All right. Good morning, everyone. Thanks for joining us this morning for the 2026 Littelfuse Investor Day. We're super excited to have everyone spend the morning with us and through lunchtime here in beautiful New York City. For those of you that don't know me, my name is David Kelley. I'm the Vice President of Investor Relations here at Littelfuse. If we haven't met before, would love to spend some time with you today. For those of you on the webcast, by the way, thank you for joining us as well. My email address is on the website, so would love to speak with you as well. A lot of familiar faces and a lot of new faces in the crowd this morning. Looking forward to starting the conversation or for many of you, continuing the conversation here. Before we get rolling, I wanted to pull up the disclaimer slides for you to read here. These are, of course, available on our website, where the presentation is also available. They're also filed with the presentation with the SEC as well. Before I turn it over to our team this morning, really wanted to start with a quick snapshot and background of Littelfuse. You know, it's an exciting time for us. The company was founded in 1927, so coming up on our 100-year anniversary. You know, you can see a few of the financial metrics here this morning. I won't get into them, but what really excites us here this morning is, as the market leader in safe and efficient electrical energy transfer, we're gonna talk to you about our markets, our applications, and most importantly, our customers. Just really excited to have the team walk you through so many of these exciting opportunities and hopefully give you a better sense of the Littelfuse brand and the value and the excitement we have for the next five years and the strategy we're gonna talk you through here today. On that, I'm just gonna very briefly cover the agenda before handing it over to the team and give you a little bit of logistics on how the day is gonna go this morning. Our CEO, Greg Henderson, is of course, gonna kick us off, walk you through the five year strategy, and then you're gonna hear three of our GMs speak to those markets in that pie chart I was just showing you. Peter Kim's gonna talk about the exciting opportunities that we have in energy industrial infrastructure. Then he's gonna hand it over to Deepak Nayar, who's gonna speak to Computing, Communications & Diversified Industrials, and really talk through some of the opportunities in areas like a data center or in aerospace and defense. Then we're gonna take a little bit of a, let's call it a 15-minute break, come back, and David Ruppel is gonna kick off the second half session and walk you through some of the capabilities and opportunities that we have in the transportation and logistics market. We're going to hand it over to Karim Hamed, who is going to speak to our Semiconductor Business. What is fascinating about semiconductor technology is they sell into all of our end markets. We are going to talk you through how we amplify our market opportunities with our semiconductor technology franchise. Of course, Abhi Khandelwal is going to wrap it all together and speak to the financial model and give you a sense of the playbook now through 2030. Finally, Greg Henderson is going to close us out. We are going to have a Q&A session after the full presentation, so plenty of time to answer questions live here in the crowd. By the way, on the webcast as well, I believe there is a chat that you can ask questions. I will be up on stage, and we'll make sure we get through everyone's Q&A, whether you're, again, here in person or joining us via the webcast. Finally, we'll have a, you know, what's described here as the leadership luncheon in the room on your left, my right. Would love for you to stick around for an hour or so. We will have product display booths and various team members that can speak to some of the exciting technologies we're working on, and again, the value we bring to our customers. A lot of you were, you know, were speaking this morning about some of these product opportunities. Again, looking forward to having you spending some time with our team. Thanks again, everyone. We're super excited to have you here with us this morning. With that, I'll hand it over to our CEO, Greg Henderson. All right. Thank you. Good morning. It's great to be here in New York City. Thank you all for coming. It's originally supposed to rain today, but as you can see, the sun is out. It's a beautiful day in New York City. Thank you for those of you that were able to join us here today, and also the people that are online for the webcast. I'm really excited to be here to talk about the future and the growth strategy of Littelfuse. It's really fitting, as David said, that we're here on the 100-year anniversary of the founding of the company. In 1927, Edward V. Sundt, in his garage outside of Chicago, invented the first fast-acting fuse. That's because he was trying to find a way to protect his electronic equipment from the surges that happened on the early emerging electrical grid. The reason that's really relevant to us today is that the 1900s was the boom years of the electrical industry from a perspective of energy demand and growth. Actually, if you measured the, if you measured the market growth based on the consumption and generation of electricity, those first 50 years of 1900s through 1950 was double-digit growth. That was the boom years for the electrical industry. A lot of companies like Littelfuse were founded around that time around the use and protection and safety of electricity. Interestingly, around the 1950s, it started to slow down. It was really the energy crisis of the 1970s that fundamentally changed the dynamics of the market. It shifted the market from being one about increased generation and consumption to one about increased efficiency. Actually, for the last 50 years, we've been in this market trend of efficiency and not generation increase. If you look at the developed world. The generation and consumption of electricity from like those 1980 and 1990 through last year was basically a flat market. It grew maybe 1%. If you consider that GDP growth 2%, 3%, it was basically shrinking relative to GDP. Companies like Littelfuse did very well in that time because there was a lot of benefits of efficiency increase. You know, the what we could do with the energy we had was significant, and they were able to get benefits from that, and we were able to grow. What's really exciting is that we're at a step change now in the market, and market analysts predict that for the next five years it's gonna be a 4%-5% growth market. We have this massive tailwind for those of us that are in this electrical industry because the energy demand and consumption is going to go up 4x to 5x what it did over the last 50 years. We still have all the benefits we can get from efficiency improvements along, but that is a fundamental change, and this is driven by the energy demand of the data center and really the electrification of the world. Another key point that is made here is that there is a shift to DC native demand. DC native demand is systems that are designed to take high voltage DC right from the beginning. The first volume market to go to DC native demand is EVs fast charging. When you fast charge your EV, you plug in, that's typically 400 volts, 800 volt DC native system, is that you really can't fast charge if you don't do DC native because it's too inefficient to transfer that power without being DC native. The next volume market to go to DC native is data center. Data centers are going to high voltage DC. Estimates are that DC native demand is gonna double over the next five years. Those are great market tailwinds for companies like Littelfuse that are a key part of this ecosystem. The reason it's relevant to us is because we provide solutions for the safe and efficient transfer of electrical energy across this ecosystem. I like to say we have solutions that go from milliwatts to megawatts. If you take this chart, for example, you go to the bottom left-hand corner, we sell solutions that are about the precise connectivity of power in a wearable medical device, so that it has power when you turn it on, but it uses literally no power before you turn it on. All the way up to the top right-hand corner, where we sell solutions that are excitation systems for large generators, controlling the power that's put on the grid by a large generator, and systems all in between. We have a broad set of solutions across this ecosystem. Everything that uses energy pretty much has Littelfuse content. The way we do that, the way we provide these solutions for the safe and efficient transfer of energy, is with a really unique and differentiated portfolio. This is a key part of our value proposition to our customers. We have a very unique and differentiated portfolio, we're the only company who has this complete portfolio across protection and power solutions. It starts on the left-hand side with our overcurrent portfolio. This is the history of the company. This is fuses. This is the history of the company. As you'll hear later from the leaders today, we do everything from very small surface mount fuses that go on a board to very large fuses that go in industrial equipment or data center power generation and everything in between. We have other overcurrent technology as well. We have circuit breakers, actually you'll hear from Karim talk about some of the emerging capabilities of power semiconductors for overcurrent technology. In addition, we have a complete portfolio of overvoltage solutions. Overcurrent is about protecting. If you get a short, you don't wanna have a lot of current go. That's where bad things happen. That's sort of the original history of the company. Overvoltage is protecting against voltage surges. We have two key technologies here. We have a passive technology we call MOVs. It's a ceramic-based technology. We also have a key part of our semiconductor business, and you'll hear more about this later today, is our semiconductor protection technology, which provides you very fast protection for surges and is a key part of our strategy as well. Importantly, in addition to our core franchise, overcurrent, overvoltage, we have a lot of solutions about advanced protection and power solutions. This is a wide array of capabilities from DC contactors, power semiconductors for switching, all the way to very advanced sophisticated system-level products like protective relays on the right-hand side. These are systems that are protecting grid-scale power that came from Littelfuse and also from our recent acquisition of Basler. We have this unique portfolio. It plays across those applications. If you look at that, we have identified the markets that we play in and the growth. We talk about our markets being diversified. Actually, earlier this year, we organized our go-to-market into three big market organizations, and you're gonna hear from the three leaders of these. It's Energy and Industrial Infrastructure, Computing and Diversified Industrials, and Transportation and Logistics. Like I said, across that ecosystem, across these applications, across these markets, we've identified that the SAM we play in today is about a $22 billion SAM growing to around $30 billion by 2030. That's around a mid-single-digit growth. Our ambition, however, is to take the company from $2.5 billion of revenue in 2025 to $4.5 billion in 2030, and that's about double the market growth. The reason we believe that we can do that, and that's a double-digit growth, is because of the position that we have, the focus that we have, and the strategy. In addition to driving revenue growth, we're also gonna increase profitability from around $500 million to this $1.1 billion by 2030. Now the key of the rest of this presentation from me and the rest of my team is to explain to you how we're gonna do that and why we think we can get there. On some case, you might think that's an audacious goal, but we have a lot of confidence, and hopefully by the end of this presentation you'll believe as well this goal is really gonna be achievable by us, and we have confidence that we're gonna get there. The way that we're gonna do that is through the strategy. The good news is, if those of you that have been following us, this is not a brand-new strategy. This is something we've been rolling out for the last year, we've been talking about. Our goal today is to really fulsomely reveal that strategy and how it's operating throughout the business. There are three really simple strategic pillars. First, it's about sharpened focus on growth opportunities. This is about making the right decisions about where we invest. It's taking a market and customer-driven approach, making the right investments in the growth opportunities, and how we allocate our capital and our resources to grow. Second is about partnering more closely with our customers. We have done a lot of work, we'll talk more about this, about how we go to market, how we partner with our customers, and we have a really unique capability because that portfolio we have is really valuable to our customers when they're developing next-generation solutions. We'll talk about how we're changing the way we partner with our customers for next-generation systems. Third is about enhancing operational excellence. This is about scaling best across the company. We have examples of great capability that we haven't always scaled uniformly across. That's also gonna be part of our strategy, and that's about driving profitability and cash flow and consistency so that for these lead customers who are developing these solutions, we can meet all their requirements. I'm gonna dive down a little bit and talk about each of these, and I'm gonna start by talking about the strategy. Sorry. Starting with the first priority, which is about sharpening our focus on growth opportunities. We did a lot of work as we identified the strategy to try to identify where the growth is gonna come from in our business. One of the key benefits we have is that we're a very diversified company. We participate across a lot of markets. For those of you that five years ago, everybody was focused on the automotive market. We are very participated there. That drove a lot of technology that now is driving the data center market. Tomorrow is gonna drive a different market. We looked at what markets are gonna drive growth. Actually, we have identified a key part of our strategy is to make sure that we're participating as broadly as possible in leveraging our capability. We have two key parts to our strategy. First is about our core markets. These are important markets to us. Markets that aren't necessarily growing as fast. Maybe in the automotive market, people estimate might be about 1% growth. You heard that from Dave. Even though those markets are growing slower, we still think that we can have a sustained growth in our core markets of mid-single digits. The reason for that is that we're gonna make the right decisions in those markets. These are markets like industrial automation, markets like automotive that may not be growing as fast as some of the markets like aerospace and defense or data center, but we still think we can grow because we're gonna make the right decisions. We're focused on the right things in those markets, and also there are important architectural changes in those markets that are driving growth. For example, in automotive, even though EVs might have slowed some, there's still a transition across this market to higher voltage applications. There's a transition in the vehicle to 48 volt architectures, whether it's an EV or not an EV. Those higher voltage solutions require unique requirements. We talked about our overvoltage protection portfolio. We're gonna design products to do that. We believe we can grow, and we have a plan to grow mid-single-digits in our core markets. We've also identified three high-growth markets, and you'll hear the leaders of these markets also tell you about the strategies around those later today. These three markets are gonna drive double-digit growth for Littelfuse. That's grid and utility infrastructure, data center, and aerospace and defense. You'll hear from Peter and Deepak our strategies in those markets. Those markets are gonna drive double-digit growth. That combined is gonna give us an organic growth in the high single digits. Abhi is gonna give you a lot more detail on the exact model for that when he comes up, but that's gonna give us an organic growth in the high single digits. As you know, we're a high cash generation company with a very good balance sheet. Abhi is gonna talk about that more as well. We have a strong opportunity to do acquisitions. Our strategy for acquisitions is also very, very aligned to our strategy around organic growth. It's really quite simple, actually. We have two key things we look for in acquisitions. First, we wanna strengthen our capabilities around our core competencies. I showed you that first slide. Our core competencies, our unique portfolio. We have ways we can expand that portfolio to provide more solutions to our customers around safe and efficient energy transfer, that's the first part. The second part is we want to increase our exposure to the high-growth markets. We're looking at how we can increase our exposure to high-growth markets. Our recent acquisition of Basler is a perfect example of this. On the left-hand side, it added core competencies around protection relays, excitation systems, high power solutions for the grid utility that really expand our portfolio. You'll see some examples of that in the product display later. Also 50% of their revenue is in the grid utility and data center market, which is higher than Littelfuse. It helps increase our exposure, it gets us better access to customers, and that's an example of the kind of acquisitions that we're going to do. That's priority one, which is about sharpening focus on where to invest, how we deploy our capital, focusing on growth. Between these two, that's going to drive a growth strategy for us of double-digit growth that Abhi is going to talk about in a minute. Priority two is about getting closer to our customers. This is actually, I believe, possibly the single most important thing that we're doing that can really drive growth for us. We've made some fundamental shifts in how we're approaching our market and our customers. Historically, the Littelfuse business, you know, I showed you our portfolio of technologies. Our sales teams represented our product lines and not our customers. We had individual sales teams in those individual product lines trying to sell that portfolio to the customer, even though the customer was providing a solution that actually generally used solutions from across. We started talking about this last year, and actually we