特靈科技 (TT) 2026 Q3 法說會逐字稿

Good morning. Welcome to the Trane Technologies Q3 2026 earnings conference call. My name is Warren and I will be your operator for the call. The call will begin in a few moments with the speaker remarks and the Q&A session. (Operator Instructions)

早安。歡迎參加 Trane Technologies 2026 會計年度第三季（Q3）財報電話會議。我是 Warren，將擔任本次會議的接線員。本次會議將在稍後開始，先由講者致詞，接著進行問答環節。（接線員指示）

I will now turn the call over to Patrick Uotila, Director of Investor Relations. Please go ahead.

現在我將把電話交給投資人關係總監 Patrick Uotila。請開始。

Thanks, operator. Good morning, and thank you for joining us for Trane Technologies' third-quarter 2026 earnings conference call. Our webcast and slide presentation are available at tranetechnologies.com, where a replay will also be archived.

謝謝，接線員。各位早安，感謝各位參加 Trane Technologies 2026 年第三季財報電話會議。我們的網路直播與簡報投影片可於 tranetechnologies.com 取得，亦將於該網站存檔提供重播。

Today's discussion includes forward-looking statements. Key risk factors are detailed in our SEC filings. We also use non-GAAP measures. Explanations and reconciliations are in our press release and presentation appendix.

今天的討論包含前瞻性陳述。主要風險因素已在我們向 SEC 提交的文件中詳述。我們也使用非 GAAP 指標。相關說明與調節表載於我們的新聞稿與簡報附錄。

Joining me on today's call are Dave Regnery, Chair and CEO; Chris Kuehn, Executive Vice President and CFO; and joining us for Q&A is Donny Simmons, Executive Vice President and Chief Operating Officer.

今天與我一同出席的有董事長兼執行長 Dave Regnery、執行副總裁兼財務長 Chris Kuehn；並且在問答環節加入我們的是執行副總裁兼營運長 Donny Simmons。

With that, I'll turn the call over to Dave. Dave?

接下來，我把電話交給 Dave。Dave？

Thanks, Pat, and good morning, everyone. Please turn to slide 3.

謝謝，Pat，各位早安。請翻到投影片第 3 頁。

Our focus strategy is aligned to powerful megatrends and continues to propel strong performance.

我們的聚焦策略與強勁的大趨勢一致，並持續推動亮眼表現。

Today, global energy systems are stretched and buildings still waste about 30% of the energy they pay for.

如今，全球能源系統承受壓力，而建築物仍浪費其所支付能源約 30%。

If we want a sustainable and resilient energy future. Efficiency isn't optional. It's imperative.

如果我們想要一個永續且具韌性的能源未來。效率不是可有可無。而是勢在必行。

Customers choose Trane Technologies because we solve this problem at scale.

客戶選擇 Trane Technologies，是因為我們能以規模化方式解決這個問題。

Our smart systems, advanced controls, and deep service expertise allow buildings and industry to optimize their energy footprint in real time.

我們的智慧系統、先進控制技術，以及深厚的服務專業，使建築與工業能即時最佳化其能源足跡。

This enables our customers to boost performance, reduce cost, and reduce emissions, and help create more resilient energy systems.

這讓客戶得以提升效能、降低成本並減少排放，同時協助打造更具韌性的能源系統。

When you combine this strong customer demand with our leading innovation and talented team, we are well positioned to deliver differentiated long-term value for our shareholders.

當你把強勁的客戶需求、我們領先的創新能力與優秀的人才團隊結合在一起，我們就具備良好條件，為股東創造差異化的長期價值。

Please turn to slide four.

請翻到投影片第 4 頁。

Q3 was another strong quarter. Enterprise organic bookings grew 20%, fueled by robust growth across all segments. Our commercial HVAC businesses delivered outstanding performance.

第三季是另一個強勁的季度。企業有機訂單成長 20%，由各事業部門全面強勁成長所帶動。我們的商用 HVAC 業務表現出色。

With global applied bookings up over 40%, driving our backlog to $12.5 billion.

全球應用型（Applied）訂單成長超過 40%，帶動我們的在手訂單（backlog）達到 125 億美元。

Organic revenue grew 16%, led by the Americas and with growth across all segments.

有機營收成長 16%，由美洲地區領軍，且各事業部門皆有成長。

Our service business, which represents about one-third of enterprise revenue, continues to be a resilient growth driver with low-teens compound annual growth rate since 2020.

我們的服務業務約占企業營收三分之一，自 2020 年以來維持低十位數的年複合成長率，持續成為具韌性的成長動能。

All in, we delivered adjusted EPS growth of 25%. This includes a tax benefit of about $0.10 due to timing. Excluding this tax benefit, our underlying adjusted EPS growth is up 23%. We also delivered exceptional free cash flow, reaching $2.8 billion year-to-date and now expect to deliver free cash flow greater than 100% of net earnings for the full-year.

整體而言，我們的調整後 EPS 成長 25%。其中包含因時點因素帶來約 0.10 美元的稅務利益。若排除該稅務利益，我們的基礎調整後 EPS 成長為 23%。我們也創造了卓越的自由現金流，年初至今達 28 億美元，並預期全年自由現金流將高於淨利的 100%。

Given our robust backlog, strong pipeline and proven execution, we are raising our full-year revenue guidance and reaffirming our EPS guidance.

鑑於我們強勁的在手訂單、充沛的商機管道以及經驗證的執行力，我們上調全年營收指引，並重申 EPS 指引。

Please turn to slide five.

請翻到投影片第 5 頁。

Our third quarter results were driven by standout performance in the Americas segment. Commercial HVAC delivered exceptional bookings, up low double-digits and strong organic revenues, up low 20s.

我們第三季的成果主要由美洲事業部門的亮眼表現所帶動。商用 HVAC 訂單呈低雙位數成長，且有機營收強勁，成長達 20% 出頭。

As expected, Applied Solutions revenues ramped significantly, with growth exceeding 60%. Services in the Americas continues to be a key growth engine, up 10%. The residential business exceeded our expectations, with both bookings and organic revenues up approximately 20%. Our transport business also gained momentum, with bookings up in the high 30s and revenues up high single-digits.

如預期，應用解決方案（Applied Solutions）營收顯著加速，成長超過 60%。美洲地區的服務業務持續是關鍵成長引擎，成長 10%。住宅業務優於我們預期，訂單與有機營收皆約成長 20%。我們的運輸業務也加速動能，訂單成長接近 40%（高 30%），營收成長高個位數。

In EMEA, our performance was solid and in line with our expectations.

在 EMEA，我們的表現穩健，符合預期。

Excluding the Middle East segment, bookings were up over 50% and revenues grew high single-digits.

若排除中東區域，訂單成長超過 50%，營收成長高個位數。

Our team in Asia Pacific delivered strong results outside of China, with bookings in the rest of Asia up 70% and revenues up in the high 10s.

亞太團隊在中國以外地區交出強勁成果，亞洲其他地區訂單成長 70%，營收成長達十位數後段（high 10s）。

China now represents one-third of our Asia Pacific segment.

中國目前占我們亞太事業部門的三分之一。

Now, I'd like to turn the call over to Chris.

接下來，我想把電話交給 Chris。

Thanks, Dave. Please turn to slide six.

謝謝，Dave。請翻到投影片第 6 頁。

As Dave highlighted, enterprise organic revenue grew a strong 16%, supported by robust equipment and services growth.

如 Dave 所強調，企業有機營收強勁成長 16%，主要受設備與服務的強勁成長所支撐。

Adjusted EPS increased 25%, underscoring the power of our business operating system.

調整後 EPS 成長 25%，凸顯我們業務營運系統的威力。

We are capitalizing on unprecedented demand, which has created near-term supply chain and inflationary pressures that we are actively mitigating.

我們正把握前所未有的需求，但這也在短期內造成供應鏈與通膨壓力；我們正積極加以緩解。

A prime example is our recent acquisition of Cancoil, one of our key suppliers, which strengthens our supply chain and bolsters our heat transfer expertise.

一個典型例子是我們近期收購 Cancoil（我們的關鍵供應商之一），此舉強化供應鏈並提升我們在熱交換領域的專業能力。

Leverage in Q3 improved versus Q2, and we are confident we will see further leverage improvement in the fourth quarter, driven by both higher price and productivity.

第三季的槓桿效益較第二季改善；我們有信心第四季將進一步改善槓桿效益，動能來自更高的價格與生產力提升。

Please turn to slide 7.

請翻到投影片第 7 頁。

Our third quarter performance reflects solid execution in a dynamic environment and strategic reinvestment for future growth.

我們第三季的表現反映出在多變環境中的穩健執行，以及為未來成長所做的策略性再投資。

Operating income margins in the Americas expanded by 50 basis points on strong volume growth that helped offset inflationary and supply chain headwinds.

美洲地區的營業利益率在強勁的量增帶動下擴張 50 個基點，有助於抵銷通膨與供應鏈逆風。

In EMEA, we delivered solid performance in Europe, with segment margins impacted by the continued conflict in the Middle East.

在 EMEA，我們在歐洲交出穩健表現，但事業部門利潤率受到中東持續衝突的影響。

Excluding the Middle East. Our commercial HVAC business leveraged above 25%. Asia Pacific margins were impacted by challenging markets in China, balanced by notable strength in the rest of Asia.

若排除中東，我們的商用 HVAC 業務槓桿效益超過 25%。亞太地區利潤率受到中國市場挑戰影響，但由亞洲其他地區的顯著強勁表現所平衡。

With that, I'll turn the call back over to Dave.

接下來，我把電話交回給 Dave。

Dave.

Dave。

Thanks, Chris. Please turn to slide eight. Commercial HVAC Americas continues to set the pace with another quarter of exceptional bookings and backlog.

謝謝，Chris。請翻到投影片第 8 頁。美洲商用 HVAC 持續領先，再次繳出卓越的訂單與在手訂單表現。

Data centers continue to be a powerful driver and our core markets also remain strong. Year-to-date, we delivered growth in 11 of our 14 verticals. As a result, we are raising our full-year commercial HVAC organic revenue outlook.

資料中心持續是強勁的驅動力，我們的核心市場也依然穩健。年初至今，我們在 14 個垂直領域中的 11 個實現成長。因此，我們上調全年商用 HVAC 有機營收展望。

In residential, we are also raising our full-year outlook, reflecting our strong year-to-date performance.

在住宅業務方面，我們也上調全年展望，反映年初至今的強勁表現。

Transport markets continue to show improvement, and we expect strong revenue growth in the fourth quarter leading into a 2027 recovery.

運輸市場持續改善，我們預期第四季營收將強勁成長，並為 2027 年復甦鋪路。

In EMEA, we continue to expect flattish organic revenue growth for the full-year, with commercial HVAC offsetting headwinds in the Middle East and transport.

