Welcome to a morning session. Our next presenter is Jennifer Parmentier. She's the Chairman and CEO of Parker Hannifin. We've known Parker for decades. We think it's been one of the great compounder stories in our coverage, and under Jenna's leadership continues to be so. Welcome to London. Thanks so much for attending the conference. I think there are gonna be some slides, and then we're gonna go into Q&A. Thank you. Thank you, Andrew. Thank you everyone for being here today and for your interest in Parker-Hannifin. As Andrew said, I wanted to go over a few slides today. Obviously, if you can all read this really quickly, I'll move to the next slide. This is Parker-Hannifin at a glance. For any of you that have followed us for some time, you're familiar with our story. We have three businesses, Aerospace Systems coming in at 31%, Diversified Industrial International at approximately 30%, and Diversified Industrial North America at approximately 40%. When you look to the right side of this page, a little more color on those businesses are our four technology platforms that make up the company. Motion Systems coming in at 17%, again, Aerospace at 31%, Flow and Process Control at 23%, and Filtration and Engineered Materials at approximately 30%. On the bottom of this slide is what makes all the performance and the success of our company possible, and will do so well into the future. The first thing is our Win Strategy. Win Strategy is our guide to operational excellence. It's our business system. As I like to tell people, it works. It's something that I used as a general manager in one of our businesses, as a group president, and obviously in the role that I'm in today. We have a very much technology powerhouse of interconnected solutions across these four technology platforms. As many examples that we talk about, this is something that I do believe gives us a significant competitive advantage and is the reason that we continue to win. We have a global distribution network, and I've said this many times publicly, that it is the envy of the competition. Our distribution partners are an extension of our engineering application expertise, and they do a great job with all the small to mid-size OEMs, helping those customers in the field and providing those Parker solutions that help them be successful. Finally, our decentralized operating structure. We have 85 general managers. They're P&L owners. They make decisions every day. They stay close to the customers. They know what's best for their business, and they know what's best for the future. We believe in this decentralized structure, and again, it's the foundation of our success. We do have the number one position in the motion and control industry. We're over 100 years old now, and our guide this year is approximately $21 billion in sales, something that we're very proud of. We talk about the company for the last couple of years in these six market verticals that you see to the left of this slide. Again, going around the circle, Aerospace and Defense at 35%. The earlier slide said 31%, but in total, 35% of our business is Aerospace and Defense, as some of that business sits inside the industrial side of Parker as those technologies belong in those specific groups. In-Plant Industrial is our next largest market vertical at 20%, followed by Transportation at 15, Off-Highway coming in close at 13, Energy at 7%, and then HVAC and Refrigeration at 4%. Two-thirds of our sales comes from customers who buy four or more technologies. Again, a big part of our story and our competitive advantage and our organic growth is about the interconnectivity across those technology platforms with all the Parker products. Our growth is focused on faster-growing, longer cycle businesses and higher aftermarket. This is one of our favorite slides to show, and it shows the performance of the company over the last 10 years. As you can see, we've had a 6% revenue CAGR, over 1,000 basis points, 1,150 basis points of adjusted operating margin expansion, 16% EPS CAGR over that time period, and free cash flow of over 10%. Again, very proud of this performance. As we look to the history of our EPS, 60% of this performance comes from the legacy Parker businesses, and the remaining 40% comes from those significant and very important acquisitions that you see at the top of this slide. LORD, CLARCOR, Exotic, Meggitt, and most recently, last quarter, we closed on the acquisition of Curtis. In November, we announced our intent to acquire the Filtration Group business. Again, very proud of this performance, and the team has been able to do a great job of compounding EPS over time. This is a slide that I like to end with because it really truly is what drives Parker. First and foremost, it's the safety, engagement, and ownership of our people that help us live up to our purpose, deliver top quartile performance, and be great generators and deployers of cash. That is my final slide. All right. Fabulous. Okay, maybe we can start with the big picture. You