went live with this model at the beginning of 2026, where we've now realigned our sales force from our direct selling, where our sales team is now representing our customers and not our products. Actually, those three markets that I talked to you about, the three leaders are gonna come up. We have three sales teams, one for each of those markets that represents the customers. This top 2/3 of our revenue, so this direct part of our business is about top 2/3 of our revenue. That's the customers we call on directly. Those top 2/3 are the names that you might expect. They're hyperscalers, chip providers, automotive OEMs, large industrial companies, customers. It turns out that 2/3 of our revenue is about 1,000 customers. We're calling those 1,000 customers direct. The other thing we've made in this change is not only are we enabling the sales force to represent the complete portfolio of those customers, but we've also got a lot more deliberate about what part of our business we call on direct, what part of our business we leverage our large distribution channel. Left-hand side, 2/3 revenue, about 1,000 customers we call direct. Then the right-hand side is about 100,000 customers, this is where we leverage our very, very important channel partners that give us a lot of reach. There's no way we can cover those 100,000 customers. We get a lot of reach. It's a very profitable part of our business, and many of those customers sometimes are emerging customers that if they're starting to be successful, they move into the left-hand side of the chart. That's success for us. That bottom third is profitable. We leverage our distribution partners, and that's part of our growth strategy. This strategy is new to Littelfuse, but it's not new to the market. I can tell you about their visiting customers, the feedback for this is already positive, and we have a very high confidence that this is going to help drive significant growth. The reason for that is that even though this is new for us at scale, it's not completely new to the company. Actually, back in 2020, the company made a decision to take a market leader in vehicle and grid scale electrification. We applied this model and decided, "Okay, this customer is important. This vehicle electrification is really, really important. We're gonna put a dedicated team on. They're gonna have the capability to sell the complete portfolio." I can tell you that that customer has grown 20% CAGR over that time and went from a important customer to one of our top customers in the top of that 1,000 customers on the other side. Also, really more importantly, we are actually in every single one of that customer's platforms. They use the broadest array of our technology and portfolio. They're using multiple technologies from every single one of those columns I showed you on the first slide. They're probably using the broadest array of our technologies, where our average customer base, it turns out, is using maybe one or two of our technologies as opposed to a broad array. There's a huge opportunity there. Secondly, I'll say that last year, because we saw how important data center was, we put this model in place early last year for data center. In 2025, early in the year, we went to this model for data center because we knew this was important to us. Even just in 2025, we were able to double our design wins in data center versus the year before. We have confidence this is gonna work. It's something we've done before, but not at scale. I can tell you our customers are really excited about this. Many of them are like, "Well, finally, you show up this way for me." In the short term, it's about us driving more content. In medium to long term, it's about partnering with our customers. This drives our R&D strategy. This creates a differentiated opportunity, and you'll hear more about this from the rest of our team on the way we're leveraging that. That's priority two, how we go to market with our customers. Then priority three is about scaling operational excellence. We have really best-in-class capability in this company. We ship millions to billions of parts, depending on which part number. We ship a lot of product every year, and we have a really best-in-class capability. We haven't necessarily scaled that across the company to the way that we need to and the way that we want to to get to our +$4.5 billion revenue. We have put in place a program to really try to scale operational excellence. You'll hear more about this from the other leaders and from Abhi later. It really is three simple things. First, it's about elevating our operational mindset. It's about getting consistent uniform practices across. This is really gonna be our operating model. It's about leveraging best practices, standard business reviews, standard factory monitoring. In our factories, it's back to basics of safety, quality, delivery, cost, and inventory. Uniform approach, standard metrics to scale that across and make sure that when we have best in class, we don't just have best in class in a few of our factories or businesses, but everywhere across. We're a lot more disciplined about rigorously analyzing our portfolio. We're gonna look all the way across the portfolio and say, "Hey, we have high standards on what the performance and profitability of the business should be." In parts of the portfolio that don't quite meet those standards, we're gonna rigorously focus on improving them. This is very related as well, I think, to priority one. It's about where you focus and how you play and why you win. We're gonna drive optimization of our portfolio and our footprint to make sure whether we're maximizing utilization. You're gonna hear specific examples of this. Dave's gonna talk a little bit about this in the transportation business. Karim's gonna talk about this in our power semiconductor business. This is gonna drive a lot of profitability. Finally, it's about scaling businesses and processes, especially, for example, using AI. Like many enterprises, we're starting to use AI more inside of our operation. In our operations, for example, we're using AI in our logistics on helping us figure out how to reduce logistics costs, especially in the current world where energy prices and fuel prices and disruptions happen. That's an area. Another area we're using it in our operation is in automated inspection. We have inside of our factories, we've started using automated inspection. The goal here is to take this AI-enabled productivity and scale it more uniformly across the business. You'll hear more about that later, and Abhi's gonna give you some specific information about how we believe this is gonna drive performance and cash flow for the company. Those are the three strategic priorities. First is about sharpened focus where we play. Second is about changing the way we partner with our customers, getting closer to our customers, selling our complete solution and our new go-to-market model. The third one is scaling operational excellence. We have high confidence that those things are gonna drive us to the model, and you'll hear about that from the team today. Before I hand it off, I just wanna zoom back out to the very beginning and tell you why we believe we have a high confidence in the growth strategy. First, we're at this transformational shift in the market. We're at a once in a 50 year change where the electrical generation and consumption is going from 1% growth to 4%-5% growth. That's a huge tailwind for our business. That's gonna drive a lot of growth. Secondly, we have a very, very unique capability. I showed you our portfolio. For those of you that are here in the room, you're gonna be able to see some of the product displays later. We have a very, very unique capability. You're gonna hear the rest of the team talk about that and explain to you why that's differentiating and also how it matters to our customers. The third one is we have the right strategy. Those three priorities, as I said, we have confidence we're gonna get there. We have a high confidence in our growth model. Now I'm gonna hand it over to the rest of the team, and hopefully by the end of this presentation, you'll have as much excitement as I do about the opportunity we get. With that, I'm gonna hand it over to Peter Kim, who's gonna talk to you about our strategy in the energy and industrial infrastructure market. Good morning. My name is Peter Kim. I'm the Senior Vice President, General Manager of our Energy and Industrial Infrastructure business. I've been with the company for over 20 years, been leading this business for over seven. I'm even more excited about our strategy, team, and success going forward. I'm gonna talk about that throughout my presentation. Throughout my presentation, there are gonna be critical themes that I'm gonna touch base on. It is about our strategy and success. One is just the macro around energy demand. That's increasing. That increase in demand is driving investments around things like electrification, modernization, renewable. Greg talked about DC native. All those things create challenges. Challenges around how do you create more high-power efficiency safely, reliability. Those challenges create tremendous opportunities for us. Opportunities for us, as Greg mentioned, we have the widest, broadest offering in overcurrent, overvoltage circuit protection, especially in high-power application, and switches, and modules, and system level. Combined with our technical expertise, we are best positioned to solve those challenges and grow with our customers long term. I'll start out with a snapshot of our EII markets. This represents about $600 million today. Over the years, we've been really growing around the concentrations around OEM business. Greg talked about our OEM business, direct business. I wanna highlight, it's not just OEM. We've worked with leading OEMs, global OEMs in our targeted vertical markets. As an example, Panasonic Energy is a leader in battery backup energy for data center infrastructure. Group Energy is a large-scale utility company, actually came from a Basler acquisition. Our markets are grouped into two areas, industrial and energy infrastructure. In the industrial, there are diverse subverticals, including automation to heavy industry like mining and oil and gas. The theme across all are the same when I talk about mega trend, higher power, more efficiency, reliability. We get into the energy infrastructure. Even though it's less than 10% of our overall company revenue, it is our fastest-growing vertical market segment. Historically, we've been very successful around battery energy storage system, renewable, and more recently, with the acquisition of Basler, we are now a significant player, even more in the grid utility space. This vertical market represents what we call our HGO, High-Growth Opportunity for the company. What I wanna talk about is the profile of the growth around these markets. This represents about $7 billion in market size. The blended growth rate is we're projecting to be in the market growth rate in the mid to high single digits. Our strategy that we laid out, our competitive advantage, and our successes and the momentum we're getting, I am confident we can achieve double-digit growth over the next five years. Furthermore, the markets below represent what we call our High-Growth Opportunities, and this is where we are putting outsized focus and investment to accelerate growth. As an example, at the recent Basler acquisition, has a direct impact and contribution to our accelerated growth in the grid and data center infrastructure. Our organic investment in high-power applications, such as high-power DC circuit protection, is a leading technology going into battery energy storage system and renewables. Overall, it's not just about the market dynamic, but our position, not only to grow with the market, but far accelerate above the market growth rate makes this really, really exciting. How are we going to achieve that? Why do I feel so confident about that? I want to spend a few minutes about my own personal journey, engaging with customers over the years. The first is OEM relationship. What does that mean? Years ago, I visited a large automation customer, and at that time, our predominant business, primary business was a power semiconductor for an industrial drive application, which is very significant for their system. Our engagement over the years, our deep engagement, gained credibility, where we had access to other opportunities in switchgear, industrial power supply, pulling in the breadth of our overcurrent, overvoltage solutions. That's an example of the level of engagement with our customers and opportunities that we're able to achieve over time on greater programs. The next is tailored solution. We have a building infrastructure customer. They're leaders in air handling systems for commercial application. We actually have a very critical solution designed in. It's an electrical mechanical relay. The customer came to us and said, "How do we drive a more accuracy and longer life cycle?" Well, we have a semiconductor technology, we have embedded software technology, and there's a new product that we launched called a solid-state relay. That was designed then that met the customer's need for the future growth. That's an example of our ability to tailor solution because of our breadth of our capability, but also working with customers to understand what their future trends are. The last thing is product performance. I talked about, you know, visiting customers and 5+ years ago, visiting a utility solar customer, and at that time, the system level at that time was 1,000 volt D.C. We're actually leaders in the market on 1,000 volt D.C. fuse. At that time, they were trying to pursue how do you drive more, more power, more energy to 1,500 volt. That early insight gave us a early stepping stone to innovate a 1,500 volt fuse. Now they're coming to us and saying, "Hey, the market is going to 2,000 volt D.C." Because of that access and because of our innovation capability, we are leaders in the market and first to market in those type of solutions. Product performance is not just about higher power and the performance of the product, but our engagement with customer and to have that insight and have early innovation and investment to drive growth long term makes us succeed. Overall, combined, this is why I am so convinced we are able to achieve that double-digit growth. The next few slides, I am going to talk about the market dynamic and a success story around our industrial and energy infrastructure. These megatrends around modernization, what does that mean and what does that equate to in terms of investment? We see in the next five years, double in CapEx. Where is that investment going? It is going into things like electrification. Why is that important? It drives efficiency. It drives smarter solutions. It drives connected solutions. What is really exciting is it creates a lot of opportunities for us. How? This is more content. This techno-technology trend drives more content, but it's not just about content. Our engagement with customer at a solution level, we will collaborate them with them on the breadth of our solution to optimize their system-level solution. That's what helps us pull in the opportunities. That's what makes us sticky. Furthermore, we know how to replicate that through other customers throughout the vertical markets. I've got an exciting success story I wanna share, is a global automation customer and this is specialized around manufacturing environment. Same thing. They wanna drive more efficiency, more power, smarter solutions, but they're faced with several challenges. One is the complexity and speed to market. We have some unique solutions that we designed in that really help drive value and tremendous opportunities for us. Starting with we are one of the few companies in the world that has the breadth and circuit protection to power semiconductor. We have a product, it's called a power stack module, that integrates both capabilities for high-power application. That was essential for our customer. Furthermore, we have a protective relay that we designed in, and what a protective relay does, and you'll see that when you go out in the display, is that it monitors and detects potential faults in the system. We have a proprietary firmware that can detect sensitive faults accurately without nuisance tripping. What does that all mean? Uptime for our customer system. These are a few innovative examples on how deep we engage with customers to help them on measurable benefits, efficiency, safety, reliability. For us, we get to work with them on our innovative solutions that are large-scale opportunities also can be replicated to other automation customers. I'm gonna move on to our energy infrastructure business. Again, this is one of our fastest-growing markets for the company, our HGO, our high growth opportunity. When we talk about energy demand, in the next five years, cumulatively, there'll be $1 trillion in investment. Where is that money going? Areas like hydrogen power to renewable DC native, all driving higher power, but they have to work together to support that energy demand, which is what we call grid flexibility. Our opportunities are significant around high-power applications. I talked about our high-power DC circuit protection as an example. In addition to that, our recent acquisition of Basler, their leading solutions in power systems and services are critical for our utility customers. Those are a few major examples why we are becoming a more significant player in the energy infrastructure markets. A success story that I wanna show, a very exciting success story is I talked about visiting a solar customer. Well, solar energy is a DC energy generation. Distributing that is very complicated. A battery energy storage system stores that energy, distributes that when the power is needed. Overall, renewable is part of the overall grid network under grid flexibility. I wanna talk about a leading European-based battery energy storage system customer that we work with, and they're faced with a significant challenge. It's a simple but yet large challenge. How do you get more power into a system in the same footprint? Very challenging. We have developed a very unique solution, a high voltage DC fuse, 1,500 volt DC, in the smallest form factor in the world, first to market. Not only that, we coordinated that with our power semiconductor to optimize our customer's system. That helped meet their pursuit, their goal of higher power, but also our solutions are most flexible, where they can go modular solution as they even scale going forward. That type of engagement and credibility is bringing new opportunities. The battery acquisition also has a very specific protective relay that's applicable for battery energy storage system, and we're in active discussion