Q3 2025 Dover Corp Earnings Call

President and Chief Executive Officer, Kris Wenker, Senior Vice President and Chief Financial Officer, and Jack Dickens, Vice President of Investor Relations.

After the Speakers' remarks, there will be a question and answer session. If you would like to ask a question. During this time press Star and then the number one on your telephone keypad.

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Speaker #3: Your program is about to begin . If you require assistance throughout the event today , please press star Zero . Good .

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You I would now like to turn the call over to Mr. Jack Dickens. Please go ahead Sir.

Speaker #4: Morning and welcome to Dover's third Quarter 2025 earnings conference call . Speaking today are Richard J . Tobin , president and chief executive officer .

Yeah.

Thank you Chloe and good morning, everyone and thank you for joining our call and audio version of this call will be available on our website through November 13th.

Operator: Tobin, President and Chief Executive Officer; Christopher Woenker, Senior Vice President and Chief Financial Officer; and Jack Dickens, Vice President of Investor Relations. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, press star and then the number one on your telephone keypad. If you would like to withdraw your question, please press the pound key. As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you. I would now like to turn the call over to Mr. Jack Dickens. Please go ahead, sir.

Speaker #4: Chris Winker , senior vice president and chief financial officer . And Jack Dickens vice president of investor relations . After the speakers remarks , there will be a question and answer session .

A replay link of the webcast will be archived for 90 days.

Our comments today will include forward looking statements based on current expectations.

Actual results and events could differ from those statements due to a number of risks risks and uncertainties, which are discussed in our SEC filings, we assume no obligation to update our forward looking statements with that I will turn the call over to rich.

Speaker #4: If you would like to ask a question during this time , press star and then the number one on your telephone keypad . If you would like to withdraw your question , please press the pound key as a reminder , ladies and gentlemen , this conference call is being recorded and your participation implies consent to our recording of this call .

Thanks Jack.

Good morning, everybody, let's get started on slide three overall, we're pleased with Dover's third quarter results revenue was up 5% in the quarter driven by broad based shipment growth in short cycle components continued strength across our secular growth end markets and very encouraging results from recently closed acquisitions.

Speaker #4: If you do not agree with these terms , please disconnect at this time . Thank you . I would now like to turn the call over to Mr. Jack Dickens .

Speaker #4: Please go ahead , sir .

Speaker #5: Thank you . Chloe . Good morning everyone , and thank you for joining our call . An audio version of this call will be available on our website through November 13th .

Order trends continued positive momentum in the quarter up 8% all in year over year or 4% organically, providing good visibility for the remainder of the year and into 2026.

Jack Dickens: Thank you, Chloe. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through November 13, and a replay link of the webcast will be archived for 90 days. Our comments today will include forward-looking statements based on current expectations. Actual results and events could differ from those statements due to a number of risks and uncertainties, which are discussed in our SEC filings. We assume no obligation to update our forward-looking statements. With that, I will turn the call over to Rich.

Speaker #5: In a replay of the webcast will be archived for 90 days . Our comments today will include forward looking statements based on current expectations .

Margin performance in the quarter was excellent with a record consolidated EBITDA margin of 26, 1% up 170 basis points over the comparable period as a result of poverty positive mix impact from our growth platforms solid execution.

Speaker #5: Actual results and events could differ from those statements due to a number of risks , risks and uncertainties , which are discussed in our SEC filings .

Speaker #5: We assume no obligation to update our forward looking statements . With that , I will turn the call over to Rich .

And our rigorous cost containment and productivity actions all five segments posted margin improvements during the quarter.

Speaker #6: Thanks , Jack . Good morning everybody . Let's get started on slide three . Overall , we are pleased with Dover's third quarter results .

Richard Tobin: Thanks, Jack. Good morning, everybody. Let's get started on slide three. Overall, we are pleased with Dover Corporation's third quarter results. Revenue was up 5% in the quarter, driven by broad-based shipment growth in short-cycle components, continued strength across our secular growth end markets, and very encouraging results from recently closed acquisitions. Order trends continued the positive momentum in the quarter, up 8% all in year over year, or 4% organically, providing good visibility for the remainder of the year and into 2026. Margin performance in the quarter was excellent, with a record consolidated EBITDA margin of 26.1%, up 170 basis points over the comparable period. As a result of positive mix impact from our growth platforms, solid execution, and our rigorous cost containment and productivity actions, all five segments posted margin improvements during the quarter.

All in adjusted EPS was up 15% in the quarter and is up 17% year to date.

Speaker #6: Revenue was up 5% in the quarter , driven by broad based shipment growth . In short cycle components . Continued strength across our secular growth end markets , and very encouraging results from recently closed acquisitions .

Capital deployment remains a key driver of our double digit earnings growth. This year, we have increased our investments in high ROI capital projects.

Focus on productivity and capacity expansions as well as targeted footprint optimization.

Speaker #6: Order trends continued to positive momentum in the quarter , up 8% . All in year over year , or 4% organically , providing good visibility for the remainder of the year and into 2026 .

Our balance sheet strength is an advantage that provides flexibility and attractive optionality as we pursue value, creating bolt on acquisitions and opportunistic capital return strategies.

Speaker #6: Margin performance in the quarter was excellent , with a record consolidated EBITDA margin of 26.1% , up 170 basis points over the comparable period .

We have a constructive outlook for the remainder of 2025 and into 'twenty six.

Despite some macroeconomic uncertainty underlying end market demand is healthy across most of the portfolio and are supported by our sustained order growth. As a result, we are increasing our full year adjusted EPS guidance from $9 35.

Speaker #6: As a result of positive mix impact from our growth platforms , solid execution and our rigorous cost containment and productivity actions . All five segments posted margin improvement during the quarter , all in adjusted EPs was up 15% in the quarter and is up 17% year to date .

To $9 55 to $9 50 to $9 60.

Richard Tobin: All-in adjusted EPS was up 15% in the quarter and is up 17% year to date. Capital deployment remains a key driver of our double-digit earnings growth. This year, we increased our investments in high-ROI capital projects focused on productivity and capacity expansions, as well as targeted footprint optimization. Our balance sheet strength is an advantage that provides flexibility and attractive optionality as we pursue value-creating bolt-on acquisitions and opportunistic capital return strategies. We have a constructive outlook for the remainder of 2025 and into 2026. Despite some macroeconomic uncertainty, underlying end market demand is healthy across much of the portfolio and is supported by our sustained order growth. As a result, we are increasing our full-year adjusted EPS guidance from $9.35 to $9.55 to $9.50 to $9.60. Let's go to slide five.

Let's go to.

Okay.

Engineered products revenue was down in the quarter on lower volumes of vehicle services, partially offset by solid performance in aerospace and defense components. Despite.

Speaker #6: Capital deployment remains a key driver of our double digit earnings growth this year . We increased our investments in high ROI capital projects focused on productivity and capacity expansions , as well as targeted footprint optimization .

The organic volume decline absolute segment profit improved in the quarter on well executed structural cost management product mix and productivity initiatives.

Speaker #6: Our balance sheet strength is an advantage that provides flexibility and attractive optionality as we pursue value creating , bolt on acquisitions and opportunistic capital return strategies .

<unk> energy and fueling was up 5% organically in the quarter led by strong shipments in clean energy components fluid transport and North American retailing fueling the software and equipment.

Speaker #6: We have a constructive outlook for the remainder of 2025 and into 26 , despite some macroeconomic uncertainty , underlying end market demand is healthy across much of the portfolio and is supported by our sustained order growth .

Our recent acquisition of site IQ provide a remote site monitoring of fueling sites is off to a good start.

Margin performance as expected was solid in the quarter up 200 basis points on volume leverage and a higher mix of below ground fueling equipment and restructuring benefit carryforward.

Speaker #6: As a result , we are increasing our full year adjusted EPs guidance from $9.35 to $9.50 $0.05 to $9.50 , to $9.60 . Let's go to slide five .

Imaging, an idea was up 3% organically in the quarter and growth in our core marking and coding business and in serialization software.

Margin performance remains very good in this segment at 29% adjusted EBIT margin as management actions on cost to serve and structural cost controls continue to drive incremental margins higher.

Speaker #6: Engineered products revenue was down in the quarter on lower volumes and vehicle services , partially offset by solid performance in aerospace and defense components .

Richard Tobin: Engineered products revenue was down in the quarter on lower volumes in vehicle services, partially offset by solid performance in aerospace and defense components. Despite the organic volume decline, absolute segment profit improved in the quarter on well-executed structural cost management, product mix, and productivity initiatives. Clean energy and fueling was up 5% organically in the quarter, led by strong shipments in clean energy components, fluid transport, and North American retailing, fueling software, and equipment. Our recent acquisition of SiteIQ, a provider of remote site monitoring of fueling sites, is off to a good start. Margin performance, as expected, was solid in the quarter, up 200 basis points on volume leverage and a higher mix of below-ground fueling equipment and restructuring benefit carry forward. Imaging and ID was up 3% organically in the quarter with growth in our core marking and coding business and in serialization software.

Speaker #6: Despite the organic volume decline , absolute segment profit improved in the quarter on well executed structural cost management product mix and productivity initiatives .

Pumps and process solutions was up 6% organically with growth in single use biopharma components.

Speaker #6: Clean energy and fueling was up 5% organically in the quarter , led by strong shipments in clean energy components , fluid transport and North American retailing .

Thermal connectors for liquid cooling of data centers and precision components and digital controls for natural gas and power generation infrastructure Socorro, which we acquired at the end of the second quarter is significantly outperforming our underwriting case.

