“We expect bigger greenfield activity in the half.”

In context

“stainable for the next couple of quarters, and we expect that to continue into 2027. Operator: Our next question is from Deane Michael Dray with RBC Capital. Deane Michael Dray: Thank you. Good afternoon, everyone. Surendralal Karsanbhai: Hello, Deane. Deane Michael Dray: I would love to do a similar run-through on power—bigger number there. I think you said up 23%. Could you just talk about the visibility? You called out plant modernization but also behind the meter. Does that stand, and what is the outlook for the balance of the year? Michael J. Baughman: From a power perspective, the momentum in terms of the project funnel—which is a pretty big funnel and that is made up of both modernizations as well as greenfield—and we are starting to see greenfield. There was some greenfield in Q2. We expect bigger greenfield activity in the half. And a similar comment on behind the meter. We saw some behind-the-meter opportunities in Q2, but we expect more to happen in the second half and into 2027. So broad spread for the Ovation business. Obviously that flows through to our valves and instruments business, which is doing very well. And also we called out our Digital Grid Management business; on the transmission and distribution side, a lot of investment is happening in the T&D space. So broad-based strength in power, certainly led by North America, which is our strongest market, but we are seeing momentum in Latin America, particularly Mexico, good activity in China, rest of Asia, and some activity in Europe. Deane Michael Dray: Good to hear there. And then if we just spotlight MRO for a moment—you called out it was 65% of your”