engagement with that new opportunity, and that's how we're growing. This is a significant space, significant customer, enormous opportunity for us, and we are able to also replicate this to other battery energy storage customers. Very exciting one for us. What I'd like to conclude with is this, the market dynamic where we're targeting in our strategy is very exciting. What's more exciting, it's our success around our strategy to outpace market growth. The challenges to meet modernization, electrification, renewable, all challenging. Those are great opportunities for Littelfuse, and we are best positioned to support that. When we laid our strategy, combined with our competency, competitive advantage, and I share some few examples of our success stories, and we have many of them, prove that our strategy is working. That's why I am convinced we can execute that double-digit growth over the next five years. I'd like to thank all of you for giving me the opportunity to take the time to show our strategy and the growth. Now I can turn it over to Deepak Nayar. Thank you, Peter. Good morning, everyone. I'm Deepak Nayar, and I run the CCDI business. I've been with Littelfuse for about 20 years. Prior to that, I actually worked for Tyco Electronics and also International Rectifier. I've done R&D, new product development, lots of different functions in the last 15 years, sales, marketing, and general management. In the next 20 minutes, I'm gonna give you a background about our business, our growth drivers, and how we're gonna execute and be successful. Starting out with some key messages. We are in a very extraordinary phase of growth right now, I would say. You know, Greg talked about the electronification, electrification megatrend. That's driving a growth for many different vertical markets that we play in. Within that, aerospace and defense and data center are doing really well. I'm gonna cover those in more great detail. At the same time, the architectures are changing. The system architecture of our customers are changing, not incremental, but step function. That means we need more complex solutions for them. We are working with the customer very closely for that. We've also invested pretty heavily in the, you know, go-to-market as well as in our NPD, so we can take advantage of the changing landscape right now. That's still a bit of a background where we are right now. I'm gonna give you a background of the business, snapshot of the business next. This was about a $1.1 billion business last year, around, you know, 45% of the company. The main segments or markets that we work in are out here. We have, you know, data center, which is a big one I talk about. Diversified industrials. Well, I'll talk about all of these later on. Consumer electronics. Consumer electronics is things like, you know, electric toothbrushes and power tools and things of that nature that fall in this area. Building and industrial control is another very, very good area we play in today. Building control, if you look in this building, you know, things like the dimmers. Anything in this building that has electricity connected to it, we probably have a product in that gadget. We really have a lot of products in this area as well. A third of our revenue comes from leading customers. These are about 100 customers, let's say. These customers would be names of this kind here, the leaders in their field. What happens is that we are very close to these customers. We send our design engineers to work with their design engineers to develop new products. A lot of new products come from really the leading customers because they set the standard for the rest of the industry. What happens is that we develop new products with these guys. We iterate side for them. Those new products eventually work their way into the emerging customers and the broad customer base that we have, 50,000 customers or more, and I'll talk about that later on. This is a little bit of how we work and what the business looks like. Now, how big is the business, and how big is the market? It's about $8 billion available market to us and growing to about 12, and that's about an 8% CAGR, and that's a mixed number. That's a number between some growing at 3%, 4% and then data center growing at much more than that. I'll tell you about that. You mix it all up, it's 8%. We know we will actually do double digits, and I'll tell you why we'll beat the market. We'll do double digits because we have some really interesting competencies, some core competencies which are very good. Starting out with a very broad portfolio of products. When I say broad, what I mean is that's wide and deep. Wide is all the functionality that we have. We have overvoltage, overcurrent, ESD protection, switching, all kinds of things we have. Within each of those, we can give you a very big, deep, different ratings or form factor. You want surface mount, you want cartridge, you want, you know, large, small, we can do it all. What that does is when my design engineer sits with a customer's design engineer, we can pick up five or six sockets on the board right away. That is a real advantage for us. It's a very efficient sales call. It's a real advantage for the customer because he's dealing with one supplier, not five or six different suppliers. Also, these solutions have to be sometimes coordinated, so the overcurrent and the overvoltage need to work together. When that is needed, we can provide that combination, which is a lot easier for the customer than him to go find somebody else to do it. That's a very powerful thing we do. My apologies. Customer collaboration. You know, Greg mentioned we changed our go-to-market model. We've added a lot of resources here, and we are very tight with the customers right now. We are working with them on their next generation designs. Below that product portfolio, we work with customers closely, we have some great technology. What that technology is things like, you know, we're good at automation, we're good at simulation, we're good at material science, metallurgy, element design. When customers come up with problems for us, we have great solutions based on our technology. We have a lot of IP, a lot of know-how. What happens is, if a customer says he wants a, you know, a lot of power in a small package, we have to look at what kind of ceramic we use, what kind of filler we use, make sure there's no arcing, make sure the product is safe. We pull all the research together to come up with a really good product. What the name of the game today is more power in a smaller package. We are very good at that. We are probably the best at that. What happens is when a customer has a problem, we get the first call. We get the first call to go solve the problem, and that is a really good position to be in. Very proud of that, actually. With all of this that we've been doing, we are pretty confident that we can beat that market growth number. What I want to do is talk a bit more detail about data center and diversified industrials. I'll start with the data center. This is an incredible market. I've never seen anything like this in my career in terms of how it's evolving. If you look at this here, what we've done, this is a typical ecosystem of a data center, and we've broken out between different areas. There's a gray zone and a white zone. The white space is all the electronics that goes inside the data center, and the gray space is all the power that comes into the data center. You know what? We play in all of it. We have product in every one of these buckets that I am showing you here. When you guys go outside and look at the booth that we have, we will show you the examples of everything. The other thing I would say is that we are really good at solving problems. If you look at the memory module, we are actually selling an 0402 fuse, which is so small you can barely see it. It is 50 watts and 2 amps. We have a fuse out here in the UPS, which is 2,000 amps, is the size of a shoebox and weighs 20 pounds. We can do the entire architecture for protection. No other company can do that. When we work with a hyperscaler, this is what they love about us. We are very prepared for this market. How big is the market? The investment, you all heard this news, $6 trillion the next five years. $1 trillion this year alone is being invested in data centers. A way to look at how that translates to SAM for us is to look at the power consumption. The power consumption is growing by about 15% CAGR right now. Also it's evolving to higher power, higher voltages, so that architecture is changing a lot. What we are saying is that we will get a lot of content uplift as it happens. The reason for that is, if you look at the boards that were designed three years back and are in production today, and to what going into production now, the power consumption is about 5x what was being designed. Same socket, 5x more power. We have developed solutions for those same sockets at 8x-10x selling price. They're bigger, you know, bigger products, but the selling price is 8x-10x what was from before. Power consumption 5x higher. That's an incredible way to do it. What I just explained was the 1st round of uplift, because it went from 700 volts to 400 volts. The next round is coming, where it's gonna go from 400 to 800 over the next 24 months. We're working on that with our customers right now, trying to come up with the right solutions. If we do this all right, which you know we will, what does it mean for us? What it means for us is a growth between 25% and 30%. Market does 15%, we are looking at 25%-30% growth. This is the most incredible opportunity we've seen in a long time. I wanna give you an example. We are working with a hyperscaler right now. What we do very well is that we, you know, we started working with one portfolio. We are also working with their entire ecosystem in terms of how they operate. They have design centers in four or five locations in the U.S. They have design centers in Asia and ODMs and OEMs in Asia. We coordinate that whole thing. When we do a customer collaboration, we are working across the entire ecosystem of the customer. Right now, also we put a focus team on it. These are big customers, important customers. We dedicate key account managers, R&D team, and so on, focus on this one customer, supporting them. When we get that call, we are there to support them right away. Today, this customer, you know, they like us because they get the best-in-class performance. We have a great brand, good reliability. For us, we are selling 20 different solutions, and this customer will grow 3x over the next five years and could be about a $100 million customer for us, a single one, in the data center world. Next, I'm going to talk a little bit about the diversified industrial area. Over the last 10 years, we've created tremendous brand in the industry. People trust our brand. We have one of the best circuit protection providers out there. With that brand, we've also created tremendous print position. By that I mean, we are on the bill of materials of the customers yesterday, today, tomorrow. We are on the bill of materials. As they spin the design, we are always on those bill of materials. They trust us, and that's a brand we've created. It goes, you know, from design to design. Now, we work with the leading customers in this area, because once you work with the leading customer, you get a reference design done. The next 30, 40 smaller customers will follow the same design, and that's the way we've operated. A couple of things, I'll talk about aerospace and defense in the next slide, but medical is one area we also focus on as a sub-market here. I wanna give you a couple examples. In medical, hearing aids, high-end hearing aid, I'm wearing one of those, we have product in it. Second one would be things like insulin pumps. If somebody got diabetes and need insulin pump, we have product in that. People are getting surgery. Now, they do a lot of minimally invasive surgery, and they have these instruments in there which are great, powered small instruments, endo cutters, they're called. We have products in that. My favorite is the defibrillator. It's a long word, defib. Defibs are being made accessible to the rest of the world everywhere because it saves lives. Inside the defib is one of our high-power IGBTs. Without the IGBT, the defib will not work. It's an enabling technology. I would say our IGBT is the heart of the defib. It's such an interesting product line. Some examples there. What I said was we work with the leading guy, we get the reference designs done, we work with our channel partners. These channel partners will then take these products to the 50,000 customers that we have around the world. When we do the new product development of the leading customers, we do the same thing. We introduce those through these distribution partners, the rest of the, you know, customer base. That's how it gets proliferated around the world. They're very, very important to us. Who are these 50,000 customers? You know, if you go to any show, go to the CES, Electronica, Computex, or walk to Best Buy, every product in there is a target customer of ours. Either we have the customer or we may get the customer, all of this is our customer base. That's where, you know, such a great product and everybody needs it, our circuit protection products. That's where these 50,000 customers come from. It's a nice high-margin business. I mean, these customers could buy $50,000 a year, 25,000, 100,000, it's on the lower end of a scale. Margins are fantastic. This is the most profitable part of our business today. The one that we really take care of, we focus on it as well through our distribution partners. I'm gonna talk a little bit about Aerospace & Defense. Market growing about 15% today. If you look at the history over the last 50 years, even when it's not growing that high, it's 6%, 7%, 8%. I mean, it never goes down very low. With the geopolitical tensions right now, it's a lot of defense spending happening. U.S. is gonna spend a lot of money. NATO's being pushed to spend a lot of money, so they're spending money now. The U.S. is gonna build 300 new ships. Space is getting commercialized in that the low Earth orbit satellites, which used to be a few hundred a year, now we have a few thousand a year that are being installed. We have product in all of these. What's very interesting about this is that the architecture are changing here as well. These guys also need, you know, power-hungry weapon systems, long range. They need higher power, which means higher DC applications that Greg had talked about. What we are doing with data center, the same kind of products can also be used here. We are basically leveraging our data center expertise also in this A&D market, and it's doing quite well for us. What we have said is that we do need some targeted investments here, get us a more portfolio for this market as a better customer reach as well. I want to give you one example here. We've worked with a rocket maker out of the West Coast, and we started with one product, which was a TVS diode of ours. As we started working with the customer and we brought a lot more attention to it, brought more of an R&D engineer there to talk to them, we eventually started to get a lot more of a product design then. Also we worked with their ODMs, their people who make products for them. Having done all of that, we've become a reliable supplier to the customer after three years of work. Having done that, We know actually on this one, our revenue will probably grow 5x. This could also be a $30 million, $40 million customer for us within five years or shorter. Slightly longer, this market grows a bit slower, we'll get there. Couple example I've shared with you. This is just one example. We do the same thing with other customers as well. Same thing with data center, the hyperscaler I talked about. We have worked with all the hyperscalers exactly the same way. In conclusion, it's a great market opportunity, and we have the technology, we have the IP, we have the product, we are ready for it. And I would say, you know, I've been in this industry a long time, maybe a very long time when I look around here. I've never seen such an exciting growth opportunity ever till now. It's just tremendous right now. We're all ready for it. We're gonna nail it. Thank you for your time. I'm gonna give it to David. All right. Thank you, Deepak, and thank you, everyone. We're gonna take a brief 15-minute break. We're gonna start back up again at 10:15 A.M. Eastern Time for those of you listening on the webcast. Just so you know, bathroom's on the left. Refreshments and snacks are on the right here. Thanks, everyone. All right. Let's do this. [Break] Yes, if you don't mind. All right. Thanks, everyone. Welcome back. We're gonna kick off the second half of the presentation. You know, just a little bit of a background. You know, we've walked you through some of the exciting future opportunities in EII, CCDI. Now we're gonna follow the flow of electricity to the transportation market. The gentleman who's gonna follow me here, David Ruppel, is gonna walk you through the transportation and logistics opportunities. We've got a lot of exciting things going on there at Littelfuse. With that, I'll pass it on to Dave. Thank you. Thanks, David, and good morning, everyone, and thank you all for being here. As he stated, my name is David Ruppel. I lead transportation and logistics. I joined Littelfuse in 2024, so I'm one of the newer people here in the organization, but I'm very excited to be here. I mean, I think the transformation going on within Littelfuse and the opportunity we have in the transportation and logistics space truly is extraordinary. Greg mentioned, look, when you look at the surface 1% growth rate and everyone goes, "Okay, you know, they're not going to see a lot of vehicle production. Maybe not as much opportunity as some of the more dynamic markets that we saw with Peter Kim, that we saw with Syne, with Deepak Nayar. When you dig a little bit deeper and you see how we can leverage our global leadership position, along with the global trends of electrification and functional safety, you'll see that we actually do have a lot of opportunity to outperform market. When I talk to you about our approach and our change in focus and approach, not only can we grow above market, but we can sustain continued profitability improvement along the way. I'm gonna spend some time talking about how we'll do that. Two things will come out as we talk about these key messages. Focus and being much more proactive. This has been a shift for the transportation and logistics space and business. It really began by being much more strategic about how we segment our markets, really looking for areas within passenger vehicles, within commercial vehicles that are growing faster than the broader market. While