Speaker #6: Fueling software and equipment . Our recent acquisition of site IQ provider Remote Site monitoring of fueling sites is off to a good start .

Segment revenue mix volume leverage drove margin improvement on solid production performance and volume in secular growth exposed end markets.

Speaker #6: Margin performance , as expected , was solid in the quarter , up 200 basis points on volume , leverage and a higher mix of below ground fueling equipment and restructuring benefit carry forward .

Revenue was down in the quarter employment sustainability technologies and comparative declines in food retail cases in engineering services, which were collectively down 30% year to date.

Speaker #6: Imaging and ID was up 3% organically in the quarter , and growth in our core marketing , encoding business and in serialization software margin performance remains very good in the segment .

Industry wide shipments from door cases, and we're at a 20 year low in part because of tariff uncertainty has caused customers to delay maintenance and replacement upgrade spending.

Richard Tobin: Margin performance remains very good in the segment at 29% adjusted EBITDA margin, as management actions on cost to serve and structural cost controls continue to drive incremental margins higher. Pumps and process solutions was up 6% organically with growth in single-use biopharma components, thermal connectors for liquid cooling of data centers, and precision components and digital controls for natural gas and power generation infrastructure. Socora, which we acquired at the end of the second quarter, is significantly outperforming our underwriting case. Segment revenue mix volume leverage drove margin improvement on solid production performance and volume in secular growth exposed end markets. Revenue was down in the quarter in climate sustainability technologies and comparative declines in food retail cases and engineering services, which were collectively down 30% year to date.

Speaker #6: At 29% . Adjusted EBITDA margin as management actions on cost to serve and structural cost controls continue to drive incremental margins . Higher pumps and process Solutions is up 6% organically , with growth in single use biopharma components .

These projects cannot be delayed indefinitely, and encouragingly, we saw material deflation and booking rates in the quarter, which signals volume improvement moving forward.

Meanwhile, the segment had record quarterly volumes and <unk> systems, as well as double digit growth in heat exchangers, and accelerating demand for liquid cooling of data centers and improving sentiment and European heat pumps.

Speaker #6: Thermal connectors for liquid cooling of data centers and precision components , and digital controls for natural gas and power generation infrastructure . Sakura , which we acquired at the end of the second quarter , is significantly outperforming our underwriting case segment revenue .

Spike the lower top line in the segment posted 120 points of margin improvement on productivity actions and a higher mix of U S. C O two systems and praised plate heat exchangers.

Speaker #6: Mix , volume , leverage drove margin improvement on solid production performance and volume in secular growth . Exposed end markets . Revenue was down in the quarter , and climate sustainability technologies and comparative declines in food retail cases and engineering services , which were collectively down 30% year to date .

I'll pass it to Chris Thanks.

Thanks, Rich good morning, everyone. Let's go to our cash flow statement on slide six year to date free cash flow was $631 million or 11% of revenue up $96 million over the prior year as increased year over year operating cash conversion more than offsetting an increase in expected increase in capital spending free cash flow generation accelerated in the third quarter.

Speaker #6: Industry wide shipments of door cases are at a 20 year low , in part because of tariff uncertainty as cost customers to delay maintenance and replacement .

Richard Tobin: Industry-wide, shipments of door cases are at a 20-year low, in part because tariff uncertainty has caused customers to delay maintenance and replacement upgrade spending. These projects cannot be delayed indefinitely, and encouragingly, we saw a material acceleration in booking rates in the quarter, which signals volume improvement moving forward. Meanwhile, the segment had record quarterly volumes in CO2 systems, as well as double-digit growth in heat exchangers and accelerating demand for liquid cooling of data centers and improving sentiment in European heat pumps. Despite the lower top line, the segment posted 120 points of margin improvement on productivity actions and a higher mix of U.S. CO2 systems and braze plate heat exchangers. I'll pass it to Chris.

Speaker #6: Upgrade spending . These projects cannot be delayed indefinitely and encouragingly , we saw material acceleration in booking rates in the quarter , which signals volume improvement moving forward .

In line with our expectations and with historical trends and we expect a further step up in the fourth quarter, which is historically, our highest cash generating quarter our guidance for 2025 free cash flow remains on track at 14% to $16.

Speaker #6: Meanwhile , the segment had record quarterly volumes in CO2 systems as well as double digit growth in heat exchangers and accelerating demand for liquid cooling of data centers and improving sentiment in European heat pumps .

Strong conversion of operating free cash flow operating cash flow with that let me turn it back to rich Okay. I'm on slide seven putting ride a little more detail on the bookings in the third quarter Q3 consolidated bookings were up 8%.

Speaker #6: Despite the lower top line , the segment posted 120 points of margin improvement on productivity actions and a higher mix of US CO2 systems and brazed plate heat exchangers .

In total and 4% organically from the prior year I call out the 25% bookings growth in climate and sustainability technologies.

Speaker #6: I'll pass it to Chris .

Speaker #7: Thanks , Rich . Good morning everyone . Let's go to our cash flow statement on slide six . Year to date free cash flow was $631 million , or 11% of revenue , up 96 million over the prior year as increased year over year operating cash conversion more than offset an increase in expected increase in capital spending .

Jack Dickens: Thanks, Rich. Good morning, everyone. Let's go to our cash flow statement on slide six. Year-to-date free cash flow was $631 million, or 11% of revenue, up $96 million over the prior year. Its increased year-over-year operating cash conversion more than offset an expected increase in capital spending. Free cash flow generation accelerated in the third quarter, in line with our expectations and with historical trends, and we expect a further step up in the fourth quarter, which is historically our highest cash-generating quarter. Our guidance for 2025 free cash flow remains on track at 14% to 16% on strong conversion of operating cash flow. With that, let me turn it back to Rich.

A welcome sign as we expect this segment to return to growth in the fourth quarter on broad based volume demand.

On slide eight we hired several we highlight several end markets that are key drivers of our revenue growth in 2025 and beyond we are benefiting from major investments in power generation electricity infrastructure and artificial intelligence across multiple businesses.

Speaker #7: Free cash flow generation accelerated in the third quarter in line with our expectations and with historical trends , and we expect a further step up in the fourth quarter , which is historically our highest cash generating quarter .

We are directly exposed to data center build out by Hyperscale and the secular shift from air cooling to liquid cooling a new chip technologies between our thermal CPC connectors, which primarily connected the back of the server rack manifolds and directly to the chip as well as our large and XL heat exchangers from swept that are that are key.

Speaker #7: Our guidance for 2025 free cash flow remains on track at 14% to 16% on strong conversion of operating free cash flow. Operating cash flow.

Speaker #7: With that , let me turn it back to Rich .

Speaker #6: Okay , I'm on slide seven . Let's provide a little more detail on the bookings in the third quarter . Q3 consolidated bookings were up 8% in total and 4% organically from the prior year .

Richard Tobin: Okay. I'm on slide seven. Let's provide a little more detail on the bookings in the third quarter. Q3 consolidated bookings were up 8% in total and 4% organically from the prior year. I call out the 25% bookings growth in Climate & Sustainability Technologies. A welcome sign, as we expect the segment to return to growth in the fourth quarter on broad-based volume demand. On slide eight, we highlight several end markets that are key drivers of our revenue growth in 2025 and beyond. We are benefiting from major investments in power generation, electricity infrastructure, and artificial intelligence across multiple businesses. We are directly exposed to data center buildout by hyperscalers and the secular shift from air cooling to liquid cooling of new chip technologies.

Components and cooling distribution units and Chillers, we expect to generate over $100 million of revenue in this year alone.

Our recently closed <unk> acquisition expands our exposure to electricity infrastructure through measurement and inspection control solutions for high voltage polymer coated wires and cables, a direct beneficiary of growing electrification trends and demand for customers for product quality assurance and improvement all.

Speaker #6: I call out the 25% bookings , growth in climate and sustainability technologies , a welcome sign , as we expect the segment to return to growth in the fourth quarter on broad based volume demand .

Speaker #6: Slide eight . We had several . We highlight several end markets that are key drivers of our revenue growth in 2025 and beyond .

Speaker #6: We are benefiting from major investments in power generation , electricity infrastructure and artificial intelligence across multiple businesses . We are directly exposed to data center build out by hyperscalers and the secular shift from air cooling to liquid cooling of new chip technologies between our thermal CPC connectors , which primarily connect to the back of the server rack manifolds and directly to the chip , as well as our large and XL heat exchangers from Swep that are that are key components in cooling distribution units and chillers .

All of this electricity has to come from somewhere and natural gas remains the most viable option for scalable reliable energy for the foreseeable future, our precision components and O PW clean energy businesses participate across several points of the natural gas infrastructure value chain, including gas and steam turbine components midstream.

Richard Tobin: Between our thermal CPC connectors, which primarily connect to the back of the server rack manifolds and directly to the chip, as well as our large and XL heat exchangers from SWEP that are key components in cooling distribution units and chillers, we expect to generate over $100 million in revenue in this year alone. A recently closed Socora acquisition expands our exposure to electricity infrastructure through measurement and inspection control solutions for high-voltage polymer-coated wires and cables, a direct beneficiary of growing electrification trends and demand from customers for product quality assurance and improvement. All this electricity has to come from somewhere, and natural gas remains the most viable option for scalable, reliable energy for the foreseeable future.

<unk> gas pipeline engines, and compressor infrastructure and valves and vacuum jacketed piping used in Liquefacient gasification of LNG <unk>.

And market data and customer discussions indicate a very bright future for these businesses.

