Management remarks
Call period: 2026 Q2 · 2026-07-28
Guidance: Christophe Beck: As a result, we expect organic sales growth of 6% to 7% helping drive an adjusted operating income margin of 19% in the second half keeping us on track to deliver our 20% OI margin next year.Demand and orders: Christophe Beck: Volumes grew 1% despite a nearly 1% headwind from customer operations disrupted by the conflict in the Middle East. Excluding this, underlying volume growth accelerated from the first quarter.Analyst Q&A
Analyst Tim Mulrooney asked: And thank you for, Christophe, for reaffirming the 20% operating margin target that you have for 2027. I was there in my model, but then when you acquired CoolIT, there is so much extra amortization there that I actually came off that margin target. But now you reaffirmed it today. So can you just help bridge that gap for us? Management Christophe Beck answered: And ultimately, our job is to make sure that everything we are doing not only leads us to that, but leads us to beyond that. And that is especially true for the 20% OI in 2027. And I spent together with the team a lot of time as well to think how do we get beyond the 20% after 2027. And, the vast majority of our businesses today are already either close to 20% or beyond 20%. So we know well how to do that. The second half of this year, adjusted OI margin, so will be at 19%, as well. So all leading nice towards the 2027 story.管理层陈述
电话会期间：2026 Q2 · 2026-07-28
指引：克里斯托夫·贝克表示：因此，我们预计有机销售增长率为6%至7%，这将推动下半年调整后营业利润率达到19%，并有望在明年实现20%的OI营业利润率目标。需求与订单：克里斯托夫·贝克表示：尽管中东冲突导致客户业务遭遇近1%的逆风，但出货量仍增长了1%。若剔除这一因素，潜在出货量增长率较第一季度有所加快。分析师问答
分析师蒂姆·马尔罗尼提问：感谢克里斯托夫重申2027年20%的营业利润率目标，我模型原本也采用该假设，但收购CoolIT后额外摊销较多，导致我下调了该目标，如今你们再次重申，能否解释如何弥补这一差距？ 管理层克里斯托夫·贝克回应：我们的目标不仅是达成该目标，甚至有望超越，尤其是2027年20%的营业利润率。我和团队花了大量时间思考2027年后如何突破20%，目前绝大多数业务的利润率已接近或超过20%，我们对此经验充足。今年下半年调整后营业利润率将达19%，所有指标都在朝着2027年的目标推进。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
