Standex International Corp (SXI) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Standex International fiscal second quarter 2026 financial results conference call. (Operator Instructions) I would now like to turn the conference call over to Chris Howe. Please go ahead.

女士們、先生們，早安，歡迎參加 Standex International 2026 財年第二季財務業績電話會議。（操作員指示）現在我想把電話會議交給克里斯·豪。請繼續。

Thank you, operator, and good morning. Please note that the presentation accompanying management's remarks can be found on the investor relations portion of the company's website at www.standex.com. Please refer to Standex's safe harbor statement on slide 2.

謝謝接線員，早安。請注意，管理層講話的簡報可在公司網站 www.standex.com 的投資者關係欄位中找到。請參閱投影片 2 上的 Standex 安全港聲明。

Matters that Standex management will discuss on today's conference call include predictions, estimates, expectations and other forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially.

Standex 管理階層將在今天的電話會議上討論的事項包括預測、估計、預期和其他前瞻性聲明。這些聲明存在風險和不確定性，可能導致實際結果與聲明內容有重大差異。

You should refer to Standex's most recent annual report on Form 10-K as well as other SEC filings and public announcements for a detailed list of risk factors.

有關風險因素的詳細列表，請參閱 Standex 最新的 10-K 表格年度報告以及其他美國證券交易委員會文件和公開聲明。

In addition, I'd like to remind you that today's discussion will include references to the non-GAAP measures of EBIT, which is earnings before interest and taxes, adjusted EBIT, EBITDA, which is earnings before interest, taxes, depreciation and amortization, adjusted EBITDA, EBITDA margin, and adjusted EBITDA margin.

此外，我想提醒各位，今天的討論將涉及 EBIT（息稅前利潤）、調整後 EBIT、EBITDA（息稅折舊攤銷前利潤）、調整後 EBITDA、EBITDA 利潤率和調整後 EBITDA 利潤率等非 GAAP 指標。

We will also refer to other non-GAAP measures, including adjusted net income, adjusted operating income, adjusted net income from continuing operations, adjusted earnings per share, adjusted operating margin, free operating cash flow and pro forma net debt to EBITDA.

我們也會參考其他非GAAP指標，包括調整後淨收入、調整後營業收入、持續經營調整後淨收入、調整後每股收益、調整後營業利潤率、自由經營現金流量和備考淨債務與EBITDA之比。

Adjusted measures exclude the impact of restructuring, purchase accounting, amortization from acquired intangible assets, acquisition-related expenses and onetime items.

調整後的指標不包括重組、購買會計處理、收購無形資產攤提、收購相關費用及一次性項目的影響。

These non-GAAP financial measures are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. Standex believes that such information provides an additional measurement and consistent historical comparison of the company's financial performance.

這些非GAAP財務指標旨在作為按照美國公認會計原則提供的績效的補充。Standex 認為，此類資訊可提供對公司財務表現的額外衡量和一致的歷史比較。

On the call today is Standex's Chairman, President and Chief Executive Officer, David Dunbar; and Chief Financial Officer and Treasurer, Ademir Sarcevic.

今天參加電話會議的有 Standex 的董事長、總裁兼執行長 David Dunbar；以及財務長兼財務主管 Ademir Sarcevic。

Thank you, Chris. Good morning, and welcome to our fiscal second quarter 2026 conference call. I am very pleased to present results that demonstrate our years-long efforts to build a growth engine at Standex are now reading through in top line results.

謝謝你，克里斯。早上好，歡迎參加我們2026財年第二季電話會議。我非常高興地向大家展示這些成果，這些成果證明，多年來我們在 Standex 打造成長引擎的努力，如今已在業績上得到了體現。

We recorded 6.4% organic growth and a book-to-bill ratio of 1.04, led by our electronics segment, which grew 11.1% organically with a book-to-bill ratio of 1.08. The contributions from sales into fast growth markets, new product sales and the improving general industrial markets are now evident in our results.

我們實現了6.4%的有機成長，訂單出貨比為1.04，其中電子產品業務的成長最為顯著，該業務實現了11.1%的有機成長，訂單出貨比為1.08。快速成長市場的銷售、新產品銷售以及整體工業市場的改善，都對我們的業績做出了貢獻。

As such, the company is well positioned to deliver mid- to high-single-digit organic growth in the fiscal third quarter and remains on track to the fiscal 2026 sales outlook.

因此，該公司預計在第三財季實現中高個位數的有機成長，並繼續朝著 2026 財年的銷售預期目標穩步前進。

I would like to thank our employees, our executives and the Board of Directors for their efforts and continued dedication and support that drove our solid fiscal second quarter 2026 results. Now let's look at the results beginning on slide 3.

我要感謝我們的員工、高階主管和董事會，感謝他們的努力、持續的奉獻和支持，正是他們的付出才使得我們2026財年第二季取得了穩健的業績。現在讓我們從第 3 張投影片開始看結果。

In the second quarter, sales increased 16.6% year-on-year. Contributing to this growth were new product sales and sales into fast-growth markets. New product sales grew approximately 13% to $16.3 million.

第二季銷售額年增16.6%。新產品銷售和進軍快速成長市場都促進了這一成長。新產品銷售額成長約 13%，達到 1,630 萬美元。

Sales into fast-growth markets were approximately $61 million or 28% of total sales. These results have been literally years in the making as we began our focus on new product development in fiscal year 2021 by increasing our R&D spending from 1% of sales to the current 3%.

在快速成長的市場中，銷售額約為 6,100 萬美元，佔總銷售額的 28%。這些成果的取得可謂歷經數年，因為我們從 2021 財年開始專注於新產品開發，將研發支出從銷售額的 1% 提高到目前的 3%。

In the same year, we began directing our efforts to win more applications with customers serving fast growth markets. In our August earnings call, we said that we believe both efforts were reaching an inflection point and would deliver organic growth this fiscal year. These results show they are paying off.

同年，我們開始將工作重心轉向贏得更多服務快速成長市場的客戶的應用。我們在 8 月的財報電話會議上表示，我們相信這兩項措施都已達到轉捩點，並將在本財年實現內生成長。這些結果顯示他們的努力正在發揮成效。

Orders of approximately $231 million were the highest quarterly intake ever, showing our growth engine continues to accelerate and setting us up nicely for the balance of the year. In the second quarter, sales increased 6.4% organically with book-to-bill of 1.04, highlighted by the electronics segment that grew 11.1% organically with book-to-bill of 1.08.

訂單金額約為 2.31 億美元，創歷史新高，顯示我們的成長引擎持續加速，為今年剩餘時間奠定了良好的基礎。第二季度，銷售額有機成長 6.4%，訂單出貨比為 1.04，其中電子產品部門表現突出，有機成長 11.1%，訂單出貨比為 1.08。

In addition, the engraving segment grew 10.3% organically. Adjusted gross margin of 42.1% was up 120 basis points year-on-year. Adjusted operating margin of 19% was up 30 basis points year-on-year.

此外，雕刻業務板塊實現了 10.3% 的自然成長。經調整後的毛利率為 42.1%，較去年成長 120 個基點。經調整後的營業利益率為 19%，較去年成長 30 個基點。

We paid down approximately $10 million of debt and reduced our net leverage ratio to 2.3. We are reiterating our fiscal year 2026 sales outlook. Barring unforeseen economic global trade or tariff-related disruptions, we expect revenue to grow by over $110 million from 2025.

我們償還了約 1000 萬美元的債務，並將淨槓桿率降至 2.3。我們重申 2026 財年的銷售預期。除非出現不可預見的全球經濟貿易或關稅相關中斷，否則我們預計從 2025 年起收入將成長超過 1.1 億美元。

The drivers of this increase are the strong momentum we are seeing from new product sales and sales into fast-growth markets and the full year impact of last year's acquisitions. In fiscal year 2026, we expect new product sales to contribute approximately 300 basis points of incremental sales growth and have increased our expected sales from new products to $85 million from $78 million.