transportation in total is growing at 1%, when you dig a little bit deeper and you look and you see what's going on with robotics, when you see with material handling, recreational, off-road, many of these are adopting electrification, moving to EV much faster. Even within some of our core spaces and markets like passenger vehicle, the change in features and functionality and functional safety are driving growth in content, even if you're not seeing growth in vehicle production. We are really well-positioned to be able to support that. We've also changed our approach. You've heard throughout the presentation talking about how we engage with our customers, and we are doing a much better job engaging early, deeply in building technical partnerships with our customers. We're no longer just stepping back and waiting for customers to come to us and say, "Hey, we have this build-to-print opportunity," which we know will be decided largely on price. By getting in early, by really working with our customers, understanding their jobs to be done, the problems that they need help solving as they evolve and introduce their new platforms, we are very well-positioned to drive those specifications and take a system-level approach. Really looking across their entire architecture to say, "How can we bring this broad, capable portfolio of Littelfuse to be able to support and solve those problems?" Really, you know, we talked about multiple technologies. We are in a much better position to integrate more components, more parts, and integrate them into systems that truly bring value to our customers. It no longer becomes about price. It becomes about how we can help support our customers and drive overall value within their platforms and their lifecycle. Finally, a big component of this within transportation and logistics is how can we support this change in approach and do it profitably? We've really made some great strides in driving profitability improvement. The way we're doing it is coming back to those two things I mentioned earlier. Much more focus, making sure we're working in the right markets with the right customers, right applications. Not trying to be all things for all people, but really coming together to say, "Where can we deploy resources in a way, reduce our complexity, and ensure we generate the highest return on investment that we possibly can?" It's about doing more with less, and we're going down that journey. Again, strategy is simple for T&L. It's about being more strategic about where we play, right markets, right customers, right applications. It's about engaging early, truly understand our customers' needs, and how we can help solve them and bring value to them. Ultimately, proactively designing our organization, our structure, our processes, and our approach to be able to serve them effectively and efficiently. Let's take a step back and kind of look at T&L overall transportation logistics. We're approximately 30% of Littelfuse revenue when you look at 2025 or around $700 million. In passenger vehicle, we're working with the leading global OEMs, tier 1s, commercial vehicles, again, OEMs, number of suppliers across trucking, ag, construction, and some of these others. When you think about warehouse automation, robotics, some logistical areas, recreational vehicles, powersports. We have kind of diversified where we're playing, looking for larger growth opportunities beyond this broader horizontal that's only growing at 1%. The most important change in our approach is when you take a look at how our customers are broken down. You have about 27% that fit into this leading category, 40% in what we call emerging, which is growing customers within our portfolio. You have this broad 33% or a third of our customers that represent a high level of complexity, both in the interactions, the transactions, the SKUs. One big shift that we've made that I think is really important is Deepak talked about how strong our distribution partners are, and they really are. They've been great for us. In the past, we were really diverting our focus across this almost equally. That was an issue. What we've done now is we are leveraging our distribution partners. We are reducing our complexity. We are rationalizing our portfolio through price or through saying, "Hey, we want distribution. You take these customers on so we can direct the resources that were focused on that bottom third of the business and redirect them to our leading customers. That's a big reason why we think we can deliver growth above market. It's because again, we're getting with these leaders, and we're meeting with them, not just on a transactional level or a procurement level, but getting deep relationships at the technical level, engineer-to-engineer relationships, looking at their future platforms and being highly proactive to ensure we are well-positioned to bring the full capability of our portfolio to bear. Once again, 1%, not that exciting, but we are confident that we can achieve mid-single-digit growth adopting and utilizing the approach that I just described. That being said, we still think, now there's some rounding involved going from $7 billion-$ 8 billion, but the reality is, once again, through better focus, through better engagement with our customers, and through leveraging our resources more effectively, ensuring we're driving productivity, utilizing, as Greg mentioned, AI in the areas to automate critical but non-value-added actions, we can ensure that we have the right focus on our customers to be able to deliver that mid-single-digit growth rate. We also have some really great competitive advantages. When you step back, we were a leader and are the leader in low-voltage protection products across passenger vehicles, and we do a lot of great things within commercial vehicles around power distribution, around switching. Frankly, our brand is well-known across both of those broad markets. That's great because now as we're shifting our approach to this early engagement, they know that we have a history of reliability and performance. That opens the door to us to really get more of these deep technical partnerships that lead us to be able to really help support platform growth and growth above market. Through that collaborative relationship, we can look across not just the products that are made from a transportation perspective, but across all of Littelfuse and say, "Okay, looking at the system architecture, now we can look at the full portfolio and integrate solutions that can support our customers' needs." It's no longer trying to sell components through an indirect channel completely. It's like, "Okay, we wanna be able to help you. Tell us your problems. We're gonna help you solve them." Through our deep understanding of our customers' needs, the jobs to be done, our understanding of technology and the evolution of the markets, we're in a great position now to really structure, organize, and execute our business in a way that we can sustain this profitability improvement that we've demonstrated over the past several years. Talking about electrification and functional safety. Let me just spend a moment on that. Some of you are reading articles within automotive that's saying, "Hey, look, EV is slowing down in Europe and North America." To some degree, that may be true, but you also see higher rates of adoption, obviously in China, other parts of the world. The reality is we are extremely well-positioned, and electrification comes in many different forms. I'll give you an example. I go back to, I'm like Deepak stated, I'm kind of getting older and have been around probably longer than I want to admit. I remember driving in my parents' car. There was no electric windows. You would sit there, you crank the window down. You'd have to move the seat up, you'd have to do the back. Yeah, someone can relate to what I'm talking about. You know, your 8-track player would blow a fuse about every other time. Some of you may not even know what an 8-track player is. There are no touch screens. The only place you could get power was from the cigarette lighter. A lot has changed in vehicles. If you look at passenger vehicles with multiple touch screens and all the different features and functionality, everything is electrified now. Whether it's an internal combustion vehicle or whether it's a full electric vehicle, they're requiring a higher degree of power, requiring more of our products to be able to support those systems. That's what's great about it. Regardless of the speed of transition and regardless of the region. We can support it because we have a global footprint, and we have broad capabilities across low, medium, and high voltage. Again, really positioned well from an electrification perspective. What is functional safety? Functional safety comes in a couple different forms. You know, back in the old days, again, if I dropped that 8-track while I was driving, I'd go off the road because there was no lane assist that kept me driving or that would stop before I ran into Derrick in front of me. I mean, these are a component of functional safety, but there's other things behind the scenes that we don't even recognize. We can't have something fail within a vehicle, like say in a sensor on an accelerator. If that goes bad, you don't want the accelerator to go out of control, and then you're doing 150 miles an hour down the freeway or through New York smashing into things. There's redundancies built in in these safety systems that we're not even aware of to ensure that, you know, we can protect the vehicle, the capabilities, the functions of the vehicle and the passengers. That's a big component of what functional safety is. That's where you see this dramatic growth. All of us see this every day in the cars we drive, in the vehicles we ride in. Frankly, when you look on the commercial vehicle space, they're moving even faster adopting electrification, and they're incorporating a lot of these features and functions that were started in passenger car into these commercial vehicles. Once again, these are key drivers for us. By focusing with those leaders who are emphasizing this and adopting it faster, that's how we can win and outperform the market. As go-to-market and operational mindset optimization is key. Again, you know, as we grow, the intention is not to scale headcount and do other things. We're being much more focused, which allows us to deploy resource to things that really matter and that are gonna add value either to our customers or to our bottom line. What this means is more sales and engineering focus on partnering with our customers to provide solutions, but also more productivity programs, value add, value engineer programs, lean programs, things that ultimately are gonna reduce the complexity and eliminate waste within our businesses that allow us to sustain profitability improvement as we grow. A lot of opportunities through global electrification and functional safety. Again, I think I wanna highlight this again. Key components of our competitive advantages are really the fact that we are leaders not only in the traditional 12-volt systems, but as these systems are shifting, as Greg mentioned, from 12 to 48 volts or from 400 to 800 volt systems, you know, we have products that span all of that, and we have products that span it globally. Once again, as we step back and we work with our customers, they're really looking to us to partner. I'll give an example. I was recently in China meeting with a leading electric vehicle manufacturer. They said, "Look, you have a great brand. We know it's reliable. We want to buy more from you. More importantly, we're expanding globally. We're building factories in other regions around the world." Even though many of their suppliers were local, they said, "We need someone who we can work with as we move to Europe, as we move to other parts of Asia or North America." Again, that ties back to some of our key competitive advantages. We have great technical capabilities. We have a broad portfolio. We have it globally, and we have the capability to scale with them. That's unique to Littelfuse and to our transportation logistics business. Look, I'm just gonna step back and share an example of how this is working, because we are already seeing some early successes, and I expect that we'll have continued success around this approach. Leading OEM, well-known brand is basically saying, "Hey, look, we're adopting electrification. We're moving to EV, electric vehicle. We're increasing our content. Look, we've got a problem. We're really concerned. We see a lot of these videos when people first started building these EVs of something called thermal runaway." I'm not gonna explain what that is other than you've seen them on YouTube and the new news on the news where some vehicle was burning off to the side of the road and it's EV and it gets a lot of attention. They say, "We can't let that happen to our brand. Here's the issue. We wanna launch quick, we need a solution that fits in the existing design architecture." Again, bringing our full capabilities to bear, we brought the teams together, we engaged on an engineer to engineer level and said we created a very ultra-fast circuit protection device, multiple technology that fit within the existing space, we did it quickly. We solved their problem. They're able to launch on time. They have confidence that they have this safety device within their unit to protect their brand. For us, what was great is through that engagement, you know, we were in the previous vehicle with content. Through really coming and saying, "Here's how we can help you, not only on this, but across multiple types of systems," we increased our content 20x from what it previously was. This is a great example how engaging early and then on a technical level really supports what we're trying to accomplish strategically. Of course, they see us now as a trusted partner. We were able to really come in, act fast, provide an innovative solution, and as a result, they're someone who they wanna continue to work with us in the future on their new and existing platforms. I'm gonna come back to this. We talked a lot about the market opportunities, how we will grow within that space. I think it's really important to say not only are we gonna grow, we're gonna do it profitably. I've mentioned that several times here, but that's a key component of transportation logistics, and it really begins on this chart on the right when we talk about reducing complexity. We talked about it at the customer level. You know, 33% of our customers, actually, that 33% generate about 2.6% of our revenue. It's crazy complexity within the business. Again, through redirecting and saying, "We're gonna leverage our distribution partners, we can increase minimum order quantities. We can reduce the complexity across our factories." We rationalize some of those SKUs. Now that really has allowed us to redeploy our resources into things that add more value and support efficiency and scale. That's a key component to sustain profitability improvement within transportation logistics. Now, as we push forward, you know, we've more than doubled our new business opportunity funnel through this approach, and we have the resources available to essentially prioritize those opportunities and grow. All right, I'm gonna give one more example of this because this really supports our change in approach in how we go to market. This was traditionally a market on off-road vehicles and a customer that we didn't engage with previously, we identified them as a leader within this space. We saw this market was growing high single digits and said, "We need to get involved." You know, we came to them, we talked to them, explained our capabilities. They were excited about them. Ultimately, they came back and said, "Hey, look. Yeah, we're adopting EV. We're electrifying. We're also looking to add features and functionality from passenger vehicles because our customers are asking for it. They're spending a lot of more time in these vehicles on their weekends, we don't want the complexity that comes around with all these different capabilities of switching and how we communicate across these now new system architectures to communicate between the driving to the control systems, to everything else. We said, "Okay, we can help with that." Again, using a multi-technology approach, we came together, worked with them on their system. We created an optimized and configurable system leveraging multiple components of Littelfuse along with our internal software capabilities. Again, establishing a CAN switching platform that ultimately allowed them to take this accessory module that would help control the vehicle, and it could be used not only in the platform they were looking to launch today, but in their future platforms. For them, we were able to support their desire to have accelerated platform launches, reduce the complexity associated with their systems, and from a supply chain perspective, it simplified it for them. One supplier instead of multiple suppliers, one design versus multiple designs. Even from a cash and an inventory perspective, it helped them save there as well. Great value for the customer, but also great value for us. In this particular opportunity, not only did we get into this new program, which is a multimillion-dollar per year opportunity, but we started increasing our content from where we started. We said, "We can do this for you." We talked about some of the other things we do with digital switching and other areas. They said, "We're interested in that." Our content continues to grow. Now they're looking to us with their other new platforms and things they're looking to do in the future. We're engaged early, and we are helping to drive specifications across the different types of systems that utilize the things that we build at Littelfuse. Again, really great success, but also a very exciting opportunity as we push forward. Just in close, again, our strategy is simple, but I think we're executing it well and it's effective. It's being more focused around being in the right markets with the right customers and in the right applications. Moving away from a reactive approach on build-to-print, cost-sensitive types of opportunities, to really engaging early with our customers, understanding their problems, and then helping to solve them in a way that brings value, so that we can not only win those, but win them profitably, and continue to sustain the profitability improvement you've seen over the last several years. Finally, by understanding our customers' needs, evolving technologies, and evolving markets, we are well-positioned to align our business, again, efficiently and effectively to be able to serve their needs. Really excited about the opportunity we have in T&L. We're beginning to demonstrate some of the potential that's there, and