Welcome. Thanks for coming for our 2025 Annual Investor Day. I don't know if you guys believe it or not, last time when we had this format, it was five years ago, right? We are so glad to be back to this wonderful New York City and have everybody face to face. You are going to see from this slide, we are going to have a wonderful agenda. Internally, we feel very excited. I really hope at the end of these days, you guys also feel as excited as we are as a team. Of course, as the head of IR, I have to go through some of what I call the forward-looking statements. You know, I will try to make this part short and make sure we are on the same page. The webcast of this meeting will be on our website, will be available for replay, right? I will remind you that our commentary today will include some statements of forward-looking statements. While our actual result may differ materially from our forecasted projection due to a wide range of risks and uncertainties, this is also described in our presentations and also on the website. With that, I'll turn it over to Craig to give you guys opening remarks. Thank you. Thanks. I appreciate it. Is the mic on? Great. Hey, it's great to be with everybody today. I have a really small part on the program today. You can probably see by the smile on my face, I'm actually happy about that. Having done a number of these over the years, it's a great pleasure to turn it over to Paulo and his team to take the program and the company forward. You know, when I stood here nine years ago and was taking over the baton from Sandy, you know, it was in many ways, it was a period of time that was quite uncertain then as well. If you think about back in 2016, I mean, you had Europe in recession, you had Brexit, you had China essentially coming to grips with the bubble in property prices and equity markets, which had fallen dramatically. The U.S., you know, was in a period of very slow growth. We had just gone through this energy crisis where energy prices had dropped. In many ways, you know, these periods of uncertainty that we're living through right now are not new for us. We've been here before. We've seen it before. Despite kind of, you know, some of the gloom and doom that's in the headlines, I mean, we're about as optimistic as we can be about the future, you know, of the world, the global economy, and certainly of Eaton. The great news for Eaton is that we are a very different company today than we were nine years ago. We have a stronger leadership team. We have a better portfolio of businesses. It's a company that's positioned for faster growth, for higher margins, and just as importantly, to deliver consistently over a long period of time. We feel great about the hand that I'm handing over to Paulo. At the same time, there's plenty of opportunities to be better. That's one of the things, if I can leave you with a kind of a few thoughts around the culture of Eaton. Paulo and the team won't spend a lot of time on culture this morning. There are a few things I think are relevant for today's presentation. One, I'd say that as a part of the culture, we take this responsibility seriously. We understand that there are a lot of people counting on us to get it right. The 95,000 employees who are dependent upon us, the communities that we operate in, the environment that we all share, and certainly you, the sell side and the buy side investors who are counting on us to get it right. We take that responsibility very seriously in the context of the promises that we make, the contingency plans that we put in place. Ultimately, we expect our teams to do what they say. The other thing I think it's important for you to know is that we have high expectations, high standards. You know, we expect to be the best. That's something, whether you're sitting in a business, whether you're sitting at a function, whether you're an individual, an Eaton leader expects to be the very best at what we do. We have enough humility to know that there's always a better way out there someplace. Our job, our role and responsibility is to continue to search for it every day and to move the ball forward. You know, the last piece I would say in the context of the culture of the company is that we do what we say. When we think about promises and commitments, and you're going to see a lot of them today from following the team, when we think about these promises and the commitments we make, we understand that it's not just business, it's personal. It is a reflection of who we are. We fully expect our teams to be thoughtful around these promises, to be thoughtful around these commitments. At the end of the day, we expect our teams to do what they say. I just want to take this opportunity also on a personal level to thank all of you. I mean, I've been with a lot of you for many years, you know, in these particular settings. I want to thank you for the fact that you've always been there to give us honest, candid feedback, to challenge our assumptions sometimes, sometimes to reinforce what we believed, but in every case, helping us be a better company and a better set of leaders. I want to thank you personally for all the support that we've had over the years. With that, I can't be more excited to turn it over to my friend and my colleague, you know, Paulo, and to share this wonderful story around how he's going to take it to the next level. Thank you. At Eaton, we've been evolving with a changing world since our beginning. Today, the world is in the midst of an acceleration in technological innovation. Eaton, the world's premier intelligent power management company, is leading the way. It all begins with our mission to improve the quality of life and the environment through the use of power management technologies and services. Eaton has a right to win in key end markets with innovative technologies and solutions. We have transformed our portfolio with high-growth, high-margin businesses. Today, we're continuing to evolve our company to capitalize on powerful megatrends driving opportunities for generational growth. These growth drivers include the rise of digitalization and AI, the electrification of society, unprecedented impacts of reindustrialization, and historic growth in the aerospace industry. Our leadership team's global experience and our culture are what will allow us to evolve to meet the growing needs of our stakeholders today and in the decades to come. At Eaton, we're building an exciting future, and we're confident in our path to get there. Join us. Our best days are still ahead. Good afternoon. I'd like to get started by thanking you, Craig, for a couple of things. First, personally, thanks for the transition. You've been a great mentor. It's going really well. Personally, thanks also to you and the board for electing me. I take this as a great honor. This company has so much potential. Thank you. Also on behalf of all our employees and our investors, thanks for putting the position in the position we are today, a much stronger position. I'm going to start my journey by acknowledging that and explaining how we can take the company forward. Warm welcome to everyone, all the analysts and all the investors in the room and connected online. Most of you know me by now after the six years working here at Eaton. We're going to skip introductions. I'm a straight shooter. I'm going to go straight to the point. We are here today in the next two hours and 20 minutes, two hours, 30 minutes to share a story how we're going to continue to create shareholder value. In the next minutes, I will show the summary of this bold strategy to you. The team is going to detail that further. We want to grow Eaton stronger for longer. We have a good story to share with you. Acknowledging where we start, my starting point, it's good to see where we ended last year. We ended last year with $25 billion in revenue, 24% on segment margins, so very good results. More importantly than that is a transformed portfolio, as Craig mentioned, with, you see, over 90% of the profits coming from electrical and aerospace. We believe we are at the very early innings of a very strong growth super cycle ahead of us. We are well positioned to capitalize on this growth. We also want to say that we got momentum. If you look at how we transformed the company in the last 10 years, you see we moved from a more cyclical, lower growth and lower margin portfolio to a higher growth, higher margin, and much more resilient portfolio, which is very important. We have also proven over time that we are also very diligent. We are very disciplined on how we allocate capital. I want to give you this hint that I totally acknowledge that. I want to continue down that path. It's important to know what made us strong over the past and how we're going to continue in the future. I'm continuing to push for progress in that area. By acting this way, I think our investors were rewarded. As you can see, in the last 10 years, we consistently delivered shareholder returns. We overperformed versus the market and our peer group. The big question for me is why. I would say, in my opinion, first of all, I believe we were acknowledged because we delivered on our promises, as Craig said, every quarter and every fiscal year. Also, at the same time, we prepared the company for the future. That's something that I also will capitalize on moving forward. The big question now is why you should get excited about Eaton for the future, what's ahead of us. I will get started by talking about what I call this rapid growth mindset. Because we believe the best years are ahead of us, the best years are ahead of us in the company. You see all those megatrends shaping our end markets. We see generational growth ahead driven by those megatrends. If you think about this word of increased digitalization, increased electrification, the reindustrialization of the Western world, all those megatrends are cutting across our end markets. They're affecting us positively. They play right into who we are as a company and what we do. I think for us, it's really important that we recognize that. We believe to be the right company today with the right customer base at the right time. That's why I say we grow this company stronger for longer. Here, we have a strong foundation that's already recognized. There is an opportunity for us to raise the bar once again and go for even higher results. The key message here, what I envision, the level of ambition we have in the company, is that we acknowledge that strong foundation, but we will not be complacent. What I say by that is that I believe this company has the potential to become the world's premier power management company. Let me explain what I mean by that. Not only are we going to continue to be leaders in the markets we represent, but our ambition, and we have what it takes to get there, is to always and constantly be at the same time a growth and a margin champion in our industry. That is the level of ambition. If you want to go to the next step, you want to raise the bar, the question becomes, where do we raise the bar? What are we going to do differently to respond to those market opportunities you just saw? I will list a couple of those things. The first one is operational excellence. We want to move from good to excellent in operations. We want to accelerate the pace of innovation. We're going to hear from Raja what we are doing to accelerate innovation. We're going to become every time more customer-centric and co-create with our customers because the market gives us that opportunity. We continue to shape our portfolio. My key message to you is we want to continue to be your top choice for investment. If we are already a top choice, we don't take you for granted. We're going to work extra hard to continue to win your trust. When we talk about growth, you're going to hear that word many times here today, growth. My translation of growth is the growth of the company. That means top-line growth, margin expansion, and cash flow generation. That's the meaning of growth in our presentation. We need to build a strategy to address that, knowing where we are, knowing what we're going to do better as a company, and respond to those market opportunities. I'm going to share this framework, strategic framework with you. We believe to be a bold strategy. We're going to go into detail of each one of those pillars. As you can see, each one of those pillars is building on the powerful brand we have and accelerates our growth and creates value to shareholders. The first one, lead for growth here, once again, we want to be a fast and customer-centric organization and co-create with our customers. In terms of invest for growth, we are talking about doubling down in high growth and high margin markets and making those investments responsibly, but also capitalizing on the opportunities we have. Under execute for growth, this is all the self-help we can get, is to drive from good to best in class in operations. Here we can control our destiny independently on market developments. Once again, we're excited about the markets. Here we drive our margins independently on the end market. As you can see, each one of those pillars builds on one another. They will drive us from the foundation I described before right into our future. To go a little bit into detail, I will start with the lead for growth. The message here is that in my mind, everything we do well in the company starts with leadership, right? Organic growth, margin expansion, cash flow conversion starts with leadership. If I look back and reflect on our culture today, I believe and I agree with Craig, there's a lot in there for us to feel proud about, really proud about. However, as we talked about earlier, the markets and our customers and our investors are evolving quickly. That's the opportunity ahead of us, not only to step up and raise our game to meet our customers where they are, but also where they want to go. The same is true for investors. If I take an example of some of our fast-moving customer segments we have, our relationship with the hyperscalers, they move quickly, right? We are learning through this relationship to co-create with them. All those learnings are making our company better, are making our processes better. It is my commitment to apply those learnings across the whole portfolio. This is true also for other areas of the business that can benefit from the fast growth that we see there. I am going to go into more detail. I think you are going to recognize most of the faces here. This is our very experienced leadership team driving our growth across the globe. Most of those leaders are here in the room, some in the front, some in the back. I would say this is the strongest team Eaton ever had, in my opinion. We talked about that. We are really proud of the team we have. I am committed to continue to develop this group. You are going to hear from some of them today through presentations. Heath, Olivier, John Sapp, and Raja will present. You also have a chance to interact with the other leaders during Q&A, and also during dinner later today. I hope you see at the end of the day that is my objective, that we have the right leaders, the right culture, and the right set of incentives to drive our company forward. That means accelerated growth, margin expansion, and increased cash flow conversion. What to expect from this leadership team? I think that message is really important for me to get out. We have strong end markets. We have a strong foundation. What to expect from this leadership team? I think you can expect a lot. As Craig said, we have high standards. What do we expect of this team, including myself, to start with? Expect us to aim high and to overdeliver on our external promises. That's the way we are wired. Expect us to outgrow our end markets. That growth mindset means that we're going to be making the right investments and leverage Eaton's scale as a team. We are working much more connected than we always did. Engaging with our final customers and co-creating with them is an opportunity we have. We are capitalizing on that. Also expect us at the end to move from good to best in class in operators. We want to be the best in operations. Bottom line here for this team is we had successes in the past, but there's no complacency here whatsoever. We are raising the bar yet again. I would say this leadership team is really fired up, really fired up. To continue our discussion around leadership and customer-centricity, we prepared a number of clips where you're going to hear directly from our customers and our partners. I hope you enjoy them. The first one we have is from Microsoft. Let's listen to what the President of Americas at Microsoft had to say about our partnership. Hi. My name is Deb Cupp. I'm the President of Microsoft Americas. We really enjoy our partnership with Eaton. Eaton is a company that we both collectively look for success for our customers. We are very aligned in outcomes for our customers together. There is tremendous growth in AI. Growth in AI drives growth in data centers. As we continue to grow across opportunities to support our customers, those opportunities will also present themselves to companies like Eaton. We have some really neat collaboration opportunities that we work on with Eaton. I'll give you one great example of that. It's Energy Aware UPS. This is a neat example because many of our customers are thinking about energy and figuring out how do we best support our customers' needs when building data centers around energy goods and renewable energy. Our hope in the future, and as we think about our partnership together, is that we continue to collaborate on things that are solving problems for our customers when we think about opportunities as our customers are growing and enabling in AI, how we collectively work together to support those opportunities. OK. Very good message. I want to highlight a couple of things here. The first one is that we have a very good and synergetic relationship with all the hyperscalers. In Microsoft's example, we are for sure, as she recognizes, a big partner in their data center build-outs. At the same time, we are a customer of their cloud services. We are also a customer of the AI applications that we use to make our processes better. We think about this relationship beyond just a transactional relationship. The second thing I want to highlight, I like that she acknowledged our leadership in what she called Energy Aware UPS. This shows the power of being at both sides of the meter because this solution allows data center operators to sell power back to the grid or participate on grid services. Eaton is uniquely positioned because we are a grid expert as much as we are a data center expert. I like that she recognized that. Moving forward, I'll go to my second pillar of the strategy, which is invest for growth. Again, here you should expect us to continue to place our bets in the high margin and high growth areas with a clear plan to win. I'm going to describe what a clear plan for us is. Expect our business to outgrow the end markets. In our guidance from now to 2030, expect our business to grow between 6% and 9% organically. We're going to have over $20 billion in cash optionality on top of it. This is a growth that the team is really excited to go on. We have bottoms-up plans that actually give us more than that internally. While you're going to hear from Heath, from Raja, and from Jonh on the investments we are making, on the bets we are making, while we win, I want to cover a little bit of the framework of how we decide to invest and how do we decide to participate in the right markets. I would start my discussion by talking about organic growth. Organic growth is the foundation of our success. It is a top priority for our capital allocation. This is going to continue to be the case in the future. We start talking about this framework in terms of organic growth by thinking about the right markets. In the right markets, we define right markets as those that put us right at the epicenter of the growth supercycle I described before. This is one criteria. The second criteria is the right markets are those that we have the right to win as a company and right to win with good margins, with high margins. That's our definition of the right markets. We are selective where we play. Where we play, we play to win. We play hard and we play to win. Why do we win? We win because of the highly engineered and differentiated technologies that we have. We win because of the brand and customer recognition that we have for decades. We win because of the technology and brand we have we can leverage across different end markets. We scale the company. We also win because of our channel partners and our deep customer relationships. That's the framework. Going forward, I'm going to go a little bit deeper into the end markets as a forecast for the next years and where we play in the right markets and why do we win on those same end markets. You probably recognize this chart from our earnings call. You see the eight end markets we play in at the top of the chart. You also see the megatrends that are cutting across. This is nothing new to you. I want to say this. We are uniquely positioned as a company with a broad and very balanced portfolio supported by those secular megatrends. I think if you think about this picture here, you see that we have many paths to growth, right? We have many arrows pointing up. We're going to spend a little more time on the first three, namely data center, utilities, and aerospace today, given our constrained period of time. We are doing this because most of the questions we got from you go straight into those end markets. Please remember, we have growth opportunities in other areas. Just look at commercial, institutional, resi, vehicle, industrial, et cetera. We have many paths to growth. There's another thing I wanted to consider here is that we're going to be stronger for longer because we have all this tailwind from the market. Once again, many paths to growth. We believe this to be a generational market opportunity. I'm