Welcome to ITT's 2025 fourth quarter conference call. Today is Thursday, February 5, 2026. Today's call is being recorded and will be available for replay beginning at 12:00 P.M. Eastern Time. At this time, all participants have been placed in the listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one one on your touchtone phone. If at any point your question has been answered, you may remove yourself from the queue by pressing star one one. We ask that you please pick up your handset to allow optimal sound quality. It is now my pleasure to turn the floor over to Carleen Salvage, Vice President, Investor Relations and FP&A. You may begin. Thank you, Gigi, and good morning. Joining me in Stamford today are Luca Savi, ITT's Chief Executive Officer and President, and Emmanuel Caprais, Chief Financial Officer. Today's call will cover ITT's financial results for the 3- and 12-month periods ended December 31, 2025, which we announced this morning. Please refer to slide 2 of the presentation available on our website, where we note that today's comments will include forward-looking statements that are based on our current expectations. Actual results may differ materially due to several risks and uncertainties, including those described in our 2024 annual report on Form 10-K and other recent SEC filings. Except where otherwise noted, the fourth quarter and full year results we present this morning will be compared to the fourth quarter and full year 2024 and include certain non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures are detailed in our press release and in the appendix of our presentation, both of which are available on our website. With that, it is now my pleasure to turn the call over to Luca, who will begin on slide three. Thank you, Carleen, and good morning. Before we begin, I want to introduce Carleen Salvage, our new Vice President of Investor Relations and Financial Planning and Analysis. Carleen brings extensive experience in financial and operational leadership and is returning to ITT, where she spent over nine years in roles of increasing responsibility, culminating in the position of vice president and CFO of Industrial Process. In her new expanded role at ITT, Carleen will lead our global IR and FP&A organization, driving ITT's performance and continuing to provide compelling communication of our long-term value proposition. Welcome, Carleen. We're very happy to have you back. I would like to thank both our existing and new shareholders for participating in the equity raise we completed in December to fund the pending SPX FLOW acquisition. We're grateful for your support, and we will work hard to make this acquisition a success. Finally, I'm also deeply grateful to our ITTers for their contributions in 2025, a year that marked a milestone in the execution of our long-term strategy. I'm humbled by what you have accomplished. Now to the results. The dominant theme of the year was growth, and we delivered growth across every metric outlined at our Capital Markets Day: revenue, margin, cash, orders, and all these compounded with M&A. Let's get into 2025 financial highlights. We grew revenue 8% in total and 5% organically. We grew EPS 14% or 18%, excluding the $0.16 impact from the Wolverine divestiture and the $0.03 diluted impact from the equity offering related to the pending SPX Flow acquisition. We grew operating income 11% and expanded margin by 40 basis points to 18.2%. In addition, our recent acquisitions, Svanehøj and kSARIA, both expanded margins compared to prior year. The fourth quarter was equally strong. ITT hit a milestone, with orders and revenue both exceeding $1 billion for the very first time. Orders grew 15% or 9% organic. Specifically, CCT grew an outstanding 40% organic, with equal contribution from our legacy business and from kSARIA. Revenue grew 13% or 9% organic. Of note, both IP and CCT grew more than 11% organically. Operating margin grew 90 basis points to 18.4%, with all segments expanding versus prior year. EPS of $1.85 grew 23% and 26%, excluding the dilutive input of the equity raise to fund the pending SPX FLOW acquisition. I would also like to take a moment to underscore our cash performance in 2025. We grew free cash flow to over $550 million, up 27%. Free cash flow margin of 14% was up 200 basis points. Cash conversion was well over 100, and during the year, we put this cash to work, investing in productivity, growth, and innovation, as well as deploying $500 million to repurchase shares early in 2025. Now, turning to drivers of future growth. We grew orders 10% to $4 billion, up 5% organically. Backlog ended at $1.9 billion, up 18% year-over-year. We continue to look for ways to elevate our commercial performance and win market share in all our businesses. Earlier this year, we held our first sales conference, S-Win, where the ITT sales team spent two days together in the Middle East to review our performance, hear from our customers, learn from various speakers, and strategize to win and conquer in 2026 and beyond. Looking at our investments in new products, Incertain in flow and high-performance in Friction will continue to feed the growth in previously unaddressed markets. The pending acquisition of SPX FLOW, the largest in recent ITT history, will be a significant accelerator as we focus on a higher growth, higher margin flow business. On SPX FLOW, we still expect