“My expectation remains that we'll see a lot more investment in that space, and you hear me talk about it when I talk about backlog.”

In context

“rst is the EU free trade agreement. That will help kind of build some momentum around industrial activity and exports from India. And, of course, The US India tariffs getting sorted out is also an element that will provide some catalyst for further growth. The rest of APAC, to be honest, largely stable. Nothing exciting. Australia, which has had a tough year in 2025, we saw some I mean, they were still declining in Q4, but we saw some signs of that stabilizing. And my expectation is Australia should see comps will also get better as you can expect. But should see some kind of a recovery this year, as we move forward. So that's kind of a walk around the world, and I think I was to just talk about end markets, let's say to you, electronics stands out, we are seeing good strong growth there. My expectation remains that we'll see a lot more investment in that space, and you hear me talk about it when I talk about backlog. I'm sure there'll be a question on backlog, and I'll talk a bit more about how I see that playing out. And, of course, the other market's also appearing to be stable to slightly up as we spoke. Duffy Fischer: Awesome. Thank you, guys. Operator: And our next question comes from the line of Laurent Favre with BNP Paribas. Your line is open. Laurent Favre: Yes. Good morning all. And, Sanjiv, I don't want to disappoint. So a question on the trajectory of the sale of gas backlog. So with Beaumont start-ups, I guess, we would be coming down towards $5.5 billion. I heard your conviction on electronics, but I'm just wondering, I guess, what sells we should be focusing on. Is $5.5 billion the new norm, or would you hope to get back closer to $7 billion in the next year or so? Thank you. Sanjiv Lam”