know, generally, and we'll talk about the macro, but, you know, directionally, markets are looking up, you're executing well, you've sort of have teed up your next big deal, the Filtration Group. When you talk to your Board, what are the couple of things that they really care about two, three years out? Yeah. We're always talking about our performance and our performance to our fiscal year 2029 targets. We're talking a lot about the components of the Win Strategy and how we're doing quarter- to- quarter against those. Two regular agenda items for us are always capital deployment, the acquisition pipeline, which I've said many times we're always working. It's robust. It never ends. Even quickly after we've announced Filtration Group, we're still working on it. That is a topic that we are always talking about. Just as we always talk about, you know, the strength of that acquisition pipeline, we spend a lot of time talking about talent development. The strength of our pipeline, of our people, is very important to ensure future success. We take a lot of pride in talent development at all levels of the organization. We obviously make sure our Board knows those people, and we talk about, you know, stretching those individuals, giving them opportunities to develop personally, and really to ensure the future success. It really is all the great people at Parker that get this work done, and we wanna protect that well into the future. Talent is a very strong topic. Thank you. Look, I mean, clearly lots of things happening in the world. Any latest thoughts on the macro environment? Any comments? Yeah. Obviously, it's a lot going on in the last couple weeks, right, geopolitically. I would tell you that first and foremost for us is always the safety of our team members in the regions where those conflicts are happening, and I'm, you know, very happy to say that everyone is safe and we keep very close to that. You know, I would say that it's pretty early to make any, you know, real predictions or forecast about how that will impact, you know, I would say primarily our defense business. You know, we have been, you know, positive midterm on the defense business. We've been in that business for quite some time, big part of our history. You know, we're ready to support. Obviously, that could be something that increases in the future, but I think it's too soon to tell. Right. Just general macro other than that, you know, I think PMIs are getting better. Yeah. You sort of commented that Off-Highway's getting better. You know, any thoughts on how things could develop? Yeah. Aerospace, fourth year of double-digit growth, right? Very strong aerospace. We've talked about a gradual recovery on the industrial side of the business. As you said, we, you know, we talked about at the last earnings call that we saw construction more positive, so that's the bright spot in Off-Highway, along with mining. We're seeing mining be strong, not only in Europe, but in Asia as well. The distributor sentiment remains very positive. They're positive about the quoting activity. You know, I wouldn't yet say that it's restocking. They've done a really good job of managing their inventories and ordering to their current demand level, but there's been some bright spots in there. We're still seeing a very gradual recovery in industrial. We did increase our organic growth. Right Right, for North America. For total Parker- Yeah we started the year at 3%, then we went to 4%, and now we're at 5%. Yeah. For North America, we went 2%-2.5%, and we increased international as well. Gradual recovery. Thank you. Maybe price cost environment. You know, once again, lots of moving pieces, you know, tariffs, higher raw materials. What's happening with pricing, and how are you dealing? You know, we've been hearing that perhaps there is some sort of push back in the channel because, you know, as tariffs are being pushed, you know, sort of being rescinded maybe. What's happening with the pricing, and what are you hearing from the channel? Yeah. It's the same as, you know, as it has been for some time. We have a very strong pricing muscle. You know, we know how to respond to tariffs. We have the tools and the analytics, just as we do with any inflation driver. Right ... to make sure that it doesn't impact our margins or our EPS, and we're utilizing those same tools to make sure that through this environment, we don't have any problems. You know, the distribution channel has, you know, most recently been back to a normal pricing environment after those hyperinflationary times. Tariffs are part of something that happens, but I'm not hearing of any pushback from our channel. Okay. Fantastic. Look, maybe we can sort of go to aerospace, which is increasingly at the center of what investors talk about it. You do sort of model step down in incrementals for aero in second half versus first half, and you know, sort of step down from 40% to 30%. Can you just talk about how OE spares mix impacting this outlook? Yeah. Commercial OEM is our strongest