Morning. Thank you all for joining us today. Those of you in the room, as well as those tuning in on the webcast for our inaugural Investor Day. Feels good to say that. We're very pleased to have so many of you here with us in Old Town Scottsdale. We're just north of our global headquarters in Phoenix as we prepare for one of the most important milestones in the history of our company, the launching of Honeywell Aerospace as an independent company. For those of you who joined us yesterday at the engine facilities tour, as well as the welcome reception at the Honeywell Aerospace hangar, thank you for spending the afternoon with us. We hope the experience, including the dozen-plus technology demonstrations, as well as our full fleet of test aircraft, really gave you a sense of what differentiates our business, the depth of our engineering talent, the scale of our installed base, and the way our technology comes to life across commercial aircraft, defense and space platforms every day for the customers that depend on it. Today, we're going to build on that experience, and we're going to make the investment story come into sharper focus. Just a few reminders before we start. First, the materials we have today have been posted on the Honeywell IR website. For an event like this, as you would imagine, some of the statements we're making are forward-looking in nature and based on our best view of the world and our businesses as we see them today, including the anticipated separation from Honeywell at the end of the month. We'll also reference some non-GAAP metrics, and recs for those are in the back of the presentation. As described on Honeywell's IR website and in our SEC filings, including the latest Honeywell Aerospace Form 10, those elements may change as the world changes. Please refer to those materials for more detail. Now let's preview the agenda and cover a few administrative items. We plan to go until about noon Phoenix time today, and we have a break scheduled a little over halfway through. For those in the room, if you need a drink or a snack, refreshments are in the hall, restrooms around the corner. In 2026, fair to say that everyone in this room has at least one device that they're working on today, so now is the moment where we ask you to kindly just double-check and make sure that's on silent. We have a great lineup of speakers for you today. Honeywell Aerospace CEO Jim Currier will kick things off shortly with his vision for the future of the business and its value creation potential. You'll hear from a number of our leaders, including our segment leaders of key end markets, strategy, innovation, supply chain. You'll hear directly from some of our customers as well. Then, of course, CFO Josh Jepsen will come on to synthesize all that information into our financial expectations, both near-term and long-term, as well as our path to long-term value creation. We'll also leave a couple opportunities for Q&A. After we conclude the webcasted portion, those here in the room will have the opportunity to go next door to the ballroom and spend some more time with our technology demonstrations, several of which investors have never seen before. Of course, then you also have the chance to engage directly with our leadership team after today's discussion. All right. That's enough of the perfunctory. Let's get started. Flight begins with trust. Systems online. Every day, millions of passengers, crews, and operators depend on systems they'll never see. Standby. Before anything moves, everything must work. Across aircraft, across fleets, across the world. Ready for departure. Only then is it time. From a new horizon, the full picture comes into view. Honeywell Aerospace connects what matters most, guiding flight, powering it, protecting it. Mission-critical systems delivered to our customers at speed and at global scale. Technology developed once, deployed everywhere, leveraged across platforms, programs, and markets. Advancing autonomy, electrification, and safety. Proven in service, expanded through innovation. Core capabilities applied again and again, creating more value with every generation of flight. From commercial air transport to business jets, defense, and space, one portfolio spanning the aerospace industry, trusted across decades of flight. Our systems fly today on aircraft around the world while shaping the aircraft of tomorrow. Designed to evolve, built to extend platform life cycles, engineered to deliver value long after launch. The future of flight is built on systems that work as one. From nose to tail, we deliver the highest value mission-critical systems in aerospace and defense. No silos, no compromises. Pure integrated capability at global scale. Leading today, shaping what comes next. This is Honeywell Aerospace. Please welcome Chief Executive Officer, Jim Currier. All right. Super excited about that video and being able to tell our story today about Honeywell Aerospace. Good morning, everyone. Welcome to Phoenix. We are very pleased to have you here for our inaugural Investor Day. This city has long been the home of Honeywell Aerospace. It is where we build, test, service, and innovate new technologies that support the future of aviation. It is also home to about a quarter of our workforce as well. It is the right place to truly launch our story as an independent company and explain how we create substantial long-term value for our stakeholders. We've invited you here to bring the value creation strategy to life. We want you to experience our technologies firsthand, meet our deep bench of first-class leaders, and share in our excitement and passion for what we do every single day. It will start with the presentation by highlighting the unique strength and quality of our portfolio, explain a little bit about our strategy and how that will translate into durable, profitable growth, and cash generation. Honeywell Aerospace has built a powerful franchise by designing highly complex systems that deliver tremendous value to our customers in the most critical aspects of their business. We supply our innovative solutions around the world and across aerospace and defense end markets, from the commercial aircraft that carry millions of passengers each day, to the fighter jets and munitions that enable national security. As these markets with durable, positive secular trends, long platform lives, and demanding customer requirements, we are well-positioned to deliver profitable long-term growth. Our technology development model drives a differentiated impact for our business. We don't create bespoke solutions; rather, we develop once and we deploy everywhere. You will hear that a lot today throughout the presentation material, as it explains the ubiquity of our systems throughout an aircraft and across platforms. We build technologies that can move across commercial air transport, business aviation, defense and space, and emerging sectors. This approach accelerates the time to get our innovations to market, improves the returns we generate on our R&D spending, and it grows the size of the market that we can address. We have continuously invested in the areas necessary to shape both today's fleet and the future fleet that is forging the path to more electrification, autonomy, and safety. These initiatives are tied to very specific customer priorities, product roadmaps, and growth opportunities. As a result, we have strong visibility into the future demand of our solutions. Seeing clearly what's ahead, we are investing in the transformation of our entire supply chain, seeking to increase output to levels to efficiently convert unprecedented demand into deliveries. We will support our path forward with a fit-for-purpose Honeywell Aerospace Operating System built from a strong Honeywell legacy, and it will be executed by an experienced and motivated leadership team, many of whom you will hear from today. Taken together, this combination of innovation-led growth, best-in-class execution, serves the foundation for a portfolio that is constructed to compound value. Backed by an investment-grade balance sheet, we will accelerate the value creation over time by deploying the capital generated by our businesses to the highest return strategic opportunities. Let me take a step back just for one moment here and talk a little bit about our heritage and our legacy. What many people may not fully appreciate is that Honeywell Aerospace has been operating at the forefront of aviation for more than 100 years. Throughout our history, we have delivered some of the industry's most groundbreaking technologies, and along the way, we have been a part of many firsts. From the first autopilot in 1914, to the first Auxiliary Power Units in the 1950s, to the first humans in space in the 1960s. As you can see, many other milestones that have shaped the future of flight and modern flight today. That heritage carries a significant weight because aerospace and defense companies put a lot of faith in their partners. They demand reliability, certification expertise, safety execution, and most importantly, trust. We have earned that trust over generations, we do not take it lightly, and we will continue to build upon that. Today, Honeywell Aerospace is a well-recognized leader in the industry with 36,000 employees, including 12,000 engineers at 120 facilities around the world. In 2025, we generated more than $17 billion in sales, growing at a double-digit rate, and translated those sales dollars into more than $4 billion of adjusted EBIT. Our portfolio is balanced across three segments organized by our core technologies: Electronic Solutions, Engines & Power Systems, and Control Systems. Each representing between 30%-40% of sales. We also have a very diversified portfolio by end market application, with roughly 60% of our business being commercial original equipment and commercial aftermarket, and 40% of our business being Defense and Space. Commercial OE gives us the access to new platform growth. The aftermarket provides recurring high-value lifecycle revenue, Defense and Space gives us the exposure to fleet modernization, rearmament, and advanced mission profiles. The size and diversity of our portfolio creates a highly visible, profitable, resilient sales stream. In the past four years, we have won over $90 billion in new business, which supports a backlog of greater than one year of sales. You'll find our solutions on almost all active aircraft, as our history of innovation and dependability makes us a supplier of choice. Our results are powered by leading strategic business units, each with attractive market positions and clear growth opportunities. Electronic Solutions, our largest segment by sales, with a presence on almost all global aircraft, sits at the intersection of safety, navigation, connectivity, and mission excellence. It provides high-value electronic systems ranging from integrated cockpits to precision inertial navigational units, to electronic warfare, and to space components that operate in the most extreme and harsh environments. Engines & Power Systems, our next largest segment by sales, leads the industry in producing engines for super mid-sized business jets. It is also the global leader in all end markets for auxiliary power units, which supply that critical engine power and electrical power without reliance on an aircraft engine. Our massive global installed base provides a long runway of aftermarket support and upgrade potential. Last but not least, Control Systems. It builds upon the Honeywell legacy for designing complex integrated distributed controls. Its offerings are at the intersection of electronics, software, mechanical hardware, and it manages the climate and pressurization of the cabin, as well as ensuring precise movement across the aircraft from the engines to the brakes. Our technological presence throughout the aircraft provides a deeper relationship with our customers as we work together to create system-based solutions far beyond single components. Honeywell Aerospace's current portfolio, which is poised for significant growth, is the result of deliberate effort over many years. In the 2010s, as the industry grew at a modest pace in the face of U.S. budget sequestration and the hangover from the global financial crisis, we optimized the business to be more focused and more profitable. We sold or we spun off structurally challenged units while also turning down contracts that did not meet our financial return hurdles, even if that meant sacrificing potential top-line growth. We also made our operations during that period of time more efficient, reducing our footprint and the complexity of our IT systems. Over that period, our profit grew at a high single-digit annual rate and margin expanded by nearly 50%. With a more focused and profitable portfolio now laying the foundation and in place, we have shifted from optimization to building a stronger base for future growth. We've increased our capabilities to sell retrofit mods and upgrades or what we call RMUs, which add growth that is completely uncorrelated to build schedules and flight hours. We have selectively partnered with well-funded developers of all-electric aircraft, which sparked a wave of innovation for products and technologies in applications for our traditional customer base. We also deployed capital for strategic growth accretive technology acquisitions for which we believe we are the best owner. Finally, the recovery from the pandemic and increased focus on national security around the world has put the wind at our back. Net sales grew at a 9% annualized rate during that time period, while profit grew faster still. More recently, during the time that I've had the pleasure of leading this business, we have sought to improve in three critical areas to promote above-market profitable growth over time. First, customer focus. We have strengthened our relationships with the leading equipment manufacturers, defense primes, and airlines by improving reliability and partnering together to deliver the next generation of aircraft. We've also increased our ability to serve through the acquisition of CAES and Civitanavi in 2024, truly our first sizable deals in quite some time for Honeywell Aerospace. As a result, we've seen signature wins and material backlog growth, and that backlog enhances the visibility to reinforce the relevance of our portfolio. Second, innovation. We have grown our company-funded investment in research and development in absolute terms and relative to peers. This has been done to support recent wins and position us for future wins, as well as creating a portfolio of attractive upgrade options for operators. While we continue to spend more to spur higher return future growth, a majority of our innovation efforts are funded by our customers, demonstrating clear and precise alignment with their future roadmaps and allowing us to invest at scale. Third, operational excellence. Supply chain output grew at 17% CAGR from 2023 to 2025 as we invested over $1 billion to meet customer demand and improve delivery. This investment has taken on many forms: insourcing, talent support, multi-sourcing, and even select capital investments that we have made in our suppliers as well as in our own operations. Overall, we are building momentum in this business, growing sales at double-digit rate over the past two years. We also know we have more work to do to ensure we continue to meet the future needs of our customers. As a standalone aerospace and defense company, we believe Honeywell Aerospace will be even better positioned to thrive. Strategically, we see incredible power in having a dedicated industry focus rather than competing for the attention against unrelated opportunities and threats. Across the entire organization, we will have 100% alignment in our purpose, one sole purpose, and we'll be compensated based on achieving those goals that are fit for that purpose. For instance, we know that over the coming years, we must stay dedicated to reinventing our supply chain to support the buoyant life cycle demand for our technologies. Operationally, the separation removes layers between key stakeholders and leadership, which creates improved and expedient decision-making as the world quickly changes. Improved responsiveness will allow even greater customer focus. We have formed a world-class board of directors with expertise that is specifically designed to support the needs of Honeywell Aerospace. Financially, we will have the ability to allocate capital for our top strategic priorities and target returns that are competitive versus our relevant peers. Our spending will go to the most attractive opportunities, both internally and externally. We also expect to more effectively compete for shareholder capital as a simpler, pure-play company. We will create value for our stakeholders across three pillars, and you will hear a lot from the team today about how we are activating these efforts across the businesses. First, expanding leadership in attractive end markets. We want to grow in spaces where we have the right to compete, and with deeply embedded competitive advantages and a significant profit opportunity. We have entrenched positions in commercial OE, commercial aftermarket, and Defense and Space. Each of those markets have durable, secular growth drivers, we will ensure our portfolio is positioned in the most attractive areas of demand. Second, we will invest in differentiated technology platforms. We are an innovation-driven systems leader. Through our develop once, deploy everywhere approach, our technologies are scalable across platforms, across end markets, and that allows us to generate strong R&D returns and address customer needs with speed and efficiency. These new offerings will further expand our installed base. Third, continue to strengthen our operation capabilities to unlock future growth. Demand in our markets is strong. By converting that demand into revenue, however, requires supply resiliency, factory throughput, planning discipline, and service capacity. The Honeywell Aerospace Operating System and our supply chain transformation are critical for increasing sales and profits. We operate in markets that are expected to grow significantly over the coming five years with a high degree of visibility given the long cycle nature of our business. We expect the commercial OE market to grow at mid to high single digit rate annually between 2025 and 2030. The drivers are quite clear. Multi-year backlogs across all commercial air transport and business aviation customers. Aircraft deliveries are increasing to pre-pandemic levels and beyond as supply chains recover and new business jet platforms are entering into service. Nearly half of our OE wins over the last four years have come from business aviation, which reinforces the breadth of our opportunity beyond large commercial aircraft. Commercial aftermarket, again, expected to grow at mid to high single digit annual rate. That growth is supported by an aging fleet, as OE production has not been able to keep up with the demand from an increasingly mobile global middle class and the delay of aircraft retirements. Older aircraft have higher demand for routine maintenance as well as upgrades. Strong demographic tailwinds have supported above GDP growth in air travel over almost all historical time periods. That is expected to continue going forward. Defense and space should grow at mid single digit rate. Global budgets and spending are expected to increase as governments look to bolster national defense efforts in a more volatile geopolitical climate. Internationally, multiple decades of underinvestment in defense needs have pushed the requirements to modernize, rearm, and rebuild. At the same time, the nature of combat has shifted, driving the need for advanced space systems to defend against new threats. Honeywell Aerospace delivers systems spanning, again, commercial air transport, defense and space, business aviation from nose to tail on more than 250 in-production platforms. In commercial air transport, we provide systems such as flight management, precision navigation, APUs, and engine controls, among many additional flight-ready capabilities. Similarly, in business aviation, we have high-value content that we have established on generations of leading aircraft platforms, including integrated flight decks, cockpit and flight data recorders, propulsion engines, cabin pressure and cooling, among many others. In defense and space, we supply those critical systems to customers, including the U.S. government, Lockheed Martin, RTX, and many other defense primes. You'll find these systems across fighter jets, helicopters, missiles, satellites, and mission-ready content, including navigation, connectivity, electronic warfare componentry, propulsion engines, Power and Thermal Management Systems, and many others. I gave a few examples. As this slide shows, we are everywhere on aerospace and defense platforms and embedded in the ecosystem of the aerospace and defense industry. That breadth creates two very distinct advantages. It gives customers integrated system capability from a trusted supplier, and it gives Honeywell Aerospace recurring sales opportunities across long platform lives, from OE content to spares, to repair and overhaul, to RMUs, software upgrades, and future platform enhancements. Multiple opportunities across multiple revenue streams. With that context, let me tell you why we are well-positioned to drive meaningful growth across three priority vectors. First, new platform wins. As I mentioned earlier, we have more than $90 billion in commercial and defense wins from 2022 to 2025. These wins expand platform content and support in-service fleet for the future. At the same time, we're strengthening our supply chain capabilities so we can accelerate aftermarket and OE output to meet that demand. We have more than 40 new major RMU programs in process, and that is a very mature part of our innovation and operating rhythm. These are tied to existing products and newer technologies aligned to increased demand for autonomy, electrification, safety, efficiency, platform life extension. RMUs are an attractive business. They create growth that is not solely dependent on aircraft production and usage. Third, international defense. We expect to grow international defense business at a high single-digit rate from 2025 to 2030, as our global footprint and technology leadership positions us to capitalize on higher budgets, particularly in countries where modernization and local defense capabilities are needed. A standalone structure should help us execute more sharply across these three vectors: OE, aftermarket, and international defense. Our OE momentum is very visible on this chart in recent wins across commercial air transport and business aviation, just let me touch briefly on a few of them. At Airbus, multi-platform work includes flight management systems, radar, surveillance, safety systems, and air systems on the Airbus A350 freighter, and an upgraded APU on the Airbus A320neo. While most of our platform content comes standard on new aircraft, there are some important commercial air transport systems that are selectable by the airline carrier. As an indication of the strength of the demand for our leading technologies, we have won roughly 60% of the value of selectable content chosen on more than 4,000 Boeing and Airbus narrow-body aircraft over the last four years. In business aviation, the Gulfstream G300 includes our Epic-based Harmony avionics, environmental control systems, and our HTF7250G engines. It's a strong example of how we bring multiple Honeywell Aerospace capabilities onto a single platform. With Bombardier, we signed a landmark $17 billion lifetime value agreement, and we are pursuing multi-platform collaboration R&D centered on Anthem Avionics and the HTF7K engine. This reflects the type of relationship we want to build with our customers, not just supplying components, but partnering on future platform capability. This next slide really highlights the depth of our content on key commercial OE platforms. You can see the significant content we have on large commercial narrow-body and wide-body platforms across Boeing and Airbus. In business aviation, we have high-valued positions on leading midsize and super midsize aircraft. These are representative examples, they illustrate the breadth of our role. The significance is not simply the number of products. It is the role that these products play on these aircraft platforms. They are central to performance, safety, reliability, passenger experience, and operating efficiency. Because these are certified into long-lived platforms, they support recurring lifecycle revenue. As I mentioned before, a core part of our strategy is to develop once and deploy everywhere. It's the R&D model I introduced a little earlier. In FY 2025, we invested approximately $1.8 billion in research and development, that investment supports disruptive innovation that is deployed at scale across our business. The model is straightforward, make no mistake, it is not easy to execute with consistency, it has become a meaningful competitive advantage for Honeywell Aerospace. We develop common technologies that we can then apply broadly. We continuously invest to adapt those solutions for customers across platforms, verticals, and end markets. We design with commonality in mind across our manufacturing and supply chain, which helps maximize the return on that investment. We are committing consistent resources to company-funded research and development with more than 4% of sales planned in 2026 and over 10% of sales overall when you include the customer funding. The right side of the slide illustrates this particular point. Precision navigation, auxiliary power units, air and