to close the transaction in March. Let me share a few highlights on their performance for 2025. Total orders grew in the mid-teens for the full year, driven by strength in the nutrition and health segments and in mixers. Backlog was up in the high teens, with a book-to-bill comfortably above one. EBITDA margin was in line with our expectations, with significant runway for expansion, driven by volume growth, pricing, operational efficiencies, and synergies. On the integration front, our teams are preparing for day one readiness. We're identifying best practices to deploy and defining priorities and integration must-haves. We're currently defining the future organizational structure and aligning on performance measures to ensure clear and effective accountability and delivery. We are also very happy to have secured many key leaders from SPX FLOW ahead of closing, who are fully engaged for the long-term success of this new platform. And from a synergy standpoint, expected savings related to G&A are on track. We continue to identify further procurement synergies, and we're evaluating footprint and best-cost country opportunities to plan for seamless execution, leveraging SPX FLOW's size in Poland and China. Let's return to ITT on slide 4. I would like to talk about the incredible work our sales and engineering teams have done this past year to win in the marketplace and ensure we sustain the high single-digit growth ITT delivered over the past five years. As we discussed during Capital Markets Day, we're focused on delivering growth organically and through M&A. On the organic front, I want to highlight three specific platforms for growth. Flow. What honestly started as an opportunistic award in decarbonization in Australia, has grown into an approximately $50 million win for our Bornemann multiphase pumps. Bornemann's technological superiority convinced the customer to sole source us on the entire project, consisting of three expansion phases. We shipped the first system in Q3 of 2025, and we deliver the follow-on system in 2026 and 2027. Great job, Jeroen and Bornemann team. In Latin America, we're supporting Argentina's oil production ramp, and our BB3 pumps were chosen for one of the largest unconventional oil reserves outside of North America. This was thanks to the perseverance of Gabriela and Fernando, who executed the perfect commercial strategy for a project where we started as the underdog. Finally, we're well on our way to supply 100% of the biopharma diaphragm valve for a leading GLP-1 drug maker for their U.S. and European expansion phases. Our patented EnviZion technology and the intimacy we developed with both the EPC and the end user made it happen. Moving to defense. Enidine, a leading brand of rotorcraft energy absorption, is benefiting from defense modernization. Specifically in the U.S., we've been selected for the development of a FLRAA energy absorption system by Bell. This is a platform that could be worth more than $60 million over 10 years, starting in 2028. Connectivity is another growing trend in defense that continues to benefit our connector business. In 2025, we grew orders by 27% as we secured several high-profile soldier-worn and drone applications. In land defense applications, KONI HydroRide is rapidly gaining shares in the US and Europe on marquee platforms as spending ramps up. KONI defense business is approaching $15 million in orders after growing more than 70% in 2025. Finally, on transportation. In Q4, we renewed a multi-year contract that will ensure aerospace controls supports Boeing growth plans. Great job, Yelena and aerospace team. In rail, KONI keeps on gaining market share as the only validated source of the CR450 high-speed train platform, thanks to the incredible work of Tim and Charles. I could not talk about platforms for growth without mentioning our friction business, which has outperformed global OE production again for the thirteenth year in a row, while our team in Barge continues to make progress on the Geo-Pad, our breakthrough friction material that is now in trials with a major European OEM for a start of production in 2028. Amazing job, Umberto and Alessandro. As you can see, we have a long organic growth runway ahead of us at ITT... we are compounding it with M&A, as you have seen with Svanehøj in marine energy transition, with kSARIA in defense, and now with the SPX FLOW acquisition that we expect to close in March. Let me now turn the call over to Emmanuel to discuss Q4 results in detail. Thank you, Luca, and good morning. We ended the year with another strong quarter. In Q4, we delivered strong performance across the board in orders, revenue, margin, EPS, and cash. Our teams delivered over $1 billion in revenue, up 13% in total and 9% organically from higher volumes and price realization. Within IP, Svanehøj grew over 50%, while legacy pump projects were up 30% organically. CCT grew 11% organically, thanks to strong aerospace and defense, up 27% and 17% respectively, while kSARIA grew 11%. In MT, KONI Defense grew 13% as we continue to penetrate the ground vehicle market in Europe. Friction OE outperformed global automotive production by 400 basis points, while aftermarket was up 9% from an easy 2024 compare. On profitability, operating income grew 19%, driven primarily by strong operational performance and contributions from our acquisitions. MT operating income