在 EMEA，我們仍預期全年有機營收成長大致持平（flattish），其中商用 HVAC 將抵銷中東與運輸業務的逆風。

In Asia, we expect strong demand in the rest of Asia to offset challenges in China.

在亞洲，我們預期亞洲其他地區的強勁需求將抵銷中國所面臨的挑戰。

With that, I will turn the call back to Chris.

接下來，我把電話交回給 Chris。

Chris?

Chris？

Thanks, Dave. Please turn to slide 9.

謝謝，Dave。請翻到第 9 頁投影片。

For the full-year, we are increasing our organic revenue growth outlook to approximately 11% and reaffirming our adjusted EPS guidance range of $15.20 to $15.30. For the fourth quarter, we expect organic revenue growth in the mid-teens with adjusted EPS of approximately $3.40 to $3.50. This includes a $0.10 headwind from a higher fourth quarter tax rate, which neutralizes the third quarter benefit and keeps our full-year effective tax rate forecast unchanged at 19%.

就全年而言，我們將有機營收成長展望上調至約 11%，並重申調整後 EPS 指引區間為 15.20 至 15.30 美元。就第四季而言，我們預期有機營收成長為十幾個百分點的中段，調整後 EPS 約為 3.40 至 3.50 美元。其中包含因第四季稅率較高所帶來的 0.10 美元逆風，這將抵銷第三季的稅務利益，並使我們對全年有效稅率的預估維持不變，仍為 19%。

Looking at the balance of the year, we are updating our full-year price realization expectation from 1.5 points to approximately 1 point, primarily reflecting timing and mix across our shorter cycle businesses.

就今年剩餘期間來看，我們將全年價格實現（price realization）預期由 1.5 個百分點更新為約 1 個百分點，主要反映我們較短週期業務在時點與組合上的影響。

We expect price to accelerate in the fourth quarter to approximately 1.5 points at the enterprise and close to 2 points in the Americas segment.

我們預期第四季價格將加速至企業層級約 1.5 個百分點，而在美洲事業部門接近 2 個百分點。

We now expect organic leverage to land in the low 20s, an adjustment from our prior expectation at 25% plus. Primarily due to the updated price expectation and near-term supply chain and inflationary headwinds, all of which we are actively managing.

我們目前預期有機槓桿（organic leverage）將落在 20% 出頭，較先前 25% 以上的預期有所調整。主要原因在於更新後的價格預期，以及短期供應鏈與通膨逆風；上述因素我們都在積極管理中。

Please turn to slide 10.

請翻到第 10 頁投影片。

We remain committed to our balanced capital allocation strategy, which is focused on deploying excess cash to maximize shareholder returns.

我們仍致力於平衡的資本配置策略，重點在於運用多餘現金以最大化股東報酬。

First, we strengthen our core business through relentless and strategic reinvestment.

第一，我們透過持續且策略性的再投資，不斷強化核心業務。

Second, we maintain a strong balance sheet to ensure optionality as markets evolve.

第二，我們維持強健的資產負債表，以確保在市場演變時保有彈性與選擇權。

Third, we are on track to deploy 100% of excess cash over time.

第三，我們正按計畫在時間推移中部署 100% 的多餘現金。

Our disciplined approach includes pursuing strategic M&A to enhance long-term returns and executing share repurchases when our stock trades below its calculated intrinsic value.

我們的紀律性作法包括：推動策略性併購以提升長期報酬，以及在股價低於我們計算的內在價值時執行庫藏股回購。

Please turn to slide 11.

請翻到第 11 頁投影片。

We now expect to deploy more than $3.4 billion in 2026, exceeding the high end of our prior range.

我們目前預期 2026 年將部署超過 34 億美元，超出先前區間的上緣。

A key pillar of this strategy is our commitment to shareholder returns.

此策略的一個關鍵支柱，是我們對股東報酬的承諾。

Earlier this year, we increased our dividend by 12%. We also repurchased approximately $1.4 billion of shares year-to-date with a significant share repurchase authorization remaining.

今年稍早，我們將股利提高了 12%。我們也在年初至今已回購約 14 億美元的股票，且仍有相當可觀的股票回購授權額度尚未使用。

Our M&A pipeline is active. During the third quarter, we committed to three strategic acquisitions, including Cancoil, which we expect to close in late 2026 or early 2027.

我們的併購案源（pipeline）相當活躍。在第三季，我們承諾進行三項策略性收購，其中包括 Cancoil；我們預期將於 2026 年底或 2027 年初完成交割。

We now expect CapEx of approximately 2% of revenue in 2026, which will further bolster our strong free cash flow and balance sheet position.

我們目前預期 2026 年資本支出（CapEx）約為營收的 2%，這將進一步強化我們強勁的自由現金流與資產負債表部位。

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

接下來，我把電話交回給 Dave。Dave。

Thanks, Chris. Please turn to slide 13.

謝謝，Chris。請翻到第 13 頁投影片。

In Americas transport, we are seeing positive signs after a multi-year downturn.

在美洲運輸領域，我們在經歷多年下行後，正看到一些正向跡象。

Preliminary discussions with customers have been encouraging, and we believe the markets will continue to improve into 2027 and enter a multi-year upcycle.

與客戶的初步討論令人鼓舞，我們相信市場將持續改善至 2027 年，並進入一個多年的上行週期。

Please turn to slide 14. While we'll provide formal 2027 guidance on our fourth quarter call, I'll share an early view based on current insights.

請翻到第 14 頁投影片。雖然我們會在第四季電話會議上提供正式的 2027 年指引，但我會先基於目前的洞見分享一個初步看法。

Globally, commercial HVAC remains very strong, led by our innovation and direct sales force.

在全球範圍內，商用 HVAC 仍然非常強勁，主要由我們的創新能力與直銷團隊所帶動。

With backlog up more than 70% from the prior year, we are well positioned for strong growth in 2027.

由於積壓訂單（backlog）較去年同期增加超過 70%，我們已為 2027 年的強勁成長做好充分準備。

For residential, we will be exiting 2026 with normalized channel inventories and stronger momentum than the year before.

在住宅市場方面，我們將在 2026 年結束時，使通路庫存回到正常水位，且動能將較前一年更強。

We will be monitoring the interest rate environment and other economic indicators as we move into 2027.

在邁入 2027 年之際，我們將持續關注利率環境及其他經濟指標。

In Thermo King Americas, as discussed, we expect market conditions to strengthen through 2027.

在 Thermo King 美洲，如先前所述，我們預期市場狀況將一路轉強至 2027 年。

Services, representing one-third of our business, remains a resilient growth engine, powered by our expanding applied installed base and digital energy management solutions.

服務業務約占我們業務的三分之一，仍是具韌性的成長引擎，動能來自我們持續擴大的應用型裝機基礎（applied installed base）以及數位能源管理解決方案。

Underpinning all of this, our business operating system continues to drive productivity while navigating inflation and supply chain dynamics.

支撐上述一切的是，我們的營運系統在因應通膨與供應鏈變化的同時，持續推動生產力提升。

In short, we are well positioned for strong performance in 2027 and beyond.

總之，我們已為 2027 年及更長遠的強勁表現做好準備。

Please turn to slide 15.

請翻到第 15 頁投影片。

In closing, our strategy is aligned to powerful megatrends that are intensifying the need for our sustainable solutions and services.

最後，我們的策略與正在加速的強大巨型趨勢（megatrends）一致，這些趨勢正強化市場對我們永續解決方案與服務的需求。

Customers choose Trane Technologies for our leading innovation, strong execution and the expertise of our team around the world.

客戶選擇 Trane Technologies，是因為我們領先的創新、強勁的執行力，以及遍布全球的團隊專業能力。

With our clear strategy, elevated backlog, and booking strength across all segments, we are confident in raising our full-year revenue guide and well-positioned to deliver differentiated shareholder value.

憑藉清晰的策略、更高的積壓訂單，以及各事業部門強勁的接單表現，我們有信心上調全年營收指引，並已就緒以提供差異化的股東價值。

And now, we'd be happy to take your questions. Operator.

接下來，我們很樂意回答各位的提問。接線員。

(Operator Instructions) Andrew Kaplowitz, Citi.

（接線員指示）Andrew Kaplowitz，花旗。

Good morning, everyone.

各位早安。

Hey, Andy. How are you?

嗨，Andy。你最近如何？

Good. How are you? So Dave or Chris, like maybe just a little more color on what you're seeing in terms of the competitive environment in America's commercial HVAC. Obviously, orders in Americas were still good and mid-teens, but it did decelerate from Q2. And I'm sure you can tell me data center orders are lumpy, but maybe you could elaborate on what you're seeing in terms of the visibility toward continued strong order growth in America's commercial HVAC?

很好。你呢？所以 Dave 或 Chris，想請你們再多補充一些你們在美洲商用 HVAC 競爭環境方面所看到的情況。顯然，美洲的訂單仍然不錯、維持在十幾個百分點的水準，但相較第二季確實放緩。我也相信你們會說資料中心的訂單本來就比較不均勻（lumpy），但或許你們可以更進一步說明：就美洲商用 HVAC 訂單能否持續強勁成長而言，你們目前看到的能見度如何？

Yeah, Andy, it's a fair question. And yeah, look, they are lumpy. I think you know that. But look, I think that the pipeline of activity that we're seeing is still very robust.

是的，Andy，這是個合理的問題。而且沒錯，你看，它們確實是不均勻的。我想你也知道。但我認為，我們目前看到的活動管線（pipeline）仍然非常強勁。

And that's very encouraging to me. So I know I've read some of the pre-reports and.

這讓我非常振奮。所以我知道我讀過一些會前報告（pre-reports），而且……

I know that there's some conversation about orders are slowing. Let me tell you something, we're not concerned about orders slowing. And in fact, the pipeline continues to grow.

我知道外界有一些討論說訂單正在放緩。我跟你說，我們並不擔心訂單放緩。事實上，這個管線還在持續成長。

And we're seeing that not only in the Americas, but we're really seeing that around the globe.

而且我們看到的不僅是在美洲，實際上在全球各地都看得到。

When you and I were together a few weeks ago, we talked about Europe and I told you that we're seeing a strong pipeline there. I'm happy to say that some of that pipeline converted to orders. Actually even had more upside than I thought there with orders where if you exclude the Middle East, they were up over 50% and we had very strong orders in the rest of Asia. So orders are those to me, the order rate was a positive and the pipeline remains very robust. And just to reiterate, yeah, the data center orders will be more lumpy and they're larger than what we would see in our core verticals.