thermal management technologies that serve commercial air transport, business aviation, defense and space, all with common core technology, and that commonality creates scale and speed. It lets us use learnings from one market to improve performance in another. It also gives customers access to mature, proven technologies that can be adapted to new requirements. This is core to how Honeywell Aerospace generates a high return on innovation. In looking ahead, our technology roadmap is organized around three powerful themes: electrification, autonomy, and safety, all rooted in creating value for our customers. In electrification, we are developing technologies such as the one megawatt turbogenerator power system, Attune vapor cycle cooling, Assured mechanical actuation systems, and next generation engine starters. As aircraft become more electric, they require more advanced power generation, thermal management, and actuation. We are investing directly in those needs. In autonomy, we are advancing our Honeywell Anthem integrated flight deck, counter UAS solutions, DARWIN digital co-pilot aids, and multimodal alternative navigation solutions. These technologies support the movement towards smarter, more automated, and more resilient aircraft operations. In safety, we are developing AI-driven predictive maintenance, pilot state monitoring, quantum key protected communications, and increasing pilot situational awareness with our Surface Alerts surface alert technology. Safety has always been a defining theme for Honeywell Aerospace, and we continue to bring new tools to help pilots, operators, and defense customers manage complexity and reduce risk. Technology leadership alone is not enough. Execution is what turns opportunity into results. That is why the Honeywell Aerospace Operating System is central to our strategy. We are evolving from a Honeywell Accelerator framework, which has been a proven world-class management and operating system for more than 20 years, into one that is purpose-built for Honeywell Aerospace, the Honeywell Aerospace Operating System. We are starting with a strong foundation that's rooted in a culture of continuous improvement, operational excellence, disciplined execution, but really focusing this now around efficiency, manufacturing productivity, value-based pricing, customer problem solving, and innovation. As a standalone company, we are building a single enterprise-wide operating system that drives standardized planning, decision-making, execution, and performance. We will embed the continuous improvement mindset across supply chain planning and manufacturing, supporting predictable outcomes that are focused on delivery, quality, cost, and cash generation. Our Honeywell Aerospace Operating System will underpin our supply chain transformation, which is one of the most important enablers of growth. Our objective is to build an end-to-end supply chain that can cover the future of Honeywell Aerospace. That starts with aligning capacity with planning to reduce volatility, to improve delivery and execution. It also means strengthening supply to increase control, output, and resiliency. We are advancing AI tools to integrate and standardize operations, driving visibility, speed, and most importantly, accountability. These tools help us see constraints earlier, improve decision-making, and operate with greater consistency across the enterprise. The four enablers are very clear, each tied directly to a customer outcome and our mantra of being customer obsessed. Stabilize the planning to improve delivery, drive factory throughput that supports growth, control and expand supply to increase resiliency, and operate as one system to improve accountability. Our strategy translates into an attractive outlook through 2030. We are targeting 6%-8% organic sales CAGR with an adjusted EBIT that's growing faster than top line and free cash flow growing faster still. Josh will go into much more detail later on regarding our long-term financial framework. We view these targets as achievable and grounded in the fundamentals of the business. We have a large installed base and a very meaningful backlog. We have differentiated technologies that are generating customer-funded and company-funded innovation at scale. Finally, we have the operating system that is designed to drive predictable performance. We are committed to creating value for shareholders while maintaining a strong investment-grade credit rating and financial flexibility. Capital allocation will be disciplined and dynamic, supported by robust and consistent free cash flow. Our framework has three priorities. First, invest to boost organic growth. We will support innovation, our supply base, a growing manufacturing footprint with associated competencies, global commercialization, and enhancing service capabilities. These are the investments that expand our installed base, improve customer outcomes, and strengthen the life cycle revenue. Second, complement organic growth with select acquisitions that accelerate our strategic roadmap. We have an inorganic playbook that includes opportunistic bolt-ons, technology tuck-ins, and partnerships, all with proven execution and integration capabilities. Recent acquisitions like CAES and Civitanavi show how we targeted M&A that can add technology, expand platforms and attractive markets, and strengthen our global footprint. Third, return capital to shareholders. We expect to deliver a competitive dividend while opportunistically repurchasing shares. We will remain disciplined and balanced. We want to invest in the business, preserve financial flexibility, and return capital in a way that supports durable value creation. We also have an experienced team with a strong track record of execution. This team combines deep aerospace expertise with functional leadership. You will hear from several of these leaders today, and I'm excited for you to see the depth of our bench within Honeywell Aerospace. This is a group that understands the products, the customers, the supply chain, the aftermarket model, and the mission requirements that define aerospace and defense. This team is aligned around a high-performance culture and a shared objective: advancing the future of aviation while delivering for customers and shareholders. As we move towards operating as a standalone entity, that alignment matters. It gives us the leadership capacity to execute our plan, make faster decisions, and most importantly, again, hold ourselves accountable. One of the benefits of becoming an independent company is a board of directors that is fit for purpose. It brings a compelling mix of aerospace and defense capabilities, leadership expertise, and financial and capital markets backgrounds. That range of perspectives is important for a company like Honeywell Aerospace because we operate at the intersection of advanced technology, manufacturing, services, global customers, public markets, and national security priorities. I want to close with our mission. We protect and advance the promise of flight to create a safer, more connected world. That is a powerful purpose that captures the important role that Honeywell Aerospace plays. Our technologies help aircraft fly safely, efficiently, reliably, and they help navigate, communicate, and make better decisions. They help airlines and operators maintain fleets and improve performance. They help defense customers protect national security. They help support space missions and emerging platforms that will define the next era of flight. With that, thank you for joining us. I am excited for you to hear from the rest of the leadership team as we go deeper into the businesses. We'll show you why we are confident that Honeywell Aerospace is positioned to deliver durable, profitable growth, and create substantial long-term value. Thank you. Awareness starts here. The first signal of changing weather. A runway hazard revealed. Critical information, exactly when and where it's needed. This is how Honeywell Aerospace advances autonomy and safety. Honeywell Anthem, a connected flight deck for a new era of aviation. Resilient navigation solutions, delivering dependable positioning, even in the face of disruption. Honeywell Aerospace advanced radio frequency. Electronic warfare solutions for critical missions. Over land and sea, in the skies and in space, these technologies bring greater clarity to every decision. This is Electronic Solutions. This is Honeywell Aerospace. Please welcome President, Electronic Solutions, Bob Buddecke. All right. I love that video. All right. Hello, everyone joining us here in person and virtually. I'm Bob Buddecke, president of our Electronic Solutions business. More than 30 years ago, I joined this company as a young engineer right out of college. Like many early in their careers, I was just hoping to find a place where I could learn and grow, but what I found was something much bigger. I've had a front row seat to decades of change across technologies, markets, and business models, but I can honestly say that this is the most exciting time of my career, and this momentum is shaping how we're thinking about the future and the opportunities ahead. Today, I have the pleasure of kicking off our in-depth look at Honeywell Aerospace's business segments with Electronic Solutions, a technology-driven portfolio that has attractive exposure across all three of our end markets. Electronic Solutions is a scaled, high-profit franchise centered on mission-critical electronics embedded across the global fleet. We have a broad portfolio of leading solutions designed to drive best-in-class performance, safety, and mission success. Our customers include a healthy mix of OEMs, airlines and operators, aftermarket service providers, governments, defense prime contractors, and space system integrators. In 2025, the business expanded sales to nearly $7 billion and delivered $2 billion in adjusted EBIT, reflecting strong market demand for increasingly connected, integrated, and software-driven capabilities, as well as clear customer recognition of the value of our content. Our installed base underscores that position. Our technology is present on most of the global fleet, much of it as a sole source provider. You can find our navigation systems and sensors on more than 60,000 in-service aircraft. That scale creates a durable foundation for long-term aftermarket growth. Let me take a moment to walk through our product portfolio, which is organized into four offerings: avionics, Navigation and Sensors, electromagnetic defensive solutions or EDS, and space. In avionics, our largest offering, we provide fully integrated cockpits, flight controls and flight management, as well as radar, radio, and surveillance capabilities. These systems span commercial air transport, business aviation, and defense platforms. Our Epic cockpit has served as the benchmark in the industry for more than three decades, having gone through many upgrade cycles. Anthem, our next-generation platform, which I'll discuss later, is poised to set the standard as we move into the coming decade and beyond. Our Navigation and Sensors offering includes air data modules, inertial measurement units, inertial navigation systems, atmospheric sensors, and precision timing systems. Our solutions in this area are largely recognized as the most accurate in the industry, providing incredibly precise direction in the air, on land, and over the seas. In EDS, which is the CAES business we acquired in 2024, we enable complex sensing, protection, targeting, and communication operations in the electromagnetic spectrum. Our solutions go across national security missions and warfighting domains. In a world with increasing prevalence of drones and automation, these capabilities are becoming a necessity in the marketplace. Lastly, in space, we deliver radiation-hardened, radiation-tolerant inertial systems, momentum controls, microelectronics, and payload solutions to defense and commercial customers. What's clear are the broad applications for our core technologies. Across end markets, our systems are embedded throughout the platform, from the cockpit and flight controls to navigation, connectivity, and mission systems. That level of integration is important. It reflects our position not as a point solution provider, but as a systems partner delivering highly integrated mission-critical capabilities. Our portfolio is built on a common technology foundation, that foundation allows us to scale innovation efficiently across end markets. You'll see several of our systems present on each of the pictures on this page, guiding and securing flight. Finally, I would be remiss if I did not mention how our exquisite systems that you can see on this slide played a significant role in the successful Artemis II launch with 14 of our different product types on board. Our value creation strategy, aligned to the company as a whole, is centered on three priorities. First, we are growing our share on next-generation platforms with advanced, differentiated, and integrated electronic solutions, while also increasing value for customers on legacy platforms by improving safety, efficiency, and performance. We win because we can deploy innovation across a broader installed base and end markets. Second, we are accelerating the development of autonomous, software-defined, and AI-capable technologies to enhance pilot situational awareness, decision-making, and next-gen flight capabilities. Technological change empowers our business and creates many new opportunities to create value for our broad customer base. Third, we're expanding manufacturing capacity, accelerating production, enhancing our supply chain, and improving growth with productivity and localization initiatives. Our demand tailwinds are incredibly strong, and we will ensure that we have the supply to convert that demand. These priorities will further enable us to win new programs, expand content presence, and deliver sustained growth. To illustrate the scale of the business, let's look at our avionics portfolio across the commercial fleet. On over 15,000 aircraft today across commercial air transport and business aviation were selected for our system breadth, connectivity-based software, and integration compatibility for full flight deck solutions. We expect our avionics install base to grow at a 5% annualized rate from 2020 to 2030. Platforms like Anthem will accelerate this growth, enabling us to capture new programs and expand our position on next-generation aircraft. This large install base supports a meaningful aftermarket opportunity, where software-driven upgrades and enhancements generate recurring, high-margin revenue over the life of the platform. We are also broadening our scope with Epic on thousands of aircraft and growing. We continue to extend beyond the flight deck into adjacent systems such as radios, radar, and surveillance, increasing our content per aircraft. Taken together, we're capturing share on next-generation platforms while expanding value across the life cycle. As Jim mentioned earlier, we're focused on enhancing our technology portfolio through targeted bolt-on acquisitions that strengthen our capability in high-growth areas. CAES and Civitanavi, acquired in 2024, are examples of that strategy in action, adding new international defense navigation and electronic warfare abilities. CAES brings high reliability radio frequency technologies, amplifying our presence on critical defense platforms and franchise missile systems, while also providing an opportunity for international expansion. Civitanavi adds complementary gyroscope technology, improving our position in autonomous and next-generation defense applications. It also bolsters our European manufacturing footprint and advances our localization strategy. These acquisitions are aligned to markets with strong underlying growth. We see our business growing at even stronger rates as we leverage our international presence and scale to accelerate the path forward for these best-in-class solutions. We expect that both acquisitions will be accretive to our growth in the coming years while strengthening our technology portfolio in key strategic areas. As Jim mentioned earlier in our presentation, one example of our develop once, deploy everywhere R&D model is our precision navigation portfolio. For our inertial navigation systems, each uses a gyroscope to measure rotation and an accelerometer to track acceleration so that we can provide position, velocity, and orientation in any environment. Because of their accuracy and resiliency, these commercially developed and produced technologies have many defense applications, including positions on almost every major precision-guided munitions program. Examples include THAAD, SM-3, and Tomahawk. Our GPS inertial navigation system, or EGI, which is found on fighter jets, uses the same core as our air data inertial reference unit, or ADIRU, which is found on commercial jets. That standardization is a key advantage. It facilitates efficient system integration and production, optimizing supply chain operations and enhancing profitability. Thirsty. Okay, back at it. Simultaneously, it enables us to derive the maximum benefit from our research and development dollars, sustaining our leadership in inertial sensors and navigation while enabling the introduction of new differentiated technologies. A major advantage of our install base is the ability to monetize innovation rapidly through RMUs. RMUs allow us to provide customers with the most up-to-date features without the cost and weight for a new aircraft. They offer high returns on capital, adherence to the latest standards, driving very strong rates of adoption. Our broad end market exposure results in resilient multi-cycle growth. In Electronic Solutions, our modular software-driven approach creates scaled high-margin upgrade opportunities across the install base. At the same time, our integrated hardware and software ecosystem cultivates a sticky customer relationship, reinforcing our platform positions and delivering the most value for operators. These mission-critical upgrades are also aligned with key secular trends. Safety concerns push strong upgrade demand. You've seen news stories about runway accidents and close calls. Our Surface Alerts product helps reduce these incidents by substantially increasing the time for pilots to react in response to runway incursions. It provides a direct warning without the need for communication from the air traffic control tower. In defense, the evolving nature of combat and new threats are increasing demand for anti-jamming, anti-spoofing, and electronic warfare retrofits. Recently, this technology has been used extensively by the U.S. military to maintain national security. Across commercial and defense, the focus on efficiency and autonomy is driving upgrades in flight management, connectivity, and alternative navigation. These dynamics support a durable software-led aftermarket growth engine. The same innovation engine driving RMU adoption has built Anthem, our next-generation flight deck. It is a fully integrated cockpit designed to improve safety, efficiency, and operations as aviation shifts towards connected software-defined platforms. Anthem's modular architecture makes it adaptable across aircraft and end markets. It also captures real-time data on the cloud. As a result, it reduces pilot workload while increasing safety and situational awareness, a big step on the path towards greater autonomy. Lastly, it supports third-party applications, allowing for OEM specified functionality, delivery of a customized experience, and AI readiness. For those of you in the room, I would strongly encourage you to test it out on one of the demonstrators in the neighboring ballroom. As you'll see, it is a surprisingly simple way to fly compared to the traditional cockpit. Demand continues to build for Anthem. We've secured five platform wins to date in multiple end markets, representing more than $10 billion in lifetime value, and we see more momentum underway. Our 2024 agreement with Bombardier includes collaborative R&D centered on Anthem to push forward the next generation of aircraft. Our deepening engineering collaboration with NXP through a partnership signed in 2025 integrates their architecture to drive high computing power. This allows for larger format displays, advancing safety and efficiency, and greater value for pilots and operators. Delivering a more intuitive, connected flying experience with Anthem positions us at the center of the future of flight. To recap, our business is a clear leader in highly engineered electronic systems used throughout the aerospace and defense industry. We pair a scaled install base with our differentiated technology to capture growth opportunities while delivering safety, precision, and reliability in critical mission environments. Our recent acquisitions have strengthened our technology portfolio and expanded our geographical reach across commercial and defense markets. As the industry moves towards connected, autonomous, and software-defined aircraft, our develop once and deploy everywhere approach positions to guide us in that transition. Thank you for your time and attention. Performance starts here. In the systems aircraft depend on to propel, power, and stay mission ready. This is where safety advances and electrification becomes a reality. HTF7000. Proven turbofan technology for business aviation. T55. Heavy lift turboshaft power for military missions. 131 Series auxiliary power unit. Over 100 million hours powering aircraft in all phases of flight. On wing or in the tail, these technologies deliver where it matters most. This is Engines & Power Systems. This is Honeywell Aerospace. Please welcome President, Engines & Power Systems, Dave Marinick. Good morning, all. I'm Dave Marinick, President of Engines & Power Systems, or EMPS. I'm the third generation of my family in aerospace. My grandfather was born in 1898 before the advent of powered flight, and together our family has been able to witness continuous and awe-inspiring innovations in aviation. I consider myself to be an absolute aerospace enthusiast, and I'm delighted to be with you here this morning. EMPS is a leading provider of aircraft propulsion, auxiliary power units, or APUs, and electric power solutions. These are mission critical systems for aircraft across commercial air transport, business aviation, and defense end markets. We've built a leading franchise around delivering best-in-class reliability and efficiency across all the categories and platforms we serve. In 2025, the business produced over $5 billion of sales, growing 12% organically from the prior year and generating north of $1 billion of adjusted EBIT. Our sizable install base spans roughly 20,000 propulsion engines and approximately 47,000 APUs, with our systems placed roughly across 120 different aircraft types. That breadth gives our technologies exposure to multiple end markets and creates a very long aftermarket tail, which is responsible for the majority of our sales. These products operate for decades, and customers rely on Honeywell Aerospace to support them through parts, service, upgrades, and life cycle solutions. Overall, it's this powerful combination of a strong install base, attractive end market exposure, and differentiated mission critical technology that supports durable growth over time. Turning to the product portfolio, our expertise in axial centrifugal compressor technology and small engine architectures gives us enduring competitive advantages and has informed our technology development over the past several decades. Put simply, it's why we win in the markets where we choose to compete. EMPS is organized around two major offerings, propulsion engines and power systems. On the engine side, we bring proven performance, strong power to cost efficiency, and a digitally enabled maintenance ecosystem. We produce propulsion systems for both business aviation and defense. On mid-size and super mid-size business jets, we have a leading market position. Our flagship product is the HTF7000, which is the super mid-size business jet engine choice with industry-leading reliability, low maintenance costs, and end-to-end market support that extends the value of platforms over time. In defense, our T55 engine has powered the military helicopters since the 1960s with more than 12 million flight hours. The F124 has logged more than 1 million flight hours for light combat and training aircraft missions, with the highest thrust-to-weight ratio in its class. Moving to the power systems side of the business, our exposure is balanced across commercial air transport, defense, and business aviation. We also have one of the industry's largest APU install bases, supported by an integrated approach to the supply chain and our intellectual property. The 131 Series is one of the most successful APUs in the industry, with more than 100 million hours of in-service use on commercial single-aisle aircraft. It is this APU that allowed Captain Sully Sullenberger to perform the Miracle on the Hudson landing in 2009. It powered the aircraft's avionics and flight control surfaces after the aircraft had both engines subject to a bird strike, saving the lives of 155 crew members and passengers, including a Honeywell employee. In the defense and business jet markets, the 36-150 family includes more than 20 variants tailored to specific aircraft applications. We're also raising the industry bar in electric power systems, including the 1-megawatt generator, which sets a new standard for compact, continuous power and efficiency. Now let me walk through how EMPS will create value across the three strategic pillars we've discussed today. First, we will expand leadership in attractive end markets by continuing