推動這一成長的因素包括新產品銷售和快速成長市場銷售的強勁勢頭，以及去年收購帶來的全年影響。在 2026 財年，我們預期新產品銷售額將貢獻約 300 個基點的增量銷售成長，並將新產品的預期銷售額從 7,800 萬美元提高到 8,500 萬美元。

We launched four new products in the second quarter and remain on track to release more than 15 new products in fiscal 2026. Sales from fast-growth markets are expected to grow over 45% year-on-year and exceed $270 million.

我們在第二季推出了四款新產品，並預計在 2026 財年推出超過 15 款新產品。來自快速成長市場的銷售額預計將年增超過 45%，超過 2.7 億美元。

On a year-on-year basis, in fiscal third quarter '26, we expect significantly higher revenue driven by mid- to high-single-digit organic growth from higher sales into fast growth end markets and increased new product sales and slightly higher adjusted operating margin due to higher volume and favorable product mix, partially offset by growth investments and higher medical costs.

與去年同期相比，2026 財年第三季度，我們預計收入將大幅增長，這主要得益於快速增長的終端市場銷售額的提高以及新產品銷售額的增長，從而帶來中高個位數的有機增長；此外，由於銷量增加和產品組合有利，調整後的營業利潤率也將略有提高，但部分增長將被增長投資和更高的醫療成本所抵消。

On a sequential basis, we expect slightly to moderately higher revenue driven by higher contributions from fast growth end markets and new product sales and slightly to moderately higher adjusted operating margin due to higher volume and pricing and productivity initiatives, partially offset by growth investments.

從環比來看，我們預期營收將略有至中等程度成長，這主要得益於快速成長的終端市場和新產品銷售的貢獻增加；同時，由於銷售量、定價和生產力提升措施的實施，調整後的營業利潤率也將略有至中等程度成長，但部分成長投資將抵銷這些成長。

I will now turn the call over to Ademir to discuss our financial performance in greater detail.

現在我將把電話交給阿德米爾，讓他更詳細地討論我們的財務表現。

Thank you, David, and good morning, everyone. Let's turn to slide 4, second quarter 2026 summary. On a consolidated basis, total revenue increased approximately 16.6% year-on-year to $221.3 million. This reflected organic growth of 6.4%, 9.4% benefit from acquisitions and 0.8% benefit from foreign currency.

謝謝你，大衛，大家早安。讓我們來看第 4 張投影片，2026 年第二季總結。合併後的總收入年增約 16.6%，達到 2.213 億美元。這反映了6.4%的內生成長、9.4%的收購收益和0.8%的外匯收益。

Second quarter 2026 adjusted operating margin increased 30 basis points year-on-year to 19%. Adjusted earnings per share increased 8.9% year-on-year to $2.08. Net cash provided by operating activities was $20.7 million in the second quarter of fiscal 2026 compared to $9.1 million a year ago.

2026 年第二季調整後營業利潤率年增 30 個基點至 19%。經調整後的每股盈餘年增 8.9% 至 2.08 美元。 2026 財年第二季經營活動產生的淨現金為 2,070 萬美元，而去年同期為 910 萬美元。

Capital expenditures were $7.7 million compared to $7 million a year ago. As a result, we generated fiscal second quarter free cash flow of $13 million compared to $2.2 million a year ago. Now please turn to slide 5, and I will begin to discuss our segment performance and outlook, beginning with electronics.

資本支出為770萬美元，而一年前為700萬美元。因此，我們第二財季的自由現金流為 1,300 萬美元，而去年同期為 220 萬美元。現在請翻到第 5 張投影片，我將開始討論我們各業務板塊的業績和前景，首先從電子產品板塊開始。

Segment revenue increased 20.6% year-on-year to a record $115.7 million, driven by organic growth of 11.1%, acquisition benefit of 9.1% and 0.4% benefit from foreign currency. Organic growth was driven by sales in the fast-growth markets and increased new product sales.

該業務部門營收年增 20.6%，達到創紀錄的 1.157 億美元，其中有機成長 11.1%，收購收益 9.1%，外匯收益 0.4%。有機成長主要得益於快速成長市場的銷售以及新產品銷售的成長。

Adjusted operating margin of 28.8% in fiscal second quarter 2026 increased 120 basis points year-on-year due to higher volume, pricing initiatives and product mix. Our book-to-bill in fiscal second quarter was 1.08, with orders of approximately $125 million.

2026 財年第二季調整後營業利潤率為 28.8%，年增 120 個基點，主要得益於銷售成長、定價策略和產品組合優化。我們第二財季的訂單出貨比為 1.08，訂單金額約為 1.25 億美元。

This marks the sixth consecutive quarter with book-to-bill near or above one. As mentioned before, due to the customized nature of our products, the conversion cycle is longer, but with higher sustainable margins.

這標誌著訂單出貨比連續第六個季度接近或高於 1。如前所述，由於我們產品的客製化特性，轉換週期較長，但可持續利潤率更高。

The healthy order funnel is now being realized in our organic growth results. Sequentially, in fiscal third quarter 2026 we expect slightly to moderately higher revenue, reflecting higher sales into fast growth end markets and increased new product sales.

健康的訂單轉換流程如今已體現在我們的自然成長表現中。從季度來看，我們預計 2026 財年第三季營收將略有至中等程度成長，這反映了快速成長的終端市場銷售額增加以及新產品銷售額成長。

We expect similar adjusted operating margin, primarily due to product mix and continued strategic growth investments. Please turn to slide 6 for a discussion of Engineering Technologies and Scientific segments. Engineering Technologies revenue increased 35.3% to $30.6 million driven by 33.4% benefit from recent McStarlite acquisition, organic growth of 1.2% and 0.6% benefit from foreign currency.

我們預計調整後的營業利潤率將與之前相近，這主要得益於產品組合和持續的策略性成長投資。請翻到第 6 張投影片，了解工程技術和科學領域的相關討論。工程技術收入成長 35.3% 至 3,060 萬美元，其中 33.4% 來自近期對 McStarlite 的收購，1.2% 來自內生成長，0.6% 來自外匯收益。

Organic growth was suppressed by delays in customer project timing. Adjusted operating margin of 18.9% increased 260 basis points year-on-year, primarily due to higher volume. Sequentially, we expect moderately to significantly higher revenue due to growth in new product sales and more favorable project timing.

客戶專案工期延誤抑制了有機成長。經調整後的營業利益率為 18.9%，較去年成長 260 個基點，主要原因是銷售增加。從季度來看，由於新產品銷售成長和專案時機更有利，我們預期營收將出現中度至顯著成長。

We expect slightly to moderately higher adjusted operating margin due to higher volume. Scientific revenue increased 5.5% to $19.5 million due to acquisition benefit of 8.1%, partially offset by organic decline of 2.6%, primarily due to lower demand from academic and research institutions affected by NIH cuts.

由於銷售量增加，我們預計調整後的營業利潤率將略有至中等程度提高。由於收購帶來的收益為 8.1%，科學研究收入增加了 5.5%，達到 1,950 萬美元，但部分被 2.6% 的內生性下降所抵消，這主要是由於受美國國立衛生研究院 (NIH) 削減預算影響的學術和研究機構的需求下降所致。

Adjusted operating margin of 24.2% decreased 270 basis points year-on-year due to organic decline and product mix. Sequentially, we expect similar revenue and slightly lower adjusted operating margin due to product mix, investments in research and development and tariff costs, partially offset by pricing and productivity initiatives.

經調整後的營業利益率為 24.2%，較去年同期下降 270 個基點，主要原因是內生性下滑和產品組合變動。我們預計環比收入將與上一季持平，但由於產品組合、研發投入和關稅成本，調整後的營業利潤率將略有下降，但部分將被定價和生產力提升舉措所抵消。

Now turn to slide 7 for a discussion of the Engraving and Specialty Solutions segment. Engraving revenue increased 13.6% to $35.7 million, driven by organic growth of 10.3% from improved demand in Europe and North America and 3.3% benefit from foreign currency.