幾週前你我見面時，我們談到歐洲，我也告訴你我們在那裡看到強勁的管線。我很高興地說，其中一部分管線已轉化為訂單。實際上，訂單表現甚至比我原先預期更有上行空間；如果排除中東，訂單成長超過 50%，而我們在亞洲其他地區的訂單也非常強勁。所以對我而言，訂單增速是正面的，而管線仍然非常強勁。再重申一次，沒錯，資料中心的訂單會更不均勻，而且其規模也比我們核心垂直市場所看到的更大。

Thanks for that, Dave. And then, Chris, I know you lowered your incremental margin guide for the year a bit, but your Americas incremental margin was just south of your 25% long-term target. So maybe you could give us more color in terms of the price-cost dynamic that you're seeing. Have you been more aggressive with pricing in your residential business and how are you thinking about your ability to get back to that 25% normalized incremental in 2027?

謝謝你，Dave。接著，Chris，我知道你把今年的增量利潤率指引稍微下調了一點，但你們美洲的增量利潤率仍略低於你們25%的長期目標。所以也許你可以就你們看到的價格與成本之間的動態提供更多細節。你們在住宅業務的定價上是否更具進取性？以及你們如何看待在2027年回到25%常態化增量利潤率的能力？

Andy, no change to our long-term framework here, 25% or greater.

Andy，我們的長期框架沒有改變，仍是25%或更高。

There are some impacts this year in terms of navigating through a little bit lower price than we expected and let me spend a moment on that.

今年確實有一些影響，主要是在應對價格略低於我們預期的情況，我花點時間說明一下。

Look, comps matter in the third quarter, we delivered over 3 points of price last year at the enterprise and actually the Americas delivered over 4 points of price.

你看，第三季的比較基期很重要；去年我們在整體企業層面實現了超過3個點的價格提升，而美洲實際上實現了超過4個點的價格提升。

In our residential business, we're still experiencing some of the impacts of the transition to the 454B product. Just a reminder, we account for that price actually in volume that normalizes next year, but that's part of the story here for 2026.

在我們的住宅業務中，我們仍在承受轉換到454B產品所帶來的一些影響。提醒一下，我們會把那部分價格在會於明年正常化的銷量中反映出來，但這也是2026年故事的一部分。

And pricing did come in a little bit lighter in the third quarter than we expected, and it's really due to timing and mix in our short-cycle businesses.

第三季的定價確實比我們預期稍微弱一些，主要是因為我們短週期業務的時點與組合因素。

I'll give you an example or two, residential had a very strong quarter.

我舉一兩個例子：住宅業務這一季非常強勁。

Up 20% in terms of revenues in the third quarter. And when you think about incentives in the independent wholesale distribution channel, as you have higher volumes, there's more incentives there. So we wound up not expecting as much growth in the third quarter residential that we delivered, but the incrementals on the incentives wound up just being a little bit of a headwind on price.

第三季營收成長20%。而當你考慮獨立批發分銷通路的激勵措施時，銷量越高，激勵也就越多。因此，我們原本沒預期第三季住宅業務會有我們實際交出的這麼高成長，但激勵的增量影響最後對價格形成了一點逆風。

On the mixed side, our Transport Americas business delivered 10% revenue growth in the quarter.

在組合面，我們的美洲運輸業務本季營收成長10%。

And we saw the mix to the larger fleet customers, which with the larger volumes that they buy from, they get a little bit better pricing for that.

我們看到銷售組合偏向較大型的車隊客戶；由於他們採購量更大，因此能拿到稍微更好的價格。

The good news is that's typically the start of the uptick of the cycle where the larger fleets start buying earlier. So again, on the way we account for it on price, a little bit lower than we expected, but I'll tell you going into the fourth quarter, we're expecting price to be stronger than the third quarter, think of that around 1.5 points at the enterprise closer to. Two points at the Americas segment. And we're putting all of our plans in for next year as well.

好消息是，這通常是景氣循環回升的起點，因為大型車隊往往會更早開始採購。所以，再次就我們在價格上的認列方式而言，確實比我們預期略低；但我可以告訴你，進入第四季，我們預期價格會比第三季更強，企業層面大約接近1.5個點。美洲事業部則更接近2個點。而且我們也已把明年的各項計畫都納入規劃。

And our incremental leverage in the fourth quarter, we're projecting to be north of our target range.

而我們第四季的增量槓桿（incremental leverage）預計會高於我們的目標區間上緣。

Appreciate the color, guys.

感謝你們提供的細節，各位。

All right. Take care, Andy. Talk to you soon.

好的。保重，Andy。很快再聊。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Hey, good morning, guys. Can you hear me okay?

各位早安。你們聽得到我嗎？

Hey, Scott, how are you?

嗨，Scott，你好嗎？

I'm good. I'm glad you can hear me. The last call, I seemingly was on mute, I guess. But anyways, I'm kind of confused. Are supply chains getting worse or better? They almost feel like they're getting worse. Is that just a is that just an maybe just how we're seeing it, but what are the remaining bottlenecks and kind of how are you guys seeing it?

我很好。很高興你們聽得到我。上一次電話會議我好像被靜音了，我猜是這樣。不過總之，我有點困惑：供應鏈到底是在變差還是變好？感覺好像在變差。這只是我們的觀感嗎？目前剩下的瓶頸是什麼？你們是怎麼看的？

Yeah, I'll start with, yeah, we did see supply chain headwinds build as we moved through the quarter. However, I will tell you that our team has done a great job of managing through this.

是的，我先說：我們確實看到供應鏈逆風在本季推進過程中逐步加劇。不過我也要告訴你，我們的團隊在管理與應對方面做得非常好。

Some of this is caused by what I would call like ordinary supply and demand constraints.

其中一部分原因，我會稱之為一般性的供需限制。

As we ramp up demand on our suppliers, specifically around like fans, coils, heat exchangers, we're putting a lot of demand on our supply partners.

當我們提高對供應商的需求時，特別是在風扇、盤管、熱交換器等方面，我們對供應夥伴施加了很大的需求壓力。

And obviously, they're trying to expand their capacity, we're working with them, helping them become great lean operators, but it is putting stress on them. I think that's going to continue through--I know that will continue in the fourth quarter.

而且很明顯，他們正在嘗試擴充產能；我們也在與他們合作，協助他們成為優秀的精實營運者，但這確實對他們造成壓力。我認為這種情況會持續——我知道第四季會持續。

We'll see that get better as we work through the first half of 2027.

隨著我們在2027年上半年逐步消化，我們會看到情況改善。

Also in the quarter though, we had to navigate some sudden regulatory changes in early August and I'm not sure if you're aware of this, but more than 40 companies were added to what they call the UFLPA Entity List. So this is a list that blocks goods tied to where there's perceived forced labor from entering the U.S.

另外在本季，我們也必須應對8月初一些突如其來的監管變化；我不確定你是否知道，有超過40家公司被加入所謂的UFLPA Entity List（實體清單）。這是一份會阻止與被認為涉及強迫勞動相關的貨物進入美國的清單。

And unfortunately, in our case, one of our lower tier suppliers, so think of this as like a Tier 4 to us, maybe even a Tier 5, they make capacitors and they sell to some of our motor suppliers as well as some of our drive suppliers. And what that did was it caused them to have to pivot and find another source. Well, they did that in the quarter, unfortunately caused us to have a couple of weeks where we didn't have supply and these both drives and motors are components that we are just in time for in our manufacturing location. So we had like three or four of our plants where we were running product down the line and we didn't have all the components, then when the components came in, we had to put those products back on the line.

不幸的是，就我們而言，我們的一家較下游供應商——可以把它想成我們的第4級供應商，甚至可能是第5級——他們生產電容器，並供貨給我們的一些馬達供應商以及部分驅動器供應商。這導致他們必須轉向並尋找另一個來源。他們在本季確實做到了，但不幸的是，造成我們有幾週時間出現供應中斷；而驅動器與馬達都是我們在製造據點採取即時供料（just in time）的零組件。因此我們有三、四家工廠出現產品在線上往前跑、但零組件不齊的情況；等零組件到貨後，又必須把那些產品重新放回產線。

And that caused a relatively large disruption as well as a large cost for rework. The good news there is that's behind us, at least 80% of it was behind us at the end of the third quarter. As we speak today, it's 100% behind us, that rework has all been done now.

這造成了相對較大的干擾，也帶來了相當高的返工成本。好消息是，這已經過去了；至少在第三季末時，80%已經處理完畢。以我們今天的狀況來看，已經100%結束，所有返工現在都已完成。

Unfortunately, it was an unforeseen item that hit us and our team reacted quickly.

不幸的是，這是一個我們無法預見的事件，但我們的團隊反應很快。

Part of our operating system is, believe it or not, to.

我們營運系統的一部分——信不信由你——就是要。

To run a line without all the components and how do you do that? So we acted quickly and implemented that.

在零組件不齊的情況下仍能讓產線運轉，那要怎麼做到？所以我們迅速採取行動並加以落實。

It just was a cost for us in the quarter and it's behind us now. But look, those things can happen from time to time. It's really how agile you are to be able to adapt to those. And I would tell you with our operating systems, we're pretty agile and I'm proud of what our team was able to accomplish with some pretty stiff headwinds in front of us.

這在本季對我們而言就是一筆成本，但現在已經過去了。不過你看，這類事情偶爾會發生。關鍵在於你有多敏捷，能否適應這些狀況。我會說，憑藉我們的營運系統，我們相當敏捷；面對一些相當強的逆風，我也為團隊能做到的成果感到自豪。

So Dave, just a natural follow-on, I mean, you announced this Cancoil deal. Are we going to see other types of transactions like this where you guys really just need to be able to control more around your supply chain and just take that risk off the table, assuming there could be a pretty long upcycle in front of us?

所以Dave，順勢追問一下：你們宣布了這筆Cancoil交易。我們是否會看到其他類似的交易，因為你們確實需要在供應鏈上掌握更多控制權、把風險從桌面上移除；尤其假設未來可能會有一段相當長的上行景氣循環？

Is this the type of mitigation that we should expect more to deal with this?

這是否就是我們應該預期會更多採用、用來應對這個問題的那種緩解措施？

Yeah, look, Cancoil is a great company, okay, they've been a supply partner of ours for years, think of them as manufacturers of coils and heat transfer products, they have a lot of expertise there, it's going to be a nice bolt-on for our company, so we're going to continue to.

是的，你看，Cancoil 是一家很棒的公司，好嗎？他們多年來一直是我們的供應合作夥伴；把他們想成是線圈與熱交換產品的製造商，他們在那方面有很多專業能力。這會是對我們公司很好的補強型併購，所以我們會繼續。

If opportunities like this continue to present themselves, we'll be looking at them. And obviously, as a major HVACR player, we're going to get to see lots of opportunities. But this one in particular, it certainly helps us with our supply chain resiliency. And that's obviously one of the reasons why we jumped at it. And also the expertise, though, that they're bringing to us is also going to help us in other areas. I don't know, Donny, if you want to add anything.