growth area right now. You know, it's at 20% for the year. That's what our guide has in it. In Q2, in the first half in general, we did have a strong spares and repairs mix. You know, it's worth noting that unlike most of aerospace that is a long lead time, that is not a longer lead time. Right where those are more difficult to forecast. We don't have those in our forecast. You know, that's one of the differences. You know, the Aerospace demand has been so strong, and the team has executed so well. There is a step down that you see because we are forecasting a higher OE in the second half. Right. For the full year, we're still guiding to a margin of 120 basis points increase. Right ... over last year at total year 40% incrementals. Right. There's a little bit of mix in there in the second half, but still margin expansion. that if there is any defense aftermarket that sort of you see that's not in the forecast. Correct. Anything additional that we don't see today. 2027 is the first year with no official Meggitt synergies. How should we think about sort of margins incrementals in aerospace going forward beyond 2026? Yeah. This is the last year. Fiscal year 2026 is Right is the last year for those. The last year that we'll be talking about them. Correct. You know, I think you need to think about it this way. You know, I made the comment that 60% of our performance has come from the legacy Parker businesses that have been using the Win Strategy for almost 25 years now. The Meggitt business has only been using it for three years, so there's been nice margin expansion with, you know, the high growth in aerospace, and there will continue to be. The teams have adopted the Win Strategy well, but there's still room to improve. Commercial aero OEM and aftermarket outlook, specifically on aftermarket, can you remind us what changes you have made to your aftermarket business model over the past year on the commercial side? Any sort of comments on overall OEM business because that seems to be dynamic. Yeah. The final phase of the Meggitt integration, which really started about two years ago, was to combine the Parker and Meggitt aftermarket businesses. That's the change that you're talking about. We've brought those two businesses together, all those products. It's made it, you know, incredibly stronger than what we had to begin with, and it's also given us the ability to serve in all regions. That's something that has gained us quite a bit of strength in the past. Bringing that talent together, those customer relationships, the product portfolio, has really helped us have that, you know, low double-digit growth that we're still forecasting for aftermarket. Meggitt also brought us a lot of defense business too, so it's not just a commercial story, when you talk about the aftermarket, it's obviously a defense story as well. You know, just we sort of talked a little about our defense aftermarket, but could you just, because we have been getting questions on defense aftermarket, could you remind us what programs are you. You know, you have this beautiful picture. Mm-hmm Could you just remind us what's your exposure to defense aftermarket? What products are you, what platforms are you on? Yeah. Without commenting on this. Yeah. I mean, fighter jets, ground, naval, I mean, we're on all the key platforms in defense. Maybe we can shift to industrial. On Curtis acquisition, could you remind us where we are in terms of hitting our plan on financial impact in 2026? Yeah. We've had Curtis for about a quarter now, so we have one quarter under our belt. It's very much in line with our expectations. It's been a great addition to our portfolio. Just for those who may not be as aware, Curtis brings to us low voltage motor controller solutions, which was a gap in our portfolio. It pairs well nice with our higher voltage motors and our control solutions. We've been able to bring this into one division inside of Parker, and now we have a full suite of motors and controllers for hybrid and electric equipment. And much of that is equipment that's been electric or hybrid for quite some time. You know, proven business case products. Really been a nice acquisition. You know, it will be accretive to EPS this year. Right. Initially dilutive to margins, but it's on track. Yeah. No, I mean, the CONEXPO stand, Mm-hmm ... that Jeff sort of showcased was super useful in actually understanding where the technology is. It actually- Yeah, the team did a nice job. We're glad you could stop by. No, no, that was terrific. Maybe we can talk about macro and what set of macro conditions would it take for Diversified Industrial North America to be able to accelerate from. Just a reminder, you guys are in June year. Mm-hmm. We are in third quarter of fiscal 2026. What set of macro conditions would it take for Industrial North America to be able to accelerate from Q3 to Q4? Because your current guidance implies no sequential acceleration. Yeah. Dollar-wise it is. It is sequential organic growth-wise. Yeah. We did