to that? Or what would you kind of highlight in terms of why we wouldn't maybe see a little bit more sequential acceleration there on the top line?

Rob，或許就 IPS 這塊請教一下。你們對第三季的指引，等於是營收季比大致持平。我們談了很多訂單看板上的動能建立，以及一些短週期指標。所以這是——有季節性因素嗎？或者你會如何重點說明，為什麼我們可能不會在營收端看到更明顯的季比加速？

Yes. It's really -- there isn't a lot of seasonality within IPS. It's fairly minimal. But distribution, we'd say, on that side, we expect that to be, again, relatively -- improving relative to Q2. So short cycle, we expect to be a positive in the third quarter.

是的。其實——IPS 內部沒有太多季節性。相當有限。但在通路端，我們預期那邊會——同樣地——相較第二季有所改善。所以短週期方面，我們預期第三季會是正向因素。

We think that it's somewhat offset a bit by ag or machinery off-highway and then other projects are certainly -- the timing on projects are certainly weighing, but we do see a bit stronger activity as we move from third quarter to fourth quarter for IPS. So that -- we do see some improvement as we move forward as some of those projects start to flex upward and don't have any reservations on that front.

我們認為這在某種程度上會被農業或機械非公路（off-highway）領域的回落所部分抵銷，另外專案的時點也確實——專案時程確實帶來壓力；但我們確實看到，隨著 IPS 從第三季走到第四季，活動會稍微更強一些。所以——隨著部分專案開始向上彈升，我們確實看到一些改善，對此沒有任何疑慮。

And from a margin perspective, it's -- there is a bit of inflection in the margins in third quarter. That's just all volume and mix, so the volume that you've been talking about, some of the higher-margin businesses shifted from third quarter to second quarter and so that also happened to -- within the IPS segment.

從毛利率角度來看，第三季毛利率會有一些轉折。那完全是量與組合的因素；也就是你一直在談的那個量，一些較高毛利的業務從第三季移到了第二季，因此在 IPS 事業部內也出現了同樣的情況。

Okay. And Aamir, I know it's early days here, but what the cross-sell has been one of the opportunities that your predecessor was really kind of hitting on and that being a huge opportunity for Regal. And you're -- what you've seen thus far, I mean, how do you view that opportunity of just kind of the 1 plus 1 equals 3 idea with.

了解。Aamir，我知道現在還算早期，但交叉銷售一直是你前任反覆強調的機會之一，並認為對 Regal 來說是個巨大的機會。就你目前看到的情況而言，你如何看待這種「1 加 1 等於 3」的機會？

I buy into it completely. And when I mentioned moving from the brands that we were so proud to have into one legal Rexnord, that's exactly it. Now to make that happen, we need to keep working on the second or last stages of our integration efforts. For example, if you're a seller in one of our divisions, how easy is it and how quickly can you quote for another, and how quickly do our systems give you access to the right information or how quickly, if you need a subject matter expert, can you get them on?

我完全認同。而當我提到要從我們引以為傲的各個品牌，走向一個法律實體的 Regal Rexnord，說的就是這件事。要讓它發生，我們需要持續推進整合工作的第二階段或最後階段。例如，如果你是我們某個事業部的業務，要替另一個事業部報價有多容易、能多快？我們的系統能多快讓你取得正確資訊？或者當你需要某位領域專家時，能多快把他們找來支援？

So that's the internal sort of friction that we're trying to eliminate so that our salespeople can not only continue to service their existing customers, but expand into those secondary lines. Now that's a lot easier when we have direct end-user OEM relationships. And again, we're thinking differently about our sales structure. So that is an evolutionary process, but the opportunity and the math that has been shared in that I completely buy into.

所以這就是我們想要消除的內部摩擦，讓業務人員不僅能持續服務既有客戶，還能擴展到那些次要產品線。當我們與終端客戶的 OEM 有直接關係時，這會容易得多。而且我們也在用不同方式思考我們的銷售架構。因此這是一個演進的過程，但我完全認同先前分享過的那個機會與數學。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So I want to really kind of focus on your background, Aamir. So obviously been at Schneider since 2013, last four years running North America. Your last four years really coincided with like pretty acute pressures that we're seeing across the supply chain, a lot of inflation, I'm just curious, like, maybe you can highlight some of the things that you learned during that time frame that could be relevant as you're taking the seat at Regal Rexnord?

我想把焦點放在你的背景上，Aamir。你顯然自 2013 年起就在施耐德，最近四年負責北美。你最近四年正好遇到我們在供應鏈上看到的相當劇烈的壓力，以及大量通膨；我很好奇，你是否能分享那段期間學到的一些事情，可能與你接任 Regal Rexnord 這個位置相關？

I imagine many things, but a therapy session wasn't one of them. Look, as you said, it was an incredibly demanding period, for not just us, the entire sector because we were coming out of the COVID recovery, and then we had sort of this next revolution of AI and everything that, that's brought since 2022. So scaling, right, was the name of the game.