I'm confident that we will execute in a way that delivers sustained improvement growth and in top line and in profitability as we move forward. With that, I'm gonna turn it over to Karim, again, who's gonna build upon how when we think about electrification, higher power density, how he and his strategy are gonna support potential growth across Littelfuse. Good job. Right. Good morning, everyone. Thank you for joining our Investor Day. My name is Karim Hamed, and I lead our Semiconductor Business. I'm among the new faces here, only eight months in the role, but I bring over 20+ years in experience in Semiconductor. I've had, over my Semiconductor career, a lot of roles from design, business development, product line management, and most recently, leading a multi-billion dollar business. I recognize there's some confusion among the investor community about our Semiconductor Business and how it fits within the overall Littelfuse strategy. I'm very actually excited to be here today to unpack this story and explain to you how it fits with the overall strategy and provide clarity. I'm gonna go through the product we support you. I'm gonna show you guys how it fits with the overall capability that's discussed. More exciting, I'm gonna present our new updated Semiconductor Strategy, one that I'm personally very passionate about because I truly believe it's gonna bring significant value to our shareholders and our customers. Okay, with that brief introduction, let's dive in. As I go through my presentation, there is three key messages I want to take away from my presentation. Very simple ones. First, our Semiconductor business is well aligned with all the secular growth trends from, talked about from data center, from energy grid modernization, battery energy storage. As these markets grow, it's significant tailwind to our business, and we're very confident we're gonna capture this growth. Second, the portfolio is well aligned with the overall Littelfuse portfolio. This creates a very good value proposition for our customer and gives us a unique advantage. Third, we're executing a strategy, a new updated strategy that we are confident it's not only gonna provide top line growth, but will drive significant improvement to our profitability. Simple, I will go through as I go through my slides, hopefully it will be more clear. Okay. What's our semiconductor business? In 2025, we generated roughly around $670 million revenue. Serving over 40,000 customers across all the three end markets that my colleagues have presented from EII, CCDI, and transportation logistics. This revenue is roughly split equally between two major product lines. One is protection, one is power semiconductor. Just for context, the protection is think about it as solution that's used to safeguard against transients and electrical pulse. While the power semiconductor is think about it as solution that's used for energy transfer and energy conversion. Greg presented this slide earlier on about our key capabilities, and semiconductor play an important role in all three of them. If I stay closely with the overvoltage protection, our TVS diodes, high-power TVS diodes, diode arrays is a key element of this portfolio. If you think about our overcurrent, we within semiconductor develop overcurrent protection modules, but we also provide power semiconductors to the EII team, Peter and his team to do for their high-power solid-state relays. For the advanced protection and power solution, you see that picture here of our high-power stacks that actually demonstrated outside for those of you who are here in the room, you can see it. That's used in the infrastructure, in the data center infrastructure. Hopefully, this can help explain how the breadth of the portfolio and how it fits with the overall Littelfuse capability. As highlighted, our semiconductor business well aligned with all these secular growth trends from grid, data center, industrial. Think about it, all these systems require advanced system protection and efficient energy transfer, that drives the demand for our semiconductor technology. What actually excites us the most, excites me personally the most, is the technology evolution of actually these markets is playing very well to our strengths and key capabilities, which will allow us not only participate, but outgrow the market. To give you an example, the move towards 800 volts and above DC, Greg mentioned native DC, 800 volts and above in data center, create a significant opportunity for our protection business. Currently, our overvoltage protection, high-power TVS, is being deployed or used by a lot of our data center customers. We have enjoyed significant growth and continue to enjoy significant growth in these 12 volts and 48 volts systems. As the system moves to 800 volts and above, this represents an opportunity for us to double, 2x the dollar content for protection systems. Similarly, if you look at it from a battery energy storage, moving to 1,500 volts systems provide a significant opportunity for our power semiconductor, where we have new unique technology capability that allow us to not only participate, but actually grow our share. If you have these two things combined, you have a very healthy SAM, and by the way, we are very rational about our SAM, that we have very healthy SAM that we can go and grow and capture, and we're highly confident we're gonna capture this SAM of over $6 billion. All right. As I mentioned, we have two product lines: protection, power. Each of them have their own unique strategy. Starting with protection, I would say it's one of the most successful profitable franchises in Littelfuse. Truly. We're a market leader, and our strategy here is how, and we're very confident about that, how we maintain this momentum and continue to build on this momentum and outgrow the market. We're going to do that by participating and capturing the opportunity in front of us in high-growth areas. We can also penetrate into new markets like Aerospace & Defense, like industrial, which historically hasn't been a focus for us, but we're well-positioned to capture. Third, we're going to build on our domain expertise and system and develop a higher value product. I'll give an example in this later on in my slides. Switching to power, the strategy here, you hear Greg about talking about sharpening our focus. We sharpen our focus in high-value application in our target market, target customers, where we have a clear right to win based on our technology capability and based on our cultivation. This sharpened focus allows to rationalize our portfolio. Then optimize our manufacturing footprint accordingly. This strategy will drive us to not only drive our top line growth, but also improve our profitability in power semiconductor. These two might seem like two separate islands, power and protection. No, they're highly correlated, and I'm gonna bring that as an example later in my slides. Okay. I will now dive a little bit deeper into our power as strategies. I'm gonna start with protection. I said our protection franchise, we are a market leader, and we don't take this lightly when we say we're a market leader. We are truly a market leader. Our solution is the go-to standard for overvoltage semiconductor protection. Not only we provide reliable and efficiency in system by protecting it, we also provide the overall system cost advantage to our customers. This is something very important because of our own proprietary technology, we enable power system designers to use lower voltage devices, meaning lower cost, and help them overall reduce the system cost, right? This unique position, as I said, we're a market leader, is actually reflected in our financials and this portfolio, where over the last five years, we have grown over double-digit CAGR and with profitability that's above corporate average. How do we move from here? As I said, our strategy is to maintain this momentum, build on our position, and continue to grow and actually outgrow the market. We're gonna capture opportunities in our high-growth areas. We talked about data centers, battery energy storage, but we're gonna also penetrate into newer markets that, as I said, historically hasn't been a focus, like aerospace and defense, like industrial. More important, I would say, how we efficiently deploy our R&D to drive unique capabilities. When I say leverage our domain expertise in protection and create solutions that solve a customer problem, like we just want to create solutions, we take a solution that solve a customer problem, but allow us to capture the value at the system level. I'm gonna give an example about that in my next slide. Again, with this strategy, we are very confident that we'll be able to maintain the momentum in our protection business. Okay. Here's an example that bring the strategy to life with our protection. It's a good example as well because it shows the correlation between power and semiconductors, as I mentioned earlier on. We talked about the move to high voltage DC systems in data center and battery energy storage. Customers are realizing significant efficiency gains. Going to high voltage enables less conversion stages, lower losses, smaller cable. That all translates into benefits, system-level cost benefits. With these benefits, there are significant challenges. The challenges is, as you can imagine, going high voltage, high current, that you have risk of arc flashes, which could be, at these voltage, could be catastrophic. These system designers need an efficient way and a reliable, safe way to protect high system level of protection. This needs to be electronically resettable, so you can minimize your downtime and maintenance cost. This is where Littelfuse stands out. We have here in the picture, shown in this slide, one of our technology capabilities we're currently developing, which is an overcurrent protection module. This function in this module includes over five functionalities, from sensing, of course protection, remote monitoring, functional safety. The beauty about this is actually integrated technology all over Littelfuse. It has power technology, power semiconductor module. It has gate drivers. It has sensing. It has, you know, our own proprietary software. We actually leverage technology from across the company to solve a customer challenge and a customer problem. The feedback from the customer has been amazing so far. We have very exciting about this. Customers are waiting for us to bring this to market, and we're very confident we're gonna have a significant market share growth with this one. This is a great value for our customer, but for Littelfuse, it's a great value for us too, because selling this allow us to capture more than 10x the value if we were selling individual components, right? High value capture, solving a customer problem that we can reflect in our, in our, the good return for Littelfuse as well. Turning to power semiconductor, an area that historically hasn't performed to the level that we want to perform in terms of profitability and growth. Hence, we are going through an intentional significant transformation in our power semiconductor business. We're executing right now in a focused, highly accurate strategy to drive top-line profit growth. At the core of this strategy, as I mentioned earlier, is focus. Focus in high-value applications in our target markets where we have clear right to win. When I say clear right to win, means that we have the technology stack from die, from packaging, from other things. We have the customer access, and we have the market share. We talked about, heard from all my colleagues today about the go-to-market and how we're changing and revamping that. That's actually very helpful to us as well. We have the right to win in these markets. We're gonna focus there. This focus will allow us to rationalize our portfolio, basically intentionally emphasizing low value, we can put our resources in what really matters. We can take this and we say, in fact, how we optimize our manufacturing capability. Again, we wanna have a hybrid manufacturing model where we can rely on in our own internal capability and external partners as well. Our own internal capability, we're gonna mostly focus on, I would say, differentiated technology that we wanna maintain in-house. The outcome of this strategy is we become a more reliable partner to our customers. I can tell you, been here short time, eight months, but I've visited a lot of customers, this is what the customer is telling us. They really value our technology. They really like what we are offering, they want us to give us more. A few weeks ago, I was in a customer. I said, "Hey, in these high power, high application, everything you can produce, I'm willing to take now." You're getting the message, right? This strategy really resonates with our customer. Once we are doing well with our customers and we do better service, that will drive our top-line growth, and as I said, profitably. We're very confident, very excited about our power strategy. Similar to protection, I just wanna give you guys an example to bring this strategy to life. We talked about data centers today, a lot today, but as you can imagine, with all our life in data center, data center has to have continuous operation, and the power supply has to be uninterrupted. The power supply going these IT racks need to be solid. Of course, we don't have primary source. We have primary and secondary source, and if something happens to primary source, it automatically, seamlessly transfer to secondary source. We're not talking about switching like a power supply and a charger phone. These are megawatts. To transfer this safely and efficiently is not an easy engineering task. It's actually very critical task. The subsystem that's used to do this is what we call a static transfer switch. At the heart of this static transfer switch is our high power stack modules, right? This is compact, and again, showing the picture here, and it's hard, and actually it's demonstrated outside. It's hard to see that it's compact, but like when you look at the subsystem, it is actually compact. What's here is we can transfer MW of power within 2-3 milliseconds, which is a unique capability that enables this uninterrupted operation of the power supply in data center. We are in almost every participating where every customer our technology is there. We see this as a growing opportunity, over $400 million, that we are well-positioned to capture. This is an example of where we want to focus our power semiconductors. High value, mission critical. We have the right technology stack, we have the right customer access, we're gonna do more of this moving forward. In closing, I wanna reinforce my message that I said earlier. Simple messages. Number one, I think our semiconductor business is well-aligned with secular growth trends, we're very confident we're gonna capture this opportunity. Two, the technology is really actually it complement to the overall Littelfuse portfolio. That creates a really value proposition for our customer. Finally, we are actually execution and executing in a focused, highly accurate strategy to drive our top line and our bottom and our profitability. We're very excited. We're very confident about the path forward. We're very excited about the opportunities ahead of us. With that, I'll turn it over to Abhi, who will go through our financial model and how all these strategies presented today reflect in our outlook. Thank you so much for your time and attention. Thanks, Karim, good morning, everyone. First of all, thank you for being here today and listening to our strategy and our five-year roadmap. For folks who don't know me, I'm Abhi. I joined Littelfuse in June 2025. Prior to this, I was the CFO of IDEX Corporation, and before that, a company called Multi-Color Corporation, a private equity firm. I'm super excited to be here. More importantly, when I joined Littelfuse, I was excited about our long-term future. As I stand here today, I'm even more excited as we unveil our five-year strategy. You know, before we get into the financial model, and I give you the nuts and bolts of where we are and where we're going to go, why don't we start at the highest level and kind of think about the three things that we're really focused on. Number one, for us, it's about accelerating top line growth, organic growth, by focusing on markets that are attractive, that have secular tailwind that teams talked about today. Deepak, Peter, they talked about Data Center, Grid and Utility, Aerospace and Defense. These are markets that we are really excited about and that we are double downing on to accelerate our organic growth. Second, balance sheet. We have a really strong balance sheet, and we are focused on disciplined capital deployment to both organic and inorganic opportunity so that we can create long-term value for our shareholders, for our employees, for our customers. Three, as we scale the company, it's about elevating our operational performance. This is really important, right? We're $2.5 Billion. We aspire to be $4.5 Billion that Greg laid out. For us, it is about scaling the company operationally to a standard set of KPIs across the company, across our businesses, so we can hold our teams accountable, we can drive profitability that's sustainable, dependable, and is consistent through the next five years. You put these three things together. What you create is an enterprise with an earning profile that's more resilient, more dependable, and more stable through cycles. Let me walk you through our three segments and our three external reporting segments. If you look on the left side of the slide, we have three reportable segments. Electronics, Industrial, Transportation. Electronics makes up about half the company's revenue, Transportation at 30%, and Industrial 15. On the right, what you see is the diversity of end markets that our teams talked about today. The diversity of technology, the diversification of this portfolio is what's on the right. Keep in mind, all three segments serve these end markets. It's not that these end markets are tied to one segment. Every single segment plays a big role in serving these end markets, okay? What's important to point out here is the diversity of these end markets, because what that gives us is the ability to protect ourselves from any volatility in one particular sector. That's what's really important here. It's the diversity of markets, the diversity of technology, the diversity of customer base that we serve with the business that we own today. Let me walk you through the value creation playbook that will drive long-term shareholder value. Look, our long-term value creation is all about best-in-class performance through cycles, okay? That's how I think about it. It's about building a more resilient, more profitable company regardless of the cycles we go