increase our organic growth target. Yep. Yep. Dollar-wise it is, so it's, we don't feel that it's overly conservative at this point. No, no. We do- You push the company. Yeah. I'm keenly aware of that. We do, like I said before, we do see some bright spots there. You know, I think, you know, what it's gonna take probably is something we've been talking about for some time with this part of the business and, you know, there's still the uncertainty around tariffs, right? Yeah. Interest rates. I think that all plays into the decisions that our customers' customers make. Those are some things that I think, you know, would make a difference. Obviously, we've had some things happen the last couple weeks. We don't know what the impact of that's going to be. Yeah. We still feel really good about the increased guide that we put out there. We'll see what happens here. Maybe sort of pace of recovery in Off-Highway market, and we were at CONEXPO. Seems like folks are feeling better. The question there is just from capacity, and I think I asked this question a couple of quarters ago. For example, do you have flexibility to toggle capacity between construction, mining, and ag, and how does the ramp in Off-Highway impact margins? We don't give margins by market. No, no, just impact the. But- Yeah Yeah, I would just tell you that something I've you know I've long said since I was running plants is volume is our friend, right? Even with a higher OEM mix, possibly with some of that ramping up, we'll still enjoy a nice aftermarket, but we'll be able to leverage that volume for production efficiency. I think we will like that. We have in the Off-Highway space, as you said, we've seen the same thing. Construction is stronger and mining as well. Ag still you know still in the same place. Yeah as we talked about the last couple of quarters. Yeah. But, um- People use the term dead. I don't think I would say that. Yeah, I know you won't. A number of people use that term. Yeah, we see a nice recovery going on in construction. Just traditional manufacturing model on the industrial side. Yeah. You know, one of the things that our teams do really well, and the answer to your, you know, to your first part of that question is that we are able to flex the team members within the factory if it's different product lines that are needed, if it's not the same products, and in many cases it can be. You know, when we need to, we will add team members, right? We really make sure that we have robust processes for onboarding and really staying ahead of our customers' demand curve to make sure we're ready. Excellent. You know, just same zip code, it seems like Class 8 orders are looking up. Transportation is actually guided to be your weakest. Mm-hmm ... end market in 2026, down to single digits. What would it take for you to get more constructive on this segment? I appreciate that your year- Mm-hmm Ends when maybe things start looking up on Class 8, and maybe that's the answer. Right. It really is. I think that in the U.S., the emissions, the 2027 emissions clarity is, you know, going to help, has helped. We have had the forecast for mid-single digit decline. We haven't changed that throughout the year. You know, we see that through June 30th, that's what the guide is gonna be. Any recovery there we think would happen in the second half of the calendar year, which is our next fiscal year. Excellent. Maybe can we talk about sort of evolution of your view on power gen, which is sort of part of energy, in your slide deck? Can you remind us of your exposure, what it is you do, and your views on the sector? Absolutely. This is one of those great interconnected technology stories that I was speaking about with the slides. If you think about that slide that I had up there with the four technology platforms, you know, Motion Systems, Flow and Process Control, Aerospace, Engineered Materials, and Filtration, we have products in power gen under each one of those technology platforms. We have products on all sizes of gas turbines, you know, whether and types, heavy duty, industrial, aeroderivatives, diesel, gas. We actually have, you know, thermal products from Engineered Materials on battery energy storage systems that are key in data centers and, you know, different areas where power is required. This is a really good space for us. It's 7% of our total sales energy. Right. About half of that is power gen. Yeah. It's small, but it has a really nice backlog. We're working with all of the OEMs, the names that you would know, and we're working closely with them to help them increase their efficiency and their power and their products. It's a real good spot for us. How have your views sort of evolved over the past 12 months? What's really interesting, I think maybe in the past three months, there's a lot more focus on behind the meter. Mm-hmm Microgrids. You know, has the tone of conversation with the customers changed in the past three months? No, I wouldn't say that it's changed in the past three months. I would just