grew 13% and margin reached 19.7%. The team at IP drove 100 basis points of margin expansion, including Svanehøj EBITDA improvement of 350 basis points. Moreover, CCT margin was up 240 basis points, excluding M&A dilution. With the Boeing contract negotiation now closed, we're confident that our teams can focus on supporting the accelerated aerospace growth expected in the next few years. EPS of $1.85 was up 23% or 26%, excluding the dilutive impact of the equity offering related to the SPX Flow acquisition. Lastly, on free cash flow, our performance accelerated sequentially to deliver 27% growth for the full year and 14% free cash flow margin. We are already at the level we targeted for 2030 at Capital Markets Day. Here, I wanna point out the significant progress regarding customer advances. Following the example of Svanehøj, the team in IP collected 20% more cash advances compared to the prior year, which represents 300 basis points improvement as a percentage of the inventory brought in-house. Great momentum with more opportunities to drive further improvement in working capital. Let's turn to the full-year EPS bridge on slide 6. For the full year, EPS grew 14% compared to the prior year, and 15%, excluding the dilutive impact of the December equity raise related to the SPX FLOW acquisition. The $0.62 from operational performance, including volume growth, pricing actions, and productivity, were compounded by $0.25 contribution from our acquisitions. The $0.16 headwind from the loss of income from the Wolverine divestiture, the impact from the higher tax rate and interest expense, was offset by a lower weighted average share count. Here, I would like to spend a moment describing the foundational progress we have made, particularly in IP and CCT, as we're driving towards the MT benchmark. SQDC, or safety, quality, delivery, and cost, is the framework we use to measure our operational performance. On safety, both IP and CCT are below the injury frequency rate benchmark of 0.4. Specifically, IP delivered a 50% recordable incident reduction in 2025 compared to the prior year. Quality performance also improved, with 20% fewer claims in IP and a 60% PPM reduction in CCT in 2025. On delivery, overall IP improved on-time performance by 600 basis points, and our ANSI pump product line improved by 2,700 basis points in December compared to the prior year. Both businesses significantly improved their cost position during the year, which led to the margin expansion performance we presented earlier. This positions us very well to grow profitably in the future. With that set up, let's now move to slide 7 to discuss our 2026 outlook. Let's review the assumptions underpinning our revenue growth outlook by segment, beginning with Connect & Control Technologies. Accelerating commercial Aero production, supported by a wide-body recovery ramp, is expected to drive meaningful growth across our Aerospace portfolio. Repricing of long-term Aero contracts is poised to deliver multiyear benefits, enhancing visibility and profitability over the cycle. In defense, expanding demand for advanced electronics and the introduction of product innovations will continue to drive incremental share gains. At the same time, kSARIA backlog conversion provides an additional tailwind, further strengthening CCT's outlook for sustained above-market growth. Industrial process is positioned to strong growth as we convert our $1 billion backlog and continue gaining share in pump projects. Svanehøj continues to benefit from the accelerating marine energy transition, while our execution differentiation further drives short cycle demand. As mentioned previously, the expansion of GLP-1 production will support valves growth, thanks to our patented EnviZion technology. In Motion Technologies, continued friction OE outperformance positioned the business well despite flat vehicle production and softness in North America. Share gains in high-speed trains in China and Europe are fueling strong growth in our rail portfolio. Finally, ITT growth in KONI Defense, driven by product differentiation and expanding military ground vehicle programs in the U.S. and Europe, provide an additional impetus for the segment. Let's move to slide 8 to continue our outlook discussion. Because of the planned SPX FLOW closing in March, we'll focus today on Q1 guidance. This does not include any of the accretion we expect from the acquisition. For Q1, we expect total revenue growth of approximately 11% and 5% organically. This is driven by mid-single-digit growth in IP and CCT, due to share gains in pump projects in aerospace and defense. MT will continue to outperform global auto and rail production to deliver low single-digit growth. In addition, Q1 2026 will have 4 more days than prior year. All segments are expected to expand margin versus the prior year to deliver over 100 basis points of EBIT margin growth, driven by higher volume, positive price costs, and fixed cost controls. We expect both Svanehøj and kSARIA to improve profitability year-over-year as revenue ramps up and productivity accelerates. All this will translate into 17% EPS at the midpoint in Q1. On slide 9, we can see the different components of the Q1 EPS outlook. We expect EPS to land at $1.70 for Q1 at the midpoint, up 29% when excluding the impact of the December equity offering. This is primarily driven by operational improvements. We