如果像這樣的機會持續出現，我們會去評估。而且很明顯，作為 HVACR 的主要參與者，我們會看到很多機會。但就這一筆而言，它確實有助於提升我們供應鏈的韌性。而這顯然也是我們迅速出手的原因之一。另外，他們帶來的專業能力也會在其他領域幫助我們。我不確定 Donny 你是否要補充什麼。

I would just add, a really great partner of ours. We represented roughly 40% of the volume. So we're already a major player for them. So us bringing that in-house is a big benefit. Think of these as very large coils that go into large air handlers and large air-cooled chillers. So this really does help solve one of our core component issues from a supply chain perspective.

我只想補充一下，他們是我們非常好的合作夥伴。我們大約占了他們 40% 的出貨量。所以我們本來就是他們的重要客戶。因此把這部分納入內部對我們是很大的好處。把這些想成是用在大型空氣處理機與大型風冷式冷水機裡的非常大型線圈。所以從供應鏈角度來看，這確實有助於解決我們某個核心零組件的問題。

Thanks, Donny. Best of luck, Dave and Chris. See you guys.

謝謝你，Donny。祝你好運，Dave 和 Chris。回頭見。

Thanks, Scott. Talk to you soon.

謝謝，Scott。很快再聊。

Julian Mitchell, JPMorgan.

Julian Mitchell，摩根大通。

Hi, good morning.

嗨，早安。

Thank you very much, Dave. Good to connect.

非常感謝你，Dave。很高興聯繫上。

Maybe just a first question please around organic operating leverage.

我想先請教第一個問題，關於有機營運槓桿。

So I think, as you said, that steps up above the sort of placeholder in the fourth quarter, so maybe it's close to sort of 30% after low 20s in Q3.

所以我想，如你所說，第四季會高於那種「占位」水準，因此可能接近 30%，而第三季是 20% 出頭。

Just trying to understand the drivers of that and how sustainable that rate is as we look into early next year. I realize the comp was very easy from the resi headwinds in Q4 last year. Is that what's helping it or a one-time catch up on the component shortage reversing? Just trying to understand sort of how you're thinking about that organic operating leverage.

我想了解其驅動因素，以及當我們展望明年年初時，這個比率有多可持續。我知道去年第四季因住宅端逆風，基期非常容易。是這個因素在幫忙，還是零組件短缺的反轉帶來一次性的追趕？只是想了解你們如何看待這個有機營運槓桿。

Drive it in Q4 and then beyond.

在第四季以及之後的驅動因素。

Yeah, Julian, it's Chris. So the way you described it, exactly right. The comps are easier in the fourth quarter.

是的，Julian，我是 Chris。你描述得完全正確。第四季的比較基期更容易。

When we think about the third quarter, leverage last year was actually over 50%. So a tough comp in the third quarter, but it sequentially gets better in the fourth quarter, a little bit easier comps on price. We've announced a number of price increases this year and that continues to stick.

當我們看第三季時，去年槓桿其實超過 50%。所以第三季的比較基期很硬，但到第四季會逐季改善；在價格方面的比較也稍微容易一些。我們今年已宣布多次漲價，而且這些漲價持續站得住。

Dave described some of the challenges around supply chain in the third quarter that are behind us now, so that is not carrying over into the fourth quarter.

Dave 提到第三季供應鏈方面的一些挑戰，現在已經過去了，所以不會延續到第四季。

And I think at this point, we're looking forward to ending the year on a strong momentum in terms of leverage and we're putting the plans in for next year to return to the 25% plus algorithm, that's our long-term algorithm for a very long period of time.

而且我想，就目前而言，我們期待以強勁的槓桿動能結束今年；同時我們也在制定明年的計畫，回到 25% 以上的演算法（目標區間），那是我們長期、已維持很久的長期演算法。

The only point I would add, Julian, is remember in EMEA, okay, if you take our commercial HVAC business, you look at that at the segment level and then remove the Middle East, it leveraged that over 25%. So it's really kind of isolated as to where we're seeing the issues, the supply chain here for sure, inflation has been a little bit higher than we thought.

Julian，我唯一想補充的是，請記得在 EMEA，好嗎？如果你看我們的商用 HVAC 業務，在事業部層級來看，然後把中東排除掉，它的槓桿超過 25%。所以問題其實相當集中在我們看到的特定區域；供應鏈當然是一部分，通膨也比我們原先想的略高。

Middle East is going to next year, obviously, that's going to be.

中東到明年，顯然，那會是。

Hopefully, that gets resolved, but obviously, it's going to be easier comps there.

希望能夠解決，但很明顯，那裡的比較基期會更容易。

But we're confident in our long-term framework, and that's the important part I want all investors to take away. Our long-term framework continues to be the 25% plus, and we're going to continue to invest heavily in our business so we could maintain the future growth that we believe is all possible for Trane Technologies.

但我們對長期框架有信心，而這是我希望所有投資人帶走的重點。我們的長期框架仍然是 25% 以上，我們也會持續大力投資於業務，以便維持我們相信 Trane Technologies 未來完全有可能達成的成長。

That's helpful. And maybe just one follow-up, Dave, in a way to where you left off on reinvestment.

這很有幫助。那也許再追問一個問題，Dave，接著你剛才談到再投資的部分。

Just wondered, as you look across the business, some of the larger pieces like applied commercial HVAC, on the smaller side, residential, do you see anything changing in terms of competitive. Dynamics, I think residential, a lot of companies are struggling to get price. And then on the applied side, we receive a lot of questions about a lot of supply coming on from different manufacturers and could that affect pricing? Any thoughts on that, please?

想請問，當你檢視整個業務版圖，較大的板塊如應用型商用 HVAC，較小的如住宅端，你是否看到競爭態勢有任何變化？我想住宅端很多公司在取得價格上都很吃力。而在應用端，我們也收到很多問題，關於不同製造商有大量供給投放，是否會影響定價？想請你分享一些看法。

Yeah, I mean, on pricing side, look, you have been saying this for a long time. As you become an innovative company.

是的，我是說，在定價方面，你看，我們講這件事已經很久了。當你成為一家創新型公司。

Right? It helps with pricing.

對吧？這有助於定價。

So we're going to continue to invest in our innovation. We're going to continue to invest in what the future is going to be for thermal management systems. And whether that's in a data center or that's in our core market, that's fundamental to who we are. So we're never going to back off of those high investment levels because we know we could always sell innovation to our customers. We can always sell total cost of ownership. We could always sell.

所以我們會持續投資於創新。我們會持續投資於熱管理系統的未來樣貌。不論是在資料中心，或是在我們的核心市場，這都是我們的根本。因此我們絕不會降低這些高投資水準，因為我們知道我們永遠能把創新賣給客戶。我們永遠能賣「總持有成本」。我們永遠能賣。

So that's our strategy. It's been working quite well for the last five or six years, and it's going to work well into the future as well.

所以這就是我們的策略。過去五、六年運作得相當好，未來也會同樣奏效。

And Julian, to be clear, residential delivered positive price in the third quarter, sequential improvement from the second quarter. It remained a little bit lower than we thought based on the fact that we had much stronger volume growth and that independent wholesale distribution channel incentives I previously mentioned. But.

而且 Julian，說清楚一點，住宅端在第三季實現了正向價格，較第二季逐季改善。它仍然比我們原先預期略低，原因是我們的出貨量成長強得多，以及我先前提到的獨立批發通路激勵措施。但是。

The business has announced two price increases this year, early April effective date, early July effective date, and they continue to take all the cost inputs and leveraging our business operating system to drive not only negotiations with suppliers to ultimately productivity and then to the extent there's still inflation, we'll look at pricing, but just leveraging the business operating system.

該業務今年已宣布兩次漲價：四月初生效一次、七月初生效一次；而且他們持續吸收所有成本投入，並運用我們的業務營運系統來推動，從與供應商的談判到最終的生產力提升；然後若仍有通膨，我們會再看定價，但核心就是運用業務營運系統。

Here for that business as well. But again, sequential improvement in price, and we'd expect that to continue to be better in the fourth quarter than in the third quarter.

在該業務上也是如此。但再次強調，價格逐季改善，我們預期第四季會比第三季更好。

Great.

很好。

Thank you.

謝謝。

Thanks, Julian. Good to hear your voice again.

謝謝你，Julian。很高興再次聽到你的聲音。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀（UBS）。

Thanks a lot. Morning, everybody.

非常感謝。各位早安。

Maybe this one's for Chris, just a quick one on Stellarr. I know you have $500 million going to $1 billion run rate in '28, currently sort of neutral to EPS. What is the normalized margin opportunity? That's obviously a big ramp in revenue. What's sort of the normalized margin and when can that sort of become more meaningfully accretive?

這題可能是問 Chris 的，簡短問一下 Stellarr。我知道你們在 2028 年的年化營收（run rate）目標是從 5 億美元到 10 億美元，目前對 EPS 大致是中性。常態化的毛利率/利潤率機會大概是多少？這顯然是營收的大幅爬坡。常態化利潤率大概會是多少，以及何時能開始更有意義地增厚（accretive）？

Yeah, no change to the outlook for Stellarr for 2026 and around $500 million of revenue and really neutral on the earnings line.

是的，Stellarr 在 2026 年的展望沒有改變，營收約 5 億美元，而且在獲利端基本上仍是中性。

We described a few months ago in our last call around the investments we saw in the business to scale with volume, one of our large investments is not only the factory in Florida but also.

我們在幾個月前、上一次電話會議中提到，為了隨著量能擴張而進行的投資；其中一項大型投資不僅是佛羅里達的工廠，還包括。

The new factory that's in the process right now of commissioning in Texas. So continue to execute on those investments here in the quarter. And we've described it, Amit, as in a couple of years now in a couple of years' time, mid-teens EBITDA opportunity. So we'll see as we put our plans together. 2027, but backlog remains very strong. The fundamental theme of modular designs and the need for modular chiller plants on job sites remains very strong. And we're putting the investments in place to be ready for a couple of years right now to make it a billion dollar revenue business with mid-teens EBITDA.

目前正在德州進行試車/投產（commissioning）的新工廠。因此本季我們持續執行這些投資。而我們也向你描述過，Amit，大約在未來幾年內，有機會達到 EBITDA 十幾個百分點（mid-teens）的水準。所以我們會在整合計畫時再觀察。2027 年，但在手訂單（backlog）仍然非常強勁。模組化設計的基本趨勢，以及工地對模組化冷卻機組（modular chiller plants）的需求仍然非常強。我們正在把投資到位，讓我們在接下來幾年內做好準備，把它做成一家年營收 10 億美元、EBITDA 十幾個百分點的業務。

And the pipeline remains very strong, the activity we're seeing there within the Stellarr business. And just so everyone's clear, Stellarr today. Stellarr today is predominantly almost 100% data centers, we believe that that will continue to be an opportunity, but we believe this will move to our core verticals as well, we just want to make sure we're ready, that's why we're spending a lot of money deploying our operating system so we can flex more as our customers' needs.