Speaker #6: We expect to generate over $100 million of revenue in this year alone . A recently closed Sikora acquisition expands our exposure to electricity infrastructure through measurement and inspection , control solutions for high voltage polymer coated wires and cables .

Our single use biopharma components platform as returns of its long term double digit growth trajectory on volume demand and new product launches continued advantage advances in biological drugs and therapies, coupled with an industry shift towards single use manufacturing processes are fueling sustained high quality growth for our products.

Speaker #6: A direct beneficiary of growing electrification trends and demand for customers for product quality assurance and improvement. All this electricity has to come from somewhere, and natural gas remains the most viable option for scalable, reliable energy for the foreseeable future.

And Seo to refrigeration, we maintain a clear market shift market leadership position in the U S supported by a fully platform product portfolio and our <unk>.

Speaker #6: Our precision components and OP clean energy businesses participate across several points of the natural gas infrastructure value chain , including gas and steam turbine components , midstream gas pipeline engines and compressor infrastructure , and valves and vacuum jacketed piping used in liquefaction and gasification of LNG .

Retrofitted plant in Congress, Georgia that provides strong competitive moats and product performance lead times and scalability.

Richard Tobin: Our precision components and OPW Clean Energy businesses participate across several points of the natural gas infrastructure value chain, including gas and steam turbine components, midstream gas pipeline engines, and compressor infrastructure, and valves and vacuum jacketed piping used in liquefaction and gasification of LNG. End market data and customer discussions indicate a very bright future for these businesses. Our single-use biopharma components platform has returned to its long-term double-digit growth trajectory on volume demand and new product launches. Continued advances in biological drugs and therapies, coupled with an industry shift towards single-use manufacturing processes, are fueling sustained high-quality growth for our products. In CO2 refrigeration, we maintain a clear market leadership position in the U.S., supported by a fully platform product portfolio and a retrofitted plant in Conyers, Georgia, that provides strong competitive moats in product performance, lead times, and scalability.

<unk> regulatory tailwind are driving the transition to <unk> systems as large national retail chains.

Accelerate their adoption with a line of sight of continued double digit growth into 2026.

Speaker #6: End market data and customer discussions indicate a very bright future for these businesses . Our single use biopharma components platform has returned to its long term double digit growth trajectory on volume , demand , and new product launches .

A significant majority of the acquisition capital deployed in the past five years has been directed towards these high end growth markets, which remain top priorities for continued investment in.

Collectively these markets now represent roughly 20% of our portfolio and are contributing meaningfully to our margin expansion.

Speaker #6: Continued advantage advances in biological drugs and therapies , coupled with an industry shift toward single use manufacturing processes , are fueling sustained , high quality growth for our products in CO2 refrigeration , we maintain a clear market market leadership position in the US , supported by a fully platformed product portfolio and a retrofitted plant in Conyers , Georgia , that provides strong competitive moats in product performance , lead times and scalability .

Slide nine our investments in center led functions and ongoing focus on productivity improvement are key drivers of our margin expansion.

We have made significant progress building out our shared back office services digital capabilities and internal engineering services through the India Innovation Center.

These center led functions enable our operating companies to concentrate on what matters, most serving customers driving new product development and.

Speaker #6: Economic and regulatory tailwinds are driving the transition to CO2 systems as large national retail chains accelerate their adoption with a line of sight of continued double digit growth into 2026 , a significant majority of the acquisition capital deployed in the past five years has been directed towards these high end growth markets , which remain top priorities for continued investment .

Richard Tobin: Economic and regulatory tailwinds are driving the transition to CO2 systems as large national retail chains accelerate their adoption with a line of sight of continued double-digit growth into 2026. A significant majority of the acquisition capital deployed in the past five years has been directed towards these high-end growth markets, which remain top priorities for continued investment. Collectively, these markets now represent roughly 20% of our portfolio and are contributing meaningfully to our margin expansion. Moving to slide nine, our investments in center-led functions and ongoing focus on productivity improvement are key drivers of our margin expansion. We have made significant progress building out our shared back-office services, digital capabilities, and internal engineering services through the India Innovation Center.

In responding to market specific needs, while leveraging dover's global scale and balance sheet. This structure remains a core competitive differentiator of our operating companies and we extract cost synergies from.

From our existing and acquired portfolio companies.

Our Dover business services, Dover Digital and innovation Center are now fully developed and integrated across the organization with these operations fully built out we expect meaningful scale and scope benefits as we continue to grow organically and through acquisitions.

Speaker #6: Collectively , these markets now represent roughly 20% of our portfolio and are contributing meaningfully to our margin expansion . Moving to slide nine , our investments in center led functions and ongoing focus on productivity improvement are key drivers of our margin expansion .

Further reducing average transaction costs and driving attractive margin accretion, we believe that our shared back office services will be the largest nonprofit beneficiary of artificial intelligence implementation.

Speaker #6: We have made significant progress building out our shared back office services , digital capabilities , and internal engineering services through the India Innovation Center .

An important part of our business models to drive productivity through targeted efficiency and fixed cost reduction programs on the right are some of the key ongoing projects that we had highlighted in previous quarters, including our recently announced transition of the Anthony glass door manufacturing from Sylmar, California into our existing <unk>.

Speaker #6: These center led functions enable our operating companies to concentrate on what matters most . Serving customers , driving new product development and responding to market specific needs while leveraging Dover's global scale and balance sheet .

Richard Tobin: These center-led functions enable our operating companies to concentrate on what matters most: serving customers, driving new product development, and responding to market-specific needs while leveraging Dover Corporation's global scale and balance sheet. This structure remains a core competitive differentiator of our operating companies, and we extract cost synergies from our existing and acquired portfolio companies. Our Dover Business Services, Dover Digital, and Innovation Center are now fully developed and integrated across the organization. With these operations fully built out, we expect meaningful scale and scope benefits as we continue to grow organically and through acquisitions, further reducing average transaction costs and driving attractive margin accretion. We believe that our shared back-office services will be the largest non-product beneficiary of artificial intelligence implementation. An important part of our business model is to drive productivity through targeted efficiency and fixed cost reduction programs.

Speaker #6: This structure remains a core competitive differentiator of our operating companies , and we extract cost synergies from from our existing and acquired portfolio companies .

Hill, Phoenix, Refrigerated case facility and Richard Richard Virginia.

We expect to deliver significant.

Speaker #6: Our Dover Business Services , Dover Digital and Innovation Center are now fully developed and integrated across the organization . With these operations fully built out , we expect meaningful scale and scope benefits as we continue to grow organically and through acquisitions , further reducing average transaction costs and driving attractive margin accretion .

These initiatives are projected to contribute $40 million and incremental carryover benefit in 2026 with additional benefits extending into 2027.

Let's finish up on the outlook slide number 10, we expect engineered products to improve sequentially in the fourth quarter.

Speaker #6: We believe that our shared back office services will be the largest non-product beneficiary of artificial intelligence implementation . An important part of our business model is to drive productivity through targeted efficiency and fixed cost reduction programs .

On double digit growth in aerospace and defense components, and improving market trends and competitive dynamics within vehicle services, our outlook in clean energy and fueling remains remained solid across most of the businesses.

Speaker #6: On the right are some of the key ongoing projects that we had highlighted in previous quarters , including our recently announced transition of the Anthony Glassdoor manufacturing from Sylmar , California , into our existing Hill Phoenix refrigerated case facility in Richford , Virginia , a move expected to deliver significant .

North American retail fueling is starting another capital deployment cycle and the outlook in clean energy components is positive as well vehicle wash continues to experience some headwinds, although we would expect that to recover in 2000.

Richard Tobin: On the right are some of the key ongoing projects that we had highlighted in previous quarters, including our recently announced transition of the Anthony Glass door manufacturing from Sylmar, California, into our existing Hill Phoenix refrigerated case facility in Richmond, Virginia, a move expected to deliver significant benefits. These initiatives are projected to contribute $40 million in incremental carryover benefit in 2026, with additional benefits extending into 2027. Let's finish up on the outlook slide number 10. We expect engineered products to improve sequentially in the fourth quarter on double-digit growth in aerospace and defense components and improving market trends and competitive dynamics within vehicle services. Our outlook in clean energy and fueling remains solid across most of the businesses. North American retail fueling is starting another capital deployment cycle, and the outlook in clean energy components is positive as well.

Imaging and I'd should continue its long term steady growth trajectory given its significant recurring revenue base and solid underlying demand with an additional upside from serialization software. We forecast this segment to continue its double digit.

Speaker #6: These initiatives are projected to contribute 40 million in incremental carryover benefit in 2026 , with additional benefits extending into 2027 . Let's finish up on the outlook slide number ten .

Or it's single digit organic trajectory the outlook for pumps and process solutions is strong and broad based with attractive topline forecast across single use biopharma components thermal connectors for liquid cooling of Datacenters and precision components for natural gas infrastructure bookings.

Speaker #6: We expect engineered products to improve sequentially in the fourth quarter . On double digit growth in aerospace and defense components and improving market trends and competitive dynamics within vehicle services .

Bookings and backlog trends in our long cycle polymer processing signal improving conditions in the business should return to growth in the fourth quarter for the first time in over two years.

Speaker #6: Our outlook in clean energy and fueling remains remains solid across most of the businesses . North American retail fueling is starting another capital deployment cycle , and the outlook in clean energy components is positive as well .

And finally climate and sustainability technologies should grow in the high single digits organically in the fourth quarter on continued strength in Cotwo refrigeration systems and heat exchangers as well as growth in refrigerated door cases from improved booking rates. The full year guidance is on the left we accept acceleration that we expect to access.