to power industry-leading propulsion and APU platforms. Our products are selected because of unrivaled performance and reliability in the areas where they compete, and that has created a vast installed base to service across commercial air transport, business aviation, and defense platforms. We keep that installed base at peak productivity with connected offerings such as Ensemble, which I'll discuss more later. Second, we're investing substantially in the next generation of differentiated technology platforms with a focus on propulsion and power technologies that further improve fuel efficiency, power density, and life cycle economics. These investments drive enhanced aircraft performance for our customers in the near term while creating additional long-term growth opportunities for Honeywell Aerospace. Third, we're strengthening operational capabilities and increasing vertical integration in areas such as precision machining and electronic controls to unlock further growth. We benefit from a shared production footprint for engines and APUs and an operating approach focused on supply chain stability, productivity, and output growth. Supply chain is a critical focus area where we're partnering closely with our suppliers to ensure we're delivering for our customers and meeting demand in both the near term and long term. Together, these actions will support ramping OE build schedules, capturing aftermarket pull-through, and continuing to build a stronger, more resilient EMPS business. Turning to the next slide, you can see that we have a large and growing installed base, which translates into recurring high-margin aftermarket revenue. Within business aviation, we expect the number of aircraft that have our HTF7000 engine to grow at approximately a 9% annualized growth rate from 2020 to 2030. This engine's market leadership is reflected in roughly 13 million flight hours of life since 2004, a 99.997 dispatch reliability, and leading fuel efficiency at a lower cost of operation. That performance matters because reliability and life cycle cost are central to how customers evaluate propulsion systems. Once the engine is installed, our aftermarket opportunity extends over decades through maintenance, parts, service programs, and upgrades. A similar dynamic exists in APUs. Our commercial APU install base is expected to grow at approximately a 5% CAGR between 2020 and 2030 off a very strong base, with solid performance across both commercial air transport and business aviation. We are winning APU installations on new builds and also replacing competitor units on the in-service fleet because of the strength of our value proposition to operators. All in, this installed base growth creates durable aftermarket pull-through and ultimately drives an increasing high-quality, predictable revenue stream. RMUs are another important growth lever for EMPS because our products are high-value, complex systems with operating lives that can extend more than 30 years. Across the installed base, customers are looking for better fuel economy, higher reliability, improved range, and lower life cycle cost. RMUs allow us to deliver those benefits to existing customers and in production platforms with very strong returns on investment. On top of that, it often allows customers to achieve necessary performance without purchasing a new aircraft or new vehicle. The 131-9 APU high-efficiency mode, as an example, has saved narrow body operators almost five million gallons of fuel since it entered service less than six years ago. It's also improved on-wing time by as much as 1,500 hours, which translates into one to two fewer shop visits over the lifespan of the APU. In defense, the AGT1500 Total Integrated Engine Revitalization, or TIGER program, for the M1 Abrams enhances reliability and fuel efficiency and improves operational range. It also increases power-to-weight performance, enabling the vehicle to accelerate from zero to 20 miles per hour in roughly six seconds and reach speeds above 40 miles per hour, which, for a vehicle that weighs 60 tons, is quite impressive. Importantly, many of these upgrades can be completed during major service center events without additional downtime, adding to an already strong value proposition for customers and attractive aftermarket growth for Honeywell Aerospace. Let me spend a moment on Ensemble because it's a great example of how we're incorporating digital capabilities to strengthen the EMPS aftermarket model. Ensemble elevates engine monitoring by using data and predictive insights to reduce cost and increase aircraft uptime. The platform enables near real-time automatic engine data downloads after every flight, supporting faster analysis, easier compliance, and better visibility into engine health. It also provides early warning through predictive AI detection, which helps enhance safety and minimize operational disruptions before they become an issue for the customer. Ensemble has been effective at predicting failures up to three months before they would have occurred in front of the customer. Ensemble enhances record keeping, offering one of the first searchable digital logbooks in business aviation, which creates a more efficient, transparent, and useful maintenance record for operators. Ensemble is also an important strategic lever as digital monitoring creates powerful incentive for operators to utilize our maintenance service plan. It improves outcomes, it strengthens relationships, and it positions Honeywell to capture demand for predictive maintenance, RMUs, and life cycle support over time. Shifting to where our industry is heading, EMPS is poised to play a critical role as aircraft architectures become more electric and power demand increases across both commercial and defense applications. This is a sizable growth opportunity driven by two trends. First, customers are looking for more electric aircraft designs and more sustainably oriented products. Second, innovation is reshaping propulsion, power management, and system design across current and next-generation aircraft. Honeywell Aerospace is a global leader in electric power generation and conversion. We're developing a new family of high power density generators that demonstrates our commitment to innovation and builds on our existing expertise in power systems. The one-megawatt turbogenerator is a great example of that. It was designed as a new power source for hybrid electric aircraft with the highest power density generator in the industry. This system is efficient, safe, and lightweight, supporting advanced performance and lower costs. This is a natural extension of EMPS capabilities, leveraging proven power generation expertise and applying it to the next generation of aircraft. Taking a step back, EMPS is a large-scale, differentiated business with strong positions in propulsion, APUs, and electric power. We have a leading and diversified install base across 10 markets, which creates recurring aftermarket opportunities over the life cycle of the programs we support. We're also leveraging our history of innovation with our develop once, deploy everywhere approach. Whether in engines, APUs, electric power, or digital monitoring, we are focused on technologies that improve performance, reliability, and life cycle economics. Finally, we are strengthening our supply chain and operational capabilities with efforts such as multi-mode manufacturing to meet robust customer demand across both OE and aftermarket. That combination of install base, technological differentiation, execution discipline, positions EMPS to be a meaningful contributor to Honeywell Aerospace growth. Thank you for joining us today. Control starts here. In the systems that pilots depend on and shape how passengers experience flight. It governs how aircraft operate and respond by bringing critical systems into alignment. Through these systems, Honeywell Aerospace is advancing electrification and safety. From cabin pressure, thermal management, and life support, to engine control, lighting, friction control, and actuation. Honeywell Attune, advanced lightweight cooling for high-performance aircraft functions. Honeywell Assured, precise, speed responsive, modular flight controls. Throughout the aircraft, these technologies work as one. This is Control Systems. This is Honeywell Aerospace. Please welcome President, Control Systems, Rich DeGraff. Hello, I'm Rich DeGraff, president of our Control Systems business. I'm in my 18th year at Honeywell Aerospace. Consistent with most of my life-defining moments, my wife had a lot to do with me being here today. I was first introduced to Honeywell Aerospace by my wife's uncle, a veteran engineer. He spoke glowingly about the company, how they treated their employees, the innovation, the global experiences, and the list goes on. Finding my way into Honeywell Aerospace became my top priority. My persistence paid off when I was hired in as a second shift operations supervisor in our repair and overhaul facility here in Phoenix. There, I earned my Six Sigma Green Belt and my Lean Expert certification. That was the beginning of a flywheel of opportunity to scale my leadership in different roles focused on customer engagement, P&L ownership, and business growth. To be standing here today is an improbable story at many companies, not Honeywell Aerospace. Control Systems has nearly a century of pioneering innovation from the 1929 invention of the four-wheel braking system, to the addition of lights on an exterior of a plane, to the first all-aluminum aircraft intercooler system, to the first cabin pressurization system allowing for high altitude flight, the first air turbine start system capable of unlimited main engine starts. Our legacy of innovation is undeniable, which is why it's an honor for me to be leading this business, given its strong legacy and the growth in front of us. As a leading provider of mission critical thermal and motion control systems, we've established a strong and consistent financial profile by supporting our customers across all end markets. Honeywell Aerospace Control Systems generated over $5 billion in sales last year, growing organically at 10%, and it delivered $1.5 billion in adjusted EBIT. What differentiates this business is how deeply embedded our systems are in daily flight operations. Almost all of you boarded a flight to get here to this event. The airplane you flew began with the start of the main engines. You flew at an altitude above 30,000 feet, withstood weather, and concluded with a safe landing. Like many of you, millions of passengers every day rely on Honeywell Aerospace Control Systems to play a critical role in enabling flight, life support, and enhanced safety. Importantly, demand for our mission-critical products is well diversified across end markets and programs. Let's take a look at how the portfolio comes together. We organize the business around two core system domains, air and thermal control and motion control. Air and thermal control systems are focused on managing the aircraft environment and energy, including temperature and pressure, which is why it feels like you're on the ground when in fact you're 40,000 feet above it. Another key domain is overall thermal efficiency, which becomes increasingly more important as platforms continue to electrify. Motion control systems are responsible for controlling movement across the aircraft, including propulsion related functions and flight surface actuation, enabling precise and reliable operation. Across those domains, we support a broad range of mission critical functions, including air supply, cooling, mechanical engine control, flight control actuation, and braking. Our complementary portfolio allows us to utilize model-based system engineering to leverage common subsystem technologies across the entire business. What underpins all of this is our ability to design and deliver complex integrated control systems at the aircraft and the subsystem level. It's about bringing together hardware, software, electronics, and advanced materials into a fully certified system-level solutions. That capability allows us to be deeply embedded in the aircraft's core architecture with positions that last the full life of the platform. As you can see here, we've established that integrated position across each of our end markets. Our highly engineered, high performance systems help improve capacity, efficiency, and range, and can be deployed across platforms. Importantly, we support our customers across the full life cycle from the initial design and certification through retrofits, upgrades, and connected services, extending value well beyond the original installation. Building on the strength of the portfolio, our strategy's focused on three clear priorities to drive substantial value creation. First, we're expanding our leadership by remaining deeply engaged with our customers to grow our mission critical thermal and motion control systems content. This will become increasingly important as our customers demand solutions to more complex challenges across both commercial and defense aircraft. Second, we're investing in differentiated electrification technology platforms through the design of highly integrated systems that sit at the intersection of mechanical, electrical, and software. Third, we're strengthening our operational capabilities to further unlock growth. We're modernizing our supply base and our production system to ensure we can scale efficiently to capitalize on the strong demand for our current and new innovative solutions. Taken together, these priorities position us to expand our content on next generation platforms and deliver sustained long-term growth. I want to take a moment to highlight our advantaged portfolio and our strategy in action with our F-35 Power and Thermal Management System, or PTMS. PTMS is a highly integrated system that brings together air and thermal control with motion-related capabilities into a single system that satisfies 14 mission and safety critical functions on the F-35. With more than a million flight hours and approximately 1,800 systems delivered to support OE production and sustainment, the PTMS is the trusted solution on the platform, delivering clear results. With a 10-year aircraft CAGR of 10%, the install base growth drives long-term content and aftermarket sustainment opportunity. Beyond line fit, PTMS also represents a meaningful retrofit opportunity for the existing F-35 fleet to satisfy new and emerging customer needs. This is not just a strong OE position, but a platform that supports recurring value over time. Overall, PTMS is a great example of how our high-performance systems enable next generation aircraft, driving growth and life cycle value for our customers and Honeywell Aerospace. Another key lever of growth in our Control Systems business is RMUs. RMUs allow us to address critical customer pain points while delivering improvements in performance, reliability, and overall life cycle costs. We are concentrating our efforts on three strategic focus areas: enhanced safety, increased cooling, and overall system efficiency. In the bottom of the slide, you can see a number of key product investments where we are delivering across those three strategic areas of focus. You just heard me talk about the RMU opportunity with our PTMS program, and here you can see an example of how we're investing in software and hardware modifications and upgrades to increase cooling capacity for the F-35 while lowering operating costs. Each of these solutions is designed to address a specific customer need, and importantly, they can be deployed across a large install base of various platforms. That scalability is what enables RMUs to be meaningful and predictable growth over time. Electrification is one of the most important drivers of growth across our end markets. Through our market leading position, we've secured approximately $15 billion of net new wins from our next generation electrification products, scaling to more than 1 billion in annual run rate revenue over time. The develop once, deploy everywhere R&D approach allows us to move faster and leverage common technologies to deliver tangible results. These innovative advancements are integral to delivering the efficiency standards required on next generation platforms. Before I close, I'd like to share two examples of the impact we're having through our innovative solutions. Let me start with ASSURE, our advanced electromechanical actuation system. This is a high demand system with strong exposure across both defense and commercial platforms. ASSURE is the most precise and speed responsive system available for critical control surface application. What differentiates it is the architecture. It's modular, scalable, enabling thinner flight control surfaces, resulting in systems that are approximately 10%-15% lighter and more compact, translating directly into aircraft efficiency and performance. It's seeing strong momentum in high growth applications. ASSURE is already being deployed in missile platforms such as the Guided Multiple Launch Rocket System, or GMLRS, where production is expected to double by 2028. More broadly, this technology supports the shift away from traditional hydraulics towards integrated electromechanical actuation and autonomy. This shift is critical for next generation aviation, enabling more efficient and increasingly more sustainable aircraft architectures. ASSURE is building momentum with eight recent platform wins. A clear example of how we scale technologies to drive growth across both defense and commercial markets. Next is Attune, our premier compact, high-density cooling solution designed to support aircraft cabins, cockpits, batteries, and onboard electronics where thermal demands are increasing rapidly. Attune stands out because of its design and efficiency. It was developed for a wide range of aircraft, but particularly optimized for no-bleed and low-bleed systems, which are becoming more common in next-generation platforms. From a performance standpoint, Attune delivers a weight reduction of up to 35% and 20% greater efficiency, contributing to overall aircraft efficiency improvement. Importantly, this solution is one that scales with applicability across civil, military, and advanced air mobility platforms, positioning it well for broad adoption. Attune has a strong start with multiple wins across defense and commercial platforms. Both Assure and Attune reflect how our technologies are aligned with key industry trends and customer needs, supporting both near-term growth and long-term platform opportunities. Stepping back, Control Systems is a leader in mission-critical thermal and motion control systems across both commercial and defense platforms. We are well-positioned to continue to expand that leadership, growing our content across platforms. When customers need solutions to more complex thermal and motion control challenges, our systems become even more critical. We are investing in differentiated technology platforms, bringing together mechanical, electrical, and software capabilities to enable more electric and more efficient aircraft. We're continuing to invest in expanding our supply capacity through automation of our factories to support our customers' current and future needs. Thank you. Please welcome Vice President, Investor Relations, Sean Meakim; Chief Commercial and Strategy Officer, Ben Driggs; Chief Digital Technology Officer, Krista Dixon; and Chief Technology Officer, Todd Giles. All right. Excited to talk about innovation here this morning. We've shown in some of our materials in the past that historically, Honeywell Aerospace has spent more than its peers on a percentage of sales basis in form of R&D. It's not just how much you spend, it's how you spend it. Todd, maybe we'll kick over to you to start. Let's just talk about our approach to innovation, how we go about allocating dollars, and how we think about taking all the things we heard from our segment leaders and then bringing it to life through the engineering group. From an innovation standpoint, we kind of think of innovation at the intersection of customer and market needs with cutting-edge technology and how we look at that over the near term and the long term. We have implemented this thought process with kind of a symbiotic relationship between the business teams and the technology teams, right? We do this through robust strategic planning of taking that market back need to create product roadmaps, very robust long-range product roadmaps, that we then look at with the technology organization, and we apply that technology of what needs to be developed, by when, to the right technology readiness level so that we can bring those products to market. One of the other things we leverage as part of this process is co-innovation, right? We partner with our customers, we partner with suppliers, other companies, and even universities to bring this technology forward into our products. One of the best examples, for those of you that had the pleasure to be with us yesterday afternoon at the hangar, you got to see our helo inside the hangar. It's our AW139. We partnered directly with Near Earth Autonomy to take their technology, combine it with our integrated cockpit technology, and do the first ever autonomous flight of an AW139. This is how we leverage and try to be extremely efficient and thoughtful about what we invest in and try to bring to market. Ben, any other thoughts on the overall portfolio? Yeah. Our R&D efforts are about 10% of our overall revenue. That equates to over $5 billion that we put in R&D over the last three years. About 60% of that is customer funded, which is, of course, a great source. We try to make sure that those sources are from a variety of places so that we can ensure IP control and we can maximize the value we get from that. About 40% is funded by Honeywell, that's well over 4% of our revenue is internally funded. With the revenue growth that we've had and will have, that's a pretty significant absolute dollar amount increase going forward. It's not just how much you spend, it's also how you spend it. This is the rough breakdown of how we spend our R&D. We spend about 65% on new products that have customer commitments. We have about 15% related to RMUs, these upgrades that you've talked about that bring the latest technology into the existing fleet. We maintain about 10% in advanced technology, because it's critical to make sure you're doing enough in technology to be there on next generation, on things that are horizon 2 or 3. We have about 10% that's on strategic initiatives that maybe is ahead of a customer commitment. We feel really good about that sort of breakdown, and that's giving us a robust pipeline of innovation going forward. Krista, maybe you can talk about, we also want to spend that efficiently, our digital tools help us to do that. Well, I think of IT as being the digital backbone that brings all of this together and enables Todd's organization to execute on the innovation. We stand up the technologies that digitize the engineering processes. We implement high-performance computing so that we can promote engineering efficiency, and then we are scaling AI across the entirety of the engineering design life cycle. We do this not only to be able to design faster, but to eliminate rework and then improve our ability to get to first pass certification rates. It's our mission to make sure, our responsibility really, to ensure engineering organization has the right data, tools, system capability to execute on their product strategy. Now let's maybe shift to develop once, deploy everywhere. We've heard it throughout the presentations this morning. It's a key way in which we go about developing new technology. Let's maybe just talk about how we start with our core capabilities, and then how we build out from there, just taking not a singular platform approach, but more of a horizontal lens across these end markets. Maybe you guys can give some more detail there. To really execute this approach, there's two fundamental things that you need to do. One, you have to be solving the complex challenges that exist across the end markets and across platforms. That's something that Honeywell Aerospace does very well. We're on the complex, challenging things that need solutions across the entire industry. The second thing you need, is you need the credibility, experience, and capability to do certification, installation, and have trust of customers across all end markets. That's another thing Honeywell Aerospace has in a very significant way. Great experience in defense, great experience in business aviation, great experience in commercial air transport, and understanding how to get those things certified. When you think about some just examples of that, the navigation is a great example. The core innovation was in the navigation sensors, and all aircraft need precision navigation. What that enabled us to do is take that core sensor technology, do different packaging, different installations, different certifications, and now there's 900,000 of those sensors throughout the fleet in all three end markets. APU is another great example. Every aircraft needs reliable power generation. Every aircraft needs reliable backup power. We took one innovation in those small turbine engines, and it's on well over 100 platforms. There's 45,000 aircraft flying with our APUs. Air turbine start, Rich mentioned this, is another great example. We figured out how to do that reliably, how to do that with durability. Now, 75% of commercial flights use our air turbine starter. Over 20 military platforms use our air turbine starter. Those are the things you really need to be able to execute this. Maybe, Todd, you can talk about how the engineering organization puts that into