而且 Stellarr 業務目前看到的案源管線（pipeline）仍然非常強勁、活動度也很高。另外為了讓大家清楚，Stellarr 目前。Stellarr 目前幾乎 100% 以資料中心為主；我們認為這仍會是機會，但也相信它會延伸到我們的核心垂直領域。我們只是要確保已經準備好，這也是為什麼我們投入大量資金部署我們的營運系統，讓我們能更有彈性地因應客戶需求。

That's great. Thanks. And just as a quick follow-up, Dave, I know you talked about the lumpiness of orders, but the decline at least sequentially in orders in the Americas was.

很好。謝謝。再快速追問一下，Dave，我知道你提到訂單的波動性（lumpiness），但美洲地區的訂單至少按季下滑是。

Double-digits, book-to-bill is still above one, but it was down a lot and you talked about interest rates and is it really just lumpiness, is that what explains it or are there sort of some non-data verticals that are a little bit also longer cycle that are starting to feel a little bit of this pause on from an interest rate perspective?

兩位數，接單出貨比（book-to-bill）仍高於 1，但下滑幅度很大；你也提到利率。這真的只是波動性所致、就能解釋嗎？還是說有一些非資料中心的垂直領域，本來週期就較長，也開始因利率因素而感受到一些暫停/觀望？

I would say it's lumpiness. I mean, look, if you look at mega projects, and I know I'm the one who probably doesn't like looking at mega projects, but that list continues to grow. I mean, we were in the second quarter, we were talking about tracking 1,400 projects, we're tracking 1,700 projects now. Some of those have greater opportunities than other.

我會說主要是波動性。我的意思是，你看超大型專案（mega projects），我知道我大概是最不喜歡只看超大型專案的人，但那份清單仍在增加。我們在第二季還在說追蹤 1,400 個專案，現在我們追蹤 1,700 個了。其中有些的機會比其他更大。

A lot of those are over 90% of those are data centers, but there's also some nice high-techs in there as well. So look, it's going to be lumpy, okay, these orders are quite large. And I am not concerned about order rates. In fact, our backlog now at $12.5 billion, look, we're executing well on the front end of our business, pipeline strong. We'll continue to have a bit of lumpiness, but we also continue to see strong order growth.

其中超過 90% 是資料中心，但也有一些不錯的高科技專案。所以你看，這會有波動，好嗎？這些訂單金額都相當大。而我並不擔心接單速度。事實上，我們目前在手訂單達 125 億美元；你看，我們在業務前端執行得很好，案源管線也很強。我們會持續有一些波動，但也仍然看到強勁的訂單成長。

Okay. That's encouraging.

好的。這很令人鼓舞。

Thank you very much.

非常感謝。

Appreciate it.

感謝。

Steve Tusa, Wells Fargo.

Steve Tusa，富國銀行（Wells Fargo）。

Hey, good morning.

嗨，早安。

Hey, Steve, another voice. So glad to hear you again. I saw you on TV the other day. You look great.

嗨，Steve，又聽到一個熟悉的聲音。很高興再次聽到你。我前幾天在電視上看到你。你看起來很棒。

Yes. Not feeling so good this morning, but it is what it is. And thanks. Happy to be back for sure.

是的。今天早上感覺不太好，但也就這樣。謝謝。確實很高興回來。

Just on the backlog, you guys just give kind of a figure of what's booked for forward years, I think it was $6 billion last quarter, what's that number roughly around now?

關於在手訂單，你們通常會給一個已預訂到未來年度的數字；我記得上季是 60 億美元左右，現在大概是多少？

Yeah, it's over $8 billion of the $12.5 billion of backlog then in September would be for 2027 and beyond, Steve, so that continues to grow.

是的，在 9 月的 125 億美元在手訂單中，超過 80 億美元會落在 2027 年及以後，Steve，所以這個數字仍在成長。

And then if you guys actually reported kind of price mix, if you will, in Resi, I think there's a bit of confusion out there just the way you guys report.

另外，如果你們實際上有揭露住宅（Resi）業務的價格/組合（price mix）之類的指標，我想外界有些困惑，主要是你們的揭露方式。

What would price mix have been in the quarter? And then what are you guys actually expecting for price cost this year, however, is the right way to look at that? I mean, are you guys like underwater, neutral-ish, a little bit positive? I assume you're below kind of the $20 to $30 basis point.

本季的價格/組合大概是多少？然後你們今年對「價格相對成本」（price/cost）實際上預期如何（用你們認為正確的方式來看）？你們是落後（underwater）、大致中性，還是略為正向？我猜應該低於你們通常目標的 20 到 30 個基點。

Algo that you usually target.

那個。

Yeah, I'll start with your second question.

好，我先回答你的第二個問題。

We've described price versus inflation this year as being a headwind. It was in the third quarter, we're anticipating that for the fourth quarter and the full-year and that is baked into our guide.

我們今年一直把「價格相對通膨」描述為逆風。第三季是如此，我們預期第四季以及全年也會如此，而且這已反映在我們的財測指引中。

We continue to remain nimble here as we think about offsets to inflation.

在思考如何抵消通膨方面，我們仍會保持靈活。

And one of the levers there as we leverage our business operating system will be price, so we're actively managing that. But do expect it to be a continued headwind through the balance of this year.

而其中一個槓桿，隨著我們運用公司的營運系統，將會是價格，因此我們正積極管理。但確實預期在今年剩餘期間仍會持續構成逆風。

On residential, when we launched the 454B product last year, think of that as the pricing on that was in the high single-digit range and we accounted for all of that in volume and that carryover into 2026 is also reported in volume for us this year. If I look at on a year-over-year basis, we had a positive price.

在住宅端，當我們去年推出 454B 產品時，可以把它視為其定價落在高個位數百分比區間；我們把那一切都計入銷量（volume），而延續到 2026 年的部分，今年對我們而言也同樣以銷量呈現。如果我看年對年，我們有正向的價格。

Those products. So again, we're accounting for 454B initially in volume. On a year-over-year price, it's positive, and that will all normalize as we go into next year.

那些產品。所以再說一次，我們一開始把 454B 計入銷量。以年對年價格來看是正向的，而隨著我們進入明年，這些都會回歸常態。

Sorry, one more quick one. There's a lot of history out there about these hybrid ductless products.

抱歉，再快速問最後一題。市場上對這些混合式無風管（hybrid ductless）產品有很多歷史討論。

You guys, I think, have a pretty nice hedge through your Mitsubishi Trane JV. Am I correct about that?

我想你們透過三菱電機-特靈（Mitsubishi Trane）的合資公司（JV）有相當不錯的避險/對沖。我這樣理解正確嗎？

Yes, Steve, this is Donny. And yes, we do have a partnership there with Mitsubishi that helps us with the hybrid systems. I think a lot of the discussion you're hearing is also around a side discharge outdoor unit. We also have that in our own portfolio as well. That the trend in the marketplace is that part of the portfolio is growing and we would expect that to continue to grow.

是的，Steve，我是 Donny。是的，我們確實與三菱在那邊有合作夥伴關係，協助我們的混合動力系統。我想你聽到的許多討論也與側出風的室外機有關。我們自己的產品組合裡也有這類產品。市場趨勢是這一部分的產品組合正在成長，我們預期它會持續成長。

But with 20% growth, a lot is growing in resi.

不過在 20% 的成長之下，住宅端有很多都在成長。

Yes, all right, great, thanks a lot guys.

好的，了解，非常感謝各位。

Toby Okwara, Morgan Stanley.

Toby Okwara，摩根士丹利。

Hi.

嗨。

Thank you for the question. I wanted to follow-up on some of the service commentary. I mean, it looked like the comp was getting easier quarter over quarter, but the organic still stepped down. Is there anything to call out there? Is it just some timing differences or how should we think about it?

謝謝你的提問。我想追問一下你們對服務業務的一些評論。我的意思是，看起來每一季相較前一季的比較基期在變得更容易，但有機成長仍然下滑。這裡有什麼特別需要指出的嗎？只是一些時點差異，還是我們應該怎麼看待？

Look, our service business is strong. I mean, if you took the Middle East out of our number, our service business on a global basis was over 10% again. And if you go back, I think we're back to 2020, I was quoting numbers where our compound annual growth rate is in that low 10s rate. So this is a very strong, very dependable engine that we have in our company and it represents approximately a third of our revenues.

你看，我們的服務業務很強勁。我的意思是，如果把中東從我們的數字中扣除，我們全球的服務業務又超過 10%。而且如果你回頭看，我想回到 2020 年，我當時引用的數字是我們的年複合成長率在 10% 出頭的水準。所以這是一個非常強、非常可靠的引擎，存在於我們公司之中，約占我們營收的三分之一。

And I would tell you that it doesn't happen by accident. We invest heavily in our services business, whether that be on the training side or that be the tools that we provide our service techs so they're the best possible in front of our customers. Remember, all of our service technicians are company employees, company Trane, and they do a great job every day of representing Trane Technologies with our customers.

我也要告訴你，這不是偶然發生的。我們在服務業務上投入很大，不論是訓練面，或是我們提供給服務技師的工具，讓他們在客戶面前能做到最好。請記得，我們所有的服務技術人員都是公司員工、Trane 的員工，他們每天都很出色地在客戶面前代表 Trane Technologies。

Thank you. And kind of to follow-up on that piece and also kind of tying into the broader labor side of it, how much does market labor constraints kind of factor into some of the supply chains and inefficiencies you've called out? And any sense on how like hiring and training practices are trending in second-half and potentially for 2027?

謝謝。接著追問這一塊，也把它和更廣泛的勞動力議題連結起來，市場上的勞動力限制在多大程度上會影響你們提到的一些供應鏈與效率不彰？另外，對於下半年以及可能到 2027 年，你們在招募與訓練做法的趨勢有什麼看法？

Yeah. I mean, just so I'm clear, is your question on the service side or is it on the supply side or both?

好的。我的意思是，為了確認清楚，你的問題是針對服務端，還是供應端，或兩者都有？

The labor side, both for service and for your own manufacturing.

勞動力這一塊，服務端以及你們自己的製造端都包括。

So on the service side, I'll start with that. And we saw this coming probably, I don't know, I'll say three years ago.

那我先從服務端開始。我們大概在三年前就看到這個趨勢了，我想大概是這樣。

And we've developed apprenticeship programs where we're basically developing some of the best technicians in the world in our company.