going to go deeper into those in a second. A lot of tailwind from the end markets. I'm going to detail a little bit why we're excited, why those are the right markets, starting with data center. We remain very positive on data center. In this race of AI, big data, and cloud, it is natural that data center will continue to request increased power. We are there to do that effectively while still offering resilient solutions to the customers. If you look at the middle of this page, you see the trajectory going all the way from 1 MW in an enterprise data center all the way up to 500 MW data center, the AI training. I want to remind you that the vast majority of our data center business today is cloud. The second box here, that's the vast majority of our business. We talk about 85% of our business today. It's fast growing. This AI promise that we believe is real for us is to be perceived as an addition, as an opportunity on top of an already important market for us. The other thing I want to say is that why we win in this space. This is the right market. Why does Eaton win? We have the most complete portfolio of power management solutions to serve both the hyperscalers, but also the multi-tenant data centers as well. As you saw this morning, we just completed an acquisition of Fibrebond. I'm not going to steal Heath's thunder. The idea here is to actually, the way we look at this market, when we get those signals from the market saying our customers are worried, our customers want to move faster, we look at their backlogs. Being eight years of backlog they have to execute, our customers have that. We ask ourselves, what can we do differently? Of course, we can make our product smaller, smaller footprint. We can make it faster for them. The solution we found with Fibrebond actually helps them to build faster the data centers. This is very important. Number two, it also helps them taking the equipment away from the server center so they can add servers and revenue generation inside the data center building. That's the way we react to those concerns by taking action and by thinking how we can make our customers successful. We expect this segment to grow strong double digits from now to the end of the planning period. Heath is going to detail these actions a little bit more later today. All this power that I mentioned needs to be managed by utilities. The electric utilities are being challenged to meet this global demand for data centers. Not only data centers, right? It's also about the electrification of other sectors of society. Think about electrification of transportation, buildings, homes. This is an equation that our operators are dealing with every day. On top of that, as you see here in the middle of the chart, this is a U.S. picture. The grid is pretty old. Over 70% of our grid in the U.S. is over 25 years old. If you think about load increase, old network, and then natural disasters, they need to do something about it to make the grid more resilient. You can see here our DOE forecasts a growth of electricity. It has been very muted for many, many years, 25 years. It was a half percent growth of electricity every year because the real growth was offset by efficiencies. Now we see real growth as a forecast, 3% per year. Does not seem much. If you think about what that means at global scale, I am going to give an example. This is not only a U.S. phenomenon. This is a global trend that we see with utilities. Just to give you a perspective, from today to 2050, the world will add to the grid the equivalent of 10 times what the U.S. consumes today. Just think about that. Adding 10 U.S. to the grid in the next 25 years is a massive, long tail of continuous investment coming from that end. With all of that, why do we win? I think you get why we are excited about the market. Why do we win? Because we have a very broad portfolio of differentiated distribution, utility, products, systems, and software, not a commoditized portfolio, but a highly differentiated technology. We expect this, at the end, this market to grow strong single digits over the next six years. Once again, Heath is going to detail the strategy and the actions during his presentation. That takes me to the aerospace market, another growth story for us. You probably know that this industry is in a growth cycle motivated by the increased spend in defense. Also on the commercial side, we continue to see OE build up and also traffic, passenger traffic coming up and also forecasted to be really strong. What you see in the middle of the page here, you see aging fleet in the U.S. The average age of the U.S. defense fleet is over 60 years. What does that mean to us at Eaton? Quite an immediate conclusion of it, aftermarket opportunities is one. Also the opportunity for us to bid on new platforms that are going to be built and engineered as we speak. We're going to hear from Jon how we are winning on both fronts. Also, if you look at the commercial side, there's continuous robust growth in air traffic. The OE backlogs are tremendous. Just look at this number. It would take 13 years, 13 years for Airbus and Boeing to clear their backlogs based on their current build rate. We have this tailwind from the market here as well. Why we win is very important. We win because we have a world-class portfolio of hydraulics, fuel, electrification, and interconnect solutions. We expect this market to remain strong and to grow high single digits from now to 2030 as well. That is the market picture on the tree. Once again, we have on the outbound presentation you have through the QR code, you'll see that we have a summary of our strategic actions for each one of the eight end markets we serve. Feel free to ask questions during the Q&A in two hours' time and also to address our leaders around dinner. We just did not have time to cover the eight segments today. The other important thing for the organic growth framework we have in mind is technology and innovation. Here, once again, you're going to recognize the exact same eight end markets as you saw before. Here, the key message is we believe we are uniquely positioned as a company to lever our core technologies that you see in the middle of this page across multiple end markets. In this way, we can innovate faster and cheaper than our competitors. Raja is going to go deeper into that innovation model. I want you to have that in mind. It's a very important part of our organic story. Our ability to take these power management innovations and scale across different end markets is really, really differentiated for us. Okay. Now, to conclude the part on organic growth, I want to say we continue to invest in the way we interact with our final customers and with our distributors. We continue to expand our regional presence, also very important for organic growth. We continue to value our partnerships and our channel. That's perhaps the most important message here on this chart. Our distributor channel is a fantastic asset we have at Eaton. I'm fully committed to continue to develop this team and continue to develop the business with our partners. At the end, even after the delivery of our products to our customers, we stay connected to the final customer because we have aftermarket and service that is taking care of our products for decades. That's what it takes to win and to win big at scale in organic growth. You need to have the technology. You need to have the presence and the pedigree. You need to have the partners. You need to have a service network. That would take me to the guide in organic growth. We believe we can grow this business to $38 billion organically by 2030. Very true to my original statement that we aim high and we seek to overdeliver. I want you to know that we hold ourselves accountable to a higher number internally. That is the organic story. The inorganic story comes on top. There are no M&A dollars on what I just shared with you. On top of that, we have an opportunity to ramp our M&A activities again because we are going to count on over $20 billion of cash optionality after paying for competitive dividends. I want you to know we remain disciplined. We remain disciplined in going after targets that provide us high growth and high margin expectations. We are also going to be very disciplined in requesting high returns for our capital. That will not change. We believe we can do both. We can be rigorous and we can do more at the same time. Our focus moving forward will be to continue to deploy capital on the highest growth and highest margins of parts of the portfolio, namely electrical and aerospace mainly. With that, I would like to go to the third pillar of our strategy, which is execute for growth. I told you before here, the ambition is to move from good to best in class. We certainly have a lot of margin potential here, a lot of margin potential. We are working on that as a team. It is required for us to execute efficiently to make that growth happen with the right margins. It's also, as I said before, the self-help, the degree of freedom we have to drive our own destiny if we behave and we act with this mindset. This way, we can control our own destiny and own margin development moving forward. How do we do that? I'm going to get started by talking about a very simple but yet very powerful concept that I haven't seen other companies utilizing to that extent. We expect every general manager, every general manager to act as a portfolio manager. Independently of where the general manager sits in the organization or independently of how profitable a portfolio is, there is always a head and always a tail of the portfolio. We call the head the parts of the portfolio that are growing faster with higher margins. We expect of these general managers that they come with clear, clear plans of how they're going to grow this business faster. We expect them to favor our investments towards them. At the same time, every portfolio has a tail. Believe it or not, including Electric Americas has a tail. We look at those parts of the market and we say to this general manager, what is your plan to either fix or to exit those businesses? We believe by acting this way culturally, we drive not only the right accountability, but in practical terms and what matters to you, we keep moving our margins in the right direction. Let me explore how we can help our general managers achieving that objective. One thing we want to do more of, as I said, is to be excellent in operations. To be excellent in operations, to be a great operator, you need to be good in manufacturing and supply chains. You probably heard from Craig in prior meetings that we're still dealing with a number of manufacturing inefficiencies. We're never hiding that from you. Reducing them or eliminating them altogether will bring us an immediate positive margin impact to us. We are, as a team, fully committed to do exactly that. We are going to improve the way we run our factories and our supply chains. Let me talk about what we are doing to that extent. First of all, we are increasing our speed of transformation by leveraging the very strong Eaton business system and also modernizing it, modernizing it to be even more agile. We invest in technology. We invest in talent, processes to raise the bar again on supply chain manufacturing. You probably heard this is an important title, our footprint. You heard about our investments. We are investing in capacity and ramping up capacity in areas where we are becoming a bottleneck and we have large backlogs. We need to execute well on that. If we are excellent in operations, we actually can do something bigger than that. We can actually extract more output of the existing assets we have and the new assets we are investing in. The mindset here is that we're going to sweat those assets really nicely as a team. To complete the picture of excellence in execution, I should mention functional excellence. It brings a real impact to the organization. Functional excellence drives results as well. Not only do we want to have better quality in the support we have, we're also going to lower costs. We create the leverage as we grow the company. We contain our support costs as we ramp our volumes up. That's the framework we are utilizing. We hold our GMs accountable. We are supporting the GMs with functional excellence and driving and investing. We are going to eliminate those inefficiencies and turn this into profitability. Now, to show you another level of detail underneath that, we invest in technology. We are pushing the envelope in the use of AI and big data across the complete company, all processes. That cuts across what our customers experience, the way we interact with our distributors, but also every functional organization, namely engineering. We are going to have examples from Raja. We could go on and on. IT, finance, HR, every functional leader here in the room, they are driving AI adoption to improve the customer service, internal customer support, but also reduce costs. Of course, I said operations, supply chain, and factories are important. We are adding AI on top of our ERP systems today, in production and supply chain, so we can run those operations better and have fast and more accurate decision-making. We are taking this seriously. We are not doing that alone. That is the other thing I want to highlight. You see here at the bottom of the page some of the partners we have. Our list is much longer, but we are working with the best in the industry, absolutely the best in the industry. On the right side, you see a big 50% number here. I am going to explain what that means. Think about this. Our sales engineers in electrical, every time they needed to quote and hopefully win a low voltage assembly or a medium voltage assembly, they needed to go through folders and folders and folders of paperwork and specifications that would take days, if not weeks, of their time. Now, AI does that in a matter of minutes, freeing up a number of a lot of time for them to actually go win new businesses. That is why we say their productivity increased by over 50%. This is just an example. We are just scratching the surface as a team. I want you to know that we are doing that to support the story we said before. That is a lot about execution. That brings me to what brought you here, which is the guidance towards 2030. Before we get there, before we get to 2030, let me make a couple of comments on 2025. We feel good about the year. We are on track. Today, we are reiterating both the Q1 and the full-year guidance for 2025. Our level of confidence is high to make a forecast on top of that for another five years. The outlook you have here today is for six years, right, 2025 into 2030. I'm going to show you what to expect from each one of our key metrics. In terms of organic growth, expect us to grow between 6% and 9%, as I said before. For our segment margins, we're going to hit 28% at the midpoint of the guide. For our cash flows of adjusted earnings, we commit to be between 95% and 100% conversion and also expect our EPS growth to go beyond 12% in the period. We are also making progress to sustain those numbers. We are making progress on segment margins. This is all midpoint of the guidance. We expect Electric America to be at 32%, Global 23%, Aerospace at 27%, Vehicle at 20%, and E-mobility at 16%. That is our plan until 2030. I would say I will conclude my short presentation by saying that this is not all, right? We said before we had internal targets that are higher than the targets I am sharing with you. I also said that we have M&A opportunities. That comes on top. That comes on top of the plan I shared with you. You're going to realize if you pay attention to Heath's and John's presentation today, you're going to realize that they are going after a higher number. We showed that to you transparently. We also feel it's perfectly fine because that's the result of a very robust bottoms-up plan that they got from their teams, right? Our teams believe in that number. Having said that, I think it's perfectly fine that I hedge back a little bit at my level because it's a long-term plan and we want to give you transparency and hit our numbers as we always did. In a nutshell, we have this $21 billion in cash optionality. When we execute on deals like the one this morning, that will add to the plan. I want to close my short address with a message to you. Perhaps it came really clear to you that we recognize the progress we made as a company. We have absolutely no complacency in our bones, in our structure, in our culture. We will lead. We will execute. We will invest with conviction to grow our company to our full potential. That means the top-line growth, the earnings growth, and the cash flow growth. Thank you very much. Now I'll hand over to Heath. Welcome, Heath. Good afternoon, everybody. I'm excited to talk about the electrical sector. Before I do, I have to take a moment to thank my boss, Craig Arnold. If you know Craig like I do, he hates literally every second I'm doing this versus talking about strategy. I think it's important to recognize the imprint that he's left on this company that won't soon be forgotten. He's leaving a legacy and, more importantly, a team with a sense of humility, continuous improvement, operational focus, disciplined corporate cost model, disciplined capital allocation pedigree. Thank you, Craig, and thank you for the gift of high expectations. I would say looking to the future, I've been in the electrical sector a couple of years, did the industrial sector a couple of years, done some functional leadership roles. I can honestly say I've never been more excited about the future of the company. We do benefit from trends, but we put ourselves in a position to execute and realize that market promise through innovation, intelligent hardware, development of our BrightLayer software, top-notch services. We are in a great position because we have great capabilities that scale right when the world needs it. I'm going to spend today talking about those broad capabilities. I am going to deep dive into data center and utilities because those are two segments that really do a good job of explaining that. I am going to hit on the self-help items for the electrical sector that Paulo and Craig talked about. Ultimately, I think you are going to find that our plan is achievable. I think you are going to find that it is a great growth story. It is a tremendous value proposition for our shareholders, our customers, our suppliers, and my team. I am really excited to represent them here today, so I am going to go ahead and jump right in. Most of you know the framework for the electrical sector, right? The Global and America's reporting. The Global has APAC, EMEA, Europe, Middle East, Africa, and it has our global energy infrastructure business, the old Cooper beeline businesses in it. We also have started to frame our discussions through the lens of our customer personas or the segments. I think it's a really important point. Commercial, industrial, data center, utility, residential, and machinery. We had a nice year last year, 17.7%, 26% margins. If you look at our midpoint of the collective sector for 2025, we're at 19.7% and 26.5%-27% operating margins. We've moved the ball down the field when it comes to strategy. New capacity investments. We announced this construction of a manufacturing and engineering center in Dubai, Middle East. Really important part of our self-help story in Europe. It's going to help us win larger power distribution projects. I'll hit on that in a minute. We continue to innovate the energy storage solution, accommodate more electrical systems, more complex electrical systems. We need to do that for our customers, obviously. I want to turn my attention to the long term because that's why we're here today. We've kind of hit the short term here. I would say we don't need to spend—you saw the video on the megatrends, etc., and Lord knows you guys write about it all the time. The trends are there. We tend to show the data points, the concrete facts. Here's some more, right? It's not any single data point or fact that's just positive. It's the collection and weight of the data that gives us comfort to believe that we better be ready for growth from a cultural execution and investment perspective, right? We share more than that in our quarterly calls. We're talking about the mega projects, which I think from 2021 is now at $1.8 trillion, 600 projects. Only 15% of those have started. In North America, only 15% of the starts last year were mega projects. The rest were other projects, medium to large projects. That backlog is $2.4 trillion. We share our negotiation pipeline, right? That's up 40%, 60% in mega projects, 65% in data center. The point being, these are long-term facts. It tells us that we got to be ready, again, for sustained long-term growth. How do we realize that? Paulo just went through the operating paradigm. This is how we're going to run the sector. This is how we're going to run the company, right? What does it mean for the electrical sector to lead for growth? It means orienting our teams, primarily our engineering teams, around customer problems, not just regions or product lines, right? You think about the collective power of our engineering teams to solve the world's power distribution, power quality, power control problems. It's staggering. It's absolutely staggering. We'll lead that way. We talk of invest for growth, invest in innovation that scales across customer segments, that allows us more capacity, that we invest in our partnerships to win projects and support them. That's incredibly important. Of course, do some inorganic deals that supplement our organic deals. Again, we'll touch on some of that today. Of course, execute for growth, relentless operational focus, continuous improvement mindset, footprint optimization, and then grow the head and fix the tail. We'll talk about some of those today. We absolutely have room to drive margins and working capital performance. We're going to do that. As we think about the segments, I'm not going to read these. I already listed