expect a flat tax rate, higher corporate expenses, and a share count of 86 million shares, given the December public offering. This does not include the impact related to the Lone Star equity consideration to be issued at the closing of the SPX FLOW acquisition. For the full year, we expect ITT to grow organic revenue mid-single digits. This top-line momentum, combined with favorable price costs, fixed cost discipline, and productivity gains across our recent acquisitions, position us to deliver at least 50 basis points of margin expansion for the full year. We look forward to providing updated guidance, inclusive of the acquisition impact of SPX FLOW at our next earnings call. As previously mentioned, we expect the SPX FLOW acquisition to close in March, and we continue to estimate it will generate a net single-digit EPS accretion in full year 2026. As a reminder, following the close of the transaction, ITT will revise the definitions of adjusted operating income and adjusted income from continuing operations to exclude all acquisition-related intangible amortization, reflecting ITT's ongoing M&A activity. Let me turn the call over to Luca on slide 10. Thanks, Emmanuel. A few points before Q&A. 2025 was a milestone. We executed on all fronts, delivering strong growth, higher profitability, and making strategic use of our capital. We delivered on all our commitments, and we have started the next chapter of strong. Our execution and innovation will continue to drive future growth, as you have seen in 2025. We are accelerating our 2030 vision as we compound our organic performance with the announced SPX FLOW acquisition. We're well positioned for continued value creation. Thank you for joining us today. As always, it has been my pleasure to speak with you. Gigi, please open the line for Q&A. The floor is now open for questions. At this time, if you have a question or comment, please press star one one on your touchtone phone. If at any point your question has been answered, you may remove yourself from the queue by pressing star one one. Again, we do ask that while you pose your question, you pick up your handset to provide optimal sound quality. Please limit your question to one question and one follow-up. Our first question comes from the line of Jeff Hammond from KeyBanc. Yeah, hi, good morning. Hi, Jeff. A lot of moving pieces. Please appreciate all the color. Maybe just to start with IP. I know those lumpy orders can be lumpy and, you know, the backlog sounds great, and gives you visibility. But just wanted to get an update on the funnel and just how you see kinda orders flowing through the year, you know, just based on that funnel visibility. Sure. When you look at the funnel in terms of the orders, the funnel is slightly down versus the prior year. But if you look at the quarter, Q4 funnel actually is stable versus Q3 and still very, very healthy. And within that funnel, you will actually see that the funnel in the Middle East and in Asia Pacific actually grew nicely. So we are feeling pretty good on the funnel. And just to give a little bit more color, when we were in the Middle East at the expansion of our facilities in Saudi Arabia, and I was able to talk to Saudi Aramco, our customer, actually, they were quite positive about the future investment, and 2026 be better than 2025. ... And Jeff, if you look at our 2026 orders, we expect to deliver growth with really all end markets contributing to roughly probably low to mid-single growth, single digit growth. Okay, great. And then on CCT, I you know, you talked specifically about, I think, a kSARIA order, but just unpack that 40% organic growth in the orders and if there's any kind of one-time issue or lumpiness in there. And then just separately, like, just wanted to clarify, the 1Q guide still includes amortization, and then once you close SPX Flow, you'll exclude it. Thanks. Okay. Let me take the orders, and of course, Emmanuel, you will tackle the second one. So when you look at that incredible performance in terms of the orders in Q4, I would say that was, everything was, was nicely up. It was, connectors was up more than 20, controls were up 70, aftermarket was up 35, kSARIA was up 33. So all the orders were nicely up in the quarter, and this is very true also for the full year. I think that there is probably just one item, which probably is a few $ million, which is a price adjustment because of the contract renegotiation with Boeing. That's the only thing. But I would say, very nice across the board. Emmanuel? Yeah, and regarding our Q1 guidance, so we're very happy to deliver a 17% expected growth from an EPS standpoint. This does not include any change to the accounting we have on the intangible amortization. So we'll do that when the acquisition closes sometime in Q1. And so, but it includes the dilution from the equity raise that we did in December. Okay, great. Appreciate it, guys. Thank you, Jeff. Thank you. One moment for our next question. Our next question comes from the line of Mike Halloran from Baird. Hey, good morning, everyone. Hi, Mike. Hey, can we start on some of the SPX FLOW comments you made there, Luca? Obviously, really good momentum exiting the year with the order trajectory, backlog, commentary, et cetera. Maybe just dig into a little bit how sustainable that trajectory looks and what the core drivers from your perspective are, that