practice. Yeah. I would say we are kind of purpose-built to do this, right? We are structured from a technology organization by products and systems. This allows us, as we kind of talked about strategically, to look at all of the needs across different end markets, synthesize those needs, and come up with either a core technology that goes into a core product that we can then reapply in many, many different areas. It allows us to be extremely efficient here in the deployment of capital. One of the things you just heard Rich DeGraff talk about, our Honeywell Attune product, right? Our vapor cycle system, the cooling product. The one thing between the business and the technology organizations is we developed a strategy on how can we go after all these markets? How do we do development differently? We broke this product down into a modular building block sort of system, where we can develop technologies, components, subsystems that can be glued together or kind of Lego brick together to solve different needs across different markets. When Rich DeGraff was talking, there's applications now in advanced air mobility, the defense market, and we're poised well for next-gen single aisle, and a number of other applications. It's this thought process and strategic alignment that allows us to do this appropriately. Okay, now we've talked about strategically how we go about spending the U.S. dollars. We're in a room full of investors and analysts, of course they want that money spent well, and they want proof points. Maybe let's talk a little bit about how all that effort is translating into commercial momentum. Jim Currier certainly touched on this in his opening comments. Let's talk about commercial momentum and how we are now seeing that flywheel really work for us. Yeah. There's been $90 billion of lifetime wins over the last 4 years, and about over a third of that are actually new positions. We feel really good about the momentum that we're seeing across all the end markets. When you just sort of go through those, think of business aviation, the collaborative agreement with Bombardier and Avionics and Engines, that's a great growth driver. The G300 having avionics as well as engines from Honeywell is a great growth driver. You think of Cessna and Embraer jets powered by Honeywell, where the previous versions either didn't exist or they were not powered by Honeywell. Great commercial momentum there. You think of commercial air transport on the narrow body fleet, on 4,000 aircraft, 60% of the possible value that they could have selected from Honeywell, they chose Honeywell. That's great momentum. We have the next generation flight management system on Airbus platforms and upgraded APU. Again, great progress there. When you think about defense, on almost every major new platform in defense, there's excellent Honeywell Aerospace positions, and maybe missiles is one example to talk about. You think of the major drivers in missiles, AMRAAM, GMLRS, Standard Missile 3, Tomahawk. You think of Anduril Barracuda. All of the latest versions of these missiles have expanded Honeywell content across several of our different product areas. Really exciting commercial momentum I think that we're seeing in adoption of our technologies. Maybe, Todd, you can add a little bit more of some of the examples in the areas. I would say, if we just kind of double-click down into the safety side of what we're looking at and what we're looking at going forward. A number of years ago, between the teams and the organization, we noticed increasing runway incidents, right. You guys are hearing about these kind of all too often, I guess I'll say. We recognized an impending need in the marketplace, and we quickly jumped in to develop what Bob talked about as our Surface Alerts product, right. We're currently going through certification on this product. It's a software-only product that brings much greater situational awareness to the flight crew on very critical phases of operations, including taxi, takeoff, and landing. In doing so, we were able to develop this product. We can take it to the current market, and we can drive it forward into current production and even stage it for next gen platforms and applications that are coming down the road. We continue to develop this, and one of the ways that I'd like to highlight is kind of our unique capability that Honeywell Aerospace has is our flight test organization, right. We have nine aircraft ranging from general aviation to biz aviation to air transport, regional, and even the helo that I mentioned earlier, right. This capability allows us to take existing technology and products, demonstrate it to customers, demonstrate it to regulators, do iterations of design and development on our own, and then eventually take it through to certification. It allows us to look into any areas of the market where we have our products and technology under development and want to move with speed and agility. We can leverage this capability just like we're doing with our Surface Alerts product and a number of other products across the organization. We're talking about innovation, we haven't spent much time on AI. Krista, maybe this is a chance to go a little bit deeper there. I thought maybe we could talk about the global aftermarket business as a good case study for what your org is doing inside of Honeywell Aerospace. Maybe talk about actions that are underway where we're already doing the things, say, 12-24 months, where we're seeing real traction. Also as you talk through that, let's also go a bit further out on the horizon and what could be as we think 36 months and beyond. Yeah. First and foremost, we are deploying AI and AI agents everywhere across the company. We're using it to automate processes and get to greater productivity. We use it to get to faster data insights where we can be predicting and optimizing our decisions. In our aftermarket space, we're utilizing AI to be able to look for white space opportunity and where we could have potential new revenue streams. We look at it across the entirety of our maintenance, repair, and overhaul business, and how we can utilize data that's coming off of our products, out of our systems, and analyze that to predict where we could have either repairs or maintenance, and then in turn, how we use that to minimize aircraft on ground. We'll also use it within our contract space and how we accelerate our ability to move faster on requests for proposals. Looking 12-24 months down the road, we'll continue to mature all of the AI solutions we have in place today to be able to further optimize. I'll be partnering with Ben's commercial organization. We'll be looking at how we accelerate the sales processes, and we'll be looking to optimize and use AI in our pricing optimization. We'll be looking at how we can extract data from static documents like text and emails and voicemails, and automate putting that into our sales system to get faster data insights, but also to eliminate manual work for your sales team. Going back to engineering and even thinking beyond just the design process, we'll be utilizing many forms of engineering data so that we can move faster on engineering requirement documents and engineering knowledge articles. We have a very accelerated AI roadmap, and we're very excited about the value that it's not only going to bring to Honeywell Aerospace, but also to our customers. Given the volume of transactions and information in the aftermarket, it's just a great application. Yes That our teams are working on together to really optimize that. Yeah. Let's talk about decoupled growth for a minute. The official term is retrofits, modifications, and upgrades, RMUs. We've heard it again. It's been a theme throughout the presentation so far. It seems like a relatively unique capability for Honeywell, at least in terms of the maturity, the scale, the intention to which we prosecute that. Maybe you guys could just tell us a little bit more about, from each of your perspective, how RMUs not only help solve customer challenges in the aftermarket and the installed base, but also how that is a different form of innovation that helps us think ahead to future platforms. Yeah. When you think about the life cycle of any aircraft, it's really long, right? It's years to develop. It's built for 20 years. Each aircraft flies for 20 to 30 years, sometimes 40 years in the military. These are very long life cycle products, and you don't want to wait for the new aircraft to get the latest technology. Just think about safety. You don't want to wait for a brand-new aircraft to get the latest safety technology on the existing fleet. The real objective that Honeywell has here is work with operators, identify what they can do to actually improve their existing fleet, and then, given our engineering expertise, our installed base, go and make those things happen and bring them in. They generally fall into three categories. One is safety. Think of our Epic cockpit. In business jets, there's 6,000 Epic cockpits out there. We've now gone from Class Bravo, and now we're working on Certification in India. You can see all of these sort of seven different upgrade cycles where there's software-only upgrades offering things like synthetic vision, advanced approaches, other safety improvements, and we're actually getting a very high penetration for every wave of these upgrades. Having that existing sort of cockpit enables you to do that. Another category is efficiency. Think of improved reliability for starters, high-efficiency APU, big desire for that. Performance, fundamentally changing the performance is kind of the last category. Dave talked about the Chinook helicopter. That same engine envelope and size, the current engine is three times as powerful as the original engine. We've gone through waves of upgrade cycles that have enabled the war fighter and the soldier to actually do brand-new things with the Chinook that they couldn't before because of these power upgrades. It's really across the board, that's what you try to do given the long life cycle of these platforms. Krista, I know you've been helping us a ton on the RMU business in identifying those. Well, I think the way that I think of IT helping RMU business is how we utilize the data that we're getting from our operators, and then how we take that data and analyze it to see where we could have upgrade potential, and then what the resulting value would be for our customers. Additionally, much of our RMU work is around software-only upgrades, it's very important for my organization to enable the right digital infrastructure back to that high-performance computing to make sure that that is a very efficient process. Todd, you and I have no shortage of conversations on high-performance computing and what it does for the engineering organization. Right. maybe you want to expand a little more. Ben hit a bunch on the retrofits, mods, upgrades equation here and how we really look at that. From an engineering standpoint, our installed base allows us to continuously innovate, right? We can think of new things. We react to the market, we look at the market, and we understand what's going on in the market, and we can be proactive and develop new technologies, new features, new functions, whether they're software only or some hardware upgrades, as we can go to market. One of the great things that Bob brought up is our resilient navigation portfolio, right? We all have heard about GPS denied and GNSS denied from jamming, spoofing, a number of issues. This affects anyone flying anywhere at any point in time across advanced air mobility, commercial aerospace, defense, right? We proactively have been investing for a number of years on different modalities of sensing, and then we figure out how to bring those to market through various install base applications as Ben mentioned. That's just one area to highlight. I love the Chinook example. It's always a super good one, especially, and even with Epic and everything else. We do all this activity, and it just allows us to continually iterate and invest in new technology, new value-added features and functions. I think that transitions pretty nicely to talk about advanced technology and go a bit further out on the time horizon. We've been making the case today that Honeywell Aerospace is going to push the industry forward in terms of greater forms of electrification, further pathway towards autonomy, lots of new forms of safety. As we think about those vectors, what are we seeing in terms of the customer demand for those types of opportunities and future next-generation platforms? Krista, maybe do you want to- Sure yes? Our AI strategy, it truly goes beyond just productivity. We fundamentally see it as customer-facing. I think a great example of this is what we do with engineering on new product development and the implementation of digital twins. A digital twin is a high-fidelity replica of our product in an aircraft operating environment. We can use the data coming off of the digital twins to analyze against real-world conditions, then predict the performance of our product, which in turn helps us with our product strategy. We can also use digital twin within our autonomy product. We do that by utilizing it for the see, think, act, communicate processes, which in turn drives greater innovation and product strategy for us. Todd, that is near and dear to your heart. Maybe you want to talk a little bit more about our path to autonomy. Yeah. How much time we got left? Yeah. We could talk about this all day. From the standpoint, Krista hit on it, pretty much hit the nail on the head, right? We look at autonomy, speaking about autonomy, right, through the principles of robotics, right? See, think, act, communicate. If you know aviation and you think about the golden rule of aviation, aviate, navigate, communicate, all of those things really overlay very nicely with a lot of our products. We leverage the tools and capability infrastructure developed in partnership with Krista and her team to be able to simulate these environments and stitch these products together to create much greater automation potential across our integrated cockpits, whether it's Epic or the new Anthem cockpit that Bob talked about, or whether it's just developing pilot aids to assist from an AI standpoint, developing digital copilot that we talked about, and any number of other points of automation to really reduce crew workload and create a much safer experience for the warfighter and commercial air transport passengers. Additionally, this plays down into the safety side of the equation, and if we look at autonomy, safety, and electrification. On the safety front, we've talked a lot about SURF-A and a number of other products, resilient navigation. We have advances in weather radar to detect numerous other forms of weather conditions in the flight path and be able to react accordingly. We can talk about flight data recorder advancements that we're investing in and bringing out, and a number of other areas. You could also talk about different autonomous operations as we go into the advanced air mobility market and even into the defense space for collaborative combat aircraft. We take all of our install base, we take the technology we have, we leverage our IT infrastructure, stitch that together, and create value-added features and functions and offerings for the marketplace as we move forward in the future. Ben, what are your thoughts on electrification? The heart of what electrification is trying to get at is next-generation platforms want to be 15% plus more efficient, lower cost. One of the things that you really need in that is to a lower bleed or a no-bleed engine, really enabling more efficiency. The question is, how does the rest of the aircraft function and what's the electrification needed there? What Honeywell Aerospace has is really a lot of the key building blocks for that. One, we're the leaders in power generation with our APU business. You heard Dave talk about the turbogenerators. That's a space where you got to generate the electricity. Once you generate this electricity, you've got to cool it and manage the thermal loads in a really efficient manner. That's what Attune does. Attune is a step change in more efficient cooling, high-density cooling in a smaller footprint and using less energy itself. That's already winning and already being proven on certain platforms. That's going to enable it to continue to larger platforms and other things going forward. When you think about what do you do with all this electricity, one of the things you need to do is have better actuation systems. Control all the flying surfaces of whatever platform it is more precisely, better, and more efficiently. That's what the Assure product line does. It's had eight wins already. It's proving this in the missile environment, proving this in other environments, and that kind of gives you all these building blocks, and you're not just betting on something that hasn't been fielded. You're actually doing things that have been fielded, that have proven, and then you can build that electrification story, which is sort of unlocking this 15%+ improvements going forward. I think overall, we feel really good about the positioning we have against these long-term trends. That's about all the time we have. Great discussion. Thank you. Thank you. Please welcome Chief Integrated Supply Chain Officer, Kathy Worthen, and Chief Financial Officer, Josh Jepsen. Good morning. I'm Josh Jepsen, Chief Financial Officer. I joined Honeywell Aerospace in February. I could not be more excited. What stood out to me about Honeywell Aerospace is the breadth and quality of the portfolio, Jim, the culture, the caliber of the leadership team assembled, and the opportunity to help scale a business with incredible momentum and long-term growth potential. Today, I'll focus on how our comprehensive operating system is a differentiator for Honeywell Aerospace, enabling consistent, profitable growth, strong cash generation. I'm joined on stage by Kathy Worthen, our Chief Integrated Supply Chain Officer. She comes with a ton of experience in leading supply chain transformations across multiple industries. We are very lucky to have her on the team. I'm excited to partner with her as we move on this journey to fully unlock our growth potential. Kathy? Thanks, Josh. Good morning. I'm Kathy Worthen, Chief Integrated Supply Chain Officer. I joined Honeywell Aerospace in September 2025 with over 25 years of supply chain experience cross-industry with companies such as General Motors, GE, and Magna International. Like Josh, I couldn't be more excited to be in this industry as a leader as part of this transformational moment, everything in all of the significant opportunity we have ahead. What attracted me to this business was not only that scale of that opportunity, the ability to build a more integrated, resilient, and scalable operating model to support our long-term growth. Josh? Thanks, Kathy. To start, I want to provide some historical context. Over time, our business has generated healthy profits. However, some of those strong results came at the expense of investments in certain areas of the supply chain, operations. Therefore, as demand has accelerated, it uncovered opportunities to better align supplier capacity, planning, execution required to meet that demand. We are laser focused on addressing this dynamic with deliberate actions to better support an integrated end-to-end supply chain, deliver stronger output growth. To help advance these efforts, today, we're introducing the Honeywell Aerospace Operating System. Building on a strong foundation, this operating system is designed to drive consistency, improve execution with differentiated performance, support profitable growth. It is anchored in four key principles. First, a single enterprise-wide system, which empowers teams with standardized ways of problem-solving, decision-making, communicating. Second, it builds a culture of continuous improvement. This will unlock efficiency by driving performance, cross-functional collaboration. Third, it enables predictable, profitable growth underpinned by our team's focus on customers as we deliver enhancements to safety, quality, delivery, cost, cash flow. Fourth, it affirms disciplined capital allocation, investment decisions, aligned with our strategic priorities. Over the past two decades, Honeywell Accelerator has been responsible for promoting a consistent growth mindset, operational excellence, disciplined execution. As a standalone aerospace company, Honeywell Aerospace, we are evolving the legacy from the Honeywell operating system into a custom lean system designed to unlock additional gains for a long cycle business. We aim to deliver meaningful impact with the most significant enhancements from our integrated supply chain, focused on bolstering capacity to meet demand, generating output growth. For instance, the Honeywell Aerospace Operating System will deliver better enterprise-wide alignment by providing increased transparency, cross-functional collaboration, which will in turn improve quality and on-time delivery. The operating system also accelerates digital and AI-enabled planning to strengthen supply, which will support end-to-end supply chain. Planner agents will be created to identify supply chain bottlenecks proactively, highlight critical part shortages, and ensure clear to build readiness through AI-driven prioritization and automated triage. This is a critical component, especially as we work to address the supplier constraints that we flagged earlier this year. In parallel, these efforts enhance manufacturing excellence to increase throughput, quality, and real-time performance visibility. With that, I'll hand it over to Kathy to provide some color on where the supply chain is today, where we're going, and how this operating system drives tangible impact and output growth. Thanks, Josh. Today I'll walk through how we are improving our execution predictability, strengthening supplier and factory coordination, and converting strong aerospace demand into scalable, more reliable growth. Honeywell Aerospace operates a large and diversified global supply chain network supported by more than 16,000 supply chain employees and over 3,000 production suppliers. Our regional footprint across the Americas, Europe, and Asia-Pacific strengthen resiliency, support localization, and enable closer alignment to customer demand. In 2025, we delivered 16% year-over-year output growth, driving high supply and throughput demands across several constrained categories, particularly mechanical components and repair flows. As a result, we identified opportunities to improve execution predictability, that planning stability, and also synchronize our supply across the network. That is where the Honeywell Aerospace Operating System becomes critical. Before outlining where we're going, it's important to frame the environment we're operating in. Externally, the aerospace industry experienced significant supply chain disruption, beginning with the post-pandemic demand recovery. Mechanical components, castings, forgings, and precision machined parts became constrained across multiple supplier tiers. At the same time, labor shortages and operational instability at certain suppliers impacted consistency, yield, and throughput. Internally, we identified opportunities to better align our planning, supplier capacity, and the factory execution across the network. As demand accelerated, variability in schedules and fragmented coordination created inefficiencies that impacted throughput and our delivery predictability. The last four years could be characterized as more brute force efforts with a focus on tactical actions to navigate that high constraint environment. That brute force won't get us to where we need to go. We need to meet more robust customer demands. We are now shifting towards a more strategic approach, partnering with our suppliers to improve the resiliency and predictability of our supply chain to meet the long-term growth potential. I have led similar transformations before, and we're progressing well towards achieving these goals. Over the last several months, we've taken deliberate steps to improve execution. We increased direct engagement and collaboration with critical suppliers. We are confirming supplier capacity and introduced more stable planning windows. These actions are improving our supplier commitment reliability, strengthening material input trends, and creating more predictable delivery conversions across constrained areas of the network. Importantly, this is not about the entire supply base. We have identified a focused subset of pacing suppliers in constrained categories where targeted actions can have the greatest impact. To support that effort, the Honeywell Aerospace Operating System is focused on four strategic priorities designed to improve the visibility, reduce the variability, and increase throughput. First, we're stabilizing planning by strengthening execution through that tighter alignment between demand signals, supplier capacity, inventory positioning, and factory schedules. To sustain execution, we have implemented more disciplined planning governance, including stabilizing those planning windows with our critical suppliers. This provides suppliers with clear demand signals, improving their commitment reliability, and reducing disruption across the network. Second, we're strengthening and expanding supply focused on those constrained categories with the highest impact of throughput conversion. That includes increasing supplier capacity agreements, improving dual sourcing, expanding strategic insourcing where appropriate, and strengthening engagement with critical pacing suppliers. Third, we're driving