them for you. You can read them. I'll make this point that at the end of the day, our customers have unique problems they're trying to solve for. That's why we're going to orient our teams, especially our engineering teams, around them. At the same time, they also suffer from some of the same power distribution, power quality problems so that when we invest in manufacturing and innovation to solve a problem in one customer segment, it often works in another. Our investments have both a de-risking perspective and a scaling perspective simultaneously. When we make these investments to solve customer problems, they often work elsewhere. I want to talk again about the high-level perspective before I deep dive into data centers and utilities. I love this slide. Maybe it's a little too simple, but I like it because it shows the relative positioning of our customer segments, right? On the one side is utility, and we largely play in distribution from the substation down to the meter. Think of the arrows as the meter. Also, we're trying to show it's bidirectional these days. Behind the meter, commercial customers, industrial customers, data center customers, and residential customers. Obviously, and Paulo mentioned, we're on both sides of the meter. To the extent that the distribution grid can be optimized, we have a great footprint to do it. The one thing I'd say about this is, of course, this is not your parents' electrical grid. I'm not going to throw all the numbers out there. You've seen them. We have them in our charts. There's a lot more electricity load. Importantly, there's a lot more complexity, a lot of complexity. You have to, on both sides of the equation, we've got to deal with that complexity. We do. You take the utility side. No longer is it one-way circuit on-off, right? You have renewables. It's bidirectional. You're putting EV storage on there, etc. You're doing it on 25, 50, 75-year-old equipment. Data center customers, we'll talk about them. Obviously, huge growth. It's difficult enough finding land, power, water, fiber, labor to build. They certainly need power partners who can help them move at the scale and pace that they require. Residential, I won't spend a lot of time today, but obviously, EVs are adding a challenge to the grid, plus your traditional load center. The point being that these customers are facing problems they've not experienced. They need partners who can help them solve for those problems across industries and across the meter. On this chart, I wanted to kind of describe some of those capabilities for you. Again, simplified chart. We have a lot of capabilities. If you take the circuit protection and power distribution, which I'd argue is the heart of the electrical business, right? You're moving electricity safely. That's essentially what we do with medium-voltage assemblies, low-voltage assemblies, breakers, fuses. We also do that in front of the meter, on the utility side. We just do it with different kinds of products, capacitors, voltage regulators, reclosers. In that sense, our capabilities are on both sides of the meter, and those capabilities apply across all segments. That's what we're showing here, right? As you think about this kind of capability, what does it mean for us tangibly? We see it in our products every day. If I develop a molded-case circuit breaker for the commercial segment, it works in the industrial segment. If we do a single-phase UPS for a data center, it works in a healthcare network. If we do SF6-free switchgear for utilities, I can use it in a liquid natural gas plant. It is more than just products. It is engineering innovations. If we develop silicon carbide technology, DC, direct current power distribution, these kinds of engineering innovations scale. It is not products. It is not just engineering. It is investments in capacity, supply chain, supply chain resiliency, global account management, problem-solving. All of these things scale across the world and across our products. We do not do it alone. We have a tremendous network of partners, right? The consultants and EPCs who design, specify, the installers, integrators, contractors who install and commission that equipment. Of course, our great distribution channel in the middle in every state helping us win projects, support projects, and often feel like an extension of our own team. This is a tremendous asset right now with so much growth and complexity in front of us. The last point I'll make about it is not easy to recreate. This is decades of trust-building, maybe a few calluses along the way. At the end of the day, it's a tremendous value to us today and specifically our customers who are trying to solve for some of these complex problems. I'm going to pivot from capabilities to some self-help and hit on some of the topics that Paulo described. I'm using the EMEA business, again, Europe, Middle East, Africa here as an example. We have these opportunities in every business and every region, to be honest with you, just using it as an example. I'll contextualize it by saying our EMEA business has tremendous growth opportunities. Some of the same infrastructure investments being made in North America are being made there. You can read about all the announcements and the data center starts in Europe and Middle East, etc., Africa. We have tremendous capability to grow there. How are we going to do it differently? How are we going to run ourselves differently? In some respects, it's getting back to the basics. We're going to do it with new tools. Yes, Paulo's right. We are, in fact, investing in AI. We talk about these trends. There are actual applications and tools out there that Eaton is using to drive productivity. If we can connect, and we can, a digital thread between our suppliers and the output of our plant, we can drive manufacturing productivity, throughput, get the leverage, drive working capital performance and efficiencies. We can also re-engineer our products to start to scale them. We can move our production around. We can automate it. We can do some things around engineering. Raja is helping us get that done. We are working on footprint. We have talked about some of our restructuring in Europe. We are going to continue to do that. Those are good self-help items. We are doing it around the world. Of course, we can do portfolio management, as Paulo said, grow the head, fix the tail that Craig so lovingly ingrained in us for the last several years. Look, there are tremendous opportunities. We have talked about our mixed challenges in this business. Craig mentioned it during the last call. We've been more exposed to the machinery markets, the Germany residential markets. We serve those markets through channel. We need more large project business like we enjoy in North America. We do it, but we can do it better. We can do it at scale, which is why we've announced the construction of this new facility in Dubai to help us both win projects, support those projects, and develop those projects, and have that long-cycle backlog helping support the business, drive the leverage. These are examples of real activity undergoing in the region to drive productivity, to drive margin improvement. We're doing it everywhere and helps account for the 400 basis point of margin improvement that we're putting out there for 2030. Our capital investments, we spend a lot of time in earnings calls talking about them. I'll just say that we make these investments because we believe those data points, right? We do believe them. Also because we believe we have differentiated hardware and differentiated deployment models and differentiated service to support it that we can use to drive competitive advantage and create competitive moats. It is not just a product play. We have the rest of the package. That is why we make those investments. How did we get here? Today, I'd say we're a differentiated, intelligent power management company with global capabilities in engineering, global manufacturing, world-class network support, software to back it up, services to back it up. We got there through all of this. Above the line is our inorganic activity. Below the line is some organic activity. We've made a number of acquisitions over the years: Cutler-Hammer, Westinghouse, Cooper, Tripp Lite, Phoenix Tech, Powerware, some really good acquisitions that brought some great products. It also brought engineering capability that we stacked on top of our other engineering capability. You take those teams, you orient them to problems, and you start innovating, like new arc-quenching switchgear, smart breakers, silicon carbide UPS that are the highest efficiency in the world. The point being, I don't share this as a history lesson, I share it to simply say we expect it to continue, right? We're going to be aggressive, but we're going to be disciplined organically and inorganically to go after deals like this because it's not a change. It's absolutely not a change. We've proven over a long period of time that it works, and we're going to continue to do it. We have done some recent activity, right? We have acquired Exertherm, which is a really important strategic deal for us. It adds thermal management or monitoring of our gear and all kinds of our gear. Really important data point that we then plug into our BrightLayer software package. It allows customers to monitor, control, and predict more with our gear. We did that deal. Nordic EPOD, another important channel deal that allows us in Europe as part of that self-help story to drive more power distribution projects, particularly in the data center market as it pulls through our components. Really important pivot that we have made there. You talk about Tesla partnership, bringing smart energy management to a home. It is pretty remarkable. We can take your old load center, turn it into a smart panel without replacing the old panel by simply plugging in our smart breakers into your existing panel. Just a game-changing, efficient innovation that we think is going to help our economy kind of accommodate the more electrical vehicles. I'm going to pivot now and start getting into the data center. Again, these next two sections, data center and utility, I'm trying to describe the breadth of our capability. These two segments do a really good job of that. Paulo already talked about this. We don't need to talk about the numbers other than I think we can all agree that there has been a generational shift in the need for the number of data centers and the power required to run them, right? That's a fact. With more data centers and more power, more electrical equipment, you're also raising the complexity: more sustainability, more efficiency, more services needed, more software needed. Everything is ratcheting up at the moment. These customers, as you heard, need partners who can support them, solve those problems, and do it at the scale and pace that they require. We have a broad portfolio to do that. I would say, and I'll go over the breadth of that portfolio, but it's important to recognize that our products meet the hard specifications of these customers. They have some of the toughest in terms of efficiency, sustainability, and safety in the world today. We meet those. I think that's an important point to internalize. We, of course, can support the services 24/7, 365 days a year. We offer software that allows them to monitor, control, optimize their electrical usage, and increasingly predict when failures could happen or when problems could occur. We offer all of that. Looking at the hardware, you don't need to know all of these. I showed this to you in Houston a year or two ago. At the end of the day, as the electricity comes off the substation and over the meter to a data center, you hit the gray space of a data center, right? You have the transformers, the medium-voltage assembly, the low-voltage assembly, the busway, the breakers inside of it, the fuses. We do all of that, right? That's an important part of what Eaton does. It doesn't stop there. We bring that electricity to the white space where the server room is, where the chips are and the revenue production is. We do that as well, from the remote power panels to the busway, the static transfer switches, the PDU stand-up, PDU in the rack, the racks and enclosures. We bring the power all the way to the server and to the chip. We run it all the way through right up to the substation, right? That is an important strategic footprint when it comes to our hardware and the data you get from that. We support that with the BrightLayer software packages and the services to back it up. How do we think about our content? We share this number, 1.2 to 1.5 traditionally. Higher power data centers will obviously raise our bill of material just because you need more electrical content. The point I want to make with this slide is that as you add complexity to the data center, either power and/or complexity, and you start doing AI applications, now you might need different kinds of products. You might need a UPS for your chiller cooling distribution unit, your CDU, right? Because you're needing liquid cooling to cool your chips. You might need an energy storage solution to AI level load. Remember, those AI requests peak your power requirements. You can level load those with energy storage. You can replace your gen sets. In these kinds of applications, our content goes up nearly double up to almost $3 million per megawatt. Not every data center is going to require it. It depends on the architecture. Paulo mentioned it. We've gotten really flexible in our thinking. There's a lot of puts and starts and changes in this world because architectures change and building strategies change. We continue to evolve with our customers. We're not afraid to disrupt ourselves, right? You think about a VFI transformer, which combines vacuum interrupter, switchgear function, and a transformer and a controller, frankly. It's really three in one. Highly engineered project. This is not just putting components in a box. This is an integrated system. Very important in the data center market. We see tremendous growth in it because it reduces footprint. It's easier to install. Our customers clearly suggest they want it. It's SF6-free as well. I think this number, frankly, is a little conservative. I'm going to be pushing my teams for better than this. I think we can do better. I think we can also use it in the industrial sector as well. Of course, we continue to raise the bar on UPSs. This 1.5 MW, highest efficiency, smallest footprint. We designed it so you can service it easier, install it, and service it easier. Those are kinds of things that our data center customers need. We continue to raise the bar with our hardware. I could talk about BrightLayer, but I have a video here to show kind of what it does if we could cue that up. Data centers need highly intelligent software to help them solve complex challenges and effectively manage their operations. Eaton's BrightLayer software provides a real-time view of an organization's entire ecosystem. Its 3D facility floor plan enables users to drill down to specific assets to understand performance. It helps data centers operate and act more sustainably, taking data generated by equipment to deliver critical energy usage metrics. To increase uptime, BrightLayer software uses predictive analytics to identify when UPS batteries need to be replaced. Users can also identify potential risks and gracefully shut down IT equipment to avoid costly issues. If there's a hotspot, the software automatically reports alarms to Eaton services teams so they can validate and dispatch a technician as needed. Every element of BrightLayer software is designed to help data centers effectively monitor, manage, and control their IT and power assets while helping them scale their operations in the future. Obviously, data center customers greatly value that capability, maybe more so than almost every other customer base because power is their business. We continue to iterate. With every new version, we continue to add functionality. I want to turn our attention to the lifecycle of installed electrical equipment and our ability to service it. This chart kind of says, "Okay, you got to go install the equipment. How do you run it over its lifetime?" At the top and on the column there, we list the kinds of services that support the lifecycle of this equipment. I'd say collectively, it creates a nice competitive moat in that we can support all of these expensive assets that our customers are putting in. We can do it all, essentially. We can do traditional engineering, power designs, power system studies, install, commission. We can do data center-specific things like 24/7, 365 days monitoring. We can do refurbishments. We can add software at the facts, efficiency recommendations, etc. We wanted to raise the bar. We wanted to continue to offer earlier consulting and engineering capability. We wanted to bring something new to the table for certain kinds of customers. Today, you saw we announced that we signed a deal to acquire, probably think in Q3 this year, and close Fibrebond. You can see the revenues. This business is going to grow as fast as any of our fastest-growing data center businesses because it largely serves data center businesses. Just like the other capabilities, we can do it in utility. We can do it in industrial. We can do it in telecom. These guys are wired into the multi-tenant data channel. Really important channel for us as those customers are looking to standardize their builds. This company is amazing at filling the need. What they do is integrated power enclosures, pre-tested. They contain a lot of the equipment, the type of equipment that Eaton manufactures in that gray space. It allows our customers to move faster in the data center construction build. It gets us earlier in the cycle relative to what I just showed you as our service capability. It brings us channel. It brings us a capability we didn't have before. As Paulo said, I think a picture is worth a thousand words. If you take the left-hand side, which is the picture I showed you earlier with the gray space, now imagine taking all of that equipment and putting it in the enclosures on the outside of the data center. Now you free up that white space. That's your revenue generation. That's where your servers sit. For this kind of construction, it brings a lot of value to those customers. We're excited about this deal. We did a similar, as I said, we did a JV in Europe. We're trying to make sure that we're covering this capability as this capability has become clear that we need to have. We partner their engineers with ours. We're really excited about what the net result's going to be. We continue to globalize our business to the extent our hyperscalers and our multi-tenant data center customers, the big ones, need us to be global. We are. We have global engineering, global manufacturing. We can solve globally. It's a really important skill set, whether you're going to be in North America, Europe, Middle East, Africa, Southeast Asia, China. We can do it everywhere. There's not many competitors who can say that and have the credibility to back it up. I want to show a video from one of our important customers, CyrusOne. I'm John Hayden, Chief Operating Officer of CyrusOne. CyrusOne is a data center developer, owner, operator of data center assets across the US, Europe, and just recently Asia and Japan. We actually chose Eaton in the midst of COVID. Eaton was able to bring to bear equipment, engineering expertise, support to get us through that time. It has continued to be a great partner in filling up our supply chain as we look into the future with all the growth that we see with AI and the hyperscale demand. As you can imagine, in this environment, time to market is key. Our customers are very demanding, as we are of Eaton. We need to be able to pick up the phone at 3:00 A.M. and solve a problem, whether it is an operational problem or a development problem or a piece of equipment is not working. That collaboration across the board at Eaton, from the top down, has really been important to CyrusOne. The scale and being able to scale with us is important as we grow globally. Having fewer partners that can kind of match our scale and growth potential is important. Very cool video. I always get excited about customer videos. Utilities. I'm going to switch gears and talk about the utility segment. Again, in front of the meter. I'm not going to spend time on this. Paulo did. Obviously, growth behind the meter means more power needed in front. And our customers are doing it on this aging equipment. I think we can just safely say that the age of underinvestment is over, right? How do we win? We're in that critical space between the substation and the meter with intelligent hardware that actually controls the flow of electricity. I'll get into that a little bit. That's not the commoditized side of the business, right? This is very differentiated hardware that really controls the grid. We also invest in the trends that our customers need us to invest in. We've invested in undergrounding. We've invested in wildfire detection. We've invested in SF6-free. We're going where our customers need us. Of course, we have the world's best and leading grid planning software solution as well in our BrightLayer. Again, showing a similar picture to the data centers as it relates to hardware. The middle section is what I would describe as the substation. That's where you see all the blue equipment. It flows over the lines and goes to a commercial building on the other side. Remember, we're on both sides of that equation. It is really important as you optimize the distribution grid. It is a really strategic point to be on both sides of the equation. I think you do not need to know the functions of each one of those products. Just know that we are using the same kind of capabilities. We are stepping it up. We are stepping it down. We are modulating it. We are controlling that power for our customers. I think, again, this engineering capability scales across our segment. I think undergrounding, this