say that the order backlog is robust. Parker definitely benefits in this space, right? Because we have the products that they need, and we see an increase of behind the meter request. I don't know that I would say it was the last three months, but it's definitely increased in the last year, you know. Other opportunities, you know, because you have such a broad portfolio of technologies, other sort of incremental opportunities related to better energy storage systems for Parker? Yeah. I mean, thermal products, we have thermal products today on there and, you know, there will be additional opportunities, I'm sure. Our teams are working very closely with a lot of those, battery manufacturers, so it's definitely something that's in our pipeline. Thank you. Maybe shifting just to Diversified Industrial International, what are you seeing there? Orders have been positive now for, I believe, six quarters. You know, Q2 was a great quarter for our international business. As I mentioned earlier, we've increased the outlook there. You know, International had a very strong Q2, primarily due to some longer cycle project orders. Right ... that we shipped. We had, you know, 4.6% growth. You'll see that come down because those project orders don't repeat in the second half. Again, increased the outlook for international. As we mentioned earlier, we see, you know, stronger construction and mining in Europe. Also mining in China, electronics in China. We increased EMEA to low single digit positive, and we've, you know, previously had that at flat, neutral. Yeah you know, slightly positive. Positive mid-single digit for Asia-Pacific. Within Asia-Pacific, maybe China versus the rest of Asia-Pacific. Yeah, we see some, you know, nice growth in China with automotive and, you know, some electronics as well. Growth is nice there. How are you positioned in India? Really well. We have big OEM customers in India. We've, you know, localized production there for them over the last decade and, you know, in the process of doing some more of that. I believe we're really positioned well. All of our technologies are represented in India, so we have a nice manufacturing footprint there. Maybe, you know, just sort of talking about growth, particularly maybe sort of looking into fiscal 2027, you know, you did talk about gradual recovery. You know, perhaps recovery could accelerate, maybe it doesn't accelerate. How do you make sure that the ramp is smooth operationally and that you maintain your very strong incrementals? Well, it starts with, you know, the divisions, right? It starts with the general managers, staying close to the customers, our teams, our customer service teams staying close to the customers, making sure that we have a clear picture of demand, and making sure that our supply chain has a clear picture of demand. You know, one of the things that we've talked about over the last several years is the investment that we've made in the supply chain and the investment that we've made in our, what we call our eCapacity and eProcurement tools, really wanting to make sure that we have the visibility and that we can respond quickly. Again, too, as I mentioned, making sure that, when we do have to bring team members in, that we have the time to onboard them properly, and we use all of our programs to onboard them properly. It's using a lot of the tools in the Win Strategy, and making sure that we stay in front of the customer demand. You know, maybe just to sort of pivot back up, in terms of Win Strategy, I know you actually, you literally have- Always have one with me. a Win Strategy slide. Can you just expand on Win Strategy? It has been evolving. I think sort of the new generation of Parker leaders has a lot more experience on the factory floor. Mm-hmm. You know, you guys are younger, you sort of grew up on the factory floor. I think it's a different group of people running the company today than it was under the previous regimes. Mm-hmm. Yeah Which also have been very successful. Very successful. How does it inform your view of the Win Strategy, and where does it go? Is maybe more focused on operations and what's happening on the factory floor? 'Cause everything we've been sort of talking about, you keep bringing into operations. Yeah. Yeah. Well, I would tell you this much. You know, the Win Strategy is our business system, as I've said. It's our guide to operational excellence. We have to be good at everything on the Win Strategy to ensure that we can grow organically. One pillar of the Win Strategy is profitable growth. I would tell you what I think is different about the Win Strategy, even going back to, you know, the leadership before the current leadership, the single biggest change that was made to this Win Strategy under my predecessor that's had the biggest impact is having a pillar for the people and putting that pillar first, putting safety first, putting high-performance teams on there, and the culture of Kaizen. It starts there. Even though that was added to The Win Strategy a