我想像得到很多事情，但心理諮商並不在其中。你說得沒錯，那是一段極其艱難的時期，不只是我們，整個產業都是，因為我們正從 COVID 復甦中走出來，接著又迎來自 2022 年以來 AI 的下一波革命，以及它所帶來的一切。所以「擴張規模」對吧，是當時的核心課題。

And then you couple that with last year's liberation Day and localization became even more important. So there were a lot of moving parts. And look, I could spend a lot of time talking about this and happy to when we meet. But if I distill down to three things, take care of the customer first, deliver, get your supply chain right, right, do not disappoint on that front.

再加上去年的「解放日」，在地化變得更為重要。所以有很多變動因素。坦白說，我可以花很多時間談這個，也很樂意在我們見面時深入聊。但如果要濃縮成三點：第一，先照顧客戶、先交付，把供應鏈做好，對吧，在這方面絕對不能讓人失望。

Second, make sure that your long-term strategy, you're super clear on because you can't play whack-a-mole. If you start playing reactive in terms of sourcing or supply chain, you're just going to be in trouble, right? Like guess which country is going to have a higher tariff is not a winning strategy. And then third, structurally make sure that once you get that right, you earn the right to price to value, right?

第二，確保你對長期策略非常清楚，因為你不能玩打地鼠。如果你在採購或供應鏈上開始以反應式方式應對，你就會陷入麻煩，對吧？例如去猜哪個國家會有更高關稅，這不是致勝策略。第三，在結構上要確保一旦把前面做好，你就贏得「按價值定價」的權利，對吧？

And I think that sequence of operation isn't always perfect, but it's a lot harder to do ask customers for price if you're not delivering or you're messing up their supply chain. So one, the delivery battle, then make sure you're structurally doing the right things and then that gives you the platform to deserve the price that your delivery affords you. again, we could go a lot deeper, but I think that those are the scars I carry with me and that's what we're trying to replicate here.

我認為這個操作順序不一定總是完美，但如果你沒有交付、或把客戶的供應鏈搞砸了，要向客戶要求漲價就困難得多。所以第一，先打贏交付之戰；接著確保你在結構上做對事情；然後這會給你一個平台，讓你配得上你交付所帶來的價格。再次強調，我們可以談得更深入，但我想這些就是我帶著的傷痕，也是我們想在這裡複製的做法。

That's super helpful. And yes, look forward to definitely going deeper. Just my one quick follow-up. You guys have talked about this data center opportunity and how it kind of -- for a lot of the investors have paid attention to Regal Rexnord for a long period of time, it seemingly kind of came out of like nowhere, right?

這非常有幫助。而且是的，期待之後一定能更深入探討。我只有一個簡短的追問。你們一直在談這個資料中心的機會，以及它某種程度上——對於許多長期關注 Regal Rexnord 的投資人而言——看起來好像是憑空冒出來的，對吧？

And the way -- I guess as you're thinking about this opportunity and the relationships that you already have with hyperscalers, co-locators, how are you thinking about potentially like scaling that business and bringing some of that commercial culture that you had at Schneider to Regal?

另外——我想，當你們在思考這個機會，以及你們與超大規模業者（hyperscalers）、機房代管業者（co-locators）既有的關係時，你們如何看待可能擴大這項業務規模，並把你在施耐德（Schneider）所具備的那種商業文化帶到 Regal？

Well, starting with our portfolio is different. In fact, some of the solutions we deliver integrate content from Tier 1 providers like ABB, Schneider, Eaton and others. But I think there's a lot -- back to your first part of your question, there's a lot right now where the hyperscalers just want reliability and they have such acute time-to-power schedules that they want partners they can count on to deliver.

嗯，先從我們的產品組合來看是不同的。事實上，我們提供的一些解決方案會整合 ABB、施耐德、伊頓（Eaton）等一級供應商的內容。但我認為——回到你問題的第一部分——目前有很大一部分原因在於，超大規模業者只想要可靠性，而且他們的通電時程（time-to-power）非常緊迫，因此他們希望合作夥伴是可以信賴、能夠交付的。

The shift from stick build to modular is very much driven by that labor arbitrage issue that modular allows you to get right. Then you come to the relationships Regal already has, which invited them to join this business. I think if we can prove, and that's our intention that we can do this more effectively, scale with higher quality, make sure we get the basics right, the opportunity is certainly there, but we want to make sure it also works for us in terms of the profit profile given our content is not as high as some of the other players in the space.