我們已經建立了學徒制計畫，基本上是在公司內培養一些世界上最優秀的技師。

And this is a very -- it's registered with the Department of Labor here in the United States. It's a very robust program. Think of it as a four-year program. Some of it is classroom, some of it's on the job, mentorships. I mean, we're really proud of what we've been able to accomplish with that program. And we're getting a lot of -- I was at an event recently out in Detroit, and we were. Actually presented an opportunity to describe this so other companies can learn from what we've been able to do to really promote work in the essential workforce as it's being referred to as. So we're very proud there and that pipeline continues to grow. I think we have now over 350 in the program and that number is going to continue to grow. So that's a good side. On the supplier side, that's one I can't really comment too much about. I don't have that level of detail. I would just tell you that. Skilled labor, the essential worker is certainly something that we all need to make sure that we're helping to develop the next set of workers that are going to continue to make the United States and really all of the manufacturers around the world great manufacturers. And we're participating certainly within our own operations, whether that be in our service organization or in our plants to make sure that.

而且這是一個非常——在美國這裡是向勞工部登記註冊的。這是一個非常扎實的計畫。你可以把它想成是一個四年期的計畫。一部分是課堂學習，一部分是在職訓練，還有導師制度。我們對這個計畫所達成的成果感到非常自豪。而且我們也獲得很多——我最近在底特律參加一個活動，我們也在那裡。實際上我們提供了一個機會來介紹這個計畫，讓其他公司也能從我們在推動所謂「關鍵/必要勞動力」（essential workforce）方面的作法中學習。所以我們對此非常自豪，而且這條人才管道持續成長。我想目前計畫裡已經有超過 350 人，而且這個數字還會持續增加。所以這是好的一面。至於供應商端，那部分我就不太能多做評論。我沒有那麼細的資訊。我只能說。熟練勞動力、所謂的必要工作者，確實是我們所有人都需要確保能協助培育下一代工作者的議題，讓美國以及全球所有製造商都能持續成為優秀的製造商。我們也確實在自身營運中參與其中，不論是在服務組織或是在工廠，確保我們能夠。

We develop, we create career ladders and people understand that if you come to Trane Technologies, it's not just a job for a year, it's a job for a career and we want all of our employees to think that way.

我們培育人才、建立職涯階梯，讓大家了解：如果你加入 Trane Technologies，這不只是做一年的一份工作，而是一份可以做一輩子的職涯，我們希望所有員工都能用這樣的方式思考。

That's great.

太好了。

Thank you.

謝謝。

All right. Thanks, Toby.

好的。謝謝你，Toby。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Hey, guys. Good morning.

嗨，各位。早安。

Hey, Joe. How are you? Good morning.

嗨，Joe。你最近如何？早安。

Yeah, doing great. Thanks. So look, I want to focus on some of the announcements you've made recently.

嗯，狀況很好。謝謝。所以我想聚焦在你們最近發布的一些公告。

You had the successful lab demonstration for 800-volt DC architecture.

你們完成了 800 伏直流（DC）架構的成功實驗室示範。

And then the 250-megawatt reference designs with Stellarr, I'm just wondering as you talk to hyperscalers, how quickly are these like next-generation systems and modular plants moving from reference design to the actual pipeline? And then also, how does that change your content per facility?

然後還有與 Stellarr 合作的 250 兆瓦參考設計。我想請教，當你們與超大規模業者（hyperscalers）交流時，這些次世代系統與模組化機房從參考設計走到實際進入案源管道的速度有多快？另外，這會如何改變你們在每座設施中的單位內容價值（content per facility）？

Yeah, if I told you the answer to the first one, we wouldn't be here, but no, I'm kidding you. Look, we're doing a lot of work with hyperscalers and other influencers and the 800 direct current system that we were able to demonstrate, okay? That's going to happen, okay? We could all get varying levels as to the when, okay?

是的，如果我告訴你第一個問題的答案，我們就不會坐在這裡了——不，我在跟你開玩笑。你看，我們正與超大規模業者以及其他關鍵影響者做大量工作，而我們能夠示範的 800 伏直流系統，好嗎？那是一定會發生的，好嗎？至於「何時」，大家可能會有不同的判斷，好嗎？

I would just tell you that we'll be ready and when we get the right standards developed around that, we're more than capable of delivering that.

我只能告訴你，我們會準備好；當圍繞這件事的適當標準建立起來時，我們完全有能力交付。

And that's a good thing, right? In the data center vertical, Joe, and I've said this for a long time, innovation has continued to evolve very quickly.

而這是好事，對吧？在資料中心這個垂直領域，Joe，我講了很久：創新一直在非常快速地演進。

And I want everyone to know that we're sitting at the table helping to develop the future data centers and referred to as reference design or next generation, but we're there, we're developing it and.

我希望大家知道，我們就坐在桌邊，協助開發未來的資料中心——不管你稱它為參考設計或次世代——我們都在其中，我們正在開發它，而且。

And it's fun, and it's exciting. On the CDU, Donny, I don't know if you want to comment on that.

而且這很有趣，也令人興奮。至於 CDU，Donny，我不知道你要不要對那部分做些評論。

In terms of what the?

你是指就哪一方面？

Was it the 250 megawatt from a liquid side?

是指 250 兆瓦在液冷端那一塊嗎？

Yeah, so that modular design that we have there is I mean, your question is how fast will that be adopted? I mean, we've got orders in the pipeline now that we're projecting to be to come in for that portfolio, so it's very positive.

是的，所以我們那邊的模組化設計，我的意思是，你的問題是它會多快被採用？我的意思是，我們現在在管線裡已經有訂單，我們預期會進到那個產品組合，所以非常正面。

Great. That's helpful. And then just a quick one on the EMEA margins. I know that the Middle East is like roughly 15% of that overall business. How much of the margin impact that you're seeing this year is coming just from the Middle East situation?

很好。這很有幫助。接著快速問一下 EMEA 的利潤率。我知道中東大概占那個整體業務的 15% 左右。你們今年看到的利潤率影響，有多少是單純來自中東局勢？

Hey, Joe, it's Chris. Yeah, for the third quarter, you have to think of it as probably 80% plus of the impact of the margins in EMEA. Are due to the conflict in the Middle East. It's important to look at the dollars as well as the percentages. So when you look at the dollars on a year-over-year basis, it's around $18 million of an operating income impact lower this year than last year. And of that, I'd say over 80% of it is really due to the deleverage in the Middle East in terms of the conflict. The other piece of it would be we've done some acquisitions in the region and we're making some modest investments there to take what I'd call lower margin businesses and ultimately make the investments to have them grow. But the Middle East is certainly having a big impact on the segment itself. The good thing is if you take the Middle East out and you look at commercial HVAC across the segment, leverage is over 25% in the quarter. So it's executing well and we'll get through.

嗨，Joe，我是 Chris。是的，就第三季而言，你可以把它想成 EMEA 利潤率影響中大概 80% 以上，是來自中東的衝突。重點是要同時看金額以及百分比。所以當你看年對年的金額時，大約是營業利益影響比去年少了 1,800 萬美元。而其中我會說超過 80% 真的是因為中東衝突造成的去槓桿（deleverage）。另外一部分是我們在該區域做了一些併購，並且在那裡做一些適度投資，把我所稱的低利潤率業務，透過投資讓它們最終成長。但中東確實對該事業部本身造成很大影響。好消息是，如果把中東拿掉，去看整個事業部的商用 HVAC，本季的槓桿率超過 25%。所以執行得很好，我們會挺過去。

To Dave's earlier point, we'll see what this means for 2027, but it's unfortunately a big impact to the segment.

呼應 Dave 先前的觀點，我們會看看這對 2027 年意味著什麼，但不幸的是，這對該事業部是很大的衝擊。

I'm very happy Joe, I'm very happy with the order rates that we're seeing in EMEA. That's going to give us a lot of momentum as we move into 2027. So Middle East, obviously, the comps are going to get easier there. To explain to you how that does have a pretty big impact on our margins there, but we'll get behind that. Hopefully, the world gets behind and we don't have a war going on. But the order rates that we saw in the third quarter were very encouraging to us.

Joe，我對我們在 EMEA 看到的接單速度非常滿意，非常滿意。這會在我們邁向 2027 年時帶來很大的動能。所以中東那邊，顯然比較基期會變得更容易。這也解釋了為什麼它對我們那邊的利潤率有相當大的影響，但我們會把這段走過去。希望世界能走出來，不要再有戰爭。但我們在第三季看到的接單速度，對我們來說非常令人鼓舞。

Good to hear. Thanks, Dave.

很高興聽到。謝謝，Dave。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Just want to confirm, when you said the pricing in third quarter was below expectations, was that both residential and commercial or just residential? Sorry.

我只是想確認一下，當你說第三季的定價低於預期時，那是住宅和商用都有，還是只有住宅？抱歉。

Think of it really in the short cycle businesses, Andrew, think of say residential and transport were really the big drivers there and unitary as well. So I think about.

Andrew，把它想成主要是在短週期業務上；例如住宅和運輸是主要驅動因素，單體式（unitary）也是。所以我會這樣看。

Again, the strong performance in both of those businesses on a revenue side and in the short-cycle businesses in residential, the higher incentives and in transport, the mix up to the larger fleet customers, really a Q3 impact, we don't see that repeating into the fourth quarter, but it is having an impact on the full-year and that's why we're expecting pricing for the full-year to be around a point, but pricing in the fourth quarter will accelerate versus the third quarter, think of that as around a point and a half at the enterprise and approaching. Two points at the Americas segment in Q4.

再說一次，這兩個業務在營收端的強勁表現，以及短週期業務中，住宅端較高的激勵措施、運輸端組合轉向較大型的車隊客戶，確實是第三季的影響；我們不認為第四季會重演，但它確實會影響全年，因此我們預期全年定價大約在 1 個百分點左右。不過第四季的定價會比第三季加速；把它想成企業層級大約 1.5 個百分點，而在美洲事業部第四季接近 2 個百分點。

Which will again So our five was fine, right?

也就是說——所以我們的 5 是沒問題的，對吧？

Yes, positive price in commercial HVAC. Pricing in Q4, Andrew, is going to provide some momentum going into 2027.

是的，商用 HVAC 的價格是正向的。Andrew，第四季的定價將會在我們邁向 2027 年時提供一些動能。

Thank you. And then just a follow-up on EMEA, these strong orders.

謝謝。接著再追問一下 EMEA，這些強勁的訂單。

Is a technology because clearly you're very active with new technology introduction in Europe, but are you seeing any discernible change in attitude towards just HVAC, getting a bit of a mixed message? Some OEs are more constructive that we are seeing some change after last year's heat wave and some basically say, hey, not much is happening. What do you sort of stand on that?

是因為技術嗎？因為你們在歐洲顯然非常積極導入新技術，但你們是否看到市場對 HVAC 的態度有任何可辨識的改變？我們收到的訊息有點混雜：有些 OEM（原始設備製造商）比較正向，認為在去年熱浪之後看到一些變化；也有些基本上說，嘿，沒什麼在發生。你們大概怎麼看？

Obviously, I think for sure that will have an impact. You're probably going to see it more on the resi side maybe than on the applied side, but I'm sure there will be an impact there. Look, Europe, the pipeline of activity is in both core and in data centers. So it's really both.