現在請翻到第 7 張投影片，討論雕刻和特殊解決方案部分。雕刻業務收入成長 13.6% 至 3,570 萬美元，其中歐洲和北美需求改善帶來的有機成長為 10.3%，外匯收益帶來的成長為 3.3%。

Adjusted operating margin of 19.2% in fiscal second quarter 2026 increased 490 basis points year-on-year due to higher sales and realization of previously executed restructuring actions. In the next, in our next fiscal quarter, on a sequential basis, we expect similar revenue and slightly lower adjusted operating margin due to project and regional mix.

2026 財年第二季調整後營業利潤率為 19.2%，年增 490 個基點，主要得益於銷售額成長和先前執行的重組措施的實現。在下一個財政季度，我們預計收入將與上一季度持平，但由於專案和區域組合的變化，調整後的營業利潤率將略有下降。

Specialty Solutions segment revenue of $19.8 million decreased 7.2% year-on-year. Operating margin of 10.7% decreased 600 basis points year-on-year. Sequentially, we expect moderately to significantly higher revenue and operating margin.

專業解決方案部門的收入為 1,980 萬美元，年減 7.2%。營業利益率為 10.7%，較去年同期下降 600 個基點。我們預計營收和營業利潤率將較上季出現中度至顯著成長。

Next, please turn to slide 8 for a summary of Standex's liquidity statistics and capitalization structure. Our current available liquidity is approximately $213 million. At the end of the second quarter, Standex had net debt of $437.7 million compared to net debt of $413.2 million at the end of fiscal second quarter 2025.

接下來，請翻到第 8 張投影片，查看 Standex 流動性統計和資本結構概述。我們目前可用的流動資金約為2.13億美元。截至第二季末，Standex 的淨債務為 4.377 億美元，而 2025 財年第二季末的淨債務為 4.132 億美元。

Our net leverage ratio currently stands at 2.3. We paid down our debt by approximately $10 million during the fiscal second quarter 2026. In fiscal third quarter 2026, we expect interest expense between $7 million and $7.5 million.

我們目前的淨槓桿率為 2.3。在 2026 財年第二季度，我們償還了約 1,000 萬美元的債務。預計 2026 財年第三季利息支出將在 700 萬美元至 750 萬美元之間。

Standex's long-term debt at the end of fiscal second quarter 2026 was $534.7 million. Cash and cash equivalents totaled $97 million. We declared our 246th quarterly consecutive cash dividend of $0.34 a share, an approximately 6.3% increase year-on-year.

截至 2026 財年第二季末，Standex 的長期債務為 5.347 億美元。現金及現金等價物總額為9,700萬美元。我們宣布連續第 246 個季度派發現金股息，每股 0.34 美元，年增約 6.3%。

In fiscal 2026, we expect capital expenditures between $33 million and $38 million. Relative to our debt leverage, we will continue to focus on paying down debt and anticipate that our leverage ratio will further decline through fiscal year 2026. I will now turn the call over to David for concluding remarks.

2026 財年，我們預期資本支出在 3,300 萬美元至 3,800 萬美元之間。相對於我們的債務槓桿率，我們將繼續專注於償還債務，並預計到 2026 財年，我們的槓桿率將進一步下降。現在我將把電話交給大衛，請他做總結發言。

Thank you, Ademir. Please turn to slide 9. I I'm very pleased to see the inflection in organic growth in the second quarter as new product sales grew 13% and as fast growth markets contributed 28% of revenue. Organic growth was driven by our electronics, Engineering Technologies and Engraving segments.

謝謝你，阿德米爾。請翻到第9頁投影片。我很高興看到第二季有機成長出現轉折點，新產品銷售額成長了 13%，快速成長市場貢獻了 28% 的收入。我們的電子、工程技術和雕刻業務部門推動了有機成長。

The year-on-year organic growth reflects actions and investments since fiscal year 2021. During this time, we ramped up new product development across our businesses and further positioned ourselves in fast growth end markets like Grid, commercialization of Space and Defense.

同比有機成長反映了自 2021 財年以來的各項舉措和投資。在此期間，我們加速了各業務部門的新產品開發，並進一步鞏固了我們在電網、航太和國防等快速成長的終端市場中的地位。

We will continue to align our organic and inorganic growth investments around secular end markets and new products that expand our presence and deepen our customer relationships.

我們將繼續圍繞長期終端市場和新產品調整我們的有機和無機成長投資，以擴大我們的市場份額並加深我們與客戶的關係。

This continued momentum in fast-growth markets and from new product sales helped support a record order book in the fiscal second quarter. We are reiterating our sales outlook for fiscal 2026 and remain on track to achieve our fiscal 2028 long-term targets. We will now open the line for questions.

在快速成長的市場和新產品銷售方面持續保持的成長勢頭，幫助公司在第二財季取得了創紀錄的訂單量。我們重申對 2026 財年的銷售展望，並繼續朝著實現 2028 財年長期目標穩步前進。現在我們將開放提問通道。

(Operator Instructions) Chris Moore from CJS Securities.

（操作員說明）來自 CJS Securities 的 Chris Moore。

Congratulations on another solid quarter. Maybe we just start with one on the purchase accounting side, the $17.98 million redeemable noncontrolling interest redemption value. I know that relates to the 10% that you could not acquire of Amran, Narayan. Maybe you could just kind of walk us through the math there and how that works?

恭喜你們又一個季度業績穩健。或許我們可以先從購買會計方面入手，即 1,798 萬美元的可贖回少數股東權益贖回價值。我知道這與你未能收購 Amran 和 Narayan 的 10% 股份有關。或許您可以告訴我們其中的數學原理以及它是如何運作的？

Yeah sure. It's Ademir here. So it's a bit of a technical answer. And we anticipated this question, so we prepared a few remarks. So let me try to explain.

當然可以。我是阿德米爾。所以這算是比較專業的回答。我們預料到了這個問題，所以事先準備了一些答案。讓我試著解釋一下。

So kind of in general, whenever we acquire the business, our goal is to ensure full alignment in objectives and incentives between owners of the business and Standex and in many cases, actually owners and team management of the acquired business stay on board with us not only to ensure successful integration, but also, frankly, to help us grow the business in the future.

總的來說，每當我們收購一家企業時，我們的目標是確保企業所有者與 Standex 之間的目標和激勵機製完全一致。在許多情況下，被收購企業的所有者和團隊管理層實際上會繼續與我們合作，不僅是為了確保成功整合，而且坦白說，也是為了幫助我們在未來發展業務。

And that's been our key success with our prior acquisitions has been really strong, strategic, financial and cultural fit.

我們先前收購成功的關鍵在於，收購對像在策略、財務和文化方面都非常契合。

So last year, when we negotiated agreement to acquire Amran and Amran is actually a US legal entity and Narayan, which is an Indian legal entity, our goal is essentially the same, to ensure common goals and incentives between owners of the business and Standex.

所以去年，當我們談判達成收購 Amran 的協議時（Amran 實際上是一家美國法律實體，而 Narayan 是印度法律實體），我們的目標本質上是一樣的，即確保企業所有者和 Standex 之間有共同的目標和激勵措施。

So in order to achieve this goal, we acquired 85% of Amran in cash and 15% with Standex shares. And then we also acquired 90% of Narayan in cash, and our plan was to acquire the remaining 10% of Narayan, an Indian entity, with Standex shares.

為了實現這一目標，我們以現金收購了 Amran 85% 的股份，並以 Standex 的股份收購了 15% 的股份。然後，我們還以現金收購了 Narayan 90% 的股份，我們的計劃是用 Standex 的股份收購 Narayan（印度實體）剩餘的 10% 股份。

This acquisition actually of the remaining 10% of Narayan with Standex shares was not possible at the time of acquisition because it was subject of approval by Indian government as Indian nationals have restrictions on owning foreign equity.

事實上，當時收購剩餘的 10% Narayan 股份（包括 Standex 股份）是不可能的，因為這需要印度政府的批准，因為印度國民對持有外國股權有限制。

And since we didn't have this approval at the time of Narayan acquisition, we included in the purchase agreement, an alternative method to acquire the remaining 10% with cash, using the same 12 times trailing 12 month EBITDA multiple which is measured at future points in time.