factory throughput by improving execution discipline, improving factory flow, reducing work in process inventory, and increasing throughput conversion across constrained platforms. Fourth, we're operating as one integrated system, creating enterprise-wide visibility, faster decision-making, and stronger accountability across procurement, planning, manufacturing, and supplier management. Together, these actions are improving transparency, accountability, and throughput predictability across the network. As those disciplines have been implemented, we are beginning to see measurable operational improvements across several portions of the portfolio. The progress we are seeing today is not just isolated to a single site or supplier recovery. It reflects a broader improvement in pacing visibility, supplier coordination, throughput management, and execution discipline across that network. Trying to see if I need water or not. A lot of words. I want to make sure everybody understands those pieces. For example, material input trends across our constrained categories improved during the quarter, while several pacing suppliers demonstrated sequential improvement in throughput and shipment conversion. While recovery across the aerospace supply chains remains a multi-quarter journey, the operational indicators are moving in the right direction, and they provide greater confidence in our ability to scale output more predictably over time. This slide outlines how we're executing those priorities through an integrated operating model. We start by improving execution predictability through better alignment between demand, supplier capacity, and factory schedules. The focus today is reducing variability, improving commitment reliability, and increasing throughput across constrained portions of the supply chain. I'm going to grab water. Thank you. We are strengthening coordination across suppliers, procurement, planning, and manufacturing to improve speed, accountability, and visibility across the network. As we continue to scale, we are also leveraging digital capabilities to support faster decision-making and better operational visibility. This phased approach moves us from tactical recovery toward a more scalable and resilient execution across capable supporting suppliers and supporting our long-term growth. Compared to earlier in the year, we now operate with greater visibility in executing that supply within the quarter, including supply confirmed pacing, shipping conversion tracking, and platform-level throughput governance. As execution discipline and supplier coordination improves, we will start to see stabilization across several constrained portions of the network, including our stronger throughput, improved shipment pacing, and more predictable operational conversion. Those indicators are important because they demonstrate better execution consistency, not simply short-term recovery actions. While aerospace supply chains remain constrained in certain categories, we believe these operational improvements position us to scale output more predictably over time. To illustrate how we are stabilizing performance and converting demand into output, I want to share a few examples across the portfolio. These examples reflect how we are applying our operating system to remove constraints, to improve the flow, and also increase throughput across our portfolio. In Electronic Solutions, circuit card assembly is a critical input into avionics systems. To improve testing efficiency and reduce dependency on external repair loops, we invested in advanced diagnostic testing and machine learning capabilities that allow repairs to occur prior to installation. This improved testing productivity by approximately 30%, while increasing throughput and reducing reliance on outside suppliers. This increased conversion efficiency while also reducing dependency on those external repair loops. Similarly, within Engines & Power Systems, we implemented automated welding technology to transform the impeller repair process. The result was meaningful, had productivity improvements, and it included reductions in manual welding and finishing time while improving our quality consistency. These investments improve throughput consistency while increasing scalable repair capacity. Within Control Systems, we invested in automation capabilities supporting air turbine start repair processes. These improvements streamlined multiple activities into a simplified process flow, increasing uptime and supporting approximately $95 million in incremental revenue over two and a half years. While improving uptime, reducing process variability, and accelerating flow through constrained repair operations, we'll continue to see the optimization and the production throughput. These are examples of how we are applying disciplined operational improvements to convert our strong demand into executable output across the network. In parallel, we have also deployed targeted operational recovery and supplier operational improvements across our network, our supply network, especially where we see constraints in our global integrated supply chain network. These efforts have been focusing on improving execution visibility, standardizing workflows, stabilizing our schedule practices in alignment with our supply base, and removing bottlenecks that were limiting throughput and what were driving some of our extended lead times. In practice, that means moving from manual and reactive execution processes to a more disciplined, data-driven operational management. It also improves our material flow, increases our decision speed, and creating more predictable execution across both our sites and our critical suppliers. We are already seeing measurable improvements in operational performance across several constrained areas of our business. Supplier commit rates have improved, schedule stability is stabilizing, supplier delivery pacing is becoming more consistent, and we're seeing open execution aging of our WIP have all improved. To sum it up, we are encouraged by the momentum we are seeing at the beginning of this new phase in our supply chain transformation. We have a clear, achievable plan in place to capture the significant financial opportunity from growing output and ramping efficiency in the years ahead. With that, I will turn it back to Josh. Thanks, Kathy. Our operating system will help advance outcome-based results with consistency, repeatability, and scalability. We measure our success across four key indicators: delivery, quality, cost, and cash. On delivery, we're improving lead times, including engines and APUs as examples. On quality, we're reducing defect rates. On cost, we're optimizing repair and overhaul to shorten turnaround times. On cash, we're focusing on inventory turns. This focus is delivering early progress, we know there is much work to be done to continue driving each of these measures to where we want them to be. With that in mind, I want to highlight how faster inventory turns will support cash flow growth. As shown here on the slide, inventory turns have trended lower since 2018, below three turns since 2018 as we came through the pandemic due to supply chain constraints that Kathy mentioned earlier, combined with robust demand that required us to carry more inventory compared to historical standards. We see a path to return to pre-COVID levels through disciplined planning and execution. First, enhancing end-to-end demand visibility and AI-enabled planning to better align supply, reducing excess and obsolete inventory. Next, improving supplier coordination and reducing lead times to lower safety stock requirements and increase throughput velocity. We have planned and are executing over 1,000 discrete actions to drive supply improvements. This includes supplier staffing, yield enhancements, supplier transitions, increased dual sourcing, and AI-enabled planning. As executed, these efforts will allow for consumption of inventory which has built up over time. Third, driving disciplined new product introduction and lifecycle management processes to avoid inventory build during these phases. With a return to our pre-pandemic level of inventory turns representing approximately $1 billion in cash flow, it's clear that consistent execution across these milestones will drive meaningful impact. To bring this all to life, I'd like to share an example of how we are applying the Honeywell Aerospace Operating System to remove constraints and unlock capacity within our supply chain. We recently partnered with a key supplier conducting a Kaizen event across their multi-site footprint focused on eliminating waste through continuous improvement. This helped identify issues in flow, quality, and inspection. In particular, limited overall process visibility, machining bottlenecks, and planning variability were driving rework and extended cycle times. By applying our operating system tools, we streamlined data capture, stabilized execution, and optimized existing inspection capacity. The impact was immediate. First-pass yield improved by roughly 25%. We reduced non-value-added work by about 50%. This is just one example of how we're removing waste with continuous improvement and converting constraints into capacity to drive output growth. In summary, the Honeywell Aerospace Operating System is integral to how we translate demand into output. We're taking a back-to-basics approach to leverage the best of Honeywell Accelerator and tailoring it to meet the unique needs as a stand-alone aerospace company. We are embedding a culture of continuous improvement with supplier capacity aligned to demand, enhancing predictability and resilience. We are strengthening alignment across R&D, supply chain, and manufacturing, operating as one system to increase output, delivery, and quality for our customers. We're driving measurable results with backlog conversion and inventory reduction, supporting higher sales, profit, and cash flow through disciplined investments. Together, this positions us to accelerate growth with consistent, scalable execution. Kathy and I both thank you for joining us today. Thank you. Now I'd like to ask Jim and Sean to join me here for a Q&A. My middle feels a little tight. Oh. I think this is the part where we get. All right. I think this is the part where we get some audience participation typically at this point in the show. Kristine? Okay, great. Standing up too. Hi, Kristine Liwag, Morgan Stanley. Thank you for the presentation this morning. Maybe just with the last session, Josh, you talked about the Honeywell Operating System. Just want to understand a little bit better, how much of that was already part of the Honeywell Operating System, what's new, and where is that incremental change coming from, and how do we think about measuring results from that change? It seems like you guys have been around for over 100 years and profitable, just understanding where that rate of change could be would be really helpful. Jim, maybe you could start given you've been through the transition. Yeah. A couple things I would add relative to that. Yes, the existing Honeywell Accelerator System that's been in place, which is something that was foundational, does provide a substantial amount of benefit that has been realized over the years. The one thing I would say specific to that plan, though, is you think about where we were pre-COVID and now coming out of COVID, that plan was really more centered around driving productivity and efficiency, rooftop consolidation, and the output metric from that was driving Honeywell Aerospace, was about expanding margins at the end of the day. We talked about that a little bit earlier during my portion of the opening comments about how our profits grew by 50%. That Operating System, however, was not built and/or structured as part of Honeywell Aerospace pre-COVID to be around a growth-minded culture and a growth-minded organization. That is the major unlock when we're making this system to be very purpose-built for Honeywell Aerospace in the direction that we're taking the company, which is to have a growth-minded culture, meeting the demand that our customers are providing for or requesting for our products and services, therefore making that purpose-built Operating System to be very, very specific around driving growth, profitable growth, that's the focus to drive the value for the company and drive value for our shareholders. Maybe just to add, the only thing I'd say on top of that, K ristine, is you think about the metrics. I mean, we talked about some of them. What are we seeing from an output growth perspective? Are we converting backlog into deliveries? That's obvious. I think over time, what are we doing from a margin perspective? We're driving EBIT, but also very specifically, what are we doing to drive inventory? When we talk about the cash unlock potential in driving increased efficiency as we drive that throughput, that is significant in terms of what we can deliver there. Peter? Stand up. Thanks. Peter Arment, Baird. You talked about supply chain unlock. A lot of us, we've heard a lot about that. Do you view it more of an external or internal heavy lift effort? If you are successful outside of kind of the baseline assumptions that you have for your top line, is it going to lead to a faster growth top line, or should we think of this more of a margin opportunity? Thanks. I'll take it, and you want to add onto that? Sure. If I were to just to bifurcate a little bit between your comment about external and internal, I would say probably about 70% of it is external, 30% is internal. We went through, as I was describing earlier, massive transformation of a supply chain strategy pre-COVID, which was again built around productivity, efficiency, reducing rooftops, and the like. With that constraint that exists in terms of reducing rooftops, obviously now in a high growth environment that we're operating in, and the growth trajectory that we are planning going forward, we need to look internally. That is, again, definitely part of the calculus. It is also it's externally as well, right, within the supply base. We have an exceptionally complex integrated supply chain as described by Kathy. It's an electronic supply chain. It's a mechanical supply chain. 3,000 suppliers across the board and the like. Many of them are smaller family-owned operations, 100-person, 200-person, 300-person shops that don't necessarily have been structured and built for a growth environment that we are experiencing right now. We spend a significant amount of time with them. How do you get more capacity out of your factory? How do you increase productivity and efficiency to drive more output? How do you address yield issues? How do you address quality issues? What CapEx do you need to grow with us and to grow as part of Honeywell Aerospace? We will inject, in many cases, we will inject capital into those facilities of those companies, again, as an enabler for growth. It is both elements. It's both an external view and an internal view, but I would say the focus on a percentage basis is a little bit higher on the external, but we are definitely investing internally as well. Yeah. What I'd add, Peter, is I think there's a component on the external piece that Jim mentioned, which is approach of partnering, like taking a very strategic relationship approach with the supply base, and I think that's been an important pivot that we've made here over the last six months or so, and really working. I was just on a supplier call with 150 suppliers, and that's what we were talking about. Like, how are we partnering to grow together? This isn't just we want to grow at their expense. How do we grow together? We're only successful if we work together. I think. Strategically, that's critical. On the internal side, and I think we may have had some of this conversation last night, what are the things that we should potentially be doing in-house? How do we think about what are our core competencies? Where do we have the ability to do that? Things that are strategic, that are important, mission critical to the system, and also drive margin for us. I think there'll be more and more opportunities that we'll continue to look at there as well. Sheila? Sheila Kahyaoglu with Jefferies. Maybe on the 6%-8% revenue growth guidance, can you give us a bottoms-up how you think about the different end markets? I think aftermarket, you're expecting an improvement there. How you think about pricing and new content wins adding to that? You want to take that one? Yeah, across the end market segments. Jim laid out what we think those segments look like. If you look at commercial OE and aftermarket, mid-single to high single digits. Defense and Space, we think are more like mid-single as you get out to 2030. Those are kind of the big how do we see end markets coming together as we move to here. Now, clearly, we've got the unique opportunity on the backlog because as we talk about how do we unlock that for us has been the thing that's metered or tempered our ability to grow. The improvement there allows us to not only grow, we already think we can outpace the market, but that gives us more upside on top of that. David? Thanks. David Strauss from Wells Fargo. You highlighted one of the keys for outgrowing new platform wins. Can you just highlight what you see as the key new platform wins that will come through? When do you think that those really manifest, that timeframe from 2026 to 2030? When do they really manifest in the number and maybe accelerate your growth relative to peers? Thank you. Many of them I can't speak about specifically. They are undisclosed in many regards, but they apply whether we're talking business aviation and Defense, as well as applications that we're putting on newer OE platforms as well, or introducing technologies that are displacing other competitors on OE platforms in the commercial air transport market. In terms of entering the service relative to these opportunities, it could be anywhere from the late 2020s timeframe, think of 2028, 2029, and then moving into the early 2030s. Most importantly is ensuring that we're positioning where we are investing in electrification, autonomy, and safety, developing those innovative technologies in other end markets, certifying them, introducing them for low risk in anticipation for what's going to be necessary for next-gen single aisle and that competitive landscape that's in the future going forward. Maybe one thing to add, David, is if you think about Defense and Space, a lot of conversation about multi-year framework agreements and the like, missiles and munitions. Some of that we would expect maybe late 2027. Those are seven-year agreements, those have a long, long tail. Earliest end is probably in the latter half of 2027. Again, that extends into the mid-2030s. Seth? Hey, thanks. Seth Seifman from JP Morgan. Just wanted to dig in with an additional question on the end market outlooks. I guess if we look at a year ago-ish, in Paris, I think the outlook for commercial OE has come down somewhat, outlook for the aftermarket has gotten a little better. The outlook for defense is kind of the same. I guess if I thought about it, I might've thought that defense had gotten better over the past year. Maybe is there a reason why that hasn't improved? With regard to the OE and aftermarket, I think when people think we're kind of in the midst of a very long OE cycle here. Why that growth rate came down? For the aftermarket, what kind of retirements you expect to underlie that growth rate that you have? I think as we've indicated, mid to high singles for commercial OE, I think it is in line with what we see in terms of the ability of the commercial OE customers to be able to ramp as they look across the entire supply chain that is required to be able to produce and ramp those aircraft accordingly. It's pretty more mathematical and formulaic in terms of being able to determine that, and it's really going to be dependent upon how they grow accordingly. We are aligned because we have the visibility into their production plans on a go-forward basis, not just for current year, next year, but on a 5-year horizon for sure, relative to that. We still see strong growth in the aftermarket, commercial aftermarket. An element behind that that is important for us, and we talk about this all the time, is our retrofit mods and upgrades, and capitalizing on the fact that we can go in and introduce new technologies, new innovation, increase the reliability and efficiency, and add safety into those existing platforms, I think is also an element that's an added kicker into our ability to be able to grow in the commercial aftermarket side. The defense and space, it is an element. There is substantial funding that is going into that realm, both in the domestic and on the international front. What I would say is that we've taken a little bit more of a conservative view. We do recognize that there are substantial hurdles that still need to be overcome in terms of budgetary requirements and the like, congressionally speaking. We've actually taken a little bit of a conservative view. We also fully understand exactly where we are positioned, how those budgets are aligning, what does it represent in terms of our content on said platforms. Similarly, on missiles and munition programs that Josh was mentioning a moment ago, all of it is done with a view because we've gotten to be so integrated with our OE customers in terms of what their plans are, and it's similar now, the visibility that we're getting out of the Department of War, that allows to be able to frame those type of growth rates for the business. Seth, maybe one thing just to add on the aftermarket side is business aviation has been really resilient. Even in a year like this, with everything going on in the world, we're actually seeing flight hours move up. We see strong aftermarket activity from business aviation. That exposure for us is different than many, and that also helps to remain or keep that buoyancy in aftermarket. Noah. Hey, thanks guys. You've talked about the challenge of being able to, inside of a conglomerate, invest as much as you want and with the efficacy that you want. I guess if we look at the last kind of decade or just current gen versus prior gen, was Honeywell a share gainer or share loser? In the places where there was a minus, are there a handful you could highlight that you really want to attack now? Yeah. For us, the unlock that really happens is really around a singular strategy and a singular mission for a pure-play company. As part of a conglomerate, and if you look about the various divisions within Honeywell today, our strategy was differentiated from the other strategies of the other businesses. Our root cause of issues where we needed to capitalize the organization was very different than the other parts of the organization. As Honeywell is making decisions around capital deployment, you end up a little bit in a sub-optimized realm in terms of how you want to allocate that capital to meet the needs of the various businesses going forward. For us, that big unlock is that we're going to have one mission, one strategy, one focus, one purpose-built management team. Every single one of my leaders, with the exception of one, that runs our commercial aftermarket business, who you'll hear from later today, they all sit within 150 feet of me. We are all centralized in our ability to be mission-centric and focused in executing the strategy and driving shareholder value ultimately. That unlock around how do we want to deploy capital is not then going to be subpar across the businesses because all the strategies are single-minded and single-focused on one desired outcome. Ken. Yeah. Hi, Ken Herbert with RBC. I wanted to see if I could just follow up on the question earlier. If we look within commercial OE versus aftermarket, can you talk about the growth and the assumptions on pricing between those two markets, if they're the same or where you're seeing differences? Maybe, Jim, just to drill down on the RMU opportunity, can you give us any data maybe around how many new products or opportunities you're bringing to market maybe this year or expect to next year, maybe how that changed from a few years ago to just help frame that sort of opportunity for us? You handle price, I'll take RMU. Yeah. You want me to do that? Yeah. Yeah. I'll hit on the RMUs, and Josh will address the pricing aspect of the commercial OE and the commercial aftermarket. What I would say is 10% of all of our organic investments that we do are centered around the development of retrofit mods and upgrades. That number has increased as of late versus what we had seen in prior years. On any given day, there can be up to 30 to 40 different products that are out there that our sales team is developing and/or selling and demonstrating value prop to customers for incorporation onto their aircraft and into their fleets. That is a cycle, however, to be very clear, that is a cycle that's about a three-year cycle. You introduce a product, you have about a three-year window upon which that product will be introduced onto an aircraft, and then you got to be onto your next product going forward. That is like an innovation fly machine for us, where we're constantly innovating, constantly developing new technologies, addressing the needs of our customers, and driving tremendous value for them going forward. On any given day, we're developing 20 to 30 new ones, and 40, in the flywheel of that innovation machine going forward, and whether that's going to be commercial or transport applications, business aviation, and/or defense applications as well. What we have to do though, is we identify an issue, we identify a concern, we identify a problem statement, work intimately with