through. If you kinda think about the value creation playbook, there's only three pieces to it, and I'm gonna cover these pieces in detail as we go through this presentation. The highest level, it's about organic growth. It's about driving organic growth of 7%-9% with the core businesses that we own, coupled with the high-growth opportunities that we're really focused on. This is really important because, again, we have great businesses, we have a great brand. Our teams are focused on the right opportunities, and we believe if we do this well, we can grow this company organically 7%-9%. Okay? From an inorganic standpoint, what we're focused on is deploying capital to about 6%-8% top line growth. This is really, again, as Greg had laid out earlier today, this is nothing different. It's all about focusing on the core markets that have secular tailwind, that we're excited about, and how do we ensure we go deploy capital to those end markets so that we can bolster organic growth with inorganic growth. Okay? Third, it's about margin expansion. This is an important part of it. If you think about where we are exiting 2025, we're at 21% EBITDA. Our goal over the next five years is to get to 24%-26% EBITDA or the midpoint 25% EBITDA, which again is a four or 50 points improvement. Okay? How are we thinking about it is, again, it goes back to what I said, which is deploying an operating playbook that is consistent, that we standardize across the company with a set of KPIs that really can help us drive profitability that's sustainable over the long term. Okay? We do these three things. What this translates into, this is really important, guys, is a $25 EPS. Just for context, 2025 was $10.68. It's more than doubling our EPS over the next five years by doing these three things. This is what I'm excited about. Okay. As you think about this growth playbook, now let's take these pieces and dig deeper. Starting with our top line, there are three core pieces. There's core business, the High-Growth Opportunities that the team talked about, then strategic M&A. Take it one bit at a time. Core, it's about outgrowing your underlying markets where we believe we have a right to win. We have a great product portfolio, coupled with our go-to-market, gives us the confidence and the conviction that we can grow this business above market. Two, investing in these high-growth opportunities, high-growth markets that the teams talked about today, is going to really help us drive 7%-9% organic growth. From an M&A standpoint, I know I touched on it, but it is all about expanding our solution set, partnering deeper with our customers, and aligning our M&A strategy to these end markets that have secular tailwind that we believe are going to outperform our end markets and investing in these companies. Okay. That's how we think about our top line. Now, what this translates into over the next five years is a CAGR of 14%. I'm gonna tell you, in a couple slides, I'm gonna walk you through the organic line. If you think about the organic growth of 7%-9%, now this does include some portfolio rationalization. At the highest level, if you think about our core business coupled with HGOs, we're laying out a target of 8%-10% on the top line. Greg and the team walked you through our SAM and the growth rate tied to our SAM. That's a 6% growth rate. At the low end of this guidance, that's a 200 basis point higher than market, and the high end of the range is 400 basis point market outperformance. That's a critical piece of this. This is us driving above market performance by 200-400 basis points over the next five years. That's super critical here. Operational execution. This is something that Greg and I have talked a lot about over the last year, whether it's an earnings call, whether we go to visit various investors, conferences. When I think about operational execution, it's about how do you scale this company from $2.5 billion- $4.5 billion? When we scale this company, how do we ensure that when we grow, we can deliver operationally? Okay? You heard from Dave and Karim today. Dave talked about simplification. Dave talked about focus. Dave talked about, "Hey, I'm gonna take complexity and redirect it to things that matter, to things that will help grow this company." That's a piece of operational excellence. Karim talked a lot about power semi. We have talked about power semi as part of our earnings call and the work that we're doing around it. When you think about power semi, what we're thinking about is product rationalization, footprint optimization. Those two pieces are critical for us to drive margin expansion. Us as an organization, us as a team, we are really focused on making sure we execute on those two things. Okay? Second, capital discipline and deploying capital in an effective way to organic and inorganic opportunity is gonna be a big part of margin expansion. Then lastly, look, we all talk about AI. Early days, but we're still, you know, we're in the process of working through where can we use AI to drive efficiency and enhance productivity as we go through the next five years. Again, this is a big part of our strategic priority over the next five years. Again, none of this is a surprise. We've talked about this, but the teams are really focused on making sure we do this well, so that when we scale, we can deliver for our customers, our shareholders and our employees. Look, switching gears for a second. We've talked about growth, we've talked about deploying capital, operational execution. None of this can happen without cash. Cash is really important in this situation. If you think about Littelfuse and think about the hallmark of Littelfuse, our free cash flow generation is one of the things that we take a lot of pride in. If I look at 2021 through 2025, our free cash flow conversion was north of 100%. As I think about our priorities, to continue to make sure we deploy that free cash flow, one of the priorities for us in the next five years is to really work on working capital and continue to ensure we're right-sizing our working capital, so we don't block our cash. Okay? If you kind of think about the next five years and think about where we're headed, our target is to deliver $600 million of free cash flow in 2030. Over the next five years, convert cash north of 100% like we have done historically. That's kind of how we're thinking about it. This is important again, because if you think about M&A, think about operational execution, think about organic growth, all of these things need funding. Making sure we do this and do this really well is going to be super critical as you think through the next five years. I thought I'd show you a snapshot of where we are. You know, sitting here on March 30th, our cash was $482 million. Our leverage was one turns. Don't forget, we just bought Basler in December, and we paid $350 million for it. Despite that, our leverage is 1. This again, speaks to the power of the business, the power of the portfolio, and the free cash flow that we generate. Okay? As we think about our planning cycle, as we think about M&A, I'll kind of first take you back in time. We've had periods where we have done a decent chunk of M&A, but we're still being within that target of 1x to 2.5x. As I think about the next five years, and I lay out the M&A strategy, we're gonna continue to remain disciplined and be within that 1x to 2.5x. Again, this speaks to the cash generation and our ability to generate cash to ensure we can stay in that range. How are we thinking about capital deployment? I told you about the importance of M&A, told you about the importance of organic growth and the need to fund organic growth. As you think about the five years, what this model has contemplated is us deploying our cash 70% towards M&A. When I say M&A, it has to be disciplined M&A, tied to our strategy, tied to the end markets that we are focused on, has to generate double-digit returns by year five, has to be margin accretive. We're gonna apply some filters, and we're gonna stay disciplined. If you think about where we're gonna spend our capital, 70% towards M&A, the other 30% is split 50/50. 50 towards organic investments, the other 15 towards opportunistic share repurchase, coupled with our consistent dividend payout that we have done historically. That's how we're gonna spend our capital. Okay? With such a critical part of this deployment being allocated to our M&A, let's spend a little more time talking about financial filters. Greg laid out our strategic focus on M&A. He talked about the kind of businesses that we're gonna go buy. Greg talked about, "Hey, it's gonna be in markets that we're excited about that have secular tailwind." I'm gonna take it a step further. If you think about the financial filters that we're talking about, just to make sure everybody's on the same page, it's gonna be discipline, it's gonna be M&A that supports our organic trajectory that I just laid out of 7% to 9%. It's gonna be margin accretive. It has to generate double-digit returns by year 5. When I say double-digit returns, return on invested capital, cash and cash returns. That's how we're gonna look at every opportunity. If you think about Basler, it's a great example of what we're gonna go do. Just to give the teams an update on Basler. We bought Basler in December of 2025. We paid $350 million for Basler. Kind of let's break it apart. It gives us exposure to data center, utility, and grid end markets that we laid out today was a primary focus area for us. It gives us capabilities broader than what Littelfuse has. Gave us deeper partnership with the key customers that we care about. If I think about our performance in Q1, we exceeded the performance in Q1 than what we had guided. Okay? For the full year, as I think about our performance, we had said our accretion is gonna be $0.10-$0.15. Sitting here today, given our Q1 performance, we're gonna be on the top end of that $0.15. Really excited about Basler, really excited about the business. Done a great work of integrating the business in the near term, and this is a great example of the strategy and the kind of M&A that we're looking at, that we're excited about. You know, when you stack these successes together, organics, operational excellence, disciplined M&A, it leads us to our targets for 2030. Again, today we are a $2.5 billion company. Our aspiration is to be $4.5 billion by 2030. $1.1 billion in EBITDA. Just for perspective again, I know people Greg talked about it. Today, we're a $0.5 billion EBITDA. Our aspiration is to get to $1.1 billion. More importantly, as I said, to fund organic growth, M&A, we need cash. Our focus is to generate $600 million of free cash flow by 2030. You can think of this as financial targets. I view this as a transformation journey that we're on, and the excitement around it that the teams have is what gives me so much excitement to stand here. These are not just financial filters. These are not just financial numbers. These are different Littelfuse, and we're in the early days of transformation, and this is what I'm excited about. Taking a minute and breaking out the annual revenue growth base. Like I said, we're at $2.5 billion today, $2.4 billion. Core plus HGOs are about 8%-10% is what we laid out for growth. Again, this is about go-to-market, focusing on HGOs and accelerating our organic growth. We've laid out a 1%-2% walkaway revenue tied to the work that, you know, Deepak is doing, or Karim is doing, David Ruppel is doing. If you put the two pieces together, we're laying out a target of 7%-9% organic. I'm gonna bring this back up again. If you just focus on the core plus HGOs and not look at the optimization/walk away, right? Our markets are gonna do about 6%. At the low end, that's 200 basis points more growth than market. At the high, it's 400 basis points. That's an important piece I wanna leave the team with because, again, this goes to our focus on HGOs, the go-to-market model that we've initiated, right? This is why we feel so confident and have the conviction to go do this. Then inorganic of 6%-8%. What this translates into, though, is electronics growing at high single digits, transportation mid-single digits, lastly, industrial at double-digit growth, okay? Now let me walk you through what this means in terms of EBITDA and the pieces of EBITDA. Again, I mentioned we're a $0.5 billion EBITDA company. We've also talked about conversion. On top line for us is about 30%-35%. When you take the organic growth and you think about what that's gonna do on EBITDA, that's about a $400 million contribution to EBITDA. I just shared with you on the other page, we're gonna lose about 0.2-2 points of CAGR over the next five years. What we're laying out is a $50 million positive EBITDA impact driven by footprint rationalization, by looking at products and rationalizing them, making sure we're focused on things that are core to us, okay? Again, down 1%-2% over the next five years as we think about rationalizing our portfolio, optimizing our footprint, but it's gonna turn into a $50 million positive EBITDA for us over the next five years, okay? Lastly, M&A of $200 million, which then gets us to our aspiration of $1.1 billion. To sum it all up, Littelfuse is a leader in mission critical technologies, well-positioned to capitalize on the global electrification trend. Disciplined capital allocation is gonna be a key. We are laser-focused on making sure we invest in things that will deliver returns, increase our profitability, support our organic growth, and give the returns that are double digits in year five, okay. We have the right strategy, the right team, you met the team today, strong momentum. I wanna thank you all for taking the time today and being here. I hope you're as excited as I am hearing the team today about our 5-year strategy. With that, I'll bring Greg back on stage. All right. Thank you. Well, look, I really appreciate all the time here. Hopefully now you see through the whole story and through the team from our market views, from our technology products, ultimately the financial model that Abhi laid out, why we're excited. I'm just gonna go back and just really zoom back right to the beginning and just kinda really quickly anchor again why I believe we have a great strategy, why this is not just an ambition, but it's a plan. We have a high confidence to get in there. It's just those three things at the beginning. First, we're in a transformational shift in the market. Electrical generation and consumption is in a significant pivot. That's a tailwind for us. In addition, there's this transition to the high voltage DC. You heard that throughout the presentations in all of the markets, why that matters. That's a content lift for us. Second, we have a very unique portfolio. You heard a lot of examples about that. You saw the solutions across our technology portfolio, examples of overcurrent, overvoltage, power system solutions, across all of our markets. Third, we have a very good strategy. It's a simple strategy. Dave pointed that as well. Our strategy is simple, it's straightforward, it's clear. It's about focus, customer partnership, and then bringing the right technology to market and optimizing our portfolio. We have a high confidence in this plan. Hopefully, you all see the same thing and will still join us in this journey. With that, I'm gonna hand it back to David, and we're gonna switch to a Q&A session. All right. Thanks, everyone. We're going to now transition to the Q&A portion of the event. If you'll bear with us for just one moment, we're going to bring all the presenters back up. We've got some seats coming up on the stage here. The format of the event is we're going to take both live, of course, and webcast via the portal Q&A. If you joined us via the webcast, feel free to submit your questions. I will be monitoring those and happy to address everyone's questions this morning. Bear with us for one moment, and we'll get rolling. Thank you. I didn't take my microphone. All right. Thanks, everyone. We're gonna kick it off live in the room here. Again, we'll switch back and forth to webcast portal as well. Let's see a question here from the front. If you don't mind stating, by the way, your name, your firm and looking forward to answering your questions. Thanks, David. Chris Glynn, Oppenheimer. Just wanted to start off on the capital allocation, the organic or the inorganic strategy. Curious, if you see that, you know, being a pretty steady flow of small and mediums or if a couple chunky ones, if there are like corporate orphans or are you looking at more private type companies and any openness to merger scale opportunities? Wanna start? You wanna take it or repeat or no? Okay. All right. Yep. I'll start. Listen, thanks, Chris. I think first, I mean, what's important is that the acquisition aligns to our strategy. For us, I think it's the two pieces. It's the technology capability and then the market overlap. We wanna overweight in the markets that we think are high-growth markets, Aerospace & Defense, grid utility, and data center. I think that's the key. I think we're very open-minded as to what we wanna buy. We do have, and Abhi can repeat that on the model, a significant percent of revenue to our $4.5 billion, which comes from M&A. We wanna buy significant things, but we're very open-minded. We have a lot of opportunities we're looking at. We're constantly looking at opportunities. We're open to public, private, whatever fits the model for what we are looking at is the key, I would say. You know, we presented Basler as kind of a key model of what we want to do, the kinds of things we want to do. It fits well. It has the market overlap, it has the technology capability, it has the financial model. We're open, I would say, to whatever makes the most impact to accelerate us through the strategy. Yeah, look, just to add to what Greg said, again, Greg covered the strategic part. It's gotta be a strategic fit, it's gotta be in markets we care about. I'll just complement by saying it's gotta hit the financial metrics that are super important to go hit the spend, which is around, hey, double-digit returns by year five. Is it margin accretive, and does it support our organic revenue aspirations? We're gonna balance the two. To Greg's point, we're indifferent, whether it's public, private. You know, it's gotta be the right company that fits the profile. Thank you. Question up front here. Thank you. Luke Junk, Baird. Hoping I'll take it for you too. Hoping you could speak to system selling and co-engineering, that relationship, how it's evolved across both CCDI and EII. Dave talked a lot about it in his presentation. Hoping we could just bring it to life more in both of those segments and specifically within CCDI. If we can maybe speak to the 2-4x high voltage DC content opportunity. It seems like system sales and co-engineering relationships are