Good morning, everyone. Thank you for being here, and thank you for giving me the opportunity to share my enthusiasm about protein processing and then especially about poultry processing. I'm Roger Claessens. I'm leading the poultry division within JBT Marel, and I've been within the company for 25 years. I started 25 years ago as a Field Service Engineer, and ever since I've been fascinated about the challenges within the poultry processing industry. Let me take you a little bit along in what's going on here. Arni and Brian have explained, let's say, the challenges that our customers are up with every day. Yeah. There's a full push for more volume because we are eating more and more chicken and beef and protein going further. There's a different push on more SKUs, more end products, so that also plays into our environment. We are more and more aware of what kind of food we want to eat. Track and traceability. Food safety is also high on the list of our customers in order to have solutions for. That combined with a scarcity of skilled labor is an ideal mix of case studies that I would like to present to you. We prepared three case studies. One is related to our full line supplierships. We're gonna explain a little bit about that. The second is about creating a win-win situation with automation and, let's say, making sure that we are able to also create a full line suppliership in the end solutions of slicing and dicing because we're changing our diet. The third one is how we partner with our customers in order to overcome geographical or regional bottlenecks. Let me take you through all those three, and then I hope you get as excited about protein processing as well. The first one is related to Bell & Evans, a poultry processor out of Fredericksburg, Pennsylvania. Family owned, third- generation, and full focus on quality. It's not only about quality of their end products, but it's quality from end to end. It's quality at the farm, quality at the hatchery, quality for the people that work for them. It's all in their brand, and if you potentially go to Wegmans here in the U.S., then you can find their products, and they really are seen as a premium brand. That family has approached us over the years in saying, Hey, can you help us design the poultry processing plant of the future? We are in a need of expanding our capability because the demand is there, and we want to embrace everything that's at least needed for the future because we need the next steps in order to be ready for that. We partnered with them, and they've shown us all our modular building blocks. Because the modular building blocks lead into customized solutions, and we have been able to adapt our solutions to fulfill a full line. The full line starts from post-farm up to dispatch, as Arni also has explained before. You could see that line consists of more than 800 building blocks that we as JBT Marel have and that we are able to offer, with that making a custom-made line with modular building blocks going forward. Let me take you through a few of the items that are very important for the quality aspect. When we start at the post-farm environment, all our smart stacks have a RFID chip. With that, we start to track and trace temperature on the truck. We know how long a bird has been traveling, and that is already good input into the first step of the process. When those birds are at that moment being stunned and therefore transformed into a bird, into a carcass, we already start to measure, let's say, with weighing the birds on five different spots on 5 g accuracy. We make across the process more than 50 pictures on the front and the back side to assess the quality. When we are in cut up and deboning, we have X-ray technology and other quality cameras and sensors in order to optimize. This is not only feeding the optimization of these customers in order to get more value and to assess the quality in track and tracing, but it also gives good information back into the agricultural side to optimize their breeding program and their chickens in order to make the next steps, because that's what we're heading towards. It also is able to connect them with the track and traceability of the supermarkets, in this case, Wegmans and all the other suppliers, in order to have a full transparency going forward. I would like to invite you also to visit the virtual hub that we have in the room over there, where we are able to explain this full line suppliership going forward. Remember, 800 building blocks in a full line, all the various sensors being combined in our software packages, of which Arni's gonna talk about a little bit later, and that combined with the uptime that's super high. That relates into. I would invite you also to go on YouTube, type in Bell & Evans, and you will find the Mr. Sechler, who will give a 15-minute introduction into his poultry processing plant, fully transparent, and I would say it's the largest advertisement that we have gotten without asking for it. I'm super excited about this. Let me take you to the second user case. In here we are combining the need for automation, because in this case it's even more harder to find skilled labor, combined with the change in consumer behavior. 15 years ago, or maybe 20 years ago, all of us would buy a whole chicken. We prepared it at home. Today, you know, I have two girls, nine and 11. My 11-year-old can make a meal because when we have HelloFresh, you know, all everything on the protein is already sliced, diced, potentially marinated, and she just needs to put it into the frying bin and cook it. These solutions are all happening in the environment of our customers, and we have those solutions to help them. Therefore, to debone a chicken breast, yeah, we've been doing that for over 50- 60 years. However, to make the next step in fully automating that and making those processing steps already have ready for the next step, like the full line suppliership that Arni also referred to, that's the mix that we are looking into. What we've developed, in this case with Plukon, is a fully automated breast cap deboner. It's running 6,000 breast caps per hour. And in that, there are so many sensors that every cut, every pre-processing step is automated to achieve the highest yield, and therefore fully automated, and therefore even better than manual deboning lines. If you would look at the world on deboning, you could say that still 50% of everything that's being deboned is done manually. Specifically here in the U.S., it's even about 40% where it's done manually, where in other parts of the world, deboning of breast is done more automated. This is the next-generation. What is so exciting about this generation, fully- automated, all the data in there. What I'm even more excited about is that we are able to connect it to the cut-up line and the process afterwards. Because this machine will make sure that every fillet is correctly positioned on a conveyor belt, so we can inspect it further on. What advantage does that have is that when you have a controlling or inspecting process step, cameras or other technologies can take over, and therefore we eliminate, let's say, the judgment or the subjective judgment of people on the line. This is a crucial step into the our full line suppliership moving forward. Let me take you through the third one, this is a more geographical one. When I was speaking about Bell & Evans, I didn't mention that at this day, we are at an average processing speed of a chicken processing line is between 200-250 birds per minute. That's more than four birds a second. Imagine with those 800 building blocks that I spoke about in the first case, how many items are moving about there. However, here in the U.S., the line speed has been restricted to 140 birds per minute, not because there's no technology, because of regulation in order that we are able to inspect the birds on the line and to ensure food safety. If you look with the increasing rise of output, increasing demand on poultry, that means for our customers here in the U.S. that they almost need to buy two lines to do the same output compared to, let's say, a competitor of them outside the U.S. If you would see that every second line, besides the investment, which would be good for us as JBT Marel, also needs double the amount of people in order to fill them. If you would be able to move to 250, that would be great thing to do. What did we do? We partnered up with customers. We found the connection with the USDA, and we found a solution in which we are able to process 250 birds per minute. How are we doing this? That is just like a highway. Just before the inspections, we split the lanes, we slow down. Actually, we slow down to 125 birds per minute. They can be inspected, and then we merge the lines back in again. It's a little bit technical, but that enables our customers to make the next step into, let's say, full automation and being more competitive. That's a huge step, and that will, let's say, change the industry here in the U.S. in for the coming decades because those changes are not done overnight. This combined with the 800 building blocks with the speed of 250 birds per minute going forward, we are well-positioned in this case in order to make the next step in being the full line supplier that we would like to be in embracing also the service environment. With that, I hope you also got enthusiastic about poultry processing as I am. I could do five more cases, but we also have nice cases on beverage and meat. With that, I would like to introduce EVP of Meat and Prepared Foods, Bob Petrie. Thank you. Thank you, Roger. Good morning, everyone. My name is Bob Petrie, and I'm the leader of our Meat and Prepared Foods business. I've been with the company for just over 17 years, joining when JBT acquired Double D Food Engineering, a company in Scotland that I was a former owner. Prior to this role, I led JBT's Protein and Asia business for just over three years. I've been in this role for just over a year since January 25. I can't tell you how excited I am to be part of this amazing journey with JBT Marel. We've put together an incredible combination of technologies that is truly unparalleled in the industry, and that makes us unique, and it's an honor to be here today to help explain that to you in more detail. What I'd like to do over the next few slides is share with you how we bring together the breadth of our technology and deep processing know-how to solve some of our customers' most complex needs. The lack of labor and proliferation of SKUs in many of our prepared foods and beverage end markets is leading our customers towards more full-line solutions that deliver flexibility, ease of use, all while reducing energy consumption and total cost of ownership. We are further advancing our full-line solutions by integrating the latest in AI and vision technology to inspect and remove non-conforming product. A task that until recently could only be performed by manual labor. Our solutions here are faster and more reliable, meaning our customers can produce more throughput, and they can produce better quality products. We're developing these full-line solutions by using standard modules or technology building blocks to create them. That allows us to reduce our cost and reduce the complexity in both our supply chain and our installed base. This means that we can service our equipment better and service our customers better. In the next few slides, I'm gonna walk you through some real examples of our solutions. First, we'll take a look at one of our flagship end-to-end processing lines. Here we have a full-line solution for producing fresh and frozen hamburgers for a well-known U.S.