the customers to understand what is the value that can be created, and what is the ROI for you as a customer that makes sense. In the commercial or transport market, that ROI has to be 18 months or less. When we look at the value of what we can bring, ultimately then, that drives the adoption rate across the board, and we don't look for, we don't anticipate, and we don't define success as 100% adoption of an RMU onto a particular platform for a particular group of customers. If we can get to two-thirds adoption, we're happy with that across the board. Right. As we continue, again, that's that innovation flywheel that we have to constantly be innovating, and the nice element around that that adds value into the organization is that culturally, you have to innovate to create this RMU engine, and culturally within the engineering organization, as part of Todd's group and a part of the business leaders group, that culture of innovation and speed ends up driving itself into the rest of the businesses as well in terms of new product development, even if it's not for an RMU. Ken. Oh, please. To follow up on your question on price. Certainly, we've come through a period of high inflation, right? That's put pressure on margin for us over the last few years. As we think about price, certainly the teams have been working, and we want to recouple go forward. How do we get closer? How do we close some of that gap that we've seen over time? Where does it come from? Which is kind of the root of your question. Where do you get that? It's a little bit different OE versus aftermarket. Contractually, what can we do? We've probably seen a little more of that come through aftermarket. As we have those opportunities, we're going to continue to work to try to close some of the gap that's occurred over the last few years as it relates to the inflationary pressure, whether that's pure inflation just coming through post-pandemic or things like tariffs or other things that have driven higher input cost. Thanks. Myles Walton, Wolfe Research. Can you talk about the margin opportunity by segment? You talked about EBIT growing faster than the top line, but you didn't talk about it opportunistically by each of the segments. Just based on the end market buildup, are you suggesting ES is the slowest of the three growths just because it has the highest proportion to defense as an end market? Thanks. From a margin perspective, I think we see margin potential and increase across the businesses. I wouldn't say it's necessarily skewed to one individual business. I think a lot of the things we're talking about that drive margin for us benefit all of our businesses. ES has a little bit less aftermarket just given kind of their mix, but we see tremendous growth in that portfolio. Navigation and Sensors, Bob talked about Navigation and Sensors, where we see tremendous growth, and that's been very good business for us, strong margin as well. Myles, I wouldn't say it's outsized to any one of the three. I think we expect improvements across them, and particularly just driven by what unlocks it is not unique, or it is more ubiquitous across all three of the businesses. In terms of growth across the three businesses, we don't anticipate one business outgrowing another business proportionally at some level that looks a little odd. I mean, all these products are on the same platforms going forward. A lot of synergies across the technologies that we're developing across those same platforms. It may ebb and flow quarter-to-quarter within the year, but if you look at it on a long-cycle horizon, which this business is, it's a long-cycle business. You would expect all three businesses over the horizon of a long cycle to be growing within 1% or 2% of one another on that horizon, regardless of whether they're primarily a commercial business or have more defense content versus another portion of the portfolio. I think that's a good place to leave it for now. As a reminder, we'll have more Q&A at the end of the session. This is now time, we're going to take a 15-minute break. Before we do that, I want to make one comment to folks on the webcast. We're aware of some of the challenges our webcast partner's having with the performance. We're going to continue to work on that. Thanks for your patience as we work towards getting a great outcome for those not in the room. About 15 minutes here, and then we'll start back up. Thank you very much. Please welcome back Chief Executive Officer Jim Currier. All right. Welcome back, everyone, from the break. Before we get started with the regular programming, which we're going to bring up Anthony Florian to talk a little bit as he runs our commercial aftermarket, that portion of Honeywell Aerospace. I think all of you know, since I came into the role back in August of 2023, that I am absolutely obsessed with customer partnerships and customer trust. Part of that has been spending a significant amount of my time since coming into role with customers, hearing directly from my peers their sentiments about Honeywell, what we can do together to build partnerships, stronger, longer lasting partnerships, and of course, that element of trust, which is of most important concern. What you're going to hear today, we're going to have two videos to show you. One of them is an engagement that I had with Éric Martel, who's the CEO of Bombardier. We'll have Anthony come up and do his portion on the commercial aftermarket. The second video you're going to hear is a conversation that I had with Florent Massou, who's the Chief Operating Officer with Airbus. It kind of gives you a flavor of how we are building, how I am personally building relationships with customers, because that is, again, as I've mentioned, core to what I believe in terms of success, not only for Honeywell Aerospace, but success for our customers as well. If we can roll that video, I'd appreciate it. Thank you. Gentlemen, maybe let's talk about the relationship between the two of you. I'll let you start. It's been amazing. Jim and I have, for all kind of reason, connected, I would say, day one. Trust is important in that business. It's a big world, aerospace, but it's a small world. We all know each other, and having a partner that you can rely on is very important. There's no better way to start establishing trust than spending time together. I think about the criticality of a CEO to CEO relationship is the message that it sends to our collective organizations. That gets reflected down into an organization. That just creates a win-win across the board for the partnership. It's very, very important, that CEO to CEO relationship. I think it'd be great for you just to share with us your vision for Bombardier. It's been a unique moment in time in business aviation over the last probably five, six years. Our customers are people that are flying all around the world. They need that capability of being able to move around faster. People are expecting to have the same performance on their computer or doing a video call that they have in the office on the plane. They would really engage with us to make sure that they have the last technology, what is the fastest, most reliable technology. Those have become very important point. We make those technology innovation available as soon as possible. There will be improvement on a yearly basis, as an example those days. It's a more global business. It was very much concentrated in North America before, but Europe has become significant. Middle East is growing despite everything happening today. We've seen the hours of flying increasing by 60% over the last five, six years for every platform, which makes our business also very attractive for the in-service support that we have to provide all these airplanes. The market really has changed dramatically. The demographic has completely changed, I think, with the business traveler now flying on a business jet. I think it's become much more personal as well, and a recognition of its truly enhanced safety and capability of the aircraft. I know that's foundational for Bombardier, that across the board, safety of paramount importance, and it's the same for us. I think also when you think about newer technologies that are coming around, anything around efficiency and improvements, because ultimately, driving down operational cost is also a major factor. I think that's where we've been able to partner greatly in terms of driving that capability and bringing it into the market together. That maybe transitions us to talk about the landmark agreement between the two companies. Technology is very important for the ultimate customer that are flying these planes. Understand what they need, what they want, and translate it into new technology development. It gives direction also to our R&D team on both sides to say, "This is something important that matters to the customer. There was a clear recognition that the direction that Éric is taking Bombardier, technologically speaking, with his aircraft, and what we have been investing in, that there was truly an opportunity to bring that together. There's something really special here that we can do together between the two companies in introducing this technology onto the transformative plans that Éric has going forward. Éric, maybe let's talk about performance that the customer expects in the future. I think more and more environmental footprint is going to be important. We know that this is a challenge we're all working on together. We spend, Bombardier, quite a big portion of our R&D money on reducing the footprint and everything. Of course, this is in a relationship. People look for more fuel efficiency, better safety. I think we're working with the authorities, whatever, if it's in Europe or in the U.S. or elsewhere in the world, to make our airplane always safer. I would say on the more operational front also, fleet operator they need their airplane to turn faster. This is how they make money. The airplane needs to be available to fly. They don't want the airplane to be in a maintenance center. It's truly a differentiator that Bombardier provides, in terms of that customer service that they provide to the owners and operators of their aircraft. It's really something that you've transformed over the last few years and widely recognized in the industry as such. Combining all of those together ultimately provides that customer experience and the customer knowledge around the safety of the aircraft that becomes vitally important. That's it. Those are all my questions. Thank you. Awesome. Too, man. Awesome. Great job. Ken, I thank you so very much. Thank you so much. Please welcome President, Commercial Aftermarket, Anthony Florian. Good morning, everyone. Thank you for being here with us today. My name's Anthony Florian, I'm the president of our commercial aftermarket. I've spent the better half of my 15 years in commercial aerospace leading businesses, navigating cycles, and developing a deep understanding for what operators truly need to keep their fleets performing. As you have heard today, Honeywell Aerospace has strong positions with differentiated technology across the commercial market. These operators are amongst the most sophisticated in the world. They manage complex global fleets, they know their cost of ownership down to the component level, and they choose their partners with extraordinary rigor. Earning that trust takes years, and keeping it takes even more. Today, I show you how we expand our aftermarket reach and why Honeywell has built a business that is difficult to replicate. Our commercial aftermarket portfolio stands apart through its scale and breadth. With Honeywell Aerospace content on more than 65,000 commercial aircraft in service, we have broad exposure across platforms, operators, and geographies, creating a durable foundation for recurring demand. That installed base supports aftermarket services over the full life of the aircraft and drives both growth and resilience. In 2025, our commercial aftermarket business generated nearly $8 billion in net sales and delivered 12% in organic growth, reflecting on our ability to create value for the installed base effectively. Our global service footprint further strengthens our model. With 26 repair and overhaul facilities across Americas, EMEA, and Asia Pacific, we can serve customers where they operate, improve turnaround times, and support fleets consistently across regions. Our more than 100 commercial air transport and 300 business aviation channel partner locations worldwide bolster our presence. Our installed base, technical expertise, and global support network position Honeywell Aerospace as a trusted aftermarket partner with durable, high-value growth opportunities. Our strategy to drive value is focused on three priorities. First, commercial aftermarket is an attractive end market, where we're able to innovate and create value for customers with high-value offerings. As platforms stay in operation for extended periods, demand increases for traditional aftermarket support. It also drives the need for solutions and service life extensions that improve performance and reliability of an aircraft. Second, we're focused on differentiated new technology for our installed base. Our focus on product innovation creates RMUs that enhance safety, connectivity, efficiency, and lifecycle value for our customers. RMUs are an important part of our portfolio, contributing roughly 10% of net sales across all of Honeywell Aerospace when combined with our defense RMU portfolio, and growing at an 18% CAGR since 2021. By developing new products that are designed to be further enhanced over time, we can continuously offer solutions to improve customer outcomes and increase sales throughout the life of the aircraft. Third, we're strengthening our operational capabilities across our global network by expanding MRO capacity, broadening channel partner networks, and advancing our digital service tools. Together, these actions will improve responsiveness, reduce turnaround times, and make it easier for customers to access the support, data, and service capabilities that they need. Rising aircraft utilization has driven strong demand across the commercial aftermarket. Two key trends highlight that momentum. First, global revenue passenger kilometers, or RPKs, are growing at mid-single digits, driven by rising mobility, urbanization, and the expansion of the global middle class, which supports higher aircraft utilization. Whilst near two-term growth has moderated due to geopolitical events in the Middle East, the long-term trend remains attractive in a market with proven resilience. In business aviation, total flight hours have grown at a 6% CAGR since 2019. One of the key drivers of that growth is the expansion of fractional ownership, with operator flight hours in this sub-segment growing at a double-digit CAGR or nearly doubling since 2019. Growing fractional utilization is contributing to rising demand in the super midsize category, where we have a greater share of content. Our aftermarket business has balanced exposure across commercial end markets with strong positions in commercial air transport in wide body, narrow body, and regional aircraft, as well as in business aviation. That breadth creates substantial opportunity to generate value over the lifetime of the fleet. What makes that opportunity especially attractive is the nature of our products. Our technologies are deeply embedded in platforms operating in one of the most rigorously certified environments in the world. Many of the aircraft platforms we support remain in service for decades, up to 50 years in some cases. Once our content is installed, our aftermarket services generate recurring demand for parts, repairs, and upgrades, and continuing ongoing support. We capture value through a few key aftermarket service models. The first is spare parts. Roughly 30% of our aftermarket revenue, where replacement components are used to maintain aircraft safety, reliability, and operational availability. Next is repair and overhaul, which represents nearly half of our aftermarket revenue. This includes services at both Honeywell Aerospace-owned facilities and authorized channel partners, providing repair capacity, technical expertise, and customer choice that improves outcomes for operators. Our repair and overhaul offerings are supplemented by licensing and other services. RMUs provide an additional growth vector that is decoupled from flight hours. Finally, used serviceable material, or USM, improves parts availability through OEM-certified and reconditioned material, helping customers to reduce cost and turnaround time. Overall, we have a comprehensive aftermarket business model focused on delivering recurring high-value revenue over the decades to come. On the next slide, we'll highlight the distinct yet complementary difference between our electronic and our mechanical aftermarket models. Electronic products typically generate stronger upfront economics with aftermarket revenue driven predominantly by licenses, software, and upgrades, more so than physical maintenance. Over time, customers require ongoing updates to enhance functionality, maintain compliance, and extend product relevance. This creates an upgrade-driven aftermarket stream that develops earlier in the product lifecycle. Mechanical products have a different profile, generating more recurring revenue through ongoing parts replacement, repair, and overhaul activity. These systems are subject to wear, servicing intervals, and replacement cycles, they naturally create predictable aftermarket demand over time. In mechanical systems, RMUs are typically focused on extending asset life, enhancing performance, maintaining compliance, and adding new capabilities over time. As a result, the revenue profile is more maintenance-driven with strong durability and predictability that complements the service cycle in electronics. Taking a closer look at RMUs, which you've heard plenty about today, we see a meaningful opportunity to create value for our customers and supplement our sales with growth that is decoupled from flight hours. RMUs offer shorter payback periods and align well with current operator focus on platform longevity, safety, efficiency, and reliability. They also support airworthiness regulator safety mandates such as our 25-hour cockpit voice recorder. Our develop once, deploy everywhere strategy enables us to expand certifications across more aircraft platforms, which broadens the addressable market for our proven offerings. In addition, we're accelerating customer-led new product introductions so that we can bring right capabilities to the market faster and support adoption more effectively. The examples here reflect that approach, whether it's enhanced cockpit capabilities through Primus Epic upgrades, improved power and greater fuel efficiency through the 131-9A APU, or upgraded longevity from the LEAP Air Turbine Starter. Our RMU offerings position us to outpace overall aftermarket growth for years to come. Beyond RMUs, we continue to expand our aftermarket capabilities to support above market growth and are increasing services to capitalize on market expansion. As an example, we expect APU flight hours on the A320neo and the 737 MAX fleets to grow at an 18% annualized rate through 2030. At the same time, we're also expanding initiatives around supply chain improvement, provisioning, and digital capabilities that are decoupled from the growth of the fleet. Our go-to-market strategy leverages multiple service models to meet demand in a capital efficient manner and increasing our proprietary content and data-enabled services. Lastly, we're building differentiated capabilities in USM to improve parts availability, reduce turnaround time, and give customers a cost-effective OEM certified option. Our aftermarket strategy is deliberately built around the needs of each end market: direct where it creates the most value, channel-led where it improves reach and responsiveness, and supported by enhanced MRO capabilities that drive long-term high margin growth. To summarize, Honeywell Aerospace is poised to drive consistent aftermarket sales growth. We're a trusted partner across 65,000 aircraft and service with an installed base that generates durable value through parts, repairs, and services over decades of aircraft operation. Looking ahead, we're focused on expanding our robust capabilities to grow faster than the market, adding to a foundation that took decades to build and cannot easily be replicated. Thank you again for joining us today. Have a great rest of the day. Today, I'm joined by Jim Currier, CEO of Honeywell Aerospace, and Florent Massou, Chief Operating Officer at Airbus. We want to spend some time talking about the long-term relationship between our two companies, where the industry is headed, and how we're working together as partners to drive the future of flight. It works well when the relationship are trustful, being very close to each other, and understanding, each other's constraints. To be able to have that trust and then just work in a very open manner, I feel incredibly honored to be able to have that kind of relationship and openness with Florent. As you both look towards where the industry is headed, how are trends like electrification, autonomy, more integrated systems influencing that next generation of aircraft? What we need to ensure is to make a real breakthrough in terms of platform, to bring more value to our customers, more safety, and then to onboard how many innovations as we can in a very dynamic world. There really has to be a compelling case around efficiency. All of these elements, all of these different technologies will be enabled by introducing electrification, autonomy, and digital technologies of integrated systems on the aircraft. I think these tools will be able to drive that efficiency and cost reductions. As we've collaborated on technology, that's an area where both companies are looking very closely at. How do you both see aerospace partnerships in the industry developing going forward as we move into this next phase of growth and technology development? When we develop an aircraft with key suppliers, key partners like Honeywell, we do it for the long run, and building progressively a shared view of what will be beneficial for Airbus and for our partners, for Honeywell for the future. It's a full value chain partnership, which is different than prior periods. I look at it as a completely different relationship than just being a technology partner. Now it's become industrial partnerships that have been developed between the two companies as well, particularly over the last few years. As both companies continue looking towards that next generation of aircraft, how do trends like safety and operational improvement shape those conversations? Safety is foundational. It's the crucible of how we operate within Honeywell Aerospace, I know how Airbus operates as well. It is foundational. It's part of every conversation. I think there is no rest on the safety front. To try and find each and every angle that can improve the safety of flights and, more globally, the safety of the ecosystem. Safety is inherent across any aircraft design of today, clearly aircraft of the future, bringing those technologies and working together, with a company like Airbus to drive that safety enhancements across the aircraft. We want to generate the maximum value for our companies, but also to share the value properly between Airbus, Honeywell, and our airline customers. With AI, sustainability, and efficiency increasingly influencing the industry, how do you see those priorities impacting next generation aircraft? The beauty of our business is that by getting more efficient aircraft, actually they are much more sustainable as well. The efficiency point of any new future platform is of essence. That means a lighter aircraft, more technology, more efficiency on the way they fly, less fuel consumption. In a world where we see scarcity of materials, scarcity of many different elements, I think we need also to walk the talk on the topic and bring evolutions on our product portfolio that will really make a difference. Florent, as Honeywell Aerospace moves forward as an independent company, what gives Airbus confidence in the long-term partnership and the future opportunities we have together? I think when I look at Honeywell as a standalone company, for me, it rings different bells. The first one is that Airbus will be between 15%-20%. We will represent 15%-20% of the revenues of the civil market of that company. When we talk about partnership, there is no success of Honeywell and Airbus without being strong on our foundations to drive this partnership. Also to properly drive the good value sharing between the different stakeholders. That remains a key element because that will be based on a trustful partnership, a strong understanding of what matters for Honeywell, for Airbus, and what will drive the future success. Jim, Florent, thank you. What a great discussion. Really appreciate the insights and the perspective on where the industry is headed, and of course, the continued partnership between Honeywell Aerospace and Airbus. Welcome back. Bob Buddecke. All right. Thank you. I could not be more excited to introduce this next segment. I could almost go as far as saying I'm over the moon, but you'll know in a moment what a bad pun that was. This past April, Artemis II completed its successful crewed flyby around the moon, the first time humans have traveled that far in more than five decades. It was an incredible milestone for the nation and an inspiring reminder of what is possible when advanced technology and trusted partnerships come together. For us at Honeywell Aerospace, it's also deeply meaningful. Our