由於我們在收購 Narayan 時沒有獲得該批准，因此我們在收購協議中加入了另一種方法，即用現金收購剩餘的 10% 股份，採用相同的 12 倍滾動 12 個月 EBITDA 倍數，該倍數將在未來的時間點進行衡量。

So now after one year, the India government approval was not obtained. And at this point, this approval is unlikely. And based on the original purchase agreement, minority owners of Narayan now have the right to sell us 1/3 of their remaining 10% interest in Narayan.

所以一年過去了，印度政府的批准仍然沒有獲得。就目前情況來看，這項批准不太可能實現。根據最初的購買協議，Narayan 的少數股東現在有權將他們在 Narayan 剩餘的 10% 股份中的 1/3 出售給我們。

And as a result of these two facts, per accounting rules we had to record the increased value of remaining 10% of Narayan based on trailing 12 months Narayan EBITDA as of end of fiscal Q2 FY26 applying the same 12 times multiple to frankly represent what it would cost Standex to acquire in cash, the remaining 10% stake of Narayan as of today as per the purchase agreement.

由於這兩個事實，根據會計準則，我們必須根據截至 2026 財年第二季度末 Narayan 過去 12 個月的 EBITDA，記錄 Narayan 剩餘 10% 股份的增值，並採用相同的 12 倍倍數，坦率地反映 Standex 根據購買協議，截至今日以現金收購 Narayan 剩餘 10% 股份的成本。

So really, Chris, it just shows the increased value of this business since the acquisition and just frankly, a phenomenal performance that this business has had as part of Standex grid. Hopefully, that helps. I mean I can read you the explanation from the queue, which is even more tactical, but hopefully, this helps clarify.

所以，克里斯，這確實表明自收購以來，這家公司的價值有所提升，坦白說，這家公司作為 Standex 集團的一部分，取得了非凡的業績。希望這能有所幫助。我的意思是，我可以從隊列中讀出解釋，這甚至更具策略性，但希望這能有所幫助。

No, it does. That was perfect, very helpful. All right. So on to the business. So maybe just continue with Amran or Grid. So OEMs such as Schneider Electric, Siemens, GE, all found it more efficient to outsource the low to medium voltage transformers that Grid is providing much of the engineering that they had done in-house.

不，確實如此。太好了，非常有幫助。好的。那麼，讓我們進入正題。所以或許可以繼續和阿姆蘭或格里德合作。因此，像施耐德電機、西門子、通用電氣這樣的原始設備製造商都發現，將低壓到中壓變壓器外包給 Grid 公司會更有效率，因為 Grid 公司為他們提供了許多以前在公司內部完成的工程設計。

So maybe just a question or two here. How would you characterize the competitive environment here? I'm just trying to understand if, do most of these OEMs have multiple relationships with companies like Amran? Or are you sole sourcing or how does it work now? And what's your expectation moving forward?

所以，這裡可能就一兩個問題。您如何描述這裡的競爭環境？我只是想了解一下，這些原始設備製造商（OEM）是否大多與像Amran這樣的公司有多家合作關係？還是你們是獨家採購？還是現在的採購模式是怎麼樣的？那你對未來有什麼期望呢？

Well, Chris, this is a great example of a customer intimacy market. And the idea of customer intimacy is that as customers design their next generation platforms, they've got their engineers focused on the most critical functionality within that platform, but there are other elements that are very important that must be custom designed and they need partners to do that.

克里斯，這正是客戶親密度市場的絕佳例子。客戶親密關係的理念是，當客戶設計下一代平台時，他們的工程師會專注於該平​​台中最關鍵的功能，但還有其他一些非常重要的元素必須進行客製化設計，而這需要合作夥伴來完成。

So over the years, instrument transformers have moved into that category and Amran Narayan is quickly becoming a valued partner to the global equipment OEMs. If you zoom out and look at the global market for instrument transformers, about 40% of the instrument transformers are made by the electrical equipment OEMs, by the GE, Siemens, by Schneider Eaton.

因此，多年來，儀器互感器已發展成為這一類別，而 Amran Narayan 也迅速成為全球設備 OEM 的重要合作夥伴。如果放眼全球儀器互感器市場，大約 40% 的儀器互感器是由電氣設備 OEM 廠商生產的，例如 GE、西門子、施耐德電氣和伊頓電氣。

They are outsourcing more and more of that, but not all of it. The other 60%, there are different suppliers in every region of the world. And I would, they're not small family shops.

他們正在將越來越多的業務外包，但並非全部。其餘 60% 的產品則由世界各地不同的供應商提供。我會的，他們不是小型家庭商店。

These are businesses about the size of Amran and Narayan, but there are a lot of suppliers out there around the regions of the world, and we feel that we stack up well against all of them.

這些企業規模與 Amran 和 Narayan 差不多，但世界各地有很多供應商，我們覺得我們與所有這些供應商相比都毫不遜色。

Got it, and very helpful. And maybe just the last one for me, maybe just bigger picture. India and EU just signed a trade deal? Just wondering any thoughts there?

明白了，很有幫助。或許對我來說，這只是最後一個問題，或許只是從更宏觀的角度來看問題。印度和歐盟剛剛簽署了貿易協定？想聽聽大家的想法？

Well, yes. Well, first of all, clarity in trade is good. Clarity and consistency, so we can make our investment, make our plans.

是的。首先，貿易環境清晰是件好事。清晰明確的訊息和一致的立場，才能讓我們進行投資，制定計畫。

Now if you think about the Croatia site that we've started up and now ramping up, we're installing machinery now there, that makes that Croatia site even more viable long term because that's there to serve the European market and leverages the India supply chain. So we don't know fully what the implications are, but it can only be good.

現在想想我們已經啟動並正在加速發展的克羅埃西亞工廠，我們正在那裡安裝機器，這使得克羅埃西亞工廠從長遠來看更具可行性，因為它服務於歐洲市場並利用了印度的供應鏈。所以我們還不完全清楚這會帶來什麼影響，但肯定只有好處。

Ross Sparenblek from William Blair.

威廉布萊爾的羅斯斯帕倫布萊克。

On the electronics, can you maybe just help parse out the sales and order growth for the grid business versus the legacy?

在電子產品方面，您能否幫忙分析電網業務與傳統業務的銷售和訂單成長？

Yeah. I mean, again, our book-to-bill for the electronics in total was over one with the Grid business being at about 1.2 book-to-bill and the core business being at about 1.03, 1.04. I think even kind of more of an info is that our orders in the electronics business have been strong over the past two quarters or a few quarters.

是的。我的意思是，再說一遍，我們電子產品的整體訂單出貨比超過1，其中電網業務的訂單出貨比約為1.2，核心業務約為1.03至1.04。我認為更重要的是，過去兩個季度或幾個季度，我們電子產品業務的訂單一直很強勁。

And as you know, Ross, it takes us a little while to convert some orders into sales. So we are pretty pleased with what we are seeing in the overall order book, both in the core business and especially what we are seeing on the grid business because the demand is very strong.

羅斯，你也知道，我們需要一些時間才能把一些訂單轉換成銷售。因此，我們對整體訂單情況相當滿意，無論是核心業務還是電網業務，因為需求非常強勁。

There's three big pieces of our electronics business, the grid business continues to grow kind of as it has in the last few years.

我們的電子業務主要分為三大部分，電網業務像過去幾年一樣持續保持成長動能。

Our switches and sensor business with reed switches and relays is growing upper-single digits and the magnetics business, which is primarily North American business, is less than that. So our core electronics business, mid-single digit growth.

我們的開關和感測器業務（包括簧片開關和繼電器）實現了接近兩位數的成長，而主要面向北美市場的磁性元件業務的成長則低於這個數字。因此，我們的核心電子業務實現了中等個位數的成長。

Yeah, correct. Yeah.

是的，沒錯。是的。

And then that grid business.