Speaker #6: Vehicle watch continues to experience some headwinds , although we would expect that to recover in 2020 . And ID should continue its long term steady growth trajectory given its significant recurring revenue base and solid underlying demand , with an additional upside from serialization .

Richard Tobin: Vehicle wash continues to experience some headwinds, although we would expect that to recover in 2024. Imaging and ID should continue its long-term steady growth trajectory, given its significant recurring revenue base and solid underlying demand, with an additional upside from serialization software. We forecast this segment to continue its single-digit organic trajectory. The outlook for pumps and process solutions is strong and broad-based, with attractive top-line forecasts across single-use biopharma components, thermal connectors for liquid cooling of data centers, and precision components for natural gas infrastructure. Bookings and backlog trends in our long-cycle polymer processing signal improving conditions, and the business should return to growth in the fourth quarter for the first time in over two years.

<unk>, our top line in the fourth quarter, driven by our secular growth businesses and sequential recovery in certain capital goods and markets. We are well positioned as we begin to transition into 2026 and our advanced at advantage balance sheet provides attractive optionality to selectively play offense too.

Speaker #6: Software . We forecast this segment to continue its double digit or single digit organic trajectory . The outlook for pumps and process solutions is strong and broad based , with attractive top line forecasts across single use biopharma components .

Speaker #6: Thermal connectors for liquid cooling of data centers , and precision components for natural gas infrastructure bookings and backlog trends in our long cycle polymer processing , signaling .

Continued driving shareholder returns and pass it back to you Jack.

Okay, I guess clearly before it before you get to the script on questions. If I could just interject quickly.

Speaker #6: Improving conditions indicate that the business should return to growth in the fourth quarter for the first time in over two years. Finally, climate and sustainability technologies are expected to grow in the high single digits organically in the fourth quarter.

We've had a lot of pickup in our analyst coverage over the last 12 months. So if we could please limit.

Richard Tobin: Finally, climate and sustainability technologies should grow in the high single digits organically in the fourth quarter on continued strength in CO2 systems and heat exchangers, as well as growth in refrigerated door cases from improved booking rates. The full-year guidance is on the left. We expect acceleration of our top line in the fourth quarter, driven by our secular growth businesses and sequential recovery in certain capital goods and markets. We are well positioned as we begin to transition into 2026, and our advantaged balance sheet provides attractive optionality to selectively play offense to continue driving shareholder returns. Pass it back to you, Jack.

The Q&A to just one question.

Greatly appreciate that I'll turn it over to you <unk>.

Speaker #6: On continued strength in CO2 refrigeration systems and heat exchangers , as well as growth in refrigerated door cases from improved booking rates . The full year guidance is on the left .

Thank you Andy with Big task.

<unk> simply press Star then the number one on your telephone keypad.

Speaker #6: We accept acceleration and we expect acceleration in our top line in the fourth quarter , driven by our secular growth businesses and sequential recovery in certain capital goods and markets .

I would like to withdraw your question. Please press star two.

Again, we ask that participants limit themselves to one question.

We will take our first question from Andy Kaplowitz with Citigroup. Your line is open.

Speaker #6: We are well positioned as we begin to transition into 2026, and our advantaged balance sheet provides attractive optionality to selectively play offense to continue driving shareholder returns. I pass it back to you, Jack.

Hey, good morning, everyone.

Hi, Andy.

Rich you mentioned, an improving sequential outlook in vehicle services improved booking rates in refrigerated doing cases.

But did you see improving bookings cadence across in Q3 for the company and would you expect book to Bill over one times in Q4 NIM did these improvements and relatively easy comp set you up for a better organic growth here in 2006 at least closer to that algorithm that you've given out a 4% to 6% overtime.

Speaker #5: Okay , I guess Chloe , before before you get to the script on questions , if I could just interject quickly . We've had a lot of pickup in our analyst coverage over the last 12 months , so if we could please limit the Q&A to just one question .

Christopher Woenker: Okay. I guess, Chloe, before you get to the script on questions, if I could just interject quickly, we've had a lot of pickup in our analyst coverage over the last 12 months. If we could please limit the Q&A to just one question, we would greatly appreciate that. I'll turn it over to you, Chloe.

That's about five questions, Andy, but I know where youre headed.

Speaker #5: We would greatly appreciate that . I'll turn it over to you , Chloe .

Look the year.

Speaker #4: Thank you . If you would like to ask a question , simply press star . Then the number one on your telephone keypad .

Operator: Thank you. If you would like to ask a question, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star two. Again, we ask that participants limit themselves to one question. We'll take our first question from Andy Capowitz with Citigroup. Your line is open.

Year over year reduction in.

Refrigeration on the basic retail refrigeration equipment.

Speaker #4: If you would like to withdraw your question , please press star two . Again , we ask that you participants limit themselves to one question .

As cost us about one 5% to 2% of organic growth on a full year basis.

So the good news is is that we've been able to cover that.

Speaker #4: We'll take our first question from Andy Kaplowitz with Citigroup . Your line is open .

Largely because of our growth platforms and the margin improvement over a year over year.

Speaker #8: Hey , good morning everyone .

[Analyst 1]: Hey, good morning, everyone.

And the good news also is which I called out in the press release is that because booking rates and accelerated particularly in there.

Speaker #7: Hi , Rich .

Richard Tobin: Hi, Andy.

Speaker #8: You mentioned an improving sequential outlook in vehicle services , improved booking rates in refrigerated door cases . But did you see improving bookings , cadence across Q3 for the company ?

[Analyst 1]: Rich, you mentioned an improving sequential outlook in vehicle services, improved booking rates in refrigerated door cases. Did you see improving bookings cadence across Q3 for the company? Would you expect both to bill over one times in Q4? Do these improvements in relatively easy comps set you up for a better organic growth here in 2026, at least closer to that algorithm that you've given out of 4 to 6% over time?

And we will do quite well on the comparative top line in that business that.

We're looking at close to $140 million to $150 million revenue headwind that we absorbed this year. So do we get it all back next year.

Speaker #8: And would you expect book to bill over one times in Q4 . And then did these improvements in relatively easy comps set you up for a better organic growth year in 26 , at least closer to that algorithm that you've given out of 4 to 6% over time .

We will see but I think we're going to get a significant portion of it back if the Q4 trajectory holds.

Speaker #6: That's about five questions , Andy , but let's I know where you're headed . Look , the year over year reduction in refrigeration on the basic retail refrigeration equipment is cost us about one and a half to 2% of organic growth on a full year basis .

Richard Tobin: That's about five questions, Andy, but let's, I know where you're headed. Look, the year-over-year reduction in refrigeration on the basic retail refrigeration equipment has cost us about 1.5% to 2% of organic growth on a full-year basis. The good news is that we've been able to cover that largely because of our growth platforms and the margin improvement over year over year. The good news also is, which I called out in the press release, is that because booking rates have accelerated particularly in there, we will do quite well on the comparative top line in that business. You know we're looking at close to $140 million, $150 million revenue headwind that we absorbed this year. Do we get it all back next year?

As we go through the end of the year.

And we will take our next question from Steve Tusa with Jpmorgan your.

Your line is open.

It sounded like Andy was mowing, the lawn there or something.

I have just reminds me of back to school one one question in 32 parts, but.

Speaker #6: So the good news is , is that we've been able to cover that largely because of our growth platforms and the margin improvement over year over year .

The just the implied organic in the fourth quarter. I mean, you have a pretty wide range there, but the low end of that range seems to be in.

Speaker #6: And the good news also is , which I called out in the in the press release , is that because booking rates have accelerated , particularly in their and we will do quite well on the comparative top line in that business that , you know , we're looking at close to 140 , $150 million revenue headwind that we absorbed this year .

In and around the mid single digits for the fourth quarter, and then totally unrelated follow up to that.

Are you guys thinking about buying back stock I mean, you guys have a ton of of cash and.

You sold.

Probably a subpar asset for a multiple that is now above where your stock is trading so any thoughts around a potential buyback as well.

Speaker #6: So do we get it all back next year ? We'll see . But I think we're going to get a significant portion of it back .

I think if you go back and look.

Richard Tobin: We'll see, but I think we're going to get a significant portion of it back if the Q4 trajectory holds as we go through the end of the year.

The transcript youll see that the corporate speak for we think our shares are cheap and we are likely to intervene.

Speaker #6: If the Q4 trajectory holds as we go through the end of the year .

Number one and number two yes, I think that from on an organic basis Q4 should be our highest quarter in the year.

Speaker #4: And we'll take our next question from Steve Tusa with J.P. Morgan . Your line is open .

Operator: We will take our next question from Steve Tusa with JP Morgan. Your line is open.

Okay. Thanks.

Thanks.

Speaker #9: It sounded like Andy was mowing the lawn there or something . I have reminds me of back to School one , one question in 32 parts , but the just the implied organic in the fourth quarter .

Well move next to Jeff Sprague with vertical research your line is open.

[Analyst 2]: Sounded like Andy was mowing the lawn there or something. It reminds me of back to school, one question in 32 parts. Just the implied organic in the fourth quarter, you have a pretty wide range there, but the low end of that range seems to be in and around the mid-single digits for the fourth quarter. Totally unrelated follow-up to that, are you guys thinking about buying back stock? You guys have a ton of cash, and you sold probably a subpar asset for a multiple that's now above where your stock is trading. Any thoughts around a potential buyback as well?

Hey, Thanks, good morning.

Just back to the sort of the restructuring.