is a really good example of doing an acquisition in support of our organic strategies. We bought Innovative switchgear solutions a handful of years ago, four and a half years ago. They do undergrounding SF6-free switchgear. That business is growing like crazy for us because of the whole trend around undergrounding. We put that next to our network protectors. Then we put that next to our connectors, our highly specified, highly engineered connectors, for which we're also investing in capacity to grow. This is a trend that our customers need. We're supporting them on their journey. I thought I'd show a video of one of our customers talking about it. Hi. My name is Christopher Jones. I work for Con Edison. We've worked with Eaton over many years. They have a proven track record of delivering great products that we can utilize on our system. Eaton understands the needs of our underground distribution system. Our system needs to operate all through the year under all types of weather scenarios. Anything that's above the street typically often makes its way down into our underground structures. It's a very harsh environment under the streets of New York City. We need a partner like Eaton because we are not a manufacturing facility. Con Edison intends to expand our investment in the interruptors because we intend to expand our investment in the resiliency of New York City's electric distribution supply. Very good. Again, we have the leading grid planning software solution, essentially that SIME business. Again, another acquisition that Cooper did back in the day. This is incredibly important with the complexity coming online, the EV, the energy storage. The number of grid requests is going up some 25%-50% depending on which state you're sitting in. It's incredibly complex. Our utilities are more and more needing this capability. We continue to add functionality and making it cloud-based and more real-time so they can make decisions in the field. Really important strategic product for us. I'll wrap up with this slide before I get to the final one in the utility space. Just to give you context, our customers called us and said, "Hey, Eaton, can you help us identify when there might be a fault that could cause a fire by vegetation getting on the distribution lines? Especially using your platform between the substation and the meter, can you use your intelligent hardware to do something about it?" We put together our data scientists and our engineering teams. We have come up with a best-in-class solution. We can very quickly, because we've assessed these waveforms, see when there's vegetation on the line and within a couple of seconds notify and shut down using our equipment, again, reclosers to close the line and then send out service crews to clear it before fires happen. This is an incredibly difficult problem to solve for. There isn't nearly the solution like this out there in the market today. They're either not nearly accurate enough, about half the accuracy. They don't work fast enough. They don't work on enough kind of lines. They need higher voltages than ours do. Ours are the most accurate. We can do it the fastest. We can use it on the most kind of distribution lines, including the most remote ones that matter in this space. Our team is obviously really excited about this. I think they're going to share it at DistribuTech later this month. I kind of stole their thunder. Don't write too much about it. It'll ruin their fun. Look, at the end of it, here's our plan. We're going to get to $31 billion plus. We're going to have 30% operating margins of 400 basis point improvement. Hopefully, you found the story compelling that you understand exactly what we're doing. You understand that we have these self-help items to run our business better. We also have the market growth and the right kind of team, the right kind of capabilities to support it. Ultimately, I hope you agree that actually our best days are in front of us. Thank you very much. I'm going to bring John Sapp up here to talk about the aerospace business. Can you hear me okay? Not yet. There we are. I'm talking. Let me first say it's quite humbling, obviously, to be here and have the opportunity to present on what is Craig's last investor day and Paulo's first year as he takes the helm as well. Appreciate that and congratulations again. It's also a great privilege to talk with you about this outstanding aerospace business that we have. My intent here is for you to leave with an appreciation for the growth that's in front of us and, frankly, the pathway that we see to be able to go achieve it. It's exciting. It is one with which I have observed, having been here for just a year, that has me very excited about the positions that we have. I want to take a quick second to baseline us first on 2024. 2024 was a strong year, certainly for the aerospace business. We did about $3.7 billion in sales, 23% in terms of our profit. As you look to the right-hand side of the page, you can see those continued enablers for more excitement for us as a business, those being the growth picture that we continue to look at, right? What we've driven in terms of our 12-month order, our trailing 12-month order is $4.3 billion. It's a record for us, 10% increase year over year, over 16% increase in terms of our backlog in the Q4 timeframe. Overall, again, really high growth numbers for us that continue to position and give us a lot of excitement as we move forward. That life of program number, which I'm going to talk about later on as well, is one that gives us even greater excitement as we look further out, right? We see the impact that that's going to have for us as we continue to win new positions. Obviously, we continue to stay very focused in terms of the services and how that's going to play for us. I'm going to talk a lot about that here later in the presentation. I want to first talk about why we win, okay? This is a great business. It's a great business that's built on decades of pedigree that's been built by a history of great technology solutions, performance for our customers, and having a true customer-centric culture and mindset. That performance has really allowed for us to continue to win and drive market-leading positions. You got leading positions in fuels and hydraulics. Frankly, as you look at the new wins that are happening for this business, you realize that the market 100% believes in what it is that we're doing in terms of our customers. We're also meeting our customers where they need us. From an aftermarket standpoint, we continue to evolve our solutions to ensure that they're able to meet our customers where they need us to be. We've got a terrific amount of agility. Frankly, as you look at our portfolio and how it has expanded, how we've expanded our core and moved into adjacencies. I want to show you that just by looking at this page right here. Twenty-five years ago, this business was a $100 million business. Through terrific acquisition as well as R&D investment, over that 25-year period, this business has grown to a $3.7 billion business. That's a terrific demonstration of agility, of expanding the core, moving into new spaces, and doing so very successfully. You can see all the additions that have occurred through that timeline. I'll spend a little time talking on the last two, the most recent. In 2019, we purchased Souriau-Sunbank. Allowed for us to really take advantage of that continued and expanded electrification megatrend within the aerospace realm. It's been a very successful integration for us. We continue to see the great benefits of that business. The same of the Cobham acquisition that was done in 2021. That's allowed for us to continue to expand on our historical core businesses, but also has given us new higher-level tier-one responsibilities and systems. Again, all of that gives us great encouragement as we continue to look towards our portfolio and how it expands. I want to first kind of level set on this portfolio and give you some insight as to what it looks like. This is an exceptional aerospace portfolio that is really positioned to address the biggest customer challenges that they face from an aircraft complexity standpoint. It is one that has been built with a terrific amount of technical expertise and acumen. Especially in these three kind of core categories that we talk about, we are a market leader in the core spaces that we operate. From a fuel and air system standpoint, we've got a world-class portfolio driven by our engine and our aircraft fuel systems, as well as the oxygen systems, which we've become a very high market share player of in the last four years. The hydraulics and motion control, where we have the world's largest hydraulics portfolio. We're also driving critical next-generation distributed hydraulic solutions that are going to be key enablers for the aerospace market as it goes forward. Looking at the electrical subsystems, we talked about interconnect and how that has continued to expand for us in recent years, but also our work in terms of thermal management. As Heath mentioned, we continue to look for ways for us to be able to leverage the entirety of this Eaton portfolio and bring that into the aerospace realm to ensure that we're taking full advantage of all of the technologies that are out there. It is an incredible portfolio that we have. We've got a strategy that is going to allow for us to continue to deliver and expand on that. Very aligned to, obviously, the message that Paulo shared with you earlier. For us, the first piece is around leading for growth, right? For us to lead for growth, that customer centricity is critical for us. We have to continue to bring the technical solutions. We have to continue to perform and drive with customer centricity. For us, that is what enables us to be that leader. Driving that mindset in everything we do because our success is baked 100% in terms of our own customer success. We have to lead with that mindset. The next is around investing. We are making the critical investments that we have to do as an aerospace group to ensure that we are continuing to find ways to expand our core, move into near adjacencies, and find new and attractive markets, but also investing in the aftermarket piece, making sure that we have technical solutions that will support the aftermarket, but also around the capacity and the capacity expansion needs that will be there. Finally, from an execution standpoint, we're going to take full advantage of all of the conversation that's already happened relative to the self-help piece to ensure that we're positioned to be able to achieve all of the growth that we have, which I'll talk more on here in a second, but also to drive the margins and to ensure that as we see that growth, we continue to see that leverage come with it. Let's talk next then about the market. I won't dive too deeply into this slide as it was covered a little bit earlier by Paulo. The market itself is extremely strong from an aerospace standpoint, right? I think this is very well documented. Overall, in terms of defense market strength, yeah, there's an aging fleet. There's also a technical gap that is closing quickly for the customers that we supply to. They need us to be able to enable them to support these fleets long-term. That is taking the form of retrofit, mod, and upgrade opportunities, which I'll talk more here in a moment, but also, obviously, recaps in the form of new aircraft. We've done a terrific job in terms of new aircraft positioning, which I'll touch on here in a moment. On the commercial front, 14,500 aircraft backlog, depending on when you snap the line, right? It's going to take a really long time, as noted, for that to burn through. I think what's also very important in terms of appreciating the aerospace growth path that we're all on is the RPKs, these revenue passenger kilometers, how they continue to expand the way they are. Another 25% growth, greater than that, anticipated between now and 2030, gives us a great market to anticipate and support. For us, as we look at platforms, right? These are getting a little bit more details in terms of some of the numbers of aircraft that we anticipate to see on this growth trajectory. On the commercial side, it's going to go from somewhere around 14,000 aircraft up to north of 21,000 here by the 2030 timeframe. It's going to be built a lot on, obviously, the single aisle, but wide bodies like 777X entry into service, which is going to occur here soon, the A350, where we'll see those volumes expanding. This is going to allow for us to continue to build on what is already an exceptional installed base. That is a key number that we focus on as an aerospace company when we look and consider what our growth looks like. On the defense front, as you look on the right-hand side, this is just a few platforms. Just looking at a few of the key platforms that we are or will be a part of, that growth is significant. If you expand this look to include other U.S. platforms or also where we participate in Europe and, frankly, support also customers in Asia, this number from a growth standpoint increases significantly. While the numbers are important in terms of new platforms and us getting and seeing that installed base continue to grow for us, I think what is also really important is how much are we actually getting on these platforms in terms of new content. When you look at the left side of this graphic, you'll see just the impact that we're able to have for Eaton in terms of our long-term growth based on the success we're having on new positions on new platforms. The left-hand side of the graphic is wins that have occurred over the last 5 years, 10 years, 15 years, but they're playing out now. The F-35, we see two to three times as much content on it as we had on the F-16, the aircraft it's replacing. The KC-46, the same relative to the KC-135. When you factor in the pods and others that go on that KC-46, that number goes up substantially. The same is true on the commercial front, looking at some of the wide bodies, the A350, the 777X. 777X was obviously intended to be very much just to really build on the existing technologies on the original platform. For us to continue to gain more and more position on it is a really strong and positive story. That left-hand side, as mentioned, these are the things that have the wins that have occurred over the last 5 years, 10 years, 15 years that we see playing out now and in the near term. When you look at the right-hand side, these are the wins that are happening now that will potentially impact the near term, but definitely impact the longer term. These life of program wins, the wins that will carry out for the next 10 years, 20 years, potentially 30 years. We had $7 billion in wins over the last two years. It's the biggest years we've ever had as an Eaton aerospace company and one that gives us a tremendous amount of encouragement and confidence in the growth that we see here going forward. To do that, we've got to drive customer satisfaction, right? We've got to ensure that we continue to be the, that we continue to build on those life of program wins by being the provider, rather, that our customers select. There's the first three things I'd cover. Driving a consistent one Eaton experience, continuing to establish and building out our tools to enable the engagement and the performance that our customers expect, and the culture piece, those really are the enablers to the third item on this list, right? Which is, in order for you to show up and to be able to have the right level of technology engagement, that absolutely requires that these other three are things that the customer can trust. Building that customer trust is key. I want to touch on this one a bit because this is where we're seeing success as an aerospace company. That technology engagement is what is allowing us to have the right level of intimacy that gives us the intelligence for us to be able to invest efficiently, to invest with our company, with our customers, and to bring the solutions then that they need to be able to address their biggest challenges. I'm going to use the Bell's FLRAA as a great example of this. Our relationship with them goes back many years. Because of that relationship and that trust that we had developed with them over time, they came to us early on ahead of the competition for this platform and asked for us to be a partner with them, a technology partner that brought the solutions that they needed. They trusted us to be able to perform through that competition to support their need. The result was, obviously, our partnership with them being a part of Team Valor. It has allowed for us now, when you look at the Bell Aircraft, which will replace the Black Hawk and the UH-60, and there will be thousands of them produced, we have over eight times as much content on the Bell as we did in the Black Hawk. It is a great success story built really around that relationship and customer centricity. I want to allow for the Bell team to share a little bit more. We're going to pull up that video to talk through that. I'm Ryan Anger. I'm the Senior Vice President at Bell for the Future Long-Range Assault Aircraft Program. The Long-Range Assault Aircraft Program is a very unique program providing a tremendous capability to our war fighters and our soldiers. It's a tilt-rotor platform that provides twice the speed and twice the range of a conventional helicopter like the Black Hawk. We've been working on this program for 10 years or 12 years now, first developing and demonstrating critical technologies and now addressing and, through our designs and engineering, the requirements of our Army customer. Eaton's been with us through the entirety, providing critical hydraulic systems to our platform. We're a fly-by-wire platform. We take pilot inputs, we run those through our computer, and we convert them into motions of our actuation system powered by hydraulics. Eaton's helping us right now in the manufacturing phase, working side by side and hand in hand in developing some of these critical technologies within the hydraulic system, making sure that those integrate well. Eaton's doing some very unique things with their manufacturing processes to deliver unique components faster and more affordably and more reliably. We're looking at it not just as a part of this weapon systems development contract that we're in now, doing engineering and manufacturing development, but also in sustainment. I'm glad to be in there with Eaton alongside us, along with our other Team Flora teammates working to execute and bring this capability to the war fighter. Great. Just a great message around how that partnership has enabled our growth. I want to shift gears a little bit and get away from the new platform positions, which is obviously one that gives us great confidence going forward, but also talk about the aftermarket piece. What are we doing to continue to ensure that we drive great aftermarket growth for our company as well? Really, three buckets you think about this. The first is on retrofits, modifications, and upgrades. This is what allows for us to ensure that if we already have that position on the aircraft, that we're driving new aftermarket sales with modifications and upgrades based on the technology improvements we've done, or if we're bringing a new technology to the market that allows for us to retrofit and, frankly, potentially remove a competitor's position on there, that is also then new life of program wins for us and new great aftermarket revenues. Our pipeline is good. It is really outstanding for it. If you look to the right, we had a great year in 2024. Our pipeline stands at $1 billion of opportunity that we see between now and the 2030 timeframe. We are going to drive a 10% CAGR in terms of RMU growth here as we go forward. At the same time, we have to ensure that we have the capacity to be able to support our customers around the globe. We have done a lot of aftermarket capacity expansion here and investment in recent years. Most notably, what we just announced this past year was our partnership with Singapore Airlines for our new MRO facility. That is going to be a JD facility that will be opened in Malaysia. Really exciting in terms of that and how it is progressing. We're doing the same in North America and Europe, ensuring that our capacity is going to be able to meet the long-term expectations and that we'll be the provider of choice by our customers. The final on lifecycle management is ensuring that we're able to meet our customers where they need us. All platforms are at different ages and have different needs, right, relative to their aftermarket support, whether or not that's providing them with solutions that support USM-type solutions or spares and repairs, or in the case of U.S. defense customers, large performance-based logistics. We've got the capability and the tools and skills within our team to be able to do all of that, and we'll continue to build on it. I want to shift gears slightly and just talk about some of the new market opportunities or the broader addressable markets that have emerged for us as well. These are really, as you look through the lens of the most recent acquisitions, this graphic on the left will show you that everything that's on blue there, those are part of our legacy businesses, businesses that have been a part of our core for quite some time. Going back five, six years, as we've expanded that core with some of the recent investments, you can see this has significantly expanded our portfolio. You can see what it's done in terms of fuels, oxygen systems, electrical power. It obviously is a great example of us expanding that core and moving into some of the near adjacencies. On the broader addressable market, if you look at that space vertical there as an example, that has now opened up another $1 billion worth of addressable market for us as a result of this. When you consider the 13% CAGR, that is going to, based on satellites and launch vehicles, near doubling over the next five - year to six-year period, it gives us great