...November 3, 2025 This report does not constitute a rating action. We expect revenue will grow 5%-7% in 2025, supported by favorable demand trends. BCP VI Summit Parent L.P. (dba Chemelex) grew revenue about 6% year over year in the first half of 2025, of which we estimate about 60% was volume-driven and the remainder the result of higher prices. We assume continued healthy demand in industrial and energy markets across North America and Europe will lead to good volume growth over the rest of 2025. We also expect higher contributions from maintenance, repair, and operations (MRO) projects. Notably we believe sales into small capital expenditure (capex) projects--those with budgets under $1 million--will help offset recent softer demand from large projects. In 2026, we forecast low-single-digit percent revenue growth, including from volumes into underpenetrated and faster growth markets, such as data centers. Chemelex's large installed base of about $5 billion of heat tracing cables supports...