-based quick service restaurant, or QSR, as we often refer to them. Our customer in this case, Danish Crown, approached us with some very demanding requirements for the line. The line had to produce 100 tons of hamburger per day. That's enough hamburgers to supply around 1,000 QSR locations. Each burger had to be exactly the same with no deviations and comply with very specific specifications for weight, shape, thickness, fat to lean content ratio, and of course, no bones. Our solution here was to offer a fully integrated complete line starting from meat inspection to meat preparation, which is grinding and mixing, to forming, freezing, and weighing. We were the only company that could offer a full-line solution that could deliver on all of these requirements. This is a great example of how the combination of JBT and Marel had allowed us to offer a solution that neither company could have offered on their own, nor any other company in the industry for that matter. Prior to the combination of the two businesses, the burden and risk of bringing together separate pieces of technology from many manufacturers, that would have fallen on Danish Crown. That was one of the key differentiations in this project. The advantage to Danish Crown having this full-line solution is that they now have a single accountable partner, not just for the delivery, installation, and startup of the line, but also for all of their processing needs and servicing needs going forward. This will allow Danish Crown to improve their efficiency and help them improve their competitiveness, and we're delighted to take care of all of that for them. Our next solution is in the beverage packaging industry. Here we have what we call our EV Filler, which is our next-generation volumetric beverage filling platform. This is a great example of how we use our deep processing know-how and food science know-how to create breakthrough solutions for the industry. Typical customers in this space would be global producers of water, carbonated soft drinks, juice, tea, et cetera. The challenges our customer face in this area are twofold. The first is around flexibility. When a customer wants to change a product or packaging from one type to another, then in a traditional filling line, that would take a lot of changeover time, meaning a traditional filler line has very high downtime. The second challenge is in total cost of ownership, and that is driven by the energy-intensive nature of the processing. Our solution here is a next-generation filler designed for use for multiple beverage types at ambient or warm filling temperature. This unique concept eliminates the need for the energy-intensive pre-fill chilling and post seam warming steps. The EV Filler also has a unique method for filling the container, which means that we can control the fill level to a greater accuracy than a traditional filler. What benefits would a customer have using an EV Filler over a traditional filling line? Well, the total cost of ownership would be down by around $700,000 per year per filler. Keep in mind, many customers in this space would have multiple fillers in their operation. Because we've collapsed the number of processing steps down from three to one, we've been able to reduce the changeover time and so improve that all-important uptime for our customer. Of course, we can do all of that in a much smaller footprint. The EV Filler is a breakthrough solution for the industry, delivers higher return on investment, and that really helps us develop deeper and stronger relationships with our customer. In this next slide, I'm gonna talk about how we are differentiating our full line solutions even further through the use of AI and vision technology, in this case, to eliminate labor, increase throughput, and improve product quality for formed, coated, and fried product. A typical customer in this space maybe would be producing high, very high volumes of convenience type products, so think of chicken nuggets. Our customers here are delivering to large demanding QSRs with very exacting quality and delivery standards. To comply with these standards, our customers are placing manual labor along the line to inspect and remove non-conforming product. As you can imagine, this is very expensive, but more crucially for our customers, it's also prone to human error. Our solution here is to place AI-enabled vision cameras system above the production line to inspect each individual product being produced. Our cameras have been taught using machine learning to understand our customer specification and flag for action when it detects a non-conforming product. That action could be to remove a non-conforming product using our automatic removal conveyors, or it can be to flag to an upstream piece of equipment to signal to stop production and thereby prevent any further defective product from being produced. The accuracy of our camera system is shown to be at least as good as the manual labor it replaces, and of course, turns up every day, doesn't take any breaks, and crucially for our customers, its decision-making quality remains consistent throughout the duration of the shift, unlike the manual labor it replaces. Customers who deploy this solution can significantly reduce their labor, increase their throughput, and reduce the amount of scrap and rework from their line. Not only are we using this technology to differentiate our full line solutions for new equipment and CapEx projects, we can in certain circumstances also offer this technology to existing customers in the form of upgrades. We're also looking to deploy this technology to other applications, particularly in the QSR and retail pack segments, where product appearance is particularly important. That concludes the kinda more technology part of the presentation. What I'd like to do now is shift gears and talk a bit more about how we leverage the benefit of our scale through standardization, supplier consolidation, and best cost country sourcing. We do this through what we call our VAVE or Value-Added/Value Engineering program. By the way, this is one of the key levers we have to offset our tariffs. The VAVE program is designed to reduce cost, reduce lead time, and reduce the number of product variants we have in the field. This makes it easier for our customers to use our equipment and easier for our service teams to service our equipment. In this example, we're looking at control panels. The background here is that as both companies have grown in the last few years, they've accumulated many product lines and many engineering teams. These engineering teams are designing their own control panels to suit their own customer requirements and very often using their own technology preferences. As you can imagine, we have many unique control panels across the company. These control panels are often engineered to order. Sometimes they're made in-house, and sometimes they're made outside at a supplier. By bringing these teams together and focusing on a standard design using standard components, we can then reduce the number of variants, reduce the engineering lead time, enabling us to consolidate that spend into one larger supply contract that we can then take to a supplier in a best cost country. What impact does the VAVE program have on our business? Well, we have an ongoing program of VAVE projects in many of our businesses, and typically, we would expect to see around 25%-30% cost reduction. In this specific example with control panels, we saw cost reductions up to 50% in addition to significant lead time reductions. With control panels, the benefits doesn't finish there. Where we have harmonized some control panels, we get feedback from our service teams telling us that the installations go faster and smoother because now they know what to expect when they open the box. Of course, our new product development teams, they can also tap into these common control panels to allow us to scale a solution even further. Getting engineers to agree on a common standard across the world is no easy task, trust me. I think you'll agree that the efforts we put into this are very much worth it. Now you've seen some real examples of how we've solved some of our customers' most complex needs using highly differentiated and integrated solutions. These highly differentiated and integrated solutions are what enable us to win in the marketplace. This is what I was referring to in my introduction when I said we were unique. This is a really important point. Before we move to the next part of the presentation, I wanna take a few moments to summarize and recap exactly what it is that makes us different. We bring together equipment, software, and services together, working seamlessly to solve some of our customers' most complex needs. We develop new products to solve real-world problems, using scalable platforms that can be adapted to multiple end markets. We're integrating technology building blocks to deliver complete end-to-end solutions, and we do that right across the world. We also have deep application and processing know-how across protein, prepared foods, and the beverage industries. You put all that together, and we really stand out from the crowd. We have differentiated technologies that no other supplier can offer. We offer full-line solutions that no other single supplier can offer. For these reasons, we truly are uniquely positioned in the industry. You heard me say in my introduction about just how excited I am to be on this amazing journey with JBT Marel. Now you know why. With that said, I'd like to now hand over to Augusto Rizzolo, our Executive Vice President and President of Regions and Integration. Thank you, Bob. Good morning, everybody. My name is Augusto Rizzolo. I'm the EVP and President for Regions and Integration, as well as responsible for the global parts distribution center at JBT Marel. I have been with JBT Marel over six years, and prior to joining JBT, I spent my entire career working in industrial and the manufacturing sector, leading products and service business with full P&L responsibility in a global context. The topic that I'm gonna be sharing with you today is why service, you know, aftermarket at JBT Marel, it is one of the most attractive value creation levers for our growth, and most important, why service, it is such a critical component to our customers in how they run their operations. I would like to start that by delivering you some of the key message that I'm gonna be covering today, but most important, how those messages gonna anchor the strategy for JBT Marel moving forward. As you're gonna see through my presentation today, at a high level, our strategy is quite simple, right? JBT Marel benefits from a large global installed base, which that itself provide a long-term customer relationships. Not only that, but us having the opportunity to target sell the valuable installed base, it positions us to continuous growing the recurring revenue at a very attractive margin. During the integration with JBT Marel, we had a great opportunity to talk with several customers around the world, and we learned a few critical components that's helping us to transform this new service and aftermarket business model. What we learned is that more than ever, the uptime from our equipment, it is critical, right? It is also very important the way that we are transacting doing business with our customers. It is critical how we communicate and show consistency in terms of how we're delivering the service in the different end markets that we play and the different products that we offer. To respond to that, as I said, we are in the process to transform our service and business model by focusing what matter the most to our customers, which is the customers, customer-facing metrics that I'm gonna be introducing to you today as well. As we focus on developing a new business model, we are also looking at ways to create new growth and operation initiatives to continue expanding our recurring revenue and expanding our margins profitably. To better understand why the service is such a critical component, I would like to give you an example of how and why JBT is well-positioned to help our customers during the product lifecycle. Okay. As you heard from Brian and Arni today, I'm glad to say that today, more than ever, JBT Marel it is well-positioned to deliver this holistic and customer-centric business model. Why? Couple reasons. We have the reach in terms of our global engineering food service. 1,600 technicians out there that can be available to support our customers. At the same time, we have the product and the process knowledge that makes this organization unique in all the end markets and the products that we play. Most important, as you learned from Roger and Bob today, we have the capabilities to provide a full line of solutions in those core end markets that we play. Here, I would like to reintroduce this infinite loop, which was shared by Arni previously. I think this is a great representation of the entire customer journey. Here, I'm gonna be focused on the right side because this is the right side where our customers rely on the most, right? Once we have sold that equipment, we have commissioning, we and our customers rely on us to continuously provide the service during the product lifecycle. At the same time, on the right side of that, it is where we as a JBT Marel, we can benefit from the most in terms of attractive value creation. Right? As a matter of fact, on the right side, during the entire product lifecycle, we can generate close to 2x-4x the value of the sale than a new equipment. I'm gonna get in some more examples about that. Before we go to the next slide, I'd like to give you some perspective of the customer needs and how we can support our customers. At JBT Marel, the customers rely on us thanks to our product and our process knowledge, and I can tell you that out there is no one else better than JBT Marel that can service that equipment. Our customers, they also rely on us in our ability to provide preventive maintenance, as you're gonna learn later on, but also our ability to provide them higher uptime. The third one is parts availability. You know, our customers rely on us that during this entire product life cycle, that we will have the parts available in case they have a downtime. As you can expect, in order to keep the parts for 10-20 years, that requires some investments on our side as well. I think that gives you some perspective why, you know, customers matter, also why service is such a critical component to our customers, but most important, why is that a value creation opportunity for JBT Marel for the next two to three years. Okay. In order to respond to those customer needs, and at the same time try to capitalize the opportunity that we see in terms of the aftermarket service, I have to say, I'm glad to say actually, that we have been working on a set of our focus and strategic initiatives for the service business model. The new business model that we are developing for service has a focus to deliver best-in-class customer-facing metrics. Our goal has been very simple, is to deliver a service that can be more consistent, localized, and responsive to our customer. In order to deliver that, as you can see here, we are focused on two core initiatives. The first one at the top is about our people, our culture, and our organization, in which Shelley is gonna be spending some more comments about that during her presentation. Here, during the integration of the JBT Marel and the development of or designing of our new operating model, we made a conscious decision that we would like to integrate the service organization within our global operating units and giving the right levels of resource and accountability, so we can do the right thing