confidence in terms of our ability to continue to grow and expand in that realm as well. We have been able to gain access now to new high-growth customers as well and now also then bring the full suite of Eaton Aerospace products to be able to support those customers. The last thing I will note is just from a system integration standpoint, we've really enhanced the capabilities as a tier-one system supplier, which allows for us to think, again, different as we continue to expand in our aerospace portfolio. I want to double down on this page, right? This is an area that was described earlier as a self-help for this. This is our mandate. This is the area for us. As we consider all of that growth in front of us, we've got to deliver on these operational programs to achieve that growth and to drive the efficiency and the margins then and the margin expansion that we expect and will achieve with it. I have high confidence in this, right? I'll lay out a few of the things that the business is really working towards to enable it. First is around the supply chain, right? We're expanding the efficiency of how our supply chain runs and operates, establishing a network approach, enabling them with the tools to be able to go and do that as efficiently as possible. We're seeing tremendous impact already where this is being deployed, and we have great confidence in terms of its ability to really enable us from a supply chain standpoint. We're going to continue to push resiliency and redundancy in our network, in our supply base. It's an expectation of our customers. It's an expectation of us to ensure that we continue to enable the growth in front of us and that we have the diversity of the supply base to support that. From a manufacturing excellence standpoint, I'll double down on this. We have the benefit of being a part of a great Eaton company, one that allows for us, as we consider the self-help needs, to be able to pull from and learn from the entirety of this company and parts of this business that have demonstrated incredible growth relative to their margin as a result and being able to achieve growth. I also have to note, obviously, quality, right? Quality could not be more important to an aerospace company right now than it has over the last couple of few years for quite obvious reasons. For us, we've been on a terrific track record since introducing the zero-defect quality culture and program, and we're going to continue to maintain that, but we've seen great success with it. For our footprint, we're going to continue to expand it. We're making a terrific investment in aerospace to ensure that we're meeting the capacity growth needs. As it was mentioned earlier about grow the head, fix the tail. From a portfolio standpoint, we will always continue to evaluate our aerospace portfolio, and we're obviously very keen on continuing to find ways to grow in aftermarket segments as well. For us, this is our closing page, right? The areas that we're focused. We're really focused on, from a lead standpoint, ensuring that customers continue to view us as the leader in the products that we support and in enabling them as customers. We're going to invest to ensure that we continue to find new markets for us to expand, new ways for us to grow and increase our core capabilities. Finally, from an execution standpoint, this is our area of significant drive and push. Be able to achieve all of this growth in front of us and to do so with the efficiency that allows for us to achieve with confidence the operating margins that we're showing here by the 2030 timeframe and driving this to a $6 billion aerospace business. Okay. Thank you. With that, I'm going to turn it over to Raja, our Chief Technology Officer. Thanks, John. And good afternoon, everybody. This is the first time I'm on stage here talking to you guys, and I've been with Eaton for years, and it's just whiz-passed. There's so much of technology that we are developing that it's absolutely mind-boggling, and it's been fun right throughout. To talk about what we do in this domain, I'm going to touch upon how we align our strategy to what Paulo explained. We look at leading for growth through the lens of innovation. We'd like to innovate the fastest. How do we do that? We have a team. In order to innovate, you need talent. We have a team that's absolutely world-class and distributed very well across the world. You saw some examples of how this team has created newer technologies in both Heath's and John's presentation. We also use a smart innovation framework. It's not just about the people, but also the framework that goes along with that. The smart innovation framework, I'll explain that in a little bit, but it really helps us follow the principle of we don't have to do everything ourselves. It really pulls together the capability across the ecosystem to be able to drive greater and faster innovation. We invest for growth. We build our technologies in such a way that they are truly scalable. They are not just a one-trick pony, but they can scale across multiple domains. Heath talked about technologies being applicable to multiple customer segments. I'm also going to talk about technologies that are applicable to multiple products. We also do a very good job, I would say, about the discipline and our capital allocation. We don't spend money just for the sake of spending money, but we truly focus on what technologies have the greatest impact and on the largest growing segment in the fastest possible time. At the same time, we also make sure that we are investing smartly in long-term research. We know that not all problems can be solved immediately, so you need to really focus on a little bit of long-term research to get the answers that you look for. All of this is done in a very disciplined fashion across the company. While we have the money to spend, while we drive innovation, it's also important to ensure that we build our technologies in the most efficient and with a tremendous amount of excellence. Paulo talked about functional excellence, and I'm going to give you examples of how we do that across Eaton. The excellence really gets driven by understanding deployment of lean across all of Eaton engineering. And that's a very powerful toolset that we have deployed over the last three, four years, in addition to using digital and AI capabilities. I'll explain some of them in the slides that follow. But each one of these capabilities is built to ensure that we can succeed in our strategy. We understand very clearly that a large amount of engineering focus is on ensuring our products are viable, our products are differentiated, and our products are fully capable to deliver the requirements of our customers. Really, if I were to summarize this whole situation in this one slide, we are really solving tomorrow's problems today. That's our focus. Our engineering team looks at tomorrow's problems and says, "What do I need to do to create the solution today so that our businesses can take those solutions to the market and clearly create a winning proposition for our customers?" If I were to look at the talent spread, Heath demonstrated our distribution across the world in terms of all the capabilities that we have, both manufacturing as well as other functions. Here, I'm going to talk about just the engineering spread. It's truly spread across the world, very similar to how Heath demonstrated. We are close to our customers, yet we are significantly efficient with creation of what I call as advanced innovation and technology centers. We have six of them. We have 17 global R&D hubs. We have made about 2,000+ releases in the last few years, and each one of them has been a differentiated release to the market. We spent about $1 billion, and roughly, we've been increasing our R&D spend about 8% CAGR. Out of the 11,000 engineers that we have, 7,200 really focus on building new technology, and the rest of them focus on making sure that it goes into the manufacturing process really well. It's not just about building the technology, but it's to make sure that we can produce them, and we can produce them really effectively. The tight integration between engineering, innovation, and supply chain is something that we have established today. I'm really proud of the teams that work so closely together that they create highly differentiated technologies, but at the same time, make sure that we can produce the competitive product at the right cost, and we can continue to sustain it, including the delivery towards supply chain resiliency. Both Heath and John talked about how do we ensure that our supply chain is resilient. Engineering plays a significant role in driving supply chain resiliency, and that's a tight integration through functional excellence that Paulo talked about that has been brought about. That makes a lot of difference to how we produce our products and how we sustain our products. These products have also been instrumental, and they have been recognized across the world in various fora, whether it is the harsh environment application of LED lights and camera systems, or whether it is creation of high-speed EV gears, or whether it is the 6 kilovolt ampere UPS that Heath talked about. These are all products that have been recognized by the industry fora and by various publications. In terms of general innovation, one of the leading publications also recognizes us to be one of the best and leaders in innovating continuously on products and solutions. I talked about smart innovation. Smart innovation really focuses on not having us develop everything that we need. We have created an ecosystem of partners across research, across development, and across supply chain to be able to integrate into our products and solutions. We do research using our partners, and the research is focused on de-risking technology. Once the technology is de-risked, it becomes a lot easier to drive into a product. We do not want to de-risk technology in the product development cycle. This is a little bit of sausage making that I am describing to you, but it is important that you understand that each one of the elements that Heath and Paulo and John talked about is backed up by a solid process. It is not just something that pops out of nowhere, but there is a very thoughtful and deliberate process behind it. We are disciplined in our investments, and we invest in targeted niches. For example, Heath mentioned silicon carbide technology. Silicon carbide technology has helped us reduce the footprint and increase the power density of pretty much almost all our power equipment. Is it applicable only to the UPS? No, it's applicable to power distribution units. It's applicable to the aerospace industry. It's applicable to vehicles. It's applicable in a multiple and broad range of applications that we leverage today. Similar kind of technologies, Breakder, is another example, which is a DC circuit protection device, which was created in the electrical business, went on to become one of the highest performer equipment for DC circuit protection in the electric vehicles. Now, with the advent of increased distributed current in the industrial space as well as in the data center space, breaker comes back and becomes extremely useful for us in the electrical space. This is the kind of highly efficient innovation that we constantly do within our engineering community. We also share our technologies. John talked about leveraging the larger ecosystem. Absolutely. We leverage the Eaton engineering ecosystem and partner ecosystem across different points and different businesses and different timelines as well. There are times when we accelerate the development of a specific project based on customer inputs, and we can do that because we are one Eaton. It is not just one single division, but as the power of Eaton engineering drives a greater amount of innovation and focus on that specific individual problem, we are able to solve it faster. Like I said, we solve tomorrow's problems today. That is really what the smart innovation is all about. We also leverage about three years ago, we focused on building a clear technology strategy to support all our businesses. They are founded on the five core technology domains, which I call as the core domains for us. Power electronics really looks at conversion of power from any source to any source. Energy systems, it looks at balance and flow of energy across different sources. Advanced materials and processes, this is an extremely important domain for us, not something that you would find a lot of people talk about. This core competency helps us drive a tremendous amount of cost advantage. It also helps us do things that others just cannot do. I'll give you an example of what it means in a couple of slides later. Digital design and additive manufacturing is a core technology that we deeply invest in within Eaton. The reason why we do that is to make sure that we can produce products faster, better, cheaper, and with a higher level of quality than pretty much almost all of our competition. Heath talked about BrightLayer Suite. In 2020, when we launched BrightLayer Suite, it's backed up by creation of data science and software capabilities for us. These software capabilities are spread across multiple domains, not just one single domain, but it looks at how do we build firmware, how do we build control architectures, how do we build edge-based devices and edge-based solutions along with cloud-based solutions, plus the analytics that goes on top of it. That's the spread of capability that Eaton has today in software domains as well. It's multiple domains of capability all put together and driven across to service the eight segments that we have. Five technology strategies, eight segments, and they deliver to all eight segments. As an example, Heath talked about three-in-the-box vacuum fault interrupter. The enabling technologies that actually helped us build this product are advanced materials. You need to be an expert in thermal management and materials management to be able to build and combine a Vacuum Fault Interrupter, which removes gas-based circuit protection and then uses vacuum-based circuit protection and makes it SF6-free as well. It also reduces the footprint quite dramatically. When you reduce the footprint quite dramatically, again, a little bit of sausage making here, it increases the heat loads. You want to be able to ensure that the heat load is managed really, really effectively. We have done that. You need to understand materials sciences in combination with thermal management, in combination with control, in combination with how do you put a package together in such a way that it reduces the weight, the cost, and the footprint all together. We are one of the first in the world to do this. Like I said, we do solve tomorrow's problems today. This is an example of solving today's problems yesterday. It is a continuous process for us. A second example would be on the UPS, the silicon carbide technology I talked about. Investments in silicon carbide technology and cooling technology have been going on at Eaton even before I joined Eaton. Fantastic amount of research. It de-risked the technology completely to come to SKH where we can deploy it. Net result, we are the first silicon carbide-based UPS folks in the world. What does it do? Not only does it reduce the footprint, I mean, Heath talked about gray space and white space. It helps us reduce the gray space so that the customer's white space, from which they make most of their money, is enhanced. This UPS is about 40% smaller than any of our competitors. It gives an advantage of 25%-30% of footprint into the white space to our customers. Think about it. A large data center with a huge number of UPSs, which are in the gray space, even if you reduce 35%, that's a lot of money for our customers. We have calculations for that. Offline, we can chat how much money is it for our customers. It's also 99% efficient. Not many UPSs are at that level of efficiency. In order to create this level of efficiency, you need technology around magnetics. You need technology around materials. You also need technology around digital design and software. We do all of these pieces together to actually produce the industry-leading compact UPS, but it also has the capability to be grid-aware. The software and the controls on top of it makes it capable of managing variations in the grid, but also not allow the variations in the data center or the industrial application go back into the grid. It does not let the dirty power go to the grid, and it also manages the grid variations that are coming in from the grid. It is a beautiful two-way balancing mechanism that has been built. It provides compactness. It provides grid-aware software solutions, and it is extremely resilient. Heath talked about building it so that it can be serviced. Design for serviceability is a core tenet that we bring into all our products. Heath also talked about the software suite. The data center infrastructure management is one of our BrightLayer products. To build the data center infrastructure management, it is a combination of data sciences and software. There's 30,000 different devices that are connected. How do you have an understanding of which device is connected? How is it behaving? Building the functional models for all the 30,000 devices is extremely critical for this software to work. It helps our customers identify where the problem is and how long the problem has been. It also ensures that we can track the problem upfront and create a preventive model for preventing the problem from really affecting the operations. It is preventive maintenance. It is understanding the asset's performance. It is understanding how the asset is going to behave. It is also understanding what each asset does in the context of the entire data center. How does that help us? The data that we mine out of that is monetizable. Building each one of these data centers with the software on top of it helps us understand the behavior of the data center better, helps us understand, build our own products significantly superior to our competitors. That is what I'd like to talk, I'd like to say with respect to each one of these technologies on the left side. We have taken pieces of the core technology and embedded them into our products. These are all different technologies. Sometimes they come together. Sometimes they are alone. The products that we build are differentiated. Again, this is another example of solving today's problems yesterday. John talked about the Future Long-Range Assault Aircraft. The technology that has helped us win there is a combination of materials technology, digital design and additive manufacturing, and software and data science. They all come together to be able to help us reduce weight dramatically. Aerospace, you don't want a lot of weight flying, so you want to reduce the weight. Clearly, it's an imperative that they need to drive for. The customers need to drive for. What can we do there? We understand materials really well. Not only do we understand materials, we also build the software that helps us model materials for our future. Our software, which is part of the digital design activity, looks at the ability to simulate and ability to additively manufacture components. When you think about a customer not having to assemble 154 components to produce a part, it becomes a lot easier for them to sell the story as well as to use it within their own applications. That's what we did. This solution that we have has reduced weight by 30%, has 80% material waste reduction. You do not want to waste a lot of the expensive alloys that aerospace guys are used to. We want to make sure that the waste is cut down quite dramatically. We have compressed the number of components that are used separately into a single component. You just cannot do that with the traditional manufacturing models. You can only do that if you truly use digital design models with advanced analytics on top of it and AI driving how materials behave under heat. That is a very complex set of processes that Eaton has proprietary IP on. We have built it, and we own it. We use that to drive more and more capability into our products. We talked about functional excellence, and I want to touch a little bit more about what it does. The functional excellence for us really comprises of three fundamental elements. How do we make sure that our processes are lean and continue to get leaner? It's a philosophy that's been deeply embedded now into Eaton engineering and into our interface with our supply chain and manufacturing on an ongoing basis. We also look at our investments into digital design and AI. This is real. We have physics-based models or multiphysics models that are very unique to us. Our plasma models are so critical for us to design newer breakers, whether it's DC breakers or whether it's AC breakers, that they are absolutely outstanding. The kind of plasma physics that we have is something that I would be I'm really proud of the team of having these kind of models. We also do other multiphysics models, which are basically physics plus chemistry plus a whole bunch of math that go together, which helps us rapidly prototype and design. Today, we can take requirements and actually do not have to do design validation. Our design is validated straight off the requirements for several product lines. It is not true for all product lines, but we are getting there. As we get there, our efficiency is increasing tremendously. Just for the UPS, here is an example for the UPS. It is about 50% lower than what it was, and it is 50% cheaper because we do not have to build so many prototypes. We do not have to do so much more testing. This is a journey that we have been on for about three years now, and it is increasing. It is getting better as the technology matures. Our aim is to continuously support the divisions and our business partners to ensure that we have a tight integration with every single strategic element that has been put in place and make sure that we are delivering the solutions for tomorrow, today