Speaker #9: I mean , you have a pretty wide range there , but the low end of that range seems to be , you know , in , in and around the mid-single digits for the fourth quarter .

Yes.

<unk> of sort of what you foreshadowed for us on the Q2 call or are there sort of.

Other actions in place that could then even be additive to this or is this pretty much in flavor. We should expect for 2026, when we had a big debate in here whether or not.

Speaker #9: And then totally unrelated follow up to that , are you guys thinking about buying back stock ? I mean , you guys have a ton of of cash and you sold , you know , probably a subpar asset for a multiple that's now above where your stock is trading .

Hello.

Hello still here.

Speaker #9: So any thoughts around a potential buyback as well ?

Yes, I'm, sorry, I didn't hear you I don't know if that was my Oh, Alright, I'll answer I'll answer it again.

Speaker #6: Yeah . I think if you go back and look in the transcript , you'll see that the corporate speak for we think our shares are cheap and we're likely to intervene .

Richard Tobin: Yeah, I think if you go back and look in the transcript, you'll see that the corporate speak for we think our shares are cheap and we're likely to intervene. Number one. Number two, yeah, I think that from on an organic basis, Q4 should be our highest quarter in the year.

That is look we had we had signaled that we're going to give an update in Q3.

So that's where we are in Q3 right now I expect that number to increase as we close the year.

Speaker #6: Number one . And number two . Yeah , I think that from on an organic basis , Q4 should be our highest quarter in the year .

Just going to be a question of the timing, whether it's 26 or 27, but that number should go up.

Speaker #9: Okay . Thanks .

[Analyst 2]: Okay. Thanks.

Speaker #6: Thanks .

Richard Tobin: Thanks.

Speaker #4: We'll move next to Jeff Sprague with vertical research . Your line is open .

Great. Thank you rich.

Operator: We'll move next to Jeff Sprigg with Vertical Research. Your line is open.

And we will take our next question from Nigel Coe with Wolfe Research. Your line is open.

Speaker #10: Hey , thanks . Good morning . Hey , Rich . Just back to the sort of the restructuring . Is this the totality of sort of , you know , what you foreshadowed for us on the Q2 call , or are there sort of other actions in place that could then even be added to this , or is this pretty much in flight ?

[Analyst 3]: Hey, thanks. Good morning. Hey, Rich, just back to the sort of the restructuring. Is this the totality of sort of what you foreshadowed for us on the Q2 call, or are there other actions in place that could then even be added to this? Is this pretty much in flight what we should expect for 2026?

I promise I'll keep it just to one question.

So.

Promise that prominent.

When we get complaints were cutting people off despite the fact, we have the longest conference call, but anyway go ahead, no I know I know.

Speaker #10: What we should expect for 2026 ?

I know you've got a lot of.

Poplar company any initial thoughts on 2006.

Speaker #6: We had a big debate in here whether to or not.

Richard Tobin: We had a big debate in here whether to or not. Hello?

And for a range here.

It just seems that a lot of the.

The business the dragging today could well be meaningful tailwind in 2006.

The second growth businesses.

Continue then 26 organic could be quite.

Speaker #10: Hello .

Quite acceleration so just any any thoughts as you see things right now for 2006, yes, we like the setup.

Speaker #6: Hello . Still here ?

[Analyst 3]: Hello?

Speaker #10: Hey . Yeah . I'm sorry I didn't hear you . I don't know if that was my fault .

Richard Tobin: Still here.

[Analyst 3]: I'm sorry. I didn't hear you. I don't know if that was my fault.

Speaker #6: Oh . All right , I'll answer . I'll answer it again . That is . Look , we we had we had signaled that we were going to give an update in Q3 .

Richard Tobin: All right. I'll answer it again. That is, look, we had signaled that we were going to give an update in Q3. That's where we are in Q3 right now. I expect that number to increase as we close the year. It's just going to be a question of the timing, whether it's 2026 or 2027, but that number should go up.

In a strange way.

We took the headwind that we had not forecasted in refrigeration based on our discussions with customers.

But because of.

Rollover restructuring and a lot of productivity in some really healthy mix, where we've been able to absorb it. This year. So the good news is that set up comparatively.

[Analyst 3]: Right. Thank you, Rich.

As we close the year. Uh it's just going to be a question of the timing whether it's 26 or 27, but that number should go up.

Richard Tobin: Thanks.

Right. Thank you, Rich. Thanks.

Looks good there I'm not aware of any business within the portfolio. That's forecasting down revenue for next year now clearly somebody will get it right and somebody will get it wrong, but it's not like the situation that we had with <unk> in the past where it was cyclical and we knew was going to come down there.

Operator: We will take our next question from Nigel Coe with Wolfe Research. Your line is open.

[Analyst 4]: Thanks. I promise I'll keep this just to one question. I promise I'll try it.

And we'll take our next question, from Nigel cooey. With wolf research, your line is open.

Richard Tobin: Nigel, we get complaints for cutting people off despite the fact we have the longest conference call. Anyway, go ahead.

Rest of it I think that we can look at the trajectory in Q4.

[Analyst 4]: I know. I know. You've got a lot of—you're a popular company. Any initial thoughts on 2026? I'm not asking for a range here, but it just seems that a lot of the businesses that are dragging today could well be meaningful tailwinds in 2026. If these secular growth businesses continue, then 2026 organic could be quite an acceleration. Just any thoughts as you see things right now for 2026?

If you put on just regular seasonality next year I think the setup looks really good.

Okay. Thanks.

Thanks.

And we will move next to Amit.

Your line is open.

Congrats operator, Thats pretty good attempt on my last name I appreciate it.

Richard Tobin: Yeah, I mean, we like the setup. In a strange way, we took the headwinds that we had not forecasted in refrigeration based on our discussions with customers. Because of rollover restructuring and a lot of productivity and some really healthy mix, we've been able to absorb it this year. The good news is that the setup comparatively looks good there. I'm not aware of any business within the portfolio that's forecasting down revenue for next year. Clearly, somebody will get it right and somebody will get it wrong, but it's not like the situation that we had with MOG in the past where it was cyclical and we knew it was going to come down. The rest of it, I think that we can look at the trajectory in Q4. If you put on just regular seasonality next year, I think the setup looks really good.

Rich if we go back six months feels like kind of.

Hello. The, you know, the business that they're dragging today, could well be, you know, meaningful Tailwind in in 26 and you know if if these secular growth businesses, you know continue then you know 26 organic could be quite uh quite acceleration. So just just any any thoughts as you see things right now for 26? Yeah. I mean we like to set up um in a in a strange way.

Millennia ago, but you were kind of oppression, but by lapping a $100 million in the back half.

Right off the top and it looks like that's kind of been absorbed.

Um, we took the headwind that we had not forecasted in refrigeration, based on our discussions with customers.

um, but because of

Do you think about rolling up the plan for 2006, I mean are you do you see the same I guess, the macro backdrops gotten better, but you still kind of feel.

That kind of conservatism is appropriate or do you think about 'twenty six and then just related to that the margins have been incredible. This year I think all time record in the third quarter.

It feels like margins can move up again in 2006, just given all the restructuring you did but I just want to understand kind of youre starting off of a very high base and would love to get your thoughts on margin progression to 'twenty six share.

What the margin one first.

[Analyst 4]: Okay, thanks, Rich.

Rollover restructuring and a lot of productivity and some really healthy mix where we've been able to absorb it this year. So the good news is that the setup comparatively uh looks good there, I'm not aware of any business within the portfolio. That's forecasting down revenue for next year. Now, clearly somebody will get it right? And somebody will get it wrong, but it's not like the situation that we had with MOG, in the past where it was cyclical, and we knew it was going to come down the rest of it. I think that we can look at the trajectory in Q4. Um, if you put on just regular seasonality next year, I think the setup looks really good.

Richard Tobin: Thanks.

You do.

Okay. Thanks Rich. Thanks.

An amount of mix effect within the segments. So I think.

Operator: We will move next to Amit Maitra. Your line is open.

We'd have to.

Consider that to a certain extent, but.

Richard Tobin: Congrats, operator. That was a pretty good attempt on my last name. Appreciate it. Rich, if we go back six months, it feels like kind of a millennia ago, but you were kind of prescient by lopping $100 million in the back half right off the top. It looks like that's been absorbed. As you think about rolling up the plan for 2026, do you see the same? I guess the macro backdrop's gotten better, but do you still feel like that kind of conservatism is appropriate as you think about 2026? Just related to that, the margins have been incredible this year. I think all-time record in the third quarter. It feels like margins can move up again in 2026, just given all the restructuring you did.

And we will move next to a meat Mayra. Your line is open.

Absolutely probably find I don't I don't think that we are.

Over earning from a margin point of view right now if I look at each individual product line. There is nothing esoteric in there that said, yes, we really killed it here.

Congrats operator. It's pretty good attempt on my on my last name. Appreciate it. Um uh Rich you know if if we go back 6 months feels like kind of

No.

I don't expect them to come down with the fact, our business model.

A millennia ago, but you were kind of prescient. Bye, bye, by lopping a hundred million dollars in the back half.

If we do things correctly.

<unk> has rollover restructuring and productivity, we don't have that thing. We can do this every year for multiple years and that's always a little bit of a hedge that we have for either volatility in the top line or kind of that negative mix change. So that's positive so to the extent that we get the product mix that.

We like and we're rolling forward another $40 million, that's positive to margins overall cell.