to the customer at the different regions and markets that we play. The second one that you see there is about having dedicated service process, tools, and operations. At JBT Marel, we recognize that running a service organization is different than running manufacturing sites. For that reason, we have been investing in new tools, in new process and capabilities, so we can enhance how we deliver our service to our customers. Those two together is gonna deliver this new business model, which is gonna be sustainable, but most important, we're gonna be able to scale and deploy to the different operating units that we have and the different end markets that we play. The results, as you can see on the right, is a continuous improvement in the metrics that our customers care the most about, which are the customer-facing metrics. By improving those customer-facing metrics, we will continue delivering incremental value to our customers and to JBT Marel. Just a quick view about what are the benefits that we are already seeing thanks to those improvements that we're doing in our business model for service. Our customers are already perceiving better service levels and experience across the different end markets and products that we sell. They are getting faster response time and resolution times, better parts availability, but at the end of the day, it translates to uptime. For JBT Marel, thanks to the results that we have been delivering to our customers, it position us as well to be the partner of choice, which that itself give us the opportunity to start developing stronger customer relationships, build the trust, which at the end of the day give us a higher probability to target, sell to the install base, and continues increasing our recurring revenue. These outcomes are not only able, thanks to the improvements we are doing in our service model, but also thanks to the investments we have been doing in terms of digital and new technology. Take me to the next slide. JBT Marel has been investing a significant amount of dollars and resource in the last couple years to build what we call this digital platform. Today, I'm really happy to say that digital, it is a core capability within JBT Marel, and Arni is gonna give you some more perspective about that during his session. There's one thing I would like to call out over here, which is what set us apart with everybody else in this market that has a digital offer. That differentiation that we have is our ability to combine this digital platform, which is proprietary from JBT Marel, with our product and process knowledge that is embedded within our organization. This is what make us unique in terms of this combination of digital and product and process knowledge. That enable us to leverage the digital to better service our customers and be more productive in terms of how we're running our service organization. I would like to give one example of how we can apply the digital platform into our service field operation. Thanks to this digital platform that today exist in JBT Marel, we're able to connect with our installed base. Not only that, having that connectivity combined with our product and process knowledge and years and years of experience of servicing the installed base, we are able to create some algorithms in which can provide us valuable information in terms of what are the key parameters that we should be measuring in that equipment. That also provide us the ability to prevent any downtime. And in case we have a downtime, that assessment and symptoms that we have in that equipment, it give us the possibility to dispatch the right technician with the right knowledge to fix that problem. Also it give us the visibility of what is the right part that technician should have, so we can fix that by the first time we dispatch a technician. Think about how valuable is that, right? Having the ability to fix the machine the first time that we get there, and also give us that insight of how we can be more efficient in running our service operation. No one else is capable of doing that, thanks to the digital and our product and process knowledge. All right. That execution depends on several other factors that I spoke here. It depends on the digital platform that's available. It relies also on our Field Service Engineer, which is by far one of the most valuable asset we have at JBT Marel, and also relies on parts availability, which takes me to the next topic. Here, I would like to start saying to deliver best-in-class service, parts availability is key, right? Today in JBT Marel, service, I have to say, has been sharing with our manufacturing sites, which in some case can cause some challenge in terms of how we are, treating this business. Why are those challenges? Well, first, we are sharing the same resource in terms of running a service organization, a manufacturing site, so you may have some conflict priorities. In some case, we also sharing the same process and KPIs, right? which not may be the right process that we need to run a service organization. Well, the great news is that we recognize and we have been changing the situation by first introducing this business model that I already told you and the focus that we're putting in terms of running the service organization within our operating units. Second, which I would like to introduce here, is this new structure that we have now in place with a dedicated parts network for our service business. As you can see here, that structure is already in place. It's simpler and relies on two global distribution centers, one in the state of Georgia here in the United States. The second one is in Europe, located in the Netherlands. That by the way, that distribution center that we have in the Netherlands is considered one of the state-of-the-art in terms of technology and automation that we have in place. The automation that we have in that facility, we're able to pick and place the parts automatically with support with the IT solution that we have. For most of the orders that we receive in that facility, we are able to receive the order and ship it the same day, which is a very compelling competitive advantage in the market that we play. Those two global distribution centers themselves are being supported by two regional distribution centers in the emerging markets that we have a significant presence in terms of install base. Most important, as you heard from Arni, the opportunity that we see in terms of growth, in terms of revenue and new equipment growth for the next two to three years. The results that we are seeing out of those two or combined structure that we have in place is a global scale, but also delivering the local speed that we need, translated to some of the benefits that we see here. Already seeing 20%-25% improvement in terms of on-time delivery. We also seeing improvements in terms of how we are running some of those operation, which is impacting lower levels of inventory and reducing our operating costs, thanks to the consolidation and investments that we are doing in automation. With that, I would like just to step back for a second and because I have been talking about several things here, the improvements that we are doing in our service model. I spoke about how digital together with the field service engineer can be a very compelling value proposition in terms of service to our customers. I gave you also some perspective about the investments that we're doing in our distribution centers to improve parts availability. Now, think about if we pull all this together and are able to deliver this in a terms of offering to our customer in which they can get the full potential of the service offering that we can do. Here the great news is that JBT Marel today is capable to deliver that through what we call our ProCare service agreement. The ProCare service agreement, it is where we can deliver this full service potential to our customers. It is where our customers can leverage, you know, the valuable knowledge that we have in terms of the product, the process. That is where they can get access to this digital platform that is proprietary to JBT Marel. It is where they can get the parts availability that they need, supported now, thanks to this distribution network that is already in place. Most important is the life support that they need to prevent any downtime and focus on uptime during the entire life cycle of the machine. This is very powerful to our customer. At the same time, a great opportunity for JBT Marel in terms of continuous growing our recurring revenue. As you can see here in this slide, we can create a significant amount of value by focus on that. You know, it's between the range of 2x-4x the value of the equipment sales that we can get out of this ProCare program. Think about the significance of that by applying this across the entire install base. Which takes me to the next slide in terms of what are the actions and how are we gonna be unlocking after market growth for JBT Marel in next two to three years. I would like to start first reinforcing that we benefit from this global install base, right, for JBT Marel. Here you can see a number. We estimated the install base to be around 200,000 key machines around the world. Today, we capture roughly 40% of the share wallet. We do know that best-in-class manufacturing peers that not necessarily not only the food and beverage processing capture in a range of 50%-60%. That itself give us a visibility of the upside opportunity that we have for the continuous two or three years. Here, I would also like to give you some perspective how we gonna be achieving the 50%-60% share wallet opportunity. That's focusing some of those four drivers that you see here. The first one is about expanding our service labor or service contracts, so by focus on the ProCare. The other one I'd like to introduce here is the rebuilds and upgrades. We haven't spoke much about this, but you would appreciate that during the entire product life of the product, that can be between 10-20 years, and due to the market dynamics, customer needs would evolve and change. Here's an opportunity because we have upgrades and kits that we can offer to the install base to improve in terms of yield, automation, and some other requirements that our customer may have, which is a great opportunity for JBT Marel. The last one is the parts share wallet. Even though today, if you look at our recurring revenue, parts represent a significant share of our revenue, we do see opportunity to continuous growing in the parts revenue, thanks to the investments that we're doing in our distribution networks, which are gonna deliver parts availability. That's how we're gonna get to this 50%-60% share wallet in the next two to three years. Summarizing my presentation today, I would like one more time to reinforce the benefits that we see from the JBT Marel installed base. Remember, 200,000 key equipment out there, which provide us a great opportunity to continue growing that market above market rate, but also a great opportunity to continue strengthening that relationship with our customers. That combined with what I presented today of our new service and aftermarket business model with the digital and field service capabilities that already exist inside of our organization and the investments that we are doing in terms of distribution network to improve our parts availability, that's together gonna be delivering compelling results for JBT Marel, which Matt's gonna cover later on. I also hopefully, I was able to give you some evidence where do we see that aftermarket growth coming from those four key pillars or drivers that we see, which will position us to improve our share wallet. I would like to conclude, this is all possible thanks to, one, the initiatives and for sure the investments that I have presented today. Most important, we are capable of doing this thanks to the people and the leadership team that we have within JBT Marel today, because that's where the knowledge resides, and that's really what make us unique and different in the market that we play globally. With that, it concludes my presentation. It concludes the overview about service and aftermarket, and I would like to turn that back to Marlee. Thank you. Thanks, Augusto. That concludes the first half of the presentation, so we'll move into a break, quick bio break. I ask that everyone be back in the room around 10:47 A.M.. Thanks, everyone. Welcome back from the break, everyone. We're now moving to the second half of the presentation, and with that, I'd like to turn it over to Executive Vice President and Chief Human Resources Officer, Shelley Bridarolli. Thanks, Marlee. Good morning. How are you all? I'm Shelley Bridarolli, as Marlee said. I'm responsible for Human Resources at JBT Marel, and I have a number of years in diversified industrials. That is my background. I'll tell you, I was really excited when I came to JBT Marel because at the end of the day, the employees are excited about what we do. They're passionate about our purpose. They want to transform the future of food. As an organization, we can harness that, right? We can take that energy and that passion and activate it to reach our potential, and that shows up in how people operate every day. I want to share our people story with you this morning. I want to tell you what it looks like in practice because we've had four areas that we've been focusing on. The first is driving that disciplined integration, ensuring stability, clarity, and coordinated execution. Second, we're building a high-performance, customer-oriented organization. We want to accelerate this organization, meet our synergies, and execute in a fantastic way. Third, we're attracting, we're developing, and