從傳統現場搭建（stick build）轉向模組化，很大程度上是由模組化能有效解決的勞動力套利問題所驅動。接著再看 Regal 既有的關係網，正是這些關係讓他們受邀加入這門業務。我認為，如果我們能證明——這也是我們的意圖——我們可以更有效率地做到這件事、以更高品質擴大規模、把基本功做好，機會當然存在；但我們也要確保，從獲利結構來看這對我們同樣成立，因為相較於這個領域的其他玩家，我們的內容占比沒有那麼高。

And then the last element of this that's exciting is there are elements in air moving, especially in PES that we can add to this because not all of these modular solutions are going to be liquid cooled. So it's a combination, right? We want to make sure we can scale what we're building, demonstrate that it's best-in-class, demonstrated that works for us from a profitability standpoint.

另外，這件事令人興奮的最後一個要素是，在空氣流動（air moving）方面，特別是在 PES，我們可以把一些元素加進來，因為並非所有這些模組化解決方案都會採用液冷。所以這是一種組合，對吧？我們要確保能把正在打造的東西擴大規模，證明它是同級最佳（best-in-class），並且從獲利角度來看也對我們有利。

And then because we built it for a set of customers, we'll first compete for their share wallet. And if for some reason, that doesn't take up our capacity, then of course, there are other market opportunities to pursue, but there is a sequence of operations there with a lot of stage gates that we have to cross.

然後因為我們是為一組客戶打造的，我們會先去爭取他們的錢包份額（share of wallet）。如果因為某些原因，這仍無法用滿我們的產能，那麼當然還有其他市場機會可以追求；但這裡有一個作業順序，並且有很多階段性關卡（stage gates）需要跨越。

Chris Dankert, D.A. Davidson.

Chris Dankert，D.A. Davidson。

I want to dig in just a little bit on the project order dynamic in the project activity in IPS rather Had we expected to backfill those? Did some of that just not renew? Maybe can we quantify how big that project roll-off headwind is anything you can kind of give us there?

我想再稍微深入一下，關於 IPS 的專案活動中，專案訂單動態的部分——我們原本預期會補上那些缺口嗎？其中有些是不是就沒有續約？也許我們能量化一下這個專案到期流失（roll-off）帶來的逆風有多大？你們能提供任何資訊嗎？

Yes. It's first of all, IPF. It's about 25% of IPS is projects or longer cycle. So we are backfilling. So we certainly see progress, but a lot of that is coming in '27. But it is -- and as I said earlier, it's a little bit more just an air gap that we see is timing related. We see it fully recoverable as you move into '27, come through '26. And that really is all there is to it. It really isn't much more than that. Overall, the order activity is very good, but it really again is 2027 delivery.

是的。首先，是 IPF。IPS 中大約 25% 是專案或較長週期的業務。所以我們正在補單（backfilling）。我們確實看到進展，但其中很多會在 2027 年進來。但它——如我先前所說——更像是我們看到的一個空窗期（air gap），主要是時點因素。我們認為隨著進入 2027 年、走過 2026 年，這是完全可恢復的。基本上就是這樣。真的沒有更多了。整體而言，訂單活動非常好，但同樣地，主要是 2027 年交付。

Got it. And then just briefly on rare earth, and apologies if I missed it already. It sounds like we're still fighting on the price or cost side. But just on rare earth magnet availability, how are we set on that front? Or do we have supply that we needed to deliver on time?

了解。另外簡單問一下稀土，若我前面漏聽了先說聲抱歉。聽起來我們仍在價格或成本端努力。但就稀土磁鐵的可得性而言，我們目前的狀況如何？或者我們是否已具備按時交付所需的供應？

Well, as it relates to commercial uses, both our sourcing and mitigation actions are progressing, and we believe we'll be mostly mitigated within this quarter. However, it's important to note that the pace of progress for approvals for defense applications, that's where it really remains slow.

嗯，就商用用途而言，我們的採購與緩解措施都在推進中，我們相信在本季內大部分會完成緩解。不過需要注意的是，國防應用的核准進度——真正慢的就在這裡——仍然偏慢。

So -- and not only that, but you couple that with the fact that the demand environment on this front is improving. That exacerbates the issue. So at this point, the primary risk is for us not being able to maybe participate in servicing the additional demand at the level we'd like to and less an implication on our current backlog.

所以——不僅如此，再加上這一塊的需求環境正在改善。這會讓問題更嚴重。因此在目前這個時間點，主要風險是我們可能無法以我們希望的程度參與、去滿足新增需求；對我們現有在手訂單（backlog）的影響反而較小。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Just a quick one, and we have a follow-up. But I was wondering the remaining $0.18 tariff refund benefit in the guidance, is that entirely in the third quarter?

簡單問一個，我們還有一個追問。不過我想確認一下，指引中剩餘的每股 0.18 美元關稅退稅（tariff refund）效益，是不是全部都在第三季？

The tariff refunds are split at $16 million, $8 million in each quarter.

關稅退稅分拆為 1,600 萬美元，每一季各 800 萬美元。

This concludes our question-and-answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議也已結束。感謝各位參加今天的簡報。您現在可以斷線。