“generally, I would say that ESS will normalize as we progress through 2026, back to its historical margins.”

In context

“rch. Nigel Coe: Just wanted to maybe kick off with the 4Q margin for ESS. And I'm just doing the quick math here, it implies 3 to 4 points of decline year-over-year. So I just want to make sure, number one, that math is correct. And secondly, is the Advanced Materials Solstice spin losing 2 months of that? Is that having a material impact on that year-over-year? Mike Stepniak: So I would first highlight that within the ESS, we see LNG doing extremely well in that business. So that we see really good project activity, and that's progressing well. Orders are up. What do we see in the fourth quarter, we see a little bit of transitory, I would say, softness in margins, and that's predominantly driven by mix. So we see catalyst pushouts to continue. It's affecting us in the fourth quarter. But generally, I would say that ESS will normalize as we progress through 2026, back to its historical margins. And then on Advanced Materials. Advanced Materials was a little bit, I would say, accretive to the overall portfolio, but we're working for that as we are setting up for 2026. Sean Meakim: And Nigel, this is Sean. I'll just remind you that the ESS business in Europe, in particular, typically has a seasonal build and both volume and mix favorability from 1Q to 4Q. If you recall, we had an unusually strong second quarter, which we called out at the time. And so really that full year fourth quarter impact is not that severe. It's really just a timing factor of where things came in at second quarter versus traditionally being higher in 3 and 4Q. And so I emphasize just the timing is more of a factor than anything else. Nigel Coe: Okay. That's actually my follow-up question. Number one, did we”