we're retaining our employees, right? We want to strengthen that customer responsiveness you've been hearing about this morning. We want to enable speed with a unified operating model. Last, we're harmonizing our talent systems and our incentives to reinforce accountability within the workplace, collaboration, but also cross-selling and enterprise-first behaviors. Together, this is how we scale what makes us distinctive from everybody else. It's their expertise, their commitment to customers, and their willingness to run towards problems. By retaining our talent, by developing them and their capabilities, and attracting new talent that fits within our value system, we're enabled to execute and support long-term value creation. Every story begins with a foundation, and our foundation is about values, right? We brought two very proud organizations together. They're proud of their history, proud of their culture, proud of who they were. You all know that one of the top two reasons integrations fail is because of cultural misalignment. On the surface, we are at risk of that when you have those proud environments. Getting shared values right is absolutely the foundation of everything you do, not just culturally, but also operationally. We were presented with this rare opportunity to bring these organizations together. When you do that, many leadership teams who are inexperienced choose to move fast on everything, thinking that's the right thing to do. Our leadership team has been through other integrations. For me, this is my third of equal size. I will tell you move slow when it comes to values. You don't move fast because it is the foundation of everything you do. It's how you operate every day. Now, you don't also slap them on a wall. Culture is about moments. It's not about meetings. You need to ensure that you're excavating what makes you distinctive. That is key in making it happen. We spent a lot of time doing focus groups, looking at historical documents, talking to folks, doing surveys in order to emerge the values that we ended up with. The interesting thing is, although on the surface we might have looked a little misaligned, we really weren't. In fact, we are extremely aligned. How we approached it was maybe a little bit different, but at the end of the day, our values were very similar. We all wanted to collaborate, right? We wanted to create through collaboration, and we had the opportunity to bring the best of both styles together in order to do that. We wanna serve with integrity, do what we say we're gonna do. We are driven to win. We're driven to execute. Grow with excellence. That's about putting that enterprise-wide, relentless, continuous improvement you've been hearing about and driving it through the organization, right? Knowing where and how we need to improve, and of course, advancing with innovation, right? We had that Marel blue sky innovation with JBT's practical innovation, you know, that we look to commercialize. We can bring the best of those two together. What's important is these values are not standalone. They work in concert. That's really important because together they create a high-performing culture, and that translates into execution, which creates long-term value. A key piece of that value creation is making things simple for our customers, right? We talk about worry-free processing. We want it to be simple. They just want their operations to run smoothly. They wanna be unburdened. By leading with our purpose and values, we can focus on our commitment to retaining employees, developing employees. That's what differentiates us in the market, and it allows us to scale. We always need to invest in our technical experts. That's really important. We need to be ahead of the curve. What I want you to focus on on this slide are really the three middle bullets, right? We know we have technical experts. We know we're delivering relentless continuous improvement in a positive way. In order to really win and take it to the next level, we need technical experts who are looking at it from the customer's lens. They need to understand that they have to actively listen to what those customers need, because then they can work the problem, but not only work the problem, solve the problem, and sometimes even solve the problem with new and existing technology through cross-selling by solving a problem before the customer even knows that they have it. We need to take our secret sauce, which is our expertise in food science and processing, and we need to make it even stronger. We need to create that customer-centric expert who takes our technology, existing and new, and bring it to the table. We've talked about our foundation, and we've talked about developing our individuals, but we also want to attract new talent where it makes sense. Our purpose is clear. It is a mission for many people. That attracts people in the marketplace. People also wanna work with other experts. They wanna work with people who are better than them, or at least at the same level. What we've done is gone out and done targeted hiring. For example, in the U.S., who builds better technical talent than the U.S. military, right? That's what they're known for. They don't just create technical experts. They train for risk. They train for resilience. They train for running towards problems with collaboration. That is a perfect alignment with JBT Marel. Those are the folks we're looking to bring, the ones who are ahead of the curve and willing to have a mission and focus on it. Now, by having this fit alignment, we've actually reduced our time to hire about, by about 25% in some of our customer-facing field service roles. That means that we actually can get to the customer faster because we have the technical experts who understand what we're doing. Retention has also increased. In fact, an interesting fact that we have is we have the lowest voluntary turnover either company has ever had since we've come together. People are focused on the mission, and they're excited about the opportunity. Now, outside of the U.S., obviously we want regional hubs. We've had digital hubs, customer innovation centers. That is where we're bringing people in through trade and educational institutions so that we can build that pipeline, so we're ready for our customers when they need them. This strengthens our capability and has direct customer impact. We've talked about how we've built the organization. Let's talk about how we're sustaining that because it's great to build it, but you have to sustain it. We are doing that through leadership and organizational discipline. You heard Brian earlier. He's very proud of our leadership team. I'm very proud of our leadership team. It's not just the leadership team, it's leaders all the way through the organization. We are very selective of who we put in leadership roles. We need to ensure that they have deep domain experience. We need to ensure they have a customer orientation, they're coming at it from the customer's lens, and proven P&L execution. In order to ensure that they are laser-focused on delivering results in a positive way, we've established a clear operating model, clear expectations that are really tightly linked to financial outcomes and operational excellence. Arni talked about rising costs, margin pressure, and performance optimization for our customers. We are not immune to that. We also face those pressures. Because of it, we have driven that relentless continuous improvement enterprise-wide. We tackle our own problems with the same vigor we do our customers, right? We embed that cadence into our daily management. Together, all of this creates a performance-driven organization built on leadership depth, execution discipline, and consistent accountability, all of which serve our customer and create value for us and our shareholders. Incentives also sustain a high-performing culture, right? They reinforce performance and behavior. As part of the integration, we spent a lot of time aligning and harmonizing incentive structures across the entire organization. This created consistency and expectations. It also reinforced accountability. Our short-term incentives are tied directly to Adjusted EBITDA, margin performance, cash flow, where a significant portion of our pay is also in long-term incentives. Our long-term incentives are focused around adjusted EPS, ROIC, and relative TSR. Incentives often feel like a financial conversation, but I would argue at its core, it's actually a values conversation, right? We need to ensure that people are rewarded for the right things and doing them in the right way. You know, that includes the customer experience, cross-selling, leadership effectiveness, ownership. This is what creates a true pay-for-performance culture, one that aligns with leadership accountability, financial outcomes, impact, and long-term value creation. To close, everything I've talked about today, from our foundation to sustaining that, really reinforces a core principle. Strategy only delivers when people execute it with clarity, accountability, discipline, and commitment, right? We have a culture where we have driven disciplined integration into it, right? It's grounded on our shared purpose, our values, and consistent execution standards across all regions and businesses. We're building that high-performance, customer-first culture, where our teams run towards challenges, not away from them. They're solving the problems, removing obstacles before customers even know they have them, protecting that uptime and that yield, ensuring we have long-term partnerships, right? Our capabilities are built through depth. We are spending a lot of time investing in our food scientists, our processing experts, our customer-facing employees. We want them to scale, innovate, and respond with speed. We've implemented unified systems, harmonized incentives, talent programs. This reinforces our strategy, right? We wanna get results in the right way. This is an organization that's designed to execute. I am really proud of what we've built and how we've gone about doing it. We're excited about our journey, and we welcome you to join us. With that, I'll turn it over to our President of JBT Marel, Arni. Thank you. Good to see you again. What I wanna show you now is how software and digital are playing an important strategic role in addressing our customer needs, strengthening our integrated value proposition, as well as improving our competitive positioning. There is an accelerating demand for processing insights and increased uptime with our customers. This is due to margin pressure, complex operating environment, and evolving consumer preferences. This kinda is where software and digital can play an important role in helping addressing those demands. We are uniquely positioned to capitalize on this demand due to our broad offering, deep process and application expertise through our people, as well as the experience that we've had over many years in building and deploying software in the food processing space. This will not only drive our software business forward, but through strengthening the integrated value proposition, it will help us to sell more equipment and more service. With digital tools, we're able to take service to the next level, like Augusto talked about, with prescriptive maintenance and other tools, remote support, which will really help our customers in their operation. It will also deepen our relationship with our customers, as well as lower the cost of delivering service. All this together will allow us to capture a greater share of wallet and grow our long-term recurring revenue. If we go deeper into the accelerating needs from our customers and how digital and software are playing a role there. There is a new generation of operators that are more digitally savvy, and they actually just wanna use data to run their operations. Uptime and machine performance is becoming more important, like we've talked about, due to the fact that machines are becoming more sophisticated because of improved yield and throughput and so on, and there's scarcity of skilled labor to maintain and service those machines, so they rely more on us. Brian talked about how we're moving more to a more output-oriented food processing space. That means our customers need to manage their processing lines more holistically, and they also need to make sure that they're fulfilling the customer orders that are coming in often at 2:00 P.M. for same-day delivery. There's a growing need for traceability, both in the food processing space, but also across the value chain. This is to ensure regulatory compliance and food safety for consumers. Before I go deeper into software and digital in particular, I just wanna take this step back and really talk about the integrated solutions that we kinda repeatedly mentioned today, and it's not without a reason. It's because of it, kinda how important it is. We really need a seamless integration across the equipment, service, software, and the application expertise. It's around our equipment, it's around our people and the knowledge that we have, but we're really bringing that together to achieve the most sophisticated level of food processing. Each component here reinforces the other, so the whole is greater than the sum of the parts. This is what we're focusing on to achieve the next level of efficiency, and software and digital are a piece of this overall picture. Let's look at our product offering. We look at it through kind of we have three product families, high level, in terms of how we look at it. In machines, we're focusing on remote support, we're focusing on prescriptive maintenance and overall equipment efficiency, and this is to achieve the performance of