should allow that momentum to continue. Sure. So, we're working very closely with SPX, with the SPX Flow team. So, you know, we still haven't closed the deal yet, so more color will come later. But, I can tell you that, when you look at the nutrition and health, I think that, when you look at many of the customers that they're working with, they are in a good CapEx cycle, and SPX Flow is in a very good position with several of them. As a matter of fact, I participated to a call together with the SPX leadership team, with one of their major customers, and it was really good to see the intimacy that they have and how they work with the customer in building the CapEx and building the execution for the years to come. I think that this is confirming a little bit our visibility into what we said at the beginning when we communicated acquisition, that we see this SPX FLOW as really growth opportunities. And when it comes to mixers, I would say, we have some good opportunities there as well. Granted, probably that was coming from an easy compare when it comes to 2024. Thank you for that. And then maybe just a generic question and then a specific one associated with it. If you think about your outlook for 2026, how much has changed over the last 3-6 months in terms of how you're thinking about next year, or at least versus the 3Q earnings release? And more specifically, within the motion piece, has there anything changed on how you're thinking about the end market outlook for auto? Sure. I would say that some of the trend continues, some of the trend probably reinforced. So if you look at the aerospace recovery, we've been talking about the aerospace recovery now for a few quarters, and now you see some good results in there in terms of the orders and in terms of the revenue as well. And the aftermarket is strong. We see the production ramp up, we see also the wide bodies. So those were something that were happening, and now they're getting a little bit stronger. Defense was good, is getting a little bit stronger, and that is what's happening. So a confirmation. Now, when you look specifically at Motion Technologies, I would say in terms of the auto market, if you look at 2025, it was a positive year for in terms of growth of production, but was mainly because of China. Both Europe and North America were down, less than what we expected at the beginning of the year. When you look at 2026, we expect the production, the global production to be flat, slightly down, and once again, it will be in across the board, you know, probably Europe being flattish and North America and China, flat to low single digit down. Thank you. Really appreciate it, Luca. Thank you, Mike. Thank you. Our next question comes from the line of Joe Giordano from TD Cowen. Morning. Hey, good morning, guys. Hey, Joe. ... So for businesses like Svanehøj, kSARIA, you know, it's great to see them scaling and getting orders to this magnitude. But, like, I guess the other side of that mountain is sometimes challenging, right? So how do you kind of prepare these companies? Like, how is this—are these like stable run rate orders, or like, are we gonna have to kind of find new ways to keep the level of business to that, you know, to that magnitude? Like, how do we prevent, you know, a +40 becoming an impossible comp in out years? Sure. So when you look at the, I would say there are slightly difference between kSARIA and Svanehøj. I think that when you look at the kSARIA incredible order performance, and I would say that is quite sustainable if you think that, you know, more and more expenditure will happen in defense, and kSARIA play 80% of the kSARIA business is actually in defense. So I think that that is sustainable in the, in the, you know, in the short and medium term, from our perspective. The comments in terms of Svanehøj, I think it would be difficult to repeat the level of performance of orders in 2026 versus 2025. I mean, 2025 orders grew 44%, so obviously that will not be repeated. Having said that, you know, we are working to expand the opportunity in Svanehøj with the new product introduction and also from, you know, small addition from an organic perspective, like, the acquisition of Uncertain that we did at the end of last year, which introduces compressors into the mix. So, working on that from an innovation and product point of view, Joe. Perfect. And Luca, you touched on this in your prepared remarks. So like as you get ready for SPX to come in, like, you know, it's a much larger deal than anything you guys have, you guys have done. So how do you... Like, what can you do ahead of time before you can really dig, like, before you get your hands on it, what can you do to prep internally to make, like, the early stage integration as fast and efficient as possible? I can tell you that the team are working very closely together. Actually, it was really good to see the team working together over here in Stamford. We had it a few weeks ago, both the SPX team and the ITT team, working to really kick the ground running on day one, and know exactly how the organization is gonna look like, and working on those synergy that we expected to deliver in year one, and also working commercially. As I said before as well, you know, both Bartek and myself participate to a call with one of our major customers that we will meet in person after closing. Next week, I will be in London. I