然後就是電網問題。

So yeah, in the quarter, right, that's a good point. In the quarter, Ross, the grid business kind of got that organic growth rate because we lapsed the year, got the organic growth rate for the whole total segment over 10% with the core growing at about mid-single digits organically.

所以，是的，在這個季度裡，沒錯，這是一個很好的觀點。羅斯表示，由於我們跨越了年限，電網業務在本季度實現了有機成長率，整個板塊的有機成長率超過了 10%，核心業務的有機成長率約為個位數中段。

Okay. So I mean you get the sense on the legacy side that you're starting to hit an inflection here. That's how it seemed to indicate. But I mean we kind of think through the end markets and the drivers, I mean, is there anything really to call up there?

好的。所以我的意思是，從傳統業務的角度來看，你會感覺到你們正開始遇到一個轉捩點。看起來似乎就是這個意思。但我的意思是，我們會仔細考慮最終市場和驅動因素，我的意思是，那裡真的有什麼值得關注的嗎？

I mean I know EVs was a story for a bit. You won some new content, Aerospace and Defense, just what's helping sustain that legacy?

我知道電動車曾經風靡一時。你們贏得了一些新的內容，航空航太和國防領域，是什麼在幫助你們保持這一優勢？

Yeah. On the legacy side, it's right, it's primarily the switches and the relays, Asia is very strong. There's a lot of economic activity in Asia, we're seeing a pickup in Europe. North America is still flat. So if you look at the geographies.

是的。從傳統設備方面來看，確實如此，主要是交換器和繼電器，亞洲實力非常強勁。亞洲經濟活動十分活躍，歐洲經濟也呈現復甦跡象。北美洲仍然是平坦的。所以，如果你看看地理位置的話。

The end markets, our relay business is growing with test and measurement, sales relays into test and measurement equipment, and that's tied to electrification, grid and data centers. Those are kind of things that stick out.

在終端市場方面，我們的繼電器業務隨著測試和測量而成長，向測試和測量設備銷售繼電器，而這與電氣化、電網和資料中心息息相關。這些都是比較突出的事情。

Yeah. And then can you maybe help us bridge the second half walk to the $270 million of fast growth sales, but we comped over the Amran acquisition and kind of my math, it seems like the biggest two bucks are probably commercial space and grid, and then we also have capacity coming online there, too, that might be inhibiting that the next quarter or two, on the grain side?

是的。那麼，您能否幫助我們實現下半年 2.7 億美元的快速成長銷售目標？我們比較了 Amran 的收購情況，根據我的計算，最大的兩個盈利點可能是商業航太和電網，而且我們還有一些產能即將上線，這可能會在未來一兩個季度抑制糧食方面的成長？

Well, yeah. So last year, our sales in fast growth of $184 million and that included a partial year of the grid business. This year, we're saying $270 million plus, and that's a full year of the grid business. Within that, our sales into defense in North America are up $15 million to $20 million, space about $10 million.

嗯，是的。所以去年我們的銷售額快速成長了 1.84 億美元，其中還包括電網業務的部分年份。今年我們預計收入將超過 2.7 億美元，相當於電網業務一整年的收入。其中，我們在北美國防領域的銷售額成長了 1,500 萬至 2,000 萬美元，航太領域的銷售額成長了約 1,000 萬美元。

EV is about $5 million, and the rest is the grid growth, which is primarily the Amran Narayan acquisition, but there's some sales into grid from our legacy magnetics.

電動車業務約佔 500 萬美元，其餘部分來自電網成長，這主要是 Amran Narayan 的收購，但也包括我們傳統磁性產品的一些電網銷售。

Okay. I mean that's kind of what you're baking in for the year, that's what you've already seen in the first half.

好的。我的意思是，這大概就是你今年要努力的方向，也是你在上半年已經看到的。

No, we're seeing that. Yeah.

不，我們看到了這一點。是的。

Okay. I'm just trying to understand there's going to be a bigger mix shift towards the grid since it is higher margin or what the timing look like there?

好的。我只是想了解一下，由於發車位的容錯率更高，所以發車位的配比是否會有更大的變化，或者說那裡的發車時間安排是怎樣的？

Well, it is higher margin.

嗯，利潤率更高。

Yeah. No, you're right. The grid business has higher margins. So just one thing, Ross, that's important is we're also investing in growth and capacity expansion in grid. So there's going to be some cost to set up our Croatia site to expand in Mexico to get the Houston, Texas capacity expansion.

是的。不，你說得對。電網業務利潤率更高。羅斯，有一點很重要，那就是我們也在投資電網的成長和容量擴張。因此，為了在墨西哥擴張並獲得休士頓（德克薩斯州）的產能擴張，我們在克羅埃西亞設立的站點需要一些成本。

So we do expect the margins kind of to continue to be very strong, but there's some investments we need to make now to continue to sustain this exceptional growth, frankly, on the grid side.

因此，我們預計利潤率將繼續保持強勁，但坦白說，在電網方面，我們現在需要進行一些投資，以繼續維持這種非凡的成長。

Matthew Koranda from ROTH Capital Partners.

來自 ROTH Capital Partners 的 Matthew Koranda。

Maybe just continuing on the electronics chain of questioning here. Maybe could you just run us through the state of play with the capacity expansion projects you have for Amran Narayan between Houston, Mexico, Croatia, just the status there and how that sort of informs the segment profit guidance that you've laid out for us?

或許我們可以繼續沿著電子產品相關的問題鏈繼續追問下去。您能否簡要介紹一下您在休士頓、墨西哥、克羅埃西亞為 Amran Narayan 制定的產能擴張項目的最新進展情況，以及這些項目如何影響您為我們制定的部門利潤預期？

Yeah. Let me first kind of zoom out and talk about capacity expansion. Since we acquired the business, we've increased the capacity about 50%, and that's largely through the addition of additional ships, with work on lean, a little bit of automation. Now we're bringing on new sites. The Croatia site is now ramping up.

是的。首先，讓我從宏觀角度談談產能擴張。自從我們收購這家公司以來，我們的產能提高了約 50%，這主要是透過增加船舶、精實生產以及一些自動化措施來實現的。現在我們正在推出新的網站。克羅埃西亞站點正在加緊建設中。

We're moving machinery into our Mexico plant. So now if you zoom out over five years, let's say within three to five years, we'll more than double the capacity with the addition of the Croatia site, the expansion in New Mexico.

我們正在將機器設備運送到我們在墨西哥的工廠。所以現在，如果我們把目光放長遠，比如說在三到五年內，隨著克羅埃西亞工廠的投產和新墨西哥州工廠的擴建，我們的產能將會翻倍以上。

We will move into a larger site in Houston. That should be up and running in about 18 months, expansion in India. And then just continued automation and lean work, we'll more than double the capacity in three to five years.

我們將搬遷到休士頓更大的辦公地點。預計在18個月內即可投入運營，並拓展在印度的業務。然後，只要繼續推進自動化和精益生產，我們將在三到五年內將產能提高一倍以上。

Okay, got it. Helpful on the capacity side. Just wondering, maybe Ademir can chime in on how that creates a little bit of a near-term drag on segment profitability. Just wanted to understand how that informs the guidance.

好的，明白了。有助於提升容量。我只是好奇，Ademir 能否就此發表一下看法，說明這會在短期內對業務部門的盈利能力造成怎樣的拖累。我只是想了解這是如何影響指導方針的。

Yeah. No, for sure, Matt. So initially, obviously, to get, for example, to get the Croatia site up and running, you have the set up the site, you have to hire a general manager, you have to hire people, sales and marketing, production, et cetera.

是的。不，當然，馬特。所以，首先，很顯然，例如，要讓克羅埃西亞網站上線運行，你需要建立網站，你需要聘請總經理，你需要聘請銷售和行銷人員、生產人員等等。

So there is some cost that's going to be incurred before we get to ramp up the production. So we don't expect electronics margins to decline in subsequent quarters. But I would probably tell you that I wouldn't expect them to increase in subsequent quarters as well.