the machines, the uptime, and so on. On the line side, what we're doing there, that's where we're taking multiple pieces of equipment and making sure it works seamlessly as one system. It's to make sure that the product flow flows smoothly. It's to be able to have full traceability on each piece. It's to be able to use data across the line, upstream and downstream, to optimize in a complicated operating environment. On the factory side, that's where we're creating visibility across different sites to help our customers manage their business, but also help to integrate our solutions into the IT infrastructure of our customers. With this breadth, we're able to tailor our solution to the needs of the customer, just depending on where they are in their journey, and that's really the value of this broad offering that we have. All these different products require a really strong digital backbone. Therefore, we have one comprehensive, scalable platform to support all the kinda all the three different product families. It's a platform with strong cybersecurity, cloud, and data infrastructure that also enables AI optimization. We are obviously bringing JBT and Marel together, and the two platforms we're kinda well on our way to integrate those and will be done by the end of the year, and this will be with very limited customer impact. What I wanna show you now is a video kinda of how our solutions work in real-time in a poultry plant. Go ahead. In a large poultry processing facility, the goal is simple: meet specific customer orders using the live birds received. With tight profit margins, success comes down to getting the right end products to the right customer at the right time with maximum effectiveness and minimum loss. The process splits into primary processing, which includes live bird handling, defeathering, evisceration, quality- check, and chilling, and secondary and dispatch for cutting, deboning, packaging, labeling, and shipping to customers. JBT Marel connects each process through comprehensive solutions that integrate equipment, digital software, and aftermarket service. This is crucial for monitoring machine health, production control and uptime, and data collection, which is used to improve yields and increase efficiency, helping processors cope with increasing operational challenges. The software tracks individual birds, collecting live data from the farm, flock, scales, vision systems, graders, and equipment sensors. Production supervisors receive real-time insights and root cause guidance to optimize production and act in the moment to avoid further inefficiencies. Small forecasting errors can quickly lead to unfilled orders, wasted raw material, and higher costs. Our integrated secondary processing software automates production based on production orders. Primary processing data, such as weight and quality, is used in secondary processing to determine the best use of raw material to meet customer orders. For example, routing premium raw material to high-value end products while lower grade is directed to marinated or nugget end products. This increases efficiency and maximizes the value extracted from every bird. Food safety incidents are rare, but when they happen, speed and precision matter. If a flock is later found to be contaminated, recalls can focus on only the affected lots. The result is a faster, more targeted response, protecting brands and maintaining customer trust. Comprehensive integrated equipment and digital software tools deliver enhanced data visibility to improve control, quality, yield, and traceability. The result for processors, higher uptime, more predictable output, and less operator dependency, which leads to better performance and higher profits, whether managing one plant or multiple. This is a good representation of what we do, and then there are really kind of two key takeaways here. You really see the opportunity that we have with our broad offering. Roger talked about 800 different kind of machine codes in a poultry plant. Being able to have that broad offering, being able to understand the process, collect the data at different points, weighing at five different places just in the primary process with over 50 pictures, managing a process at 250 birds per hour, kind of that's the essence of what we're capable when we start to bring these things together. The other one is really the integrated solutions that we've talked about. You see kind of you can get the insights into the control room in the dashboard, but that's not enough. You need to get the insights, and then you need to use that in real-time. In that, kinda with that speed, you really need to understand the process and have the deep integration into the equipment. That's really the essence here that I hope you kinda take away from the video. It also speaks now to kinda why we're so well-positioned in the market. Kinda with our unique software offering, that's really built through all of these different components. It's built through having the broad offering. It's built through the process know-how and the application expertise. It's built through kinda the experience of our people of building and deploying software and digital tools in the food processing space. It's really the secret sauce of all these different components coming together. If you look at some of the other players in the space, they might have a piece of it, but they don't have that full suite that you really need to do to be able to deliver on that customer need. If you look at the enterprise players, they're really good in that space, but they don't have the integration with the equipment or the process know-how. If you look at the shop floor vendors, they have some automation capabilities, but they're not used to working with the raw material or understanding the context that that machine is operating. If you look at some of our more traditional peers, they just don't have the breadth and the experience, kind of the breadth of the offering and the experience when it comes to digital and software solutions. We have the scale, and we are furthest along, and that is creating our unique position and competitive advantage in this area. Our focus areas and development priorities are on multiple fronts. We're obviously very focused on bringing the platforms together and being done with that by the end of the year. We're also on the machine side. We're onboarding more and more equipment to our platform to be able to deploy digital tools, use the insights to help give customers insights such as kind of what's your energy consumption? Kind of what's the usage of these spare parts, and when do you need to swap it out and so on. That's really onboarding more equipment to the platform. Inline solutions, we showed you some of the capabilities that we have in poultry. To be honest, like, we're furthest along in poultry, but it shows you the opportunity that we have elsewhere. We're using that knowledge and capabilities to develop that for other end markets and other parts of the value chain where we don't have as comprehensive solutions as today. As we train our model, our models and basically train and use the models around the solutions on kind of prescriptive maintenance, production planning, and performance management, I mean, we are using AI in that arena. Bob gave us a great example where we're using kind of vision technology and AI, and we're doing that here as well. The key point here when it comes to it is to be able to train the models. You need structured data, and you need to understand the process, and you need to have the application know-how because that's how you train the models that we use when it comes to digital and software kind of insights. Not only that, you need to be able to use the insights, and that's where the integration with the equipment comes into play like I talked about around the video. This is what we bring to the table better than anybody else due to the fact of our offering and being able to bring all those different pieces together. There are three main levers that we're focusing on to drive long-term value creation. The first one here is we're expanding our offering, kind of use cases and solutions to have a more enriched offering. The second is around acquiring more customers that are using our tools and capabilities. The third one is around growing with our customers and capturing a greater share of wallet. This will allow us to grow our revenue, especially the recurring revenue through service and software subscription, and capture this greater share of wallet that I mentioned. To summarize this, there is the accelerating demand of processing insights and increased uptime, and that's where our tools play an important role to address that demand. We have the most comprehensive offering to address the customer needs. Then we have the secret sauce of all the different pieces coming together to have a strong competitive advantage in this part of our business. This is also one of the key levers that we will use to grow above the market. With that, let me introduce our CFO, Matthew Meister, who will give us some insights into our financials and outlook. Thank you. Thanks, Arni, and thank you all for your time and interest in JBT Marel today. Many of you know me as I've been the CFO since 2020. Before joining JBT in 2019, I had over almost 20 years of experience in global diverse industrial businesses. You've heard a lot today about strategy, about our markets, about our technology, and I think it paints a really compelling picture of what JBT Marel is about and where our opportunities are going forward. Now I'd like to bring it all together and put some numbers and expectations with it. Let's start with some key points I'd like to touch on during this part of the presentation. First, we've been very successful in executing on our strategy, delivering comprehensive solutions from a customer-focused organization, which creates this really unique customer value proposition and enables the earning power of our business. Second, we have strong end markets and market-leading technology. By bringing these two businesses together, we've given ourselves the opportunity to unlock revenue synergies and grow at a potential rate above market growth. Third, we have levers available to us within our business to significantly improve margins through continuing to execute on the synergies and that relentless continuous focus on continuous improvement. Fourth, we have a robust cash flow model that supports our organic and inorganic growth opportunities. We put all that together, we have a great platform for significant shareholder value creation and attractive return trajectory. Now let me dive into that value creation algorithm here at JBT Marel. Starting with the growth drivers. We've discussed this a lot today. You heard it from many of the presenters already. We have those resilient end markets. We have secular tailwinds that's really supporting the business. We have that unique customer value proposition that Arni just talked about. All that supports that above-market growth rate that we're expecting over the next three years. As I mentioned before, within JBT Marel, we have a set of levers to really enhance margins. Favorable mix of recurring revenue, our focus on continuous improvement, and again, the execution on those cost synergies that we developed during the integration process early on. The combination of sustained growth and disciplined focus on margin improvement with our cash flow model really builds this powerful engine for differentiated financial performance and significant long-term shareholder value. Now let me walk through the components of that value creation engine and how it translates to financial outcomes. As many of you know by now, we have recently resegmented into two segments, Protein Processing Solutions and Prepared Food and Beverage Solutions. Both of those segments serve very attractive markets. They benefit from that inelastic demand for food and beverage. They have those secular tailwinds that we talked about with population and income growth, changes in consumer tastes and preferences, which drive our customers to have to innovate and invest. They also have these complex operations that Roger and Bob talked about, which requires investment in automation for the lack of labor available to work on the lines, as well as needing to enhance yield and reduce cost of production. As you heard, JBT Marel is uniquely positioned with our technology and our full line solutions, as well as that domain expertise to meet those evolving customer needs in this complex environment that they operate in. By putting the companies together, we can leverage this unique customer value proposition, and it's all enhanced by revenue synergies. These integrated solutions that we introduced to the market, as well as our go-to-market strategy, has really resonated with customers over the last year and has given us the confidence to be able to increase our expectation for revenue synergies over the next three years. These synergies are the result of full line connected solutions that we're able to sell across our various segments and gives us a distinct customer competitive advantage in the market. A good example of this, Bob talked about a little bit, are the two QSR lines that we won in 2025. In that, in those lines for nuggets and burgers, we're able to deliver technology that allowed for us to prepare the protein, form it, cook it, freeze it, and provide end-of-line applications. That's something that we could not have done as standalone companies. Now, putting them together, we can actually do that now. When you combine this unique product offering, the scale that we have as a combined company, it provides