will be able to spend one day with the Nutrition and Health leadership team, all together, you know, looking at the projects and the opportunities. So we are all in it already. Thanks, guys. Thank you, Joe. Thank you. One moment for our next question. Our next question comes on the line of Nathan Jones from Stifel. Morning, everyone. Good morning, everyone. Hi, Nathan. I guess just following up on some of the SPX stuff. Interested in hearing a little bit more about the organizational structure, you know, post getting the deal closed here. There's some parts that, you know, where there's overlap, there's, you know, some completely different customer bases, between your industrial process business and, and some of their flow of businesses. So just any commentary on, on, you know, how you'll structurally go about integrating those? What will run separately, what gets integrated into IP? Just how you're thinking about running those businesses, once you get them in the door, please. Sure. First of all, SPX is well-run. We saw, you know, the margin that they, they, they were delivering, right? So, we have a good, well-run company with a good management team in, in really that we have in the businesses. So when, when we are approaching this, is really to ensure that the business are performing well with strong management team, you know, are staying stable and are delivering the base case. And on top of that, we're gonna deliver the synergies. But most of the synergies, particularly in year one, are coming from the G&A, from, you know, the fact that we are not gonna have a duplication from, you know, the, from a corporate point of view. So we are using the best athlete, and we got very good athletes and very good management team in SPX. So, we will integrate some part, and those are the must-have conversation that we're having today. But, you know, the parts that are running well, you know, you want to keep on running well and ensure that you do not disturb them. Thanks for that. I guess, a question on the, the finalization of, of the contract negotiations with Boeing. I'm sure you're glad to finally have that behind you. Can you talk about, the, the potential margin improvement that CCTC from those contract negotiations? I know that, you know, some of that benefits come in over the last few years, and some of it will come on in over the next few years. Just where, you know, where we get to, what the contribution is from that and, you know, how quickly that rolls in and, and over what time period? Thanks. Yeah, thanks, Nathan. So, we're very happy, as you said, about the conclusion of the Boeing contract, and here, really, we want to applaud the work of the CCT Aerospace team that really worked really hard to deliver that contract. So this is a high double digit price adjustment, a 4- or 5-year contract. So, most of the price adjustment or the price increase is gonna come in the first and the second year, with additional price increase to offset expected inflation in year 3, 4, and 5. This is obviously compensating for the absence of price adjustment we have had since 2015 and 2017, and the cost inflations that we have experienced. So as a result, as you can imagine, this will be a large improvement of our profitability, our aerospace profitability, specifically with Boeing, and we're very happy because it allows us to focus on supporting the growth at Boeing that we've seen, both on the narrow body and the wide body platforms. Thanks for taking the questions. Thanks, Peter. Thank you. One moment for our next question. Our next question comes from the line of Amit Mehrotra from UBS. Thank you. Morning, Amit. Morning, everybody. Good morning, good morning. Luca, you know, we're just currently, I guess, in an environment where folks are getting maybe a bit more positive on some cyclical tempo improving. If you kind of just look at, you know, the more cyclical parts of your business, are you seeing any evidence of that? Because obviously, there are certain large, large parts of your businesses that sell into cyclical markets, but you've been able to outperform that, obviously, with autos, for example. But if we were to just sort of isolate the cyclicality of the market, I'd just be curious, does it feel better to you, or is it really no change? I would say that, you know, there are some small signs of improvement, I would say. If you look, you know, the last, I would say, probably six weeks, if we look at some of the parts in the short cycle in IP, the order book in terms of automotive in Europe, I would say is stable. The aftermarket in Q4 was growing nicely, even granted, was from an easy compare. So there are some signs, I mean, that would imply that maybe the situation is a little bit better, but it's probably too early to tell. I would add to that, our short cycle performance really is standing out. We are focusing on improving our on-time delivery, which really brings a lot of opportunities forward for us to gain market share. And when you look at the short cycle in IP, we had pretty strong spares orders in Q4, and we started the year also super strong, and so we're very encouraged by this. Okay, that's great. Just as a follow-up on SPX FLOW, you know, I think the market obviously sort of understands and knows this asset as it used to exist, but it's gone through a lot of change. Look, I know you've—I think you and Bartek have