Kind of, um, right off the top. And it looks like that's kind of been absorbed as you think about rolling up the plan for 2026. I mean, do you see the same? I guess the macro backdrop's gotten better, but do you still kind of feel, um, like that kind of conservatism is appropriate if you think about 2026? And then just related to that, the margins have been incredible this year. I think all-time record in the third quarter. Um,

Richard Tobin: I just want to understand, you're starting off of a very high base and would love to get your thoughts on margin progression into 2026. Sure. I'll deal with the margin one first. You do have an amount of mix effect within the segments. I think we'd have to consider that to a certain extent, but absolute profit will be fine. I don't think that we're over-earning from a margin point of view right now. If I look at each individual product line, there's nothing esoteric in there that said, "Yeah, but we really killed it here." I don't expect them to come down. The fact, you know our business model, if we do things correctly, always has rollover, restructuring, and productivity. We know that we can do this every year for multiple years.

So I think there were good there in terms of the setup I think I answered it before.

We took a pretty big headwind in refrigeration here.

It's almost twofold.

It feels like margins can move up again in 26, just giving all the instructions you did. But but I just want to understand kind of your starting off of of a very high base and and would love to get your thoughts on margin progression into 26. Uh sure. Um I'll I'll deal with the margin 1 first.

um,

Percent points of growth organic growth.

We're at a 20 year low in terms of unit volume into that into that space. This year I mean, do we come all the way back but again.

you, you do have an amount of mix effect within the segments, so I think

um, we'd have to

Let's we've got we've got a pretty heady number in terms of organic growth for Q4, let's get that under our belt and let's see where bookings are and everything else, but I'd like to set up as I said before we like.

consider that to a certain extent, but,

Absolute profit will be fine. I don't I don't think that we're

over earning from a margin point of view right now.

If I look at each individual product line, there's nothing esoteric in there that said, "Yeah, but we really killed it here."

Okay very good thank you.

We'll move next to Scott Davis with Melius Research your line is open.

So uh, I don't expect them to come down with the fact, you know, our business model.

Hey, good morning, guys.

Scott.

Can you guys give some context to your data center exposure and kind of.

Richard Tobin: That's always a little bit of a hedge that we have for either volatility in the top line or a negative mix change. That's positive. To the extent that we get the product mix that we like and we're rolling forward another $40 million, that's positive to margins overall. I think that we're good there. In terms of the setup, I think I answered it before. We took a pretty big headwind in refrigeration here. It's almost two full % points of organic growth. You know we're at a 20-year low in terms of unit volume into that space this year. Do we come all the way back? I think that we've got a pretty heady number in terms of organic growth for Q4. Let's get that under our belt and see where bookings are and everything else. You know, like the setup, as I said before, we like. Okay.

If we do things correctly, always has roll over restructuring and productivity. We don't that thing we can do this every year.

Terms, maybe around content per megawatt or opportunity per megawatt. It I mean, you look at it that way or.

No I mean look we have we have people that try to look at that way, but I mean to.

To be honest.

In terms of participation, it's meaningful for us in terms of the volume and the margin, but in terms of the entire ecosystem and the billions of dollars being spent.

For multiple years. And that's always a little bit of a hedge that we have for either volatility in the top line or kind of a, a negative mix change. So that's positive. So to the extent that we get the product mix that we like and we're rolling forward another 40 million. That's positive to margins overall. So, um,

We are who we are.

Our focus is more getting the spec.

I think so. So I think that we're good there. Um, in terms of the setup, I think I answered it before. Um, we, you know, we took a pretty big headwind in refrigeration here. Uh, it's almost, uh, 2-fold,

Percent points of growth of organic growth.

The reference products for the reference customers.

And that I think that we've been highly successful in doing that in both on both the <unk> plate heat exchanger side and the thermal connector side.

You know, we're at a 20-year low in terms of unit volume into that into that space this year. I mean do we come all the way back but look again, I think that let's

So to the extent that the market grows the way we see it we don't see a change in the competitive stack and those particular product lines of it grows we will get our fair share.

Richard Tobin: Very good. Thank you.

You know, we've got a pretty heavy number in terms of organic growth for Q4. Let's get that under our belt and let's see where bookings are and everything else. But, you know, like the setup, as I said before, we like,

Okay, very good. Thank you.

Operator: We'll move next to Scott Davis with Melius Research. Your line is open.

Okay I'll pass it on thank you guys. Good luck. Thanks.

[Analyst 5]: Hey, good morning, guys.

Well, we'll move next to Scott Davis with Melissa research. Your line is open.

We will take our next question from Joe Ritchie with Goldman Sachs. Your line is open.

Richard Tobin: Scott, it's good.

Hey, good morning, guys.

[Analyst 5]: Can you guys give some context to your data center exposure in terms maybe around content per megawatt or opportunity per megawatt? I mean, do you look at it that way, or?

It's good. Um,

Thanks, Good morning, guys.

can you guys uh, give some context to your data center exposure and and kind of

Hey, Rich can you just.

Given a little bit more color on that core acquisition. Thank you said that that was significantly outperforming so thats great to see and then maybe just give us an update on your deal pipeline.

Richard Tobin: No, I mean, look, we have people that try to look at it that way. Let's, I mean, to be honest, in terms of participation, it's meaningful for us in terms of the volume and the margin. In terms of the entire ecosystem and the billions of dollars being spent, we are who we are. Our focus is more getting the spec on the reference products for the reference customers. I think that we've been highly successful in doing that on both the braze plate heat exchanger side and the thermal connector side. To the extent that the market grows the way we see it, we don't see a change in the competitive stack in those particular product lines. If it grows, we'll get our fair share.

Terms, maybe around content per megawatt or opportunity per megawatt? I mean, do you look at it that way or or? No. I mean, look, we we have, we have people that try to look at that way but let's I mean, to be honest,

You have the potential to do more in the next 12 months.

In, in terms of participation.

Yes sure.

So cora.

I think that.

We had a head start there because we had had been working with <unk>.

Meaningful for us, um, in terms of the volume and the margin. But in terms of the entire ecosystem and the billions of dollars being spent, uh, we are who we are.

With our our mod polymer processing equipment business.

Um, our focus is more on getting the spec.

Our own for our own usage and then.

Got to know each other.

So.

We were able to close that.

Because as we learned about the company not only for our own particular use but what they were doing and where their exposure was.

on the reference products, for the reference customers. Um, and that, I think that we've been highly successful in doing that, and both on both the brace plate, heat exchanger side, and the, and the thermal connector side.

um,

We really liked it and <unk>.

<unk>, it's really done fantastically.

In Q1 significantly better than our deal model would have incorporated for the base here. We are in the process of integrating Socorro. So if you take a look at that.

So, to the extent that the market grows the way we see it, we don't see a change in the competitive stack in those particular product lines. So, if it grows, we'll get our fair share.

[Analyst 5]: Okay, I'll pass it on. Thank you, guys. Good luck.

Richard Tobin: Thanks.

Okay, I'll pass it on. Thank you, guys. Good luck. Thanks.

Operator: We'll take our next question from Joe Ritchie with Goldman Sachs. Your line is open.

Back office slide that we put in there and all three areas we're working.

[Analyst 2]: Thanks. Good morning, guys.

We'll take our next question from Joe Richie. With Goldman Sachs, your line is open.

Richard Tobin: Hey, Joe.

[Analyst 2]: Hey, Rich. Can you just give a little bit more color on that Socora acquisition? I think you said that it was significantly outperforming, so that's great to see. Maybe just give us an update on your deal pipeline and the potential to do more in the next 12 months.

Uh thanks. Good morning, guys.

Mention of Assembly operations pretty much done so we're going to take what was a single site manufacturing site and probably expanded at least two other different geographies over the next 24 months.

Good job. Hey, Rich. Can you, uh, just uh, just to give a little bit more color on that Sakura acquisition? Think you said that it was significantly outperforming so that's great to see. And then and then, um, maybe just give us an update on your deal Pipeline and, you know, the potential to do more and in the next 12 months.

Richard Tobin: Yeah, sure. Socora, I think that we had a head start there because we had been working with Socora with our MOG polymer processing equipment business on our own for our own uses. Then we got to know each other. We were able to close that because as we learned about the company, not only for our own particular use, but what they were doing and where their exposure was, we really liked it. You know, knock wood, it's really done fantastically in Q1, significantly better than our deal model would have incorporated for the base year. We are in the process of integrating Socora. If you take a look at that back-office slide that we put in there, in all three areas, we're working pretty much on the extension of assembly operations, pretty much done.

That's great.

In terms of the deal pipeline.

If you look at the overall stats on M&A. It looks like M&A is up significantly and it is but it's really very large deals in corporate break ups and a variety of things in the mid market, where we kind of play has been.

Uh, yeah, sure. Um, Sakura, um, I think that.

We had a head start there because we had been working with Sakura.

Slow.

With our MOG polymer processing equipment business on our own for our own uses, and then we got to know each other.

In terms of pipeline, we got an interesting pipeline there.

In terms of valuation valuations.

I think theyre trying to find its footing and Thats reason so.

So we're being selective as usual.

But.

We've got enough in the pipeline that I would I would expect that.

We'd close on a couple of things over the next 12 months.

Helpful. Thank you.

Um, we were able to close that uh, because as we learned about the company, not only for our own particular use, but what they were doing and where their exposure was, uh, we really liked it and um, you know, knock wood. It's it's really done fantastically in q1 significantly. Better than our de model would have Incorporated for the base year. We are in the process of integrating Sakura. So you know, if you take a look at that

Thanks.

We'll move next to Chris Snyder with Morgan Stanley. Your line is open.

Back office slide that we put in there, and all three areas. We're working pretty.