us with the opportunity to succeed in under-penetrated, faster-growing markets like Latin America and Asia-Pacific. I think we demonstrated some really solid wins here as well in 2025. Collectively, these revenue synergies are expected to provide approximately 100 basis points of incremental growth, which is included in the forecast and the targets that I'll share with you here in a minute. I've discussed the growth. Now I'd like to talk about some of those profitability enablers. Starting with cost synergies. As we reported in 2025, we made significant progress on actions from our integration plans. We realized $43 million in synergies during the year, and we exited the year with a run- rate of $85 million in synergy savings. As we look ahead, we look to expect to continue that momentum and deliver higher mix of supply chain and manufacturing initiatives, which includes value engineering activity, further supplier consolidation, and select footprint actions. Based on that success and the actions that we've taken, we're very confident in our ability to remain on track to deliver that run- rate of $150 million in savings by the end of 2027. It's a key contributor to our expectation of delivering over 400 basis points improvement in margins by 2028. Beyond those synergies, margins will improve from our relentless focus on continuous improvement, and that's taking hold across our organization. As you heard earlier from Brian and Shelley, continuous improvement is core to our culture, and we're embedding that cost discipline and focus on operational efficiency across our various sites. We're focused on optimizing the supply chain as well. In 2025, the team did a great job harmonizing the process and starting that process of harmonizing our supply base. That will continue. They've also started work on Value-Added/Value Engineering, where it allows us to align common components across our various pieces of equipment. A good example Bob brought up earlier in the presentation is the standardization of control panels. It does sound straightforward to some extent, but a project like that was able to deliver 40%-50% reduction in the cost of the panel while also improving lead times and installation times. It's a true win-win for our customers and for our business. Finally, we have a large number of manufacturing facilities across the globe. Some of those operate in lower-cost regions, such as Brazil, in Eastern Europe. Those facilities have capacity. In 2025, we began the effort of moving some of our production to those lower-cost facilities. As that continuous improvement work continues, we're able to free up more capacity in these lower-cost locations. We'll continue to evaluate more opportunities to deliver more savings within our operations going forward. Altogether, these actions create a durable margin improvement engine that will sustain profitability and growth into 2028 and beyond. We spent time on growth and margin. Now I'd like to talk about the cash flow and capital allocation model. Our cash flow model has a number of favorable characteristics. First, we have a stable foundation with resilient markets and almost 50% revenue that's recurring. As we've seen historically, that constant drumbeat of food and beverage production requires our customers to continue to invest in their equipment and maintenance despite changes in economic conditions. Our business also benefits from a relatively low level of capital intensity. Working capital as a percent of sales we're estimating is gonna run around 6%-7% as a percentage of revenue during this next three-year period, as well as our businesses operate in a relatively asset-light way because they focus more on engineering, assembly, and test. Because of that, we have a relatively low level of CapEx at about 3%-3.5% of revenue. This positive cash flow profile, along with lower interest expense and lower one-time payments as the integration intensity starts to calm down here at the end of 2026, we're expecting free cash flow as a percentage of EBITDA around 55%-60%. That translates to over 10% of revenue. During this three-year period of time, we're expecting cumulative free cash flow to be well over $1 billion. This will continue to strengthen our balance sheet and give us the flexibility to support our growth initiatives while also maintaining a disciplined approach to capital deployment. Speaking of the balance sheet, this is something I'm really proud of the work that we've done this past year. I learned early in my career the importance of having a high say-do ratio, and I think we really delivered that here in 2025 by reducing our leverage from almost 4x at the close of the transaction to less than 2.9x in 12 months. Looking ahead, based on our strength of our cash flows and our continued improving profitability, we have a clear path to getting down to close to 2x by the end of 2026. That's well within that target range of 2x-2.5x that we have. Additionally, the team has been working to implement a stable and flexible capital structure with a well-staggered maturity and a prudent mix of low-cost fixed debt as well as moderate floating rate exposure. As you may know, we have a fairly large footprint in Europe, and we've been able to leverage that along with the derivative markets to access the lower cost interest rates in Europe. That's really been able to deliver a much lower interest expense, and you saw that in our Q4 results and in what we put in our guidance for 2026. Overall, this strong balance sheet and liquidity provides us with the flexibility and foundation to maintain that disciplined capital deployment approach that we've taken in the past and continue to focus on long-term value creation. Our capital allocation priorities are clear. In the near term, we are focused on the integration. We're gonna use our cash flow to continue to delever to that target range of 2x-2.5x while funding investment to support growth and innovation, all while maintaining our current dividend. Long term, we expect to deploy capital, again, using that disciplined approach that we've shown toward strategic M&A and opportunistic share repurchases. Speaking of M&A, as we wrap up our integration focus, we expect to reset capital deployment, focus on strategic value-enhancing inorganic growth. We're gonna do that with a defined set of strategic and financial criteria. Strategically, we're looking for businesses that have market-leading technology that we can integrate into our portfolio and sell globally through our commercial teams. We're also looking for businesses that have the ability to add to our opportunity to deliver full-line solutions, able to sell those across our various businesses. We're also looking for businesses that have the opportunity to grow and enhance our recurring revenue stream. Financially, we're looking for opportunities where we can deliver double-digit cash ROIC by year three for smaller acquisitions and year four or five for the larger, more strategic ones. We're also looking to structure these in a way we have a clear path to value to accretive EPS on an adjusted basis as well as a clear path to comfortable leverage range within 12 months. Let me talk about the actual targets. Here we're showing a meaningful step up across both top-line growth and profitability. The compound annual organic growth rate of 5%-7%, Adjusted EBITDA margin in 2028 of 20%. Again, free cash flow conversion as a percentage of EBITDA of 55%-60%, which translates to 10%+ revenue. again, double-digit cash ROIC by 2028. We're confident in these targets because they're grounded in those growth and profitability drivers that we walked through earlier today and that you heard so much about during the presentation. now I'd like to give a little more specifics around the revenue and margin growth targets that we have. Starting with revenue and our base of 2025 of $3.8 billion, we start with the market growth and those secular tailwinds of population and income growth, those ever-changing consumer preferences that drive investment in our customers, the increasing need for labor-saving and yield-enhancing solutions. On top of that, from our complementary technology and the bringing of the two businesses together, we expect another 1% above that from revenue synergies. Finally, we have additional 1-2 points of growth through key initiatives that all of our businesses have. Those are focused primarily on customer-centric service model, that differentiated software and digital capabilities that Arni talked about, and this full-line integrated solutions. Again, taken together, this should drive a compounded annual growth rate of 5%-7%, which is nearly 2x market growth expectations that we have. All right, now let me move on to margins. As we talked today, it's not only about growth, but it's about profitable growth. This slide provides primary drivers to achieve that 20% margin target by 2028. Let's start with margin expansion from incremental flow-through. Our estimate is that we should see flow-through in the high 20%-30%. That includes not only operating leverage, but also the incremental investments required to achieve that growth. On top of that, we expect meaningful contribution from these synergy savings. We expect to deliver almost $110 million over the next three years in synergy savings as we continue to execute on that progress and success that we saw in 2025. Finally, as you roll out the JBT Marel business model and that relentless focus on continuous improvement, it supports further margin expansion through disciplined cost management and operational excellence. Based on that momentum that we built in 2025, these drivers reinforce our confidence in delivering sustained margin improvement alongside that top-line growth. Okay, I've outlined the revenue and margin profile for the total company. Now I wanna move into some expectations for the segments. We expect both segments to achieve mid-single-digit compounded annual organic growth, also while significantly expanding margins. In the Protein Solutions segment, we're expecting significant growth in 2026, primarily from that backlog that's been built in the poultry business in late 2024 and throughout 2025. Then in 2027, we expect that growth to plateau a bit while the customers digest some of the investment that they made, then recovering and growing again in 2028. While we're optimistic cautiously about the recovery of the pork and fish market, those businesses will continue to deepen their position with existing customers and cultivate new relationships with the ever-expanding capabilities of the combined company. Moving to the Prepared Food and Beverage Segment, we expect more consistent year-over-year growth from this segment, although we do expect it to be slightly lower than the protein solutions segment. These customers in this segment are continuing to invest in convenience foods, specialty beverages, premium packaged foods, and pet food. Both segments are dedicated to improving that customer experience in aftermarket support, and we're expecting to see continued growth in recurring revenue at a slightly higher rate than we expect to see in equipment during this time. All right, let me wrap up with a few key takeaways before I hand the presentation back to Brian. As you've heard throughout the presentation, we are successfully executing on our strategy designed to deliver long-term earnings power, evidenced from our results in 2025. With our resilient end markets, strong fundamentals, and unique value proposition, this allows us to unlock revenue synergies through fuller line solutions and fuller line integrated solutions and delivering consistent, solid mid-single-digit organic growth in excess of market growth rates. That growth will increasingly be profitable as we combine our continuous improvement efforts with the ongoing synergy realization to deliver 20% margin in 2028. That profitable growth, plus our strong cash flow profile and our clear, disciplined capital allocation priorities, we believe that will deliver an attractive ROIC trajectory and long-term shareholder value. Again, I wanna thank you for your time and interest in JBT Marel today. Let me hand the presentation back to Brian. Thank you. Thank you, Matt. Well, that was a lot, and I hope you really understand and got the clarity of what makes JBT Marel special. The depth of our technology, the breadth of our technology, building an ecosystem around that to create a sustainable competitive advantage. You saw some of our key leaders today. You see the strength of their experience and their knowledge within the industry. You bring all that together, what's the story? We are executing on our transformation, on the integration. We've had a great first year on that. More to do. We're extraordinarily confident on our ability to do it. We have compelling end market exposures with critical continuous secular trends where we're well aligned with on protein consumption, on prepared foods, on convenience foods, the proliferation of different dietary preferences. We are there to support that. We indeed have a differentiated value proposition. We have the best technology in the industry. We have the most breadth and depth within the industry. We will add to that with M&A in areas where we aren't as advanced in certain places. However, as we sit here today, we're extraordinarily proud and feel indeed we have a very differentiated value proposition by the benefit of bringing those technology solutions together with the service, the software, and our food expertise. We have an amazing, resilient, recurring revenue model. Our installed base of over 200,000 pieces of equipment allows consistent interface with our customers, supporting them on that day-to-day