at breakneck speeds. In summary, looking at the world-class organization that we have built, we are driving the strategy with footprint. We are driving the strategy with talent. We are looking at allocation of our capital in a very elegant and prioritized manner. We're looking at use of AI, digital tools, and artificial intelligence to drive efficiency and effectiveness of our products. We're also looking at how do we continuously collaborate with the manufacturing excellence stream to make sure that we are helping manufacturing excellence continuously. I mean, think about it. 80% of the cost of a product is decided at engineering. We want to make sure that we are able to re-engineer products very quickly. Heath touched upon re-engineering. John also touched upon re-engineering. Rapid re-engineering of products with AI is what I believe is going to give us an enormous amount of technical differentiation as we go forward. With that, I hand it over to Olivier. I just want you to remember, we are solving tomorrow's problems today and really fast. How is the sound? Not yet. No sound. Do we have the sound now? Okay. I know two hours is a long time to sit. Bear with us for another 15 minutes -20 minutes, and then we'll have a break, and then we'll have Q&A. As you saw from the presentations today, we are excited by our position in the market. We are facing exciting mega trends. We have a good operating model. We have the right technology. We have the right culture. We believe we're going to be able to deliver exciting returns for investors, an exciting future for our employees, and exciting solutions for our customers. Let me go to the details. Those were the targets Craig and the team set up for us about five years ago. You see all those numbers we have been able to overachieve with quite a fair amount of margin. You see in revenue, we did about four times what we had planned. In terms of EPS, CAGR, about twice, and a better free cash flow. This is with this mindset that you should analyze the targets we're going to put in front of you today. You went through the presentations today. We are facing exciting mega trends. We are well diversified in various markets, and we believe we have various opportunities to deliver on the growth algorithm and the margin algorithm we have presented to you. Paulo wants us to have a growth mindset. What does that mean when you speak about a growth mindset from a finance standpoint? What does that mean? First, in terms of the way we are going to lead, we're going to set ambitious targets internally, meeting those commitments to you, deliver also have an incentive program which incentivizes management to deliver on those targets. That's the lead for growth. In terms of investing for growth, we went through that with John and Heath. We're facing exciting end markets, and we want to be able to invest in those markets either organically or through M&A. Now, we'll do that in a disciplined manner as per our Eaton DNA. Also, we talked a lot about executing for growth. We believe today we are good at operations, but we believe we can be great at operations. We believe, as a result, we have margin expansion available in our company. Let me go through all those details now. First of all, I'm going to spend a bit more time on this more than the other slides. We are today facing markets growing at double the rate they used to grow. You see here through the various charts, most of the markets are expected to grow significantly. We're not going to depend to reach our 6%-9% organic growth. We're not going to depend on one vertical. We're not going to depend on one segment. We have many opportunities to achieve our growth. Let me start with Electrical America. You see, we are predicting those markets to grow from a 5% growth to about a 10% growth. Where data center, we covered a lot of that today. We're in data center, mainly in the cloud. If we look at our older backlog today, 20% is based upon AI, meaning 80% is not based upon AI. If you look at today, the cloud penetration in the hyperscale is about 30%. What I'm trying to say is that the Electrical America growth in the data center, which we expect to see growing at about 15%, is not going to depend on AI. Let me move also in another vertical in Electrical America. Utilities, 10% of our mix, growing high single digits. Why? Because the grid in the US has to be modernized. Most of it is decade-old. You see another vector of growth in Electrical America. The other verticals we cover in Electrical America, we expect them to see growing at about 5%. You see in Electrical America, various avenues for us to grow. Let me move to aerospace, expected to grow in the high single digits. John presented the various avenues here: commercial, military. If you look at commercial OEM, I do not know if you pay attention to one of the slides that John mentioned. We have today 13 years of backlog in the industry at the current build rate. Military, again, investing in the superpowers are investing in the military space. If you look, I do not know if you pay attention to one of the slides that John had. Our OEM program win at the end of last year was about $11 billion, growing 40%, again, giving us visibility of what is to come in aerospace. Electrical Global, we expect that to grow at about 5%. Actually, if you look at this patchwork, this is where maybe the surprise would come, positive surprise. We mentioned that, Heath mentioned it. We believe that the electrification data center growth could come also from Electrical Global. In terms of vehicle, we see today the e-mobility growing at about 10%. You see that the vehicle traditional growing low single digits. We see those two businesses representing about 10% of our revenue mix being an edge. If e-mobility doesn't grow, we believe that vehicle is going to compensate for the missed growth. Today, we have a portfolio in terms of revenue, which is very balanced. Let me move to margin now. We have grown over the last five years our margin by close to seven points. We believe we have the ability to grow margin by three and a half to four and a half basis points. How? Three levers. First, operating leverage. As we grow, of course, we're going to scale fixed costs. We're going to also scale variable costs. We are going to also leverage all the investments we have made in the business and in manufacturing. We're investing in Heath and my business at the back of the room. These investments today are not fully leveraged. They're going to be fully leveraged by the end of the planning period. This is going to increase our margin. You see the last all other, I think this is something you might sense from the presentation today. We are good at operation. We want to be great. We believe that functional excellence is going to be also a margin accelerator. Let me talk about this. Today, we have the ability to standardize the way we run Eaton. As you standardize, you have the ability to digitize. As you digitize, you have the ability to leverage AI. Raja gave you some examples. So did Heath. I don't know if you pay attention to Raja's presentation. We can now today, with AI, reduce the development cycle of a product by half. We can reduce the cost of engineering by the same amount. You saw from Heath also how you use AI to answer to your customers' requests faster. Imagine if you scale this capability in engineering. The same is happening in manufacturing. The same is happening also in IT and other functions. We believe that functional expertise is going to drive margin expansion. We're just at the start of this, and the programs are in flight. If you move now to EPS, we believe we can grow the EPS of our organization by more than 12%. How? Organic growth. I spend a lot of time on this. Margin expansion. I spend a fair amount of time on this. Share repurchase. You see a minus. Corporate items, interest, and taxes specifically are going to increase. Actually, those two lines represent one point of headwind in our EPS growth. Why? We're going to make more money in the US, higher tax rate for us. We're going to renew debt at a higher interest rate. That is going to drive corporate items. Paolo said it. We believe, and we're going to aim to overachieve on those numbers based upon what the internal plans you saw from Heath and John. Free cash flow. We believe we have the levers to deliver a free cash flow conversion of 95%-100%. How? Three levers. Number one, working capital. We're going to put at play functional expertise to drive working capital improvements. Two main activities. One, payables. Two, and that's going to be the main one, inventory. If you look at today, our cash conversion cycle, on those two elements, we have opportunities to catch up on our peers, and we will. Functional expertise is going to be a lever to do this. Operating leverage. We have invested in CapEx. I'm going to spend a bit more time on this at the moment to satisfy the growth we face in all those exciting markets. We're going to invest less as a proportion of revenue in the second half of the planning period. That's going to improve our free cash flow conversion. Last, we are resetting our business. Craig launched a restructuring program. This restructuring program is in full force. It is, of course, an impact on free cash flow that will stop by the end of the planning period. Let me speak now about how we are going to allocate capital, and I am going to go and spend a bit of details on those four levers. First, organic growth. We are excited by the end markets we are facing. We see many avenues to deliver revenue growth from utility to data center, from electrical to aerospace and more. We want to invest in the business in a disciplined manner. Dividend. I am going to spend more time on this. We have been delivering an attractive dividend for a period of time. We want to keep doing this. Then we will invest in acquisitions. I will spend more time on this and describe the filter we're going to use. We want to do share buyback with the excess cash. We do not want cash to build in our balance sheet. I'm going to go to the details of all of those. First, investing organically. Where? Capacity investment. A lot of that is being carried out in Heath business. Second, in commercial and front-end resources. Again, you sense that from John and from Heath. We are selling solutions. We're selling solutions in an increased manner. As a result, we want to invest in service capabilities, project management capabilities, engineering to other capabilities. We want to be in the selling solution business. We're going to invest in this. AI digitization of our organization is going to be a lever of margin expansion. It's also going to allow us to serve our customer faster and better. We want to invest in AI and digitization of our organization. And then in R&D, we went through the exciting programs that Raja is driving for us and more to come. Use of cash. One, CapEx. Two, dividend, of course, and then optionality. You see $21 billion plus of optionalities based upon the free cash flow generation we're going to drive. Let me speak about CapEx for a second. We are in an investment cycle at the moment. We will peak probably based upon the visibility we have in the market in CapEx as a proportion of revenue, probably in 2026. Then we'll go back in the second half of the planning horizon of five years. In the second half, we'd go back to our historical CapEx rate, about 2.5% of revenue. Dividend. We want to be an attractive dividend player. We want to have a payout of 30% -50%. As I said, optionality would be available to us to do buyback or M&A. Let me speak about our filter for M&A. No change. Same rigor. We want to be more intentional in the way we look at our pipeline of M&A. Criteria have not changed. We want assets growing faster than the company average. We want to buy assets having a higher margin than the company average. We want assets which are differentiated in the market for either go-to-market standpoint or from a technology standpoint. In terms of financial criteria, we are looking for acquisitions delivering EPS accretion within two years and having a return which is two to three percentage points above our cost of capital. The question you're going to ask is, is Fibrebond that we announced this morning early meeting those criteria? The answer is yes. That's the same filter we're going to use going forward. Let me close with two slides. First, Paolo mentioned it. We are very confident in our ability to meet our Q1 target that we announced to you and our full-year target. Why? Our backlog, $15 billion. The level of orders, the mega trends. I haven't spent too much time on mega trends. You have seen those numbers before, but let me mention maybe two statistics. At the end of Q4, in terms of mega trends and mega projects, we had $1.7 trillion. What is more exciting is that those programs are now going to be launched in the market, start to generate revenue this year. We're going to have twice this year the number of projects starting relative to what we had the year before. That's the number of projects in terms of revenue, two and a half. We have a lot of vectors of conviction behind this year. If you look at the algorithm for the next five years, same level of conviction. We don't think it's set or stretch targets. 6% -9% in revenue growth based upon the verticals and the markets we cover. 3.5%-4.5% for margin expansion. 95% -100% of free cash flow conversion. More than 12% of EPS growth. Optionalities to do better on those numbers by deploying cash in M&A or even more buyback. With that, 20 minutes. Yan? Thank you. You do it for the joy it brings because you're a joyful girl. Because the world owes me nothing and we owe each other the world. I do it 'cause it's the least I can do. I do it 'cause I learned it from you. I do it just because I want to. Just because I want to. Everything I do is judged and mostly they get it wrong, but oh well. The bathroom mirror has not burst. And the woman who lives there can tell the truth from the stuff that they say. She looks me in the eye and says, "Would you prefer it the easy way?" "No." "Okay then. Don't cry." I wonder if everything I do, I do instead of something I want to do more. Question fills my head. I know there's no grand plan here. This is just the way it goes. When everything else seems unclear, I guess at least I know you do it for the joy it brings because you're a joyful girl. 'Cause the world owes me nothing and we owe each other the world. I do it. It's the least I can do. I do it. I learned it from you. I do it just because I want to. Just because I want to. Get ready for the Q&A, please. Thank you. Okay, great. Who wants to go first? We have all the microphones in the back. Maybe we go from the front. Yeah. Hey, guys. Thanks for the presentation. Andrew Labelle, Citi Group. I did want to ask you about data centers in one respect. I've gotten this question before as we move from a focus on training to inference. What does it mean for that $1.2 million to $2.9 million per MW of content even for data centers? How does it translate into strong double-digit growth that you're counting on from 2024 to 2030? Any more precision about what strong double-digit growth means? Okay, I'll go first and then I'll hand over to you, Heath. We are planning on high teens, high teens for the data center market. We are doing that. There are several layers of, I would say, conservatism in our build because we are looking at what our customers are telling us, and we are kind of hedging that back a little bit. We also believe that we are looking also at the constraints on the market, like the build constraints. We are taking action, as you heard from the deal. I think we're on a prudent path, and we believe the markets can be even stronger than what we plan for data centers. I would start with that. In terms of how the industry is going, and Heath mentioned that during his presentation, there are some models that are being built, right? If you think about the clusters that go into the IT environment, there tend to be one MW cluster. On the power, they tend to be 2 MW clusters. They do not vary tremendously between training and inference. They tend to be the same block. For us, whatever direction AI takes for us, we're going to leverage the same technology. What he was saying is that there is a change between the cloud data centers towards AI, more importantly, right? One thing that is new with the advent of more and more cooling, now our data center operators need UPSs and other systems to keep the cooling infrastructure running. That is another. I would also like to add to this, Heath. I believe, as I said before, if it is an existing interesting market today with cloud being 85% of our revenues and 80% of our orders, I think with AI, we only can accelerate that. You want to leverage that technology. Yeah, I mean, I think just to make sure we are being clear, if you take a 40-MW data center and it needs to be 100 MW or 500 MW, obviously you would apply that multiple because of the more electrical content that is needed, more transformers, more medium voltage, more low voltage busway, etc. That is the way we think about it. We've thought about it for a number of years now. What AI is doing is it's adding the complexity, and it's requiring a different product solution skill set that adds to the bill of material. As Paulo said, the architecture can change. What we're seeing is we're seeing that the data center operators are trying to find more modular ways to construct them so that they're not all brand new snowflakes. What that means is they're building these power blocks. The same kind of electrical equipment is going to be required. It's not such a game-changing thing to go to AI. It just adds a few more solutions to it. Depending on the power and how much cooling you bring, you bring a higher bill of material. Conversations with customers, obviously geopolitical uncertainty out there. Have they changed at all this quarter? How would you—I know you do not want to talk specifically about orders, but everybody asks us. Any commentary on how to think about that? Is it specific to data centers or more broadly? More broadly. Of course, we are not immune to what is happening around the world. We pay attention. We have not got any signals from our key customers that they are going to slow down investments. That is not the conversations we are having. Activity remains high, not only in the US, but the pipeline negotiations remain very high. We have not seen any downturn more broadly from any of the end markets. If you think about the parts there are today of our portfolio, they are not in a growth trajectory that could face any headwinds from a possible recession, for example. Those markets are already down. REZ is down. Passenger cars are already down. I think the way to think about it is we don't expect to be severely hit by a possible recession, if that's the spirit of your question. If you think about a recession, you'd rather have a stock like Eaton, which is in the long portfolio, long run with all these backlogs. I think we do better than most of the stocks in a period like that. Hopefully it doesn't happen. If it does happen, I think we are still the best home for your investment because we can navigate this more easily than other companies. Do you want to add something? Thank you for the time. Oh, thank you for the time. I was just curious, Paulo, with now taking over the reins, how do you feel about the vehicle business fitting into the broader portfolio? Okay, I knew this question would come. Sorry. The way I'll respond to you and everyone here is that, first of all, we formally look at every part of our portfolio every year. We formally have that process, and we go through this internally, and we sit with the board, and we have the debate. I will say this: every business needs to perform. Otherwise, if we don't, then we create an issue for the company that we need to take action. I think about vehicle and any part of the portfolio from three different lenses. The first one, are they good in their end markets? Are they performing well versus their peers? Today, the answer is yes. They are performing well in terms of margin versus their peers in the marketplace. The second question becomes, having that part of the portfolio as part of Eaton, does that hurt us because some of our parts are penalized by it? Today is not the situation we have here. That is the second level of questioning we have. The third one is, is it a distraction to the management team? Is it a distraction to this group? Once again, three years ago, we had a different situation. We are not operating as well as we are today. Today is not a distraction. We do not have the urgency to do anything with this portfolio. Having said that, I would only consider that if we get an offer from someone because of my fiduciary obligation to respond to that, and/or if we would do a much bigger deal than this team needs to focus, which is not on our plate either. That's the framework we're thinking. If any business is to be considered, it's because others are not doing well or doesn't add to the family or is a distraction to this team. That's the way we think. I would just add to Paulo's point that strategically, it absolutely connects because the growth in that business is around electrification and power distribution. I think it was Raja who mentioned it, that we're using our capabilities in the electrical sector to fund the growth and support the growth and drive innovation in vehicle. It's, in turn, coming back to the electrical sector as we think about direct current power distribution. There is a strategic synergy among our electrical engineers as well. Also in terms of performance, and that's why Pete made it to the top industrial job, we want to leverage these strong operators we have in vehicle in Heath's business, but also in John's business, right? If you think about a very tough market that our team went through the last years in vehicle, and they kept expanding margins, and there's no top-line growth. It's actually contracting. They kept