technology has been part of every U.S. manned space mission since the dawn of the space age. While our space portfolio is much broader today, that legacy of reliability and innovation remains at the core of who we are. The video you are about to see offers a great recap of the Artemis II mission and highlights some of the ways Honeywell Aerospace contributed. I'm proud of the role we play, and I hope you enjoy the look back. We choose to go to the moon. Not going to be easy. It's going to be hard. Doing what is hard and achieving what is great, that is what stirs humankind. That's what unites us. Today, we have invited other peoples of the Earth to join us in this great international adventure. Verify ready to resume count, and go for launch. OTC. OTC is go. STC. STC is go. C is go. CL is go. LV is go. RT is go. Houston Flight is go. Rock is go. Artemis CSOs are go. Launch weather is go. Reid, Victor, Christina, and Jeremy. On this historic mission, you take with you the heart of this Artemis team, the daring spirit of the American people and our partners across the globe, and the hopes and dreams of a new generation. Good luck. Godspeed, Artemis II. Let's go. Now I see ICPS in the docking camera field of view. Okay, waiting for 550. I'm on the THC. There's 550. Starting the 19-1. Please welcome President Defense and Space, Matt Milas. I think that's the most exciting video of the day, and it's my pleasure to talk to you about the most dynamic end market that we're servicing. I'm Matt Milas, the President of Defense and Space, or DNS for short. Over my career, I've had the opportunity to work at six leading aerospace companies before joining Honeywell Aerospace. My broad industry experience, spanning a variety of roles and functions, affords me a unique perspective into how much opportunity lies ahead for our business. Over my three and a half years leading DNS, we've accelerated growth, and we expect to continue that trend thanks to the team that is driven to support our customers' toughest missions. Defense and Space has many of the same advantages you've heard over the course of the day. Mission-critical content, long platform lives, deep customer relationships, and new development and upgrade opportunities. Our DNS business is built on a foundation of decades-long franchises with a strong legacy in navigation, power and thermal management, engines, power generation, electronic warfare, and advanced controls. These capabilities are critical to all aspects of national security and position Honeywell Aerospace to support evolving global defense priorities. DNS is a scaled, growing, and strategically important part of Honeywell Aerospace. In 2025, we generated over $7 billion in net sales, delivered 9% organic growth, and represented 41% of Honeywell Aerospace revenue. We support hundreds of platforms across the defense and space ecosystem, giving us broad exposure to aircraft, rotorcraft, missiles and munitions, space, land, and maritime applications. We also have a meaningful and differentiated international exposure with international sales contributing approximately 30% of direct commercial sales. That reflects our global customer base and rising demand for localized sovereign defense capabilities. Honeywell Aerospace has critical and expanding content on 11 of the major 12 U.S. missile platforms, as identified by the Munitions Acceleration Council, a focus area of the current administration. These metrics reflect a business with significant scale, strong momentum, and durable growth opportunities aligned with industry trends. Our strategy to create value in Defense and Space is focused on three priorities. First, Defense and Space offers very attractive markets for Honeywell Aerospace technology. We are well-positioned to work with the countries around the world that are modernizing defense capabilities, increasing readiness, and investing in next-generation platforms. Second, we're investing in differentiated technology platforms. As a tier 1 supplier in the defense market, a core advantage for Honeywell Aerospace is our ability to leverage commercial technologies and adapt them to the unique defense applications. That allows us to move faster and invest efficiently, providing core solutions to both traditional primes and non-traditional new entrants. Third, we are strengthening operational capabilities to unlock further growth. We are aggressively expanding capacity to meet highly visible demand in missiles, advancing localization in Europe, and building export capabilities for international customers. As you've heard today, our model is differentiated by our ability to develop technology once and deploy it across many markets. We have common technologies that serve commercial air transport, business aviation, and Defense and Space. Precision navigation is a good example. Our ring laser gyro technology provides high accuracy inertial sensing built on common production lines, and that capability is relevant across all domains and customers. The same is true for APUs, air and thermal management, flight control solutions, and connectivity. These systems may be adapted for different mission profiles, but the underlying technology and infrastructure is shared. That creates three benefits. First, it improves our return on R&D investment because we are not developing capabilities for a single application or customer. Second, customers depend on our core technologies with proven performance and manufacturing scale. Third, because these core technologies were commercially developed, we have favorable contracting, especially for international markets. For defense and space, this agile approach aligns closely with the Department of War acquisition transformation strategy that brings high-value solutions to war fighters faster. It's a powerful combination of manufacturing scale, dual use commercial technology, and accretive economics fueling sustained growth. Deploying commercial innovation means our content is extensive across a wide range of platforms. On aircraft, our products span all three segments, and we continue to upgrade these products over the long life cycles of these programs. A major upgrade across the installed base is the deployment of M-code anti-jamming solutions for navigation products, with over 40 upgrade programs underway globally. We are leaders in the technology that secures and expands our position for existing and new programs. The same breadth applies to missiles and munitions. We support critical programs with guidance, navigation, inertial measurement, radio frequency, telemetry, radar altimeters, actuation, attitude control, and control cards. The key point is that our defense and space business is not dependent on a single product, platform, or mission area. We have diverse, high-value commercial content across all domains, with multiple pathways to accelerate growth wherever it's happening. Speaking of accelerated growth, international defense is the fastest-growing part of our business and an area of differentiated strength for us. Our international defense sales have grown at a double-digit CAGR from 2020 to 2025, and we expect continued accretive growth through 2030. In 2025, we secured more than $2 billion of direct international wins. This momentum will continue due to several fundamental changes in the global defense market. Countries are building up domestic defense industries in response to shifting geopolitics, and they need proven technology at scale, something we provide to their OEMs. We are not competing with local industry. We are supporting their growth. The areas receiving the most investment, missiles, fighters, trainers, and unmanned systems, align well with our portfolio. We are also advancing our localization strategy with presence and partners. Civitanavi, which we acquired in 2024, expands our European footprint and strengthens our high-tech navigation portfolio for global export. We have over 1,000 engineers in the Czech Republic and a second engineering hub in Poland. We have significant international manufacturing and engineering capabilities across the E.U., U.K., and India, supported by a dedicated international defense sales force. We also have in-country partners we've been working with for several decades that build local presence in countries like Japan, South Korea, and Singapore. That local presence matters as customers prioritize sovereign capability, domestic production, and long-term sustainment. There are also significant U.S. defense opportunities, particularly with an increased emphasis on new layered defense systems like Golden Dome. These systems will leverage existing programs we are currently supporting and new systems that will depend on our core technology. We are well-positioned with our scale, delivery of commercial solutions to all OEMs, both traditional and new. Opportunities span several layers and present a strong indication of growth ahead. Investments are being made to develop the space layer, and we provide space-qualified sensors, navigation, and radiation-hardened electronics for satellite constellations. This is an evolving multi-domain opportunity that aligns directly with our differentiated core technologies. Missiles are the clearest example of robust growth that needs the scale that Honeywell Aerospace can deliver. Global demand is at record levels, driven by escalating security challenges and demand for precision-guided munitions. We have extensive content on more than 50 international missile programs. Not only are we in the exquisite programs working with Lockheed Martin and RTX, but we have strong positions with non-traditional providers like Anduril, using our commercial technology and industrial expertise to design and produce affordable solutions at scale. You might ask, where are we seeing this growth? Everywhere. First, we have the leading precision navigation technology for tactical and strategic applications, including new fiber optic gyroscopes from Civitanavi. Second, we have complementary electronic warfare and seeker capabilities from the CAES acquisition that expands our position on franchise missile programs. Third, we are in the top priority missile programs, which are seeing expansion of 2 to 4 times, and we have growing roles on strategic programs such as Sentinel. Upgrades with Assured and resilient navigation provide for new extended range and GPS-denied environments. We've recently announced a long-term, first-of-its-kind U.S. Department of War framework agreement that supports capacity expansion and provides unprecedented multi-year demand visibility. With $500 million in capital deployed over the next several years, we expect revenue from these programs to exceed $6 billion. Our commercial model flexes across multiple markets and makes us a strong partner for the DOW. GMLRS is a great example of how Honeywell Aerospace has broad content on a high volume of international missile program. Our guidance set is the core navigation system for both standard and extended-range missiles. We also provide navigation and pointing capability for the HIMARS and M270 launch vehicles, where we replace the incumbent in 2021. This critical content for launching performance aligns with our missile guidance system, and production is ramping for both programs. We produce control actuation for the extended range GMLRS variant, which doubles its range and our value. With an expansion underway to double the ER output, it will become a higher mix of the total production. We are capitalizing on the significant global missile demand, with production volumes ramping and more international opportunities to expand global capacity and increase localization. Beyond the explosive missile demand, we are well-positioned for the next generation of combat aircraft that will shape the next several decades. Collaborative combat aircraft, uncrewed semi-autonomous jets designed to fly alongside crewed fighter jets, are an important part of that future. Our investments in advanced air mobility has positioned Honeywell Aerospace as a key partner in autonomous platforms because we can bring off-the-shelf commercial systems and non-traditional defense contractors with scalable architectures and production-ready technologies. These platforms require affordable modular engines built for rapid production and mission flexibility. The Sky Shot 1600 and HUN 6000 are designed for that market: reliable, efficient, modular, and scalable across multiple platforms, both in the U.S. and internationally. We are also positioned for 6th-generation platforms. These aircraft require advanced flight management systems, resilient navigation, efficient cooling, digital electronic warfare, and modular APU technology. Those requirements align closely with our internal R&D priorities and our portfolio breadth across all three segments. RMUs are another important decoupled growth vector in defense and space. They fuel mission readiness, create additional capabilities for the installed base, and support modernization for legacy platforms with strong international traction. The opportunity here is straightforward. Defense platforms remain in service for long periods. Customers need to improve performance, resiliency, and readiness over time. That creates recurring opportunities for customer-funded upgrades across our franchise programs. The examples on this slide show the breadth of the opportunity. Proprietary precision navigation upgrades support third-generation military GPS and provide greater resiliency. First fielded more than six decades ago of the Chinook, the T55 engine upgrades provide greater power, improve fuel efficiency, enhance reliability, and more sustainment options. Our advanced actuation for ESSM Block 2 increases maneuverability and agility, improving the ability to intercept maneuvering targets across the globe. These RMUs align with customer priorities of mission readiness, platform life extension, and modernization without fielding entirely new platforms. Pulling this all together, we directly align with the Department of War acquisition transformation efforts to accelerate technology to the war fighter by leveraging commercial innovation for defense and space. We have a strong multi-domain and global installed base that creates significant RMU opportunities. Our portfolio is aligned to the fastest-growing global defense priorities and next-generation architectures, including missiles, unmanned systems, sixth-generation platforms, core space enablers, and integrated missile defense. With a strong backlog with both traditional and new OEMs, expanding international demand, mission-critical content on hundreds of platforms, and a technology portfolio built around the areas where defense spending is moving, Honeywell Aerospace is well-positioned to deliver attractive growth in defense and space. Thank you for your time. Welcome back, Josh Jepsen. I learned from my friends. You've heard today about the attractive end markets that we serve and the compelling opportunities ahead. We believe that our differentiated technology and systems provide a significant competitive advantage that creates the potential for sustainably attractive growth for the years ahead. In addition, you've heard about the work underway to build an integrated end-to-end supply chain enabled by the Honeywell Aerospace Operating System, which will unlock top-line growth, margin expansion, and free cash flow. I'll begin with our recent performance, then walk through how that momentum carries into 2026, and finally, I'll cover how that execution supports our confidence in our 2030 targets and value creation for all Honeywell Aerospace stakeholders. At its core, the business offers significant underlying demand visibility, and we are executing our strategy with increasing financial flexibility as a standalone company, which will accelerate our financial performance as we reach the end of the decade. Starting with our recent financial performance. Over the past few years, we've delivered consistent growth with an ability to convert that growth into high-quality earnings and free cash flow. Since 2023, sales have grown organically at an 11% CAGR, reaching more than $17 billion. That growth reflects strong demand for our solutions, coupled with our ability to navigate industry-wide supply constraints to deliver for our customers. At the same time, adjusted EBIT has grown at a 9% CAGR to $4.5 billion, or $4.3 billion on a standalone pro forma basis, demonstrating strong profitability despite inflationary headwinds. Free cash flow grew faster than adjusted EBIT, resulting in a 13% CAGR. In 2025, we generated $3.3 billion of free cash, or $2.5 billion on a pro forma standalone basis. Our ability to convert earnings into free cash gives us the flexibility to invest to unlock growth, return capital, and compound value over time. We expect solid performance in 2026, which is a foundational year as we become an independent company. On a pro forma standalone basis, we're expecting organic sales growth of 7%-9% and adjusted EBIT of $4.65 billion-$4.75 billion. On a standalone basis as we spin, we expect free cash flow in the second half of 2026 to be $1 billion-$1.5 billion. The midpoint of that range is a good run rate as a base for future growth. This allows us, as a standalone entity, to take the actions required to set us up to both execute for the long term and reduce seasonality of cash flows to be more consistent throughout the year. With tailwinds at all three of our end markets, this 2026 outlook is underpinned by our ability to deliver on robust customer demand through our supply chain and manufacturing footprint. On the OE side, production rates are improving, and our large backlog provides high visibility into our high single-digit outlook, supporting our high single-digit outlook. In the aftermarket, air travel demand remains resilient. Airlines continue to invest in maintenance and upgrades, especially as older fleets stay in service longer. Additionally, business aviation remains consistent and resilient. All of this supports our mid to high single-digit growth trajectory for the year. In Defense and Space, we're seeing sustained momentum from higher global budgets aimed at increased sustainment and modernization priorities. We expect this end market to grow in the high single-digit range this year. Overall, 2026 reflects a strong demand environment with great visibility into the future. Many of you may ask about 2Q. As you know, we're two months into the quarter, and the third month tends to deliver about half of our shipments for the quarter, so it's still early. That said, we continue to expect mid-single to high single-digit growth in the quarter. As a standalone company, our financial priorities are clear, and they're designed to work in tandem with one another. First, we're driving above market sales growth through continued innovation and supply chain unlock. We will continue to invest in new technologies to increase our content on current and next generation platforms. Second, we intend to deliver enhanced profitability with adjusted EBIT growing faster than sales over time with multiple levers to deploy. Our operating system is central to this. It's how we drive alignment, standardized processes, improve efficiency, and ensure that growth translates into profitability. We will leverage our heritage of executing the Honeywell Accelerator operating system to tailor and enhance the Honeywell Aerospace Operating System as we transition to be a focused aerospace company. Our third priority is to generate robust free cash flow. This is driven by high-quality earnings, disciplined capital spending, and active working capital management. Strong cash generation will allow us to execute a dynamic capital allocation strategy, giving us flexibility, whether it's to reinvest in the business, pursue targeted M&A, or return capital to shareholders, all the while maintaining a strong investment-grade balance sheet. Together, these priorities position us to compound long-term value. Longer term, our current momentum and strategy translate into a compelling financial trajectory. As Jim mentioned earlier, we intend to compound organic sales at a 6%-8% growth rate with adjusted EBIT of at least $6.5 billion and more than $4 billion in free cash flow by 2030. These targets are supported by favorable tailwinds, the significant recent new platform wins that will come online in the next few years, as well as investments and focused actions we're taking as a standalone company to strengthen and scale the business. This framework underscores our commitment to drive long-term value creation with sustainable, profitable growth, and robust cash generation. These figures represent what we expect to deliver by 2030 at a minimum. Clearly, we're driving to unlock more demand via improved throughput, which will expand our top line and result in higher levels of productivity on our operations, leveraging fixed cost and rooting out inefficiencies to deliver more margin. As we execute on this, we will see working capital improvements above what we have in plan today, leading to opportunities for further cash generation. Before we get into these targets, I want to take a moment to highlight the robust market growth we're experiencing in each of our end markets in aerospace and defense. In commercial aerospace, we are in a sustained upcycle. Air transport production rates are increasing across narrow body and wide body platforms, with deliveries expected to grow at a 10% CAGR through 2030. Business aviation also remains solid, driven by favorable trends, including the rise of fractional ownership. This robust commercial OE demand is supported by our own record backlog, giving us multi-year visibility. At the same time, global air travel demand continues to expand at a mid-single-digit rate, driven by population growth, urbanization and a rising middle class, particularly in emerging markets, as you heard Anthony discuss earlier. While growth is normalizing in air transport after several very strong years post-pandemic, we see elevated growth continuing as flight hours recouple to the long-term trend. Meanwhile, business aviation flight hours are more than 20% above pre-pandemic levels, with much greater resiliency compared to prior periods. As a result, there continues to be strong utilization of the existing fleet, supporting upgrades and maintenance of aging aircraft, all key drivers of aftermarket growth. In defense, you heard this from Matt earlier, U.S. spending is expected to rise at a 5% CAGR through 2030, and international budgets at 7% CAGR over that same time, driven largely by ongoing modernization and rearmament efforts. When we put this all together, we see favorable end market growth on a blended basis of roughly 6% through 2030, based on our own end market exposures. Importantly, our success is not reliant on a single growth driver as we benefit from multiple structural trends across the industry, each with long-term durability supporting our confidence in delivering sustained attractive growth. Building on those market tailwinds, we see a clear path to compound our sales at a rate of 6%-8% through 2030, implying sales dollars in the mid-20 billions. A key enabler is improved supply chain performance. As we execute the priorities that Kathy outlined earlier, we expect to meaningfully increase output and convert backlog into customer deliveries. At the same time, we're expanding our global defense capabilities. The rising defense budgets I just mentioned around the world will drive strong demand for our portfolio where we have established positions on critical platforms. Importantly, Honeywell Aerospace also has leading positions in areas such as navigation systems and electronic warfare, which should expand well above budget growth. We're also accelerating the expansion of RMUs. With increasing system complexity and demand for more advanced software and components, we are well-positioned to deliver double-digit RMU growth with accretive margins. In addition, we're increasing our content on current and next-generation aircraft and platforms. As Jim described earlier today, we've secured over $90 billion worth of wins over a four-year period, with landmark agreements that span multiple platforms across business aviation and defense. Securing positions on these platforms strengthens our installed base, supporting both OE growth and future aftermarket opportunities. While there are a few platforms in air transport where we have ceded positions on current generation aircraft compared to the prior, we are comfortable with those decisions and the choices to remain disciplined. One of the beauties of our approach to innovation is the resulting diversity of our platform exposures, which enables us not to become overly dependent on one platform or aircraft and gives us lots of shots on goals to deploy our technologies. Over the time period through 2030, on a net basis, our entire commercial and defense portfolio, we see improvements in our platform positioning given known wins. Taken collectively, these drivers support our confidence in this above-market growth outlook through at least the end of the decade. Turning to profitability, we expect adjusted EBIT to reach more than $6.5 billion by 2030, which is a roughly 9% CAGR based off 2025. Importantly, we expect adjusted EBIT to grow faster than sales. As we continue to improve operating performance, convert backlog, and ramp OE production, higher volumes will enhance fixed cost absorption and drive operating leverage, supporting margin expansion as the business scales. This effect will more than offset the anticipated headwinds from mix as we deliver on our order backlog, which is much more heavily weighted to commercial OE and Defense & Space. It's worth noting recent incremental margins