challenges they have in delivering outcomes. We continue to invest in our service and our commercial organization to support that ongoing recurring revenue model and support our customers' success. We continue to deploy operational excellence across our company through continuous improvement efforts. Beyond 2028, our synergy, in our synergy work, we will continue our margin expansion. We have plenty of opportunities as we make ourselves better, not just from a cost perspective, but from a competitive perspective. All that together will deliver meaningful and differentiated shareholder value. Very excited to have shown all this to you today. I am very excited. I know the team is very excited and thank you for joining us here today. All right, I'm gonna hand it back off to Marlee, and we'll talk about a little bit of the logistics. Thank you so much. Okay. Thank you, everyone. It's just gonna take us a few minutes to get set up, but while they're doing that, I just wanna go over a couple of items for those of you in the room. As I mentioned earlier, we do have a couple of my team members here with mics. So when you have a question, when we open it to the audience, if you can just raise your hand, give them a minute to get you a microphone. The microphone's going to be important so that those on the virtual webcast can also hear the questions that you're asking. We ask that you state your first and last name, and limit your questions to a question and follow-up, and should there be extra time, we're happy for you to jump back. Thank you. Thanks. Just give us a minute. Okay. We have the full team. Yes. Appreciate it. A lot of water. We've got a lot of water, just in case. We got this question a lot from our online virtual audience, so I'll start. It sounds clearly like we're very focused on full line solutions. Could you explain from the customer's perspective why this matters versus a best of breed approach from multiple vendors? Sure. I'll start, and I'll hand it off to perhaps Roger and Bob to give their perspective. And indeed, if you're a competitor to JBT, certainly you would argue that any one individual piece of equipment can match and even in some cases beat a JBT Marel technology. But the differentiation of having everything together, and you saw it from the software video, and you saw it from the conversations, is it's not about a piece, it's about the system. It's about the orchestra, not an individual instrument. So the optimization as you go from the beginning to the end throughout the entire facility is really critical in trying to optimize that output. You, if you focus on the output, that is where you get the benefit. Yeah. Roger, need your thoughts on that. Yeah. Yeah. Thank you, Brian. I think it's a very good question, of course. If you look to, let's say, the challenges of our customers, and we elaborated on that in the presentations on food safety, number of SKUs increasing, more output, there's a lot more at stake at the moment. Therefore, that combined with their own capability of matching all those components together, what is better than a one-stop shop? Meaning that we as a JBT Marel are in a superior position in order to connect those environments. When I need to explain this also to others, it's like, you know, if we all drive a car, and in the past, everyone would have a car stereo that was a little bit different. Today, the car, we think it needs to be integrated in the car. That's where our customers are developing as well. There, I think we're in the best position going forward. Bob, you have something to add? Yeah, I'll just add to that. As Brian said, our customers are really looking for outcomes and output, and nothing frustrates them more than multiple suppliers for a line pointing fingers at each other when they have a problem. They're looking for one accountable partner to take care of their production. Great. I think there's a question in the back. Lucy? Thanks. Great. Thanks, guys. Adam Seiden from Barclays. Just two questions, as promised. Thank you. Appreciate it. There you go, Marlee. So could you talk through a little bit about the 3%-4% market growth that you're expecting and how you expect that to vary among the different end markets that you're talking to? Clearly, 5%-7% you're targeting for JBT Marel versus the 3%-4%. Poultry's a big part of the business, assume that's above it, but how does that vary as you get through the broader business? Right. Speaking specifically to the 3%-4% market growth, along with the adders that we will do. It is very broad because food is a constant, never-ending drumbeat. That will shift from individual market to individual market through the years. We never see everything perfectly aligned. What we do see is ups and downs throughout, but when you add it all up, and it's almost magical because every year you see that consistent growth, that consistent investment as people focus on things that are important to them, automation, margin expansion. Remember, Food is a relatively low-margin business in the grand scheme of things. It's more about volume. Our solutions bring that margin improvement to them. That constant drumbeat of the need for automation, the need to feed mouths, and the trends on protein consumption, the continued needs for consumption of prepared foods, that's always there. Then our advantage on top of that, which we just talked about, was that full line solutions, the ability to do more, with the whole than perhaps others can do is what drives that incremental growth. Anything else you wanna add, Arni? Yeah. Maybe just, I mean, as we're looking kind of with the numbers that we're putting out, I mean, it's over the next three years. There is obviously kind of been a recovery on some of the protein markets that are kind of playing into this. Then just wanna emphasize the overall. Apologies. The overall trend is towards more value-added solutions, so more cut up and deeper, more prepared foods. We also see kind of a nice tailwind and kind of a secular trend on that part of our business. Great. Any other questions from the audience? Adam? Just to follow up for me on the aftermarket share capture. You guys spoke to 40% today. You're striving to get to 50% in the target. Is that 50% embedded in the plan by the time we exit it? Then also- Not by 2028. That's gonna be a continuous journey, right? That's a longer-term target. We will continue to make trends. Within our model, we do show higher recurring revenue growth than equipment growth. However, it will take more time beyond 2028 to get to that number. Thanks, Adam. Any other audience questions? Ross? Hey, Ross Sparenblek with William Blair. Maybe just starting with the parts, can you maybe help frame the path and the time to get to the 50%+? And then also, is there a natural ceiling here on where this can go? And could parts get to 2/3 mix over time? Right. I would say it would take somewhere in the range of five to seven years to get to that 50%ish. If you look at premium industrials, that way you can see outside of the food industry, best in class are typically in that 50%-60% range. The reason you'll never get to 2/3 70% is you know two reasons. One, sophisticated customers also have their own Internal Service departments, right? They, if they have enough scale, they can bring a lot of that to their own operation. They can also they also may have sophisticated Procurement departments which can try to buy some of the, I'll call it the more standard parts that they can find on the open market. where they struggle and where we obviously shine quite well is on the more sophisticated repairs, right? As well as the more proprietary parts and whatnot. Augusto, anything you wanna add to that business model? I think you cover it well, Brian. I would say also the expertise that we bring, as you said, into those unique products, I think that's a key value proposition that we add. Also the investments that we are doing now in terms of this distribution network, which guarantees, as I mentioned in my presentation, the parts availability, which is key for providing a best-in-class service model. Right. I think that's another key component that will take us to the 50%-60%. That's right. As we develop that critical parts distribution model, that really materially helps, right? If you can get that on-time delivery in 24- 48 hours, that very high fulfillment rates, less stockouts, etc. As we advance that very sophisticated distribution model. That will materially help us move up that chain, but that does take a little bit of time. No, thank you. That's helpful. Just when we think about growth investments, maybe for Matt, can you help us size what needs to be put in place to kinda realize that 110-130 basis points? Also on the R&D spend, should we think about kind of 3.5% range as a natural target as we look out the next couple of years? Yeah. I think from an investment perspective, I mean, we're investing in resources on the teams to be able to help that growth, right? We need to make sure we have, as Augusto said, the right people in the right places to do the service. As our install base grows, we need to have more of those people available to actually provide that service. A lot of that investment is in resources and the people that we need to support it. We'll continue to invest, as Arni said, in the software and digital space. We can continue to build that out as that's a critical part of this service model that we're building out. Those two are big pieces of it. Just with volume, we need to have some resources to support that volume growth. In terms of R&D targets, you know, we don't have a target number in mind necessarily. I think that number makes sense. You know, I think in our mind, we're looking to allocate resources towards projects and opportunities that have the best returns. Is it 3.5%? Is it 4%? We're not putting a number on it. We wanna make sure that we put enough resources towards innovation, that we maintain that market-leading position that we have. Okay, thanks, Ross. Maybe an online question. Arni, there was a lot about software. Could you speak to specific plans to monetize the data and software that we've implemented in the business? Yes, that's a great question. There are actually multiple ways to do that. I mean, we've talked about a few of them today. One key lever that we're looking at is strengthening the value proposition on the service side. Augusto spoke about how do you embed some of the connected services just into an overall service contract that then will allow us to capture the kind of greater share that we just talked about, how to get to that 50% level. Other elements that we're looking at is strengthening the value proposition of an integrated system. The essence there is like we're strengthening that value proposition, and we're not overly focused whether it kind of. Do we capture the value through the equipment and or the software? It's really around the value that we're creating for the customer. We will have opportunities to kind of charge for the software in some cases. It really depends kind of where we are looking. Like on, maybe just one more example is for ovens. That's where a lot of energy is used. You might be able to kinda create a package around that. It kinda really varies, and it's really focused on kinda what's the customer value proposition that we're able to deliver. Okay. Hi. Good morning. Jeff Hammond, KeyBanc Capital Markets. Thanks for all the good detail. Just as we think about customer consolidation and them gaining share, and then thinking about going from machines to full end solutions, how should we think about those moving pieces from a mix perspective? Then just on your volume growth number, what are the underlying incrementals just on that volume piece ex the synergies? Thanks. Sure. I'll start. The food industry does continue to consolidate, right? I think what you often see is upstart brands really provide that innovation into the food world, and then the larger players tend to buy those up and obviously have their own innovation models as well. We do have a fairly broad mix of still selling component sales versus full line sales. It's very much a mix. I would say certainly the trends are as we've stated, a fuller line, a more integrated model solution. I would say we are still probably less than 50/50 on full line versus individual pieces of equipment. But it does vary quite a bit on the different businesses we have. Meat and poultry tend to have more full line solutions. Some of our beverage solutions tend to be more components and whatnot in our preservation. In part, we don't have as broad of an offering. We do need to invest both from an innovation perspective and adding those building blocks to get us that capability, as well as from an M&A perspective. May I add something to it? It's when we talk about a full line, and when I spoke about a poultry full line, about 800 building blocks. If you look, let's say, 10- 20 years ago, those were only 500-600 building blocks. It's about building up the line, and we are not telling our customers that they need to rebuild everything completely new. The modular setup means that you can expand, that you can grow with the business, and every two machines together is already a line. Maybe not a full line, but that's where I think the strength comes of JBT Marel, being able to have these building blocks and bit by bit, you know, the customer can, if he wants, if he sees the value proposition of us, he can extend the line until at a certain moment he has the full line. Because let's face it, you're not every year building a complete new house or a complete new plant. You want to have it ready for the future. Those are the building blocks that we are able