因此，在提高產量之前，我們需要承擔一些成本。因此，我們預計電子產品利潤率在接下來的幾季不會下降。但我可能會告訴你，我預計它們在接下來的幾季也不會繼續成長。

Yeah. I guess a good way to say that is we are adding resource, project management resource, expertise in bringing up these new sites because it is so important. And we are doing that with the growth.

是的。我想，比較恰當的說法是，我們正在投入資源、專案管理資源和專業知識來建立這些新網站，因為這非常重要。我們正在透過成長來實現這一點。

We're paying for that through the business and increasing margin, margin would be higher right now if we didn't make those investments, but it would compromise the capacity growth.

我們正在透過業務成長來支付這些費用，提高利潤率。如果我們不進行這些投資，目前的利潤率會更高，但這會影響產能成長。

That's right.

這是正確的。

Okay. That makes total sense. Okay. And then on ETG, I think you guys mentioned maybe there was some organic growth that was held back by customer timing issues and guessing just based on the guidance that, that slides into the third quarter, but maybe just talk a little bit about some of the puts and takes there.

好的。完全說得通。好的。關於 ETG，我想你們提到過，可能有一些自然成長受到客戶時間安排問題的阻礙，根據指導意見猜測，這種情況可能會持續到第三季度，但也許可以稍微談談這方面的利弊。

Yeah, absolutely. For long-time followers of Standex, this comes up pretty regularly in that business. And whether the customer, whether it's aviation space or defense, these are large shipments, they sometimes carry over from one quarter to the next, and it's really just a matter of timing.

是的，絕對的。對於長期關注 Standex 的粉絲來說，這在業界是一個相當常見的問題。無論是航空航天還是國防領域的客戶，這些都是大宗貨物，有時會跨越一個季度到下一個季度，這真的只是時間問題。

There's, maybe they couldn't get in, there's a lot of reasons that could happen, they couldn't schedule a final inspection. But these things slip from one quarter to the next all the time. The backlog remains healthy and growing. Yes, no.

或許他們進不去，有很多原因可能導致這種情況，例如他們無法安排最終檢查。但這些事情經常從一個季度延續到下一個季度。積壓訂單量依然充足且持續成長。是的，也不是。

Yeah, Matt. I mean it could be, yes, and really for ETG business, you kind of got to look at it over a 12 month period, to normalize for some of these ebbs and flows.

是的，馬特。我的意思是，有可能，是的，而且對於 ETG 業務來說，你確實需要以 12 個月的周期來看待它，才能將這些起伏波動正常化。

But David is right, it could be a change in production on the customer side, change in timing when they need a product, it obviously affects when we work on the product, et cetera, et cetera. But over kind of four quarters, it all equalizes out. But you're right, we do at some of the shifts from Q2 to happen this quarter.

但大衛說得對，這可能是客戶那邊生產的變化，也可能是他們需要產品的時間發生了變化，這顯然會影響我們何時開始生產產品等等。但經過四個季度的比賽，一切都會趨於平衡。但你說得對，我們確實預計第二季的一些變化會在本季發生。

Understood. Okay. Maybe just one more if I could sneak one in. On the sort of the M&A front, just given where leverage is, it's coming down to a healthy place. It looks like line of sight is to under two at some point in the near future.

明白了。好的。如果可以的話，也許還能再偷偷塞一個進去。就併購方面而言，考慮到目前的槓桿水平，情況正在趨於健康。看來在不久的將來，視線範圍可能會縮小到兩公尺以下。

Where are you focusing your efforts now just given sort of the balance sheet looks like it's in order to maybe get larger stuff done potentially? Just curious how, where your head is at on that?

鑑於目前的資產負債表看起來不錯，你們現在把精力集中在哪些方面，以便有可能完成一些更大的專案？我只是好奇，你對這件事的看法是什麼？

Yeah. We've had extensive discussions about this recently. We're obviously looking for opportunities in grid and building up a funnel of opportunities in grid, a, to help even accelerate the capacity expansion.

是的。我們最近就此進行了廣泛的討論。我們顯然正在尋找電網領域的機會，並建立電網領域的機會管道，以幫助加速電網容量擴張。

Based on earlier questions, there are other companies out there that make instrument transformers, so we can expand the instrument transformer business. Our grid customers are asking us to expand the products we sell them.

根據先前的問題，市場上還有其他公司生產儀器變壓器，所以我們可以拓展儀器變壓器業務。我們的電網客戶要求我們擴大銷售產品的範圍。

So we have some ideas from our customers, like Schneider and Eaton about companies we could look at. So we're building up that pipeline. In our legacy electronics business, we know that every time we work with a customer and we customize a switch, relay or a sensor, there are other products that we could work on if we had a broader offering in that components and modules area.

因此，我們從施耐德電氣和伊頓電氣等客戶那裡得到了一些建議，他們可以推薦一些我們可以考慮的公司。所以我們正在建構這條人才輸送管道。在我們傳統的電子業務中，我們知道，每次與客戶合作並客製化開關、繼電器或感測器時，如果我們在該組件和模組領域擁有更廣泛的產品線，我們就可以開發其他產品。

So you think about expanding our sensor and switch business into other related technologies, we're building up a pipeline there. So don't be surprised if in the future, you see us building that business out, so we can offer a broader customer set.

所以，如果您考慮將我們的感測器和開關業務擴展到其他相關技術領域，我們正在建立這方面的管道。所以，如果將來你看到我們拓展這項業務，以便能夠為更廣泛的客戶群提供服務，請不要感到驚訝。

I guess the final area, we feel pleased we have so many great end markets to look at. Space, the space market is becoming a bigger and bigger opportunity.

我想說最後一點，我們很高興有這麼多優秀的終端市場可以關注。太空，太空市場正變得越來越大，蘊藏著巨大的機會。

It is not just putting satellites in orbit anymore. If you look at the long-term plan some people have for space, there's going to be a lot going on up there with different kinds of vehicles requiring different pieces of equipment. So we're also building up a funnel in kind of emerging capabilities in the space market.

現在不只是把衛星送上軌道了。如果你看看一些人對太空的長期規劃，你會發現太空將會非常繁忙，各種類型的飛行器都需要不同的設備。因此，我們也在為太空市場的新興能力建立一個管道。

Okay. Sounds like a target rich environment, I'll leave it there.

好的。聽起來像是個目標資源豐富的環境，我就說到這裡吧。

Yeah.

是的。

Gary Prestopino from Barrington Research.

來自巴林頓研究公司的加里‧普雷斯托皮諾。

David, your new product sales to date, how many products have you introduced? I think you did 4 this quarter? What is it to date?

大衛，到目前為止，你的新產品銷售情況如何？你一共推出了多少款產品？我想你這季做了4個吧？截至目前為止是什麼情況？

Yeah. So today, once you do four, five, we're nine to date.

是的。所以今天，我們做了四、五件事，到目前為止一共做了九件事。

Okay. So you're going to do greater than 15 this year, right?

好的。所以你今年的產量會超過 15，對吧？

Yeah.

是的。

Are there any new products that you put out that you would have considered more wildly successful than you initially thought as you were developing them?

在您推出的新產品中，有沒有哪些產品在您最初開發時，您認為它們會比您最初預想的更成功？

Well, I tell you, a lot of our sales in the commercialization of space are new products, and these are, every year, we seem to take up our expectations of those. So the Engineering Technologies business with the Spincraft business have been very successful with their new products.

我告訴你，我們在太空商業化領域的許多銷售額都來自新產品，而且每年我們似乎都能達到對這些產品的預期。因此，工程技術業務與 Spincraft 業務的新產品取得了巨大成功。

Okay. So that's where the new products are really hitting. Okay. And then are you at liberty to say if your fast growth markets are going to do $270 million of sales this year, I would assume a lot of that jump year-over-year is due to what you're doing in the grid.

好的。所以，這就是新產品真正大獲成功的地方。好的。那麼，您能否說，如果您的快速成長市場今年的銷售額將達到 2.7 億美元，我猜想，同比大幅成長很大程度上要歸功於您在電網方面所做的工作？

So what percentage of your sales are going to the grid right now or out of that $270 million, what percentage of your sales would be the grid?