expanding margins. We believe we can leverage this talent in electrical and aerospace as well to make the whole company better. Again, every business is always something that we evaluate every year. I think that's as much as I can tell you. I think today they're performing well. Okay. Thanks, everybody, for your time. Appreciate it. Paulo, welcome and best of luck. [crosstalk] Thank you. Craig, it's been a pleasure. Guys, I just want to clarify one point, and then I want to ask about the data center refurbishment market. Maybe Keith will address it. In your 6%-9% guidance, top-line guidance, are you thinking about prices as more of historical levels, or do you have that stepping up in the model? No, it's not stepping up in the model. We see it as normalizing. Most of the growth will be from volume. That's what we expect. Having said that, I also make very clear to this group here, prices are very sticky, right? Don't expect us to give price back either. Prices historically for decades have been very sticky, especially in aerospace and electrical businesses. Think about the growth ahead of us more of a volume play than a price play as things normalize. Having said that, and I hope it doesn't really materialize, but if tariffs or any other turbulences will hit our P&L, we know how to act. We have a playbook, and we'll take commercial action to protect our P&L. I think that's the way to think about it. You mentioned refurbishment as a refurbishment I'm talking about, but the data center side. How big of a deal is that, Heath? The context of my question is that you're running a lot of stuff right now at 100% full out. You can't even take things offline for maintenance for more than a hot second. When we get a little bit of an open window two, three years out, will we be going back into these existing data centers and doing full refurbishments? Will you knock them down and build new ones? How do you guys think about that? You referenced the 16%, 14% of build cost. Is refurbishment similar math? I do not have the number for you as it relates to refurbishment growth rate relative to that mid to high teens. I would tell you this, that I think, one, we have been doing this a long time. Even today, we go into data centers as folks are thinking about their architecture and maximizing their white space and their power. We kind of go in there as a service team and assess it and replace and rip out. To have an installed base of power distribution and UPS is a really important position going forward. To your point, I think over the long term, our established footprint does not just allow us to continue winning new projects. It allows us to keep coming back and dealing with these architectures going forward. As they start to get converted to more complicated uses like AI, our customers will start taking aisles of refurbishment. It's not usually a total shutdown. It's usually looking at the architecture and aisles and moving it offline or moving some of the gray space and freeing up more white. That is how I would think about it. I do think we'll see where it gets to. To your point, it's more been maintenance to this point, but I think of it as a strategic advantage to try to drive more service growth going forward. I will add to this. I absolutely agree with Heath. I will add to this. He said about replacing equipment, think about the compact UPS that both Heath and Raja hit on. If you occupy less space, you can refurbish a full line of products and get that cluster to be more efficient and get more out of it. This is one light approach, I would say. The more radical approach, if you remember Heath's presentation where he shows the traditional gray space, white space on the left side, and then what Fibrebond does, I would envision that some data center operators could do without disconnecting any equipment. They build all the new capability outside with containers outside the building, and then they start connecting that. They take the whole hall for service, which increases their revenue. That is the other approach they could take. I guess just moving on to the data center discussion real quick, you guys talked about the capacity increasing potentially by what's called four- to sixfold over the next four years. Number one, how much visibility based on your conversations do you actually have to how much capacity can come online in the next few years? The other day, you made a comment about 2025 specifically about what visibility you have based on the projects you're going to be executing on. Is there any number you can throw around? Let me start. I mean, you guys can help, you both, please. Visibility we have on the data center buildouts, we quoted a number I want to remember. The projects that were announced today in the industry by our customers, they add up to eight times what they could build last year. That's the visibility our customers give us. Of course, we don't have eight years of backlog in our books today. We don't. For most of them, we have five-year deals that they adapt every year or every quarter as we meet. They keep reiterating those forecasts so we can get prepared. In some cases, we have firm commitments for two or three years on orders with high penalties if they cancel. That's the level of visibility we have. More important than that is how the industry is going, which is important for us to be closer to those customers to understand the pain points they have when you have eight times what you could build last year as a backlog. We, as a team, are really focusing on how we can accelerate, how we can make this grow faster for them so they can turn their investments more efficiently into dollars of revenue. That is why we ended up—Heath found this neat business in Fibrebond that we supported him because that does exactly that. We do have visibility. The industry has visibility. To Heath's point, there will be in the marketplace, there will be always discussions about the best architecture to win. That is what every hyperscale is doing. You could see discussions about making your products smaller. We did that. Making even smaller. Can you take this out of the building? We are working on that. Can you connect and build a block of things and just turn it on? There is a lot of ingenuity and a lot of dollars to it. I think the industry will find ways to build faster. We are committed to find the ways together with our customer base. I don't know if you guys want to add to it. Yeah. Visibility. Make a project. Visibility. If you talk about—and let me talk about, first of all, the total company. You know this number. We have mentioned this number many times. Our backlog is very strong, about $15 billion, $11 billion in electrical, about $4 billion in aerospace. Those numbers have been growing last quarter by 30% in electrical and 50% in aerospace. This level of backlog is going to give us a lot of air cover. If you look at another element of visibility, we have mentioned that before. I'm going to repeat those numbers, is our negotiation pipeline. Let's forget the mega project for a second. Our negotiation pipeline, particularly in electrical, again, Heath has mentioned that, Craig as well, and Paulo during our last earnings, growing at about the same amount, 40%. When we look at today, what is hard in visibility backlog, all negotiation pipeline, and our win rate and the stickiness of a backlog, today, the environment makes us as confident as you can be in business relative to this year. That's super helpful. One quick follow-up there on who you're competing with. I mean, we all know who the big players are, but how important is scale to deliver on these projects? When you guys do lose, if you do lose, what's typically the driving factor? I'm sorry. When we do—and you said when we do lose what? If you don't win a bid, what is it that typically is the determining factor? The ramifications. I call Yelton up and [crosstalk] look, I do think it is important. Scale is critically important. I touched on it in the presentations that it's not just the scale of manufacturing. It's the scale of all your capabilities to service it, to have the right software package, a particular kind of trust in the installation and the commissioning, the installing of that equipment. It absolutely is a critical thing. In this capacity-constrained environment, you do have other players trying to get in, etc. We do think in the long term, and even today, our customers trust Eaton to install and commission and then run through the lifecycle of this equipment. We do think that that matters. I think it also—what's—I touched on it, that having the global capacity, it's not just even the scale within a country. It's your scale globally because they are starting to work their architecture so that they're not doing new snowflakes in every area of the world. They want support and problem-solving wherever they put it. If they put it in Indonesia, they put it in the Nordics, they put it in Africa, it's the same customer, and they want the same name brand and the same capability supporting it. That matters. I think it's going to matter even more going forward. Paulo, thanks so much for hosting this. Thanks for coming. Let's keep beating the dead horse on data centers. As we think about it. It's not a dead horse. I hope it's not. As we think about 2030 and your goals, how much of your forecast, how many of your goals are predicated on the health of data center growth and how should we frame it? Yeah. We run a very hypothetical model. I don't want to—please don't quote me on that. We run a very hypothetical model that even if the data center growth is half of what we predicted in our plan, which is already a haircut to what our customers told us they would do, we can still be in the range, 6%-9% of growth. We can be in the lower part of the growth range. Maybe you do have an industrial sector question for Pete. You've done very well in vehicles, as been pointed out to all of us. Can you just talk about what have you learned and what are you going to bring to the industrial sector to sort of drive the margin improvement, operation improvement there? Thank you. What are you going to do better than Paulo? My boss did a wonderful job. No. Thanks for the comment. The team there has done a fantastic amount of work. I'd go back to the playbook very genuinely. This fix the tail, grow the head was really important for the vehicle world, and it's focused on relentlessly. Also, a lot of footprint focus. We refocused. We looked at the footprint. We're always working on a site somewhere to make sure we're more efficient. On top of that, I'd talk just a bit about how we looked at the culture also of the team. There was a real focus to embrace the red and let people talk about where the issues are. One of the things we would say as a leadership team is if you're having a good day, then you're probably not listening hard enough to the folks in the plants and what's going on there. That's the type of point Craig brought up with culture earlier. Paulo's driving very hard. We're really working to pivot and make sure that we're close and we're listening to what's going on, going back to the basics. I think it'll leverage. We're looking at aerospace right now with John. It's the same fights. It's the same fights just around our world. We're going to leverage the strengths. A lot of the fixtures we have in vehicle are going to help us in aerospace and the different parts of the business. We're going to keep on charging. It'll have the same development, I'm sure of. We're getting it rolling now. Thanks. Maybe just the first question on capital deployment. You've got the $21 billion number laid out, but maybe help us understand, is that kind of earmarked for buybacks within the 12%+ earnings growth goal? If you don't do the buybacks and instead use it for acquisitions, kind of how keen are you to diversify into, I don't know, contractual service type business models or software? Let me take the first part of the question, Julian. We are modeling for the 12%+. We don't have visibility of M&A today to share with you. We have a pipeline. We're modeling buyback. If, and we believe it's going to be the case, we go into attractive bolt-on acquisitions, we want them to be accretive to EPS. First layer buyback, second layer getting better to the 12%+ would be M&A. You asked a question if you want to diversify because of the cash. We believe that our end markets, when we look by segment by segment, there's so much for us to go do and win that we are looking at very close adjacencies where we have power management as a key. I'll give you a—if the spirit of your question is if you're going to go do big software deals, I'm not interested in that because I believe it's a very pretentious proposition to come to a data center and pretend you can teach Google, Microsoft how to run software business. We are good when it comes to how to manage our power. What Heath shared, what Raja shared, that's our core competency. We find deals, hardware, software, whatever, that increases our competency in what we are really good at, which is to manage power and to tell our customers what's happening with that power. We'll do deals. We are not interested in going for the sake of diversifying, getting to areas where we do not add value, and we believe our customers can be better than us. Just a second question on kind of operating efficiency. I think you have made good progress on getting lead times down in a lot of the electrical equipment products like switchgear and UPS. Maybe just update us as to how that speed of lead time is coming in at the moment, please. Yeah. I will make a comment. You can complement, Heath. The days of two years of delivery time for transformers are over, but they are not back to the original lead times either. We are kind of mid of the road there. Same is true for UPSs, right? It is not historically long. It is not also where it should be for our customers to be happy. Having said that, it's not a competitive disadvantage of us either. I think we are right there where the market is. With the investments we are making and the continuous increase in business we're going to have, we believe we're going to continue to grow backlogs independently of the market lead time adjustment. We believe we can continue to build backlogs. I don't have much to say of what's that. I think at the end of the day, we have several plants coming online mid this year, and we've talked about some of our volume really impact ramping in the second half of 2025, and that'll continue right into 2026. I don't recall if I mentioned it during my presentation, but we announced the construction of a transformer plant in South Carolina, which will significantly add to our transformer capacity. We will continue to try to drive those lead times down for those VFI transformers and other things. Thank you. I wanted to ask about competitive positioning in your strongest market, Electrical Americas. You guys put out a lot of charts and data that there's clearly been a lack of investment in the U.S. market over the last couple of decades. While that's presenting a really good forward growth opportunity, it could also suggest that your competitors have not been focused on the U.S. market. Maybe they have even pulled back from the U.S. market trying to find growth elsewhere. I guess the question is, if investment is returning to the U.S., I would expect that your competitors are going to focus more on the U.S. Whether it's the big EU players that have big R&D budgets or smaller, low-cost other foreign players, I guess, why does Eaton win versus them? Ultimately, why are you confident that you can continue to expand margins from these levels? I'll start by saying, you remember when I went through the organic growth play? We went through technology. We went through channel. We went through serviceability, aftermarket. It's not a simple thing to emulate. Heath mentioned that in his presentations just two minutes ago as well. It's not something you can copy overnight. Having said that, if it's an attractive market, our competitors will try to make investments and try to grow here as well. It's not simple to emulate what we have and duplicate and disrupt overnight. You're going to have, to Heath's point, if you have one battery project that is there's a connection with an Asian player, you can have someone to come and sell in the US. That could happen. We do not expect this at large scale because of how difficult it is in the U.S. to win because you're expected to have the network to support it. We talked about segments that give all of you the mindset that we're going direct with customers. This is true, right? In utilities, we have a lot of that, but we also have a lot of distribution. In data center, we tend to go direct. The other segments we have on core, they're also growing: commercial, institutional, resi, all of those. It's a distribution play. There either you have the channel or you do not. You do not do that overnight either. That is why when you think about presence more broadly, we are not arrogant. We are not taking anyone for granted. We are paranoid about competition. I think the best way to solve for all those issues is to be as close as possible to the customer base. That is exactly what we are driving here, this team. Be very close to your customer because you know if you are not top of the game early enough for you to react to it. We are big. We can be a big target. We do not take anyone for granted. The solution is to be really customer-centric and it from there. We are ready to invest where we see growth. We are doing just that in Heath's and Mike's business in the Americas. I do not know if you want to add anything. No, I think you hit it. The coverage that's required from your EPCs, your consultants, your integrators, your contractors, and your distributors, all of that together at scale everywhere to win and support these projects. You can bring in a breaker from Europe, but go try and win a project with the breaker, right? You are going to have to have the services. You are going to have the project capability to go win that. That is why we have the position that we do. As Paulo said, I want more. We are not good enough. We are worried about competition every day. That is why the company pays me to be paranoid. We are going to be paranoid. We are going to leverage our competitive advantage, and we are going to scale it. Thank you for all that. If I could just follow up quick on M&A. Olivier, you said you guys want growth, accretive margin, accretive deals. You guys announced one this morning at below 13 x EBITDA. I guess how big is the pipeline of these bolt-on targets that kind of satisfy all of those criteria? Thank you. We want to be intentional in the way we're going to look at M&A. The pipeline is increasing. The pipeline is increasing in John business, in Eaton business. This is where we're targeting. We're looking at either technology acquisitions, watch that space, or acquisitions which are going to have a presence and a good go-to-market. The pipeline is healthy, but we will remain selective. You remember the kind of threshold I've mentioned. We want to be more intentional than we were before. Can you guys just give a little more color and detail around your tariff exposure? I think most companies now that we've gotten news, I guess I call it news, what the details are for you guys? I know you have pretty substantial Mexico presence, but some modeling details would be helpful, like everybody else is giving. Sure. Our teams, back of the room, they meet every day on it. The news are pretty fluid, as you know. We have a playbook, and we are ready to take commercial action. Having said that, we don't want to jump the gun and then regret because things are moving really fast. We meet every day. That's one way to think about it. If you think about our footprint, yes, we do have presence in Mexico, but we tend as a company to do as much as possible local for local. We have a lot of manufacturing in the U.S. as well. We are not disadvantaged versus our key competitors in terms of how strong our presence in Mexico is. Meaning if we need to take commercial action, we do not believe that we will put ourselves out of the market because we become more expensive. We do not see it that way. Maybe you can add to it, but that is the way. We meet every time. Even this morning, there are new news on Canadian steel. We checked, we do not import steel from Canada. It is irrelevant or it is very small. Good news. We are checking news every day, and we are ready to take action. You are covered under the trade agreements like everybody else is, the USMCA and? We have clear visibility business by business, how much compliance we have to that at the component level, not at the business level, but at the component level. We're really on granular level of control there. Just a follow-up. I've been covering your stock very long, but from what I can tell, Craig had a pretty nice run over the last several years. Typically, when guys like that have a great run, it's big shoes to fill. How free do you feel to reset things if you see that coming and kind of set the bar? Obviously, you've given tremendous targets here. These are now your targets, obviously. How much freedom do you think you have to really kind of set what you believe to be an appropriate bar? Yeah. I believe we have all the freedom. No one is forcing us to put any targets on the table. We believe in this plan. I want you to be aware, and I shared that before. It's a bottoms-up plan. So don't think that I came with the numbers and gave each one of those leaders a target. I said, "Go find a way to deliver that." We run this strategic planning every year with our teams. That was a bottoms-up. In terms of a strategic direction, I also have the freedom because when we were running the discussions around Craig's succession, we were scrutinized by the board, up and down, left and right, right? They did their job correctly. There's no surprise here from that point of view. When I talk about freedom, people know what to expect. The board knows what