pretty key to driving that. Just maybe some examples to put more color into that. Yeah. Thanks, Luke. Maybe I'll start and then hand to Deepak to give you more context in the CCDI, especially in the data center market. I think the good news is that system sale is not like, it's not something that's completely new at Littelfuse, and we actually had been doing it in some areas very well. Actually, Peter mentioned in the EII market, for example, in solar, we were very early on system level solutions, first to the 1,500 volts. I think that's the key, is it's about partnering with key OEMs and knowing where the technology trends are and then taking our technology and developing that. It's not something that's completely new, but we're doing it more at scale, and we're also doing it more to be able to come in and say, "Okay, we have this complete portfolio. How do we offer that solution for you?" I think that's the fundamental difference. I've met with a lot of these customers myself, and the customers are thrilled that we're showing up this way now. As was mentioned in the presentations, they have a lot of unique challenges around these high voltage systems. They're focused on a different problem, which is computing and getting the power in and out. The protection or whatever is very important, but it's not their primary focus, and it's something they really need to get. I would say that's the high level. I'm gonna let Deepak maybe give you a little bit more examples about how that partnership is working in the data center. Yeah, you're right. It's, we're expanding our system engineering capability. You know, we had it, but we're adding a lot more people in the Bay Area and I'm in Peter's office, but that's closest to our customers there, all the hyperscalers. We've added that capability, added more people there, and very focused teams, I would say. We have teams of system engineers, FAEs, sales guys, and great relationship with the hyperscalers and all of them actually. What's going on is very quick feedback on what they want, and we go work the solution with them. It takes time, longer-term solution, but we are on top of all of those right now. Yep. Thanks, and everybody. Dave Williams from Needham. Thanks for all the really great color today. It's great to hear. You said some really nice, I think growth trends or growth expectations here, but it feels like maybe there's a little conservatism there. Just kinda give them what we're seeing across all of your markets. You've got this inflection, obviously data center performing very well. How do you think about maybe the upside opportunities? Do you feel like there's more upside opportunities than maybe downside risks to your expectations that you've laid out today? Maybe I'll start. I mean, one thing that's really powerful about Littelfuse is that we're a very, very diversified company, right? We operate across a lot of markets, and we're very diversified. That I think is actually a strength, but it also blends our overall growth rate. If you look at the markets that are the high growth markets like grid utility, like data center, actually we did put up on the slide that in data center, for example, we're expecting a growth of 25% to 30%. Again, that's based on assumptions about power consumption. It's based on assumptions about how fast technologies evolve and how much they deploy. These things are moving all the time. There's kind of the core market assumptions behind that you guys are chasing as well as we're chasing. I think the way we look at this, what I think is important, is that we have a leadership position across the markets and across all those markets. We have a leadership position. We're well-positioned with the technology, and our focus is on getting share and design in, and we're focused on getting share and design in the High-Growth Opportunities. From there, the market kind of goes as it goes. You know, you can say maybe our model is conservative, maybe our model is aggressive. Our focus is trying to win share and outgrow the markets. I think Abhi outlined the kind of the numbers we're thinking outgrow the markets. Is it possible that we will grow more? Sure. Is it possible the markets will go faster? Sure. Is it possible to take more share? I hope so. Also, we wanna put together a plan that we think is credible, that we can commit to and achieve, and that's basically what we're looking at. Abhi, I don't know if you had- No, I think I'll bring it back to look, if you look at the markets that we laid out, expecting the SAM to grow 6%, that'd be high in the 400 basis point outperforms versus market. Take a step forward, think about organic growth. Forget an organic for a second. That 8%, the HGOs are gonna grow 20%+ in that 8%, right? That's what we've said, and that's what we're focused on. To Greg's point, the range of outcomes can matter because the macro world can change. That said, we feel pretty comfortable and confident about the plan that we laid out today. Maybe a couple questions from the webcast here, and then we'll happy to kick it back to the live room afterwards. Question on your go-to-market strategy and the focus on customer segmentation. How should we measure whether that's working or not? What KPIs or proof points are you tracking to validate the success of this strategy? Yeah, thanks. I think that, you know, the key on the go-to-market is really about focusing on, you know, those 1,000-ish customers are where we call direct. Then the broad tail at the bottom third of revenue is where we go indirect, right? On the direct part of the customer, you know, the ultimate success of our improved go-to-market is accelerated revenue growth. That takes some time because you gotta partner with the customer, you gotta get designed in, but that's the ultimate success. The ultimate success we're looking at is accelerated revenue growth. Obviously, there's metrics that we look at along the way to try to see what our success is. First, our earliest indication is growth in our pipeline, right? We look at the pipeline growth that we're getting. We're looking at increases in the pipeline, so how much opportunities are being identified. We have a disciplined process of tracking that pipeline through to our design wins. We talk about design wins. We have a lot of discipline about defining what a design win means. In most of our markets, actually, that relates to actually you're on the platform and actually you're getting some revenue and early prototypes. That tells you that it's a design win. Actually, we talked about in our previous earnings call, and it was on the slide today, that in data center where we were early to go to this new model, we doubled our design wins last year, basically in 2025. Those design wins, like I said, were on the platform, and we got some revenue and early prototypes. That's I think the second key metric that we look at. The third key metric that we look at is really about our cross-technology sales. I mentioned the example in my presentation with this e-mobility customer that uses a very broad scale of our technology. Most of our customers use significantly less than that. There's a lot of opportunity for us to just, you know, if you get a two more technologies on those platforms, Deepak talked about, you know, multiple designs on a board, that is a huge growth lever as well. We also are gonna be tracking how many technologies we're able to sell into individual opportunities and individual customers. Those are the metrics that we're gonna track internally, and those are the early indicators that ultimately are gonna show up in the revenue growth. Maybe one more here from the webcast. This is specific to transportation and logistics. You've spoken to these high-growth opportunities across your markets. T&L is only one. Without one, and with some of the slowing EV adoption we're seeing, can you walk us through your content outgrowth story and what gives you confidence in your ability to outgrow these markets? Yeah, that's a great question. You know, early on in the presentation, I talked about that even though the full transition to EV may be slowing across Europe and North America, the increase in features and functions across vehicle platforms continue to grow. That's a way that we're really capitalizing on that. Electrification continues across the broader market. Our ability now to engage early on a more system architecture level allows us to pull more of the Littelfuse portfolio into these opportunities. Again, regardless of the speed of transition to internal combustion to full EV, we are well-positioned across all those platforms. We're a leader in internal combustion. We are well-engaged across medium and high voltage systems into full electrification to be able to drive our products and grow well above market. Our global scale and technical capabilities truly differentiate us because as our partners are moving across different regions, extending their businesses, we are right there with them. That is why we have the confidence that we can really well outperform from a, you know, 1% perhaps, vehicle growth rate to mid-single digits growth. I'll just add, I think, though, you know, the work that Dave has done and his team and across the company, I think in our last earnings call, we announced actually we had a pretty solid revenue growth in our transportation market, even though the market was slow, and that was really because of work that's been done in the team about customer partnership, and we were able to get share on existing running platforms. What's exciting about it as well, just a perfect example of where we got share, we actually got share based on the kind of core overcurrent portfolio that comes from Dave's product line, but also the semiconductor protection portfolio that came from Karim's product line, leveraging our customer partnerships and go-to-markets. That's a perfect example of where we did in this last quarter that we announced, we were able to outgrow market. I think that's why we have confidence that the model that they've put together, that we've put together, we can outgrow market. I think that's the real thing that we try to pay attention to, is relative performance in the markets and focusing on the high growth areas of those markets. Great. Thank you. A couple more flowing through the webcast, but we do wanna take some time for back live in the room if anybody has any questions. Of course, if not, I can continue with the webcast. Go ahead. Yeah. Chris Glynn, Oppenheimer again. Just wanted to dive into the repeated kind of mentioning of the more than doubling the design wins in data center last year. You know, curious on a few things. You know, the degree to that which that is the market in 2025 versus in 2024, as opposed to, you know, where your go-to-market was in 2025 for potency versus where it was in 2024. You know, how many players you see in terms of being really competitive for market share in those design wins? Is it two or three? Is it, you know, they go to five vendors, or they go to Littelfuse, you know, plus a smaller supplemental? Look, I think I'll start. Maybe Deepak can give a little bit of color on kind of the, you know, some of the maybe more solution areas that we got in here. I think, look, attribution is always very hard, right? To say, "Okay, you attribute this exact outcome to this exact thing," it is very hard to have exact attribution. I can tell you, number 1, market's improving, but number 2, we are seeing progress. I mean, I get feedback from our customers. I've met with these customers directly. We get feedback from our customers that they really value this approach. I also get feedback from our customers that they really value Littelfuse in this space, especially the hyperscalers. I mean, I think, and Deepak can talk a little bit more about this, we are a trusted brand, right? I think the key there is that we've simplified the model of how we're approaching these customers. Instead of bringing multiple different sales teams to sell different things, and where we were still able to win this year, by the way, we're able to say, "Hey, can we just work on your next generation platform problem?" We definitely accelerated our own luck last year in those design wins. Obviously, some of it is market acceleration too, but we've definitely accelerated that. We see momentum. I think the other thing to understand about this go-to-market change is that it's early, right? You early start, you build that relationship with your customer, then you start to build the next generation platform. The real value proposition is the down the road, like Karim was talking about. We can integrate a number of different technologies into a higher level solution that might be 5x the price. I think that's the way to think about it. I don't know, Deepak, you want to give any more color to this? I think the only thing I'll say is that data center is big news today, but we've been working data center for a long time. Even four years back, five years back, we were working with the same guys. It's become much bigger now. We have deep relationships from five years back, and we've been on their design, we've been working design new products for them, and that's been the advantage we have versus anybody else in the market. It's not totally new to us. We've been in there. Yeah. I guess to your last question, right, is the, you know, it's a competitive space. You asked about competition. Obviously, everybody wants to win this share. We have competition. Everybody has competition, but we feel very confident in our ability to win based on our portfolio. I think we'll leave you again. We have a very unique portfolio across the technologies, which allows us to have a different kind of conversation than some of our competitors. I think, Greg, one more. You remember I said we give a full portfolio. We have a, you know, a 2 amp device, and we have a 2,000 amp device. You don't have much of a competitor who can do all of that. When you guys go outside and look at the booths, you can see the products we deliver. I don't think there's anybody else who can do that. Customers like to work with us for that reason. Looking quick, Greg, again, I guess I'll ask the question that's probably on the top of a lot of folks' minds. The 25%-30% plus data center CAGR through 2030, realizing, you know, we're looking out five years now, you know, the further out I think it's probably become, you know, a little less certain. How do you think about the near to medium term opportunity in data center relative to that CAGR, and then how timing of the high voltage DC opportunities, both 400 volt and 800 volt kind of feed into I'll start, and then maybe Abhi can give a little more color. I think what's important is that we put 2030 targets out there today, right? You know, it's hard to really predict the exact timing of this thing. Actually, we have assumptions on our 2030 targets, which is based on the assumption you saw there on how much power is deployed and how fast these things go, and it's changing every day. I will tell you, the architecture evolutions as well are going to happen. The exact timing of when any one hyperscaler or any one data center deployment goes to anyone, we actually don't know either. We make some assumptions about that. What's key from my perspective is that we're designed in those platforms, and we're working with the customers. There's a lot of features and factors that they have to get right to be able to make sure that they can deploy that system. Everything from, you know, these 800 volt systems, a whole set of different UL certifications. Our products are UL certified. Their products are also UL certified. There's a lot of supply chain they have to work out. It moves around a little bit, and we learn, we're gonna follow that. I think the key is that we will ride that market. I can't be the one to predict that. The little timing is a little hard to tell. We are confident that on our 2030 targets and that it will be sustained growth. Yeah, that's what I was just gonna say, Luke. I think what Greg just said is the conviction, the confidence that we have about winning in this market. Is every single year gonna be between 25% and 30%? That's hard to tell. We do believe exiting 2030, it's gonna be somewhere in the 25% to 30% CAGR. That's how we're thinking about it. Thank you. Actually, I have a couple from the webcast here. You know, first one, a question for the EII market. You talked a lot about solution selling opportunities. You know, in light of the Basler acquisition, how do you think about the largest opportunities to bundle those capabilities to create differentiated solutions versus selling historical discrete components? Well, I mean, it starts with our HGO, our strategic markets. Talk about grid infrastructure, renewable, and those areas. The go-to-market, you know, allow us to sell the basket of solutions at that system level. Basler is an example where they have a leading presence in the grid agility, and with that, they're able to pull in, or we're able to pull in a broader solution around a circuit protection as an example. Those are immediate opportunities that we're uncovering. Another direction is that Basler has also a unique solution or expanded solutions that they were not able to penetrate in the past in our other markets. We're able to take that to our other market because within EII. Thank you. A couple data center questions. I'm gonna try and summarize these together, not surprisingly. Can you help us walk through the 800 volt versus low voltage DC architecture opportunity in terms of content, whether that's per rack or per dollars per megawatt? How do you think about that transition and what it means for Littelfuse? Again, I'll start and maybe Deepak can add more kind of detailed color. I think it's very hard for us as well, and we get asked this question all the time, you know, dollars per megawatt and exactly how much more content I need, and that's why we put that 2X to 4X. We're confident that it's more, right? There's a lot of moving things in these 800 volt architectures, right? There's a lot of moving targets in the 800 volt architecture. Exactly, you know, are they going to transfer straight from grid medium voltage to 480 volt AC, and then they got this sidecar thing that goes from 480 volt DC to DC, from 400 volt DC to 2,000 volt DC, or do they go to 1,000 volt DC, and some people are at +800 and some people are at ±400, and that's changing a lot. It's hard to say. I think the most important thing is we're participating across the ecosystem with the chip providers, with the hyperscalers, with also the infrastructure suppliers. Don't want to underemphasize that gray space, and you'll see that, you know, everything from backup power generation to those large, you know, 2,000 volt fuses that go right at the input of the building. We're participating in the