很明顯，我認為那肯定會有影響。你可能會在住宅端看到的影響比在應用端（applied）更大一些，但我確定那邊也會有影響。你看，歐洲的活動管線同時在核心市場以及資料中心。所以其實兩邊都有。

So we're very proud of what that team has been able to develop and deliver around the innovation. I think we've talked about this in the past with.

所以我們對那個團隊在創新方面所能開發並交付的成果感到非常自豪。我想我們過去也談過這件事。

Thermal management systems, they are really just kind of changing the game and in Europe, there's the carbon footprint and how we can really help our customers reduce their carbon footprint is still super important and we have great solutions that we're winning with our customers and really all of our verticals there.

熱管理系統真的正在改變遊戲規則；在歐洲，碳足跡以及我們如何真正幫助客戶降低碳足跡仍然非常重要。我們有很好的解決方案，正在與客戶端贏得案子，而且在那邊幾乎所有垂直領域都是如此。

I would add to that, which is a lot of times we talk about electrification of heat. So you're asking about air conditioning, but when we look at the electrification of heating in Europe is also growing where then we're able to provide both cooling and heating from the same plant as opposed to having a boiler operation and a chiller operation providing an applied solution to a customer?

我再補充一點：很多時候我們談的是熱能電氣化（electrification of heat）。所以你問的是空調，但當我們看歐洲的供暖電氣化也在成長；在那種情況下，我們就能用同一套機組同時提供冷卻與供暖，而不是用鍋爐系統加上冷水機系統，為客戶提供一個應用型解決方案。

Thank you very much.

非常感謝。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Hey, good morning, gentlemen. How are you?

嗨，各位先生，早安。你們好嗎？

Good. How are you, Noah?

很好。你呢，Noah？

Good.

很好。

So, Dave, you said in the past, we're kind of four years into the 18-month recovery on transport, and it looks like you're finally seeing some inflection there.

所以，Dave，你之前說過，我們算是在運輸業務那個 18 個月復甦期的第 4 年左右，而看起來你們終於看到一些拐點了。

So mix issues and 3Q aside, is it still fair to think about the incrementals on that recovery being above the 25% organic kind of average for the company and I would assume that partly supports better 4Q organic incrementals, but maybe just frame for us what recovery means?

所以撇開組合問題和第三季不談，是否仍然可以認為那個復甦帶來的增量利潤率（incrementals）會高於公司大約 25% 的有機平均水準？我想這也部分支撐第四季更好的有機增量，但能否幫我們框架一下你所說的「復甦」是什麼意思？

Look, first of all, very bullish on our Thermo King business in the Americas. They had order growth over 30%, which is great to see.

你看，首先，我對我們在美洲的 Thermo King 業務非常看多。他們的訂單成長超過 30%，看到這點很棒。

As Chris said earlier, a lot of that was the large fleets.

如 Chris 先前所說，其中很大一部分來自大型車隊。

We tend to see the large fleets jump in faster, okay? So that's a great sign. And I would tell you that we also have fundamentals that would say.

我們通常會看到大型車隊更快進場，好嗎？所以這是個很好的訊號。而且我會告訴你，我們也有一些基本面因素顯示。

The recovery that ACT is forecasting, maybe it's not at the 28% growth that they have for 2027, it will be a robust number, which is going to be great for that business because I don't know if you want to talk about the incrementals.

ACT 所預測的那個復甦，也許不會是他們對 2027 年所預估的 28% 成長，但仍會是一個強勁的數字，這對那個業務會非常好，因為我不知道你是否想談談增量（incrementals）。

Look, as we think about volumes coming up, it will give us a nice opportunity to get strong incrementals on volume.

你看，當我們思考出貨量回升時，這會給我們一個很好的機會，在量的帶動下取得強勁的增量利潤。

We're obviously putting all of our plans in place as we think about pricing for next year. The business actually opened up the order book here in October for the first half of 2027.

很明顯地，當我們思考明年的定價時，我們正在把所有計畫都部署到位。事實上，這項業務在今年10月就已經在這裡開放了2027年上半年訂單簿。

We're remaining very nimble around the cost inputs to think about what pricing needs to be, and they're executing their business operating system. So look, it should be very much a contributor into next year as we think about 25% or better incrementals as we start and look into every year.

我們在成本投入方面保持非常靈活，以思考定價需要是多少，而他們也在執行其業務營運系統。所以你看，當我們思考明年、並且每年都以25%或更高的增量利潤為目標來檢視時，這應該會是非常重要的貢獻來源。

And then it looked like the M&A impact to reported leverage was actually looks a little better now versus the prior guide. So maybe just unpack that a little bit for us, more operating profit and what is better versus your prior expectations given your earlier comments on Stellarr?

另外，看起來併購對已揭露槓桿比率的影響，現在其實比先前指引看起來要好一些。所以也許請你幫我們拆解一下：更多的營業利益，以及相較於你先前的預期，哪些地方更好——考量你先前對Stellarr的評論？

I mean, Stellar hasn't changed in terms of the revenue and/or the expectations on bottom line performance. We've purchased a couple of other businesses here in the channel, namely in transport and a few others we mentioned earlier. But a little bit of a lot of small numbers here on the delta. It will still be meaningful of a 500 basis point delta between reported incrementals and organic incrementals.

我的意思是，Stellar在營收以及／或對最終獲利表現的預期方面並沒有改變。我們在這個通路也收購了幾家其他企業，主要是在運輸領域，以及我們先前提到的其他幾家。但在這個差異（delta）上，是很多小數字加總起來的影響。在已揭露的增量利潤與有機增量利潤之間，仍然會有具意義的500個基點差異。

We're still seeding these acquisitions with investments, making sure that we've got strong growth going into next year.

我們仍在以投資來培育這些收購案，確保明年能有強勁成長。

And obviously, as the longer we own some of these businesses and we deploy our operating system, we certainly see them improving as we deploy them.

而且很明顯地，隨著我們持有其中一些企業的時間拉長、並導入我們的營運系統，我們確實看到它們在導入後持續改善。

So there's maybe some of that improvement already.

所以可能已經有一部分改善反映在其中了。

All right. Thank you.

好的。謝謝。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Hi, guys. Can you hear me okay?

嗨，各位。你們聽得到我嗎？

Hi, Dave. Good to hear your voice, I'd say.

嗨，Dave。很高興聽到你的聲音。

So maybe just start off with maybe just a bit more color on 2027 as you see it. I know you're not getting guidance, but I'm just curious. Of that backlog, how much of that backlog is convertible or shippable in 2027? And then if we do get to a 35,000-unit market for TK Americas next year, 30% growth, how much of that how does that translate to an actual segment number for Trane?

那也許先從你們對2027年的看法多補充一些細節開始。我知道你們不提供指引，但我只是好奇。在那個在手訂單（backlog）裡，有多少是可以在2027年轉換成出貨的？另外，如果明年TK Americas市場真的達到3.5萬台、成長30%，那其中有多少會轉化為Trane的實際事業部數字？

Yeah, as far as the backlog goes, Chris already talked about this, we got $8 billion beyond 2027.

是的，就在手訂單而言，Chris已經談過了，我們有80億美元是落在2027年之後。

Some of that is in 2028 though, so just be aware of that. And remember, our backlog is equipment only, so there's no services in that number.

其中有一部分其實是在2028年，所以請留意這點。另外記得，我們的在手訂單只包含設備，所以那個數字不含服務。

On the Thermo King side, look, I don't believe that ACT has a number out there in 2027. I think it came down a little bit. I think they're at 28% growth.

在Thermo King這邊，你看，我不認為ACT有公布2027年的數字。我覺得它下修了一點。我想他們現在預估成長28%。

I don't think that's realistic for a lot of other reasons like. Basically, can trailer OEMs actually ramp up at that level? I don't think they can. But I think it's going to be a robust year for Thermo King in 2027, which and beyond, by the way, these upcycles don't they're not they tend to go for a longer period of time.

我不認為那在很多其他因素下是現實的，例如：基本上，拖車OEM真的能以那樣的幅度擴產爬坡嗎？我不覺得他們做得到。但我認為2027年對Thermo King會是很強勁的一年，而且順帶一提，之後也會如此；這些上行循環通常會持續更長一段時間。

And yeah, you're right, we've been in a trough for a while and I'm just glad to I'm glad to see that trough hopefully ending. And I look forward to reporting our.

對，你說得沒錯，我們在谷底已經一段時間了，我也很高興看到這個谷底希望正在結束。我也期待能夠公布我們的。

Fourth quarter results here in January and hopefully be able to tell you that story is continuing.

我們第四季的結果會在1月公布，希望能告訴你這個故事仍在延續。

And then Nigel, just on the backlog, that's for 2027 and beyond. And as Dave described, there's probably some backlog we're already building here for 2028 that could be over $1 billion at this point.

另外，Nigel，關於在手訂單，那是針對2027年及以後。如Dave所說，可能有一些我們已經在為2028年建置的在手訂單，到目前為止可能已經超過10億美元。

Okay, that's helpful. And then I'm sorry to be annoying, just want to go back to the price question. Obviously, we'll get the price kind of disclosure in about a few hours in the 10-Q. We're back into like 50 basis points or so for the enterprise. Based on your comments around Resi and commercial.

好的，這很有幫助。另外抱歉我有點煩，我想再回到價格的問題。很明顯地，我們大概幾個小時後在10-Q裡會看到價格的揭露。我們又回到企業整體大約50個基點左右。根據你對住宅（Resi）與商用的評論。

If you want to consider that, that's helpful. But Asia Pacific last quarter was slightly negative. And just given the margin performance in APAC, I'm wondering if that's maybe gotten a bit worse. And I'm thinking China perhaps, but any comments on that would be helpful.

如果你願意談談這點會很有幫助。但亞太上季是小幅負值。考量APAC的毛利率表現，我在想是不是變得更差了一些。我想到可能是中國，但任何評論都會很有幫助。

Yeah, I'll share with you the numbers you'll see. I mean, for the third quarter, you're right, enterprise was around 50 basis points. Americas was up about 60 basis points in price, so positive price in the Americas.

好的，我跟你分享你會看到的數字。第三季你說得對，企業整體大約是50個基點。美洲的價格上升約60個基點，所以美洲是正向的價格。

To my earlier comment about transport and the mix to the larger fleets, transport was actually negative in the quarter based on that mix. So it just gives you a little bit maybe more insight on the Americas sub-businesses. But the EMEA had positive price at 50 basis points and Asia did have negative price of around 1 point, really all attributable to China here as we're just again focused on the customers we want to do business with.