decade ago, it takes time for all of that to really, you know, come to fruition and make a big difference. It has made a big difference over the last decade, and it is what we start with, and it is why we get the success that we do. High-performance teams are how we run our business. Culture of Kaizen is how we improve it. When it comes to things as organic growth, we use that pillar with organic growth and all of our focus around growing this business differently than we have in the past. I think that's one of the biggest differences. I don't think what people appreciate just how flat Parker organizational structure is. Mm-hmm. Can you just expand on it, and how do you manage, you know, because it is, it's Parker's getting larger and larger and larger. It's a very complex organization, yet the structure remains very flat. How do you sort of, you know, what I've observed sort of traveling is that how nimble the company is. So how do you maintain this as the company is getting bigger? You know, I attribute that to our decentralized structure and the focus that the general manager has at the division level. You know, over the last- How many? 85. 85. 85 divisions across five operating groups. You know, if you think about it, and Andrew, you know some of this as long as you've known Parker, we used to be eight operating groups and prior to acquisition, over 120 divisions. Right. Divisions could be rather small in nature, you know, less than $100 million. Over time, we've consolidated those, brought technologies together, created, you know, divisions that can focus on the customer and focus on the markets and succeed. That decentralized structure is key. It's key. The discipline and the cadence we have on a monthly, quarterly, and annual basis to not only monitor the business, but to make plans, strategy deployment, strategic positioning at the division level. Putting these tools into the hands of the general managers and then having the accountability around them is what has allowed us to keep the structure that we have and to just build upon it. Maybe going back to end markets. If you go on Parker World. Thank you, Jeff. You know, life sciences is a pretty big area, and now even bigger post-Filtration Group acquisition. I actually remember when the world sort of really slowed. I remember going, I think, to Hanover, and like half the booth was life science stuff. You have very strong presence in this end market. You have historically had very strong presence in this end market. Can you talk about sort of what are your views on biopharma reshoring in the U.S., how real it is? Yeah. Parker World, very new. I'm glad you got to experience it. The tiles on Parker- I hope I don't get you know, a salesperson calling me. I hope that doesn't happen. The tiles on Parker World are all the same size to show the interconnectivity of the technologies and to show all the places that Parker products are in play. As you know, it's not a market vertical, right? Yeah. It's not that size as of yet. I would tell you that, you know, we're gonna serve the customers at the local level, no matter what, you know, business phase they're in. If it is reshoring or it's adding capacity to existing operations. I think we still have to see what we learn after we close on the Filtration Group. Yeah ... acquisition. Obviously, we've traditionally been more in medical devices. Right Diagnostic imaging type products. Yeah. With Filtration Group, we get more bioprocessing. Yeah More diagnostic testing, so it's different products. We'll see what we learn on that side of you know possible reshoring activity. We're really excited about this acquisition because all these technologies are complementary in nature, and even though they bring some new customers, it's you know it's markets and customers we know, and that's what's always a good fit into the portfolio. Just sort of wrapping up on the macro view. I actually have been surprised because if you look at sort of big beautiful bill, which seems to be like eternity away in the past. You know, I think accelerated depreciation was supposed to be this big material thing. Then when we talked to companies, the large companies ended up saying, "Well, you know, our capital spending is not really driven by that. We're happy to benefit from it, but that's not what drives sort of the underlying math. Mm-hmm. You know, I would imagine for smaller and medium-sized customers, it would be more of an impact. As you talk to your distributors, as you talk to your channel, what has the feedback been on accelerated depreciation and any potential impact that we may see in calendar 2026? I would tell you that that's not a conversation that I've heard of. Right that we're having, right? No more. Yeah, right. No more. Yeah, right. They're not signaling that where they see the bright spots, it's because. Right It's because of accelerated depreciation. You know, they're talking more about their customers are working on, you know, automation and productivity enhancements. Right in