architectures, and we're well-represented and designed in. We estimate 2- 4, and it could be more on the higher end if more of the higher voltage content goes closer, and it will be lower if it's less. There's some other emerging architectures, for example, about solid-state transformers, which really is very disruptive. Basically, you're taking the whole medium voltage transformer that sits outside, which is this massive, I mean, it takes a crane to install, which is wire wound copper and steel, which we don't participate in, and you replace it with a solid-state solution. We're talking to lots of people that are doing solid-state transformers, and it's a bunch of power semiconductors and a lot of semiconductor and protection. When is that or is that gonna make it into the data center market? Exactly, we don't know. We're there, we're participating, we're working those people, and if and when it happens, it's good for us. I think that's the way to understand. It's a little hard to predict this, and I know you would like to predict it better too, but for us, what we wanna do is be in the right place, be with the customers, cover the ecosystem, get designed in, and then we're confident that as these evolutions go, we go. Looking in the room here. I've got a couple on the webcast related to semiconductor technologies, but if anybody else has any in the room, we can come back to it. Maybe, yeah, I'll start with the first one on semiconductors. Can you talk about the integration of the semiconductor technology roadmap with the needs of your markets? Could you give us some proof points, examples of, you know, what semiconductors brings to the table that amplifies the other segment opportunities? Right. I can start. As I highlighted in my presentation, the semiconductor play an important role in all the capabilities we have within the Littelfuse. An example we saw about like our solid-state relays that goes into the EII market. We provide the power modules that go into this. Deepak mentioned in his presentation about the defibrillators and how like our high-power IGBT is a part of the defibrillators. That's another market. Dave in transportation, saying our TVS, our protection, overvoltage protection semiconductor is a big piece of the transportation business. I think it really is integrated across all three. I think we look at semiconductor as an enabling technology that can across all these three end markets, right? This is how we view it as a semiconductor, and this will continue to work very closely with the go-to-market teams, with the leaders of the three markets to make sure that we provide the differentiated enabling technologies that allow us to win in the marketplace. This I think is an important one too. People ask about competition, and you know, we have competition everywhere. We have competition in our power semi business. You know, we talk about our unique portfolio. We talk about our overvoltage protector. We actually have two main technologies in overvoltage. We have a lot of products, but two main tech. One of them is an MOV. It's a ceramic-based technology, and this is designed for very high surge applications, very high power, high surge applications, but it has a downside that it's kind of slow. You have the semiconductor protection technology, which is fast and high speed. That's what Karim Hamed is talking about. We actually have both of those technology, and we compete with people in both. We are the ones that have both. Maybe Karim can talk a little bit about how we see some leverage of that. Yes Across our market. This is a great example, Greg, because as I said in my, in my presentation today, again, I'm not gonna go too technical, but, like, because of our semiconductor technology, we have very sharp clamping. Basically, we can really protect fast and quick and are very sharp. That's a very high value for our customers, for systems. We have products where we're able to integrate both of those technologies together. That's also a unique opportunity that we have and how we're able to leverage the best of the portfolio. Great. Thank you. The follow-ups on actually protection semiconductors, question being you highlighted a priority to deploy R&D towards higher value, higher ASP solutions, 5x-10x versus current products. Could you just provide some more color and detail on, you know, some of these specific areas, whether it's markets or technologies that you're prioritizing? Yeah. As I said, like, in my presentation, like, hey, we see a big opportunity for us going to this high voltage DC application, right? As I said, like, this is big transformational gain. It's for a reason. Customers are achieving significant gains. The protection problem becomes a more challenging problem because it has to be ultra-fast, very high power, and it have integrate multiple functionalities. This is where I think, this is where I say, like, we're gonna deploy our R&D resources. We have, like, really deep domain expertise as a company in how to develop protection solutions and how to get to UL certification, how to do all of these things. This is actually very valuable. When you deploy all of this and leverage all of our technology, we're not gonna do it for the sake of integrating. We're doing it when we solve a customer problem, right? This is the key thing. As Greg highlighted, like, customers wanna deploy that. They're like, "We think this is a significant gain," but protection, yeah, they want someone to partner with someone to provide a solution. This is where I feel like where we're gonna deploy our R&D resources, where we're gonna leverage our domain expertise, and we can capture value. Because integrating for zero here, we're not gonna capture value. That's how we capture value. That's how we're gonna deploy it. Markets like data center, markets like, you know, grid energy, transportation, high power. Yes. Great. Thank you. Take a question from Chris. Yeah, maybe just a little different style of question here, but you talked, I think multiple times today about software and firmware. I'm just kind of wondering what you can do if there's maybe a broader application of software strategy that you can deploy and if there's value in that and kind of how you think about that in terms of a potential M&A down the road for driving more value across your product portfolio. Yeah, look, I think software is a key core competency of our products. We're not a software company. Software is a core competency of our products. We're really a product company that sells system-level products, and more and more system-level products are requiring software. I would say the first place that happened was really in the industrial business, and you'll see some of those. We have arc fault relays, we have ground fault protective relays, and these are in solutions that have embedded devices that have software. With the addition of Basler has a big business on protective relays and actually the protection and control. Like, protection and control, which is used, the Basler systems are used for data center backup generation. The Basler systems are used for, also I've almost lost my train of thought. Sorry. Data center, and also excitation systems, which is for large-scale generation, have a lot of embedded software. David mentioned embedded software inside of the automotive business. We basically have embedded CAN software. Instead of now having a bunch of mechanical switches, it's a bunch of software-controlled, digitally-controlled switches, and the power control is now digitally controlled, and that was part of the value proposition that makes that platform flexible. It's a competency of our company. We don't sell standalone software. Some of our, you know, we have some service opportunities, but I think you should think about the fact that embedded software is a core part of our products, and as we do more and more system products across our markets, we will end up doing more and more software as part of them. That's the way to think about it. Thank you. Got a couple financial questions. Maybe I'll do one on the webcast, and we'll get to you, Chris. The first one's on the, you know, financial model, this idea of a more resilient Littelfuse. Can you talk a bit more some of the structural changes you've made that reduce and can reduce that potential earnings volatility? What's the last point? The structural changes you've made that can reduce your potential earnings volatility. Yeah, I think, look, as I kind of think about a more resilient company moving forward, I think it comes down to the macro's gonna do what it's gonna do. It's the renewed focus on growth. It's the focus on end markets. It's sharpening our focus as Greg's laid out is what gives us more conviction in terms of being able to create a company that's gonna be more resilient, more financially stable as we move forward, regardless of what the macro does, right? That's one. I'd say the second thing that we've spent a lot of time talking about, which is an important part of this whole earnings profile, is operational excellence. It's scaling the operations. It's really making sure our businesses are running with a standard set of KPIs, so we can hold people accountable and ensure that our margin profile is sustainable and repeatable as we think about the five years, right? Lastly, I'd say, be able to answer the this question, the last point I'd make is it goes back to the M&A strategy, right? If M&A is gonna be a big part of our strategy- I know Basler is one example, and it's near term, what we wanna do is, you know, buy companies like Basler that fit the strategy and then be able to integrate them and make sure, right, we deliver on the financial commitments that we made. Those are things that we're focused on. Some of course are, to your point, structural or different, but a part of this is just really being focused on things that matter and spending our time where it matters. Dave, I've been following you guys a long time, and I think I've heard a little more emphasis on M&A today than I've ever heard before. Maybe I was snoozing in the past. Just wanna elaborate on that. That strikes me as something that certainly would incorporate in organic strategy and capital allocations to hear that emphasis come anyway that, you know, again, I haven't been listening through it. Curious, you know, what the pace is, what's with you, and how much of the M&A thought process, you know, goes back to M&A. I think one of the key things about our strategy now, spend a lot more time kind of thinking a company-wide market-driven strategy. I think that's the key thing to understand. A company-wide market-driven, we identify what's the High-Growth Opportunities. You heard them talked about, Aerospace & Defense is one of those High-Growth Opportunities. Which by the way, we've participated for a long time, Deepak gave the example. We participated for a long time, it hasn't had the amount of strategic focus. One other thing to understand is that, this is a unique capability we have that we're doing a lot better, every one of these High-Growth Opportunities actually has a leader inside the company. Because Abhi made this point, all of our segments sell across our markets. Actually, all of our segments have an opportunities in the High-Growth Opportunities. That's the magic we have, is we have that unique portfolio across all of our business. It's a focus area for us now, that's for sure. We're putting a little bit more discipline focus on that, and it starts with what the customer architectures are and going from there. It is something that we are focused on probably more than the past. That's the first thing. The second thing is those three High-Growth Opportunities are the market focus for M&A. Aerospace & Defense, data center, and grid utility. You're right that we also plan to lean into M&A in those areas. Maybe Deepak can talk a little more about how we've been doing it for a long time, but also some of the increased focus. About the. Yeah, Aerospace and Defense. Sorry? Aerospace and defense. Yeah. We've been working the accounts there for the last four or five years, I would say, but really building upon it more now. What we found is that our portfolio actually with the new, with the new go-to-market, we're really trying to pull the whole portfolio in, into that. We do have an existing number of, you know, in the $50 million-$100 million range, I think somewhere in that range that we're doing today. A lot more focus on what the target M&A target would be for us that we're working on right now. Working with David's help on that. Thank you. We've got about five to six more minutes left. I see a question in the front here. Yeah, maybe just a financial question of you. On the optimization efforts you outlined, low single digit offsets to the organic growth targets and then $50 million of EBITDA opportunity. Can we maybe just unpack that in terms of where that's coming from? I would assume it's transportation, it's probably the power semi portfolio, and just the, you know, the staging of that. Should we expect to see these impacts nearer term or should it be pretty spread out over the next five years? Yeah. As I've said, the $50 million load that you see in the EBITDA bridge is a best view of where we are today. It is fair to say, and confirm what you just said, which is a portion of that is tied to the work that Karim's doing around power semi and that Dave's talking about in terms of transportation. For us, this is not a, you know, one-time exercise, we're done and we move on. This is we're gonna do this annually to ensure that we constantly look at our footprint, constantly look at our, you know, product portfolio ensure wherever there is things that are not core to us, we're working through it. Okay? That's step 1. As you think about the timing and the cadence of how this is gonna work, look, some of this $50 million is tied to footprint rationalization. As you know and I know, it takes a little longer than a quarter to do this. I would say as you think about this $50 million, it's fair to say as we make progress through the, you know, through the year, we'll keep the teams updated through our quarterly earnings calls. I'd say this is more 12 to 18 to 24 months as we kind of solidify our strategy, solidify, you know, what footprint makes sense, what doesn't, that's gonna come through over the P&L. We'll be fully transparent in terms of quarter by quarter, how much have we recognized. I did have one related margin question and follow-up here from the webcast. Just in light of the 2030 adjusted EBITDA margin target, 24%-26%, excuse me. How do you think about the cadence from where you are today to that target and some of the drivers of that? You know, how do we think about the performance through potential cycles? Yeah. First of all, when I think about cadence and think about where we are, we just announced Q1 earnings. If you think about the company, we grew margins 280 basis points on a year-over-year basis. Every single segment demonstrated margin improvement on a year-over-year basis. Okay. As I kind of think about where we are and the work we're doing, it's starting to show up in the P&L. What are the factors that are presumed this financial model to get us from 21% exiting 2025 to 24-26. Couple different things. First of all, look, we all know when our top line grows, we see volume leverage that flows through to the bottom line. That's one piece of what's baked in the EBITDA expansion. Number two is the operational execution that we've been talking about, the work that we're talking about in terms of right-sizing our footprint. The work we're talking about driving standard KPIs, right? Really scaling up our operational execution that's baked into it. Third, the $50 million that you saw in there that Luke Junk just asked about in terms of, "Hey, you're losing 1 point- 2 points of growth. However, you're seeing $50 million of, you know, EBITDA improvement." That's a portion of this. That's how we're thinking about it. It's volume leverage, it's continued operational execution, and it's rationalizing our footprint, rationalizing our products where it makes sense to improve our profitability as we move forward. Look, through cycles, I mean, usually our conversion rate as we see in organic growth is 30%-35%. What we're going to do is work really hard towards ensuring in a world where we are going down organically, when the macro is, you know, where it is, we're going to work to the same thing and right-size our businesses to align for the volume that we see. We've got about two minutes left, so if there's anyone, last question in the room here. It's all yours, Mike. Yeah, maybe I'll repeat that one 'cause I don't think it picked up on the microphone. Thanks, Mike. The question was regarding to the transportation logistics market, our positioning in China and with those local OEMs in case you couldn't hear it on the webcast. Thank you. Yeah, great question, Mike. What I will tell you is we are engaged with the leading OEMs. Obviously, there is a significant number of players in China, we are engaged with the leading OEMs, many of which are looking to expand on a more broad global and geographical basis. That's kinda one of the real differentiators we have, is we have a global footprint to support that expansion. They trust our brand, they like our brand, the reliability of it, the performance of it, our ability to bring in a larger portion of our large portfolio to bear on solutions. Also the fact that we span across low, medium, and high voltage. As they move into other territories, we're right there with them to support that. One other thing I'll say, which is true actually in transportation and across our business, China's an important region. We also manufacture in China, and our strategy is more and more to try to be in-region manufacturing. We bring a lot of our products actually for the transportation business are manufactured in China, for example. Some of those same products are also manufactured elsewhere globally for other customers. That's another way that we support China and global customers that actually all want in-region manufacturing. I'd say, you know, that's a really great point. I'll just build on what Greg said. We have local sales, product management, engineering teams, and manufacturing to support. To Greg's point, you know, as they've moved, we have manufacturing capabilities there to help support that. Great. Thanks, everyone. This concludes the Q&A section of the presentation. Thanks everyone for spending the time with us this morning. Very, very briefly, just want to remind you that we do have lunch and product displays to my right out these double doors. We'll hope you're willing to spend the next hour with us, and happy to walk you through many of the technologies and opportunities that we discussed with you today. Thanks, everyone. Thanks, everyone.