那麼，目前你們銷售額的百分之多少用於電網建設？或者說，在2.7億美元的銷售額中，電網建設佔你們銷售額的百分之多少？

Yeah. I kind of ran through those numbers earlier to another question. And it's just over half of that is into the grid, 50%, 52% or something like that. And that was the run rate we saw these last couple of quarters because we've got Amran Narayan fully in our numbers.

是的。我之前在另一個問題中也提到過這些數字。其中超過一半被投入電網，50%、52% 左右。這就是我們過去幾季看到的跑動率，因為我們隊上已經有了阿姆蘭·納拉揚。

And the rest, as I mentioned before, defense and space are the biggest pieces with a little bit of EV and renewable energy.

至於其他方面，正如我之前提到的，國防和航太是最大的組成部分，電動車和再生能源佔比較小。

Okay. And then just lastly, in terms of the Amran acquisition, is there any more residual carryover from, that would impact the next two quarters in terms of, from the acquisition such as it would impact the income statement as it did this quarter?

好的。最後，關於 Amran 的收購，是否有其他剩餘影響會像本季一樣對未來兩季的損益表產生影響？

Gary, are you talking about this noncontrolling interest adjustment?

Gary，你指的是少數股東權益調整嗎？

Yeah, the noncontrolling.

是的，不控制的那種。

Yeah, we will have, I mean, obviously, it will not be this sizable because this was the annual true-up based on the two factors that kind of led us to have to book it this time. But yes, I mean, it will have to be adjusted on a quarterly basis going forward because the trailing 12 month EBITDA for which the multiple is applied is going to change.

是的，我們會有，我的意思是，顯然，規模不會這麼大，因為這是年度調整，基於導致我們這次不得不預訂的兩個因素。是的，我的意思是，今後必須按季度進行調整，因為應用該倍數所依據的過去 12 個月的 EBITDA 將發生變化。

Yeah. I'm going to say a word about that. We are delighted that we had to make that large an adjustment because that means that business is doing great. And this incentive, this 10% of that Indian remaining in the hands of the owners really completely aligns our incentives.

是的。我打算就此說幾句。我們很高興不得不做出如此大的調整，因為這意味著業務發展得非常好。而這項激勵措施，即讓印度人保留10%的股份，真正實現了我們雙方利益的完全一致。

I mean I'm delighted at the cultural integration and the cooperation we're getting from the teams. And so this is an accounting and a technical matter, but it's playing out the way we had hoped.

我的意思是，我對各團隊展現的文化融合和合作感到非常高興。所以，這是一個會計和技術問題，但事情的發展正如我們所希望的那樣。

No, I understand that, but what I'm just trying to get at is because they still own 10%, we're going to have this going forward for the next couple of quarters? I mean does this ever end?

不，我明白，但我只是想說的是，因為他們仍然持有10%的股份，所以這種情況會在接下來的幾個季度持續下去嗎？我的意思是，這一切何時才能結束？

Well, it would obviously end when the 10% is executed and either sold, even we repurchased the 10% then. But as long as, I'm sorry.

顯然，當10%的交易執行完畢，要嘛賣出，要嘛我們再買回這10%的股票時，交易就會結束。但只要……我就感到抱歉。

Go ahead, I'm sorry. No, go ahead. I'm sorry.

請便，對不起。不，你繼續。對不起。

No. At the point when those 10% shares transferred back to us, and we purchase them, obviously, then this would go away. But as long as there is some portion of the minority interest that's owned by the prior owners in India, there will be minority interest that has to stay on the balance sheet and a liability that we would have to pay for the remaining part at some point.

不。當那 10% 的股份轉回給我們，我們買下它們的時候，很顯然，這件事就會結束。但是，只要印度的前所有者還持有部分少數股權，那麼資產負債表上就必須保留一部分少數股權，而剩餘部分則需要我們償還。

Actually, in the contract, we have put and call options the way that this agreement was structured by which, for the first three years, the owners have the right to essentially sell us their shares and then we get the right to repurchase starting in year four.

實際上，根據該協議的結構，我們在合約中設定了看漲期權和看跌期權，在前三年，所有者有權將他們的股份出售給我們，然後從第四年開始，我們有權回購這些股份。

Michael Shlisky from DA Davidson.

來自地方檢察官戴維森的邁克爾·施利斯基。

I want to follow up on your last answer there. I'm also just trying to make sure I get my hands around this. Does the eventual sale of the shares or purchase of the shares has to be approved by the Indian government?

我想就你上次的回答做個後續說明。我只是想確保我能完全掌握它。最終的股票出售或購買是否需要印度政府的批准？

And could that be an issue? And will you be just consistently revaluating this every quarter until they approve it?

這會不會是個問題？你們會每季都重新評估，直到他們批准為止嗎？

Yeah. So to come back to the original agreement we had, we actually, the original objective was to purchase 10% of the Indian entity in Narayan with Standex shares. And the India government needs to approve an Indian national to own equity of a foreign company.

是的。所以回到我們最初的協議，實際上，我們最初的目標是用 Standex 的股份收購 Narayan 印度實體 10% 的股份。印度政府需要批准印度公民持有外國公司的股權。

So if you're buying it with shares, there needs to be a government approval. If you're paying it with cash, obviously, there is no government approval that's needed. That's a pretty straightforward transaction.

所以，如果你是用股票購買，你需要獲得政府批准。如果你用現金支付，顯然就不需要政府批准了。這是一筆非常簡單的交易。

And that's what we're doing.

這就是我們正在做的。

And that's, I think, where we're going to end up at some point in time over the next few years.

我認為，在未來幾年內，我們最終都會走到那一步。

No approvals. Got it. I know it's not your biggest segment, but I did notice the substantial margin decline in Specialty Solutions. I was wondering if you could maybe share what was behind that? I know you mentioned one of the Engineering Technologies Group, but how about that one?

未經批准。知道了。我知道這不是你們最大的業務板塊，但我確實注意到特種解決方案業務的利潤率大幅下降。我想知道您是否可以分享背後的原因？我知道你提到了工程技術集團的某位成員，但那位成員呢？

Yeah, it's been just a very, very difficult end market in North America, Mike, in terms of where the Specialty Solutions is playing and it's all North America. And we do expect this quarter to get better.

是的，麥克，就特種解決方案的業務而言，北美終端市場一直非常非常艱難，因為整個北美市場都屬於特種解決方案領域。我們預計本季情況會有所改善。

We are seeing some order intake improvement in both businesses that make up the Specialty Solutions segment and we do expect those margins to improve this quarter as the general market conditions improve. But it's market driven.

我們看到，構成特種解決方案部門的兩個業務部門的訂單量都有所改善，我們預計隨著整體市場狀況的改善，本季這些業務的利潤率將會提高。但這是由市場驅動的。

Okay. And similarly, I wanted to touch on the Engraving business as well, a little bit of a nice comeback coming here after a very long period of waiting. Can you just talk a little bit about what the pipeline of business looks like in Engraving? Does it go beyond a couple of quarters here?

好的。同樣地，我也想談談雕刻業務，經過很長一段時間的等待，它終於迎來了一次不錯的復甦。能否簡單介紹一下雕刻產業的業務流程？這裡會超過幾個季度嗎？

Yeah. I mean we, like we've said in the last few quarters, we think that in North America and Europe, that activity bottomed out, and we were in the kind of in the trough in the last year. We do see that North America is still kind of at similar levels.

是的。我的意思是，就像我們在過去幾個季度所說的那樣，我們認為北美和歐洲的經濟活動已經觸底，去年我們一直處於低谷。我們看到北美的情況仍然大致處於類似的水平。

Europe is starting to pick up. We anticipate programs will be launched in America that will lead to work for us later in the summer and the fall. So we do see a pickup in that general, in our traditional business there.

歐洲經濟開始復甦。我們預計美國將推出一些項目，這些項目將在夏季晚些時候和秋季為我們帶來工作機會。所以我們看到，整體而言，我們的傳統業務確實有所回升。

And another thing we're quite excited about is the increase in our new product sales for the year is actually out of the Engraving business. You might remember in the summer, we talked about a new win they had making these differentiated parts using kind of some proprietary knowledge we have of the soft trim process.