Thank you I wanted to ask on orders so positive update here in Q3 up 8% or 4% organic.

Richard Tobin: We're going to take what was a single site manufacturing site and probably expand it at least in two other different geographies over the next 24 months. That's great. In terms of the deal pipeline, if you look at the overall stats on M&A, it looks like M&A is up significantly, and it is, but it's really very large deals and corporate breakups and a variety of things. The mid-market where we kind of play has been slow. In terms of pipeline, we got an interesting pipeline there. In terms of valuation, I think that they're trying to find its footing, and that's reasonable. We're being selective as usual. We've got enough in the pipeline that I would expect that we'd close on a couple of things over the next 12 months.

But can you provide some color or thoughts on the order to revenue conversion for the company because you've had pretty good order for a while now and it hasnt really converted to the top line to the same degree that we've seen in orders.

Extension of assembly operations is pretty much done. So we're going to take what was a single-site manufacturing site and probably expand it to at least two other different geographies over the next 24 months. So, um, that's great.

So I guess any kind of thoughts on that and it seems like going forward you do expect better conversion, whether it's into Q4 or <unk>. So thank you.

I mean, the amount of attention that orders get an organic orders and extrapolate that into revenue as one of the great mysteries in life, but.

Terms of the deal pipeline. Um you know if you look at the overall stats on m&a, it looks like m&a's up significantly and it is but it's really very large deals and corporate breakups in a variety of things. The mid-market, where we kind of play has been

slow.

Um,

We continue to give them the data.

Paul that is more reflective than to me than orders.

we, you know, in terms of pipeline, we got an interesting pipeline there. Um, and in terms of valuation evaluation,

I think that they're trying to find its footing, and that's the reason.

In terms of trajectory and everything.

But youre right I mean look at the end of the day.

We would have liked organic growth to be higher this year I think it's been really isolated in two particular businesses. We had an inkling on the vehicle services would probably have a challenging year, we missed it on refrigeration.

Or being selective as usual. Um,

but,

You know, we've got enough in the pipeline that I would, I would expect that.

You know, we'd close on a couple things over the next 12 months.

[Analyst 2]: Helpful. Thank you.

Richard Tobin: Thanks.

Helpful. Thank you.

Operator: We'll move next to Chris Snyder with Morgan Stanley. Your line is open.

Clearly.

The good news about that is we don't believe that that is lost revenue. It's just been pushed largely into 26 now although we'll get a nice uptick next year. So.

Richard Tobin: Thank you. I wanted to ask on orders. A positive update here in Q3, up 8% or 4% organic. Can you provide some color or thoughts on the order to revenue, I guess, conversion for the company? Because you know you've had pretty good orders for a while now, and it hasn't really converted to the top line to the same degree that we've seen in orders. I guess any kind of thoughts on that? It seems like going forward, you do expect better conversion, whether it's into Q4 or 2026. Thank you. The amount of intention that orders get and organic orders and extrapolate that into revenue is one of the great mysteries in life. We continue to give the data that is more reflective than to me than orders, kind of in terms of trajectory and everything. You're right.

We'll move next to Chris Snider with Morgan Stanley. Your line is open.

Orders are up portfolio is in pretty good shape.

You see segments, we see it down to the individual operating company basis as I mentioned earlier.

To an earlier question, we don't see.

A cyclical decline in any portion of the portfolio rolling into 'twenty, six and Thats, probably the first time that we can say that in a couple of years.

Thank you. Um, I wanted to ask on orders. Um so a positive update here in Q3 of 8% or 4% organic um but could you provide some color or thoughts on the order to revenue? I guess conversion for the company? Because you know you've had pretty good orders for a while now. Um and it hasn't really converted to the Top Line to the same degree um, that we've seen in orders. Um, so

Thank you I appreciate that thanks.

We will take our next question from Joe O'dea with Wells Fargo. Your line is open.

So I guess any um you know, kind of thoughts on that and it seems like going forward, you do expect better conversion whether it tend to Q4 or 26. So thank you. Yeah. I mean the amount of intention that orders get an organic orders and extrapolate that into Revenue as 1 of the great mysteries in life. But

if we continue to give the data,

Hi, good morning.

Rich you made you made the comment about how youre not aware of any businesses in the portfolio that are forecasting revenue down next year.

I'm curious about which ones you're most excited about the growth potential just when you think about coming off of the MOG swept fell back kind of situation last year and now you get sort of cases in doors and the vehicle with side and so just thinking about what could be poised to.

That is more reflective than to me than orders, kind of in terms of trajectory and everything.

Richard Tobin: At the end of the day, we would have liked organic growth to be higher this year. I think it's been really isolated in two particular businesses. We had an inkling on the vehicle services would probably have a challenging year. We missed it on refrigeration, clearly. The good news about that is we don't believe that that has lost revenue. It's just been pushed largely into 2026 now, although we'll get a nice uptick next year. Orders are up. Portfolio is in pretty good shape. If you see segments, we see it down to the individual operating company basis. As I mentioned to an earlier question, we don't see a cyclical decline in any portion of the portfolio rolling into 2026. That's probably the first time that we can say that in a couple of years.

Um, but you're right. I mean, look at the end of the day. Um,

Sorry to deliver kind of growth that you are getting excited about next year.

Sure Amit we highlight the growth platforms. So I think you can go take a look at that we think that we are in.

Missed it on refrigeration. Clearly, the good news about that is we don't believe that that is lost revenue. It's just...

What should be a two to three to four year capex cycle in the fueling business overall.

Been pushed largely into 26 now, although we'll get a nice uptick next year. So,

Inclusive of the cryogenic components and everything that we bought in that space. So I think what was our growth this quarter like fibers five organic.

You know, orders are up, portfolio is a pretty good shape. I mean, if you if you know, you see segments, we see it down to the individual operating company basis, as I mentioned on an earlier,

Which is pretty good overall, and we don't see that slowing for the foreseeable future for a variety of.

For a variety of reasons, whether it's customer capex or regulatory and everything else.

[Analyst 4]: Thank you. I appreciate that.

And to an earlier question, we don't see a cyclical decline in any portion of the portfolio rolling into 26. And that's probably the first time that we can say that in a couple years.

Richard Tobin: Thanks.

Our refrigeration I think we've beaten that one to depth at this point, we don't Bell back is growing this year.

Thank you, I appreciate that. Thanks.

Operator: We'll take our next question from Joe O'Day with Wells Fargo. Your line is open.

I think it will grow some next year, but thats not going to move the needle in comparison to refrigeration on what's happening in brace heat exchangers.

[Analyst 5]: Hi. Good morning. Rich, you made the comment about how you're not aware of any businesses in the portfolio that are forecasting revenue down next year. I guess I'm curious about which ones you're most excited about the growth potential, just when you think about coming off of the MOG swept Belvac kind of situation last year, and now you get sort of cases and doors in the vehicle lift side. Just thinking about what could be poised to sort of deliver kind of growth that you're getting excited about next year.

We'll take our next question from Joe. Oh day with Wells, Fargo, your line is open.

Vehicle services, we'll see I mean, it's been it's been a tough year because there are a lot of that has exposure to Europe, a little bit early to make a call on Europe, but I don't expect it to decline.

Going forward and I ask and I actually the management has done a.

Really great job on the cost structure, so even despite the top line headwind that you see this year.

Richard Tobin: Sure. We highlight the growth platform, so I think you can go take a look at that. We think that we are in what should be a two to three to four-year CapEx cycle in the fueling business overall, inclusive of the cryogenic components and everything that we bought in that space. I think what was our growth this quarter, like 5% organics?

Hi, good morning. Um Rich you made, you made the comment about how you're not aware of any businesses in the portfolio that are forecasting Revenue down next year. I guess I'm curious about, you know, which ones you're you're most excited about the growth potential. Just when you think about, you know, coming off of the MOG swept, belvac kind of situation last year, and now you get sort of cases and doors and the vehicle left side. And so just thinking about, you know, what, what could be poised to, um, sort of deliver kind of growth that you're getting excited about next year.

Okay.

Thank you cut out at the end on me, but I heard through management doing a great job on cost structure and vehicle lift yes. So what I'm, saying is if it grows a little bit next year, the incremental margins should be positive.

Uh, sure. Um, we highlight the growth platform. So I think, you know, you can go take a look at that. We think that we are in.

What should be a 2- to 3- to 4-year CapEx cycle in the fueling business overall?

Got it thank you Youre welcome.

We'll take our next question from Deane Dray with RBC capital markets. Your line is open.

[Analyst 5]: You know.

Richard Tobin: Which is pretty good overall. We don't see that slowing for the foreseeable future for a variety of reasons, whether it's customer CapEx or regulatory and everything else. Refrigeration, I think we've beaten that one to death at this point. We don't, I don't know. Belvac is growing this year. I think it will grow some next year, but that's not going to move the needle in comparison to refrigeration and what's happening in braze plate heat exchangers. Vehicle services, we'll see. It's been a tough year because a lot of that is exposure to Europe. It's a little bit early to make a call on Europe, but I don't expect it to decline going forward. I actually think the management's done a really great job on the cost structure, so even despite the top-line headwind that you see this year.

Thank you and good morning, everyone.

Hi, Deane.

Hey on imaging.

Uh, inclusive of the cryogenic components and everything that we bought in that space. So, I think what was our growth this quarter? Like 5 or 5 organic? Yeah, you know, which is pretty good overall, and we don't see that slowing for the foreseeable future for a variety of reasons.