呼應我先前提到運輸業務以及組合轉向大型車隊，運輸在本季因為這個組合因素其實是負的。所以這也許能讓你對美洲各子業務多一些理解。但EMEA的價格是正向、約50個基點；而亞洲的價格約為負1個點，幾乎完全可歸因於中國，因為我們再次把重點放在我們想合作的客戶上。

Thanks, Chris. I appreciate that.

謝謝你，Chris。我很感謝。

You're welcome.

不客氣。

Thanks, Nigel.

謝謝你，Nigel。

Joe O'Dea, Vertical Research.

Joe O'Dea，Vertical Research。

Hi, good morning.

嗨，早安。

I'm doing well. Hope you're well.

我很好。希望你也一切都好。

Can you elaborate on the inflation side of things?

你能否更詳細說明一下通膨這一塊？

Where it stands now for 2026 relative to how you were thinking about it earlier in the year and then any detail on the different buckets. So if we think about commodities and components or logistics and supply chain inefficiencies and tariffs just to unpack some of the inflation drivers.

就2026年而言，現在的情況相較於你們年初的看法如何？以及不同項目的細節。也就是說，如果我們把大宗商品與零組件、或物流與供應鏈低效率、以及關稅等拆開來看，想請你拆解一些通膨驅動因素。

Yeah, versus three months ago, six months ago, nine months ago, I put all those categories into higher inflation, Joe.

是的，相較於三個月前、六個月前、九個月前，我會把你提到的所有類別都歸為更高的通膨，Joe。

Obviously, the commodity markets and the metals markets, we can see where that is net inflationary, fuel cost inflationary, Tier 2 is electronics and components inflationary. So it's been a pretty dynamic year as we think through the inflation.

很明顯地，大宗商品市場與金屬市場，我們看得到那是淨通膨；燃料成本是通膨；二級供應商（Tier 2）的電子與零組件也是通膨。所以在我們思考通膨時，這一年相當動態。

We described this year as a bit of a headwind as we think about price versus inflation, and we're putting our plans in place for next year to return to our long-term algorithm of. Positive price over inflation, 20 to 30 basis points. So we're going to measure twice and cut once here, so to speak, but we'll provide more color on that in our Q4 call, but it has remained an inflationary environment and we're going to drive for the negotiations with suppliers, we're going to drive the productivity in the plants and whatever is left over, we're going to look at the pricing as we leverage our business operating system.

我們把今年描述為在價格相對通膨方面的一個逆風；而我們正在為明年部署計畫，以回到我們長期的演算法：價格增幅高於通膨20到30個基點。所以我們會用「量兩次、切一次」的方式來做，換句話說會更審慎；但我們會在第四季電話會議提供更多細節。不過目前仍是通膨環境，我們會推動與供應商的談判、推動工廠的生產力提升，而剩下的部分，我們會在運用業務營運系統的同時，檢視定價。

That's helpful. And then shifting to America's resi HVAC, can you just talk a little bit about direction of travel there? Good growth in the third quarter, the year pacing better than initially thought, it does look like that growth is expected to slow in the fourth quarter.

這很有幫助。接著把焦點轉到美國住宅 HVAC，能否請你談談那邊的發展方向？第三季成長不錯，全年進度也比一開始想的更好；看起來第四季預期成長會放緩。

Was there any pull forward ahead of anticipated price increases, anything that you're managing before price increases? And then just bigger picture of the confluence of replacement demand versus mortgage rates and consumer sentiment, how you're thinking about demand and residential HVAC moving forward?

是否有在預期漲價前出現提前拉貨（pull forward），或是你們在漲價前正在管理的任何事項？再從更宏觀的角度看，替換需求與房貸利率、消費者信心交織影響之下，你們如何看待未來需求與住宅 HVAC 的走勢？

I mean, I think as far as the third quarter goes, obviously stronger than we anticipated. We already talked about that.

我的意思是，就第三季而言，顯然比我們預期更強。我們已經談過了。

I'll remind you, it was a relatively easy comp there too, but it was certainly stronger than we thought.

我提醒一下，那一季的比較基期也相對容易，但確實比我們想的更強。

With the fourth quarter, there's no pull-through. There's no pull forward there. So I think that the fourth quarter will be fine in the fourth quarter.

至於第四季，沒有拉動效應（pull-through）。也沒有提前拉貨（pull forward）。所以我認為第四季在第四季會表現得不錯。

I think when you start getting into 2027, not ready to guide 2027 yet, but obviously, we have to have our eyes wide open, as I said in our prepared remarks around the fact that.

我想當你開始談到 2027 年時——我們還沒準備好對 2027 年給出指引——但顯然，我們必須保持高度警覺，正如我在事先準備的發言中提到的那樣，關於這個事實。

Pay attention to what's going on with interest rates. Obviously, that could be an impact.

要留意利率的變化。顯然，那可能會帶來影響。

But we think that the Resi business, we've been more bullish on Resi than maybe others have been, certainly in 2026. And I think that's proving to be.

但我們認為住宅業務方面，我們對住宅市場的看法一直比其他人更偏樂觀，尤其是在 2026 年。而我認為這正在被證明。

Accurate.

是正確的。

See what happens in 2027. On the repair versus replace, we had a very strong quarter in our completes. We had a very strong quarter, we call our supply business or parts. So we're not really seeing any clear direction there.

看看 2027 年會如何。在維修與更換方面，我們的整機（completes）本季表現非常強。我們所稱的供應業務或零件（parts）本季也非常強。所以我們並沒有看到很明確的方向性變化。

Whereas last year, obviously, we saw a lot of repair versus replace just because the refrigerant debacle that occurred, we weren't able to get complete units installed.

而去年很明顯，我們看到很多是維修而非更換，主要是因為當時發生的冷媒風波（refrigerant debacle），我們無法安裝整套機組。

Joe, let me add, year-to-date sell-in and sell-through are roughly equivalent to each other.

Joe，我補充一下：年初至今的 sell-in 與 sell-through 大致彼此相當。

Inventory in the channel at the end of September was in very good position. That's very similar to where we saw it throughout each of the quarters this year.

截至 9 月底，通路端庫存處於非常好的水位。這與我們今年每一季所看到的情況非常相似。

And for the fourth quarter, in terms of our guide, we're expecting residential to be up in that high single-digit range, again, but easier comps on a year-over-year basis. But.

至於第四季，就我們的指引而言，我們預期住宅業務將以高個位數的幅度成長；同樣地，年對年比較基期較容易。但是。

Otherwise, the fundamentals in the business remain intact here as we're managing inventory and selling shelter.

除此之外，在我們管理庫存並銷售「Shelter」的同時，業務基本面仍然完好。

And I'll also tell you that our team is executing at a very high level in that business too.

我也要告訴你，我們團隊在這項業務上的執行力也非常高。

Very helpful. Thank you.

非常有幫助。謝謝。

Varun Govindaraj, Bernstein.

Bernstein 的 Varun Govindaraj。

Good morning, Dave. Thanks for the question.

早安，Dave。謝謝讓我提問。

Hey Varun, how are you?

嗨 Varun，你好嗎？

All good.

一切都好。

So just picking up on the point of reference design someone brought up earlier, Trane puts out a lot of these. What role does that play in the commercial process? Is it more of a tool showcasing expertise or have you found it almost necessary to engage with some kinds of customers?

我想接續一下先前有人提到的參考設計（reference design）。Trane 發布了很多這類內容。它在商業流程中扮演什麼角色？它比較像是展示專業能力的工具，還是你們發現幾乎有必要用它來與某些類型的客戶互動？

I would tell you that we get called to sit around a lot of tables to help.

我會說，我們經常被邀請坐到很多會議桌旁來協助。

To help whether it be hyperscalers or other influencers to think through how we can make the thermal management system more efficient and we have a team that led by our Chief Technology Officer and his team of experts that are really good at it.

無論是超大規模業者（hyperscalers）或其他影響者，協助他們思考如何讓熱管理系統更有效率；我們有一支由我們的技術長（Chief Technology Officer）帶領、由專家組成的團隊，這方面做得非常好。

And that's why we get called to a lot of different tables to help design what the future is going to look like.

這也是為什麼我們會被邀請到許多不同的場合，去協助設計未來會是什麼樣子。

In the data center world, you're going to hear a lot more about this. There's trade-offs that need to be considered.

在資料中心領域，你會聽到更多關於這件事。有一些取捨需要被納入考量。

It used to be all about PUE, and that's still obviously very important. But there's other trade-offs that need to be considered that we're really good thinking through because we like to think of everything at a system level. I mean, that's kind of like our DNA.

過去一切都圍繞著 PUE，這當然仍然非常重要。但還有其他取捨需要考量；我們很擅長把這些問題想清楚，因為我們喜歡以系統層級來思考所有事情。我的意思是，這有點像我們的 DNA。

And kind of like what we do in all of our core verticals, we've just taken that thought process to the data center vertical.

就像我們在所有核心垂直領域所做的一樣，我們只是把這套思維方式帶到資料中心這個垂直領域。

And I think if you talk to some of the hyperscalers or some of the chip manufacturers, they'd say it's a refreshing view and how we look at what's possible for the future. So I expect more reference designs, not less in the future, and it's really just again speaks to the innovation that Trane Technologies can bring to the table.

我想如果你去跟一些超大規模業者或晶片製造商聊，他們會說這是一個令人耳目一新的觀點，以及我們如何看待未來的可能性。所以我預期未來會有更多參考設計，而不是更少；這也再次說明 Trane Technologies 能帶到桌面上的創新能力。

Absolutely, appreciate the color. And then just as a quick follow-up, outside of chillers, CDUs and then modular via stellar, are there any other spaces in the data center space that you're looking at and thinking of expanding into?

完全同意，謝謝你補充這些細節。再快速追問一下：除了冷水機（chillers）、CDU，以及透過 Stellar 的模組化方案之外，在資料中心領域還有沒有其他你們正在關注、並考慮擴展進入的空間？

Yeah, I mean, obviously, I won't go into the M&A pipeline, but as a major HVACR player on a global basis, we're going to see lots of opportunities. I would just tell you that we're going to be disciplined and we like our portfolio.

是的，我的意思是，顯然我不會談併購（M&A）管線，但作為全球主要的 HVACR 業者，我們會看到很多機會。我只想說，我們會保持紀律，而且我們喜歡目前的產品組合。

That we have today. We certainly like our service capability that we have today, but will also be opportunistic as opportunities present themselves to us.

我們也確實喜歡我們目前的服務能力，但同時也會在機會出現時把握時機。

Thanks so much, guys. All the best for the next quarter.

非常感謝，各位。祝你們下個季度一切順利。

We have reached the end of the question-and-answer session. This concludes today's call. As always, Pat and Kirsten with Investor Relations are available for any questions. Thank you for joining. You may now disconnect.

問答環節到此結束。今天的電話會議也到此結束。一如既往，投資人關係部門的 Pat 與 Kirsten 可隨時回覆任何問題。感謝各位參與。您現在可以掛線。