還有一件事讓我們非常興奮，那就是我們今年新產品銷售額的成長實際上來自雕刻業務。你可能還記得，今年夏天，我們討論過他們利用我們掌握的一些軟修整工藝專有知識，製造出這些差異化零件，並取得了新的成功。

So we're producing these parts. That is a new product for us. And the $8 million increase in new products is almost, is largely from that business. So we think there's a pickup from that, we'll see in the, late this quarter and into Q4.

所以我們正在生產這些零件。這是我們的新產品。新產品銷售額增加的 800 萬美元幾乎主要來自這項業務。所以我們認為這種情況會有所好轉，我們將在本季末和第四季看到這種趨勢。

But we are still cautious about the overall market in Engraving, the auto market.

但我們仍然對雕刻產業的整體市場，也就是汽車市場，持謹慎態度。

Ross Sparenblek from William Blair.

威廉布萊爾的羅斯斯帕倫布萊克。

Just quickly on the capacity. I mean you've spoken there were $60 million roughly in Croatia. But can you maybe just remind us of where that stood when you acquired the asset on a dollar basis?

簡單說一下容量。我的意思是，你剛才說過，克羅埃西亞大約有 6000 萬美元。但您能否提醒我們一下，當您以美元價格收購該資產時，當時的匯率是多少？

Zero. It was, there were only, the Croatia was just a request from customers to install the capacity.

零。當時的情況是，克羅埃西亞只是應客戶要求安裝該容量而已。

I mean, the capacity of Amran. I mean, you weren't (inaudible) move to expand there.

我的意思是，阿姆蘭的能力。我的意思是，你當時並沒有（聽不清楚）打算在那裡擴張。

Yeah. So the capacity at the time of acquisition was basically in line with the sales. It was about $100 million. We have increased that capacity of that, of the existing capacity about 50%. And then we've got these other sites coming online.

是的。因此，收購時的產能與銷售情況基本一致。大約是1億美元。我們已將該產能提高了約 50%，相當於現有產能的 50%。然後我們還有其他一些網站上線。

And then just want to clarify, we think through doubling that, are we doubling it off the original base or where we stand today?

然後我想澄清一下，當我們考慮將這個數字翻倍時，我們是在原來的基礎上翻倍，還是在我們現在的基礎上翻倍？

No, in fact, we're more than doubling it with, based on, they're at $150 million now, we will more than double that in the next three to five with Croatia, Mexico, Houston, new expansion in India, and lean and automation.

不，事實上，我們計劃將其翻一番還多。目前他們的投資額為 1.5 億美元，未來三到五年內，我們將透過克羅埃西亞、墨西哥、休士頓、印度的新擴張以及精益化和自動化，使這個數字翻倍。

Okay. And then just on Amran and just kind of a qualitative and the competitive landscape. Can you say elaborate on the right to win there? Is it the scale, the relationships? Or is it just kind of the prototyping and technical capabilities?

好的。然後就阿姆蘭而言，就定性分析和競爭格局而言。你能詳細解釋一下在那裡獲勝的權利嗎？是規模，還是人際關係？或者只是原型製作和技術能力的問題？

I didn't understand the question, Amran.

阿姆蘭，我沒聽懂你的問題。

Sorry. Yeah, on Amran, on the grid business. I mean we're expanding globally. There's a lot, it's a fragmented market, regional players. I mean what truly is kind of the right to win there for that business?

對不起。是的，關於阿姆蘭，關於電網業務。我的意思是，我們正在進行全球擴張。市場很大，很分散，有許多區域性企業。我的意思是，對於那家企業來說，真正稱得上「勝算」的東西是什麼？

Well, customers are asking us to expand. They have earned a privileged position with the largest electrical equipment OEMs through great service levels. When we announced the acquisition and in previous quarters, we've explained, they have an advantage, the way their business model works, they can turn around prototypes faster.

客戶要求我們擴大規模。他們憑藉著卓越的服務水平，在最大的電氣設備原始設備製造商中贏得了特殊的地位。我們在宣布收購時以及之前的幾個季度都解釋過，他們的商業模式具有優勢，可以更快地完成原型製作。

They can deliver faster than internal teams and a lot of our customers and from our competitors. They have a great track record for quality. And they've got a great supply chain in India that gives them a cost advantage as well.

他們的交付速度比內部團隊、許多客戶以及競爭對手都要快。他們在產品品質方面有著良好的口碑。而且他們在印度擁有強大的供應鏈，也為他們帶來了成本優勢。

So they win on a lot of fronts, all the expansion plans we're talking about are really at the request of customers. We don't have to go prospecting for business. Customers are very open with us about their long-term plans, what they want us to do. So this is a very collaborative effort to expand this capacity.

所以他們在很多方面都取得了勝利，我們所說的所有擴張計劃實際上都是根據客戶要求而製定的。我們不需要主動去尋找客戶。客戶非常坦誠地與我們分享他們的長期計劃，以及他們希望我們做什麼。所以這是一項旨在擴大這項能力的密切合作努力。

Okay. And then maybe just one final one here. Do we think like the delta of the mid to high-single, can you put a finer point on those ranges and what could go wrong, what could go right? I know you guys have better visibility in some markets than others, but it feels like the cyclical pieces are pretty much a trough at this point.

好的。最後，或許就再補充一個吧。我們是否像中高階單曲的delta那樣思考，你能更精確地指出這些範圍以及可能出現的問題和可能出現的問題嗎？我知道你們在某些市場的洞察力比其他市場更好，但感覺目前週期性因素基本上已經處於低谷。

Yeah. I mean, I think, yeah. I mean, that's right. I mean, we feel from a kind of an overall economic environment and when the global markets, we feel we are, we bottomed out for sure, and now we are starting to recover and see some increased demand.

是的。我的意思是，我想，是的。沒錯。我的意思是，從整體經濟環境和全球市場來看，我們感覺市場肯定已經觸底反彈，現在開始復甦，需求也開始增加。

In terms of what can go wrong, the reason, back in August, we said that there's a lot of positive energy in the company because we feel we're reaching an inflection point where the new products and the fast-growth markets are overcoming weakness in some other general industry markets.

至於可能出現的問題，原因在於，早在八月份，我們就說過公司充滿了積極的能量，因為我們感覺我們正處於一個轉折點，新產品和快速增長的市場正在克服其他一些一般行業市場的疲軟。

North America is still pretty weak. You heard about it in Specialty. That's kind of a weaker spot in our legacy electronics business. So in terms of what could go wrong, if we don't see a pickup in North America, that would be kind of a.

北美市場依然相當疲軟。你在專業雜誌上聽過這件事。這是我們傳統電子業務的一個弱點。所以，就可能出現的問題而言，如果我們在北美看不到提振，那將會是個…

Yeah, definitely.

是的，當然。

Okay. So more macro related, it's not timing of, or any watch items regarding like the A350 or SpaceX or something like that.

好的。所以，這更多的是宏觀層面的問題，而不是時間安排，也不是任何與A350或SpaceX之類的手錶相關的項目。

No.

不。

No.

不。

There are no further questions at this time. I will now hand the call back over to David Dunbar for the closing remarks.

目前沒有其他問題了。現在我將把電話交還給大衛‧鄧巴，請他作總結發言。

I want to thank everybody for joining us for the call. We enjoy reporting on our progress at Standex. Thank you also to our employees and shareholders for your continued support and contributions. I'm excited about the company's potential in fiscal year 2026 and look forward to speaking with you again in our fiscal third quarter 2026 call.

感謝各位參加本次電話會議。我們很樂意向大家報告我們在Standex展會上的進展。感謝各位員工和股東一直以來的支持與貢獻。我對公司在 2026 財年的潛力感到興奮，並期待在 2026 財年第三季電話會議上再次與您交談。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝。女士們、先生們，會議到此結束。感謝各位的參與。你們可以斷開線路了。