have been burdened with supply chain investments, a majority of which has run through the P&L. Leveraging these investments over time represents a significant opportunity as we go forward. Pricing also plays a key role. Following a period of elevated cost inflation, our commercial teams have taken actions to better align price with cost, which will contribute to profitability over time. Productivity, as I mentioned earlier in Q&A, is another really important contributor. Our ability to outperform top line will translate to benefits in productivity not embedded in our current algorithm, so they represent upside. We see significant opportunities to invest in the business. Growth-enabling investments in our factories, insourcing, vertical integration, the supply base, and new product introduction will lead to higher levels of depreciation and, at times, R&D. We do not expect a perfectly linear progression on EBIT dollars from here to 2030 as we invest in 2026, 2027, and 2028. I am very confident that these investments will yield accretive returns. Let me spend a moment on our commercial mix and how it aligns to our growth projections. Today, the business is weighted toward commercial aftermarket at a roughly 3 to 1 ratio relative to OE. This reflects several factors. Structurally, parts of our portfolio, particularly mechanical systems like APUs or environmental controls, naturally generate greater aftermarket demand over their life cycle. For example, a narrow body APU can generate more than 20 times in lifetime MRO sales than its initial sale to an OE. RMUs are a growing contributor and skew mix towards aftermarket as well, given they're less tied to traditional aftermarket cycles. Supply chain constraints have limited OE production over the past few years, which has further skewed mix to the aftermarket. Throughput improves and backlog conversion accelerates, we expect OE growth to strengthen. Combined with pricing more aligned to historical cost inflation, this supports profitability across the business. Over time, we expect that 3 to 1 ratio to move to a slightly more balanced profile while continuing to benefit from strong aftermarket fundamentals. Importantly, as OE mix increases and puts some near-term pressure on margin growth, it also grows the installed base and future aftermarket opportunities which translate to long-term value delivery. Turning to free cash flow, a defining strength of this business. In 2025, we generated $3.3 billion of free cash flow or $2.5 billion on a pro forma standalone basis, reflecting our earnings quality and disciplined capital management. Looking ahead, we see a path over $4 billion by 2030, which is approximately 10% CAGR, driven primarily by earnings growth with potential benefit from working capital efficiency. Inventory turns have decreased in recent years, representing a significant opportunity as we improve execution across the value chain. We have not baked in significant working capital improvements given the challenges we've experienced of late, though as I mentioned, executing our strategy aided by the Honeywell Aerospace Operating System will yield upside opportunities for cash generation. In the next few years, we expect growth investments to pressure free cash flow conversion below its natural rate as we capitalize critical areas to deliver profitably on growing demand. However, in the long run, we expect free cash flow conversion of approximately 100% of adjusted earnings. Moving to the next slide, our earnings and cash flow strength will enable us to deploy capital as an independent company with discipline, flexibility, and a clear focus on shareholder value creation. Let me walk you through our capital allocation priorities. Our first priority is reinvesting in the business to drive organic growth, including innovation and increased output. Our model is capital efficient with maintenance CapEx requirements around 1%-2%, and on a go-forward basis, we'd expect total CapEx to be around 3%. Second, we're committed to paying a competitive dividend and growing that dividend over time as our earnings expand. Our ability to deliver on this commitment reflects the consistency and visibility of our cash generation. Third, we'll pursue disciplined bolt-on acquisitions that enhance and expand our technology capabilities and strengthen our positions in key growth areas. Next, excess capital will be returned through opportunistic share repurchases, maintaining flexibility to act in line with market conditions and in the best interest of our stakeholders. This capital allocation framework is supported by a strong balance sheet. We expect to have approximately $16 billion of debt and $1 billion of cash at the spin, supported by investment-grade ratings from Moody's, S&P, and Fitch. Over the medium term, we're targeting leverage of approximately two and a half times, balancing financial strength, strategic flexibility, and shareholder returns. Ultimately, unlocking value comes down to disciplined capital deployment and a focus on compounding returns over time. We want to have the flexibility to be opportunistic while we execute on our priorities. In summary, Honeywell Aerospace is a market leader in mission-critical, high-value systems across end markets. We have an extremely high quality and broad portfolio as our develop once, deploy everywhere approach gives us a unique opportunity to serve markets in a differentiated way. As a focused standalone company, we are well-positioned to deliver above-market sales growth through continued investment in innovation, operational execution, and expanded service capabilities. We expect adjusted EBIT to grow faster than sales with disciplined execution of the Honeywell Aerospace Operating System. Lastly, we will deliver strong shareholder value underpinned by robust free cash flow, supporting a dynamic capital allocation strategy and an investment-grade balance sheet. Together, we are confident in our ability to deliver on these 2030 financial targets: 6%-8% organic sales CAGR, at least $6.5 billion in adjusted EBIT, and more than $4 billion in free cash flow. Now, I'd like Sean and Jim to come back up for another round of Q&A. Thank you. Thank you. Again, audience participation is welcome at this point in the session. Scott, please. Scott Mikus, Melius Research. Jim, we've seen throughout the commercial aero upcycle, material and labor has been a little bit constrained, and that's created a natural tension between the airframers that depend on the OE channel for their profits, and a lot of their suppliers that depend on the aftermarket. Boeing and Airbus, if they launch a next-gen aircraft program, say, within the next five years, how do you think the business model will end up changing, and how are you thinking about that as you lead Honeywell Aerospace? From a manufacturing standpoint, the way we're looking at is we're focusing not only on innovation, but the focus is innovation, speed, and scale. That means we're looking at the entire way we manufacture our products going forward. As we're thinking about next-gen products that are going to go on the next-gen single aisle, the focus is really around manufacturability and how do you do that at scale going forward. I'm very comfortable with where we are investing in the technologies across the board to position us in the most likelihood position to be actually selected on these platforms with our technology. We're actually now doubling down and tripling down on the manufacturing at scale. That means designing slightly differently, innovating slightly differently. That's what we'll incorporate as part of that. The business models may look very different as well. There's the very traditional business model that you see today, particularly on the mechanical side of the portfolio, where you tend to look at more of the longer aftermarket revenue stream, that maintenance, repair, and overhaul. As Josh alluded to, on some of these units, it could be 20x what the value is of the OE transaction at the point of sale that occurs. Those business models may look slightly different going forward, where do you position the value within those business models, and how do you drive that down into the ecosystem of the supply base? How do you partner with and you share that into the aftermarket? We'll maintain that financial flexibility in terms of how we look at it and where you share that value across the board. Thank you. Gavin Parsons, UBS. On RMU, you talked about double-digit growth through the end of the decade. I think previously, you said investing about 10% of your R&D into that category. Are those directly correlated? Could you pull that lever more to accelerate that growth, or are you kind of limited to those 30 or 40 products at once that you talked about? Yeah. We're not limited to the 30 or 40 products. I think to add some clarification around that, when I talk about the life cycle of an RMU, from the point in time that RMU enters into service, you have about three years before you get to the adoption rate that you're satisfied with the investment that you have made. Which means on day one that that RMU entered into service, we're thinking about the next RMU that we need to go off and develop beyond that. It's a constantly innovating around these 30 to 40 RMUs that we have entering into the ecosystem to be deployed on aircraft platforms. Is there an ability to do more? Ultimately, it's around solving customer issues, solving reliability, efficiency, addressing obsolescence, increasing safety, increasing pilot awareness in the cockpit, adding new weather radar systems. The list goes on and on and on across the portfolio. Ultimately, it's what drives customer value, what's going to drive that ROI. The ROI from an airline perspective is very different than the ROI expectations coming out of business aviation, the macroeconomics associated with an airline versus a corporate fleet operator or a fractional operator. That's why we also maintain that level of intense customer intimacy to understand here's the value we can bring. What is the ROI that is necessary for you to adopt said RMU onto your platform on a go-forward basis? The difference is the willingness to pay in terms of an airline operator as opposed to a biz jet operator, and also in the defense segment, because a significant portion of the revenue out of RMUs is actually in the defense segment, we've developed them commercially. Noah. Could you guys just spend a minute on the progression of the rest of this year, the specific supply chain issue that you had in the first quarter? When does that need to be resolved to have the acceleration in the back half? Maybe just talk about your confidence in the acceleration in the back half. Josh, just a clarification, you mentioned something about the back half of this year's free cash as a run rate. Can you just specify, is that dollars or growth rate, or how did you mean that? Yeah, maybe I'll start there. Noah, that $1 billion to $1.5 billion in the second half, we think that's a good jumping-off point for where we go. The first half, there's a lot of noise, spin, transaction related, but we think that's a good base point for where we go from here. In absolute U.S. dollars. In absolute U.S. dollars. Yeah, from confidence in terms of delivering on a full year, we focus on full-year deliveries across the board. We're not myopically focused on a singular quarter because this is an exceptionally complex supply chain. The issues encountered in Q1 that we've spoken about at length, it was really an acute issue, and we saw momentum in March coming out of the resolution of that issue, and the continued resolution of it carrying forward into the second quarter as well, and we anticipate that trajectory to continue on. It gives us confidence on a full-year basis in our ability to deliver the numbers that we talked about as part of our outlook. Matt. Hi, thanks. Matthew Akers from BNP Paribas. Josh, in your section on growth, you talked a little bit about the one headwind there of the sort of content on the next-generation aircraft. Could you talk a little bit about what specifically is in that, how big of a headwind is that to overcome, and sort of when the timing is of when that would hit? Yeah, we see that. We haven't quantified exactly what that is, but there's impact there, and it really happens here as we go to 2030. The combination of new wins that will begin to come online, some of the things we've got going on in other parts of the business, we expect that net change in terms of wins, offset by some of that mix that comes through, is still net positive as we work through this time period. Likely, you said, where's the bigger part of the headwind now to 2030? It's 2027, 2028, nearer term. I think that probably aligns some also with some of the investments that we're making. That's my point on kind of the lack of linearity in terms of that margin progression as we go to here 2030. Kristine. Hey, Kristine Liwag at Morgan Stanley. Can we spend a little bit more time on the growth algorithm in your aftermarket business? You called out 4% flight hours and your revenues up at 6% in that same period, 2025 to 2030. I guess, are there incremental headwinds we should consider? Because there should be some sort of pricing mechanism and then also the RMUs. Just want to understand what's embedded in that build. Yeah. It's basically embedded upon what we anticipate to see flight hour growth on what particular platforms. It's a combination of what we see in the commercial air transport market segment, in concert with what we see in the business aviation market segment, and what the projections are for GDP across the board. GDP will tend to drive a little bit of what happens in terms of flight hour usage across commercial air transport and BizAv, and obviously we exclude defense and space from that aftermarket projection there. All of those factors run into our algorithm, and then on top of that, we will outgrow the flight hours that we see in there as a result of driving RMUs and RMU adoption on top of that. There's multiple revenue streams that make up an aftermarket, ultimately spares, initial provisioning, 777X coming online here in that period of time as well, will drive a lot of incremental spares provisioning that's going to be required, which is all part of the calculus of the aftermarket growth. I guess as a follow on to that, it looks like I would have thought that the flight hours would be the floor for revenue growth, and if you add in pricing and RMU, it should be much higher than 6%. I guess, a question on how conservative is that outlook, or are there incremental headwinds to flight hours we should consider about your aftermarket business in that timeframe? Well, remember, in the commercial aftermarket, we're projecting mid to high single-digit growth across that. If you use the floor of flight hours as part of that calculus, on top of that is where we're going to be outgrowing the market at the mid to high single-digits across the board. Kristine, I think that is a place where you do see mix impact, like some of this mix on positions where we see that, to Matt's question, that we do see some of that manifest itself in aftermarket versus OE during that timeframe as well. There's a bunch of positive things that Jim mentioned that lift it, and that's probably the one piece that weighs on that outlook. David. David Strauss, Wells Fargo. Just to clarify, you gave your end market forecast and you're seeing you're going to outgrow. I think you said total end market's growing 6%, you're growing 6%-8%. Where do you think most likely by end market you're outgrowing? I wasn't clear on that. Is it aftermarket and defense versus OE? Just where do you think you're outgrowing the market? We're seeing strong growth on the commercial OE, that's tied directly to production rates that we're seeing, right? That market's going to grow. We're going to grow right along with that market as those rates are continuing going forward. Where we'll see outstrip growth is kind of what we're talking about on the commercial aftermarket side. We have a lot of positives that are increasing our ability to outgrow the market rate in the aftermarket space, offset by a couple of the negatives that Josh just mentioned a moment ago. That's one area where we'll outgrow. Also what we're seeing overall in defense and space on that protracted timeline, where we're seeing mid-single digit growth for defense. Short term, we're seeing high single digit growth in the defense sector right now as a result. I think the other area, Dave, though, of where do we outperform is as we convert backlog to deliveries. That's something that we should be able to grow above what's happening in market because we've got that visibility. It's a matter of getting the throughput out in deliveries into customers' hands. Okay. Quick follow-up. On corporate costs, it looks like you've got like $200 million or something in there. Is that the right number? Is there leverage to that coming down over time potentially? Yeah. That's right. I would say, we haven't spun yet, it'll take some time as we work through both standing up everything as a standalone entity and then working through efficiency. Yes, we have plans in place. We'll work down some of that cost over time. That'll take a bit to really leverage that. My les. Yeah, just a question on the cumulative cash flow. If you keep a 2.5 times leverage ratio through the period, you generate the cash flow you're talking about. Jim, if we look five years ahead, the $20 billion you've generated that you didn't deploy to pay down debt, what would the priorities have been? Which are the priorities you have now? Just another one on delinquencies. Can you remind us where we are on past due and where we get to that not being a quantifiable number that's material? Thanks. Yeah. In terms of capital allocation priorities, we've indicated where we intend to invest, is to drive the growth output of the organization. We will be opportunistic when we take a look at potential M&A opportunities that keep us within that leverage ratio profile that we're looking for. We talked about earlier about maybe some bolt-ons and some technology innovations coming into the portfolio itself, and partnerships that we may intend to embark upon ultimately. Those will be the areas that are going to be all driven around capital deployment across the board. What I would say in terms of what we quantify as past due, these are late to orders that are in the books right now. We're sitting north of a couple billion dollars, $2 billion. That presents opportunity for us as we continue to unlock the supply chain to deliver that through. I would tell you it's been flat on an absolute basis so that as a% of revenue, that number has been coming down dramatically over the last couple of years as we continue to drive output from our factories. It is additional opportunity for us to capitalize and now grow as we continue to unlock the supply base for that. Myles, maybe one add just on investments. We've talked about it, we've mentioned it, Kathy and I talked about it, too, just thinking about our manufacturing footprint and supply chain, where do we have opportunities to invest, whether it's in sourcing, vertical integration. Those are also priorities because, as Jim mentioned, things that we can do to unlock growth to deliver on whether it's past dues or backlog will pay themselves back very, very quickly. Ken. Yeah. Hi, Ken Herbert with RBC. Wanted to ask you on your missile business, where are you with capacity to support the expected ramp, and what more do you need to spend to get there, or can just better maybe supply chain and other optimization support that ramp? Second, is there any risk that you face maybe incremental cost pressure as you maybe have to negotiate more with the government directly as they really look to drive cost out of some of these programs or get more involved in supplier negotiations. As these frameworks are put in place? That's an excellent question. As I think to reiterate the point, we did sign a one-of-a-kind framework agreement with the DOW. It was a four-party arrangement that we did for all of the products that we provide across the missiles programs, the 11 out of 12 that Matt alluded to beforehand. That commitment and the four-party arrangement being between ourselves, DOW, RTX, and Lockheed, was our commitment as well to invest a half a billion dollars in facility expansion and capitalization to be able to augment and be able to deliver anywhere between 2x to 4x, depending upon the missile class, to support those ramps going forward. I will tell you though is that the most high volume part that is consistent across all of these missile programs are our navigational units, and those are commercial units. We produce over 90,000 of these units annually, and we take about the top 5% of those in terms of performance capability, although produced on the exact same commercial manufacturing assembly line, and those actually get stripped off and go to these precision-guided missile systems. The best of the best of the best that we don't even know until we get to about step 9 of 10 of the manufacturing process, and again, on the exact same commercial manufacturing line, as to whether or not a particular unit may have the capability based on performance and testing to ultimately end up on a military platform going forward. If you think about that, right, if I need to go up by 2x, 3x, or 4x in terms of that capability on that IMU, I'm already producing a substantial portion of them already that feed that market, and then the rest of them actually just stay in the commercial segment. There's not a significant heavy lift on our part in terms of being able to meet the needs of these ramps as it pertains to IMUs. Other portions of the products that we provide, which you saw on one of the screens there of the various products on those missile systems may be slightly different, but they're not unique across all of those, maybe just one particular missile system. Now, in terms of costs and the like, what I would tell you, the significant benefit to the U.S. government is the fact that these are commercially developed products. We invested our own R&D to develop the product. We invested our own capital to build the manufacturing lines. We produce at volume, which then drives the cost considerably down as it pertains to an IMU, again, as an example. We don't get a lot of pressure around it because the costs are so attractive and the pricing is so attractive on these precision missile guided systems. The second example that I would give around that is if you think of where the Department of War is going and looking at new commercial entrants into the space to maybe produce what's "a less precise or a less exquisite missile system at a fraction of the cost." The comment that we make back is that they still are selecting, even on the commercial side with these new entrants, they're still selecting our navigational products for low-cost variants that they're going to be producing going forward. The comments we've had before is like you don't have to have a less precise or a less capable missile system because of the fact that we produce at scale, at volume, commercial products, and you move them over into the commercial industry from commercial into defense. You end up at a price point that's attractive, whether it's on an exquisite system or on a "what's called a less exquisite low-cost system." You don't lose any capability of the precision that's provided there for that. We're going to have that ability to do that, and the committed investments that we've made will enable us to continue to ramp what the U.S. government needs. That's a good point for us to maybe transition. So We need the folks in the room to get a chance to check out some technology and maybe get some calories in their system, too. Jim, let's maybe turn it over to you just for some closing comments. Yeah We can end the session. Yeah, if I can. First off, I just wanted to take a moment and express my deep personal appreciation and gratitude for joining us here this morning. This is a tremendous amount of interest that you have expressed in Honeywell Aerospace, and we take that as great pride as being owners and operators of this business. I also want to thank the entire Honeywell Aerospace team that has supported putting this tremendous event together for us, both of what we did at the hangars and the aircraft that we had on display, the technologies we had on display, and what you saw next door as well. This incredible venue that they've been able to put together for us. They absolutely have worked tirelessly. They wanted to ensure that the essence, the culture, and the foundational innovation that is Honeywell Aerospace was properly represented in this forum. I think they did an amazing job for that. I can't thank them enough for what they did relative to that. For our investors, I would leave you with this. Honeywell Aerospace is a premier provider of mission-critical systems across all major aerospace end markets. We are poised to continue to expand our leadership positions in attractive end markets by investing in differentiated technology. We will have a unique opportunity to unleash significant growth in sales, earnings, and cash. Lastly, this is one a little bit on a personal note, I am incredibly humbled to be leading this organization and representing the 36,000 employees that are represent and a part of Honeywell Aerospace globally. We have a very rich and strong 100-year legacy. On June 29th, it will start the next 100 years as Honeywell Aerospace, where we will protect and advance the promise of flight and create a safer, more connected world. Thank you so much for your time today. Really appreciate it.