“This is a direct result of our meaningful step up in R&D in 2025, which continues at these levels in 2026, as well as management's focus on growth through new products.”

In context

“rganic growth since the beginning of 2024. As I noted earlier, we see favorable end market dynamics across aerospace and defense, process and building automation. We are enabling this further with an intentional shift to higher growth verticals. Our performance simplification efforts are positioning the company toward less cyclical and less capital-intensive markets, where we can build our installed base and leverage this to drive software and services growth. This is being compounded by recent acquisitions in excess LNG process technology, compressor control, and defense technology. On innovation, we delivered 4% organic growth from our new product introduction in 2025, with the majority coming from innovation in new markets and offerings as opposed to upgrades on existing core products. This is a direct result of our meaningful step up in R&D in 2025, which continues at these levels in 2026, as well as management's focus on growth through new products. On the people side, we have made a concerted effort to enhance our talent pool to drive growth. We added approximately 600 engineers to our workforce in 2025, which has greatly bolstered our R&D capacity and have also allocated the overwhelming majority of R&D to new product development. Additionally, our sales team incentives are now better aligned to our objective of prioritizing the commercialization of new products, further reinforcing our plan to drive growth through innovation while building stronger customer intimacy. With that, I will now turn the call over to Mike to go through our fourth quarter results, starting on Slide six. Mike Stepniak: Thank you, Vimal, and good morning. We ended the year with robust fourth quarter results. Sales grew 11% organically or 6% excluding the im”