their businesses, rather large capital projects. Again, I'm not hearing that. Now, that has been a huge mystery because in terms of philosophically, right? Mm-hmm It should drive it. Yeah. That's what I- That's exactly right. When we talk to people, like nobody has brought it up, like. Thank you. Maybe M&A, Filtration Group, any update on timing? When we announced it in November, we said 6-12 months to close. That is still the timing that is out there. We're going through, you know, the normal process, the normal regulatory process that we go through, but that's still our estimate on timing. Can you just step back and remind folks, you know, just the industrial logic on the Filtration Group because you're getting it from the Madison Industries. Mm-hmm which has reputation for running the assets well. Mm-hmm. You're targeting 11% synergies. Yes. It's a healthy number. Yes, it is. How do you get 11% out of well-run business? How does Filtration Group sort of fit into Parker, and how come Parker ended up winning the process? That's a lot of questions. It is, yeah. Well, you know, we have always admired the Filtration Group from afar. As I've always talked about, the pipeline's active. We're always looking. You know, a lot of times it's about timing, and this clearly was a story about timing. You know, we didn't know it was gonna become available, but you know, being familiar with it and getting the call, we were able to quickly make some visits, see some of the factories, meet some of the people. You know, we saw what we thought we would see. We saw a business that we really liked, a very high aftermarket business. We saw a lot of talent in the business. The products are very impressive, good technology. It is a very well-run business. It's decentralized in nature. Right ... which is a lot like Parker. Why we're confident in the synergies is because we really believe in the Win Strategy, right? Right. While we saw a well-run business, you know, we didn't see all of our tools at play. You know, we know that business hasn't been able to fully leverage the power of Parker- Right Right? There's just as with any acquisition, there's several different synergy buckets, and we could see line of sight in all of our traditional buckets where we could make improvement. We will bring the Filtration Group into existing Parker divisions. Right. So, um- 'Cause when you bought Meggitt, like, disappeared like really fast. There are some businesses of Meggitt that are standalone divisions. Right The majority of them were integrated into- Right existing divisions. You took out, like, multiple layers, like. Yeah, that was. in several parts. I would say that was a. There was more there than we knew. Yeah. Right? After we closed, that's one of the reasons we were able to achieve those synergies. Yeah Earlier than we thought. Yeah. Our integration team has been formed. You know, we put an integration leader on in charge of every synergy bucket, and we also bring a member from Filtration Group into that team, and they work on that together. Those team members have been identified. The teams have met. You know, we're doing everything that we can that follows all the rules, and we'll be ready to go when we close. Maybe last question, you know, given the pacing of how you guys do M&A, and given the development process, you're probably already looking at your next de- Always. Right? Because, what does an ideal deal look like three years out, sort of size and market, right? As I said, it's a fair question because these things develop for three to five years or more. Right. We spend a lot of time developing the relationships with, you know, the businesses in the pipeline. We're constantly, as we say, working the pipeline and keeping a close eye on it. It is, though, so many times, as I just said with Filtration Group, it's about timing, and we're not in control of the timing. Right That's why we stay so close to it. If it does become available, we're ready. A future deal looks like the deals that we've done. Complementary technologies, customers we know, markets we know, a culture that fits with Parker. Yeah. A culture that we can see will integrate well with The Win Strategy, accretive to margins with synergies, accretive to cashflow, EPS, following the trends that our business has grown on and really part of the transform portfolio. You know, before we did Curtis, everybody thought that the next acquisition was gonna be bigger than Meggitt. Right. Right? Curtis was a great example of a business that we had followed for quite some time that filled a product gap for us. Right. Right? It became available again, and the timing was right? And then obviously quickly thereafter, Filtration Group became available. The good news is that the business does, you know, generate a lot of cash. We've shown that we can, you know, hit the synergies and pay down debt rather quickly. We'll just keep working that pipeline, see what happens. Thanks so much, Jenna. You bet. Thank you. Always a pleasure. Thank you.