to provide. Mm-hmm. I think you're talking about the incremental growth and margins on incremental growth? Yeah, it depends obviously on the business, where it's the growth is coming from, and the mix of recurring and non-recurring revenue. Overall, on average, we're expecting incrementals at the high 20%-low 30%. Okay. Just a follow-on on the synergies. As you look 2026, 2027, you listed kinda supply chain procurement, VAVE, back office footprint. Like, how would you rank order those or bucket those in terms of the magnitude of opportunity? The supply chain, the procurement side is the clear largest opportunity. Given the benefits of the two companies coming together and the scale that we now have in the marketplace and the ability to commonize parts and build and create these building blocks that Roger’s talked about and that Bob has talked about, the more you can standardize the components, the more you can get meaningful. That is, I would say, the clear number one in that strategy. I would say the ongoing SG&A and footprint optimization, and it’s not just about the footprint optimization, it’s about operating optimization, meaning putting the right things in the right places, taking advantage of some investments and underutilization in certain areas, and maybe some constraint and higher costs in other areas. It’s about the mixing and the matching. It's about, you know, the regionalization with tariffs. We have to make more in the U.S. than we would have had in the past, right? We have that operating footprint here. I would say that as well as the SG&A are kind of a, kind of a hand in hand in terms of scale. I will say, beyond 2028, the continuous improvement as well as that facility, that operating footprint, that operating optimization will continue beyond 2028. Hi. Morning. Justin Ages, CJS Securities. Can you talk a little about the push and pull dynamics in terms of equipment orders? How much is the customers coming to you guys saying, I wanna upgrade, and how much is your sales team going in and saying, You've had this piece of equipment for a while. You should upgrade? Yeah. Maybe I'll have, Bob is pretty close to that. You wanna talk a little bit about that? Yeah, sure. I mean, we see a combination. Because we have such really good relationships with our customers, we kind of know what equipment they have in their facility. We're in there all the time. We kind of know when our customers are needing to replace capital equipment. You are right, there are some occasions where customers will approach us as well. It's a little bit of a combination. Thanks. One on capital allocation priorities. You mentioned, you know, as you shift towards lowering the leverage, you know, you're gonna be taking a greater look at M&A. How full is that pipeline now? Are you just beginning to build it, or are there a lot of ideas that you guys have kept in mind? Sure. Well, certainly the last year we've been extraordinarily focused on the integration, and we haven't had outward reaches and whatnot to develop the pipeline. That said, we know the egg industry very, very well. We know the players very, very well. Bob and Roger and Augusto and our other leaders are constantly kinda keeping things in mind so that when we are ready, that pipeline can fill very quickly. There will not be a lack of opportunities. I would say as we roll through the end of the year and get to those target levels of under 2.5 x levered, I think that's when we will perhaps start more formally building that pipeline, perhaps for some investments in 2027 and beyond. Thank you. Thanks. Maybe shifting gears, the online audience is curious about what cross-selling metrics we have in place to achieve revenue synergies and grow the service model. Right. I'm gonna have Shelley talk a little bit about how we incentivize, and Bob and Roger and Augusto can chip in as well as you see fit. How do we think about from an incentive perspective, and just an operating cadence, how we're promoting cross-selling? When you think about incentives, right, you're trying to drive a certain behavior. Previously our behavior was about selling a product. Now that structure has changed. It's about collaboration. It's about cross-selling. We have metrics very much focused on people collaborating together to bring existing technology together to sell it to the customer. We reward for that behavior. There's no losers in that reward. Everyone gets rewarded for the cross-selling. That really has been our focus around driving that collaboration behavior and driving that customer-facing behavior that we've talked about to bring that technology to those that need it. Yeah. More operationally? Yeah. We talked about our go-to-market model being more of an account management model. I think it's probably useful to know that in our history and our background, a lot of our commercial teams were very much focused on individual products. If you can imagine through M&A over the last few years, you buy a company who may be an expert in packaging. Their lens in the market is through the lens of packaging. Now we're changing that and having more account management model so that we're looking at, when we go and visit a customer, we're looking at what process and equipment do they need in that facility. Then where we identify a need, we then bring in, like an example, a packaging expert if that's required in that facility. It's a big change in our model, and it's one that we've seen is starting to show results. Exactly. It starts with the organizational design and the go-to-market strategy with the account model. That's the single most important factor. Two, it's the incentive structure that Shelley talked about, that there is no disadvantage for selling someone else's product, if you will, when you reach across the businesses. Variable compensation is very structured to promote cross-selling. Three, all of our salespeople and sales leaders have targets for cross-selling as well. Any questions from the audience? Okay. There's one in terms of automation trends. Can you speak to what you're seeing from our customers from an automation perspective and if we're innovating around any specific areas? Yeah. Roger, you wanna talk about that- Yeah. Specifically at least to proteins? Yeah. In proteins, I would say automation is, of course, of the century. It's more about how can we reduce, let's say, the labor content, the inspection content, because it's all about scarcity of labor, and especially then also in brackets, simple jobs of packaging, inspection, et cetera. Automation will continue, and I think what we see now actually two trends is robots or [self-robots] working alongside with people on the line to inspect and getting more and more sensors and let's say feel and camera systems in order to assist to achieve higher throughput and yield. Let's say in this case, with AI and other machines that start to regulate themselves, that's also a form of automation. Therefore, small incremental steps have big results, and those are the trends that will remain in the coming years going forward. Combined in our software and digital packages, like also Arni explained earlier today. You specifically had called out the percentage of poultry factories that are still using- Yes manual labor to cut up. Yeah. There's still a big room to go forward, especially within the secondary environment. That's actually where all the end products are created. In some parts of the globe, let's say, there's almost 50% of manual labor that can be automated with the solutions that we have. The market's pretty good. You know, the biggest opportunities remain where you have humans cutting things, sorting things, inspecting things, and moving things around. If you've ever been to a food factory, there's a tremendous amount of labor doing all those things, and that's where the largest opportunities are. Okay. There's a question regarding the ProCare contracts that Augusto spoke to in his presentation. Do we have an estimate for how much percentage-wise we have ProCare contracts attached to equipment, and how do we monetize that? Right. Maybe Augusto and Roger. The short answer is it is very end market and business dependent, but you can give a little bit of color on what that means. I think it really varies from what is the product and the end market that we apply in the ProCare service agreement. We're still developing some of the product building that capability, so we can offer that ProCare service agreement. But it really depends. There are product lines that we have close to 15%-20% of the install base already leveraging that type of benefit, and there are, in some cases, even higher. You know, it's something that we continue to, as I said, to build the capability within the organization, leveraging the field service engineers in some of the regions that we don't have, you know, a strong presence, as well leveraging some of the technologies that we spoke about, you know, the digital, so we can improve the productivity and efficiency in terms of how we're running the service organization, and the applying digital as well. That's the combination which is one of the key drivers, as I explained today, that will take us to achieve, you know, the share wallet between 50%. All right. Maybe to add to that a little bit. If you look to at least the faster-moving environments, we talked about one or 50 birds per minute for a second, especially in the primary area, a lot of moving pieces. You can imagine that if small mistakes or small interruptions will have big effects. That's why customers more and more want to have this ProCare contract because it is a kind of security of uptime performance, et cetera. In order for us being able to package, let's say, not only parts, services, but also advice on what to do, et cetera, you see that the attachment rate is increasing- Exactly Quite rapidly on that. Exactly. As we move down this delivering outcomes model, that's where the customers more embrace the SLAs, the ProCare contracts that go along with it. In the areas like poultry where we're further along, you see attachment rates upwards of 50%. In other areas where that's less developed and the market continues to develop, it's closer to, you know, 15%- 20%. But again, this is exactly the point Augusto was making, is as you embed the software, the technology, and the smarts and the prescriptive maintenance that you can develop with the software, with that bundle, then customers will continue to gravitate. We do see that as a growing target for us. Brian, let's just add one another perspective that we are seeing out in the businesses. As our customers are starting to sign up for some of those ProCare service agreement, the renewal rate, it is also high. We don't see customers, once they see the value, they stick with that, and we don't see their renewal going down. That's another, I think, positive that we are seeing in terms of continues to promote and expand these capabilities on the ProCare service agreement, the renewal rate. Great. Appreciate it. Any other questions? If not, I'll finish with a final question from our online audience. Could you provide some additional context around the value add, value engineering opportunities? In what areas have you seen the most progress to date, and where are you focused moving forward? Right. Bob is very close to you, so you wanna talk a little about where you see the opportunities on value add, value engineering? Yeah. I think the big opportunity we see is in product lines that maybe have more of an engineering to order type aspect to it. Driving standardization and modularization into those products can really transform the competitiveness of that equipment, and we've seen that in some of the projects that we've done. I would say that's probably where we see the biggest opportunity. There are some common features across all of our equipment range. I talked about the control panels today. That's one. There's a few other areas as well. Those kind of areas that give us the biggest bang for our buck. Great. Appreciate it. Can I add one? Sure. I think the Value-Added/Value Engineering is also a great opportunity when we are localizing products in some of our emerging markets that we play today, so South America or Asia Pacific. 'Cause when we do this VAVE, it's not only about the technical aspect of the product, it is also an opportunity that we can go back and understand what are the true customer needs and re-feature some of those products. When we do that, it's not only about redesigning, but it's also realigning, you know, the specification of the product to the specific customer needs that we have in some of those emerging markets. I think that goes hand in hand as the technical, but also the product strategy, right? Great. Brian, I'll hand it back to you for any final comments before we. Sure Close out the morning, early afternoon, which we greatly appreciate all of you tuning in for. All right. Again, thank you all so much for joining us here today. Hopefully, you can see the excitement that sits with all of this. Hopefully you've learned some of the features about JBT Marel and why we brought these businesses together, right? That expansion of our offering to do things we otherwise could not do, and the attacking the market and taking advantage of some of these secular trends is we're just extraordinarily excited about. The team is and just really pleased to be able to put this all together in front of you. I know this has, you know, been in our heads for so long and as we put the two companies together going back to 2024. This was really the vision that we've had for some time. We're very proud to be able to present it to you. Again, thank you all for joining us today. Thanks, everyone.