Expand on the point about serialization software kind of size what the opportunity is in some context. Please.

for a variety of reasons and whether it's customer capex or Regulatory and everything else,

Sure.

It's 16%.

Yes.

Of the total revenue of the space.

Yes, it's about it's about 60 $60 million to $70 million.

Anyway.

Uh Refrigeration. I think we've beaten that 1 to death at this point, we don't, I don't know. Belvac is growing this year. Um we you know I think it will grow some next year but that's not going to move the needle in comparison to uh refrigeration and what's happening in braze plate, Heat exchangers.

Yes.

Leverage almost exclusively to pharma.

So as pharma builds out production lines that we sell.

The software and the reoccurring revenue associated with it.

Um, vehicle services will see. I mean, it's been a, it's been a tough year, uh, because a lot of that is exposure to Europe. It's a little bit early to make a call on Europe, but I don't expect it to decline.

<unk> that everybody is pretty well aware of what's going on in kind of incentivize re shoring of pharma.

And I think that will we will get our fair share of that.

Going forward, I actually think the management has done a really great job on the cost structure. So even despite the topline headwind that you see this year,

Thank you.

Welcome.

Well take our next question from Julian Mitchell with Barclays.

Hi, good morning.

Hello, Justin.

I just wanted to understand rich a little bit better sort of how you've seen the demand environment play out because your tone is quite.

[Analyst 5]: Thank you. It cut out at the end on me, but I heard through management doing a great job on cost structure and vehicle lift.

Okay.

Beat on the top line.

Richard Tobin: What I'm saying is if it grows a little bit next year, the incremental margin should be positive.

Revenue guide is reiterated.

And so just to put a final point on it I wonder if any of the segment revenue assumptions for this year have changed since the figures you guided for it in July.

Thank you to cut out at the end on me but I heard through a management doing a great job on cost structure and vehicle lift. Yeah, yeah. So what I'm saying is if it grows a little bit next year, the incremental margin should be positive.

[Analyst 5]: Got it. Thank you.

Richard Tobin: You're welcome.

Got it. Thank you.

You're welcome.

Operator: We'll take our next question from Dean Drey with RBC Capital Markets. Your line is open.

We'll take our next question from Dean Dre, with RBC Capital markets.

Richard Tobin: Thank you. Good morning, everyone.

Whether that had been anything in the bookings that have surprised you positively the last few months or so.

Your line is open.

[Analyst 2]: Hi, Dean.

Thank you. Good morning everyone.

Richard Tobin: Hey. On imaging, can you expand on the point about serialization software, kind of size, what the opportunity is, and some context, please? Sure. It's 16% of the total revenue of the space. Is that right?

Hi Dean.

Sure.

Clearly we missed on retail refrigeration.

Hey, on Imaging, can you, uh, expand on the the point about serialization software, kind of size what the opportunity is and some context, please.

A significant amount all.

All the customer information that we're getting it was on the come.

Uh sure. Um, it's

16%.

I think.

[Analyst 5]: Yeah. It's about $60 million, $60 to $70 million or.

Some of the commentary that we gave intra quarter when we can see that it wasn't coming we were like okay now its not coming but.

Richard Tobin: Yeah, it's leveraged almost exclusively to pharma. As pharma builds out production lines, that's when we sell the software and the recurring revenue associated with it. I think that everybody's pretty well aware of what's going on in kind of incentivized reshoring of pharma. I think that we'll get our fair share of that.

We're chasing our tail a little bit so the quantum.

Of that loss on a full year basis is a one or 2% of organic revenue growth that that we had now it's going to flex now because the orders pumped.

I guess of the, of the total revenue of the space is that, right? Yeah. It's, it's about a, it's about 60 60, 70 million, okay? Anyway, um, yeah, it's it's leveraged almost exclusively to Pharma.

So at least optically it will have a good look.

In Q4.

Before 130 $140 million of revenue that we've got to make up.

So, as Pharma builds out production lines, that's when we sell the software, and there's recurring revenue associated with it. I think that everybody's pretty well aware of what's going on in kind of incentivized reshoring of Pharma.

Um, and I think that we'll, we'll get our fair share of that.

[Analyst 5]: Thank you.

Year over year.

Richard Tobin: You're welcome.

We will take half of that growth for next year Julien at the end of the day the balance of the businesses. The trajectory is fine in terms of orders.

Thank you.

You're welcome.

Operator: We'll take our next question from Julian Mitchell with Barclays.

[Analyst 6]: Hi. Good morning.

We'll take our next question. From Julian Mitchell with Barclays.

Richard Tobin: Hello, Julian.

These have to be a little bit careful in Q4 because.

[Analyst 6]: Hey, I just wanted to understand, Rich, a little bit better sort of how you've seen the demand environment play out because your tone is quite upbeat on the top line, but the revenue guide is reiterated. I guess to put a finer point on it, I wonder if any of the segment revenue assumptions for this year have changed since the figures you guided for in July and whether there had been anything in the bookings that had surprised you positively the last few months or so.

Hi, good morning. Um, just

We're guessing about our customers' behavior on their own inventory at the end of the day, but I think.

Hey, um, I just want to understand Rich a little bit better. Sort of how you've...

That.

Someone asked earlier about somebody did the math on the squeeze for revenue growth in Q4.

Out because your tone is quite, um, upbeat on the top line. But the revenue guide is, um, reiterated.

And Thats and Thats fair so it stays within our window. It gives us a little bit of cushion just in case.

December is light in terms of shipments, but overall there is really the only significant change.

Is that.

Biopharma hung in there because there was some thought about well was this restocking and clearly it's not we've run the numbers on that.

And so I I guess to put a finer point on it, I wondered if any of the segment Revenue assumptions for this year have changed since the figures you, um, guided for it in July, and whether there had been anything in the bookings that had surprised you positively, you know, the last few months or so.

Richard Tobin: Sure. Clearly, we missed on retail refrigeration by a significant amount. All the customer information that we were getting, it was on the come. I think if you know some of the commentary that we gave intra-quarter when we can see that it wasn't coming, we were like, "Okay, now it's not coming." You know we're chasing our tail a little bit. The quantum of that loss on a full-year basis is 1% or 2% of organic revenue growth that we had. Now it's going to flex now because the orders popped. At least optically, we'll have a good look in Q4. I have over $130 million, $140 million of revenue that we've got to make up year over year. We'll take half of that growth for next year, Julian, at the end of the day. The balance of the businesses, the trajectory is fine in terms of orders.

So it's been pretty consistent in terms of demand and should be consistent in Q4.

Uh sure. Oh I clearly we missed on retail Refrigeration by a significant amount. Um all the customer information that we were getting, it was on the come.

Same thing with thermal connector so overall.

There is a little bit of cushion on the revenue side in Q4, but the trajectory.

The only thing Thats changed is we lost basically a quarter of retail refrigeration.

Great. Thank you.

Thanks.

Um I think if you know some of the commentary that we gave intra quarter when we can see that it wasn't coming, we were like okay now it's not coming but you know we're chasing our tail a little bit. So the Quantum of that loss on a full year basis is 1 or 2% of of organic Revenue growth, that that we had now, it's going to flex now, because the orders popped

And I would now like to turn the call back to the presenters for any additional or closing remarks.

Um, so at least optically, we'll have a good look.

In Q4.

No Clos you can wrap up.

Certainly.

Thank you everyone. This concludes our question and answer period Andover Dover's third quarter 2025 earnings Conference call. You May now disconnect. Your line at this time and have a wonderful day.

Right before 130 140 million of Revenue that we've got to make up uh year-over-year.

Richard Tobin: We always have to be a little bit careful in Q4 because you know we're guessing about our customer's behavior on their own inventory at the end of the day. I think that someone asked earlier about the, you know someone did the math on the squeeze for revenue growth in Q4, and that's fair. It stays within our window. It gives us a little bit of cushion just in case you know December's light in terms of shipments. Overall, there's really the only significant change is that biopharma hung in there because there was some thought about, well, was this restocking? Clearly, it's not. We've run the numbers on that. It's been pretty consistent in terms of demand and should be consistent in Q4. Same thing with thermal connectors.

Growth for next year. Julian, at the end of the day, the balance of the business is fine; the trajectory is good. In terms of orders, we always have to be a little bit careful in Q4 because, you know, we're guessing about our customers' behavior on their own inventory at the end of the day. But I think, uh, that, um, someone asked earlier about the, you know, someone did the math on the squeeze for revenue growth in Q4. Um, and that's fair. So it, you know, it stays within our window. It gives us a little bit of cushion, just in case, you know, December's light in terms of shipments. But overall, there's really the only...

Significant change, is that?

Biofarma hung in there because there was some thought about, well, was this restocking and and clearly it's not, we've run the numbers on that. Um, so it's been pretty consistent in terms of demand and should be consistent in Q4.

um,

Richard Tobin: Overall, you know there's a little bit of cushion on the revenue side in Q4, but the trajectory, and the only thing that's changed is we lost basically a quarter of retail refrigeration.

[Analyst 6]: Great. Thank you.

Richard Tobin: Thanks.

Operator: I would now like to turn the call back to the presenters for any additional or closing remarks.

Richard Tobin: No, Chloe, you can wrap up.

No Chloe, you can wrap up.

Operator: Certainly. Thank you, everyone. This concludes our question and answer period and Dover Corporation's third quarter 2025 earnings conference call. You may now disconnect your line at this time and have a wonderful day.

Certainly. Thank you, everyone. This concludes our question and answer period and Dover dover's third quarter 2025 earnings conference call, you may now disconnect your line at this time and have a wonderful day.