“They've obviously overtaken Americas now and now Americas is chasing EMEA. So I'm pleased to see how the team has really come together to deliver on that result. And I can assure you, there's been a lot of work that's gone in to get us to this point. And obviously, that momentum I expect to see continue.”

In context

“t? And I have to say a credit to the team, they do a good job of managing that pricing to inflation, identifying opportunities to manage both fixed and variable costs on an ongoing basis. We do a lot of work, including using AI around our power management, in particular, which is a big number, as you know. But there is no one driver. There's no silver bullet that kind of gets us where we've gotten to. And it's a combination of many different factors that come together and all the effort that gets put in. So I see these margins sustainable. I see that now we offer EMEA as the target for the other segments to strive to. And you'll recall this, Peter, that when we obviously first merged, we always -- there was lots of questions around EMEA margins and whether they would ever reach Americas. They've obviously overtaken Americas now and now Americas is chasing EMEA. So I'm pleased to see how the team has really come together to deliver on that result. And I can assure you, there's been a lot of work that's gone in to get us to this point. And obviously, that momentum I expect to see continue. As far as pricing is concerned, they've done a fantastic job around pricing, being consistent in laying that out for you guys. And I see the whole concept of pricing at Linde being different to what you may hear from others. In our view, it's all about product pricing. We don't believe necessarily in just having surcharges over time, surcharges get translated into product pricing. And that's where sustainable pricing actions really have an impact. And for us, that's what I expect to see, and that's what I would expect going forward as well. Operator: We will take our next question from Jeffrey Zekauskas with JPMorgan. Jeffrey Zekauskas: Your volumes year-on-year were down 1%. And I think one of the things that Linde says is that new projects add about 2% growth. So should we think of”