probably visited every single facility of the company over the last couple of years, is my guess. So I guess, like, you know, there, there's some people that are skeptical of the asset, but know you guys are excellent executors, and they're just trying to reconcile that. So I'd love it for you, Luca, to just talk about, you know, what SPX was, what it is now, and what you think you can make it, just given sort of applying some of your track record and execution to that business. So when you look at the SPX, is true, I would say, but let's not forget that the acquisition that we're bringing in is already got a very good profitability and a very good EBITDA margin, right? So they've already done a good job in terms of that cost containment. Now, on top of that, you need to lay the synergies that we have, which are roughly $80 million to be executed in the next three years. A lot of that will be from the GNA, so and one third, one third from the procurement, and then there's gonna be roughly 10% that is coming also from the footprint rationalization. I think that this is the area where we are pretty good, and I believe that they also are good, and we're working together on executing. I think that what we're gonna add as well is the impetus on growth, on the growth momentum, and there are a lot of revenue synergies that are not in the model that we're already working on. You're talking about Latin America, where we have a very strong base. We're talking about the Middle East, where we're a very strong base. So that is an area where we will be able to grow. There are some product gaps that we'll be able to cover with our twin screw, Bornemann twin-screw pumps. And then I would say probably a little bit more focus on growth that is in our DNA, and probably less be less religious when it comes to 80/20 market size and customer size. Just to confirm that the high single-digit accretion in this year, pro forma for the closing, does not include any revenue synergies. Have you talked about maybe the magnitude? I mean, we're talking about a few hundred million dollars of revenue synergies as an opportunity. Any thoughts there? ... Yeah, so I think that when you think about revenue synergies, I think we expect them beyond the 2026. Right now, we're gonna focus on understanding the business. Obviously, there's a short-term opportunity, we will take it, but I think it's fair to say that the cross-selling and the commercial synergies are gonna happen most likely starting 2027. So we haven't really quantified how much those commercial synergies are, but we expect that they're gonna be meaningful as we're really able to leverage the portfolio of both companies. Right. Got it. Thank you very much, guys. Appreciate it. Thank you. Thank you. Our next question comes from the line of Vladimir Bystricky from Citi. Morning, Vlad. Hey, good morning. Good morning, guys. Impressive pronunciation of my last name there. I like it. Anyhow, thanks for taking my, thanks for taking my questions. So just, you know, following up on IP and, you know, your ability to continue to outperform the market there, can you just talk about whether you've seen any change in competitive behavior in that business, or are you thinking about, you know, potential risks for more aggressive competition on pricing or on terms and conditions? Thanks, Vlad. No, we don't see any change in terms of behavior in the competitive landscape. That is, that has not changed. I've never seen any change in the last 6 years, as a matter of fact, I can tell you. But I think what is changing is really the performance that keeps on improving. Let's take the project example, the project business, Vlad. You know, this was a business that was losing money, that was making a little bit money, a little bit. Then we give a target of 15% plus, then 20. Today, those execution, those projects, they executed and delivered margin in the high 20s, and they are perfectly on time. And when you have this level of performance in the market, your customers tend to be loyal. As I said, some of the best intimacy and loyalty I've seen it actually when I was in Saudi, and I met with the customers over there. This is what really is happening in the market. That's helpful and great to hear, Luca. And then maybe just sticking with IP and digging into the biopharma valves wins that you mentioned. We've heard you know from some others about you know pretty positive commentary around the capital investment cycle in pharma and biopharma. So can you just talk about you know sort of incremental opportunities that you see in the pipeline, specifically in that market segment, and how you're thinking about potential for incremental wins over the course of 2026 in the biopharma space? Yeah. Thanks, thanks, Vlad. So, yeah, the GLP-1, you know, business opportunity that we have has been growing really fast. So this was a roughly $20 million opportunity that we got awarded a couple years ago, and then that has grown into more than $50 million, as this customer is expanding production sites in the US and also in Europe. This is what's really interesting about this as well, is that those are diaphragm valves, and so there's a meaningful recurring aftermarket when you have to replace diaphragms every time you change the composition of the formula, the formula that you are developing. So this is really interesting for us. I think that when