to expect out of this management team. To your point, the higher the evaluation, the higher the bar is. We need to raise the bar as a team. That is exactly what we did. Please do not blow your models up, please. The discussions we had were not like, "Hey, what the PMIs will take us here and there." The real discussion we had as a team was, "Okay, this is the bottoms-up plan. Looks really good." Forget this for a moment. What do we need to do to double the size of the company? If we double the size of the company, where do you think we will see cracs on the foundation? What do we believe will be a problem six years from now. We started to build our strategy around that. We compared that to the bottoms-up plan. It is even more aggressive. I said, "We can work with those numbers because we still believe they work. They're competitive in the marketplace." We have freedom, and I think we have tremendous responsibility as well at the same time. We don't take it lightly, and we are here to defend our turf as well. Thank you. Recession has been mentioned a lot recently. The markets obviously are a bit worried about it now. You guys mentioned the word self-help quite a few times in this presentation. I guess how much of the 350 basis points -450 basis points is completely irrespective of volumes, and how much of it is volume-dependent? Yeah. First of all, I would start, and then I want Olivier to comment. We are projecting good incrementals over time, around 35%. It's a tight race. There's no big outlier in the portfolio. Every business can deliver to this 35% range. We have immobility a little bit lower, two or three points. Electric Americas, it's all balanced. It is a good portfolio for us. This is one thing. The second thing about leveraging our future and our own destiny, we know how much inefficiencies we are driving today. It is big. In dollars, it is mind-blowing. We want to get rid of them. That is the part where this team is saying when we discussed about doubling the size of the company, one of the cracks we saw as a team is we are good, but we are not as good as we should be. Even inside the company, we are good overall, but not as good as even our vehicle business is. Why can't we allow one side of the company being excellent in operations and other parts of the portfolio not so much. Let's fix that. That's the second part of the self-help. The third part of the self-help is, to Olivier's point, we sit on such a large portfolio and large backlog today. In the event of a recession, we have that $15 billion of cushion, which is four times our historical levels, to execute. For me, it's not again, we don't take this lightly. We are really focused in driving performance. We have multiple layers for us to battle a possible recession scenario. I don't know if you have anything else to add. No, the only point I will add is this team is very focused. If in the hypothetical case the revenue was not to come where we expect, we're going to focus our attention on managing the operations better. Pete has a strong experience on this. This DNA through Pete and through also our functional leaders will be deployed and improving margin if in the hypothetical case the revenue is not coming where we believe it should come. Got it. Thank you. Just a lot of changes in the geopolitical landscape in the past few weeks. Can you guys just talk about your position in international defense markets within the aerospace business? Thank you. Yeah. I think it's a thank you for the question. Obviously, we're very global in terms of our reach. As an aerospace group, we do have a backlog of sales that we do within Asia and products that we support there, the same within Europe. Our global reach has allowed for that. I think you should very much view us as a very global aerospace and defense provider as a result. The other thing I would note too is just the extensive backlog. The platforms that we're on are all ones that we overall feel very positive about in terms of their continued growth projections that we're seeing, the missions that they serve. We feel very strongly about the platforms we're on. Just to add to what John said, if your question was more towards European players going towards developing their own technologies, we had that debate, John and I, and this complete team. If that happens, those countries cannot afford to develop new technologies from scratch. They'll need to leverage almost off-the-shelf solutions. When it comes to our key core competencies, our key parts of the portfolio, we feel really good about our chances on fuel, really good about our chances in hydraulics, really good about our connectors business, which, by the way, is a French-based business, right? We feel really good about it. If that happens, we're going to be ready to take advantage as well. Once again, aerospace moves in decades, not days or weeks, right? Even if they go that route, people see revenue out of that, including ourselves, out of the planning cycle we are describing here. Hi. Thanks for taking my questions. First, just in terms of thinking about medium term and maybe a little bit shorter term. When you think about a six-year outlook, if we were to cut that in half in three years, should we see a similar cadence over the course of that time, sort of 6%-9% you're talking about? That should be pretty steady, low double-digit earnings growth, pretty steady. Within that, Paulo, I think you said you expect backlog to grow. I'm not sure if that was a six-year comment or something shorter term. Do you think backlog grows this year, for example? Okay. I will take the first part of the question, then I'll ask Olivier to help with the second part. It's not dissimilar. It's not that we have a backloaded plan that we are not growing anything and then we grow really strongly towards the end or the other way around, that we grow fast now and then we lose steam. It's pretty uniform. Of course, there are bits and takes from different businesses, right, if you think about the complete portfolio. Overall, it's pretty, I'd say, stable over time on this framework. The second part, maybe you add to the[crosstalk] No, it's a classic question, right? I'm going to give you the party line, and I'd apologize for this. Depends on many factors, right? How fast we're going to ramp our manufacturing activities, level of orders. When we play the various scenarios, and you can guess before—I mean, of course, we did a lot of scenario planning before to come together. We think it's unlikely that this year the backlog will decrease. We think it's more likely than not to grow or be stable. I just wanted to follow up on margins. I think the margin growth you have across the segments of Electrical Americas presumably is going to grow the fastest. Actually, it has the least amount of margin growth, which isn't entirely fair because the growth has been fantastic over the past couple of years. Global has twice the margin growth that Americas does. Can you just provide a little bit of bridge detail around what we should expect at a Global for that margin expansion? Yeah. Go for that, Heath. Yeah. You hit on why I picked EMEA to kind of talk about margin expansion and execution. That EMEA business is an important part of that global reporting structure. It is one of the areas where I think we can execute most of our self-help. It is a transition around mix, addressing this mix challenge that I talked about. It's executing better at the plants, and it's getting our restructuring benefits that we signed up for. I think driving the profit in EMEA really helps drive the global profitability that we're putting in as our target. I think I got it here. Maybe just back to data center for a second. You mentioned kind of managing heat loads and the like. Can you just update us on what your view is on liquid cooling? I know you have a partner alliance. I'm not exactly sure what the structure is or someone you just go to market with. Do you view that as a critical technology for Eaton to own? Yeah. I will start, and you can add, and even Raja could add. I think the key message here is we have enough of organic opportunities ahead of us that we do not need necessarily to have a big acquisition in cooling. We do not need to. Having said that, if we find the right targets and it is a reasonable deal, we would not be shy to do it if it accelerates our organic thought process. Having said that, and that is part of the commitment from this team, we do not want to do things for the sake of the me too. We also have a deal in cooling. If you ever hear us doing something in cooling, it is because we are really convinced it is the right target, and we can scale this business. We passed on a number of small deals recently where we looked at $50 million companies, $80 million companies, $100 million companies that we could not see even how to scale that with our organization. We will not do anything. We are going to resist the temptation to go with the flavor. If we find the right target and we can add, and we see the synergies, and we can make that business better as part of Eaton, I do not think we will be shy. We are going to be disciplined in the growth. We are going to be disciplined in the valuation as well. Maybe you can add more to the. Yeah. Yeah. I would say. The loads. I would say that for cooling, to be a power management company in high-density power applications, you kind of got to be in cooling. And we are. Today, we have a bunch of engineers who are designing cooling solutions because you need to when you put that much power into a small package. We just do it in a lot of different power distribution equipment, not in a rack in a data center. The first thing I would say is not all cooling companies are the same. I mean, I think we're less interested in big HVAC cooling that the large players do, that kind of stuff. As you start to get down near the chip, it starts to play where we kind of play, right, in the liquid cooling space. We apply liquid cooling right now to current products that we offer. It is not a far adjacency for us. We'll continue to look at it. As Paulo said, it has to make sense, and we have to be able to scale it in some meaningful way. If you want to touch on the technology, Raja, just real quick. Sure. We have multiple technologies today on the cooling, whether it's passive cooling or active cooling, dual-faced. There are several technologies that we are capable of today organically. As the market evolves, and should we even choose to acquire a company, our ability to integrate is very quick. The key is to be able to find the right company, as Paulo said. Once we do that, it's easy. Organically, we have a tremendous amount of capability in cooling even today. Our products, for example, the inverter already uses liquid cooling. Our next-generation outdoor UPS will use liquid cooling. I'm talking about that since Paulo touched upon it. You're giving away our secrets, Raja. Yeah. There's a lot more. There's a lot more aerospace products that actually use liquid cooling. The cooling is uniformly distributed across several product lines of ours. The organic capability exists, the research exists, and there are unique patents that we hold in the cooling space, especially on thermosiphon and thermal management on heat sinks. I've got a couple of cocktails in you, Raja, to get the rest of those secrets. Can I just do two quick ones? They're sort of unrelated. Just maybe back a little bit to sort of the tariff question with a little bit of different twist to it. You mentioned the backlog, right? There's penalties if your customers cancel. Is it reciprocal? You can reprice the backlog, and there's no ramification to you. I know you did it two or three years ago, right? It seems like the stakes are higher. The customers are bigger. I get if steel goes up, everybody's in the same boat. Can you actually quickly protect yourself from that pressure? A quick unrelated one. On service, can you just update us how much of it now is sort of maintenance recurring? I mean, historically, your service business has been more front-end design commissioning, if I'm correct. Sounds like it's evolving a little bit. If you could give us some co lor there. Yes. On the tariffs, we'll look at case by case, but we always will try to protect our P&L. We do that together with the customers in a way that we either have either a price increase or surcharge depending on the situation. It's a different environment than the very difficult environment after COVID where we did that massively in our backlog. We're going to analyze that, and we want to protect our customers as well. I think we can come net positive out of this exercise. That's what the map shows today. That's on the tariff side. On your question, on the second part of your question, what's the second part of the question at the end again? Just in the sense of service. Okay. Yeah. I think it's getting more sophisticated as we speak because and also in terms of revenue, we are approaching $2 billion in terms of revenue stream. It's getting more sophisticated. It's also more diversified. If you go to John's business, of course, he gets his part. He's going to repair. To his point, RMU, actually, you need to understand the application, and you need to propose a new system to substitute that. I do not know how you classify that. For me, it is a more sophisticated aftermarket activity. You go and understand what is in aircraft, you design a system to replace it, and you take this away, and you provide a solution. Electrical. Electrical Okay. I think we can add to this, Heath. I believe the service capabilities we have go beyond the planning. You heard from Heath. We are doing planning for the grid. We also do consulting services in other markets. We were called by a server manufacturer two years ago. They had no idea what they needed. We have a service team. Heath and Mike, they have that in their portfolio. Engineers, they go there and discuss with customers what problem they're trying to solve. That goes all the way to maintenance. I'm saying the highly engineered service levels all the way down to keep my UPS running. Having those service contracts that could be by the hour or 24-hour response or 2-hour response or on-site leadership is very vast. The way to win is also to invest in technology. When Heath was describing our suite of innovation in BrightLayer, you try to anticipate the problems before they happen. I think the customers appreciate that as well. Maybe you add to. Yeah. I would say I think you're right that traditionally, it was install and commission traditional electrical gear. I think what you're feeling from the presentation is that as data centers grow as a bigger part of the growth story, the ongoing service becomes a more important part of the Eaton portfolio and grows commiserate with the data center growth. I love our services business. I mean, I absolutely think we can go after this, and I'm really pushing the team hard. You take our kind of capability around installing and commissioning and then running at the pace of these data centers and think about where the world's going today. Who has the scale and the number of service engineers to keep up and do that? I think we absolutely can win the talent war. I think we can go drive service revenue. I think that the demand's out there and more demand's coming, and we have the leverage to kind of pull in the talent to go win that. I do think you're right that ongoing maintenance 365, 24/7, calling in and fixing things in operations is a growing part of that services business. Let me, if I may, go back to your question about the tariff. I mean, we discussed that earlier. As you can imagine, every organization is meeting multiple times a day. You mentioned about the power customers. The high concentration of the revenue towards very large customers is actually a pretty low percentage of our revenue today, meaning we don't need to win all those negotiations for us to be able to absorb the impact of tariff because we have a large portfolio with smaller customers where we could play a different game. I just want to add to the services question here. There's significant investment in the technology to enable our services. In my presentation, I talked about design for serviceability. It actually helps us drive services revenue and provide value-added services to customers. Thanks for the long Q&A here. First, I do want to come back to you, Raja, on R&D. You sized the U.S. data center market at 74 GW-132 GW by 2028. That's a huge divergence in the high and low ends of how you see the U.S. data center market. Maybe just talk about what informs your view of the low end and the high end based on the pipeline negotiations, etc., of what you see today in the U.S. data center market. Do you want to go for it first, I can comment? I would say, look, I think it is a wide range, but it's all exceptional growth, right? The way we look at the market, we study the same numbers you guys do. To be honest with you, and we've said it a couple of times, what I get from the customers is even higher numbers. I know that they're pushing their suppliers to make sure that they're keeping up. That is why when we talk about what's in these plans, we kind of talk about hedging and back and getting more realistic. While that's a huge range relative to our capacity and our current growth, it's all exceptional growth and would be on top of what you have in this plan. I think that's important as you think about your financial models. This is not like, "Oh, we don't hit this plan if it's only 74 GW versus 134 GW." I don't think that's the right way to think about it. I think the reason we share that number is because that is a huge number to kind of give, we give these data points. It's the weight and the number of these drivers. What do you have to believe by way of these data points to say that growth is not a significant thing for Eaton going forward? Whatever the number is within that range would be enough to overdrive these numbers. Pipeline or whether stuff pushes out. We can come offline with that one. Raja. Eaton spends, I think, last year, I think you spent 3.2% of sales in R&D. Some of your European competitors spend about that level. I know there's some accounting differences on R&D. Just maybe talk about how you see R&D scaling going forward. Is it in line with sales? Do you think R&D intensity picks up over time? What gives you confidence that you're out innovating your competitors? Let me start by saying that we have a philosophy deeply entrenched in Eaton that no good idea will go unfunded. We look at what's critical for our strategy and what we need to be able to go drive the strategy. It's not about percentage of sales. It's about what are the ideas we need to clearly invest in. It'll vary. There'll be some years where we will invest more as a percentage of sales. Some years, it'll be different. While we drive that, it's also the efficiency of our capital allocation process. We look at every individual strategic element driven by Heath and by Pete and say, "Okay, what's the best way we can satisfy it?" That's a crucial advantage that we have. Thirdly, we platform. We platform like there's no tomorrow, which means that if I build a component. I'm glad you stopped before the bomb. Yeah. I mean, we build it in such a way that we can utilize it everywhere. I talked about the DC breaker. There are so many more technologies. The technology that we have invented for inverters, they're applicable to aerospace. That gives us scale and efficiency to move platforms very quickly. How many of our competitors have the same breadth of portfolio is really an advantage to us. I leverage that quite very intentionally, and we focus on driving that continuously. The last is the amount of AI and digital that we have deployed in engineering. Like I mentioned, without giving away too much, there are products where we do not have to do design validation. Again, how many people in the world can claim that I can do that without design validation? It is not shortcutting. It is about use of multiphysics models. It is the use of AI to truly demonstrate that we can actually deliver the whole solution using digital engineering. It cuts down cycle time dramatically. It cuts down cost quite a lot. I do not have to do so many prototypes. I do not have to learn through prototyping. I can learn through simulations. We have invested heavily in reduced order model simulations. All of that gives us efficiency and lean advantages over most of our competitors, I would say. Yeah. Maybe one more question, team. Yeah. Hi. My question's on data centers and about long-term supply agreements. Are those conversations happening more or less frequently these days given the capacity additions? Given the what? Capacity additions. I would say there's not been a really significant change in the behavior. I think that there hasn't been enough capacity added on to change the paradigm yet. We hope that one of our strategic goals is to certainly be more flexible for our customers, right, so that they don't have to put such large orders so early. I mean, I want that to be the case, right? That's why we do expect orders can be lumpy over time, and it'll smooth out as we add some more capacity, etc. We want to be more agile because our customers are getting more agile. They're getting more flexible in their mindset, and they're thinking, rethinking architectures. They pull back. They go back in, etc. They don't want to do 10-year commitments. They don't want to do 5-year commitments. They don't want to even do 3-year commitments. Because of the capacity constraints we've had, we've gotten into these commercial negotiations. All very good building relationships, but so far, no real changes yet. Thank you. Good. Thanks, p ut in our questions. We still have another hour, the cocktail time. You guys can ask more questions to the leaders in the back, okay? Just for logistics, after the one-hour cocktail, you guys have this name card. You have a number. That's your table number for the dinner. Just want to remind the team. Okay. Thanks. Thank you.