you look at our biopharma valves business, it has been expanding. I think, it's up 10%, this year from an order standpoint, and we continue to see other opportunities, especially because in Europe, we are much, we are, we have penetrated Europe much less than in the U.S., so we have many opportunities. And then the, the last point I wanted to make is that Habonim, is, doing really well as well, more on the new energy, but this is a significant platform for growth for our valves business. You know, Habonim now is a little bit more than $60 million business. When we bought it, it was barely $50 million. And the, and, margin is still very good, and we are finding new ways to grow and, and gain market share, especially in the U.S. Great. That's helpful, Emmanuel. Thanks. I'll get back to you. Thank you. One moment for our next question. Our next question comes from the line of Matt Somerville from D.A. Davidson. Good morning, Matt. Thanks. Just a couple quick ones. Morning. Can you talk about how much relative price capture you're expecting across the three reportable business segments that's embedded in your full-year 2026 organic outlook? And then I have a quick follow-up. Yeah. So let me start by saying that 2025 was a really successful year in terms of price capture. We were able to capture a lot of price in IP and CCT above our cost inflation, and we were able to limit as well the price decrease in motion tech and friction, compensated obviously by the raw material disinflation that we've seen during the year. In 2026, we expect our price capture to be as strong. Obviously, it's incremental. We expect IP and CCT to lead the way, overcoming the cost inflation, so being positive, price cost positive from a dollar and a margin standpoint. And in terms of MT, we expect to be neutral. Got it. And then you've mentioned aftermarket and friction a couple of times, being up 9% against an easy compare. How should we be thinking about kind of what's embedded in your guidance for friction aftermarket in 2026 relative to how it performed over the course of the full year 2025? Thank you. Yeah. So, in terms of the friction independent aftermarket, we expect this to be roughly flat in 2026. You know, this is mainly a European business, and as we described, you know, Europe is really flatlining from a growth standpoint. So that's why we don't expect much of an uptick. And then in terms of the spares, the original equipment spares, we expect also to be flat. Here, there's a lot of market share gains that are at play, and we're working with our customers to provide low-cost, quality solutions. Thank you. Thank you. Our last question comes from the line of Andrew Obin from Bank of America. Hey, good morning, everyone. You have Sabrina on for Andrew. Sabrina Abrams. Morning, Sabrina. Hi, Sabrina. You guys have had a really impressive trend of accelerating organic growth this year. I think we went from flat to 4 to 6 to 10, and you're ending the year on such a strong note, and I think above the commentary from where we sat a quarter ago. Any comment on, I guess, what, what—if, if so, like, what went better than expectations? And then as a follow-up, other than guiding with some conservatism, any reason why things would decelerate to mid-single digits next quarter? Thank you. Yeah. Thank you, Sabrina. So, yes, we are very happy. We were able to grow organically 5% in 2025 and almost 9% total. Large contribution from industrial process and Connect and Control Technologies. So when you think about what has driven that growth, in Connect and Control Technologies, obviously, aerospace and defense is helping a lot. And in that, we have a significant contribution from a sales standpoint from aftermarket. Aftermarket aero, especially from a sales standpoint, was up 20%, more than 20%. kSARIA is doing also really well. We talked about the orders that they were able to get and convert some of them. So CCT, a lot of really good activity from an aerospace standpoint, as well as some price capture, as I mentioned a little earlier. In IP, I think here what you see is all the pump projects that we've been able to to deliver. When you think about the pump projects for the year, they were up 30%, and I would say that a large majority of those pump projects were delivered in quarter three and quarter four, both at legacy IP and Svanehøj. Thank you. And as a follow-up, sort of to the last comment, I know, the project mix in IP is, dilutive to margins, but I think we had the highest margins, you guys have seen since you closed Svanehøj. So anything in particular you want to call out, like, given the mix headwinds, anything in particular you want to call out that's gone super well, and the execution for this segment? Nothing in particular. It's really broad in terms of the execution of the projects. When you look at these projects, when we close and ship the projects, the margin is always higher than what we book those projects at, which is a testament to the good project execution, good project management, management of the changes, and also the cost management. So that, and also good project order acquisitions. So this is general. We have seen the trend, and the trend keeps on improving. So go to the next improvement. Thank you. Thank you, Sabrina. Thank you. This does conclude today's teleconference. Please disconnect your lines at this time and have a wonderful day.